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
(MORE TO FOLLOW) Dow Jones Newswires
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.
