The company raised around £7.2mln (US$10.2mln) through a placing of shares at 11p.
The company's joint broker sees a number of likely share price catalysts in the next six months, including: the release of the Beruang Kanan Main (BKM) bankable feasibility study and the potential sell-down of a minority stake in the KSK copper project licence to help finance development; a maiden resource at the BKZ polymetallic project; and the testing of lateral and depth extensions of mineralisation at Beutong and BKZ/M.
“If Asiamet could sell a 40% stake at our post-finance KSK valuation of US$172mln, it would be 19% accretive and increase our target price to 24p,” Liberum said.
Its current target price is 20p.
As for the BKZ/BKM deposits, management believes there may be a mineralised porphyry system connecting the two.
Drill holes have thus far been unable to penetrate the magnetite horizon or test the large magnetic anomaly below BKZ, Liberum noted.
Shares in Asiamet were up 6.4% towards the end of lunchtime trading at 12.9p.