Me surprises which is mentioned no word to the coalescence between ASN and KAS.
Nevertheless, has failed or not, maybe it is begun, nevertheless, over again an attempt with each other, because the shareholders are invested in both values, e.g., Lions Group and Pala, etc.
Report Asian Mineral Resources:
Results of Operations for the Year Ended December 31, 2016
For the year ended December 31, 2016 and 2015, AMR incurred a net loss of $13,859,692 or $0.02 basic and diluted loss per share and a net loss $47,207,779 or $0.06 (fully diluted $0.06) loss per share, respectively.
As at December 31, 2016, the Company had cash and cash equivalents of $5.5 million (December 31, 2015: $5.7 million).
Cash generated from operating activities decreased by $25.1 million to the generation of $0.2 million in 2016 from $25.3 million in 2015. This reduction reflects a $33.3 million reduction in the year’s loss, offset by a $44.8 million decrease in items not involving cash, and a $13.6 million decrease in non-cash operating working capital.
The $44.8 million decrease in items not involving cash included (i) a $18.2 million decrease in depreciation and amortization; and (ii) a $26.6 million decrease in impairment loss. The $13.6 million decrease in non-cash operating working capital included (i) a $5.8 million decrease in accounts receivable; (ii) a $14.9 million decrease in accounts payable and accrued liabilities; offset by (iii) a $7.1 million increase in inventory.
Cash used in investment activities reduced to $0.3 million during 2016 (2015: $7.6 million mainly in mine development).
There was no cash used in financing activities in 2016 (2015: $18.5 million net from draw down and repayment of bank term loan). Bank loans were repaid fully in 2015.
Outlook for 2017
• AMR successfully transitioned into care and maintenance in the last quarter of 2016. Ongoing maintenance of the infrastructure will continue to maintain the plant in a ready state and capable of rapidly returning to production.
• Environmental monitoring and compliance reporting forms an ongoing key component of the care and maintenance activities.
• AMR commenced a review of its exploration activities and approach. At this time the Ban Phuc exploration team are continuing with its low level exploration activities which includes field mapping, trenching and soil sampling. Following the assimilation and interpretation of this new information AMR will be in a position to revise the project ranking and priorities of its exploration prospects.
• Further design planning and analysis of the Ban Phuc disseminated resource will continue with AMR looking to conclude a PEA level report by end of Q2 2017.
• The Company continues its exploration activities in the highly-prolific Song Da rift zone in Vietnam, where AMR has a world class exploration tenement package with a number of advanced-stage nickel exploration targets. With the completion of the exploration review and the development of a focused exploration program AMR is looking to re-launch again into a large scale exploration program.
KAS Price at posting:
2.3¢ Sentiment: Buy Disclosure: Held
