29 September 2023
Future Metals NL
Final Results for the Year Ended 30 June 2023 and
Corporate Governance Statement
Future Metals NL ("Future Metals" or the "Company", ASX | AIM: FME) is pleased to announce the Company's final results for the year ended 30 June 2023.
Please see below extracts from the Company's Annual Report and Accounts for the year ended 30 June 2023, as follows:
· Consolidated Statement of Profit or Loss and Other Comprehensive Income
· Consolidated Statement of Financial Position
· Consolidated Statement of Changes in Equity
· Consolidated Statement of Cash Flows
Further details on the Company's activities during the year are set out in the Directors' Report, which can be found in the full Report and Accounts available at the following link: http://www.rns-pdf.londonstockexchange.com/rns/0759O_1-2023-9-28.pdf and on the Company's website at https://future-metals.com.au/investor-centre/reports/annual-reports/.
The Company has also released its Appendix 4G: Key to Disclosures - Corporate Governance Council Principles and Recommendations and its Corporate Governance Statement to the Australian Securities Exchange ("ASX"). Copies of these documents are also available on the Company's website at https://future-metals.com.au/.
This announcement has been approved for release by the Board of Future Metals NL.
For further information, please contact:
| Future Metals NL | +61 8 9480 0414 |
|
| Jardee Kininmonth |
| |
| Strand Hanson Limited (Nominated Adviser) | +44 (0) 207 409 3494 |
|
| James Harris/James Bellman | |
|
| Panmure Gordon (UK) Limited (UK Broker) | +44 (0)207 886 2500 |
|
| John Prior/Hugh Rich/Rauf Munir | |
|
| FlowComms (UK IR/PR) | +44 (0) 789 167 7441 |
|
| Sasha Sethi | |
|
| Future Metals NL | +61 8 9480 0414 | |
| Jardee Kininmonth | ||
| Strand Hanson Limited (Nominated Adviser) | +44 (0) 207 409 3494 | |
| James Harris/James Bellman | | |
| Panmure Gordon (UK) Limited (UK Broker) | +44 (0)207 886 2500 | |
| John Prior/Hugh Rich/Rauf Munir | | |
| FlowComms (UK IR/PR) | +44 (0) 789 167 7441 | |
| Sasha Sethi | | |
Consolidated Statement of Profit or Loss and Other Comprehensive Income
for the year ended 30 June 2023
|
| Note |
30-Jun-23 $ | Restated(i) 30-Jun-22 $ |
|
|
| | |
| Interest received | | 98,723 | 6,823 |
| Other income | | 194,644 | 552 |
| | | | |
| Employee and Director benefits expense | | (705,024) | (574,503) |
| Professional and Consultants | | (304,129) | (438,512) |
| Exploration expenditure | | (4,857,267) | (2,965,147) |
| ASX and AIM and share registry fees | | (438,311) | (1,954,846) |
| Travel expenditure | | (104,197) | (28,835) |
| Listing expense | | - | - |
| Share based payment expense | 18 | (607,758) | (877,463) |
| Amortisation/depreciation expense | | (21,459) | (79,538) |
| Unrealised Foreign exchange gain/(loss) | | 1,735 | 1,697 |
| Realised Foreign exchange gain/(loss) | | - | (446) |
| Other expenses | | (566,077) | (368,228) |
| Loss before income tax |
| (7,309,120) | (7,278,447) |
|
| |
|
|
| Income tax expense | 3 | - | - |
| Loss after income tax |
| (7,309,120) | (7,278,447) |
|
| | | |
| Other comprehensive loss |
| | |
| Items that may be reclassified to profit or loss |
| | |
| Other comprehensive income/(loss) | | - | - |
| Other comprehensive income/(loss) for the year net of tax |
| - | - |
| Total comprehensive loss for the year |
| (7,309,120) | (7,278,447) |
|
| | |
|
| Loss per share for the year attributable to the members of Future Metals NL | | | |
| Basic and diluted loss per share (cents) | 17 | (1.82) | (2.07) |
(i) Please refer to note 2(c) and note 12 within the full Report and Accounts for details regarding the restatement as a result of a change in accounting policy.
The above Consolidated Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the accompanying notes in the full Report and Accounts.
Consolidated Statement of Financial Position
as at 30 June 2023
| | Note |
30-Jun-23 | Restated(i) 30-Jun-22 | Restated(i) 30-Jun-21 |
| $ | $ | $ | ||
| Current Assets |
| | | |
| Cash and cash equivalents | 4 | 2,705,754 | 3,331,607 | 9,555,684 |
| Trade and other receivables | 5 | 120,519 | 78,446 | 175,840 |
| Total Current Assets |
| 2,826,273 | 3,410,053 | 9,731,524 |
| | | | | |
| Non-Current Assets | | | | |
| Deferred Exploration & Evaluation Expenditure | 6, 7 | 16,609,916 | 16,435,451 | 16,653,580 |
| Right of Use Assets | | - | - | 83,101 |
| Property, plant and equipment | | 60,761 | 35,935 | - |
| Total Non-Current Assets | | 16,670,677 | 16,471,386 | 16,736,681 |
| Total Assets | | 19,496,950 | 19,881,440 | 26,468,205 |
| | | | | |
| Current Liabilities |
| | | |
| Trade and other payables | 8 | 606,213 | 1,067,868 | 2,029,502 |
| Lease Liabilities | | - | - | 72,404 |
| Total Current Liabilities |
| 606,213 | 1,067,868 | 2,101,906 |
| | | | | |
| Non-Current Liabilities |
| | | |
| Lease Liabilities | | - | - | 12,421 |
| Total Non-Current Liabilities |
| - | - | 12,421 |
| Total Liabilities |
| 606,213 | 1,067,868 | 2,114,327 |
| | | | | |
| Net Assets |
| 18,890,737 | 18,813,572 | 24,353,878 |
|
| | | | |
| Equity |
| | | |
| Issued capital | 9 | 36,524,091 | 29,689,231 | 29,238,564 |
| Reserves | 10 | 3,628,232 | 3,076,807 | 1,789,333 |
| Accumulated losses | 11 | (21,261,586) | (13,952,466) | (6,674,019) |
| Total Equity |
| 18,890,737 | 18,813,572 | 24,353,878 |
| | Note |
30-Jun-23 | Restated(i) 30-Jun-22 | Restated(i) 30-Jun-21 |
| $ | $ | $ | ||
| Current Assets |
| | | |
| Cash and cash equivalents | 4 | 2,705,754 | 3,331,607 | 9,555,684 |
| Trade and other receivables | 5 | 120,519 | 78,446 | 175,840 |
| Total Current Assets |
| 2,826,273 | 3,410,053 | 9,731,524 |
| | | | | |
| Non-Current Assets | | | | |
| Deferred Exploration & Evaluation Expenditure | 6, 7 | 16,609,916 | 16,435,451 | 16,653,580 |
| Right of Use Assets | | - | - | 83,101 |
| Property, plant and equipment | | 60,761 | 35,935 | - |
| Total Non-Current Assets | | 16,670,677 | 16,471,386 | 16,736,681 |
| Total Assets | | 19,496,950 | 19,881,440 | 26,468,205 |
| | | | | |
| Current Liabilities |
| | | |
| Trade and other payables | 8 | 606,213 | 1,067,868 | 2,029,502 |
| Lease Liabilities | | - | - | 72,404 |
| Total Current Liabilities |
| 606,213 | 1,067,868 | 2,101,906 |
| | | | | |
| Non-Current Liabilities |
| | | |
| Lease Liabilities | | - | - | 12,421 |
| Total Non-Current Liabilities |
| - | - | 12,421 |
| Total Liabilities |
| 606,213 | 1,067,868 | 2,114,327 |
| | | | | |
| Net Assets |
| 18,890,737 | 18,813,572 | 24,353,878 |
|
| | | | |
| Equity |
| | | |
| Issued capital | 9 | 36,524,091 | 29,689,231 | 29,238,564 |
| Reserves | 10 | 3,628,232 | 3,076,807 | 1,789,333 |
| Accumulated losses | 11 | (21,261,586) | (13,952,466) | (6,674,019) |
| Total Equity |
| 18,890,737 | 18,813,572 | 24,353,878 |
(i) Please refer to note 2(c) and note 12 within the full Report and Accounts for details regarding the restatement as a result of a change in accounting policy.
The above Consolidated Statement of Financial Position should be read in conjunction with the accompanying notes in the full Report and Accounts.
Consolidated Statement of Changes in Equity
for the year ended 30 June 2023
|
| Issued capital $ | Accumulated losses $ | Share based payments reserve $ | Total $ |
| Balance at 1 July 2021 restated(i) | 29,238,564 | (6,674,019) | 1,789,333 | 24,353,878 |
| Total comprehensive loss for the year |
| | | |
| Loss for the year(i) | - | (7,278,447) | - | (7,278,447) |
| Other Comprehensive loss | - | - | - | - |
| Total comprehensive loss for the year | - | (7,278,447) | - | (7,278,447) |
| Transactions with owners in their capacity as owners |
| | | |
| Shares issued during the year | 450,667 | - | (450,667) | - |
| Options issued during the year | - | - | 50,000 | 50,000 |
| Cost of issue | - | - | - | - |
| Share based payment (note 18) | - | - | 1,688,141 | 1,688,141 |
| Balance at 30 June 2022 restated(i) | 29,689,231 | (13,952,466) | 3,076,807 | 18,813,572 |
|
| Issued capital $ | Accumulated losses $ | Share based payments reserve $ | Total $ |
| Balance at 1 July 2022 restated(i) | 29,689,231 | (13,952,466) | 3,076,807 | 18,813,572 |
| Total comprehensive loss for the year |
| | | |
| Loss for the year | - | (7,309,120) | - | (7,309,120) |
| Other Comprehensive loss | - | - | - | - |
| Total comprehensive loss for the year | - | (7,309,120) | - | (7,309,120) |
| Transactions with owners in their capacity as owners |
| | | |
| Shares issued during the year | 7,301,344 | - | (56,333) | 7,245,011 |
| Options issued during the year | - | - | - | - |
| Cost of issue | (466,484) | - | - | (466,484) |
| Share based payment (note 18) | - | - | 607,758 | 607,758 |
| Balance at 30 June 2023 | 36,524,091 | (21,261,586) | 3,628,232 | 18,890,737 |
(i) Please refer to note 2(c) and note 12 within the full Report and Accounts for details regarding the restatement as a result of a change in accounting policy.
The above Consolidated Statement of Changes in Equity should be read in conjunction with the accompanying notes in the full Report and Accounts.
Consolidated Statement of Cash Flow
for the year ended 30 June 2023
| | Note | 30-Jun-23 | Restated(i) 30-Jun-22 |
| $ | $ | ||
| Cash flows from operating activities |
| | |
| Payments to suppliers and employees | | (2,041,123) | (1,696,154) |
| Payments for exploration and evaluation | | (4,778,135) | (2,907,394) |
| Payments for Offer and ASX/AIM listing costs | | - | (1,073,800) |
| Interest received | | 98,723 | 6,823 |
| Other receipts | | 146,924 | 1,074 |
| Net cash used in operating activities | 4 | (6,573,611) | (5,669,451) |
|
| | | |
| Cash flows from investing activities |
| | |
| Payments for tenement acquisition stamp duty | 6 | (447,115) | (560,415) |
| Acquisition of property, plant and equipment | | (41,723) | (44,241) |
| Net cash used in investing activities |
| (488,838) | (604,656) |
|
| | | |
| Cash flows from financing activities |
| | |
| Proceeds from issue of shares | 9 | 6,901,345 | - |
| Proceeds from issue of options | | - | 50,000 |
| Payments for share issue costs | | (466,484) | - |
| Net cash provided by financing activities |
| 6,434,861 | 50,000 |
| | | | |
| Net increase/(decrease) in cash and cash equivalents | |
(627,588) |
(6,224,077) |
| Cash and cash equivalents at beginning of year | | 3,331,607 | 9,555,684 |
| Effects on exchange rate changes on cash and cash equivalents | | 1,735 | - |
| Cash and cash equivalents at the end of the year | 4 | 2,705,754 | 3,331,607 |
| | Note | 30-Jun-23 | Restated(i) 30-Jun-22 |
| $ | $ | ||
| Cash flows from operating activities |
| | |
| Payments to suppliers and employees | | (2,041,123) | (1,696,154) |
| Payments for exploration and evaluation | | (4,778,135) | (2,907,394) |
| Payments for Offer and ASX/AIM listing costs | | - | (1,073,800) |
| Interest received | | 98,723 | 6,823 |
| Other receipts | | 146,924 | 1,074 |
| Net cash used in operating activities | 4 | (6,573,611) | (5,669,451) |
|
| | | |
| Cash flows from investing activities |
| | |
| Payments for tenement acquisition stamp duty | 6 | (447,115) | (560,415) |
| Acquisition of property, plant and equipment | | (41,723) | (44,241) |
| Net cash used in investing activities |
| (488,838) | (604,656) |
|
| | | |
| Cash flows from financing activities |
| | |
| Proceeds from issue of shares | 9 | 6,901,345 | - |
| Proceeds from issue of options | | - | 50,000 |
| Payments for share issue costs | | (466,484) | - |
| Net cash provided by financing activities |
| 6,434,861 | 50,000 |
| | | | |
| Net increase/(decrease) in cash and cash equivalents | |
(627,588) |
(6,224,077) |
| Cash and cash equivalents at beginning of year | | 3,331,607 | 9,555,684 |
| Effects on exchange rate changes on cash and cash equivalents | | 1,735 | - |
| Cash and cash equivalents at the end of the year | 4 | 2,705,754 | 3,331,607 |
(i) Please refer to note 2(c) and note 12 within the full Report and Accounts for details regarding the restatement as a result of a change in accounting policy.
The above Consolidated Statement of Cash Flow should be read in conjunction with the accompanying notes in the full Report and Accounts.
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