Asiamet raises US$2.5m via subscription, releases full year results for 2024
Asiamet () is raising US$2.5 million via a subscription of shares to existing shareholder PT BUMA International.
Prior to the subscription PT BUMA held 40.2% of the company.
The shares are being issued at 0.80p and will take PT BUMA’s interest to 44.6%.
The proceeds will provide funding to advance Asiamet's BKM Stage 1 BKM Copper project towards a final investment decision.
This will include progressing the formal project financing process, commencing project engineering and contracting works, and the provision of general working capital.
"This support from BUMA comes at an important moment for Asiamet,” said Darryn McClelland, the company’s chief executive.
“With the feasibility study now complete and the project financing process underway, this subscription ensures continuity in key activities needed to bring the BKM project towards a final investment decision.
Ronald Sutardja, President Director (BUMA), added: "Asiamet is entering a decisive stage in its journey to bring the BKM copper project to production. We are proud to continue our support at this pivotal moment. Copper remains central to the global energy transition, and BKM stands out as one of the few near-construction projects in Asia capable of delivering meaningful copper cathode production in the near term.”
Separately, Asiamet also released results for the year to 31st December 2024.
The company booked a loss of US$5.464 million before tax, and closed out the period with US$2,279 million cash in the bank.
During the period, the pit design was reconfigured, decreasing the amount of material that will initially be mined, and delivering US$58 million in savings when compared to the original proposals.
View from Vox
The new money will take Asiamet into the project finance stage, at which point it will become one of the very few London-listed juniors actually building a mine. This is not an easy process, but the company has persevered, and with the copper price showing signs of life, the timing could be very propitious.
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