29th May 2025 07:07
29 May 2025
2024 Annual Report & Financial Statements
Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its audited financial statements for the 12 months ended 31 December 2024 ("Financial Statements") as extracted from the Company's 2024 Annual 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 are set out below and should be read in conjunction with the 2024 Annual Report which contains the notes to the Financial Statements.
All dollars in the report are US$ unless otherwise stated.
Key 2024 Financial and Operational Highlights Include:
BKM Copper Project (Asiamet: 100%)
· Engagement of PT Rexline Engineering Indonesia and BGRIMM Technology Group as the engineering design and procurement partners for updating the 2024 feasibility study process plant design.
· Released updated project mining and processing physicals reflecting the change in strategy to focus on higher soluble copper grade material closer to surface and materially reduce the mining strip ratio:
o 47% decrease in total material mined, from 90.9Mt to 50.5Mt. Life of mine Strip Ratio reduced from 1.37 to 0.77.
o New open pit design delivers 28.5Mt aligning with new Heap Leach Facility design capacity.
o New open pit design sits within the 2023 feasibility study pit design and allows for seamless future expansion of the mine to increase overall copper production.
· Updated Capital Cost Estimate released in December 2024 delivering an estimated US$58 million saving.
Corporate:
· The Company successfully raised US$3.55 million in October 2024 via:
o a direct share placement to PT BUMA Internasional Group Tbk (IDX: "DOID") and management, raising gross proceeds of approximately US$3.295 million; and
o a further US$0.255 million through retail offering.
· The Company appointed Mudit Goenka as Head of Corporate Finance.
· Closure of Asiamet's Melbourne office in Australia.
The 2024 Annual Report can be viewed at: http://www.rns-pdf.londonstockexchange.com/rns/5771K_1-2025-5-29.pdf
ON BEHALF OF THE BOARD OF DIRECTORS
Antony (Tony) Manini, Chairman
-Ends-
For further information, please contact:
Darryn McClelland Chief Executive Officer, Asiamet Resources Limited Email: [email protected]
Tony Manini Chairman, Asiamet Resources LimitedEmail: tony.manini@asiametresources.com
Investor Enquiries
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: [email protected] Email: [email protected]
Nominated Adviser Strand Hanson Limited
James Spinney / James Dance / Rob Patrick
Telephone: +44 20 7409 3494
Email: [email protected]
Broker
Optiva Securities Limited Christian Dennis
Telephone: +44 20 3137 1903
Email: [email protected]
Follow us on X @AsiametTweets
FORWARD-LOOKING STATEMENT
This announcement 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.
Consolidated Statement of Financial Position
As at 31 December 2024
2024 | 2023 | ||
|
| $'000 | $'000 |
| |||
Assets | |||
Current assets | |||
Cash and cash equivalents | 2,279 | 4,136 | |
Receivables and other assets | 275 | 131 | |
2,554 | 4,267 | ||
Non-current assets | |||
Property, plant and equipment | 137 | 28 | |
Right-of-use asset | 42 | 2 | |
Receivables and other assets | 116 | 65 | |
295 | 95 | ||
Total assets | 2,849 | 4,362 | |
Liabilities and Equity | |||
Current liabilities | |||
Trade and other payables | 405 | 270 | |
Provisions | 24 | 296 | |
Lease liabilities | 36 | - | |
465 | 566 | ||
Non-current liabilities | |||
Provision for employee entitlements | 640 | 615 | |
1,105 | 1,181 | ||
Equity | |||
Share capital | 29,725 | 25,902 | |
Equity reserves | 67,506 | 67,378 | |
Other comprehensive income | 202 | 126 | |
Accumulated Deficit | (92,436) | (86,972) | |
Other reserves | (3,246) | (3,246) | |
Parent entity interest | 1,751 | 3,188 | |
Non-controlling interest | (7) | (7) | |
1,744 | 3,181 | ||
Total liabilities and equity | 2,849 | 4,362 | |
Consolidated Statement of Comprehensive Loss
For the year ended 31 December 2024
2024 | 2023 | ||
|
| $'000 | $'000 |
Expenses |
|
| |
Exploration and evaluation | (2,152) | (1,554) | |
Employee benefits | (2,329) | (2,520) | |
Consultants | (133) | (118) | |
Legal and Company Secretarial | (109) | (110) | |
Accounting and audit | (55) | (53) | |
General and administrative | (199) | (239) | |
Depreciation | (27) | (28) | |
Share-based compensation | (405) | (493) | |
(5,409) | (5,115) | ||
Other items |
| ||
Foreign exchange (loss)/gain | 3 | (11) | |
Finance costs | (2) | (1) | |
Impairment expenses | (136) | (112) | |
Other income | 80 | 10 | |
(55) | (114) | ||
Net loss before tax | (5,464) | (5,229) | |
Income tax expense | - | - | |
Net loss for the year | (5,464) | (5,229) | |
Other comprehensive gain that may not be reclassified subsequently to profit or loss: |
|
| |
Actuarial gain on employee service entitlements | 76 | 55 | |
Total comprehensive loss for the year | (5,388) | (5,174) | |
|
| ||
Net loss attributable to: |
| ||
Equity holders of the parent | (5,418) | (5,179) | |
Non-controlling interests | (46) | (50) | |
Total comprehensive loss attributable to: |
| ||
Equity holders of the parent | (5,342) | (5,124) | |
Non-controlling interests | (46) | (50) | |
| |||
Basic and diluted loss per common share (cents per share) | (0.20) | (0.23) | |
Consolidated Statement of Cash Flows
For the year ended 31 December 2024
| 2024 | 2023 | |
|
| $'000 | $'000 |
Operating activities |
| ||
Loss before tax | (5,464) | (5,229) | |
Adjustments for: |
| ||
Depreciation
| 27 | 28 | |
Share-based compensation | 405 | 493 | |
Net foreign exchange (loss)/gain | (19) | 5 | |
Impairment expenses | 136 | 112 | |
Finance costs | 2 | 1 | |
Adjustment to Provisions | (144) | 144 | |
Changes in working capital: |
| ||
Receivables and other assets | (331) | (164) | |
Trade and other payables | 135 | (387) | |
(5,253) | (4,997) | ||
Payment of employee entitlement | - | (29) | |
Interest payments | (2) | (1) | |
Net cash flows used in operating activities | (5,255) | (5,027) | |
|
|
| |
Investing activities |
| ||
Purchases of plant and equipment | (120) | (6) | |
Net cash flows used in investing activities | (120) | (6) | |
| |||
Financing activities |
| ||
Payment of principal portion of lease liabilities | (20) | (59) | |
Proceeds from equity raising | 3,594 | 4,044 | |
Equity raising costs | (47) | (9) | |
Net cash flows from financing activities |
| 3,527 | 3,976 |
Net decrease in cash | (1,848) | (1,057) | |
Net foreign exchange differences |
| (9) | 8 |
Cash at beginning of the year | 4,136 | 5,185 | |
Cash at end of the year | 2,279 | 4,136 |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2023
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 2023 | 21,831 | 66,921 | 71 | (81,743) | (3,246) | 3,834 | (7) | 3,827 | |
Loss for the year | - | - | - | (5,179) | - | (5,179) | (50) | (5,229) | |
Other comprehensive income | - | - | 55 | - | - | 55 | - | 55 | |
Total comprehensive loss | - | - | 55 | (5,179) | - | (5,124) | (50) | (5,174) | |
Transactions with owners in their capacity as owners | |||||||||
Equity raising | 3,710 | 334 | - | - | - | 4,044 | - | 4,044 | |
Equity raising cost | - | (9) | - | - | - | (9) | - | (9) | |
Reclassify shares issued to directors | 154 | (154) | - | - | - | - | - | - | |
Share-based compensation | 207 | 286 | - | - | - | 493 | - | 493 | |
Contribution by parent in NCI (see note 17b) | - | - | - | (50) | - | (50) | 50 | - | |
Balance at 31 December 2023 | 25,902 | 67,378 | 126 | (86,972) | (3,246) | 3,188 | (7) | 3,181 | |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2024
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 2024 | 25,902 | 67,378 | 126 | (86,972) | (3,246) | 3,188 | (7) | 3,181 | |
|
|
|
|
|
|
|
| ||
Loss for the year | - | - | - | (5,418) | - | (5,418) | (46) | (5,464) | |
Other comprehensive income | - | - | 76 | - | - | 76 | - | 76 | |
Total comprehensive loss | - | - | 76 | (5,418) | - | (5,342) | (46) | (5,388) | |
|
|
|
|
|
|
|
| ||
Transactions with owners in their capacity as owners |
|
|
|
|
|
|
|
| |
Equity raising | 3,593 | 1 | - | - | - | 3,594 | - | 3,594 | |
Equity raising costs | - | (47) | - | - | - | (47) | - | (47) | |
Reclassify shares issued to directors | 99 | (99) | - | - | - | - | - | - | |
Share-based compensation | 131 | 274 | - | - | - | 405 | - | 405 | |
Contribution by parent in NCI (see note 17b) | - | - | - | (46) | - | (46) | 46 | - | |
|
|
|
|
|
|
|
| ||
Balance at 31 December 2024 | 29,725 | 67,506 | 202 | (92,436) | (3,246) | 1,751 | (7) | 1,744 | |
Related Shares:
Asiamet Res