Asiamet Resources posts $2.49m H1 net loss

(Sharecast News) - Copper producer Asiamet Resources reported a net loss of $2.49m for the six months ended 30 June, broadly in line with the prior year's $2.44m deficit, as it continued to advance its flagship BKM Stage 1 copper project in Indonesia.

Asiamet said exploration and evaluation spending totalled $974,000, with additional costs incurred for technical studies, permitting, and site preparation, while cash at period end fell to $860,000, down from $2.28m at year-end, though a $2.5m equity raise with major shareholder BUMA-completed in two tranches across June and July-helped bolster liquidity.

The AIM-listed group said proceeds from the equity raise would be used to support pre-development work and strategic investor engagement ahead of a final investment decision.

Asiamet published its Optimised Feasibility Study for the BKM project in May, outlining a staged-build heap-leach operation targeting 10,000 tonnes of copper cathode annually, and noted that the project was designed to meet Indonesia's downstream processing rules and said it aligns with national development priorities.

CEO Darryn McClelland said: "It was a very busy and productive first half of 2025 and we continue to make solid progress towards the development of the BKM Stage 1 copper project. We are well positioned with a feasibility study stage project at a time when the copper market is shifting into a supply deficit, metal price is anticipated to rise, and quality development ready copper projects are scarce. We expect that in due course the confluence of these factors should see our Company rewarded for the significant progress we have made on our projects.

As of 1015, Asiamet shares were down 0.70% at 0.99p.

Reporting by Iain Gilbert at Sharecast.com