Announcements

Chairman’s Statement for the year ended 30th June 2020

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FINAL RESULTS FOR THE YEAR 1ST JULY 2019 TO 30TH JUNE 2020

The Directors of IMC Exploration Group plc (“IMC” or the “Company”) are pleased to present the audited financial results for IMC for the twelve months to 30th June 2020. The consolidated financial statements appearing below (which do not form the full statutory Report and Accounts of the Company) are taken from the Directors’ Report and Financial Statements for the year ended 30th June 2020 posted to shareholders, a copy of which is available from IMC’s website at https://www.imcexploration.com/.

During the year the CSA Global commissioned IMC Mineral Resource Estimate (‘MRE’) on our Avoca spoils and tailings project located in Co. Wicklow, Ireland was published. This JORC-compliant MRE report shows, inter alia, significant grades of extracted and crushed gold (1,871,000t at 0.3g/t Au), copper (1,871,000t at 0.14% Cu) and lead (1,871,000t at 0.42% Pb) in the spoil heaps on the East Avoca section of the site.

This MRE for our spoils and tailings project is significant, with the gold estimate alone at circa 20,000oz.  Furthermore, the Company has recently identified exploration targets at West Avoca where there is further potential to increase this estimate by up to 4,000oz gold within the Avoca area.  This additional work has commenced. 

IMC is also pleased to report there have been major developments in its North Wexford Gold Project which gives us immediate capacity and scope to accelerate our exploration programme here. An initial review of historical exploration on the recently acquired PL 1200 in Co. Wexford is progressing, and is part of a group of three licences held by IMC that are underlain by the mineralized rhyolitic volcanic rocks of South East Leinster.  

Some years ago, RioFinEx drilled a gold-in-soil anomaly on PL 1200 and proved gold mineralisation hosted by highly altered rocks at a depth of 30m. Groove sampling of the drill core proved an intercepted grade of 0.5 g/t Au over 18.6m (weighted average over 3 to 3.6m intervals).  Half core sampling of part of the groove sampled interval assayed 15m at 0.2 g/t Au (weighted average of 1.5m intervals).  Although all the pertinent data is available for examination and extrapolation, IMC intends to drill further in this area in order to confirm and expand on the data available to the Company in accordance with the JORC Code (2012).

This aligns with IMC’s strategy of establishing a gold resource on its three North Wexford prospecting licences. The additional licences in Wexford, along with the high gold grades already encountered on parts of the adjoining IMC licence PL 2551, gives the company the ability to action its exploration and geological work in this area.

During the year IMC entered into a collaboration with the Raw Materials Research Group at Trinity College Dublin. IMC’s Board believes access to this world-class micro-analytical facility is a tremendous advantage for IMC and its Avoca properties. We are now working with them on petrographic and microanalytical work on samples from IMC drill-holes targeting the gold-rich Kilmacoo zone. This strategic partnership has the potential significantly to enhance the gold resource at Avoca. 

Our strategy is clear. We are focused on upgrading our spoils and tailings project at Avoca; gaining maximum advantage from our collaboration with Trinity College; and bringing our resources on our North Wexford gold project licence area to JORC-compliant standards.

As you are no doubt aware the price of gold has recently reached an all-time high of over $2,000 per oz. This, and the exciting developments outlined above, represent an unprecedented time for gold and, in turn, your Company.

Eamon O’Brien,

Chairman

IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income

for the year ended 30th June 2020

Continuing Operations

   

2020 (€)

2019 (€)

Administrative expenses

 

(251,947)

(366,816)

       

Operating Loss for the period

 

(251,947)

(366,816)

       

Finance Income

 

-

-

Amount written off Intangible Assets

     

Amount written off investment

 

-

-

   

__________

__________

       

Loss for period before tax

 

(251,947)

(366,816)

       

Income tax expenses

 

-

(2,047)

   

_________

_________

Total comprehensive loss for the period

 

(251,947)

(368,863)

   

=========

=========

       

Loss attributable to:

     

Equity holders of the Company

 

(251,947)

(368,863)

   

=========

=========

       

Total Comprehensive Loss attributable to:

     

Equity holders of the Company

 

(251,947)

(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.

The Financial statements were approved by the Board of Directors on 29th October 2020 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 2020

   

2020 (€)

2019 (€)

Assets

     

Intangible assets

 

472,487

471,117

Property, plant and equipment

 

1,291

1,723

Investments

 

-

-

   

__________

__________

Total Non-Current Assets

 

473,778

472,840

   

__________

__________

       

Current Assets

     

Trade and other receivables

 

112,864

39,373

Cash and cash equivalents

 

(34,767)

(30,403)

   

__________

__________

Total Current Assets

 

78,097

8,970

   

__________

__________

       

Total Assets

 

551,875

481,810

   

=========

=========

       

Equity

     

Share Capital

 

322,839

293,107

Share premium

 

3,925,015

3,645,171

Retained deficit

 

(3,901,126)

(3,649,179)

   

__________

__________

Attributable to owners of the Company

 

346,728

289,099

   

__________

__________

Total Equity

 

346,728

289,099

   

__________

__________

       

Liabilities – Current

     

Trade and other payables

 

203,100

190,664

Current tax liabilities

 

2,047

2,047

   

__________

__________

Total Liabilities

 

205,147

192,711

   

__________

__________

Total Equity and Liabilities

 

551,875

481,810

The Financial statements were approved by the Board of Directors on 29th October 2020 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 2020

 

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

-

-

(251,947)

(251,947)

 

__________

___________

__________

_________

         

Total comprehensive income for the period

-

 

(251,947)

(251,947)

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 2020

322,839

3,925,015

(3,901,126)

346,728

 

__________

___________

__________

_________

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 2020 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 2020

   

2020 (€)

2019 (€)

Cash flows from operating activities

     
       

Loss for the year

 

(251,947)

(368,863)

       

Adjustments for:

     

Intangible Assets Write Off

 

-

-

Income Tax recognised in profit and loss

 

-

2,047

Depreciation

 

431

431

   

________

________

       

Cash from operations before changes in working capital

 

(251,516)

(366,385)

       

Movement in trade and other receivables

 

(73,490)

(39,373)

Movement in trade and other payables

 

12,436

134,859

   

_________

_________

       

Net cash flow from operating activities

 

(312,570)

(270,899)

       

Cash flows from investing activities

     

Interest received

 

-

-

Proceeds from sale of investments

 

-

-

Taxation

 

-

-

Acquisitions and disposals

 

(1,370)

(141,143)

   

_________

_________

       

Net cash (used in) investing activities

 

(1,370)

(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

 

(4,364)

(242,813)

       

Cash and cash equivalents at beginning of year

 

(30,403)

212,410

   

_________

_________

Cash and cash equivalents at end of year

 

(34,767)

(30,403)

The financial statements were approved by the Board of Directors on 29th October 2020 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:

Keith, Bayley, Rogers & Co. Limited

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

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IMC Exploration Group plc

Kathryn Byrne: +353 85 233 6033

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08 September 2020

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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