Announcements

DJ IMC Exploration Group Plc Half-yearly Report, 1 July 2017 to 31 Dec 2018

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Chairman's Statement. 
 
 Financial Results for IMC Exploration Group PLC ('IMC' or the 'Company') for 
                    the half-year ended 31st December 2017 
 
Dear Shareholder, 
 
The Directors of IMC Exploration Group plc are pleased to present the interim 
financial results for IMC for the six months to 31st December 2017. The 
consolidated, unaudited financial statements presented below have been reviewed 
by the Company's auditors. 
 
Over the past number of months IMC has been engaged in a strategic review of 
all its projects.  It was decided IMC would concentrate on its three main 
projects: Tailings and Spoils project in Avoca, Co. Wicklow, North Wexford Gold 
Project and IMC's Zinc Project in Tulla, Co. Clare. 
 
IMC's feasibility study on its flagship project in Avoca, Co. Wicklow is 
continuing and to that end the Company has signed a Heads of Agreement with 
Trove Metals Limited which is expected to lead to a joint venture agreement, 
subject to the approval of the Minister for Communications, Climate Action and 
Environment. 
 
Following an assessment of IMC's highly prospective north Wexford gold project, 
it is apparent to IMC that the licence clearly has untested potential for 
primary gold mineralisation. Drilling and float sampling indicates that the 
Kilmichael area contains significant gold grades in a structurally complex 
setting (CPR 2018).  To date, IMC has completed six drill-holes with highly 
positive results. 
 
IMC's Zinc Project lies adjacent to the Kilbricken zinc deposit in Tulla, Co. 
Clare and Shannon, Co. Clare.  It is on the north-eastern margin of a block of 
licences that have produced significant exploration results by other operators. 
The Kilbricken deposit, c. 15 km to the southwest and held by Hannon Metals, 
has an NI 43-101-compliant resource of 2.7Mt at 8.8% zinc equivalent 
(indicated) and 1.7Mt at 8.2% zinc equivalent7 (inferred). IMC recently has 
drilled on the licence area. 
 
We are in on-going positive discussions regarding Koza's role in IMC.  IMC has 
enjoyed a good working relationship with Koza over several years and, by mutual 
agreement, the current IMC/Koza Joint Venture has been set aside.  We are 
assured of, and look forward to, their contribution to the future of IMC. 
 
Following our indepth this strategic review it was decided IMC has requested 
permission from the Exploration and Mining Division ("EMD") of the Department 
of Communications, Climate Action and Environment to relinquish a number of 
base metal licences, so that we could concentrate on the three main projects 
described above. 
 
Your Directors believe the conclusions of this review to be positive and 
constructive. Concentrating on completion of our works' programme on our main 
projects will, in the opinion of your Board, accelerate progress to realising 
the potential of IMC's projects to the benefit of all shareholders. 
 
LIAM MCGRATTAN, 
 
CHAIRMAN, Dublin, 9th March 2017 
 
Unaudited Consolidated Statement of Comprehensive Income for the period ended 
31 December 2017 
 
                                                              Six Months                                Six Months                Year Ended 
 
                                                    Notes      31-Dec-17                                 31-Dec-16                 30-Jun-17 
 
                                                                                                              Euro                      Euro 
 
Continuing Operations 
 
Revenue                                                                -                                         -                         - 
 
Other Income / (Expense)                                               0                                         0                         0 
 
Administrative Expenses                                         (74,680)                                  (98,919)                 (267,507) 
 
(Loss) before tax                                               (74,680)                                  (98,919)                 (267,507) 
 
Income tax expense                                                     0                                         0                         0 
 
(Loss) for period from continuing operations                    (74,680)                                  (98,919)                 (267,507) 
 
Other Comprehensive income                                                                                       -                         - 
 
Loss for the period and total comprehensive loss for the        (74,680)                                  (98,919)                 (267,507) 
period 
 
Earnings per share (all continuing) 
 
Loss per ordinary share - basic & diluted               1        (0.001)                                   (0.001)                   (0.002) 
 
Unaudited Consolidated Statement of Financial Position As 
at 31 December 2017 
 
                                                              Six Months                                Six Months                Year Ended 
 
                                                    Notes      31-Dec-17                                 31-Dec-16                 30-Jun-17 
 
Non Current Assets                                      2        587,666                                   587,666                   587,666 
 
Current assets 
 
Debtors                                                           78,747                                    88,688                    81,018 
 
Cash and cash equivalents                                       (35,362)                                       300                  (19,464) 
 
Total assets                                                     631,050                                   676,654                   649,219 
 
Equity and liabilities 
 
Equity 
 
"A" Ordinary Share Capital                                        38,093                                    38,093                    38,093 
 
Ordinary Share Capital                                           136,017                                   107,817                   128,517 
 
Share Premium - Ord Shares                                     2,554,409                                 2,237,415                 2,489,137 
 
Retained Earnings                                            (2,160,143)                               (1,916,874)               (2,085,462) 
 
Equity attributable to the owners of the Company                 568,376                                   466,451                   570,285 
 
Current Liabilities 
 
Trade & Other Payables                                            62,674                                   210,203                    78,934 
 
Total liabilities                                                 62,674                                   210,203                    78,934 
 
Total equity and liabilities                                     631,050                                   676,654                   649,219 
 
Unaudited Consolidated Statement of Changes in Equity for the period 
ended 31 December 2017 
 
                                                                     "A"                                     Share 
 
                                                                Ordinary               Ordinary            Premium 
 
                                                                   Share                  Share           Ordinary      Retained 
 
                                                                 Capital                Capital             Shares        Losses       Total 
 
                                                                    Euro                   Euro               Euro          Euro        Euro 
 
Balance at 30 June 2016                                           38,093                107,817          2,237,415   (1,817,956)     565,369 
 
Loss for the Period                                                                                                    (267,507)   (267,507) 
 
Other Comprehensive loss for the period                                                                                                    - 
 
Issue of share capital                                                                   20,700            251,722                   272,422 
 
Share Issue Costs                                                                                                                          - 
 
Balance at 30 June 2017                                           38,093                128,517          2,489,137   (2,085,462)     570,285 
 
Loss for the Period                                                                                                     (74,680)    (74,680) 
 
Other Comprehensive loss for the period                                                                                                    - 
 
Issue of share capital                                                                    7,500             65,272                    72,772 
 
Share Issue Costs                                                                                                                          - 
 
Balance at 31 December 2017                                       38,093                136,017          2,554,409   (2,160,143)     568,376 
 
Accounting Policies 
 
Basis of Preparation 
 
The financial statements have been prepared on a 
historical cost basis. 
 
The financial statements are presented in Euro. 
 
1. Statement of Compliance 
 
The consolidated interim financial statements of IMC Exploration Group PLC and 
its subsidiary have been reviewed by the auditor and have been prepared in 
accordance with International Financial Reporting Standards (IFRS) as adopted 
by the European Union (EU). In addition to complying with its legal obligation 
to comply with IFRS as adopted for use in the EU, the Group has also complied 
with IFRS as issued by the International Accounting Standards Board (IASB). 
 
 
 
Notes to and forming part of the interim financial statements 
 
1.   Loss per Share 
 

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March 12, 2018 03:06 ET (07:06 GMT)

DJ IMC Exploration Group Plc Half-yearly Report, 1 -2-

Basic loss per Ordinary Share amounts are calculated by dividing net loss for 
the period attributable to ordinary equity holders of the parent by the 
weighted average number of Ordinary Shares outstanding during the period. 
 
Basic earnings per share 
 
The weighted average number of ordinary shares used in the calculation of basic 
and diluted earnings per share is as follows: 
 
                                                                      Six Months                Six Months             Year Ended 
 
                                                                       31-Dec-17                 31-Dec-16              30-Jun-17 
 
Loss for the period attributable to equity holders of the parent          74,680                    98,919                267,507 
 
Weighted average number of ordinary shares for the purposes of       136,016,719               128,516,719            128,516,719 
basic earning per share 
 
Basic (loss) per ordinary share                                          (0.001)                   (0.001)                (0.002) 
 
 
 
 
2.   Non Current Assets 
 
                                                                                   Exploration   Plant and  Financial 
 
                                                                                   Expenditure   Equipment     Assets       Total 
 
                                                                                          Euro        Euro       Euro        Euro 
 
Cost 
 
At 30 June 2016                                                                        587,665       6,125     38,738     632,528 
 
Additions/Disposals                                                                          -           -          -           0 
 
At 30 June 2017                                                                        587,665       6,125     38,738     632,528 
 
Additions/Disposals                                                                          -           -          0           0 
 
At 31 December 2017                                                                    587,665       6,125     38,738     632,528 
 
Provision for diminution in value 
 
At 30 June 2016                                                                              -     (6,125)   (38,738)    (44,863) 
 
Charge for period                                                                            -           0          -           0 
 
Disposal                                                                                     -           0          -           0 
 
At 30 June 2017                                                                              -     (6,125)   (38,738)    (44,863) 
 
Charge for period                                                                            -           -          0           0 
 
At 31 December 2017                                                                          -     (6,125)   (38,738)    (44,863) 
 
Net book value 
 
At 31 December 2017                                                                    587,665           0          0     587,665 
 
Expenditure on exploration activities is deferred on areas of interest until a 
reasonable assessment can be determined of the existence or otherwise of 
economically recoverable reserves. 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 31 
December 2017. The recoverability of the exploration and evaluation assets is 
dependent on the successful development of the group's licence areas. 
 
3.   Share capital - Group and Company 
 
                                                                       31-Dec-17                 31-Dec-16              30-Jun-17 
 
                                                                            Euro                      Euro                   Euro 
 
200,000,000 Ordinary shares of Euro 0.001 each                           400,000                   200,000                400,000 
 
50,000 "A" Ordinary shares of One Euro each                               50,000                    50,000                 50,000 
 
                                                                         450,000                   250,000                450,000 
 
Issued, called up and fully paid 
 
                                                                                                 Number of      Share       Share 
 
                                                                                                    shares    Capital     Premium 
 
                                                                                                                 Euro        Euro 
 
Euro 0.001 Ordinary Shares 
 
At 30 June 2016                                                                                107,816,719    107,817   2,237,415 
 
Issued in period                                                                                20,700,000     20,700     251,722 
 
At 30 June 2017                                                                                128,516,719    128,517   2,489,137 
 
Issued in period                                                                                 7,500,000      7,500      65,272 
 
At 31 December 2017                                                                            136,016,719    136,017   2,554,409 
 
Issued, called up and partly paid 
 
                                                                                                 Number of      Share       Share 
 
                                                                                                    shares    Capital     Premium 
 
                                                                                                                 Euro        Euro 
 
One Euro A Ordinary Shares 
 
At 30 June 2016                                                                                     38,093     38,093           - 
 
Issued in period                                                                                         -          -           - 
 
At 30 June 2017                                                                                     38,093     38,093           - 
 
Issued in period                                                                                         -          -           - 
 
At 31 December 2017                                                                                 38,093     38,093           - 
 
"A" Ordinary Shares have the right to receive notice of and attend but not to 
vote at general meetings, no right to a dividend, right to return of capital 
but no further right to participate in a distribution of assets of the company. 
 
The directors of the Company accept responsibility for this announcement. 
 
Contact Details: 
IMC Exploration Group PLC 
Mr. Liam McGrattan 
Tel.: Ireland +353 872745427 
 
Keith, Bayley, Rogers & Co. Limited 
Brinsley Holman/Graham Atthill-Beck 
Tel: United Kingdom +44 20 7464 4090 
 
This announcement is distributed by PR Newswire on behalf of the Company. 
 
The issuer of this announcement warrants that it is solely responsible for the 
content, accuracy and originality of the information contained therein. 
 

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28 November 2018

About IMC Exploration

IMC Exploration Group plc was incorporated in Ireland in June 2011 with a view to identifying precious and basemetal deposits in Ireland.


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IMC Exploration Group plc,
70 Ballybough Road,
Ballybough,
Dublin 3, Ireland

Telephone: +353 872819215
Email: info@imcexploration.com

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