Announcements

INTERIM RESULTS FOR THE PERIOD 1ST JULY TO 31ST DECEMBER 2019

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THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IMC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

IMC Exploration Group Public Limited Company (the “Company”)

Chairman’s Statement for the period 1st July to 31st December 2019

The Directors of IMC Exploration Group plc are pleased to present the interim financial results for IMC for the six months to 31st December 2019. The consolidated, unaudited financial statements presented below have been reviewed by the Company's auditors. 

IMC completed its 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 transformatory for the Company. Spoils’ heaps projects with demonstrable economic potential are presently much in demand. There is scope to increase the tonnage and grade, not only on this site, but also on the other spoils’ heaps within IMC’s licence area which includes West Avoca and the company is currently working on advancing this.  We will keep our shareholders informed of progress.

Exploration work continues on our Kilmacoo project in collaboration with Trinity College Dublin. This is an extremely positive development for IMC.


The last six months have been highly encouraging for IMC. The directors are confident that, with the price of gold currently trading above $1,600 an ounce, IMC is well positioned to realise its potential to the benefit of its shareholders. I look forward to reporting further progress in the coming weeks and months.

Eamon O’Brien,

Chairman

IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income

for the period 1st July 2019 to 31st December 2019

Continuing Operations

 

Notes

Dec’19

Jun’19

Administrative expenses

 

(156,319)

(366,816)

       

Operating Loss for the period

 

(156,319)

(366,816)

       

Finance Income

 

-

-

Amount written off Intangible Assets

   

-

Amount written off investment

 

-

-

   

__________

_________

       

Loss for period before tax

 

(156,319)

(366,816)

       

Income tax expenses

 

-

(2,047)

   

_________

_________

Total comprehensive loss for the period

 

(156,319)

(368,863)

   

=========

=========

       

Loss attributable to:

     

Equity holders of the Company

 

(156,319)

(368,863)

   

=========

=========

       

Total Comprehensive Loss attributable to:

     

Equity holders of the Company

 

(156,319)

(368,863)

   

=========

=========

Earnings per share

     

From continuing operations

     

Basic and Diluted loss per share (cent)

 

0.1

0.1

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.

IMC Exploration Group Public Limited Company

Consolidated Statement of Financial Position

for the period 31st July 2019 to 31st December 2019

 

Notes

Dec’19

Jun’19

Assets

     

Intangible assets

 

472,812

471,117

Property, plant and equipment

 

1,506

1,723

Investments

 

-

-

   

__________

__________

Total Non-Current Assets

 

474,318

472,840

   

__________

__________

       

Current Assets

     

Trade and other receivables

 

144,034

39,373

Cash and cash equivalents

 

(35,623)

(30,403)

   

__________

__________

Total Current Assets

 

108,411

8,970

   

__________

__________

       

Total Assets

 

582,729

481,810

   

=========

=========

       

Equity

     

Share Capital

 

322,839

293,107

Share premium

 

3,925,015

3,645,171

Retained deficit

 

(3,805,498)

(3,649,179)

   

__________

_________

Attributable to owners of the Company

 

442,356

289,099

   

__________

__________

Total Equity

 

442,356

289,099

   

__________

__________

       

Liabilities – Current

     

Trade and other payables

 

138,326

190,664

Current tax liabilities

 

2,047

2,047

   

__________

__________

Total Liabilities

 

140,373

192,711

   

__________

__________

Total Equity and Liabilities

 

582,729

481,810

IMC Exploration Group Public Limited Company

Consolidated Statement of Changes in Equity

for the period 31st July 2019 to 31st December 2019

 

Share Capital €

Share Premium €

Retained Losses €

Total €

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)

 

__________

___________

__________

_________

Total transactions with owners

15,000

154,229

-

169,229

 

__________

___________

__________

_________

         
         

Balance at 30 June 2019

293,107

3,645,171

(3,649,179)

289,099

 

__________

___________

__________

_________

         

Total comprehensive income for the period

       

Loss for the period

-

-

(156,319)

(156,319)

 

__________

___________

__________

_________

         

Total comprehensive income for the period

-

 

(156,319)

(156,319)

Transactions with owners, recorded directly in equity

       

contributions by and distributions to owners

       

Shares issued

29,732

296,224

-

325,956

Share issue costs

-

(16,380)

-

(16,380)

 

__________

___________

__________

_________

Balance at 30 June 2019

322,839

3,925,015

(3,805,498)

442,356

 

__________

___________

__________

_________

MC Exploration Group Public Limited Company

Consolidated Statement of Cash Flows

for the period 31st July 2019 to 31st December 2019

 

Notes

Dec’19

Jun’19

Cash flows from operating activities

     
       

Loss for the year

 

(156,319)

(368,863)

       

Adjustments for:

     

Intangible Assets Write Off

 

-

-

Income Tax recognised in profit and loss

 

-

2,047

Depreciation

 

216

431

   

________

________

       

Cash from operations before changes in working capital

 

(156,103)

(366,385)

       

Movement in trade and other receivables

 

(104,660)

(39,373)

Movement in trade and other payables

 

(52,338)

134,859

   

_________

_________

       

Net cash flow from operating activities

 

(313,101)

(270,899)

       

Cash flows from investing activities

     

Interest received

 

-

-

Proceeds from sale of investments

 

-

-

Taxation

 

-

-

Acquisitions and disposals

 

(1,695)

(141,143)

   

_________

_________

       

Net cash (used in) investing activities

 

(1,695)

(141,143)

   

_________

_________

Cash flows from financing activities

     

Proceeds from the issue of new shares

 

309,576

169,229

Finance income/(expense)

 

-

-

   

_________

_________

       

Net cash generated by financing activities

 

309,576

169,229

   

_________

_________

       

Movement in cash and cash equivalents

 

(5,220)

(242,813)

       

Cash and cash equivalents at beginning of year

 

(30,403)

212,410

   

_________

_________

Cash and cash equivalents at end of year

 

(35,623)

(30,403)

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

REGULATORY ANNOUNCEMENT ENDS.

Contact Details:

IMC Exploration Group plc

Kathryn Byrne: +353 85 233 6033


Keith, Bayley, Rogers & Co. Limited

Graham Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408 / +44 7506 43 41 07 This email address is being protected from spambots. You need JavaScript enabled to view it.

Brinsley Holman: +44 20 7464 4098 / 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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