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Asian Mineral Resources Ltd
Symbol ASN
Shares Issued 779,545,041
Close 2015-04-28 C$ 0.045
Recent Sedar Documents

Asian Mineral earns $6.5-million in fiscal 2014

2015-05-01 08:10 ET - News Release

Mr. Evan Spencer reports

ASIAN MINERAL RESOURCES BEATS PRODUCTION AND RECOVERY TARGETS; ANNOUNCES STRONG CASH FLOW AND MAIDEN NET PROFIT

Asian Mineral Resources Ltd. is providing a financial and operational update for the full year ended Dec. 31, 2014.

Operational highlights

  • Production ramp-up completed:
    • 12 per cent above target milled production of 422,456 tonnes (375,000-tonne 2014 target);
    • 6,854 tonnes of nickel contained metal in concentrate (2013: 1,166 tonnes);
    • 3,439 tonnes of copper contained metal in concentrate (2013: 671 tonnes);
    • Above target nickel mill recoveries of 85.2 per cent (2013: 78.5 per cent).
  • Awarded a mineral exploration licence in July, 2014, covering 49 square kilometres of highly prospective ground surrounding the existing Ban Phuc mine.

Financial highlights

  • Revenue of $87.8-million (2013: $9.2-million) and an average realized nickel price for the year of $7.75 (U.S.)/pound;
  • C1 unit operating cash costs of $3.03/pound (2013: $5.15/pound);
  • Strong operational cash flow of $17.6-million (2013: negative $2.5-million), allowing for:
    • $14.4-million of capital investment;
    • $3.4-million of debt repayments;
    • Negative $200,000 due to cash movement and FX fluctuations.
  • Gross profit of $15.6-million for 2014 (2013: $1.3-million);
  • Net income of $6.5-million (2013: negative $10.8-million);
  • Total cash and cash equivalents of $5.0-million and total current assets of $27.2-million as at Dec. 31, 2014.

                     SUMMARY ANNUAL FINANCIAL INFORMATION

                                                   2014                2013

Net sales revenue                  $         87,818,927 $         9,156,036
Gross profit                       $         15,631,447 $         1,253,998
Operating cash flow                $         17,634,240 $        (3,097,563)
Net income/(loss)                  $          6,505,019 $       (10,807,985)
Total assets                       $         74,919,826 $        73,177,413

Commenting on the year-end performance, chief executive officer Evan Spencer said:

"We are extremely pleased with AMR's performance. The operations ramp-up is now complete and we have exceeded target production and sales. Also, despite a recent drop in nickel prices, our robust management of mining processes and cost reduction strategies will enable us to maintain solid cash flow going forward. At the same time, we are continuing to pursue multiple growth opportunities, with a particular focus on our advanced near-mine and regional exploration targets, including a study which is being conducted on the disseminated resource and the results are expected by June."

The company's audited consolidated financial statements and related notes have been prepared in accordance with international financial reporting standards. Both the financial statements and the management's discussion and analysis are available on SEDAR.

We seek Safe Harbor.

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