Announcements

FINAL RESULTS FOR THE YEAR 1ST JULY 2018 TO 30TH JUNE 2019

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IMC Exploration Group Public Limited Company

Chairman’s Statement for the year ended 30th June 2019

The Directors of IMC Exploration Group plc (“IMC” or the “Group”) are pleased to present the audited financial results for IMC for the twelve months to 30th June 2019. The consolidated financial statements appearing below (which do not form the full statutory Report and Accounts of the Group) are taken from the Directors’ Report and Financial Statements for the year ended 30th June 2019 being posted to shareholders, a copy of which is available from IMC’s website at https://www.imcexploration.com/.

 

Highlights of year ended 30th June 2019

During the year under review, the Group continued the drilling programme and evaluation work on PL 3849 in Avoca, Co Wicklow, the drilling programme on the Gold Mine River project on PL 3857 located on the Gold Mine River in Co. Wicklow and the drilling programme on the North Wexford gold project on PL 2551. IMC was pleased to have been in the financial position to carry out a six-month long drilling programme on its licence areas in County Wexford and County Wicklow. Additionally, work continued on the Group’s previously-announced application for the admission of its share capital to the standard segment of the United Kingdom Official List and to trading on the main market of the London Stock Exchange.

Resulting from its activities during the financial year ended 30th June 2019, including the preparation by CSA Global of a Mineral Resource Estimate on the historic Avoca mine site project in Co. Wicklow and the drilling carried out at the North Wexford gold project, a number of significant achievements have crystallised in the first months of the current financial year, ended 30th June 2020. These are detailed below under “Post-Balance Sheet Events”.

Post- Balance Sheet Events

Work undertaken during the financial year ended 30th June 2019 and previous periods has led, during the first half of the current year, to some of the most positive and exciting developments for IMC since its incorporation in 2011. On 8th July 2019, the share capital of IMC was admitted to the standard segment of the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange. The admission of the Group to trading on the London Stock Exchange, one of the most influential and prestigious global stock exchanges, significantly enhances the status and profile of the Group.

Since the end of the financial year ended 30th June 2019, IMC has received the Mineral Resource Estimate in accordance with the JORC Code (2012) on its Avoca historic mine site project in Avoca, Co. Wicklow. The Mineral Resource Estimate for the Avoca spoils and tailings is hugely significant. There is further potential to increase the tonnage and grade, not only on this site, but also on the other spoils’ heaps within IMC’s licence area and, to this end, the Group is progressing its exploration work on its spoils and tailings project in Avoca, Co. Wicklow and continues its drilling programme on PL 3849 in Avoca, Co. Wicklow.

In Co. Wexford, IMC has, since the end of the financial year 30th June 2019, been awarded two additional prospecting licences, PL 1200 and PL 1199, by the Department of Communications, Climate Action and Environment. IMC was delighted to have been granted these licences as they adjoin its existing PL 2551 licence, where IMC had previously encountered high gold grades yielding 353g/t gold (=11.38oz/t gold) from drill hole 12/2551/04. The award of the new licences means the Group now holds three abutting exploration licence areas in Co. Wexford, which it believes should significantly enhance the Group’s North Wexford gold project.

Conclusion

The listing of the Group and the admission to the Main Market of the London Stock Exchange are excellent developments. The Directors believe the scale and potential of the spoils and tailings project at Avoca, along with the Mineral Resource Estimate in accordance with the JORC Code (2012), to be truly transformational for IMC and its shareholders. I look forward to informing shareholders of further progress in the Group and with the projects within its licence areas as and when these arise. I wish to thank my fellow Directors and management team for their contributions to the Group’s progress and look forward to further successes for IMC and its shareholders during the current financial year.

Eamon O’Brien,

Chairman

IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income

for the year ended 30th June 2019

Continuing Operations

   

2019

2018

Administrative expenses

 

(366,816)

(921,757)

       

Operating Loss for the period

 

(366,816)

(921,757)

       

Finance Income

 

-

-

Amount written off Intangible Assets

   

(284,088)

Amount written off investment

 

-

-

   

__________

_________

       

Loss for period before tax

 

(366,816)

(1,205,845)

       

Income tax expenses

 

(2,047)

10,991

   

_________

_________

Total comprehensive loss for the period

 

(368,863)

(1,194,854)

   

=========

=========

       

Loss attributable to:

     

Equity holders of the Company

 

(368,863)

(1,194,854)

   

=========

=========

       

Total Comprehensive Loss attributable to:

     

Equity holders of the Company

 

(368,863)

(1,194,854)

   

=========

=========

Earnings per share

     

From continuing operations

     

Basic and Diluted loss per share (cent)

 

0.1

0.5

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 Financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:

On behalf of the board

Eamon O’Brien Andrew Laz Fleming

Director Director

IMC Exploration Group Public Limited Company

Consolidated Statement of Financial Position

for the year ended 30th June 2019

   

2019

2018

Assets

     

Intangible assets

 

471,117

332,127

Property, plant and equipment

 

1,723

-

Investments

 

-

-

   

__________

__________

Total Non-Current Assets

 

472,840

332,127

   

__________

__________

       

Current Assets

     

Trade and other receivables

 

39,373

-

Cash and cash equivalents

 

(30,403)

212,410

   

__________

__________

Total Current Assets

 

8,970

212,410

   

__________

__________

       

Total Assets

 

481,810

544,537

   

=========

=========

       

Equity

     

Share Capital

 

293,107

278,107

Share premium

 

3,645,171

3,490,942

Retained deficit

 

(3,649,179)

(3,280,316)

   

__________

_________

Attributable to owners of the Company

 

289,099

488,733

   

__________

__________

Total Equity

 

289,099

488,733

   

__________

__________

       

Liabilities – Current

     

Trade and other payables

 

190,664

55,804

Current tax liabilities

 

2,047

-

   

__________

__________

Total Liabilities

 

192,711

55,804

   

__________

__________

Total Equity and Liabilities

 

481,810

544,537

The Financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:

On behalf of the board

Eamon O’Brien Andrew Laz Fleming

Director Director

IMC Exploration Group Public Limited Company

Consolidated Statement of Changes in Equity

for the year ended 30th June 2019

 

Share Capital €

Share Premium €

Retained Losses €

Total €

Balance at 30 June 2017

166,610

2,489,137

(2,085,462)

570,285

 

___________

__________

_________

_______

Total comprehensive income for the period

       

Loss for the period

-

-

(1,194,854)

(1,194,854)

 

__________

___________

__________

_________

         

Total comprehensive income for the period

-

 

(1,194,854)

(1,194,854)

Transactions with owners, recorded directly in equity

       

contributions by and distributions to owners

       

Shares issued

111,497

1,058,515

-

1,170,012

Share issue costs

-

(56,710)

-

(56,710)

 

__________

___________

__________

_________

Total transactions with owners

111,497

1,001,805

-

1,113,302

 

__________

___________

__________

_________

         
         

Balance at 30 June 2018

278,107

3,490,942

(3,280,316)

488,733

 

__________

___________

__________

_________

         

Total comprehensive income for the period

       

Loss for the period

-

-

(368,863)

(368,863)

 

__________

___________

__________

_________

         

Total comprehensive income for the period

-

 

(368,863)

(368,863)

Transactions with owners, recorded directly in equity

       

contributions by and distributions to owners

       

Shares issued

15,000

165,781

-

180,781

Share issue costs

-

(11,552)

-

(11,552)

 

__________

___________

__________

_________

Balance at 30 June 2019

293,107

3,645,171

(3,649,179)

289,099

 

__________

___________

__________

_________

Net equity is attributable to the holder of the ordinary shares in the Group.

The financial statements were approved by the board of Directors on 29th October 2019 and signed on its behalf by:

On behalf of the board

Eamon O’Brien Andrew Laz Fleming

Director Director

IMC Exploration Group Public Limited Company

Consolidated Statement of Cash Flows

for the year ended 30th June 2019

   

2019

2018

Cash flows from operating activities

     
       

Loss for the year

 

(368,863)

(1,194,854)

       

Adjustments for:

     

Intangible Assets Write Off

 

-

284,088

Income Tax recognised in profit and loss

 

2,047

(10,991)

Depreciation

 

431

-

   

________

________

       

Cash from operations before changes in working capital

 

(366,385)

(921,757)

       

Movement in trade and other receivables

 

(39,373)

81,017

Movement in trade and other payables

 

134,859

(12,138)

   

_________

_______

       

Net cash flow from operating activities

 

(270,899)

(852,878)

       

Cash flows from investing activities

     

Interest received

 

-

-

Proceeds from sale of investments

 

-

-

Taxation

 

-

-

Acquisitions and disposals

 

(141,143)

(28,550)

   

_________

________

       

Net cash (used in) investing activities

 

(141,143)

(28,550)

   

_________

________

Cash flows from financing activities

     

Proceeds from the issue of new shares

 

169,229

1,113,302

Finance income/(expense)

 

-

-

   

_________

________

       

Net cash generated by financing activities

 

169,229

1,113,302

   

_________

________

       

Movement in cash and cash equivalents

 

(242,813)

231,874

       

Cash and cash equivalents at beginning of year

 

212,410

(19,464)

   

_________

________

Cash and cash equivalents at end of year

 

(30,403)

212,410

The financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:

On behalf of the board

Eamon O’Brien Andrew Laz Fleming

Director Director

The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.

REGULATORY ANNOUNCEMENT ENDS.

Contact Details:

Kathryn Byrne: +353 85 233 6033

IMC Exploration Group plc


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Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408 / This email address is being protected from spambots. You need JavaScript enabled to view it.

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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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