2019 Interim Financial Statements

Asiamet Resources Limited (“Asiamet” or the “Company”) is pleased to present its unaudited interim financial statements for the 6 months ended 30 June 2019 (“Financial Statements”) as extracted from the Company’s 2019 Half Year 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 2019 Half Year Report which contains the notes to the Financial Statements.
All dollars in the report are US$ unless otherwise stated.

Key Operating highlights include:
• Feasibility Study for the BKM Copper Project in Central Kalimantan completed
• Value Enhancement initiatives announced with the Feasibility Study (see release 14 June 2019)
• Updated JORC Mineral Resource estimate for the BKM Copper Project
• Maiden JORC Ore Reserve estimate for the BKM Copper Project
• Updated JORC Mineral Resource estimate for Beutong
• Private Placement of $2 million to long term shareholder ASIPAC Group

Financial highlights for the six months ended 30 June 2019 include:
• 2019 loss $4.2 million (2018: loss $6.2 million)
• Closing cash as at 30 June 2019 $0.46 million (31 December 2018: $2.68 million)
• The Company has no debt

Key events post 30 June 2019 include:
• On 20 August 2019 the Company completed an equity raise with gross proceeds of $2.1 million
• On 21 August 2019, a MoU was signed with China NFC for value engineering and Engineering, Procurement and Construction Management (EPCM) Services for the BKM Copper project

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]

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

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, Detlir Elezi
Telephone: +44 20 3207 7800
Email: [email protected] / [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]

Follow us on twitter @AsiametTweets
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").

 

?
Interim condensed consolidated statement of financial position
As at 30 June 2019

30 Jun 31 Dec
2019 2018
Note Unaudited Audited
$'000 $'000

ASSETS
Current assets
Cash 463 2,679
Receivables and other assets 5 88 84
551 2,763
Non-current assets
Plant and equipment 220 234
Right of use asset 2.2 306 -
Security deposit 85 91
Receivables and other assets 5 626 536
1,237 861
TOTAL ASSETS 1,788 3,624


LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade and other payables 785 980
Provision for employee service entitlements 70 50
Lease liabilities 2.2 95 -
950 1,030

Non-current liabilities
Provision for employee service entitlements 377 378
Lease liabilities 2.2 281 -
658 378
TOTAL LIABILITIES 1,608 1,408

Equity
Share capital 6 10,386 9,983
Equity reserves 54,574 52,804
Other comprehensive gain 10 10
Accumulated deficit (61,537) (57,328)
Other reserves (3,246) (3,246)
Parent entity interest 187 2,223
Non-controlling interest (7) (7)
180 2,216
TOTAL LIABILITIES AND EQUITY 1,788 3,624

Interim condensed consolidated statement of comprehensive loss (unaudited)
For the six months ended 30 June 2019

For the 6 months ended
Note 30 Jun 2019 30 Jun 2018
$'000 $'000

Expenses
Exploration and evaluation 4 (2,528) (3,700)
Employee benefits (1,103) (1,169)
Consultants (112) (267)
Legal and Company Secretarial (154) (150)
Accounting and audit (8) (47)
General and administrative (175) (252)
Depreciation (72) (9)
Share-based compensation 6.4 (78) (242)
(4,230) (5,836)
Other items
Foreign exchange gain/(loss) 22 (355)
Finance costs 2.2 (3) -
Interest income 2 -
21 (355)
Loss before tax (4,209) (6,191)
Tax - -
Net loss for the half year (4,209) (6,191)

Total comprehensive loss for the half year (4,209) (6,191)

Net loss attributable to:
Equity holders of the parent (4,108) (6,040)
Non-controlling interests (101) (151)

Total comprehensive loss attributable to:
Equity holders of the parent (4,108) (6,040)
Non-controlling interests (101) (151)

Basic and diluted loss per common share (0.00) (0.01)

Weighted average number of shares outstanding (thousands) 977,523 878,224

?
Interim condensed consolidated statement of cash flows (unaudited)
For the six months ended 30 June 2019

For the 6 months ended
Note 30 Jun 2019 30 Jun 2018
$'000 $'000

Cash provided from (used for):

Operating activities
Net loss for the year (4,209) (6,191)
Adjustment for:
Depreciation 32 9
Share-based compensation 6.4 78 242
Foreign exchange losses 33 1
Other non-cash expenses 3 5
Changes in non-cash working capital:
Receivables and other assets (3) (30)
Value Added Tax (“VAT”) (108) (7)
Trade and other payables (110) 83
Provision for employee service entitlements 19 40
(4,265) (5,848)
Investing activities
Purchases of equipment (20) (198)
Security deposits 7 -
Payment for additional investment in Beutong Resources - (3,246)
(13) (3,444)
Financing activities
Payment of lease liabilities (33) -
Proceeds from warrant and option exercises 221 801
Proceeds from equity raising 2,000 10,082
Equity raising costs (126) (663)
2,062 10,220
Increase/(decrease) in cash (2,216) 928

Cash at beginning of the year 2,679 3,079

Cash at end of the half year 463 4,007

?

Attributable to equity holders of the parent
Other Non-
Number Share Equity Comprehensive Accumulated Other Total controlling Total
of shares capital reserves (loss)/gain deficit 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 65,402 654 9,428 - - - 10,082 - 10,082
Warrant exercises 1,874 21 82 - - - 103 - 103
Option exercises 2,147 84 306 - - - 390 - 390
Equity raising costs - - (663) - - - (663) - (663)
Share based compensation - 242 - - - 242 - 242
Loss for the year - - - - (6,040) - (6,040) (151) (6,191)
Acquisition of NCI - - - - - (3,246) (3,246) - (3,246)
Contribution by parent in NCI - - - - (151) - (151) 151 -
Balance at 30 June 2018 926,187 9,287 49,749 (12) (52,484) (3,246) 3,294 (7) 3,287

Balance at 1 January 2019 998,773 9,983 52,803 10 (57,328) (3,246) 2,222 (7) 2,215
Equity raising 362 1,638 - - - 2,000 - 2,000
Warrant exercises 19 122 - - - 141 - 141
Option exercises 22 59 - - - 81 - 81
Equity raising costs - (126) - - - (126) - (126)
Share based compensation - 78 - - - 78 - 78
Loss for the year - - - (4,108) - (4,108) (101) (4,209)
Contribution by parent in NCI - - - (101) - (101) 101 -
Balance at 30 June 2019 998,773 10,386 54,574 10 (61,537) (3,246) 187 (7) 180