2021 Interim Report and Financial Statements

RNS Number : 5800J

Asiamet Resources Limited

24 August 2021

Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its unaudited financial statements for the 6 months ended 30 June 2021 ("Financial Statements") as extracted from the Company's 2021 Half Year Report. The Report 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 2021 Half Year Report which contains the notes to the Financial Statements.

All dollars in the report are US$ unless otherwise stated.

2021 Financial and Operational Highlights Include:

· Termination of the Share and Purchase Agreement ("SPA") with PT Wasesa Indo Nusa ("PT WIN") on 25 January 2021 due to PT WIN failing to fulfill its obligations under the binding SPA signed on 24 December 2020.

· Equity financing, raising gross proceeds of approximately $14 million completed in late February 2021.

· Appointment of Eva Armila Djauhari as a Non-executive Director, effective 5 May 2021.

· Value enhancement activities for the BKM Project continued to evaluate the potential for a concentrate - tank leach processing option (vs heap leach processing) and prepare for drilling to expand resources and mine life. Once complete the Company will update the project economics and progress a preferred processing option to development.

ON BEHALF OF THE BOARD OF DIRECTORS

Antony (Tony) Manini, Executive Chairman

For further information, please contact:

-Ends-

Tony Manini
Executive Chairman, Asiamet Resources Limited
Email: tony.manini@asiametresources.com

FlowComms Limited - Investor Relations

Sasha Sethi

Telephone: +44 (0) 7891 677 441

Email: [email protected]

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Bhavesh Patel / Stephen Allen

Telephone: +44 (0)20 3440 6800

Email: [email protected] / [email protected]

Optiva Securities Limited
Christian Dennis

Telephone: +44 20 3137 1903

Email: [email protected]

FORWARD-LOOKING STATEMENT

This news release 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.

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

Interim condensed consolidated statement of financial position

As at

		30-Jun	31-Dec
		2021	2020
		Unaudited	Audited
		$'000	$'000

Assets
Current assets
	Cash	11,941	1,179
	Receivables and other assets	28	4
		11,969	1,183
	Assets classified as held for sale	-	125
		11,969	1,308
Non-current assets
	Plant and equipment	61	39
	Right-of-use asset	4	3
	Receivables and other assets	70	5
		135	47
Total assets		12,104	1,355


Liabilities and Equity
Current liabilities
	Trade and other payables	552	391
	Provisions	235	253
	Lease liabilities	214	278
		1,001	922
	Liabilities directly associated with the assets classified as held for sale	-	753
		1,001	1,675
Non-current liabilities
	Provisions	569	81
Total liabilities		1,570	1,756
Equity
	Share capital	19,326	14,752
	Equity reserves	65,442	56,661
	Other comprehensive income	83	83
	Accumulated deficit	(71,064)	(68,644)
	Other reserves	(3,246)	(3,246)
	Parent entity interest	10,541	(394)
	Non-controlling interest	(7)	(7)
		10,534	(401)
Total liabilities and equity		12,104	1,355

Interim condensed consolidated statement of comprehensive loss (unaudited)

For the six months ended 30 June

		2021	2020
		$'000	$'000

Expenses
	Exploration and evaluation	(1,003)	(571)
	Employee benefits	(912)	(960)
	Consultants	(41)	(97)
	Legal and Company Secretarial	(99)	(148)
	Accounting and audit	(1)	(3)
	General and administrative	(182)	(180)
	Depreciation	(20)	(54)
	Share-based compensation	(92)	(87)
		(2,350)	(2,100)
Other items
	Other gains	122	-
	Foreign exchange gain/(loss)	(150)	283
	Interest income	-	1
	Finance costs	(10)	(16)
	Impairment expense	(33)	(284)
	Other income	1	1
		(70)	(15)
Net loss for the half year		(2,420)	(2,115)

Net loss attributable to:
	Equity holders of the parent	(2,335)	(2,074)
	Non-controlling interests	(85)	(41)

Total comprehensive loss attributable to:
	Equity holders of the parent	(2,335)	(2,074)
	Non-controlling interests	(85)	(41)

Basic and diluted loss per common share		(0.00)	(0.00)

Weighted average number of shares outstanding (thousands)		1,625,081	1,184,961

Interim condensed consolidated statement of cash flows (unaudited)

For the six months ended 30 June

		2021	2020
		$'000	$'000

Operating activities
	Loss for the half year	(2,420)	(2,115)
Adjustment for:
	Depreciation	20	54
	Share-based compensation	92	-
	Net foreign exchange loss/(gain)	(18)	4
	Impairment expense	33	274
	Finance costs	10	11
	Movements in provisions	(20)	119

Changes in working capital:
	Receivables and other assets	(12)	13
	Trade and other payables	(194)	(112)

Other adjustments:
	Interest payments	(10)	(11)
	Payment for security deposit	-	(50)

Net cash flows used in operating activities		(2,519)	(1,813)

Investing activities
	Purchases of plant and equipment	(5)	-

Net cash flows used in investing activities		(5)	-

Financing activities
	Payment of principal portion of lease liabilities	(75)	(35)
	Proceeds from equity raising	14,089	3,522
	Equity raising costs	(735)	(64)

Net cash flows from financing activities		13,279	3,423
Increase in cash		10,755	1,610

Cash at beginning of the year		1,186	418

Cash at 30 June		11,941	2,028

Interim consolidated statement of changes in equity (unaudited)

For the six months ended 30 June 2021

							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 2021		14,752	56,661	83	(68,644)	(3,246)	(394)	(7)	(401)

	Loss for the half year	-	-	-	(2,335)	-	(2,335)	(85)	(2,420)
Total comprehensive income		-	-	-	(2,335)	-	(2,335)	(85)	(2,420)

Transactions with owners in their capacity as owners
	Equity raising	4,574	9,516	-	-	-	14,090	-	14,090
	Equity raising costs	-	(735)	-	-	-	(735)	-	(735)
	Contribution by parent in NCI	-	-	-	(85)	-	(85)	85	-

Balance at 30 June 2021		19,326	65,442	83	(71,064)	(3,246)	10,541	(7)	10,534

Interim consolidated statement of changes in equity (unaudited)

For the six months ended 30 June 2020

							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 2020		10,969	56,435	74	(64,511)	(3,246)	(279)	(7)	(286)

	Loss for the half year	-	-	-	(2,074)	-	(2,074)	(41)	(2,115)
Total comprehensive income		-	-	-	(2,074)	-	(2,074)	(41)	(2,115)

Transactions with owners in their capacity as owners
	Equity raising	3,734	164	-	-	-	3,898	-	3,898
	Equity raising costs	-	(64)	-	-	-	(64)	-	(64)
	Contribution by parent in NCI	-	-	-	(41)	-	(41)	41	-

Balance at 30 June 2020		14,703	56,535	74	(66,626)	(3,246)	1,440	(7)	1,433

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END

IR EAKPLAFLFEEA

TIDM	ARS
Share Price	1.60p-6.06%

Date	24 Aug 2021
Time	07:30:01
Category	Results
ID	5800J

TIDM	ARS
Share Price	1.60p-6.06%

Date	24 Aug 2021
Time	07:30:01
Category	Results
ID	5800J

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2021 Interim Report and Financial Statements