2020 Interim Financial Statements

 

20 August 2020

 

 

2020 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 2020 ("Financial Statements") as extracted from the Company's 2020 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 2020 Half Year Report which contains the notes to the Financial Statements.

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

 

ON BEHALF OF THE BOARD OF DIRECTORS

Tony Manini, Executive Chairman

For further information, please contact:

-Ends-

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

 

Investor Enquiries

Sasha Sethi

Telephone: +44 (0) 7891 677 441

Email: [email protected] / [email protected]
 

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Bhavesh Patel / Stephen Allen

Telephone: +44 (0)20 3440 6800

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 20 3100 2000

Email: [email protected]

 

Optiva Securities Limited
Christian Dennis

Telephone: +44 20 3137 1903

Email: [email protected]

 

Blytheweigh Communications Limited

Tim Blythe/Megan Ray

Telephone: +44 (0)20 7138 3204

Email: [email protected] / [email protected]

 

Follow us on twitter @AsiametTweets

 

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
			2020	2019
			Unaudited	Audited
			$'000	$'000
Assets
Current assets
	Cash		2,028	418
	Receivables and other assets		414	50
			2,442	468
Non-current assets
	Plant and equipment		93	197
	Right of use asset		-	236
	Receivables and other assets		137	86
			230	519
Total assets			2,672	987
Liabilities and Equity
Current liabilities
	Trade and other payables		287	396
	Provisions		246	89
	Lease liabilities		272	78
			805	563
Non-current liabilities
	Provisions		434	473
	Lease liabilities		-	237
			434	710
			1,239	1,273
Equity
	Share capital		14,703	10,969
	Equity reserves		56,535	56,435
	Other comprehensive loss		74	74
	Accumulated Deficit		(66,626)	(64,511)
	Other reserves		(3,246)	(3,246)
	Parent entity interest		1,440	(279)
	Non-controlling interest		(7)	(7)
			1,433	(286)
Total liabilities and equity			2,672	987

Interim condensed consolidated statement of comprehensive loss (unaudited)

For the six months ended 30 June

 

			2020	2019
			$'000	$'000
Expenses
	Exploration and evaluation		(571)	(2,528)
	Employee benefits		(960)	(1,103)
	Consultants		(97)	(112)
	Legal and Company Secretarial		(148)	(154)
	Accounting and audit		(3)	(8)
	General and administrative		(180)	(175)
	Depreciation		(54)	(72)
	Share-based compensation		(87)	(78)
			(2,100)	(4,230)
Other items
	Foreign exchange gains		283	22
	Interest income		1	2
	Finance costs		(16)	(3)
	Impairment expense		(284)	-
	Other income		1	-
			(15)	21
Net loss for the half year			(2,115)	(4,209)
Total comprehensive loss for the half year			(2,115)	(4,209)
Net loss attributable to:
	Equity holders of the parent		(2,074)	(4,108)
	Non-controlling interests		(41)	(101)
Total comprehensive loss attributable to:
	Equity holders of the parent		(2,074)	(4,108)
	Non-controlling interests		(41)	(101)
Basic and diluted loss per common share			(0.00)	(0.00)
Weighted average number of shares outstanding (thousands)			1,184,961	977,523

 

 

Interim condensed consolidated statement of cash flows (unaudited)

For the six months ended 30 June

 

			2020	2019
			$'000	$'000
Cash provided from (used for):
Operating activities
	Loss for the year		(2,115)	(4,209)
Adjustment for non-cash items:
	Depreciation		54	32
	Share-based compensation		-	78
	Net foreign exchange loss/(gain)		4	33
	Impairment expense		274	-
	Finance costs		11	3
Changes in non-cash working capital:
	Receivables and other assets		13	(3)
	Value Added Tax ("VAT")		-	(108)
	Trade and other payables		(112)	(110)
Other adjustments:
	Interest payments on lease liabilities		(11)	(3)
	Receipt / (payment) for security deposits		(50)	7
	Movements in provisions		119	19
			(1,813)	(4,261)
Investing activities
	Purchase of property, plant and equipment		-	(20)
			-	(20)
Financing activities
	Payment of principal portion of lease liabilities		(35)	(30)
	Proceeds from warrants and options exercises		-	221
	Proceeds from equity raising		3,522	2,000
	Equity raising costs		(64)	(126)
			3,423	2,065
Increase/(decrease) in cash			1,610	(2,216)
Cash at beginning of the year			418	2,679
Cash at end of the half year			2,028	463