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Asiamet Fiscal 2015 Results

The highlights of the Company's activities in the 2015 year are summarized below.


  • Completed the acquisition of a 40% interest (earning to 80%) in the Beutong project located in Aceh Province, Indonesia from Tigers Realm Minerals (ARS News Release January 14, 2015). The Beutong project contains a large NI43-101 compliant copper Resource with accessory gold and molybdenum and has good nearby infrastructure. Beutong provides Asiamet with an opportunity to significantly grow the scale of its copper business going forward.
  • An experienced team was established to advance the Company's project portfolio through the exploration and development stages. A core leadership team comprising Tony Manini (Deputy Chairman and Chief Executive Officer), Steve Hughes (Vice President Exploration) and Mansur Geiger (Vice President Indonesia) was appointed on January 12, 2015.
  • The BKM copper deposit was expanded in size and the Resource confidence was upgraded (ARS News Release October 21, 2015). Indicated Resources are now estimated at 231 million pounds (105,000 tonnes) of contained copper and Inferred Resources are estimated to contain 657 million pounds (298,000 tonnes) of copper (using a cut-off grade of 0.2% copper).
  • A highly positive Preliminary Economic Assessment (PEA) for the development of a medium scale copper mine on the Beruang Kanan Main ("BKM") deposit within the Company's 100% owned KSK CoW property located in central Kalimantan, Indonesia was completed. Results of the PEA study demonstrate excellent potential for developing a robust, low strip ratio, low capital intensity copper project with low operating costs, strong cash flow generation capacity and significant upside potential through further Resource growth. (ARS News Release April 5, 2016).
  • $4.3 million (net) was raised from the issue of new equity pursuant to three private placements during the year, each at progressively higher share issue prices.
  • Options for advancing the Jelai Gold property in North-East Kalimantan were significantly progressed. An application made to convert both the Jelai and Beutong IUPs from exploration IUPs to production IUPs has been substantially progressed and both are now in the later stages of the approvals process.


  • The Company incurred a loss and comprehensive loss for the year ended December 31, 2015, of $7,421,022 (2014 - $884,912) representing $7,470,845 expenses offset by $49,823 of other items. Of the $7,470,845 expenses, non-cash expenses included $208,300 share-based compensation, $10,548 depreciation and $3,693,127 acquisition costs of the Beutong IUP for net cash expenses of $3,558,870. Of this amount $2,389,472 (67%) was exploration and evaluation expenses and the remaining $1,169,398 general and administrative expenses (33%).
  • The Company ended the year with $778,634 cash supplemented by an equity fund raise of £1,500,000 (approximately $2.2 million) closed April 26, 2016. These funds will allow the Company to continue its plans for 2016 without interruption.

Attached are the audited Consolidated Statements of Financial Position, Consolidated Statements of Comprehensive Loss, Consolidated Statements of Cash Flows, Consolidated Statements of Changes in Equity (the "Financial Statements") of the Company for the fiscal year ended December 31, 2015. 


Operations Plan - 2016 


The 2016 program will focus on long lead time items for the bankable feasibility studies and exploration and resource drilling to increase potential mine life at BKM including:

  • Additional drilling for metallurgy samples. Stage 3 short and long column copper leach and variability test work
  • Infill drilling to upgrade part of the BKM Resource to measured and indicated confidence levels with the aim of demonstrating a +10 year life
  • Environmental Impact Assessment for a potential mine development
  • Pre-feasibility study level project option analysis, optimisation of the various inputs to further enhance project economics, and value engineering studies
  • Further exploration work on high potential prospects BKS, BKW and BKZ where excellent targets for additional copper mineralization nearby BKM are demonstrated by strong surface and scout drilling results returned to date


PT EMM is continuing to progress approval of an IUP Production license for the Beutong Project. Upon receipt of the IUP Production the Company intends to re-activate field programs aimed at extending near surface Resources and progressing development of the project.


JCM is continuing to progress approval of the IUP Production for the Jelai Project while simultaneously engaging with potential partners for the project.


On April 28, 2016, Doris Meyer was re-appointed as the Company's Chief Financial Officer in addition to her role as Corporate Secretary. 

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