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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Asiamet Resources Limited | LSE:ARS | London | Ordinary Share | BM04521V1038 | COM SHS USD0.01 (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.825 | 0.80 | 0.85 | 0.875 | 0.825 | 0.825 | 2,713,343 | 10:35:22 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Miscellaneous Metal Ores,nec | 0 | -6.93M | -0.0027 | -3.04 | 21.27M |
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Asiamet Resources Limited ("ARS" or the "Company") Financial Statements
and Management Discussion & Analysis ("MD&A") for 2016 are available for
viewing on www.sedar.com or www.asiametresources.com and have been
provided to shareholders who have requested a hard or electronic copy.
The highlights of the Company's activities in the 2016 year and up to
the date of the MD&A report are summarized below.
Operations
-- Asiamet announced the results of the independently prepared Preliminary
Economic Assessment ("PEA") study on April 5, 2016. The study was filed
on the Company's profile on www.sedar.com on May 19, 2016. The PEA is
the first study undertaken to evaluate the potential economics of
developing an open pit mine and heap leach solvent extraction
electro-winning facility ("SX-EW") to directly produce copper cathode
based on the near surface copper deposit reported in the 2015 BKM
Resource estimate (ARS NR October 21, 2015). 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.
-- At the BKM site a comprehensive Resource infill and extension drilling
program began at the end of May 2016 and continues at the time of this
report. The goal of the 50-meter spaced grid drill program is to upgrade
the Inferred Mineral Resource i.e. 49.7million tonnes grading 0.6% Cu
containing 657 million pounds of copper at (0.2% Cu reporting cut), to
the Measured and Indicated Mineral Resource categories. Several large
diameter (PQ size) core holes were completed to collect fresh bulk
samples for detailed metallurgical testwork. Approximately 120
holes/12,500 meters of Resource drilling and 15 holes/2000 meters of
metallurgy drilling will be completed.
-- As announced on April 12, 2017, 112 holes for 11,500 meters of diamond
core drilling had been completed and 3 holes were in progress. The
infill / expansion drill campaign has been extended to approximately
12,500 meters, with the final 1,000 meters to be completed by the end of
April 2017. Additional holes were drilled on section lines BKM31900 and
BKM32650, and several holes were extended to deeper levels to test the
spatial continuity within selected mineralized domains. Results from the
program have met or exceeded our expectations in respect of both grade
and continuity, particularly within the higher grade BKM044 and BKM058
zones. While the program has been very much focused on Resource
definition, some extension areas requiring further evaluation have also
been identified for future follow up. The geometry of the mineralization
and both the lateral and vertical continuity of this mineralization at
BKM are expected to contribute to a positive Resource update to be issued
shortly after results of these last few remaining holes are received and
incorporated into the Resource model.
-- The Company contracted a number of the key consultants and service
providers required to oversee the long lead time items of the feasibility
study and work programs in each of the key disciplines are underway.
-- Australian Mine Design and Development ("AMDAD") completed a Project
Definition Study ("PDS") to address the scope of work, which builds upon
planning from the PEA on the BKM Project. The PDS updates the cost and
revenue assumptions from the PEA and provides a sufficiently detailed
potential open pit design and schedule to demonstrate the practicality of
the mine plan including an updated assessment of the site layout. This
updated design and schedule potentially offers major operational and cost
benefits compared to the PEA design.
-- On February 23, 2017, the Company announced the results of a
comprehensive review of all historical exploration data collected within
a 3 kilometer radius of the BKM deposit. The review assessed the base
and precious metal potential at each of the Beruang Kanan West ("BKW"),
Beruang Kanan South ("BKS") and BKZ Polymetallic Prospects. Significant
copper, zinc and associated base and precious metal mineralization
warranting near term drill testing is present on each of the key prospect
areas.
-- On February 16, 2017, the Company formally established with the
Government of the Republic of Indonesia that the KSK CoW has now entered
the Feasibility Study Period which runs for not less than two years, is
extendable, and provides time to complete studies and identify the area
for mining. The KSK Cow has a total of 30+ years remaining for
exploration, development and operations.
Financials
-- The Company began the current fiscal year with $778,634 in cash with
$2,847,342 used in operating activities; $23,987 used in investing
activities; $3,840,225 contributed by financing activities; to end the
year with $1,747,530 cash. The Company expects to receive $700,000
proceeds from the sale of its Jelai project by May 15, 2017.
-- The Company incurred a loss for the year ended December 31, 2016, of
$3,794,364 (2015 - $7,421,022). This loss is wholly attributable to the
exploration and development programs completed on the Company's projects
and the technical, financial, legal, commercial, external (government and
community) and investor relations activities required to support these
programs, and the Company's business objectives.
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, 2016.
Operations Plan - 2017
The 2017 program at BKM will focus on long lead time items for the
bankable feasibility studies and exploration and resource drilling to
increase potential mine life including:
-- Detailed stage 3 metallurgical studies to optimize copper recoveries i.e.
short and long column leach test work, Resource variability studies
-- Drilling to upgrade Resource confidence to Measured and Indicated Status
-- PFS level project option analysis, optimisation and value engineering
studies
-- Exploration and Resource delineation drilling at BKM, BKW and BKS to
expand Resource base and demonstrate a +10 year life for BKM.
-- Environmental impact assessment (AMDAL)
Various corporate initiatives focused on partnering and funding for the
ongoing development of the Company and its projects are being
progressed. Asiamet has received several approaches from parties
interested in partnering on the development of BKM either through
off-take agreements or equity partnership. This avenue of financing the
bankable feasibility study and ultimate development of the project will
continue to be investigated.
Subject to receipt of a forestry permit and the availability of funding,
Asiamet also intends drilling some additional holes into the high grade
base metal vein system at Baroi prospect to assess the potential of this
target for a stand-alone deposit.
Beutong
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.
Qualified Person
All technical data, as disclosed in this Pres Release has been reviewed
and verified by the Company's Qualified Person for the Company's mineral
projects, Stephen Hughes P. Geo, Vice President Exploration of the
Company, a Qualified Person under NI 43-101 and for the purposes of the
AIM Rules.
ON BEHALF OF THE BOARD OF DIRECTORS
Peter Bird, Managing Director & CEO
For further information, please contact:
-Ends-
Peter Bird, Managing Director & CEO
Telephone: +61 3 8644 1300
Email: peter.bird@asiaMetersources.com
Tony Manini
Chairman, Asiamet Resources Limited
Telephone: +61 3 8644 1300
Email: tony.manini@asiaMetersources.com
FlowComms Limited
Sasha Sethi
Telephone: +44 (0) 7891 677 441
Email: Sasha@flowcomms.com
Asiamet Resources Nominated Adviser
RFC Ambrian Limited
Andrew Thomson / Oliver Morse
Telephone: +61 8 9480 2500
Email: Andrew.Thomson@rfcambrian.com / Oliver.Morse@rfcambrian.com
VSA Capital Limited
Andrew Raca / Justin McKeegan
Telephone: +44 20 3005 5004 / +44 20 3005 5009
Email: araca@vsacapital.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").
ASIAMET RESOURCES LIMITED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(expressed in United States dollars, unless otherwise noted)
December 31, December 31,
2016 2015
ASSETS
Current assets
Cash $ 1,747,530 $ 778,634
Receivables and other assets 253,552 99,911
Subscriptions receivable 801,840 -
2,802,922 878,545
Non-current assets
Equipment 37,243 91,799
Security deposit 94,575 92,374
TOTAL ASSETS $ 2,934,740 $ 1,062,718
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade and other payables $ 1,016,175 $ 349,243
Related party loans 233,290 -
Non-current liabilities
Provision for employee service entitlements 101,875 42,377
1,351,340 391,620
Shareholders' equity
Share capital 7,060,176 5,706,741
Equity reserves 33,323,413 29,967,939
Other comprehensive loss (2,243) -
Deficit (38,790,918) (34,996,554)
1,590,428 678,126
Non-controlling interest (7,028) (7,028)
1,583,400 671,098
TOTAL LIABILITIES AND EQUITY $ 2,934,740 $ 1,062,718
ASIAMET RESOURCES LIMITED
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS
(expressed in United States dollars, unless otherwise noted)
For the year ended
December 31, December 31,
2016 2015
Expenses
Accounting and audit $ 98,888 $ 62,166
Consultants and shared office costs 510,230 860,707
Exploration and evaluation expenditures 2,689,467 6,093,147
Investor relations 106,164 10,167
Legal 6,738 19,166
Office and administrative services 26,270 27,120
Share-based compensation 300,134 208,300
Transfer agent and regulatory fees 108,685 112,052
Travel and accommodation 42,677 78,020
3,889,253 7,470,845
Other items
Non-refundable deposit received 100,000 -
Taxation (expense) recovery (6,528) 56,393
Foreign exchange loss (872) (6,760)
Gain on sale of equipment - 40
Interest income 2,289 150
94,889 49,823
Net loss (3,794,364) (7,421,022)
Items that may be reclassified subsequently to profit
or loss:
Provision for employee service entitlements (2,243) -
Loss and comprehensive loss for the year $ (3,796,607) $ (7,421,022)
Loss attributable to:
Equity holders of the parent $ (3,794,364) $ (7,421,022)
Basic and diluted loss per common share $ (0.01) $ (0.02)
Weighted average number of shares outstanding 609,750,484 461,838,631
ASIAMET RESOURCES LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(expressed in United States dollars, unless otherwise noted)
For the year ended
December 31, December 31,
2016 2015
Cash provided from (used for):
Operating activities
Loss for the year $ (3,794,364) $ (7,421,022)
Adjustment for non-cash items:
Depreciation 78,543 10,548
Exploration and evaluation expenditures acquired - 3,693,127
Gain on sale of equipment - (40)
Share-based compensation 300,134 208,300
Unrealized foreign exchange loss (gain) (4,444) 16,315
Changes in non-cash working capital:
Receivables and other assets (153,641) (82,087)
Trade and other payables 666,932 34,682
Provision for employee service entitlements 59,498 19,911
(2,847,342) (3,520,266)
Investing activities
Beutong acquisition transaction costs - (41,467)
Purchase of equipment (23,987) (1,465)
(23,987) (42,932)
Financing activities
Related party loans 233,290 -
Share issues 3,831,110 4,518,876
Share issue costs (224,175) (223,548)
3,840,225 4,295,328
Increase in cash 968,896 732,130
Cash, beginning of the year 778,634 30,382
Cash acquired on acquisition of subsidiary - 16,122
-
Cash, end of the year $ 1,747,530 $ 778,634
Supplementary information:
Interest paid $ 1,342 $ 3,121
Income taxes paid - -
Non-cash investing and financing activities
Fair value of shares issued exploration and evaluation
expenditures
a subsidiary $ - $ 3,304,490
Fair value of warrants issued for the acquisition
of a subsidiary - 414,253
Fair value of warrants issued to brokers included
in share issue costs 165,815 123,730
Subscription receivable 801,840 -
ASIAMET RESOURCES LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(expressed in United States dollars, unless otherwise noted)
Attributable to equity holders of the parent
Other
Number of Share Equity Comprehensive
shares capital reserves Loss Deficit Total
Balance, December 31, 2015 574,597,071 $ 5,706,741 $ 29,967,939 $ - $ (34,996,554) $ 678,126
Share issues 135,343,618 1,353,435 3,279,515 - 4,632,950
Warrant issues - brokers - - 165,815 165,815
Share issue costs - - (389,990) - (389,990)
Share based compensation - - 300,134 - 300,134
Loss and comprehensive loss for
the year - - - (2,243) (3,794,364) (3,796,607)
Balance, December 31, 2016 709,940,689 $ 7,060,176 $ 33,323,413 $ (2,243) $ (38,790,918) $ 1,590,428
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information contained therein. Source: Asiamet Resources Limited via Globenewswire http://www.asiametresources.com
(END) Dow Jones Newswires
April 28, 2017 02:01 ET (06:01 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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