REG - Future Metals NL - Final Results for the Year Ended 30 June 2022
03/10/2022 07:00
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RNS Number : 4577B Future Metals NL 03 October 2022
3 October 2022
Future Metals NL
Final Results for the Year Ended 30 June 2022 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 2022.
Please see below extracts from the Company's Annual Report and Accounts for
the year ended 30 June 2022, as follows:
· Chairman's Statement
· 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/4577B_1-2022-10-2.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4577B_1-2022-10-2.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) 20 7409 3494
James Harris/James Bellman
W H Ireland Limited (UK Broker) +44 (0) 207 220 1670
Harry Ansell/Katy Mitchell
White Noise Communications (Australian IR/PR) +61 400 512 109
Fiona Marshall
Chairman's Statement
It is my pleasure to present the 2022 Annual Report for Future Metals NL (ASX
| AIM: FME) (Future Metals) on behalf of the Board, with this being the first
full year of operations for Future Metals'. It has been a very active period
for the Company after successfully acquiring the Panton PGM-Ni Project in
June 2021 and transforming the Company into an advanced PGM and Ni exploration
and development company. The Company's achievements during the past twelve
months include:
• Completion of drilling that enabled the modelling and estimation
of the bulk PGM-Ni mineralisation and scale potential at Panton
• Significant increase to Panton's JORC Mineral Resource estimate,
showing it to be a PGM deposit of global significance with contained PGM(3E)
increasing by 108% to 5.0Moz and contained Ni increasing by 526% to 239kt
• Development of a strategy to progress the development of Panton
via a staged approach facilitated by the significant discrete, high-grade PGM
reef allowing for a capital-lite initial project followed by a larger scale
project utilising the bulk PGM-Ni mineralisation
• A new exploration model highlighting the significant potential for
a new Ni-Cu-PGE discoveries to be made at Panton in the previously untested
basal contact
• Appointment of Mr. Jardee Kininmonth as Chief Executive Officer
and Managing Director, along with several other senior management appointments
Recent exploration discoveries and the strong price environment across
palladium and platinum has helped highlight the potential for Australia to
become a major PGM mining jurisdiction over time. This renewed focus on the
PGM sector from investors, offtakers and governments has promoted the
exploration for and development of PGM projects, particularly in Western
Australia. Panton is one of the most progressed of such projects and we are
utilising the significant body of work completed on the project to deliver the
first PGM project in Australia. We are fortunate to have built a Board and
management team who have prior experience with Panton, allowing us to
capitalise on this prior body of work as we take it through development. While
Panton's high-grade resource has been well known for some time, we have since
proven that it can be an asset of global scale by drilling out the surrounding
bulk mineralisation. This has been an incredibly important addition to the
project, allowing the Company to undertake a staged approach to Panton's
development, an approach informed by capital requirements, permitting and
metallurgical progress.
We are leaving no stone unturned when proving Panton's value and this extends
to understanding its true exploration potential too. While the focus at Panton
by the Company, and its prior owners has always been the high-grade reef,
there was plenty of commentary in historical reports and some indications in
historical drill hole data of sulphide mineralisation that was not related to
the geology of the reef. This led to a review of Panton's structural geology,
in combination with the existing exploration database and geophysical data.
The ultimate result of that review is that Panton is highly prospective for
new Ni-Cu-PGE discoveries, with the basal contact being largely untested
despite being the most fertile geology for high grade sulphide accumulations.
We are extremely excited to test this potential with a targeted exploration
drilling programme supported by new ground geophysical surveys.
I would like to acknowledge the communities in which we operate, in
particular, the Malarngowem community. We recognise the importance of a
cooperative and trusting relationship with the local communities to form a
sustainable, long term and mutually beneficial partnership. I would also like
to thank my fellow Board members, and most importantly our relatively new
management team, led by Managing Director, Jardee Kininmonth.
Finally, I would like to thank our shareholders for the support shown over the
past 12 months. It has been a challenging period in the equity markets over
this period however, as highlighted above, we believe the value of the Panton
project has never been better and we are looking forward to an exciting and
busy year ahead.
Justin Tremain
Non-Executive Chairman
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2022
Note 30-Jun-22 30-Jun-21
$ $
Interest received 6,823 820
Other income 552 -
Employee and Director benefits expense (574,503) (20,812)
Professional and Consultants (438,512) (142,686)
ASX and AIM and share registry fees (1,954,846) (33,660)
Travel expenditure (28,835) (12,063)
Listing expense - (4,064,281)
Share based payment expense 16 (877,463) (1,789,333)
Amortisation/depreciation expense (79,538) (5,936)
Unrealised Foreign exchange gain/(loss) 1,697 2,229
Realised Foreign exchange gain/(loss) (446) -
Other expenses (368,229) (241,734)
Loss before income tax (4,313,300) (6,307,456)
Income tax expense 3 -
Loss after income tax (4,313,300) (6,307,456)
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 (4,313,300) (6,307,456)
Loss per share for the year attributable to
the members of Future Metals NL
Basic and diluted loss per share (cents) 15 (1.23) (4.10)
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 2022
Note 30-June-22 30-Jun-21
$ $
Current Assets
Cash and cash equivalents 4 3,331,607 9,555,684
Trade and other receivables 5 78,447 175,840
Total Current Assets 3,410,054 9,731,524
Non-Current Assets
Right of Use Assets - 83,101
Deferred Exploration & Evaluation Expenditure 19,767,161 17,020,143
6
Property, plant and equipment 35,935 -
Total Non-Current Assets 19,803,096 17,103,244
Total Assets 23,213,150 26,834,768
Current Liabilities
Trade and other payables 7 1,067,868 2,029,502
Lease Liabilities - 72,404
Total Current Liabilities 1,067,868 2,101,906
Non-Current Liabilities
Lease Liabilities - 12,421
Total Non-Current Liabilities - 12,421
Total Liabilities 1,067,868 2,114,327
Net Assets 22,145,282 24,720,441
Equity
Issued capital 8 29,689,231 29,238,564
Reserves 9 3,076,807 1,789,333
Accumulated losses 10 (10,620,756) (6,307,456)
Total Equity 22,145,282 24,720,441
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 2022
Issued capital $ Accumulated losses $ Share based payments Total
$
$
Balance at 12 November 2020 - - - -
Total comprehensive loss for the period
Loss for the period - (6,307,456) - (6,307,456)
Other Comprehensive loss - - - -
Total comprehensive loss for the period - (6,307,456) - (6,307,456)
Transactions with owners in their
capacity as owners
Shares issued during the period 30,854,125 - - 30,854,125
Cost of issue (1,615,561) - - (1,615,561)
Share based payment (note 16) - - 1,789,333 1,789,333
Balance at 30 June 2021 29,238,564 (6,307,456) 1,789,333 24,720,441
Issued capital $ Accumulated losses Share based payments Total
$
$
$
Balance at 1 July 2021 29,238,564 (6,307,456) 1,789,333 24,720,441
Total comprehensive loss for the year
Loss for the year - (4,313,300) - (4,313,300)
Other Comprehensive loss - - - -
Total comprehensive loss for the year - (4,313,300) - (4,313,300)
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 16) - - 1,688,141 1,688,141
Balance at 30 June 2022 29,689,231 (10,620,756) 3,076,807 22,145,282
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 2022
Note 30-Jun-22 30-Jun-21
$ $
Cash flows from operating activities
Payments to suppliers and employees (1,696,154) (518,124)
Payments for Offer and ASX/AIM listing
costs (1,073,800) -
Interest received 6,823 820
Other receipts 1,074 -
Net cash used in operating activities 4 (2,762,057) (517,304)
Cash flows from investing activities
Payments for exploration and evaluation 6 (2,907,394) (15,366,563)
Payments for tenement acquisition stamp
duty (560,415) -
Acquisition of property, plant and
equipment (44,241) -
Proceeds from acquisition of Future Metals
NL - 3,555,086
Net cash used in investing activities (3,512,050) (11,811,477)
Cash flows from financing activities
Proceeds from issue of shares - 23,500,026
Proceeds from issue of options 50,000 -
Payments for share issue costs - (1,615,561)
Net cash provided by financing
activities 50,000 21,884,465
Net increase/(decrease) in cash and cash
equivalents (6,224,077) 9,555,684
Cash and cash equivalents at beginning of
year 9,555,684 -
Cash and cash equivalents at the end of 4
3,331,607 9,555,684
the year
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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