Announcements

Dear Shareholders,
The directors of IMC Exploration Group plc are pleased to present the Financial Results for ('IMC') for the twelve months to 30th June 2014.Progress continues to be made on our licence areas in Avoca PL 3849 and PL 3850 and on our Boley licence PL 2551, where we intersected significant gold values from our drilling programme.

We have had significant success in our exploration work on our precious metal licences in Wicklow and Wexford to date. The Avoca licence includes the Kilmacoo gold resource where a previous drilling campaign outlined a drill indicated resource which has been estimated by the  Geological Survey of Ireland to contain 300,000t  to 500,000t grading 1.5 to 2.0 g/t gold. Due to the significant success of our exploration work in Wexford and the well documented potential of the Avoca licences, the directors have decided to concentrate their efforts, energy and resources on these highly prospective properties.

Earlier this year, a team of prominent geologists spent time studying the Avoca mine site.  It was agreed there is potential of copper zinc massive and gold-bearing stringer sulphides reported in previous drill programmes.

We have had discussions with a number of mining companies based in Toronto and London on how to progress the development of these properties in order to return best value to shareholders.  It is our intention to produce a JORC compliant report in the coming months.  Following on from this, two major mining houses based in the city of London have requested to evaluate the project in its totality.

2014 has been a challenging year for all junior mining companies.  Notwithstanding that, with our fully costed works programme and the anticipated rise in the price of gold, IMC expects to be at the forefront of this recovery.

_______________
Liam McGrattan
Chairman

IMC Exploration Group Public Limited Company
Directors’ Report
for the year ended 30th June 2014 

The Directors present their Annual Report and audited consolidated financial statements for the year ended 30 June 2014 for IMC Exploration Group Public Limited Company (“the Company”) and its subsidiary (collectively “the Group”). 

Principal Activity
The Group’s main activity is the exploration for gold, zinc and other minerals in Ireland.  The Directors have reviewed the financial position of the Group and are satisfied that the Group will continue to operate at its projected level of activity for the foreseeable future. 

Review of Business and Future Developments
A detailed review of activities for the year and future prospects of the Group is contained in the Chairman’s Statement and Review of Activities. 

Principal Risk and Uncertainties
The Group’s activities are carried out principally in the Republic of Ireland.  Accordingly the principal risks and uncertainties are considered to be the following: 

Exploration Risk
Exploration and development activities may be delayed or adversely affected by factors outside the Group’s control, in particular: climatic conditions, existence of commercial deposits of gold, zinc and other minerals, unknown geological conditions; remoteness of locations; actions of governments or other regulatory authorities (relating to, inter alia, the grant, maintenance or renewal of any required authorisations, environmental regulations or changes in law). 

Commodity Price Risk
The demand for, and price of gold, zinc and other minerals is dependent on global and local supply and demand, actions of governments or cartels and general global economic and political developments. 

Financial Risk
Financial risk is addressed in Note 24 to these financial statements. 

Share Price
The company shares are quoted on ISDX markets. Share price movement in the year ranged from a low of Stg£0.02 to a high of Stg£0.04.  The share price at the year end was Stg£0.02. 

Results and Dividends
The loss for the year after providing for depreciation and taxation amounted to €223,122 (2012 : €356,804).  All exploration and development costs to date have been deferred, no transfers to distributable reserves or dividends are recommended. 

Future Developments
A review of future developments of the business is included in the Chairman’s Statement and review of operations.

IMC Exploration Group Public Limited Company 

Directors’ Report
for the year ended 30th June 2014 

……………. continued 

Directors and Secretary and their Interests

In accordance with the Articles of Association, Nial Ring, Andrew Laz Fleming and Glenn Millar retire from the board by rotation in accordance with Article 94 of the Articles of Association.

The Directors and secretary who held office at the year end had no interest, either direct or beneficial, other than those shown below, in the shares of the Company. 

	A Ordinary Shares		A Ordinary Shares
Directors	28 Nov 2014	30 June 2014	30 June 2014	30 June 2014	30 June 2014
Andrew Laz Fleming	3,615,001	3,615,001	3,615,001	-	-
Gareth V Jones*	3,600,001	3,600,001	3,600,001	-	-
Glenn Millar	3,600,001	3,600,001	3,600,001	-	-
Hugh Gibney*	3,715,001	3,715,001	3,715,001	-	-
Nial Ring	3,733,334	3,733,334	3,733,334	-	-
Liam McGrattan	4,252,985	4,252,985	4,252,985	38,093	38,093
Tom Davitt*	3,600,001	3,600,001	3,600,001	-	-
Secretary
Nial Ring	3,733,334	3,733,334	3,733,334

* Resigned on 19th December 2013  
                                                                                                   
 Transactions Involving Directors
There have been no contract or arrangements of significance during the year in which Directors of the Company were interested other than as disclosed in Notes 18 and 21 to the financial statements. 

Significant Shareholders
The Company has been informed that, in additional to the interest of the Directors, at 30 June 2014 and the date of this report, the following shareholders own 3% or more of the issued share capital of the Company:

	Percentage of Issued share capital
	30 June 2014	30 June 2013
Lisa McDonnell	6.60%	8.58%
Joseph O’Farrell	2.60%	3.38%
Global Resources Investment Trust	23.09%	0.00%

The Directors are not aware of any other holding of 3% or more of the share capital of the Company. 

Group undertakings
Details of the Company’s subsidiary are set out in Note 12 to the financial statements. 

Political donations
The Company did not make any political donations during the year (2013 : € Nil).

IMC Exploration Group Public Limited Company 

Directors’ Report
for the year ended 30th June 2014 
……………. continued
Going Concern
The future of the Group is dependent on the successful future outcome of its exploration interests.  The Directors have carried out a review of budgets and cash flows for the twelve months after the date of this report and on the basis of that review, consider that the Group and the Company, based on current exploration activity, will have adequate financial resources to continue in operation for the foreseeable future.  As exploration activity is expanded, further funding will be required. 

The directors consider that in preparing the financial statements they have taken into account all information that could reasonably be expected to be available.  On this basis, they consider that it is appropriate to prepare the financial statements on the going concern basis. 

Important events after the reporting date
There are no important events after the reporting date. 

Corporate Governance
The Directors are committed to maintaining the highest standards of corporate governance commensurate with the size, stage of development and financial status of the Group.

The Board
The Board is responsible for the supervision and control of the Company and is accountable to the shareholders.  The Board has reserved decision-making on a variety of matters, including determining strategy for the Group, reviewing and monitoring executive management performance and monitoring risks and controls.

The Board currently has four Directors, comprising three executive Directors and one non-executive Director.  The Board met formally 11 times during the year ended 30th June 2014. An agenda and supporting documentation was circulated in advance of each meeting.  All the Directors bring independent judgement to bear on issues affecting the Group and all have full and timely access to information necessary to enable them to discharge their duties.  The Directors have a wide and varying array of experiences in the industry.

IMC Exploration Group Public Limited Company 

Directors’ Report
for the year ended 30th June 2014 

……………. continued

Audit and Remuneration Committees
The Audit Committee comprises Nial Ring (Chairman) and Andrew Laz Fleming.  It may examine any matters relating to the financial affairs of the Group and the Group’s audits.  This includes reviews of the annual financial statements and announcements, internal control procedures, accounting procedures, accounting policies, the appointment, independence, objectivity, terms of reference and fees of external auditors and such other related functions as the Board may require. 

The Remuneration Committee comprises Glenn Millar (Chairman) and Andrew Laz Fleming.  It determines the terms and conditions of employment and annual remuneration of the executive directors.  It consults with the Chief Executive Officer, takes into consideration external data and comparative third party remuneration and has access to professional advice outside the Company.  

The key policy objectives of the Remuneration Committee in respect of the Company’s executive directors are :
-       To ensure that individuals are fairly rewarded for their personal contribution to the Company’s overall performance; and
To act as the independent committee ensuring that due regard is given to the interest of the Company’s shareholders and to the financial and commercial health of the Company 
Directors’ Remuneration, including employer’s PRSI, during the year ended 30 June 2014 was as follows: 

	2014 Total	2013 Total
	€	€
Remuneration and other emoluments – Executive Directors	9,266	100,961
Remuneration and other emoluments – Non-Executive Directors	704	24,399
	______	______
	9,970	125,360
	========	=======

 Nomination Committee
At present, as the Board is small, no formal nomination committee has been established.  The authority to nominate new Directors for appointment vests in the Board of Directors.  All Directors co-opted to the Board during any financial period are subject to election by shareholders at the first opportunity following their appointment.  Consideration to setting up a nomination committee is under continuous review. 

Statement of Director’s Responsibilities
The Directors are responsible for preparing the Annual Report and the Group and Company financial statements in accordance with applicable Irish Law and regulations. 

Company law requires the directors to prepare Group and parent Company financial statements for each financial year.  As permitted by company law, the Directors have prepared the Group financial statements in accordance with International Financial Reporting Standards (IRFSs) as adopted by the EU (EU IFRS) and have elected to prepare the Company financial statements in accordance with EU IFRS, as applied in accordance with the provisions of Companies Acts, 1963 to 2012. 

The Group and Company financial statements are required by law and EU IFRS to present fairly the position and performance of the Group; the Companies Acts provide, in relation to such financial statements, that reference in the relevant part of the Acts to financial statements giving a true and fair view are references to their achieving a fair presentation.

IMC Exploration Group Public Limited Company 

Directors’ Report
for the year ended 30th June 2014 

……………. continued 

In preparing each of the Group and Company financial statements, the Directors are required to:

-    select suitable accounting policies and apply them consistently;

-    make judgements and estimates that are reasonable and prudent; 

-    disclose and explain any material departures from applicable accounting standards; 

-    prepare the financial statements on the going concern basis unless it is inappropriate to presume the Company, and the Group as a whole, will continue in business. 

The directors confirm that they have completed with the above requirements in preparing the financial statements. 

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and Group and which enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland, and comply with the Companies Acts, 1963 to 2012, the European Communities (Companies; Group Accounts) Regulations 1992 and all regulations to be construed as one with those Acts. 

They are responsible for safeguarding the assets of the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website.  Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 

Accounting records
The measures taken by the Directors to ensure compliance with the requirements of Section 202, Companies Act 1990, regarding proper books of accounts are the implementation of necessary policies and procedures for recording transactions, the employment of competent accounting personnel with appropriate expertise and the provision of adequate resources to the finance function. The books of accounts of the Company are maintained at 70 Ballybough Road, Ballybough, Dublin 3. 

Auditors
The auditors, Clifford Desmond & Associates, have indicated their willingness to continue in office in accordance with the provisions of Section 160(2) of the Companies Act, 1963. 

On behalf of the board

_____________________                                       ___________________________
Liam McGrattan                                                      Nial Ring
Director                                                                     Director

IMC Exploration Group Public Limited Company 
Independent Auditors’ Report to the Shareholders of IMC Explorations Public Limited Company 
for the year ended 30th June 2014

We have audited the Group and Company financial statements (the “financial statements”) of IMC Exploration Group Public Limited Company for the year ended 30th June 2014 which comprise of the Consolidated Statements of Comprehensive Income, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Cash Flows, Company Statement of Cash Flows and notes thereon.    These financial statements have been prepared under the accounting policies set out on pages 19-23. 

This report is made solely to the Company’s members as a body in accordance with Section 193 of the Companies Act 1990.  Our audit work has been undertaken so that we might state to the Company’s members those matters that we are required to state to them in the audit report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company or the Company’s members as a body for our audit work, for this report, or for the opinion we have formed.

 
Respective responsibilities of directors and auditors
The Directors responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and International Financial Reporting Standards as adopted by the European Union (“IFRS”) are set out in the Statement of Directors’ Responsibilities on pages 7-8. 
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland). 
We report to you our opinion as to whether the Group financial statements give a true and fair view in accordance with International Financial Reporting Standards as adopted by the European Union and have been properly prepared in accordance with the Companies Acts 1963 to 2013.  We also report to you to whether, in our opinion; proper books of accounts have been kept by the Company; whether at the Statement of Financial Position date, there exists a financial situation requiring the convening of an extraordinary general meeting of the Company; and whether the information given in the Directors’ Report is consistent with the financial statements.  In addition, we state whether we have obtained all the information and explanations necessary for the purposes of our audit and whether the Company’s financial positon is in agreement with the books of account. 
We report to the shareholders if, in our opinion, any information specified by law or the listing rules of the ISDX markets regarding Directors’ remuneration and Directors’ transactions is not given and, where practicable, include such information in our report. 
We read the other information contained in the Annual Report and consider whether it is consistent with the audited financial statements.  This other information comprises only the “Chairman’s Statement and Review of Activities”.  We consider the implications for our audit report if we become aware of any apparent misstatement or material inconsistencies with the financial statements.  Our responsibilities do not extend to any other information.
 
Basis of opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board.  An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements.  It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and whether the accounting policies are appropriate to the Group’s and Company’s circumstances, consistently applied and adequately disclosed.

IMC Exploration Group Public Limited Company 
Independent Auditors’ Report to the Shareholders of IMC Exploration Group Public Limited Company 
……………. continued

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. 

Opinion
In our opinion: 
-    the Group financial statements give a true and fair view, in accordance with IFRS’s as adopted by the EU, of the state of the Group’s affairs as at 30 June 2014 and of its loss for the year then ended; 
-    the Company financial statements give a true and fair view, in accordance with IFRSs as adopted by the EU and as applied in accordance with the provisions of the Companies Acts, 1963 to 2013, of the state of the Company’s affairs as at 30 June 2014; and 
-    the financial statements have been properly prepared in accordance with the Companies Acts, 1963 to 2013. 
We have obtained all the information and explanations we consider necessary for the purposes of our audit. In our opinion proper books of account have been kept by the Company. The Company Statement of Financial Position is in agreement with the books of account. 
In our opinion the information given in the Directors’ Report on pages 4 – 8 is consistent with the financial statements. 
The net assets of the Company, as at the financial position date, are less than half of the amount of its called up share capital and, in our opinion, on that basis there did exist at 30 June 2014 a financial situation which under section 40(1) of the Companies (Amendment) Act 1983 may require the convening of an extraordinary general meeting of the Company.
 
Emphasis of Matter – Going concern and carrying value of exploration and evaluation assets In forming our opinion on the financial statements, which is not modified, we considered: 
(a)     the adequacy of disclosures made in Note 10 to the financial statements in relation to the Directors’ assessment of the carrying value of the Group’s deferred exploration costs amounting to €524,724. 
(b)     the adequacy of the disclosures made in Note 1 to the financial statements concerning the Group’s ability to continue as a going concern. The Group incurred a net loss of €223,122 for the year ended 30 June 2014. 
These conditions indicate the existence of material uncertainty which may cast significant doubt about the Group’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Group was unable to continue as a going concern.  
------------------------------------------------------
Maurice Clifford
For and on behalf of
Clifford Desmond & Associates 
Chartered Accountants and Registered Auditors
185 Rathmines Road Lower, Dublin 6, Ireland.
Date: 28th November 2014

 
IMC Exploration Group Public Limited Company 
Consolidated Statement of Comprehensive Income
for the year ended 30th June 2014 
Continuing Operations 

	Notes	2014	2013
Administrative expenses		(122,954)	(357,492)
Operating Loss for the period	4.	(122,954)	(357,492)
Finance Income		1,017	11,699
Amount written off investment	5.	(106,593)	-
		_________	_________
Loss for period before tax		(228,530)	(345,793)
Income tax expenses	8.	5,408	(11,011)
		_________	_________
Total comprehensive loss for the period		(223,122)	(356,804)
		=========	=========
Loss attributable to:
Equity holders of the Company		(223,122)	(356,804)
		=========	=========
Total Comprehensive Loss attributable to:
Equity holders of the Company		(223,122)	(356,804)
		=========	=========
Earnings per share
From continuing operations
Basic and Diluted loss per share (cent)		0.01	0.01
		=========	=========

All activities derived from continuing operations. All losses and total comprehensive losses for the period are attributable to the owners of the Company. 
The Company has no recognised gains or losses other than those dealt with in the statement of comprehensive income. 
The accompanying notes on pages 18-38 form an integral part of these financial statements. 
The Financial statements were approved by the Board of Directors on 28th November 2014 and signed by its behalf by: 
On behalf of the board 
_____________________________                                       __________________________
Liam McGrattan                                                                     Nial Ring
Director                                                                                    Director 
               
IMC Exploration Group Public Limited Company 
Consolidated Statement of Changes in Equity
for the year ended 30th June 2014

	Share Capital €	Share Premium €	Retained Losses €	Total €
Balance at 30 June 2012	91,402	1,308,102	(387,282)	1,012,222
	________	________	________	________
Total comprehensive income for the period
Loss for the period	-	-	(356,804)	(356,804)
		_________	_________	_________
Total comprehensive income for the period	-	-	(356,804)	(356,804)
	_________	_________	_________	_________
Transactions with owners, recorded directly in equity                      contributions by and distributions to owners
Shares issued	-	-	-	-
Share issue costs	-	-	-	-
	_________	_________	_________	_________
Total transactions with owners	-	-	-	-
	_________	_________	_________	_________
Balance at 30 June 2013	91,402	1,308,102	(744,086)	655,418
	_________	_________	_________	_________
Total comprehensive income for the period
Loss for the period	-	-	(223,122)	(223,122)
	_________	_________	_________	_________
Total comprehensive income for the period	-	-	(223,122)	(223,122)
Transactions with owners, recorded directly in equity                      contributions by and distributions to owners
Shares issued	16,000	368,675	-	384,675
Share issue costs	-	-	-	-
	_________	_________	_________	_________
Balance at 30 June 2014	107,402	1,676,777	(967,208)	816,971
	=======	=======	=======	=======

Net equity is attributable to the holder of the ordinary shares in the Group. 
The accompanying notes on pages 18-38 form an integral part of these financial statements. 
The financial statements were approved by the board of Directors on 28th November 2014 and signed on its behalf by: 
On behalf of the board

_____________________________                                 __________________________
Liam McGrattan                                                               Nial Ring
Director                                                                               Director

IMC Exploration Group Public Limited Company 
Company Statement of Changes in equity
for the year ended 30th June 2014
……………continued  

	Share Capital €	Share Premium €	Retained Losses €	Total €
Balance at 30 June 2012	91,402	1,308,102	(295,288)	1,104,216
	________	________	________	________
Total comprehensive income for the period
Loss for the year	-	-	(182,491)	(182,491)
		_________	_________	_________
Total comprehensive income for the year	-	-	(182,491)	(182,491)
	_________	_________	_________	_________
Transactions with owners, recorded directly in equity
Shares issued	-	-	-	-
Share issue costs	-	-	-	-
	_________	_________	_________	_________
Total transactions with owners	-	-	-	-
	_________	_________	_________	_________
Balance at 30 June 2013	91,402	1,308,102	(477,779)	921,725
	_________	_________	_________	_________
Total comprehensive income for the year
Loss for the year	-	-	(134,201)	(134,201)
	_________	_________	_________	_________
Total comprehensive income for the year	-	-	(134,201)	(134,201)
Transactions with owners, recorded directly in equity
Shares issued	16,000	368,675	-	384,675
Share issue costs	-	-	-	-
	_________	_________	_________	_________
Total transactions with owners	16,000	368,675	-	384,675
	_________	_________	_________	_________
Balance at 30 June 2014	107,402	1,676,777	(611,980)	1,172,199
	=======	=======	=======	=======

Net equity is attributable to the holders of the ordinary shares in the Company. 
The accompanying notes on pages 18 - 38 form an integral part of these financial statements. 
The financial statements were approved by the board of directors on 28th November 2014 and signed on its behalf by 
On behalf of the board

________________________                                                   ____________________________
Liam McGrattan                                                                       Nial Ring
Director                                                                                       Director 

IMC Exploration Group Public Limited Company 
Consolidated Statement of Financial Position

for the year ended 30th June 2014 

Assets	Notes	2014	2013
Intangible assets	10	524,724	524,724
Property, plant and equipment	11	2,690	3,915
Investments	12	281,818	3,736
		_________	_________
Total Non-Current Assets		809,232	532,375
		__________	__________
Current Assets
Trade and other receivables	13	111,403	154,033
Cash and cash equivalents		(32,304)	52,991
		_________	_________
Total Current Assets		79,099	207,024
		_________	_________
Total Assets		888,331	739,399
		=========	=========
Equity
Share Capital	15	107,402	107,402
Share premium	15	1,676,777	1,308,102
Retained deficit	16	(967,208)	(744,086)
		_________	_________
Attributable to owners of the Company	17	816,971	655,418
		_________	_________
Total Equity		816,971	655,418
		_________	_________
Liabilities – Current
Trade and other payables		61,462	68,675
Current tax liabilities		9,898	15,306
		_________	_________
Total Liabilities	14	71,360	83,981
		_________	_________
Total Equity and Liabilities		888,331	739,399
		=========	=========

The accompanying notes on pages 18-38 form and integral part of these financial statements. 
The Financial statements were approved by the Board of Directors on 28th November 2014 and singed by its behalf by: 
On behalf of the board

_____________________________                 __________________________
Liam McGrattan                                                Nial Ring
Director                                                                 Director 

IMC Exploration Group Public Limited Company 
Consolidated Statement of Financial Position
for the year ended 30th June 2014 

Assets Non- Current Assets	Notes	2014	2013
Financial Investments	12	312,183	34,101
		_________	_________
Total Non-Current Assets		312,183	34,101
		_________	_________
		__________	__________
Current Assets
Trade and other receivables	13	908,528	876,408
Cash and cash equivalents		348	50,484
		_________	_________
Total Current Assets		908,876	926,892
		_________	_________
Total Assets		1,221,059	960,993
		=========	=========
Equity
Share Capital	15	107,402	91,402
Share premium	15	1,676,777	1,308,102
Retained loss	16	(611,980)	(477,779)
		_________	_________
Equity Attributable to equity shareholders		1,172,199	921,725
		_________	_________
Total Equity		1,172,199	921,725
		_________	_________
Liabilities – Current
Trade and other payables	14	38,962	23,962
Current tax liabilities	14	9,898	15,306
		_________	_________
Total Liabilities		48,860	39,268
		_________	_________
Total Equity and Liabilities		1,221,059	960,993
		=========	=========

The accompanying notes on pages 18-38 form and integral part of these financial statements.
The financial statements were approved by the Board of Directors on 28th November 2014 and signed on its behalf by:  
On behalf of the board 

_____________________________                               __________________________
Liam McGrattan                                                            Nial Ring
Director                                                                            Director

IMC Exploration Group Public Limited Company
Consolidated Statement of Cash Flows
for the year ended 30th June 2014 

Cash flows from operating activities	Notes	2014	2013
Loss for the year		(117,546)	(368,503)
Adjustments for:
Income tax expense recognised in profit and loss		(5,408)	11,011
Depreciation		1,225	1,225
		_________	_________
Cash from operations before changes in working capital		(121,729)	(356,267)
Movement in trade and other receivables		42,630	(50,916)
Movement in trade and other payable		(7,213)	(55,989)
		_________	_________
Net cash flow from operating activities		(86,312)	(463,172)
Cash flows from investing activities
Interest received	22	1,017	11,699
Taxation	22	-	(6,558)
Acquisitions and disposals	22	-	(168,122)
		_________	_________
		1,017	(162,981)
		_________	_________
Cash flows from financing activities
Proceeds from the issue of new shares	22	-	-
Finance income/(expense)		-	-
		_________	_________
		1,017	-
		_________	_________
Movement in cash and cash equivalents	23	(85,295)	(626,153)
Cash and cash equivalents at beginning of period	23	52,991	679,144
		_________	_________
Cash and cash equivalents at end of period	23	(32,304)	52,991
		=========	=========

The accompanying notes on pages 18 – 38 form an integral part of these financial statements. 
The financial statements were approved by the Board of Directors on 28th November 2014 and signed on its behalf by: 
On behalf of the board 
__________________________                                    ________________________
Liam McGrattan                                                           Nial Ring
Director                                                                          Director

IMC Exploration Group Public Limited Company

Company Statement of Cash Flows
for the year ended 30th June 2014

Cash flows from operating activities	Notes	2014	2013
Loss for the year		(28,625)	(141,768)
Adjustments for:
Income tax expense recognised in profit and loss		(5,408)	11,011
		_________	_________
Cash from operations before changes in working capital		(34,033)	(152,779)
Movement in trade and other receivables		(32,120)	(408,741)
Movement in trade and other payable		15,000	(39,025)
		_________	_________
Cash generated from operations		(51,153)	(600,545)
Income tax received		-	-
		_________	_________
Cash flows from operating activities		(51,153)	(600,545)
		_________	_________
Cash flows from investing activities
Expenditure on investing activities		-	-
Interest received		1,017	11,699
Taxation		-	(6,558)
		_________	_________
		1,017	5,141
		_________	_________
Cash flows from financing activities
Proceeds from the issue of new shares		-	-
		_________	_________
Net cash used in financing activities		-	-
		_________	_________
Movement in cash and cash equivalents in the year		(50,136)	(595,404)
Cash and cash equivalents at beginning of year		50,484	645,888
		_________	_________
Cash and cash equivalents at end of year		348	50,484
		=========	=========

The accompanying notes on pages 18 – 38 form an integral part of these financial statements.
The financial statements were approved by the Board of Directors on 28th November 2014 and signed on its behalf by: 
On behalf of the board 

__________________________                                                  ________________________
Liam McGrattan                                                                          Nial Ring
Director                                                                                          Director

IMC Exploration Group Public Limited Company
Notes to the Financial Statementsfor the year ended 30 June 2014 

1. Basis of Preparation
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS’s) as adopted by the EU.
The financial statements have been prepared on the historical cost basis. The accounting policies have been applied consistently by Group entities.
The financial statements have been prepared on the going concern basis, which assumes that IMC Exploration Group Public Limited Company will continue in operational existence for the foreseeable future.
The validity of this assumption depends on the raising of additional finance.
The Directors intend to raise additional finance during 2015 and 2016. This additional funding will be used to continue the exploration programme and to fund the administrative expenses of the Company and the Group.

The financial statements do not include any adjustments that would result if the additional capital is not raised. Whilst taking into consideration the uncertainties described above, the Directors believe that it is appropriate for the financial statements to be prepared on a going concern basis.
 

IMC Exploration Group Public Limited Company 
Notes to the Financial Statements
for the year ended 30 June 2014 
……………. Continued 

2. Statement of Accounting Policies
Accounting Convention
The financial statements are prepared under the historical cost convention. 
IMC Exploration Group Public Limited Company (“the Company”) is a company incorporated in Ireland. The Group financial statements consolidate those of the Company and its subsidiary (together referred to as the “Group”). 
The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements and by all group entities. 

Statement of Compliance
As permitted by the European Union, the Group financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS’s) and their interpretations issued by the International Accounting Standards Board (IASB) as adopted by the EU (IFRS). The individual financial statements of the Company (“Company financial statements”) have been prepared in accordance with the IFRS’s as adopted by the EU and as applied in accordance with the Companies Acts, 1963 to 2012 which permits a company that publishes its Company and Group financial statements together, to take advantage of the exemption in Section 148(8) of the Companies Act, 1963, from presenting to its members its Company Statement of Comprehensive Income and related notes that form part of the approved Company financial statements. 
The IFRS’s adopted by the EU as applied by the Company and the Group in the preparation of these financial statements are those that were effective on or before 30 June 2014. 
Forthcoming Requirements 

Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Group 
-   IAS 24 Related Party Disclosures (IAS 24 (2009)) with an effective date of 1 July 2014
-   IFRS 2 Share-based Payment (IFRS 2(2009)) with an effective date of 1 July 2014
-   IFRS 8 Operating Segments (IFRS 8 (2009)) with an effective date of 1 July 2014
-   IFRS 9 Financial Instruments (IFRS 9 (2010)) with an effective date of 1 January 2015 
These new standards and interpretations are not expected to have a material impact on the Group financial statements. 

IMC Exploration Group Public Limited Company
Notes to the Financial Statements 
forthe year ended 30 June 2014 
……………. Continued 

Functional and Presentation Currency
The consolidated financial statements are presented in Euro (€), which is the Company’s functional currency. 

Use of Estimates and Judgements
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources.
In particular, significant areas of estimation, uncertainty and critical judgements in applying accounting policies that have the most significant effect on the amount recognised in the financial statements are in the following areas
Note 10 – Intangible asset; measurement of impairment
Note 8 – Deferred Tax; utilisation of tax losses 

Revenue Recognition – Interest revenue
Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount
. 
Basis of Consolidation
The consolidated financial statements comprise the financial statements of IMC Exploration Group Public Limited Company and its subsidiary undertaking for the year ended 30 June 2014. 
Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing the control, potential voting rights that are currently exercisable or convertible are taken into account. Subsidiaries are fully consolidated from the date that control commences until the date that control ceases. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. 
Intragroup balances and any unrealised gains or losses or income or expenses arising from intragroup transactions are eliminated in preparing the Group financial statements. 
In the Company’s own balance sheet, investments in subsidiaries are stated at cost less provisions for any permanent diminution in value.

IMC Exploration Group Public Limited Company 
Notes to the Financial Statements
for the year ended 30 June 2014 
……………. continued

Intangible Assets
Exploration and Evaluation Assets
In accordance with International Financial Reporting Standard 6 – Exploration for and Evaluation of Mineral Resources, the Group uses the cost method of recognition. Exploration costs include licence costs, survey, geophysical and geological analysis and evaluation costs, costs of drilling and project-related overheads. 
Exploration expenditure in respect of properties and licences not in production is capitalised and is carried forward in the balance sheet under intangible assets in respect of each area of interest where:
(i)   the operations are ongoing in the area of interest and exploration or evaluation activities have not reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves; or
(ii)  such costs are expected to be recouped through successful development and exploration of the area of interest or alternatively by its realisation. 
When the Directors decide that no further expenditure on an area if interest is worthwhile, the related expenditure is written off or down to an amount which it is considered represents the residual value of the Group’s interest therein.
 
Impairment
The carrying amounts of the Group’s non-financial assets, other than deferred tax assets are reviewed at each year end reporting date to determine whether there is any indication of impairment. If any such indication exists then the assets’ recoverable amount is estimated. For intangible assets that have indefinite lives or that are not yet available for use, recoverable amount is estimated at each year end reporting date. 
An impairment loss is recognised if the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. A cash-generating unit is the smallest identifiable asset group that is expected to generate cash flows that largely are independent from other assets and groups. Impairment losses are recognised in the Statement of Comprehensive Income. Impairment losses recognised in respect of cash-generating units are allocated first to reduce the carrying amount of any goodwill allocated to the units and then to reduce the carrying amount of the other assets in the unit (group of units) on a pro rata basis. 
The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risk specific to the asset. 

Property, Plant and Equipment
Plant and Equipment are stated at cost or valuation, less accumulated depreciation. Subsequent costs are included in an asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group. Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows: 
Fixtures and Fittings -   20% Straight Line 
The residual value of the useful lives of the property, plant and equipment are reviewed annually and adjusted if appropriate at each statement of financial position date. 
On disposal of property, plant and equipment the cost and the related accumulated depreciation and impairments are removed from the financial statements and the net amount, less any proceeds, is taken to the Statement of Comprehensive Income. 

IMC Exploration Group Public Limited Company 
Notes to the Financial Statements
for the year ended 30 June 2014 
……………. continued

Income Tax Expense
Incometax expense comprises current and deferred tax. Income tax expense is recognised in profit and loss except to the extent that it relates to items recognised in other comprehensive income or directly in equity, in which case the tax is also recognised in other comprehensive income or equity respectively. 
Current corporation tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. 
Deferred tax is recognised using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they probably will not reverse in the foreseeable future. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. 
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against which temporary difference can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. 
Additional income taxes that arise from the distribution of dividends are recognised at the same time as the liability to pay the related dividends is recognised.
 
Foreign Currencies
Monetary assets and liabilities dominated in a foreign currency are translated into Euro at the exchange rate ruling at the balance sheet date, unless specifically covered by foreign exchange contracts whereupon the contract rate is used. Revenues, costs and non monetary assets are translated at the exchange rates ruling at the dates of the transactions. All exchange differences are dealt with through the Statement of Comprehensive Income. 
On consolidation, the assets and liabilities of overseas subsidiaries are translated into Euro at the rates of exchange prevailing at the balance sheet date. Exchange differences arising from the restatement of the opening balance sheets of these subsidiary Companies are dealt with through reserves. The operating results of overseas subsidiary Companies are translated into Euro at the average rates applicable during the year. 

Share Capital
Incremental costs directly attributable to the issue of ordinary shares and share options are recognised as a reduction in equity. 

Earnings Per Share
The Group presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders and the weighted average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares. 

IMC Exploration Group Public Limited Company 
Notes to the Financial Statements
for the year ended 30 June 2014
……………. continued

Share based payments
For such grants of share options, the fair value as at the date of grant is calculated, taking into account the terms and conditions upon which the options were granted. The amount recognised as an expense is adjusted to reflect the actual number of share options that are likely to vest, except where forfeiture is only due to market-based conditions not achieving the threshold for vesting. The corresponding credit is to a share based payment reserve. 

Financial Instruments
Cash and Cash Equivalents

Cash and cash equivalents in the Statement of Financial Position comprise cash at bank and in hand and short term deposits with an original maturity of three months or less. Bank overdrafts that are repayable on demand and form part of the Group’s cash management are included as a component of cash and cash equivalents for the purpose of Statement of Cash Flows. 

Trade and Other Receivables/Payables
Trade and other receivables and payables are stated at cost less impairment, which approximates fair value given the short dated nature of these assets and liabilities. 

Finance Income
Finance income comprises interest income on funds invested and foreign currency gains. Interest income is recognised as the interest accrues (using the effective interest rate method) to the net carrying amount of the financial asset.
 
Segmental Information
In accordance with IFRS 8: Operating Segments, the Group has one principle reportable segment, ie: Ireland, which represents the exploration for and the development of gold, zinc and other minerals in Ireland. 
Other operations ‘Corporate’ includes cash resources held by the Group, interest income earned and other operational expenditure incurred by the Group. These areas are not within the definition of an operating segment. 

Financial Assets – Investments in Subsidiaries
Investments in subsidiaries are stated at cost and are reviewed for impairment if there are indications that the carrying value may not be recoverable.

 
IMC Exploration Group Public Limited Company 
Notes to the Financial Statements
for the year ended 30 June 2014
……… continued 

3.  Segment Information
The group is engaged in one business segment only – exploration of mineral resource projects. Therefore only an analysis by geographical segment has been presented. The group has geographic segments in Ireland. 
The segment results for the periods are as follows: 

Segment Revenues and Results
The following is an analysis of the Group’s revenue and results from continuing operations by reportable segment.

	Segment Revenue		Segment Loss
	2014 €	2013 €	2014 €	2013 €
Loss for period to 30 June 2014	-	-	(120,389)	(357,492)
	________	________	________	________
Total for continuing operations	-	-	(120,389)	(357,492)
			=========	=========
Investment Income			1,017	11,699
Amount written off investments			(106,593)	-
Finance costs			(2,565)	-
			________	________
Loss before tax (continuing operations)			(228,530)	(345,793)
Income tax expense			5,408	(11,011)
			________	________
Segment loss for period			(223,122)	(356,804)
			=========	=========
Segment assets and liabilities
Segment Assets			2014 €	2013 €
Exploration – Ireland			888,331	739,399
			________	________
Consolidated assets			888,331	739,399
			=======	=======
Segment Liabilities
Exploration – Ireland			71,360	83,981
			________	________
Consolidated Liabilities			71,360	83,981
			=======	=======

IMC Exploration Group Public Limited Company
Notes to the Financial Statements
for the year ended 30 June 2014
……… continued

Other segment information
	Depreciation and Amortisation		Additions to non-current assets
	2014 €	2013 €	2014 €	2013 €
Exploration	1,225	1,225	-	1,200
	=========	=========	=========	=========

Revenue from major products and services
The Group did not receive any revenue in the current or prior year. 
Geographical information
The Group operates in one geographical area – Republic of Ireland. 

4.   Loss on ordinary activities before taxation Group
	2014 €	2013 €
This is arrived at after charging:
Depreciation of tangible assets	1,225	1,225
Auditors’ remuneration	14,500	14,500
Auditors’ remuneration from non-audit work	12,000	12,000
	=========	=========

Company
	2014 €	2013 €
This is arrived at after charging:
Auditors’ remuneration	14,500	14,500
Auditors’ remuneration from non-audit work	12,000	12,000
	=========	=========

As permitted by Section 148 (8) of the companies Act 1963, the company Statement of Comprehensive Income has not been separately disclosed in these financial statements. 

5.    Amounts written off investments
	2014 €	2013 €
Amounts written off fixed asset investments
-diminution in value (see Note 12)	106,593	-

IMC Exploration Group Public Limited Company 
Notes to the Financial Statements
for the year ended 30 June 2014
……… continued 

6. Interest receivable and similar income
	2014 €	2013 €
Bank Interest	1,017	11,699
	=========	=========

7.    Employees
Number of employees
The average monthly numbers of employees
(Including the directors) during the year were:	2014 Number	2013 Number
Directors	1	6
Employee	0	1
	=========	=========

Employment costs (including directors)	2014 €	2013 €
Wages and salaries	9,516	137,104
Social welfare costs	704	12,202
	_______	_______
	10,220	149,306
	=========	=========

7.1    Directors’ emoluments
	2014 €	2013 €
Remuneration and other emoluments	9,970	125,360
	=========	=========

IMC Exploration Group Public Limited Company
 Notes to the Financial Statements
for the year ended 30th June 2014 
……………continued 

8.    Income tax expense
	2014 €	2013 €
Current year taxation
Corporation tax expense in respect of the current year	(5,408)	11,011
	_______	_______
Total expense	(5,408)	11,011
	=========	=========
The income tax expense for the year can be reconciled to the accounting loss as follows:
Loss on ordinary activities before tax	(123,957)	(345,793)
	_______	_______
Loss on ordinary activities multiplied by
standard rate of corporation tax of 12.5% (2013 – 12.5%)	(15,495)	(43,224)
	=========	=========

The tax rate used for the year end reconciliations above is the corporate rate of 12.5% payable by corporate entities in Ireland on taxable profits under tax law in the jurisdiction of Ireland. Income tax expense recognised relates to surcharges on directors loans.

IMC Exploration Group Public Limited Company
Notes to the Financial Statements
for the year ended 30 June 2014

……… continued 

9. Loss per share Basic earnings per share
The basic and weighted average number of ordinary shares used in the calculation of basic earnings per share are as follows:
	2014 €	2013 €
Current year taxation
Loss for the period attributable to equity holders of  The parent	(223,122)	(356,804)
	=========	=========
Number of ordinary shares in issue – start of year	53,308,507	53,308,507
Effect of shares issued during the year	16,000,000	-
	_______	_______
Weighted average number of ordinary shares for the purposes of basic earning per share	69,308,507	53,308,507
	=========	=========
Basic Loss per ordinary share (cent)	(0.01)	(0.01)
10. Intangible assets – Group	2014 €	2013 €
Cost	524,724	524,724
Accumulated amortisation and impairment	-	-
	_______	_______
	524,724	524,724
	=========	=========

10. Intangible assets – Group	Exploration and Evaluation Assets €	Total €
Cost
Opening cost	524,724	524,724
Additions	-	-
	_______	_______
	524,724	524,724
	=========	=========

The Directors have considered expenditure on exploration and evaluation activities which have been capitalised at cost. No amortisation has been charged in the period. The Directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated and not impaired at 30 June 2014. The recoverability of the intangible assets is dependent on the future realisation or disposal of the copper, silver, gold and other mineral, resources.

IMC Exploration Group Public Limited Company 
Notes to the Financial Statements
for the year ended 30 June 2014 
……… continued

11. Tangible assets
	Fixtures & fittings €	Total
Cost
At 1 July 2013	6,125	6,125
Additions	-	-
	_______	_______
	6,125	6,125
	_______	_______
Depreciation
At 1 July 2013	2,210	2,210
Change for the year	1,225	1,225
	----------	----------
At 30 June 2014	3,435	3,435
	----------	----------
Net book values
At 30 June 2014	2,690	2,690
	=======	=======
At 30 June 2013	3,915	3,915
	=======	=======

IMC Exploration Group Public Limited Company 
Notes to the Financial Statements
for the year ended 30th June 2014 
……………continued

12.     Financial assets - Company	SubsidiaryUndertakings	Listed
	Shares €	Investments €	Total  €
Group undertakings
Shares at cost
At 1 July 2013	30,365	38,738	69,103
Shares acquired during year	-	384,675	384,675
	_____	_____	_____
At 30 June 2014	30,365	423,413	453,778
Provisions for Diminution in value:
At 1 July 2013	-	35,002	35,002
Movement	-	106,593	106,593
	_____	_____	_____
At 30 June 2014	-	141,595	141,595
Net book values
At 30 June 2014	30,365	281,818	312,183
	=======	=======	=======
At 30 June 2013	30,365	3,736	34,101
	=======	=======	=======

At 30 June 2014 the Company had the following subsidiary undertaking:

Name	Incorporated in	% shares
IMC Exploration Limited	Ireland	100

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant
             financial year were as follows:

	Capital and reserves €	Loss for Year €
IMC Exploration Limited	(345,499)	(88,921)
	________	________
Listed Investments

  On the 26th March 2012 the company acquired 1,000,000 in Gold World Resources Inc at a cost price of
  CAD$0.05 per share.  The market price at 30 June 2014 was CAD$0.0025.            
  On 07th March 2014 the company issued 16,000,000 shares to Global Resources Investment Trust (GRIT), an LSE quoted company, in return for 320,000 shares     (GBP£1 per share) in GRIT. The net asset value per share of GRIT at 30th June 2014 was GBP£0.7014. 
      The directors have provided for any diminution in value. 
      In the opinion of the Directors’ the carrying value of the investment is appropriate. 

IMC Exploration Group Public Limited Company 
Notes to the Financial Statements
for the year ended 30th June 2014 
……………continued                                                                               

13 Trade and other receivables
	Group 2014 €	Group 2013  €	Company 2014 €	Company 2013 €
Amounts owed by group undertaking	-	-	818,372	763,372
Other receivables	38,871	57,592	17,624	17,854
Directors Accounts	43,962	65,595	43,962	65,595
Called up share capital not paid	28,570	28,570	28,570	28,570
Prepayments and accrued income	-	2,276	-	1,017
	________	________	________	________
	111,403	154,033	908,528	876,408
	=========	=========	=========	=========
Amounts falling due after more than on year and included in debtors are:
	Group 2014 €	Group 2013  €	Company 2014 €	Company 2013 €
Amounts owed by group undertaking			818,372	763,372
Called up share capital not paid	28,570	28,570	28,570	28,570
	________	________	________	________
	28,570	28,570	846,942	791,942
	=======	=======	=======	=======

14 Trade and other payables
	Group 2014 €	Group 2013  €	Company 2014 €	Company 2013 €
Amounts falling due within one year
Corporation tax	9,898	15,306	9,898	15,306
Other taxes and social welfare costs	-	890	-
Other payables	3,000	823	3,000	-
Accruals and deferred income	58,462	66,962	35,962	23,962
	________	________	________	________
	71,360	83,981	48,860	39,268
	=========	=========	=========	=========
Other taxes and social welfare costs:
	Group 2014 €	Group 2013  €	Company 2014 €	Company 2013 €
PAYE/PRSI	-	890	-	-
	=======	=======	=======	=======

IMC Exploration Group Public Limited Company 
Notes to the Financial Statements
for the year ended 30th June 2014 
……………continued

15.   Share capital
	2014 €	2013 €
Authorised equity
200,000,000 Ordinary shares of €0.001 each	200,000	200,000
50,000 “A” Ordinary shares of €1 each	50,000	50,000
	_______	_______
	250,000	250,000
	=========	=========

Issued Capital
Ordinary Shares fully paid up	Number of shares	Share Capital  €	Share Premium €
Balance at 1 July 2012	53,308,507	53,309	1,308,102
Shares Issued for Non-Cash	-	-	-
Balance at 30 June 2013	53,308,507	53,309	1,308,102
	=======	=======	=======
Balance at 1 July 2013	53,308,507	53,309	1,308,102
Shares Issued for Non-Cash	16,000,000	16,000	368,675
	_________	_________	_________
Balance at 30 June 2014	69,308,507	69,309	1,676,777
	=======	=======	=======

 Fully paid ordinary shares which have a par value of €0.001 carry one vote and carry a right to dividends.

A Ordinary Shares Partly Paid	Number of shares	Share Capital  €	Share Premium €
Balance at 1 July 2013	38,093	38,093	-
Shares Issued for Non-Cash	_________	_________	_________
Balance at 30 June 2014	38,093	38,093	-
	=======	=======	=======

Partly paid “A” ordinary shares which have a par value of €1 carry no voting rights or rights to dividends.

Total Shares	Share Capital  €	Share Premium €
Total at 1 July 2013	91,402	1,308,102
	_________	_________
Total at 30 June 2014	107,402	1,676,777
	=======	=======

IMC Exploration Group Public Limited Company 
Notes to the Financial Statements
for the year ended 30th June 2014 
……………continued

16.     Retained Losses
	Group 2014 €	Group 2013  €	Company 2014 €	Company 2013 €
Loss at beginning of year	(744,086)	(387,282)	(477,779)	(325,688)
Loss for the year	(223,122)	(356,804)	(134,201)	(152,091)
	_________	_________	_________	_________
Loss at end of year	(967,208)	(744,086)	(611,980)	(477,779)
	=======	=======	=======	=======

In accordance with the provisions of the Companies (Amendment) Act 1986, the Company has not  presented an Income Statement.   A Loss for the year of €223,122 (2012 – loss of €356,804) has been  dealt with in the Statement of Comprehensive Income of the Company.

17. Reconciliation of movements in shareholders’ funds
	2014 €	2013 €
Loss for the year	(223,122)	(356,804)
Net proceeds of equity share issue	-	-
Other recognised gains or losses	-	-
	_________	_______
Net deductions from/additional to shareholders funds	384,675	(356,804)
Opening shareholders funds	655,418	1,012,222
	_________	_______
Equity shareholders’ funds	816,971	655,418
	=========	=========

 
IMC Exploration Group Public Limited Company 
Notes to the Financial Statements
for the year ended 30th June 2014 
……………continued                                                                    

18. Transactions with directors Loans to directors	Opening Balance	Movement	Closing Balance	Maximum Outstanding In Year €
Names of Director
Andrew Laz Fleming	5,590	(1,466)	4,124	5,590
Gareth V Jones	12,135	(3,183)	8,952	12,135
Glenn Millar	9,431	(2,474)	6,957	9,431
Nial Ring	14,749	(3,869)	10,880	14,749
Liam McGrattan	14,749	(8,295)	6,454	14,749
Hugh Gibney	8,941	(2,346)	6,595	8,941
	______	______	______	______
Amounts due by directors as at 30 June 2014	65,595	(21,633)	43,962	65,595
	=========	=========	=========	=========

The loans which are interest free are repayable on demand.                                               
19.   Post Balance Sheet events. 
        There were no significant post balance sheet events.

 
IMC Exploration Group Public Limited Company 
Notes to the Financial Statementsfor the year ended 30 June 2014
……………. Continued 
20.  Share-based payments 
Share Options 
At the company’s Annual General Meeting (AGM) on 18 June 2011 the shareholders approved the IMC Exploration Group Public Limited Company 2012 Share Option Scheme. 
Under this Share Option Scheme all of the directors and Lisa McDonnell and David Plunkett had an option to purchase 500,000 Ordinary Shares at a weighted average price of €1.35. This option expired 3 years after the Plus Listing date of 12th October 2011 on 12th October 2014. 
There were no options exercised before this expiry date. 

21. Related Party Transactions 
Details of subsidiary undertakings are shown in Note 12. In accordance with International Accounting Standard 24 – Related Party transactions between group entities have been eliminated on consolidation and are therefore not disclosed. 

IMC Exploration Group Public Limited Company 
Notes to the Financial Statements
for the year ended 30th June 2014 
……………continued 

22.   Gross Cash Flows	2014 €	2013 €
Returns on investment and servicing of finance
Interest received	1,017	11,699
	_____	_____
	1,017	11,699
	=====	=====
Taxation
Corporation tax paid	-	(6,558)
	_____	_____
	-	(6,558)
	======	======
Capital expenditure and financial investment
Payments to acquire intangible assets	-	(166,922)
Payments to acquire tangible assets	-	(1,200)
Payments to acquire investments	-	-
	_____	_____
	-	(168,122)
	=======	=======
Financing
Issue of ordinary share capital	-	-
Issue costs	-
	______	______
	-	-
	=======	=======

23. Analysis of changes in net funds
	Opening Balance €	Cash   flows €	Closing  balance  €
Cash at bank and in hand	52,991	(85,295)	(32,304)
	_______	_______	_______
	52,991	(85,295)	(32,304)
	------------	------------	------------
Net Funds	52,991	(85,295)	(32,340)
	=======	=======	=======

IMC Exploration Group Public Limited Company 
Notes to the Financial Statementsfor the year ended 30 June 2014 
……………. Continued 

24. Financial Instruments and Financial Risk Management 
The Group and Company’s principal financial instruments comprise cash and cash equivalents. The main purpose of these financial instruments is to provide finance for the Group and Company’s operations. The Group has various other financial assets and liabilities such as receivables and trade payables, which arise directly from its operations. 
It is, and has been throughout 2014 and 2013 the Group and Company’s policy that no trading on derivatives be undertaken. 
The main risks arising from the Group and Company’s financial instruments are foreign currency risk, credit risk, liquidity risk, interest rate risk and capital risk. The board reviews and agrees policies for managing each of these risks which are summarised below. 

Foreign currency riskThe Group undertakes certain transactions denominated in foreign countries. Hence, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward exchange contracts where appropriate. 
At the year ended 30 June 2014 and 30 June 2013, the Group had no outstanding forward exchange contracts. 

Credit Risk   Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. As the Group does not, as yet, have any sales to third parties, this risk is limited. 
The Group and Company’s financial assets comprise receivables and cash and cash equivalents. The credit risk on cash and cash equivalents is limited because the counterparties are banks with high credit-ratings assigned by international credit rating agencies. The Group and Company’s exposure to credit risk arise from default of its counterparty, with a maximum exposure equal to the carrying amount of cash and cash equivalents in its consolidated balance sheet. 
The Group does not have any significant credit risk exposure to any single counterparty or any group of counterparties having similar characteristics. The Group defines counterparties as having similar characteristics if they are connected entities.
 
Liquidity risk managementLiquidity risk is the risk that the Group will not have sufficient funds to meet liabilities. Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate liquidity risk management framework for the management of the Group and Company’s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity by maintaining adequate reserves and by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Cash forecasts are regularly produced to identify the liquidity requirements of the Group. To date, the Group has relied on shareholder funding to finance its operations. The Group had no borrowing facilities at 30 June 2014.
The Group and Company’s financial liabilities as at 30 June 2014 and 30 June 2013 were all payable on demand. 

IMC Exploration Group Public Limited Company 
Notes to the Financial Statementsfor the year ended 30 June 2014 
……………. Continued 
The expected maturity of the Group and Company’s financial assets (excluding prepayments) as at 30 June 2014 and 30 June 2013 was less than one month. 
The Group expects to meet its other obligations from operating cash flows with an appropriate mix of funds and equity investments. The Group further mitigates liquidity risk by maintaining an insurance programme to minimise exposure to insurable losses. 
The group had no derivative financial instruments as at 30 June 2014 and 30 June 2013. 

Interest rate risk The Group and Company’s exposure to the risk of changes in market interest rates relates primarily to the Group and Company’s holdings of cash and short term deposits. 
It is the Group and Company’s policy as part of its disciplined management of the budgetary process to place surplus funds on short-term deposit in order to maximise interest earned. 

Capital Risk ManagementThe Group manages its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance. The Group manages its capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust its capital structure, the Group may adjust or issue new shares or raise debt. No changes were made in the objectives, policies or processes during the years ended 30 June 2014 and 30 June 2013. The capital structure of the Group consists of equity attributable to equity holders of the parent, comprising issued capital, reserves and retained losses as disclosed in the consolidated statement of changes in equity.
 
Fair valuesThe carrying amount of the Group and Company’s financial assets and financial liabilities is a reasonable approximation of the fair value. 

Hedging At the year ended 30 June 2014 and 30 June 2013, the Group had no outstanding contracts designated as hedges. 

25. Approval of financial statements 

The financial statements were approved by the board on 28th November 2014.