Annual Financial Report

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

 


 

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

 

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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