Asian Mineral Resources - The Release of 2015 Financial Statements and MD&A

TORONTO, ONTARIO--(Marketwired - May 3, 2016) - Asian Mineral Resources Limited ("AMR" or the "Company") (TSX VENTURE:ASN) is pleased to provide a financial and operational update for the full year ended December 31, 2015 ("FY2015").

OPERATIONAL HIGHLIGHTS

• Production increased:
  • 18% above target milled production of 447,746 tonnes (379,600 tonnes FY 2015 target);
  • 8,607 tonnes of nickel contained metal in concentrate (FY2014: 6,854 tonnes);
  • 4,011 tonnes of copper contained metal in concentrate (FY2014: 3,439 tonnes); and
  • Above target nickel mill recoveries of 87.4% (FY2014: 85.2%).
• Continued ongoing safety performance exceeding annual targeted 25% improvement in LTIFR.
• No reportable environmental incidents.
• All mined capital development completed ahead of schedule in 2015.
• Tailings dam construction completed for full current life of mine.
• Kingsnake geological mapping and trenching identifies 1.2km mineralized zone at surface with surface EM identifying the presence of EM conductors at depth.

FINANCIAL HIGHLIGHTS

• Revenue of $74.8 million (FY2014: $87.8 million) and an average realized nickel price for the year of $6.24/lb (FY2014: $8.81/lb).

• C1 unit operating cash costs results:

	2015	2014
Pre-net of copper and cobalt by-product credits	US$3.58/lb	US$3.98/lb
After-net of copper and cobalt by-product credits	US$2.69/lb	US$2.67/lb
After Royalty/Export tax/Environment protection fee	US$4.30/lb	US$4.88/lb

• Strong operational cashflow of $25.3 million (Restated FY2014: $18.0 million), allowing for:
  • $7.6 million of capital investment (Restated FY2014: $14.8 million);
  • $18.6 million of debt repayments (Restated FY2014: $3.4 million); and
  • ($0.9) million due to cash movement and FX fluctuations (Restated FY2014: ($0.2) million).

• Gross loss of $35.7 million for FY2015 (Restated FY2014: Gross profit $12.2 million) due to:
  • Average realized nickel price dropped significantly to US$4.88/lb in 2015 from US$7.75/lb in 2014;
  • Impairment loss of BPNM's PPE of $26.6 million was recognized in 2015.

• Net loss of $47.2 million (Restated FY2014: Net income $3.1 million).
• Received US$6.4 million in June and July for VAT refund for period from November 2013 to June 2015.
• Full repayment of the outstanding term loan facility US$16 million and full repayment of working capital facility US$2.7 million, both facilities with LienViet Post Bank of Vietnam. The Board and management of AMR are proud that these repayments were achieved in a falling nickel price environment.
• Total cash and cash equivalents of $5.7 million and total current assets of $18.6m as at 31 December 2015.

Summary Annual Financial Information