2025 Annual Report & Financial Statements
Asiamet Resources Limited has released its audited 2025 annual report, highlighting significant progress on its BKM Copper Project with updated ore reserves of 28.3 million tonnes at 0.7% Cu, totaling 207,000 tonnes of contained copper. The Optimised Feasibility Study projects approximately 10,000 tonnes of copper cathode production annually over a 13-year mine life, with life-of-mine revenues of $1.192 billion and EBITDA of $612.2 million. The company also raised $5.6 million through share placements and is progressing the proposed sale of its KSK Project for $105 million. Financially, Asiamet reported cash of $3.4 million at year-end 2025, an increase from $2.3 million in 2024, while the net loss for the year was $4.87 million, an improvement from $5.46 million in the prior year.
| Full year to 31 Dec 2025 | Now | Year before | Change |
|---|---|---|---|
| Profit before tax | (£1.2m) | (£1.4m) | |
| Net income | (£3.7m) | (£4.2m) | |
| Cash from operations | (£3.3m) | (£4.1m) | |
| Cash | £2.5m | £1.8m | +39.2% |
Figures as reported, converted to £ where needed – see all financials.
Select text to share a quote on X · sign in to keep highlights & notes in your ARS notes
Asiamet Resources Limited ("Asiamet" or the "Company") is pleased to present its audited financial statements for the 12 months ended 31 December 2025 ("Financial Statements") as extracted from the Company's 2025 Annual Report which is now available on the Company website at www.asiametresources.com and will be provided to shareholders who have requested a printed or electronic copy.
The Financial Statements are set out below and should be read in conjunction with the 2025 Annual Report which contains the notes to the Financial Statements.
All dollars in the report are US$ unless otherwise stated.
Key 2025 Financial and Operational Highlights Include:
BKM Copper Project (Asiamet 100%)
Updated Ore Reserve for BKM Stage 1 (see announcement dated 2 May 2025)
Key Highlights
BKM Stage 1 Ore Reserves now comprise:
o Proved Reserve Category: 15.0Mt @ 0.8% Cu for 117kt of contained copper
o Probable Reserve Category: 13.3Mt @ 0.7% Cu for 90kt of contained copper
o Total Ore Reserves: 28.3Mt @ 0.7% Cu for 207kt of contained copper
- Strip ratio 0.8:1
- Mining/Processing Method: Ore Reserves reported based on extraction by open-pit mining with heap-leach and solvent extraction / electro-winning ("SX-EW") processing
- Reserve Basis: Ore Reserves are constrained by BKM Stage 1 Optimised Feasibility Study 2025 heap leach facility design
Completion of BKM Stage 1 Copper Project Optimised Feasibility Study ("OFS") (see announcement dated 7 May 2025)
Key Highlights:
- Annual copper cathode production of approximately 10k tonnes with a ~13 year mine life
- Life-of-mine revenues of US$1.192 billion and EBITDA of US$612.2 million[1]
- Initial capital cost of US$178.4 million, including US$11.1 million (7.6%) growth allowance and US$21.8 million (~13.9%) contingency
- Post-tax NPV81 of US$122.4 million, post-tax IRR1 of 17.7%, and payback period of 4.5 years
- Life-of-mine production of 124,022 tonnes of LME Grade A copper cathode
- Low strip ratio of 0.77:1, Life-of-Mine C1 costs of US$1.79/lb and AISC of US$2.37/lb
Corporate:
- The Company successfully raised US$2.5 million via direct share placement to PT BUMA International Tbk ("BUMA") (see announcement dated 29 May 2025) and successfully raised another US$3.1 million through a direct share placement to existing shareholders and several new investors (see announcement dated 17 December 2025).
- Appointment of Shore Capital as Corporate Broker and Grant Samuel as Financial Adviser to lead the Strategic Investor Engagement Process for the BKM Copper Project.
- Proposed Sale of Asiamet's Interest in the KSK Project to Norin Mining for gross consideration of US$105 million on a cash-free, debt-free basis (see announcement dated 6 November 2025).
- The Company successfully completed a resource definition drilling programme targeting limestone at the Rinjen prospect on the KSK CoW (see announcement dated 15 September 2025).
The 2025 Annual Report can be viewed at: http://www.rns-pdf.londonstockexchange.com/rns/7702F_1-2026-5-26.pdf
Update on Proposed Sale of Indokal Limited
As previously announced, shareholder approval from Asiamet shareholders and the relevant Chinese regulatory approvals have both been obtained.
The remaining Indonesian regulatory processes and associated completion workstreams continue to progress. The Company continues to work closely with relevant stakeholders in relation to these matters and progress is being made.
The Company and the purchaser remain actively engaged through the completion process, and the Board will continue to update shareholders as appropriate.
ON BEHALF OF THE BOARD OF DIRECTORS
Antony (Tony) Manini, Chairman
Consolidated Statement of Financial Position
As at 31 December 2025
| 2025 | 2024 | |||||||
|---|---|---|---|---|---|---|---|---|
| $'000 | $'000 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash | 3,405 | 2,279 | ||||||
| Receivables and other assets | 9 | 275 | ||||||
| 3,414 | 2,554 | |||||||
| Assets classified as held for sale | 373 | - | ||||||
| 3,787 | 2,554 | |||||||
| Non-current assets | ||||||||
| Plant and equipment | - | 137 | ||||||
| Right-of-use asset | - | 42 | ||||||
| Receivables and other assets | 3 | 116 | ||||||
| 3 | 295 | |||||||
| Total assets | 3,790 | 2,849 | ||||||
| Liabilities and Equity | ||||||||
| Current liabilities | ||||||||
| Trade and other payables | 192 | 405 | ||||||
| Provisions | - | 24 | ||||||
| Lease liabilities | - | 36 | ||||||
| 192 | 465 | |||||||
| Liabilities directly associated with the assets classified as held for sale | 710 | - | ||||||
| 902 | 465 | |||||||
| Non-current liabilities | ||||||||
| Provisions | 56 | 640 | ||||||
| 958 | 1,105 | |||||||
| Equity | ||||||||
| Share capital | 33,899 | 29,725 | ||||||
| Equity reserves | 69,251 | 67,506 | ||||||
| Other comprehensive Income | 242 | 202 | ||||||
| Accumulated Deficit | (97,307) | (92,436) | ||||||
| Other reserves | (3,246) | (3,246) | ||||||
| Parent entity interest | 2,839 | 1,751 | ||||||
| Non-controlling interest | (7) | (7) | ||||||
| 2,832 | 1,744 | |||||||
| Total liabilities and equity | 3,790 | 2,849 | ||||||
| Consolidated Statement of Comprehensive Loss | ||||||||
| For the year ended 31 December 2025 | ||||||||
| 2025 | 2024 | |||||||
| $'000 | $'000 | |||||||
| Continuing Operations | ||||||||
| Expenses | ||||||||
| Exploration and evaluation | (149) | (118) | ||||||
| Employee benefits | (145) | (667) | ||||||
| Consultants | (520) | (133) | ||||||
| Legal and Company Secretarial | (124) | (105) | ||||||
| Accounting and audit | (44) | (38) | ||||||
| General and administrative | (211) | (188) | ||||||
| Depreciation | - | (2) | ||||||
| Share-based compensation | (379) | (405) | ||||||
| (1,572) | (1,656) | |||||||
| Other Items | ||||||||
| Foreign exchange losses | (10) | (25) | ||||||
| Finance costs | - | - | ||||||
| Impairment expense | (66) | (136) | ||||||
| Other income | 32 | 77 | ||||||
| (44) | (84) | |||||||
| Net loss before tax from continuing operations | (1,616) | (1,740) | ||||||
| Income tax expense | - | - | ||||||
| Net loss for the year from continuing operations | (1,616) | (1,740) | ||||||
| Discontinued operations | ||||||||
| Loss after tax for the year from discontinued operations | (3,255) | (3,724) | ||||||
| Net loss for the year | (4,871) | (5,464) | ||||||
| Item that may not be reclassified subsequently | ||||||||
| to profit or loss: | ||||||||
| Actuarial gain on employee service entitlements | 40 | 76 | ||||||
| Total comprehensive loss for the year | (4,831) | (5,388) | ||||||
| Net loss attributable to: | ||||||||
| Equity holders of the parent | (4,820) | (5,418) | ||||||
| Non-controlling interests | (51) | (46) | ||||||
| Total comprehensive loss attributable to: | ||||||||
| Equity holders of the parent | (4,780) | (5,342) | ||||||
| Non-controlling interests | (51) | (46) | ||||||
| Basic and diluted loss per common share (cents per share) | (0.16) | (0.20) | ||||||
| Consolidated Statement of Cash Flows | ||||||||
| For the year ended 31 December 2025 | ||||||||
| 2025 | 2024 | |||||||
| $'000 | $'000 | |||||||
| Operating activities | ||||||||
| Loss before tax from continuing operations | (1,616) | (1,740) | ||||||
| Loss before tax from discontinued operations | (3,255) | (3,724) | ||||||
| Loss before tax | (4,871) | (5,464) | ||||||
| Adjustment for: | ||||||||
| Depreciation | (5) | 27 | ||||||
| Share-based compensation | 379 | 405 | ||||||
| Net foreign exchange loss/(gain) | (24) | (19) | ||||||
| Impairment expense | 114 | 136 | ||||||
| Finance cost | 2 | 2 | ||||||
| Adjustment to provisions | 81 | (144) | ||||||
| Changes in working capital: | ||||||||
| Receivables and other assets | 161 | (331) | ||||||
| Trade and other payables | (131) | 135 | ||||||
| (4,294) | (5,253) | |||||||
| Other adjustments: | ||||||||
| Payment of employee entitlement | (4) | - | ||||||
| Interest payments | (2) | (2) | ||||||
| Net cash flows used in operating activities | (4,300) | (5,255) | ||||||
| Investing activities | ||||||||
| Purchase of property, plant and equipment | (16) | (120) | ||||||
| Net cash flows used in investing activities | (16) | (120) | ||||||
| Financing activities | ||||||||
| Payment of principal portion of lease liabilities | (28) | (20) | ||||||
| Proceeds from equity raising | 5,601 | 3,594 | ||||||
| Equity raising costs | (61) | (47) | ||||||
| Net cash flows from financing activities | 5,512 | 3,527 | ||||||
| Net Increase in cash | 1,196 | (1,848) | ||||||
| Net foreign exchange differences | - | (9) | ||||||
| Cash at beginning of the year | 2,279 | 4,136 | ||||||
| Cash at end of the year | 3,475 | 2,279 | ||||||
| Consolidated Statement of Changes in Equity | ||||||||
| For the year ended 31 December 2024 | ||||||||
| Total equity | ||||||||
| Other | attributable | Non- | ||||||
| Share | Equity | comprehensive | Accumulated | Other | to the | controlling | ||
| capital | reserves | (income)/loss | deficit | reserves | parent | interests | Total | |
| $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
| Balance at 1 January 2024 | 25,902 | 67,378 | 126 | (86,972) | (3,246) | 3,188 | (7) | 3,181 |
| Loss for the year | - | - | - | (5,418) | - | (5,418) | (46) | (5,464) |
| Other comprehensive income | - | - | 76 | - | - | 76 | - | 76 |
| Total comprehensive loss | - | - | 76 | (5,418) | - | (5,342) | (46) | (5,388) |
| Transactions with owners in their capacity as owners | ||||||||
| Equity raising | 3593 | 1 | - | - | - | 3,594 | - | 3,594 |
| Equity raising costs | - | (47) | - | - | - | (47) | - | (47) |
| Reclassify shares issued to directors | 99 | (99) | - | - | - | - | - | - |
| Share based compensation | 131 | 274 | - | - | - | 405 | - | 405 |
| Contribution by parent in NCI | - | - | - | (46) | - | (46) | 46 | - |
| (see note 17b) | ||||||||
| Balance at 31 December 2024 | 29,725 | 67,506 | 202 | (92,436) | (3,246) | 1,751 | (7) | 1,744 |
| Consolidated Statement of Changes in Equity | ||||||||
| For the year ended 31 December 2025 | ||||||||
| Total equity | ||||||||
| Other | attributable | Non- | ||||||
| Share | Equity | comprehensive | Accumulated | Other | to the | controlling | ||
| capital | reserves | loss | deficit | reserves | parent | interests | Total | |
| $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | $'000 | |
| Balance at 1 January 2025 | 29,725 | 67,506 | 202 | (92,436) | (3,246) | 1,751 | (7) | 1,744 |
| Loss for the year | - | - | - | (4,820) | - | (4,820) | (51) | (4,871) |
| Other comprehensive loss | 40 | 40 | 40 | |||||
| Total comprehensive income | - | - | 40 | (4,820) | - | (4,780) | (51) | (4,831) |
| Transactions with owners in their capacity as owners | ||||||||
| Equity raising | 3,860 | 1,741 | - | - | - | 5,601 | - | 5,601 |
| Equity raising costs | - | (61) | - | - | - | (61) | - | (61) |
| Reclassify shares issued to directors | 152 | (152) | - | - | - | - | - | - |
| Share based compensation | 162 | 217 | - | - | - | 379 | - | 379 |
| Contribution by parent in NCI | - | - | - | (51) | - | (51) | 51 | - |
| (see note 17b) | ||||||||
| Balance at 31 December 2025 | 33,899 | 69,251 | 242 | (97,307) | (3,246) | 2,839 | (7) | 2,832 |
[1]Excluding closure and rehabilitation costs
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.