REG - Future Metals NL - Annual Financial Report
29/09/2023 07:00
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RNS Number : 0759O Future Metals NL 29 September 2023
29 September 2023
Future Metals NL
Final Results for the Year Ended 30 June 2023 and
Corporate Governance Statement
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased
to announce the Company's final results for the year ended 30 June 2023.
Please see below extracts from the Company's Annual Report and Accounts for
the year ended 30 June 2023, as follows:
· Consolidated Statement of Profit or Loss and Other Comprehensive
Income
· Consolidated Statement of Financial Position
· Consolidated Statement of Changes in Equity
· Consolidated Statement of Cash Flows
Further details on the Company's activities during the year are set out in the
Directors' Report, which can be found in the full Report and Accounts
available at the following
link: http://www.rns-pdf.londonstockexchange.com/rns/0759O_1-2023-9-28.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/0759O_1-2023-9-28.pdf) and on
the Company's website at
https://future-metals.com.au/investor-centre/reports/annual-reports/
(https://future-metals.com.au/investor-centre/reports/annual-reports/) .
The Company has also released its Appendix 4G: Key to Disclosures - Corporate
Governance Council Principles and Recommendations and its Corporate Governance
Statement to the Australian Securities Exchange ("ASX"). Copies of these
documents are also available on the Company's website
at https://future-metals.com.au/ (https://future-metals.com.au/) .
This announcement has been approved for release by the Board of Future Metals
NL.
For further information, please contact:
Future Metals NL +61 8 9480 0414
Jardee Kininmonth info@future-metals.com.au (mailto:info@future-metals.com.au)
Strand Hanson Limited (Nominated Adviser) +44 (0) 207 409 3494
James Harris/James Bellman
Panmure Gordon (UK) Limited (UK Broker) +44 (0)207 886 2500
John Prior/Hugh Rich/Rauf Munir
FlowComms (UK IR/PR) +44 (0) 789 167 7441
Sasha Sethi
Future Metals NL +61 8 9480 0414
Jardee Kininmonth info@future-metals.com.au (mailto:info@future-metals.com.au)
Strand Hanson Limited (Nominated Adviser) +44 (0) 207 409 3494
James Harris/James Bellman
Panmure Gordon (UK) Limited (UK Broker) +44 (0)207 886 2500
John Prior/Hugh Rich/Rauf Munir
FlowComms (UK IR/PR) +44 (0) 789 167 7441
Sasha Sethi
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2023
Note Restated((i))
30-Jun-23 30-Jun-22
$ $
Interest received 98,723 6,823
Other income 194,644 552
Employee and Director benefits expense (705,024) (574,503)
Professional and Consultants (304,129) (438,512)
Exploration expenditure (4,857,267) (2,965,147)
ASX and AIM and share registry fees (438,311) (1,954,846)
Travel expenditure (104,197) (28,835)
Listing expense - -
Share based payment expense 18 (607,758) (877,463)
Amortisation/depreciation expense (21,459) (79,538)
Unrealised Foreign exchange gain/(loss) 1,735 1,697
Realised Foreign exchange gain/(loss) - (446)
Other expenses (566,077) (368,228)
Loss before income tax (7,309,120) (7,278,447)
Income tax expense 3 - -
Loss after income tax (7,309,120) (7,278,447)
Other comprehensive loss
Items that may be reclassified to profit or loss
Other comprehensive income/(loss) - -
Other comprehensive income/(loss) for the year net of tax - -
Total comprehensive loss for the year (7,309,120) (7,278,447)
Loss per share for the year attributable to the members of Future Metals NL
Basic and diluted loss per share (cents) 17 (1.82) (2.07)
((i)) Please refer to note 2(c) and note 12 within the full Report and
Accounts for details regarding the restatement as a result of a change in
accounting policy.
The above Consolidated Statement of Profit or Loss and Other Comprehensive
Income should be read in conjunction with the accompanying notes in the full
Report and Accounts.
Consolidated Statement of Financial Position
as at 30 June 2023
Note Restated((i)) Restated((i))
30-Jun-23 30-Jun-22 30-Jun-21
$ $ $
Current Assets
Cash and cash equivalents 4 2,705,754 3,331,607 9,555,684
Trade and other receivables 5 120,519 78,446 175,840
Total Current Assets 2,826,273 3,410,053 9,731,524
Non-Current Assets
Deferred Exploration & Evaluation Expenditure 6, 7 16,609,916 16,435,451 16,653,580
Right of Use Assets - - 83,101
Property, plant and equipment 60,761 35,935 -
Total Non-Current Assets 16,670,677 16,471,386 16,736,681
Total Assets 19,496,950 19,881,440 26,468,205
Current Liabilities
Trade and other payables 8 606,213 1,067,868 2,029,502
Lease Liabilities - - 72,404
Total Current Liabilities 606,213 1,067,868 2,101,906
Non-Current Liabilities
Lease Liabilities - - 12,421
Total Non-Current Liabilities - - 12,421
Total Liabilities 606,213 1,067,868 2,114,327
Net Assets 18,890,737 18,813,572 24,353,878
Equity
Issued capital 9 36,524,091 29,689,231 29,238,564
Reserves 10 3,628,232 3,076,807 1,789,333
Accumulated losses 11 (21,261,586) (13,952,466) (6,674,019)
Total Equity 18,890,737 18,813,572 24,353,878
Note Restated((i)) Restated((i))
30-Jun-23 30-Jun-22 30-Jun-21
$ $ $
Current Assets
Cash and cash equivalents 4 2,705,754 3,331,607 9,555,684
Trade and other receivables 5 120,519 78,446 175,840
Total Current Assets 2,826,273 3,410,053 9,731,524
Non-Current Assets
Deferred Exploration & Evaluation Expenditure 6, 7 16,609,916 16,435,451 16,653,580
Right of Use Assets - - 83,101
Property, plant and equipment 60,761 35,935 -
Total Non-Current Assets 16,670,677 16,471,386 16,736,681
Total Assets 19,496,950 19,881,440 26,468,205
Current Liabilities
Trade and other payables 8 606,213 1,067,868 2,029,502
Lease Liabilities - - 72,404
Total Current Liabilities 606,213 1,067,868 2,101,906
Non-Current Liabilities
Lease Liabilities - - 12,421
Total Non-Current Liabilities - - 12,421
Total Liabilities 606,213 1,067,868 2,114,327
Net Assets 18,890,737 18,813,572 24,353,878
Equity
Issued capital 9 36,524,091 29,689,231 29,238,564
Reserves 10 3,628,232 3,076,807 1,789,333
Accumulated losses 11 (21,261,586) (13,952,466) (6,674,019)
Total Equity 18,890,737 18,813,572 24,353,878
((i)) Please refer to note 2(c) and note 12 within the full Report and
Accounts for details regarding the restatement as a result of a change in
accounting policy.
The above Consolidated Statement of Financial Position should be read in
conjunction with the accompanying notes in the full Report and Accounts.
Consolidated Statement of Changes in Equity
for the year ended 30 June 2023
Issued Accumulated losses Share based payments reserve Total
capital $ $ $
$
Balance at 1 July 2021 restated((i)) 29,238,564 (6,674,019) 1,789,333 24,353,878
Total comprehensive loss for the year
Loss for the year((i)) - (7,278,447) - (7,278,447)
Other Comprehensive loss - - - -
Total comprehensive loss for the year - (7,278,447) - (7,278,447)
Transactions with owners in their capacity as owners
Shares issued during the year 450,667 - (450,667) -
Options issued during the year - - 50,000 50,000
Cost of issue - - - -
Share based payment (note 18) - - 1,688,141 1,688,141
Balance at 30 June 2022 restated((i)) 29,689,231 (13,952,466) 3,076,807 18,813,572
Issued Accumulated losses Share based payments reserve Total
capital $ $ $
$
Balance at 1 July 2022 restated((i)) 29,689,231 (13,952,466) 3,076,807 18,813,572
Total comprehensive loss for the year
Loss for the year - (7,309,120) - (7,309,120)
Other Comprehensive loss - - - -
Total comprehensive loss for the year - (7,309,120) - (7,309,120)
Transactions with owners in their capacity as owners
Shares issued during the year 7,301,344 - (56,333) 7,245,011
Options issued during the year - - - -
Cost of issue (466,484) - - (466,484)
Share based payment (note 18) - - 607,758 607,758
Balance at 30 June 2023 36,524,091 (21,261,586) 3,628,232 18,890,737
(i) Please refer to note 2(c) and note 12 within the full Report and Accounts
for details regarding the restatement as a result of a change in accounting
policy.
The above Consolidated Statement of Changes in Equity should be read in
conjunction with the accompanying notes in the full Report and Accounts.
Consolidated Statement of Cash Flow
for the year ended 30 June 2023
Note 30-Jun-23 Restated((i))
30-Jun-22
$ $
Cash flows from operating activities
Payments to suppliers and employees (2,041,123) (1,696,154)
Payments for exploration and evaluation (4,778,135) (2,907,394)
Payments for Offer and ASX/AIM listing costs - (1,073,800)
Interest received 98,723 6,823
Other receipts 146,924 1,074
Net cash used in operating 4 (6,573,611) (5,669,451)
activities
Cash flows from investing activities
Payments for tenement acquisition stamp duty 6 (447,115) (560,415)
Acquisition of property, plant and equipment (41,723) (44,241)
Net cash used in investing activities (488,838) (604,656)
Cash flows from financing activities
Proceeds from issue of shares 9 6,901,345 -
Proceeds from issue of options - 50,000
Payments for share issue costs (466,484) -
Net cash provided by financing activities 6,434,861 50,000
Net increase/(decrease) in cash and cash equivalents
(627,588) (6,224,077)
Cash and cash equivalents at beginning of year 3,331,607 9,555,684
Effects on exchange rate changes on cash and cash equivalents 1,735 -
Cash and cash equivalents at the end of the year 4 2,705,754 3,331,607
Note 30-Jun-23 Restated((i))
30-Jun-22
$ $
Cash flows from operating activities
Payments to suppliers and employees (2,041,123) (1,696,154)
Payments for exploration and evaluation (4,778,135) (2,907,394)
Payments for Offer and ASX/AIM listing costs - (1,073,800)
Interest received 98,723 6,823
Other receipts 146,924 1,074
Net cash used in operating 4 (6,573,611) (5,669,451)
activities
Cash flows from investing activities
Payments for tenement acquisition stamp duty 6 (447,115) (560,415)
Acquisition of property, plant and equipment (41,723) (44,241)
Net cash used in investing activities (488,838) (604,656)
Cash flows from financing activities
Proceeds from issue of shares 9 6,901,345 -
Proceeds from issue of options - 50,000
Payments for share issue costs (466,484) -
Net cash provided by financing activities 6,434,861 50,000
Net increase/(decrease) in cash and cash equivalents
(627,588) (6,224,077)
Cash and cash equivalents at beginning of year 3,331,607 9,555,684
Effects on exchange rate changes on cash and cash equivalents 1,735 -
Cash and cash equivalents at the end of the year 4 2,705,754 3,331,607
((i)) Please refer to note 2(c) and note 12 within the full Report and
Accounts for details regarding the restatement as a result of a change in
accounting policy.
The above Consolidated Statement of Cash Flow should be read in conjunction
with the accompanying notes in the full Report and Accounts.
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