TIDMFME
RNS Number : 0759O
Future Metals NL
29 September 2023
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 info@future-metals.com.au
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 info@future-metals.com.au
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 Restated(i)
30-Jun-23 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 Restated(i) Restated(i)
30-Jun-23 30-Jun-22 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 6,
& Evaluation Expenditure 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 Restated(i) Restated(i)
30-Jun-23 30-Jun-22 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 6,
& Evaluation Expenditure 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
Share
Issued Accumulated based payments
capital losses 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
------------------------------------- ------------ ------------- ---------------- ------------
Share
Issued Accumulated based payments
capital losses 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 1,735 -
on cash and cash equivalents
------------ --------------
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 1,735 -
on cash and cash equivalents
------------ --------------
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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