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Asiamet Resources- 2023 Annual Report & Financial Statements
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Asiamet Resources Limited (AIM:ARS) is pleased to present its audited financial statements for the 12 months ended 31 December 2023 as extracted from the Company’s 2023 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 2023 Annual Report which contains the notes to the Financial Statements. 

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

 

Key 2023 Financial and Operational Highlights Include: 

  • Updated Ore Reserve statement issued on 10th May 2023 for BKM delivered the following:
    • 19.0Mt @ 0.7% Cu for 137kt contained copper in the Proved Reserve Category.
    • 21.8Mt @ 0.6% Cu for 135kt contained copper in the Probable Reserve Category; and
    • 40.8Mt @ 0.7% Cu for 272kt of contained copper in the Proved and Probable Reserve Category.
  • Updated Feasibility Study on the BKM project demonstrating a technically viable and economic robust copper project with:
    • An initial 9.2-year life of mine and 19.6ktpa of copper cathode production
    • Life of Mine (‘LOM’) revenues of $1.4 billion and EBITDA of $655.3 million.
    • Capital cost of $208.7 million (excluding growth and contingency $26.7 million)
    • Post tax NPV8 $ 162.8 million, IRR 21% (post tax excluding closure costs)
    • Payback Period 3.4 years
    • C1 cash cost of $1.91/lb and AISC of $2.25/lb
  • Appointment of corporate advisors Grant Samuel Corporate Finance to support the BKM project finance process and China Zenith Capital Limited to assist with China sourced funding including offtake, equipment finance, project construction and strategic sourcing relating to finance.  
  • Appointment of Non-Executive Directors, Matthew Doube, based in Singapore and Peter Chambers, based in Jakarta as representatives of major shareholder PT Delta Dunia Makmur Tbk.
  • Completed a capital placing, raising gross proceeds of approximately $4.0 million with PT Delta Dunia Makmur Tbk. in November 2023.

 

Consolidated Statement of Financial Position

As at 31 December 2023

 

   

2023

2022

 

 

 $’000

 $’000

 

     

Assets

 

 

Current assets

 

 
 

Cash

 4,136

 5,185

 

Receivables and other assets

 131

 77

   

 4,267

 5,262

Non-current assets

 

 
 

Plant and equipment

 28

 36

 

Right-of-use asset

2

16

 

Receivables and other assets

 65

 67

   

 95

 119

Total assets

 4,362

 5,381

       
       

Liabilities and Equity

 

 

Current liabilities

 

 
 

Trade and other payables

 270

 657

 

Provisions

 296

 288

 

Lease liabilities

 –

 59

   

 566

 1,004

Non-current liabilities

 

 
 

Provision for employee entitlements

                615

 550

   

 1,181

 1,554

Equity

 

 
 

Share capital

 25,902

 21,831

 

Equity reserves

 67,378

 66,921

 

Other comprehensive loss

 126

 71

 

Accumulated Deficit

 (86,972)

 (81,743)

 

Other reserves

 (3,246)

 (3,246)

 

Parent entity interest

 3,188

 3,834

 

Non-controlling interest

 (7)

 (7)

   

 3,181

 3,827

Total liabilities and equity

 4,362

 5,381

 

Consolidated Statement of Comprehensive Loss

For the year ended 31 December 2023

   

2023

2022

 

 

$’000

 $’000

Expenses

 

 

 

Exploration and evaluation

(1,554)

(3,611)

 

Employee benefits

 (2,520)

(2,259)

 

Consultants

 (118)

(216)

 

Legal and Company Secretarial

 (110)

(90)

 

Accounting and audit

 (53)

(47)

 

General and administrative

 (239)

(271)

 

Depreciation

 (28)

(46)

 

Share-based compensation

 (493)

(369)

   

(5,115)

(6,909)

Other items

 

 
 

Foreign exchange (loss)/gain

 (11)

148

 

Finance costs

 (1)

(10)

 

Impairment expenses

 (112)

(268)

 

Other income

 10

4

   

 (114)

(126)

Net loss before tax

(5,229)

 (7,035)

Income tax expense

Net loss for the year

(5,229)

(7,035)

Other comprehensive gain that may not be reclassified subsequently to profit or loss:

 

 

 

Actuarial gain on employee service entitlements

55

22

Total comprehensive loss for the year

(5,174)

(7,013)

 

 

 

Net loss attributable to:

 

 
 

Equity holders of the parent

(5,179)

(6,931)

 

Non-controlling interests

(50)

(104)

Total comprehensive loss attributable to:

 

 
 

Equity holders of the parent

(5,124)

(6,909)

 

Non-controlling interests

(50)

(104)

   

 

 

Basic and diluted loss per common share (cents per share)

(0.23)

(0.36)

           

 

Consolidated Statement of Cash Flows          

For the year ended 31 December 2023

 

 

2023

2022

 

 

 $’000

 $’000

Operating activities

 

 

Loss before tax

 

(5,229)

(7,035)

Adjustments for:

 

 

 

Depreciation

 

28

46

Share-based compensation

 

493

369

Net foreign exchange (loss)/gain

 

5

(7)

Impairment expenses

 

112

268

Finance costs

 

1

10

Adjustment to Provisions

 

144

(86)

Changes in working capital:

 

 

 

Receivables and other assets

 

(164)

(308)

Trade and other payables

 

(387)

120

   

(4,997)

(6,623)

Payment of employee entitlement

 

(29)

(61)

Interest payments

 

(1)

(10)

Net cash flows used in operating activities

 

(5,027)

(6,694)

 

 

 

 

Investing activities

 

 

 

Purchases of plant and equipment

 

(6)

(8)

Net cash flows used in investing activities

 

(6)

(8)

   

 

 

Financing activities

 

 

 

Payment of principal portion of lease liabilities

 

(59)

(111)

Proceeds from equity raising

 

4,044

3,015

Equity raising costs

 

(9)

Net cash flows from financing activities

 

3,976

2,904

Net decrease in cash

 

(1,057)

(3,798)

Net foreign exchange differences

 

8

(77)

Cash at beginning of the year

 

5,185

9,060

Cash at end of the year

 

4,136

5,185

 

 

Consolidated Statement of Changes in Equity

For the year ended 31 December 2022

             

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 2022

19,393

65,975

49

(74,708)

(3,246)

7,463

(7)

7,456

                   
 

Loss for the year

(6,931)

(6,931)

(104)

(7,035)

 

Other comprehensive income

22

22

22

Total comprehensive loss

22

(6,931)

(6,909)

(104)

(7,013)

                   

Transactions with owners in their capacity

as owners

               
 

Equity raising

2,304

711

3,015

3,015

 

Reclassify shares issued to directors

81

(81)

 

Share-based compensation

53

316

369

369

 

Contribution by parent in NCI

(104)

(104)

104

                   

Balance at 31 December 2022

21,831

66,921

71

(81,743)

(3,246)

3,834

(7)

3,827

 

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 costs

 –

(9)

 –

 –

 –

(9)

 –

 (9)

 

Reclassify shares issued to directors

 154

 (154)

 –

 –

 –

 –

 –

 –

 

Share-based compensation

 207

 286

 –

 –

 –

 493

 –

 493

 

Contribution by parent in NCI

 –

 –

 –

 (50)

 –

 (50)

 50

 –

   

 

 

 

 

 

 

 

 

Balance at 31 December 2023

25,902

 67,378

 126

(86,972)

 (3,246)

 3,188

 (7)

 3,181

 

Annual Report & Financial Statements- 11:45:00 09 May- ARS News Article | London Stock Exchange

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