2022 Annual Report
For the year ended 31 December 2022
In USD unless otherwise noted
Contents | |
Chairman's Statement | 6 |
Chief Executive Officer's Statement | 9 |
Strategic Report | 11 |
Overview of Operations | 11 |
Board of Directors | 21 |
Risk Management Report | 26 |
Stakeholder Engagement Statement | 28 |
Corporate Governance Statement | 30 |
Directors' Responsibility Statement | 35 |
Financial Statements | 36 |
Consolidated Statement of Financial Position | 37 |
Consolidated Statement of Comprehensive Loss | 38 |
Consolidated Statement of Cash Flows | 39 |
Consolidated Statement of Changes in Equity | 40 |
Notes to the Consolidated Financial Statements | 42 |
Independent auditor's report | 70 |
Company Information
Directors | Director, Executive Chairman |
Antony (Tony) Manini | |
Dominic Heaton | Non-Executive Director |
Peter Pollard | Non-Executive Director |
Faldi Ismail | Non-Executive Director |
Feng (Bruce) Sheng | Non-Executive Director |
Eva Armila Djauhari | Non-Executive Director |
Chief Executive Officer | |
Darryn McClelland | |
Registered address | |
Thistle House | |
4 Burnaby Street | |
Hamilton HM12 | |
Bermuda | |
Independent auditors | |
Crowe UK LLP | |
2nd Floor, 55 Ludgate Hill | |
London, EC4M 7JW | |
Company solicitors (UK) | |
Bird & Bird LLP | |
12 New Fetter Lane | |
London EC4A 1JP | |
Nominated Advisor | |
RFC Ambrian Limited | |
Level 48, Central Park | |
152-158 St Georges Terrace | |
Perth WA 6000 | |
Australia |
Brokers
Optiva Securities Limited
118 Piccadilly London W1J 5NW
Registrars
Computershare Investor Services Plc
The Pavilions
Bridgewater Road
Bristol BS13 8AE
Asiamet Resources | 2022 annual report | 3
Overview
Asiamet Resources Limited (the "Company" or "Asiamet") is an emerging mid-tier exploration and development company focused on copper and copper-gold deposits in Indonesia, with its key projects located on the islands of Kalimantan and Sumatra, adjacent to the key growth markets in Asia. The Company holds two assets in its portfolio:
- The KSK Contract of Work ("KSK CoW") is 100% owned by the Company and is located in the Kalimantan Volcanic Arc, a highly endowed and prospective region of Kalimantan, Indonesia. The KSK project comprises: o BKM copper project ("BKM Project" or "BKM"):
Development ready heap-leach Solvent Extraction-Electrowinning("SX-EW") project. An updated Feasibility Study is due for completion and expected to demonstrate a technically viable and economically robust copper cathode project with significant upside potential.
-
BKZ polymetallic project:
Emerging high-grade polymetallic zinc-lead-silver-gold-copper and copper-silver deposits (800 metres north of the BKM Project). BKZ contains JORC compliant resources of Lead, Zinc and Copper.
- Exploration portfolio:
The KSK CoW covers a large and highly prospective area where Asiamet has identified a pipeline of fifteen copper, polymetallic and gold targets including the BKM Project and the BKZ deposit.
Specifically, the drilling program at BKZ has identified "Exploration Targets" for the Upper Zinc Zone, Lower Copper Zone and new Precious Metals (Gold/Silver) Zone.
- Exploration portfolio:
- The Beutong project ("Beutong Project") is 80% owned and is held under an Izin Usaha Pertambangan Operasi Produksi (Operation Production Mining Business Licence) ("IUP-OP") in Aceh Province, Indonesia. The Beutong Project represents a rare opportunity given its key characteristics, that include:
- Large high-qualitycopper-gold porphyry development project located in close proximity of existing infrastructure;
- Contained metal in JORC compliant Resources (100% basis) of 2.43Mt Cu, 2.11Moz Au and 20.9Moz Ag; o Significant Resource expansion and exploration upside potential.
Coupled with its exciting project portfolio, Asiamet has a strong technical and commercial team with extensive experience in South-East Asia and a proven track record of bringing mining projects into production.
Asiamet Resources | 2022 annual report | 4
2022 Highlights
- Completed the BKZ drilling program which focussed on resource extensions and delivered a significant uplift in JORC compliant resources of all metals and discovery of a new gold/silver mineralised zone.
- Completed the first detailed materiality assessment related to Environmental, Social and Governance ("ESG") elements which will deliver the Company's first integrated ESG implementation framework to be utilised to develop appropriate policies and procedures.
- Appointment of Chief Executive Officer, Mr Darryn McClelland, who is based in Indonesia.
-
Significant BKZ Resource Upgrade including new exploration target identified: o 50% increase in contained zinc;
o 75% increase in contained copper; and
o Potential for 100-220koz of gold and 10-20Moz silver in newly discovered Exploration Targets. - Progressed BKM Copper Project Power supply solution survey.
- Continued progress with the BKM Feasibility Study Update engineering workstreams. Delivered new BKM Life of Mine Production Physicals as part of the Feasibility Study Update.
- Completed a capital placing, raising gross proceeds of approximately $3.0 million with PT Delta Dunia Makmur Tbk. in November 2022.
Asiamet Resources | 2022 annual report | 5
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Disclaimer
Asiamet Resources Ltd. published this content on 27 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2023 15:13:23 UTC.