RNS Number : 5771K
Asiamet Resources Limited
29 May 2025
29 May 2025
2024 Annual Report & Financial Statements
Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its audited financial statements for the 12 months ended 31 December 2024 ("Financial Statements") as extracted from the Company's 2024 Annual Report which is now available on the Company website at www.asiametresources.com and will be provided to shareholders who have requested a printed or electronic copy.
The Financial Statements are set out below and should be read in conjunction with the 2024 Annual Report which contains the notes to the Financial Statements.
All dollars in the report are US$ unless otherwise stated.
Key 2024 Financial and Operational Highlights Include:
BKM Copper Project (Asiamet: 100%)
· Engagement of PT Rexline Engineering Indonesia and BGRIMM Technology Group as the engineering design and procurement partners for updating the 2024 feasibility study process plant design.
· Released updated project mining and processing physicals reflecting the change in strategy to focus on higher soluble copper grade material closer to surface and materially reduce the mining strip ratio:
o 47% decrease in total material mined, from 90.9Mt to 50.5Mt. Life of mine Strip Ratio reduced from 1.37 to 0.77.
o New open pit design delivers 28.5Mt aligning with new Heap Leach Facility design capacity.
o New open pit design sits within the 2023 feasibility study pit design and allows for seamless future expansion of the mine to increase overall copper production.
· Updated Capital Cost Estimate released in December 2024 delivering an estimated US$58 million saving.
Corporate:
· The Company successfully raised US$3.55 million in October 2024 via:
o a direct share placement to PT BUMA Internasional Group Tbk (IDX: "DOID") and management, raising gross proceeds of approximately US$3.295 million; and
o a further US$0.255 million through retail offering.
· The Company appointed Mudit Goenka as Head of Corporate Finance.
· Closure of Asiamet's Melbourne office in Australia.
The 2024 Annual Report can be viewed at: http://www.rns-pdf.londonstockexchange.com/rns/5771K_1-2025-5-29.pdf
ON BEHALF OF THE BOARD OF DIRECTORS
Antony (Tony) Manini, Chairman
-Ends-
For further information, please contact:
Darryn McClelland
Chief Executive Officer, Asiamet Resources Limited
Email: darryn.mcclelland@asiametresources.com
Tony Manini
Chairman, Asiamet Resources Limited
Email: tony.manini@asiametresources.com
Investor Enquiries
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Email: info@asiametresources.com
Nominated Adviser
Strand Hanson Limited
James Spinney / James Dance / Rob Patrick
Telephone: +44 20 7409 3494
Email: asiamet@strandhanson.co.uk
Broker
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
Follow us on X @AsiametTweets
FORWARD-LOOKING STATEMENT
This announcement contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
Consolidated Statement of Financial Position
As at 31 December 2024
2024
2023
$'000
$'000
Assets
Current assets
Cash and cash equivalents
2,279
4,136
Receivables and other assets
275
131
2,554
4,267
Non-current assets
Property, plant and equipment
137
28
Right-of-use asset
42
2
Receivables and other assets
116
65
295
95
Total assets
2,849
4,362
Liabilities and Equity
Current liabilities
Trade and other payables
405
270
Provisions
24
296
Lease liabilities
36
-
465
566
Non-current liabilities
Provision for employee entitlements
640
615
1,105
1,181
Equity
Share capital
29,725
25,902
Equity reserves
67,506
67,378
Other comprehensive income
202
126
Accumulated Deficit
(92,436)
(86,972)
Other reserves
(3,246)
(3,246)
Parent entity interest
1,751
3,188
Non-controlling interest
(7)
(7)
1,744
3,181
Total liabilities and equity
2,849
4,362
Consolidated Statement of Comprehensive Loss
For the year ended 31 December 2024
2024
2023
$'000
$'000
Expenses
Exploration and evaluation
(2,152)
(1,554)
Employee benefits
(2,329)
(2,520)
Consultants
(133)
(118)
Legal and Company Secretarial
(109)
(110)
Accounting and audit
(55)
(53)
General and administrative
(199)
(239)
Depreciation
(27)
(28)
Share-based compensation
(405)
(493)
(5,409)
(5,115)
Other items
Foreign exchange (loss)/gain
3
(11)
Finance costs
(2)
(1)
Impairment expenses
(136)
(112)
Other income
80
10
(55)
(114)
Net loss before tax
(5,464)
(5,229)
Income tax expense
-
-
Net loss for the year
(5,464)
(5,229)
Other comprehensive gain that may not be reclassified subsequently to profit or loss:
Actuarial gain on employee service entitlements
76
55
Total comprehensive loss for the year
(5,388)
(5,174)
Net loss attributable to:
Equity holders of the parent
(5,418)
(5,179)
Non-controlling interests
(46)
(50)
Total comprehensive loss attributable to:
Equity holders of the parent
(5,342)
(5,124)
Non-controlling interests
(46)
(50)
Basic and diluted loss per common share (cents per share)
(0.20)
(0.23)
Consolidated Statement of Cash Flows
For the year ended 31 December 2024
2024
2023
$'000
$'000
Operating activities
Loss before tax
(5,464)
(5,229)
Adjustments for:
Depreciation
27
28
Share-based compensation
405
493
Net foreign exchange (loss)/gain
(19)
5
Impairment expenses
136
112
Finance costs
2
1
Adjustment to Provisions
(144)
144
Changes in working capital:
Receivables and other assets
(331)
(164)
Trade and other payables
135
(387)
(5,253)
(4,997)
Payment of employee entitlement
-
(29)
Interest payments
(2)
(1)
Net cash flows used in operating activities
(5,255)
(5,027)
Investing activities
Purchases of plant and equipment
(120)
(6)
Net cash flows used in investing activities
(120)
(6)
Financing activities
Payment of principal portion of lease liabilities
(20)
(59)
Proceeds from equity raising
3,594
4,044
Equity raising costs
(47)
(9)
Net cash flows from financing activities
3,527
3,976
Net decrease in cash
(1,848)
(1,057)
Net foreign exchange differences
(9)
8
Cash at beginning of the year
4,136
5,185
Cash at end of the year
2,279
4,136
Consolidated Statement of Changes in Equity
For the year ended 31 December 2023
Total equity
Other
attributable
Non-
Share
Equity
comprehensive
Accumulated
Other
to the
controlling
capital
reserves
income
deficit
reserves
parent
interests
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Balance at 1 January 2023
21,831
66,921
71
(81,743)
(3,246)
3,834
(7)
3,827
Loss for the year
-
-
-
(5,179)
-
(5,179)
(50)
(5,229)
Other comprehensive income
-
-
55
-
-
55
-
55
Total comprehensive loss
-
-
55
(5,179)
-
(5,124)
(50)
(5,174)
Transactions with owners in their capacity as owners
Equity raising
3,710
334
-
-
-
4,044
-
4,044
Equity raising cost
-
(9)
-
-
-
(9)
-
(9)
Reclassify shares issued to directors
154
(154)
-
-
-
-
-
-
Share-based compensation
207
286
-
-
-
493
-
493
Contribution by parent in NCI (see note 17b)
-
-
-
(50)
-
(50)
50
-
Balance at 31 December 2023
25,902
67,378
126
(86,972)
(3,246)
3,188
(7)
3,181
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
Total equity
Other
attributable
Non-
Share
Equity
comprehensive
Accumulated
Other
to the
controlling
capital
reserves
income
deficit
reserves
parent
interests
Total
$'000
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Balance at 1 January 2024
25,902
67,378
126
(86,972)
(3,246)
3,188
(7)
3,181
Loss for the year
-
-
-
(5,418)
-
(5,418)
(46)
(5,464)
Other comprehensive income
-
-
76
-
-
76
-
76
Total comprehensive loss
-
-
76
(5,418)
-
(5,342)
(46)
(5,388)
Transactions with owners in their capacity as owners
Equity raising
3,593
1
-
-
-
3,594
-
3,594
Equity raising costs
-
(47)
-
-
-
(47)
-
(47)
Reclassify shares issued to directors
99
(99)
-
-
-
-
-
-
Share-based compensation
131
274
-
-
-
405
-
405
Contribution by parent in NCI (see note 17b)
-
-
-
(46)
-
(46)
46
-
Balance at 31 December 2024
29,725
67,506
202
(92,436)
(3,246)
1,751
(7)
1,744
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