26th May 2026 17:30
26 May 2026
2025 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 2025 ("Financial Statements") as extracted from the Company's 2025 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 2025 Annual Report which contains the notes to the Financial Statements.
All dollars in the report are US$ unless otherwise stated.
Key 2025 Financial and Operational Highlights Include:
BKM Copper Project (Asiamet 100%)
Updated Ore Reserve for BKM Stage 1 (see announcement dated 2 May 2025)
Key Highlights
· BKM Stage 1 Ore Reserves now comprise:
o Proved Reserve Category: 15.0Mt @ 0.8% Cu for 117kt of contained copper
o Probable Reserve Category: 13.3Mt @ 0.7% Cu for 90kt of contained copper
o Total Ore Reserves: 28.3Mt @ 0.7% Cu for 207kt of contained copper
· Strip ratio 0.8:1
· Mining/Processing Method: Ore Reserves reported based on extraction by open-pit mining with heap-leach and solvent extraction / electro-winning ("SX-EW") processing
· Reserve Basis: Ore Reserves are constrained by BKM Stage 1 Optimised Feasibility Study 2025 heap leach facility design
Completion of BKM Stage 1 Copper Project Optimised Feasibility Study ("OFS") (see announcement dated 7 May 2025)
Key Highlights:
· Annual copper cathode production of approximately 10k tonnes with a ~13 year mine life
· Life-of-mine revenues of US$1.192 billion and EBITDA of US$612.2 million[1]
· Initial capital cost of US$178.4 million, including US$11.1 million (7.6%) growth allowance and US$21.8 million (~13.9%) contingency
· Post-tax NPV81 of US$122.4 million, post-tax IRR1 of 17.7%, and payback period of 4.5 years
· Life-of-mine production of 124,022 tonnes of LME Grade A copper cathode
· Low strip ratio of 0.77:1, Life-of-Mine C1 costs of US$1.79/lb and AISC of US$2.37/lb
Corporate:
· The Company successfully raised US$2.5 million via direct share placement to PT BUMA International Tbk ("BUMA") (see announcement dated 29 May 2025) and successfully raised another US$3.1 million through a direct share placement to existing shareholders and several new investors (see announcement dated 17 December 2025).
· Appointment of Shore Capital as Corporate Broker and Grant Samuel as Financial Adviser to lead the Strategic Investor Engagement Process for the BKM Copper Project.
· Proposed Sale of Asiamet's Interest in the KSK Project to Norin Mining for gross consideration of US$105 million on a cash-free, debt-free basis (see announcement dated 6 November 2025).
· The Company successfully completed a resource definition drilling programme targeting limestone at the Rinjen prospect on the KSK CoW (see announcement dated 15 September 2025).
The 2025 Annual Report can be viewed at: http://www.rns-pdf.londonstockexchange.com/rns/7702F_1-2026-5-26.pdf
Update on Proposed Sale of Indokal Limited
As previously announced, shareholder approval from Asiamet shareholders and the relevant Chinese regulatory approvals have both been obtained.
The remaining Indonesian regulatory processes and associated completion workstreams continue to progress. The Company continues to work closely with relevant stakeholders in relation to these matters and progress is being made.
The Company and the purchaser remain actively engaged through the completion process, and the Board will continue to update shareholders as appropriate.
ON BEHALF OF THE BOARD OF DIRECTORS
Antony (Tony) Manini, Chairman
For further information, please contact:
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 & Financial Adviser Strand Hanson Limited
James Spinney / James Dance / Rob Patrick
Telephone: +44 20 7409 3494
Email: [email protected]
Broker
Shore Capital
Toby Gibbs / George Payne
Telephone: +44 20 7408 4050
Follow us on X @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").
Consolidated Statement of Financial Position
As at 31 December 2025
2025 | 2024 | ||
|
| $'000 | $'000 |
| |||
Assets |
| ||
Current assets |
| ||
Cash | 3,405 | 2,279 | |
Receivables and other assets | 9 | 275 | |
3,414 | 2,554 | ||
Assets classified as held for sale | 373 | - | |
3,787 | 2,554 | ||
Non-current assets |
| ||
Plant and equipment | - | 137 | |
Right-of-use asset | - | 42 | |
Receivables and other assets | 3 | 116 | |
3 | 295 | ||
Total assets | 3,790 | 2,849 | |
Liabilities and Equity |
| ||
Current liabilities |
| ||
Trade and other payables | 192 | 405 | |
Provisions | - | 24 | |
Lease liabilities | - | 36 | |
192 | 465 | ||
Liabilities directly associated with the assets classified as held for sale | 710 | - | |
902 | 465 | ||
Non-current liabilities |
| ||
Provisions | 56 | 640 | |
958 | 1,105 | ||
Equity |
| ||
Share capital | 33,899 | 29,725 | |
Equity reserves | 69,251 | 67,506 | |
Other comprehensive Income | 242 | 202 | |
Accumulated Deficit | (97,307) | (92,436) | |
Other reserves | (3,246) | (3,246) | |
Parent entity interest | 2,839 | 1,751 | |
Non-controlling interest | (7) | (7) | |
2,832 | 1,744 | ||
Total liabilities and equity | 3,790 | 2,849 | |
Consolidated Statement of Comprehensive Loss
For the year ended 31 December 2025
2025 | 2024 | ||
|
| $'000 | $'000 |
| |||
Continuing Operations |
| ||
Expenses |
| ||
Exploration and evaluation | (149) | (118) | |
Employee benefits | (145) | (667) | |
Consultants | (520) | (133) | |
Legal and Company Secretarial | (124) | (105) | |
Accounting and audit | (44) | (38) | |
General and administrative | (211) | (188) | |
Depreciation | - | (2) | |
Share-based compensation | (379) | (405) | |
(1,572) | (1,656) | ||
Other Items |
| ||
Foreign exchange losses | (10) | (25) | |
Finance costs | - | - | |
Impairment expense | (66) | (136) | |
Other income | 32 | 77 | |
(44) | (84) | ||
Net loss before tax from continuing operations | (1,616) | (1,740) | |
Income tax expense | - | - | |
Net loss for the year from continuing operations | (1,616) | (1,740) | |
Discontinued operations |
| ||
Loss after tax for the year from discontinued operations | (3,255) | (3,724) | |
Net loss for the year | (4,871) | (5,464) | |
Item that may not be reclassified subsequently |
| ||
to profit or loss: |
| ||
Actuarial gain on employee service entitlements | 40 | 76 | |
Total comprehensive loss for the year | (4,831) | (5,388) | |
Net loss attributable to: |
| ||
Equity holders of the parent | (4,820) | (5,418) | |
Non-controlling interests | (51) | (46) | |
Total comprehensive loss attributable to: |
| ||
Equity holders of the parent | (4,780) | (5,342) | |
Non-controlling interests | (51) | (46) | |
Basic and diluted loss per common share (cents per share) | (0.16) | (0.20) | |
Consolidated Statement of Cash Flows
For the year ended 31 December 2025
2025 | 2024 | ||
|
| $'000 | $'000 |
| |||
Operating activities |
| ||
Loss before tax from continuing operations | (1,616) | (1,740) | |
Loss before tax from discontinued operations | (3,255) | (3,724) | |
Loss before tax | (4,871) | (5,464) | |
Adjustment for: |
| ||
Depreciation | (5) | 27 | |
Share-based compensation | 379 | 405 | |
Net foreign exchange loss/(gain) | (24) | (19) | |
Impairment expense | 114 | 136 | |
Finance cost | 2 | 2 | |
Adjustment to provisions | 81 | (144) | |
Changes in working capital: |
| ||
Receivables and other assets | 161 | (331) | |
Trade and other payables | (131) | 135 | |
(4,294) | (5,253) | ||
Other adjustments: |
| ||
Payment of employee entitlement | (4) | - | |
Interest payments | (2) | (2) | |
Net cash flows used in operating activities | (4,300) | (5,255) | |
Investing activities |
| ||
Purchase of property, plant and equipment | (16) | (120) | |
Net cash flows used in investing activities | (16) | (120) | |
Financing activities |
| ||
Payment of principal portion of lease liabilities | (28) | (20) | |
Proceeds from equity raising | 5,601 | 3,594 | |
Equity raising costs | (61) | (47) | |
Net cash flows from financing activities | 5,512 | 3,527 | |
Net Increase in cash | 1,196 | (1,848) | |
Net foreign exchange differences | - | (9) | |
Cash at beginning of the year | 2,279 | 4,136 | |
Cash at end of the year | 3,475 | 2,279 | |
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)/loss | 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 | 3593 | 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 | - | - | - | (46) | - | (46) | 46 | - | |
(see note 17b) | |||||||||
Balance at 31 December 2024 | 29,725 | 67,506 | 202 | (92,436) | (3,246) | 1,751 | (7) | 1,744 | |
Consolidated Statement of Changes in Equity
For the year ended 31 December 2025
Total equity |
| ||||||||
Other |
| attributable | Non- |
| |||||
Share | Equity | comprehensive | Accumulated | Other | to the | controlling |
| ||
capital | reserves | loss | deficit | reserves | parent | interests | Total | ||
|
| $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 |
| |||||||||
Balance at 1 January 2025 | 29,725 | 67,506 | 202 | (92,436) | (3,246) | 1,751 | (7) | 1,744 | |
| |||||||||
Loss for the year | - | - | - | (4,820) | - | (4,820) | (51) | (4,871) | |
| Other comprehensive loss | 40 |
| 40 |
| 40 | |||
Total comprehensive income | - | - | 40 | (4,820) | - | (4,780) | (51) | (4,831) | |
| |||||||||
Transactions with owners in their capacity as owners |
| ||||||||
Equity raising | 3,860 | 1,741 | - | - | - | 5,601 | - | 5,601 | |
| Equity raising costs | - | (61) | - | - | - | (61) | - | (61) |
| Reclassify shares issued to directors | 152 | (152) | - | - | - | - | - | - |
| Share based compensation | 162 | 217 | - | - | - | 379 | - | 379 |
| Contribution by parent in NCI | - | - | - | (51) | - | (51) | 51 | - |
| (see note 17b) | ||||||||
Balance at 31 December 2025 | 33,899 | 69,251 | 242 | (97,307) | (3,246) | 2,839 | (7) | 2,832 | |
[1]Excluding closure and rehabilitation costs
Related Shares:
Asiamet Resources Limited