Asiamet Resources’ (LON:ARS ) full year results for the period ending December 31 2019 showed the group having booked a net loss of just over US$7mln, slashing its losses from US$11mln in the previous period.
The copper producer closed out the year with US$418,000 in cash, a total subsequently boosted by a $3.89m placing completed in March.
In March 2019, Asiamet boosted the resource at its Beutong copper project in Indonesia, in which it holds an 80% equity interest in, to a total of over 500mln tonnes of ore.
The contained metals amounted to 2.43mln tonnes of copper, 2.11mln ounces of gold and 20.9mln ounces of silver.
Shares in Asiamet were trading 7.84% higher at 2.75p on Tuesday.
In the same month, the group said strong drilling results had taken it another step closer to completing a bankable feasibility study (BFS) for its BKM copper deposit in Indonesia.
Its completion of the BKM Feasibility Study delivered a robust copper project with post tax NPV8 of $124.8m, life of mine revenue of $1.27bn and EBITDA of $563.3m.
The group later signed an MOU with China Nonferrous Metal Mining Group for the provision of its services at the project in August 2019, considered “an important strategic milestone.”
Over the period, Asiamet has completed capital raisings totalling US$4.1 million, before capital raising costs, this morning’s statement outlined.
Its £3.36m placing in late March with Aeturnum Energy strengthened the group's financial position and will enable the group to continue building value, Asiamet previously outlined.
During the period, the company said it has continued to make progress with its development work on its Indonesian copper projects, including its bankable feasibility study.
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