Half-year Results
Asiamet Resources Limited reported its interim results for the six months ended 30 June 2026, highlighting the completion of the sale of Indokal Limited for US$104.9 million, which subsequently led to the approval of a US$93.0 million special cash dividend to shareholders. The company incurred a net loss of $2.407 million for the period, compared to a loss of $2.491 million in the prior year, with cash and cash equivalents standing at $1.014 million as of 30 June 2026. Exploration and evaluation expenditures for the period were $0.036 million. The company is currently assessing its broader strategy and the path forward for the Beutong project following the significant cash return to shareholders.
| Half year to 30 Jun 2026 | Now | Year before | Change |
|---|---|---|---|
| Net income | (£1.8m) | (£1.9m) | |
| Cash from operations | (£1.8m) | (£1.8m) | |
| Cash | £0.6m | – |
Figures as reported, converted to £ where needed – see all financials.
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Asiamet Resources Limited (AIM: ARS) announces its unaudited interim results for the six months ended 30 June 2026 ("H1 2026" or the "Period").
The Company's 2026 Half Year Report is available on the Company website at www.asiametresources.com and will be sent to shareholders who have requested a printed or electronic copy.
ON BEHALF OF THE BOARD OF DIRECTORS
Darryn McClelland, Chief Executive Officer
Indokal (KSK) Transaction
During the Period, Asiamet continued to make good progress towards completion of the sale of Indokal Limited to Norin Mining (Hong Kong) Limited ("Norin Mining") (the "Transaction"). Details of the Transaction were set out in the Company's announcement dated 6 November 2025 and the subsequent shareholder circular.
In January 2026, Asiamet obtained shareholder approval for the Transaction. The Company was subsequently informed by Norin Mining that it had received the required Chinese regulatory approvals for the Transaction.
During the remainder of the Period, the Company continued to work with Norin Mining and relevant stakeholders to satisfy the remaining conditions to the Transaction, including the relevant Indonesian regulatory processes. The Transaction subsequently completed in September 2026. Following completion, the Company announced a US$93.0 million special cash dividend to shareholders from the proceeds of the Transaction.
Beutong
Asiamet maintained a modest programme of community engagement in the Beutong area during the Period and continued to engage with key stakeholders to determine the path forward for the project.
Outlook
The first half of 2026 was a productive period for Asiamet, during which the Company made good progress towards completion of the Indokal Transaction.
Following completion of the Transaction and the expected return of a significant portion of the proceeds to shareholders through the US$93.0 million special cash dividend, we continue to assess the appropriate path forward for Beutong, as well as the Company's broader strategy. We will keep shareholders updated as we develop our plans for the next phase of the Company.
I would like to take this opportunity to extend my gratitude to all our stakeholders for their ongoing support and look forward to reporting further as we progress.
On behalf of the Board,
Darryn McClelland
CEO
Notice to reader
These interim condensed consolidated financial statements of Asiamet Resources Limited have been prepared by management and approved by the Audit Committee of the Board of Directors of the Company. The Company discloses that its external auditors have not reviewed these interim financial statements and the accompanying notes to financial statements.
The Company publishes its accounts in United States dollars ($) and all figures in the accounts and this report are $ unless otherwise stated.
Interim condensed consolidated statement of financial position (unaudited)
As at 30 June 2026
| 30-Jun | 31-Dec | ||
|---|---|---|---|
| Note | 2026 | 2025 | |
| $'000 | $'000 | ||
| Assets | |||
| Current assets | |||
| Cash | 839 | 3,405 | |
| Receivables and other assets | 6 | 1 | 9 |
| 840 | 3,414 | ||
| Assets classified as held for sale | 3 | 521 | 373 |
| 1,361 | 3,787 | ||
| Non-current assets | |||
| Plant and equipment | 5 | 1 | 0 |
| Right-of-use asset | - | - | |
| Receivables and other assets | 6 | 3 | 3 |
| 4 | 3 | ||
| Total assets | 1,365 | 3,790 | |
| Liabilities and Equity | |||
| Current liabilities | |||
| Trade and other payables | 66 | 192 | |
| Provisions | - | - | |
| Lease liabilities | - | - | |
| 66 | 192 | ||
| Liabilities directly associated with the assets classified as held for sale | 3 | 723 | 710 |
| 789 | 902 | ||
| Non-current liabilities | |||
| Provisions | 52 | 56 | |
| 841 | 958 | ||
| Equity | |||
| Share capital | 33,899 | 33,899 | |
| Equity reserves | 69,350 | 69,251 | |
| Other comprehensive Income | 242 | 242 | |
| Accumulated Deficit | (99,714) | (97,307) | |
| Other reserves | (3,246) | (3,246) | |
| Parent entity interest | 531 | 2,839 | |
| Non-controlling interest | (7) | (7) | |
| 524 | 2,832 | ||
| Total liabilities and equity | 1,365 | 3,790 | |
Interim condensed consolidated statement of comprehensive loss (unaudited)
For the six months ended 30 June
| 30-Jun | 30-Jun | ||
|---|---|---|---|
| Note | 2026 | 2025 | |
| $'000 | $'000 | ||
| Continuing Operations | |||
| Expenses | |||
| Exploration and evaluation | 4 | (36) | (70) |
| Employee benefits | (90) | (99) | |
| Consultants | (194) | (264 | |
| Legal and Company Secretarial | (462) | (76) | |
| Accounting and audit | - | - | |
| General and administrative | (87) | (97) | |
| Depreciation | (0) | (0) | |
| Share-based compensation | 8 | (99) | (100) |
| (968) | (706) | ||
| Other Items | |||
| Foreign exchange losses | (5) | (8) | |
| Finance costs | 25 | 14 | |
| Impairment expense | 6 | (2) | (1) |
| 19 | 5 | ||
| Net loss from continuing operations | (949) | (701) | |
| Net loss from discontinuing operations | (1,458) | (1,790) | |
| Net loss for the half year | (2,407) | (2,491) | |
| Other Comprehensive Income that may not be reclassified | |||
| subsequently to profit or loss: | |||
| Actuarial gain (loss) on employee service entitlements | - | - | |
| Total comprehensive loss for the half year | (2,407) | (2,491) | |
| Net loss attributable to: | |||
| Equity holders of the parent | (2,391) | (2,466) | |
| Non-controlling interests | (16) | (25) | |
| Total comprehensive loss attributable to: | |||
| Equity holders of the parent | (2,391) | (2,466) | |
| Non-controlling interests | (16) | (25) | |
Basic and diluted loss per common share (cents per share) for
| 30-Jun | 30-Jun | |
|---|---|---|
| Note | 2026 | 2025 |
| $'000 | $'000 | |
| continuing operations | (0.03) | (0.03) |
Basic and diluted loss per common share (cents per share) for
| 30-Jun | 30-Jun | |||||||
|---|---|---|---|---|---|---|---|---|
| Note | 2026 | 2025 | ||||||
| $'000 | $'000 | |||||||
| discontinuing operations | (0.05) | (0.07) | ||||||
| Interim condensed consolidated statement of cash flows (unaudited) | ||||||||
| For the six months ended 30 June | ||||||||
| | ||||||||
| Note | 2026 | 2025 | ||||||
| $'000 | $'000 | |||||||
| Operating activities | ||||||||
| Loss from continuing operations | (949) | (701) | ||||||
| Loss from discontinued operations | (1,458) | (1,790) | ||||||
| Loss for the half year | (2,407) | (2,491) | ||||||
| Adjustment for: | ||||||||
| Depreciation | 5 | 6 | ||||||
| Right-of-use asset | 4 | 14 | ||||||
| Share-based compensation | 8 | 99 | 100 | |||||
| Net foreign exchange loss/(gain) | 10 | (1) | ||||||
| Impairment expense | 19 | 52 | ||||||
| Adjustment to provisions | (4) | (24) | ||||||
| Changes in working capital: | ||||||||
| Receivables and other assets | (61) | 166 | ||||||
| Trade and other payables | (105) | (217) | ||||||
| Net cash flows used in operating activities | (2,440) | (2,395) | ||||||
| Investing activities | ||||||||
| Purchase of property, plant and equipment | (3) | (11) | ||||||
| Net cash flows used in investing activities | (3) | (11) | ||||||
| Financing activities | ||||||||
| Payment of principal portion of lease liabilities | (8) | (14) | ||||||
| Proceeds from equity raising | - | 1,000 | ||||||
| Equity raising costs | - | - | ||||||
| Net cash flows from financing activities | (8) | 986 | ||||||
| Increase/(decrease) in cash | (2,451) | (1,420) | ||||||
| Net foreign exchange differences | (10) | 2 | ||||||
| Cash at beginning of the year | 3,475 | 2,279 | ||||||
| Cash at 30 June | 1,014 | 861 | ||||||
| Interim consolidated statement of changes in equity (unaudited) | ||||||||
| For the six months ended 30 June 2026 | ||||||||
| 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 2026 | 33,899 | 69,251 | 242 | (97,307) | (3,246) | 2,839 | (7) | 2,832 |
| Loss for the half year | - | - | - | (2,391) | - | (2,391) | (16) | (2,407) |
| Total comprehensive income | - | - | - | (2,391) | - | (2,391) | (16) | (2,407) |
| Transactions with owners in their capacity as owners | ||||||||
| Contribution by parent in NCI | - | - | - | (16) | - | (16) | 16 | - |
| Equity raising costs | - | - | - | |||||
| Share based compensation | - | 99 | - | - | - | 99 | - | 99 |
| Subscription shares | - | - | - | - | - | - | - | - |
| Balance at 30 June 2026 | 33,899 | 69,350 | 242 | (99,714) | (3,246) | 531 | (7) | 524 |
| Interim consolidated statement of changes in equity (unaudited) | ||||||||
| For the six months ended 30 June 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 half year | - | - | - | (2,466) | - | (2,466) | (25) | (2,491) |
| Total comprehensive income | - | - | - | (2,466) | - | (2,466) | (25) | (2,491) |
| Transactions with owners in their capacity as owners | ||||||||
| Contribution by parent in NCI | - | - | - | (25) | - | (25) | 25 | - |
| Equity raising costs | - | - | - | |||||
| Share based compensation | - | 100 | - | - | - | 100 | - | 100 |
| Subscription shares | 946 | 54 | - | - | - | 1,000 | - | 1,000 |
| Balance at 30 June 2025 | 30,672 | 67,660 | 202 | (94,927) | (3,246) | 361 | (7) | 354 |
Corporate Information
The interim condensed consolidated financial statements of Asiamet Resources Limited and its subsidiaries (collectively, the "Group") for the six months ended 30 June 2026 were authorised for issue in accordance with a resolution of the directors on 24 September 2026.
Asiamet Resources Limited (the "Company") is a publicly quoted company incorporated under the laws of Bermuda. The Company's shares are quoted on the AIM market of the London Stock Exchange ("AIM") under the symbol "ARS". The Company's corporate office is located at 2nd Floor, Suite 201 Gedung Ventura, Jl. RA Kartini No. 26, Jakarta Indonesia 12430.
The Group is principally engaged in the exploration and development of mineral properties. The Company's principal mineral property interests are located in Indonesia.
Significant accounting policies
2.1 Basis of preparation
The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's annual consolidated financial statements as at 31 December 2025.
The interim condensed consolidated financial statements for the six months ended 30 June 2026 and 30 June 2025 were not subject to review and were unaudited. The comparative information for the year ended 31 December 2025 was approved by the Board of directors on 26 May 2026 and the Independent Auditor's Report on those accounts was unqualified.
2.2 Going concern
The Consolidated Financial Statements have been prepared on a going concern basis which assumes that the Group will be able to realise its assets and discharge its liabilities in the normal course of business in the next twelve months.
For the six months ended 30 June 2026, the Group incurred a loss of $2.407 million (30 June 2025: $2.491 million) and had cash outflows from operations of $2.440 million (30 June 2025: $2.395 million). The Group's cash balance as at 30 June 2026 was $1.014 million (31 December 2025: $3.475 million) and current assets exceeded its current liabilities by $0.572 million (31 December 2025: net current assets of $2.885 million).
On 9 September 2026, the Company completed the sale of Indokal Limited to Norin Mining and received US$104.9 million in cash. Following completion of the Transaction, the Board approved a special cash dividend of US$93.0 million.
Based on the Group's cash flow forecasts, the Directors consider that the Group will have sufficient cash resources to meet its forecast operating requirements and discharge its liabilities as they fall due in the next twelve months. Accordingly, the Directors consider it appropriate to prepare the Consolidated Financial Statements on a going concern basis.
2.3 New standards, interpretations and amendments adopted by the Group
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2025, except for the adoption of new standards effective as of 1 January 2026. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
Several amendments apply for the first time in 2026, but do not have an impact on the interim condensed consolidated financial statements of the Group.
Held for sale group and discontinued operations
On 6 November 2025 the Company announced the sale of Indokal Limited to Norin Mining for a gross cash consideration of $105 million. At that time, the Company's Board stated that the net proceeds of the sale were expected to be substantially returned to shareholders via a cash distribution.
On 9 September 2026, the Company completed the sale of Indokal Limited to Norin Mining. The Company received US$104.9 million in cash consideration at completion.
The major classes of assets and liabilities of Indokal Group classified as held for sale as at 30 June 2026 and 31 December 2025 are, as follows:
| 30-Jun | 31-Dec | |
|---|---|---|
| 2026 | 2025 | |
| $'000 | $'000 | |
| Assets | ||
| Cash | 175 | 70 |
| Receivable and other assets (1) | 203 | 152 |
| Plant and Equipment | 134 | 138 |
| Right-of-use assets | 9 | 13 |
| Assets classified as held for sale | 521 | 373 |
| Liabilities | ||
| Trade and other payables | (103) | (90) |
| Provisions | (620) | (620) |
| Liabilities directly associated with assets held for sale | (723) | (710) |
| Net liabilities directly associated with disposal group | (202) | (337) |
- Includes Indonesian VAT receivables of $0.039 million at 30 June 2026 (31 December 2025: $0.062 million) which have been fully impaired.
- Exploration and evaluation expenditures
The details of exploration and evaluation expenditures expensed during the period ended 30 June 2026 and 30 June 2025 are as follows:
| 30-Jun | 30-Jun | |
|---|---|---|
| 2026 | 2025 | |
| $'000 | $'000 | |
| Administration support | 13 | 13 |
| External relations | 22 | 19 |
| Drilling & Field support | 1 | 1 |
| Tenements | - | 37 |
| Total exploration and evaluation expenditures | 36 | 70 |
| 5. Property, Plant & Equipment | ||
| 30-Jun | 31-Dec | |
| 2026 | 2025 | |
| $'000 | $'000 | |
| Opening net book amount | 0 | 137 |
| Additions | 1 | 16 |
| Impairments & write-offs | (49) | |
| Depreciation charge for the year | (0) | 34 |
| Transfer from (to) assets classified as held for sale | (138) | |
| Closing balance | 1 | 0 |
| Net carrying amount: | ||
| Cost | 1 | 9 |
| Accumulated depreciation | (0) | (9) |
| Closing balance | 1 | 0 |
| 6. Receivables and other assets | ||
| 30-Jun | 31-Dec | |
| 2026 | 2025 | |
| $'000 | $'000 | |
| Current | ||
| Receivables - employee advances | 0 | 0 |
| Receivables - other | 0 | 9 |
| Prepayments | 1 | 0 |
| Total current receivables and other assets | 1 | 9 |
| Non current | ||
| VAT - Indonesia | 2 | - |
| Provision for impairment (1) | (2) | - |
| - | - | |
| Security deposits | 3 | 3 |
| Total non-current receivables and other assets (1) | 3 | 3 |
- The Group has provided an allowance for impairment against the Indonesian VAT receivables which will be recoverable once production commences in accordance with Indonesian regulation. An impairment expense of $0.002 million was recognised for the half year ended 30 June 2026 (30 June 2025: $0.001 million).
- Related party transactions
There have been no new related party transactions other than the arrangements that were in place at 31 December 2025. For details on these arrangements, please refer to the Group's annual financial report as at 31 December 2025.
Share based compensation expenses
For the six months ended 30 June 2026, the Group has recognised $0.099 million (30 June 2025: $0.100 million) of share-based compensation expense in the statement of profit and loss for performance rights to non-executive Directors in respect of their 2026 director fees.
Events after the half year reporting period
On 7 September 2026, the Company announced that all conditions precedent to completion of the Transaction had been satisfied or waived.
On 9 September 2026, the Company announced the completion of the Transaction. The Company received cash consideration of US$104.9 million at completion, adjusted for debt and subject to a post-completion adjustment mechanism in accordance with the SPA.
Following completion of the Transaction, the Board approved a US$93.0 million special cash dividend to shareholder[1].
1 The US$93.0 million special cash dividend was converted into GBP at an effective GBP / USD exchange rate of 1.3462.
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