Asiamet Resources Ltd (AIM:ARS, OTC:KMGLF) said it made 'significant progress' in the first half of 2024 towards the development of the BKM copper project in Central Kalimantan, Indonesia and also at the Beutong copper-gold project.
“With industry analysts forecasting a rise in copper prices and quality, development-ready copper projects being scarce, it is envisaged that the confluence of these factors will position to benefit significantly from the progress we have made, and continue to make, on our projects,” said a statement from the junior with its half-year results.
Looking ahead, based on the group's cash forecast, Asiamet added it is planning for the additional funding that will be required in the next twelve months, up to the end of September 2025, to maintain momentum.
“With BKM project financing expected to commence in the first quarter of 2025 and advanced discussions with strategic and funding partners ongoing, we are confident in our ability to secure the necessary funding to continue delivering on our strategy.
“This approach will ensure that the group remains well-positioned to realise its assets, meet its liabilities in the normal course of business and continue advancing our exciting projects, starting with bringing the BKM project into production.”
Interim losses in the six months to end June 2024 were US$ 2.4 million (S$2.9 million).