28 May 2019
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.com and 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: peter.bird@asiametresources.com
Tony Manini
Executive Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: tony.manini@asiametresources.com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Stephen Allen
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Stephen.Allen@rfcambrian.com
Berenberg
Matthew Armitt, Sara MacGrath
Telephone: +44 20 3753 3142
Email: Matthew.Armitt@berenberg.com
Liberum
Clayton Bush, Kane Collings
Telephone: +44 7773 322679
Email: Clayton.Bush@liberum.com
Optiva Securities Limited
Christian Dennis
Telephone: +44 20 3137 1903
Email: Christian.Dennis@optivasecurities.com
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 | |