2019 Interim Financial Statements

 

13 September 2019

 

 

2019 Interim Financial Statements

 

 

Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its unaudited interim financial statements for the 6 months ended 30 June 2019 ("Financial Statements") as extracted from the Company's 2019 Half Year 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 should be read in conjunction with the 2019 Half Year Report which contains the notes to the Financial Statements.

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

 

Key Operating highlights include:

·     Feasibility Study for the BKM Copper Project in Central Kalimantan completed

·     Value Enhancement initiatives announced with the Feasibility Study (see release 14 June 2019)

·     Updated JORC Mineral Resource estimate for the BKM Copper Project

·     Maiden JORC Ore Reserve estimate for the BKM Copper Project

·     Updated JORC Mineral Resource estimate for Beutong

·     Private Placement of $2 million to long term shareholder ASIPAC Group

 

Financial highlights for the six months ended 30 June 2019 include:

·     2019 loss $4.2 million (2018: loss $6.2 million)

·     Closing cash as at 30 June 2019 $0.46 million (31 December 2018: $2.68 million)

·     The Company has no debt

 

Key events post 30 June 2019 include:

·     On 20 August 2019 the Company completed an equity raise with gross proceeds of $2.1 million

·   On 21 August 2019, a MoU was signed with China NFC for value engineering and Engineering, Procurement and Construction Management (EPCM) Services for the BKM Copper project

 

ON BEHALF OF THE BOARD OF DIRECTORS

Peter Bird, Deputy Chairman and CEO

For further information, please contact:
 

-Ends-

Peter Bird
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: peter.bird@asiametresources.com

 

Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: tony.manini@asiametresources.com

 

FlowComms Limited

Sasha Sethi

Telephone: +44 (0) 7891 677 441

Email: [email protected]
 

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Andrew Thomson / Stephen Allen

Telephone: +61 8 9480 2500

Email: [email protected] / [email protected] 

 

Berenberg

Matthew Armitt, Detlir Elezi

Telephone: +44 20 3207 7800

Email: [email protected] / [email protected] 

 

Liberum
Clayton Bush, Kane Collings                

Telephone: +44 7773 322679

Email: [email protected] 

 

Optiva Securities Limited
Christian Dennis

Telephone: +44 20 3137 1903

Email: [email protected]

 

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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 June 2019

			30 Jun	31 Dec
			2019	2018
		Note	Unaudited	Audited
			$'000	$'000
ASSETS
Current assets
	Cash		463	2,679
	Receivables and other assets	5	88	84
			551	2,763
Non-current assets
	Plant and equipment		220	234
	Right of use asset	2.2	306	-
	Security deposit		85	91
	Receivables and other assets	5	626	536
			1,237	861
TOTAL ASSETS			1,788	3,624
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
	Trade and other payables		785	980
	Provision for employee service entitlements		70	50
	Lease liabilities	2.2	95	-
			950	1,030
Non-current liabilities
	Provision for employee service entitlements		377	378
	Lease liabilities	2.2	281	-
			658	378
TOTAL LIABILITIES			1,608	1,408
Equity
	Share capital	6	10,386	9,983
	Equity reserves		54,574	52,804
	Other comprehensive gain		10	10
	Accumulated deficit		(61,537)	(57,328)
	Other reserves		(3,246)	(3,246)
	Parent entity interest		187	2,223
	Non-controlling interest		(7)	(7)
			180	2,216
TOTAL LIABILITIES AND EQUITY			1,788	3,624

 

Interim condensed consolidated statement of comprehensive loss (unaudited)

For the six months ended 30 June 2019

			For the 6 months ended
		Note	30 Jun 2019	30 Jun 2018
			$'000	$'000
Expenses
	Exploration and evaluation	4	(2,528)	(3,700)
	Employee benefits		(1,103)	(1,169)
	Consultants		(112)	(267)
	Legal and Company Secretarial		(154)	(150)
	Accounting and audit		(8)	(47)
	General and administrative		(175)	(252)
	Depreciation		(72)	(9)
	Share-based compensation	6.4	(78)	(242)
			(4,230)	(5,836)
Other items
	Foreign exchange gain/(loss)		22	(355)
	Finance costs	2.2	(3)	-
	Interest income		2	-
			21	(355)
Loss before tax			(4,209)	(6,191)
	Tax		-	-
Net loss for the half year			(4,209)	(6,191)
Total comprehensive loss for the half year			(4,209)	(6,191)
Net loss attributable to:
	Equity holders of the parent		(4,108)	(6,040)
	Non-controlling interests		(101)	(151)
Total comprehensive loss attributable to:
	Equity holders of the parent		(4,108)	(6,040)
	Non-controlling interests		(101)	(151)
Basic and diluted loss per common share			(0.00)	(0.01)
Weighted average number of shares outstanding (thousands)			977,523	878,224

 

Interim condensed consolidated statement of cash flows (unaudited)

			For the 6 months ended
		Note	30 Jun 2019	30 Jun 2018
			$'000	$'000
Cash provided from (used for):
Operating activities
	Net loss for the year		(4,209)	(6,191)
Adjustment for:
	Depreciation		32	9
	Share-based compensation	6.4	78	242
	Foreign exchange losses		33	1
	Other non-cash expenses		3	5
Changes in non-cash working capital:
	Receivables and other assets		(3)	(30)
	Value Added Tax ("VAT")		(108)	(7)
	Trade and other payables		(110)	83
	Provision for employee service entitlements		19	40
			(4,265)	(5,848)
Investing activities
	Purchases of equipment		(20)	(198)
	Security deposits		7	-
	Payment for additional investment in Beutong Resources		-	(3,246)
			(13)	(3,444)
Financing activities
	Payment of lease liabilities		(33)	-
	Proceeds from warrant and option exercises		221	801
	Proceeds from equity raising		2,000	10,082
	Equity raising costs		(126)	(663)
			2,062	10,220
Increase/(decrease) in cash			(2,216)	928
Cash at beginning of the year			2,679	3,079
Cash at end of the half year			463	4,007