2018 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 2018 (“Financial Statements”) as extracted from the Company’s 2018 Annual Report which is now available on the Company website at www.asiametresources.comand will be provided to shareholders who have requested a printed or electronic copy.  The Financial Statements should be read in conjunction with the 2018 Annual Report which contains the notes to the Financial Statements.

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

 

Financial highlights include:

  • ·       2018 loss $11.0 million (2017: loss $7.5 million)
  • ·       Closing cash as at 31 December $2.679 million (2017: $3.079 million)
  • ·       The Company has no debt.

 

 

 

 

 

 

 

 

 

ON BEHALF OF THE BOARD OF DIRECTORS

Peter Bird, Deputy Chairman and CEO

For further information, please contact: 


-Ends-

Peter Bird
Deputy Chairman and CEO, Asiamet Resources Limited
Telephone: +
61 3 8644 1300
Email: 
[email protected]asiametresources.com

 

Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: +
61 3 8644 1300
Email: 
[email protected]asiametresources.com

 

FlowComms Limited

Sasha Sethi

Telephone:+44 (0) 7891 677 441

Email:[email protected]

Asiamet Resources Nominated Adviser
RFC Ambrian Limited

Andrew Thomson / Stephen Allen

Telephone:+61 8 9480 2500

Email: [email protected][email protected]

 

Berenberg

Matthew Armitt, Sara MacGrath

Telephone: +44 20 3753 3142

Email: [email protected]

 

Liberum

Clayton Bush, Kane Collings

Telephone: +44 7773 322679

Email: [email protected]

 

Optiva Securities Limited

Christian Dennis 

Telephone: +44 20 3137 1903

Email: [email protected]

 

 

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 2018

 

   

 

2018

2017

 

 

 

 $'000 

 $'000 

 

 

 

 

 

ASSETS

 

   

Current assets

 

   
 

Cash

 

 2,679 

 3,079 

 

Receivables and other assets

 

 84 

 143 

   

 

 2,763 

 3,222 

Non-current assets

 

   
 

Plant and equipment 

 

 234 

 41 

 

Security deposit

 

 91 

 97 

 

Receivables and other assets

 

 536 

 420 

   

 

 861 

 558 

TOTAL ASSETS

 

 3,624 

 3,780 

   

 

   
   

 

   

LIABILITIES AND SHAREHOLDERS' EQUITY

 

   

Current liabilities

 

   
 

Trade and other payables

 

 980 

 1,054 

 

Provision for employee service entitlements 

 

50

 - 

   

 

 1,030 

 1,054 

   

 

   

Non-current liabilities

 

   
 

Provision for employee service entitlements 

 

 378 

 156 

   

 

 1,408 

 1,210 

   

 

   

Equity 

 

   
 

Share capital 

 

 9,983 

 8,528 

 

Equity reserves

 

 52,804 

 40,354 

 

Other comprehensive gain/(loss)

 

 10 

 (12)

 

Accumulated losses

 

 (57,328)

 (46,293)

 

Other reserves

 

 (3,246)

 - 

 

Parent entity interest

 

 2,223 

 2,577 

 

Non-controlling interest

 

 (7)

 (7)

     

 2,216 

 2,570 

TOTAL LIABILITIES AND EQUITY

 

 3,624 

 3,780 

 

 

 

 

 

 

Consolidated Statement of Comprehensive Loss

For the year ended 31 December 2018

 

   

 

2018

2017

 

 

 

 $'000 

 $'000 

   

 

   

Expenses

 

   
 

Exploration and evaluation

 

 (6,218)

 (4,628)

 

Employee benefits

 

 (2,341)

 (1,561)

 

Consultants 

 

 (503)

 (668)

 

Legal and Company Secretarial 

 

 (308)

 (139)

 

Accounting and audit

 

 (131)

 (109)

 

General and administrative 

 

 (541)

 (249)

 

Depreciation

 

 (38)

 (24)

 

Share-based compensation

 

 (480)

 (914)

   

 

 (10,560)

 (8,292)

Other items

 

 

 

 

Foreign exchange gain/(loss)

 

 (479)

 81 

 

Gain on sale of subsidiary

 

 - 

 708 

 

Interest income

 

 3 

 1 

 

Other income

 

 1 

 - 

   

 

 (475)

 790 

Loss before tax

 

 (11,035)

 (7,502)

Tax

 

-

-

Loss for the year 

 

(11,035)

(7,502)

Items that may not be reclassified subsequently

 

   

to profit or loss:

 

   
 

Actuarial gain/(loss) on employee service entitlements

 

 22 

 (10)

Total comprehensive loss for the year

 

 (11,013)

 (7,512)

 

 

 

 

 

Net loss attributable to:

     
 

Equity holders of the parent

 

 (10,681)

 (7,244)

 

Non-controlling interests

 

 (354)

 (258)

         

Total comprehensive loss attributable to:

     
 

Equity holders of the parent

 

 (10,659)

 (7,254)

 

Non-controlling interests

 

 (354)

 (258)

         

Basic and diluted loss per common share 

 

 (0.01)

 (0.01)

 

 

 

 

 

Weighted average number of shares outstanding (thousands)

 924,394 

 772,537 

Consolidated Statement of Cash Flows      

For the year ended 31 December 2018

 

 

   

 

2018

2017

 

 

 

 $'000 

 $'000 

   

 

   

Cash provided from (used for):

 

   
   

 

   

Operating activities

 

   
 

Net loss for the year

 

 (11,013)

 (7,512)

Adjustment for:

 

   
 

Depreciation

 

 38 

 24 

 

Share-based compensation

 

 480 

 914 

 

Foreign exchange losses/(gains)

 

 33 

 (10)

 

Gain on sale of subsidiary

 

 - 

 (708)

 

Other comprehensive loss (gain)

 

 (22)

 10 

Changes in non-cash working capital:

 

   
 

Receivables and other assets

 

 59 

 (93)

 

Value Added Tax (“VAT”)

 

 (117)

 (242)

 

Trade and other payables

 

 (73)

 61 

 

Provision for employee service entitlements

 

 272 

 59 

   

 

 (10,343)

 (7,497)

Investing activities

 

 

 

 

Purchase of plant and equipment

 

 (238)

 (26)

 

Proceeds from sale of equipment

 

 3 

 - 

 

Payment for additional investment in Beutong Resources

 (3,246)

 - 

 

Proceeds on sale of subsidiary, net of cash sold

 

 - 

 699 

   

 

 (3,481)

 673 

Financing activities

 

 

 

 

Repayment of related party loans

 

 - 

 (233)

 

Proceeds from warrant and option exercises

 

 1,034 

 802 

 

Proceeds from equity raising

 

 13,334 

 8,018 

 

Equity raising costs

 

 (944)

 (432)

     

 13,424 

 8,155 

Increase/(decrease) in cash 

 

 (400)

 1,331 

         

Cash at beginning of the year

 

 3,079 

 1,748 

     

 

 

Cash at end of the year

 

 2,679 

 3,079 

 

Consolidated Statement of Changes in Equity

For the year ended 31 December 2018

 

 

   

 

Attributable to equity holders of the parent

   
   

 

 

 

Other

 

 

 

Non-

 

   

Number

 Share 

Equity

comprehensive

Accumulated

Other

Total

controlling

Total

   

of shares

capital

reserves

gain/(loss)

losses

reserves

 

interests

 

   

’000

 $'000 

$'000

$'000

$'000

$'000

$'000

$'000

$'000

 

 

 

 

       

 

 

 

Balance at 1 January 2018

 856,764 

 8,528 

 40,354 

 (12)

 (46,293)

 - 

 2,577 

 (7)

 2,570 

 

Equity raising

 126,150 

 1,262 

 12,072 

 - 

 - 

 - 

 13,334

 - 

 13,334 

 

Warrant exercises

 2,759 

 62 

 214 

 - 

 - 

 - 

 276 

 - 

 276 

 

Option exercises

 13,100 

 131 

 628 

 - 

 - 

 - 

 759 

 - 

 759 

 

Equity raising costs

 -    

 - 

 (944)

 - 

 - 

 - 

 (944)

 - 

 (944)

 

Share-based compensation

 -    

 - 

 480 

 - 

 - 

 - 

 480 

 - 

 480 

 

Net Loss for the year

 -    

 - 

 - 

 - 

 (10,681)

 - 

 (10,681)

 (354)

 (11,035)

 

Actuarial gain on employee service entitlements

 -    

 - 

 - 

 22 

 - 

 - 

 22 

 - 

 22 

 

Acquisition of NCI

 -    

 - 

 - 

 - 

 - 

 (3,246)

 (3,246)

 - 

 (3,246)

 

Contribution by parent in NCI

 -    

 - 

 - 

 - 

 (354)

 - 

 (354)

 354 

 - 

Balance at 31 December 2018

 998,773 

 9,983 

 52,804 

 10 

 (57,328)

 (3,246)

 2,223 

 (7)

 2,216