Chairman’s Statement for the period 1st July 2020 to 31st December 2020
The Directors of IMC Exploration Group plc are pleased to present the unaudited, consolidated interim financial results for IMC for the first six months to 31st December 2020 of the current financial year.
The six months under review were a busy and exciting time for IMC. On 7th September 2020, I was able to announce that the Company had raised £267,500 before transaction expenses by means of a placing of 26,750.000 new ordinary shares.
With our spoils and tailings project in Co. Wicklow, our on-going collaboration with Trinity College Dublin, Ireland and our appraisal drilling on our North Wexford Gold Project, we continue to make significant progress.
Trial pits were excavated proving greater depths and densities than expected at West Avoca, indicating the presence of a larger tonnage of spoils and tailings than had originally been estimated in the CSA Global Report of 2019. The gold assays from the trial pits, combined with the expected increase in tonnage, imply that the existing gold Exploration Target at West Avoca is likely to have been underestimated. Significantly elevated copper, lead and silver grades are also present.
We continue to work closely with our collaborative partners, Trinity College Dublin, on a number of developments including clarifying and understanding the paragenesis of gold at IMC’s Avoca VMS deposit.
The last six months have been extremely productive and positive for IMC and we are confident that the balance of the current financial year will bring further progress for the benefit of shareholders.
Post- Balance Sheet Developments
The preliminary drilling information from our recent drilling on our North Wexford Gold Project, updates on which were issued to the market on 28th January and 23rd February 2021, reinforces the highly prospective geology and supports IMC’s strategy of understanding the gold mineralisation with the objective of establishing another gold resource. In addition, IMC is commissioning an update of the existing West Avoca Exploration Target with the objective of upgrading this to an Inferred Resource.
I look forward to being able to report further news on our spoils and tailings project at Avoca, Co. Wicklow and on our North Wexford gold project over the coming weeks and months.
Eamon O’Brien,
Executive Chairman
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the period 1st July 2020 to 31st December 2020
Continuing Operations
| Notes | Dec’20 | Jun’20 | |
| € | € | ||
| Administrative expenses | (122,744) | (251,947) | |
| Operating Loss for the period | (122,744) | (251,947) | |
| Finance Income | - | - | |
| Amount written off Intangible Assets | - | - | |
| Amount written off investment | - | - | |
| __________ | __________ | ||
| Loss for period before tax | (122,744) | (251,947) | |
| Income tax expenses | - | - | |
| _________ | _________ | ||
| Total comprehensive loss for the period | (122,744) | (251,947) | |
| ========= | ========= | ||
| Loss attributable to: | |||
| Equity holders of the Company | (122,744) | (251,947) | |
| ========= | ========= | ||
| Total Comprehensive Loss attributable to: | |||
| Equity holders of the Company | (122,744) | (251,947) | |
| ========= | ========= | ||
| Earnings per share | |||
| From continuing operations | |||
| Basic and Diluted loss per share (cent) | 0.03 | 0.09 |
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
As at 31st December 2020
| Notes | Dec’20 | Jun’20 | |
| € | € | ||
| Assets | |||
| Intangible assets | 479,287 | 472,487 | |
| Property, plant and equipment | 860 | 1,291 | |
| Investments | - | - | |
| __________ | __________ | ||
| Total Non-Current Assets | 480,147 | 473,778 | |
| __________ | __________ | ||
| Current Assets | |||
| Trade and other receivables | 26,367 | 112,864 | |
| Cash and cash equivalents | 62,074 | (34,767) | |
| __________ | __________ | ||
| Total Current Assets | 88,441 | 78,097 | |
| __________ | __________ | ||
| Total Assets | 568,588 | 551,875 | |
| ========= | ========= | ||
| Equity | |||
| Share Capital | 349,589 | 322,839 | |
| Share premium | 4,182,118 | 3,925,015 | |
| Retained deficit | (4,023,870) | (3,901,126) | |
| __________ | __________ | ||
| Attributable to owners of the Company | 507,837 | 346,728 | |
| __________ | __________ | ||
| Total Equity | 507,837 | 346,728 | |
| __________ | __________ | ||
| Liabilities – Current | |||
| Trade and other payables | 58,704 | 203,100 | |
| Current tax liabilities | 2,047 | 2,047 | |
| __________ | __________ | ||
| Total Liabilities | 60,751 | 205,147 | |
| __________ | __________ | ||
| Total Equity and Liabilities | 568,588 | 551,875 |
IMC Exploration Group Public Limited Company
Consolidated Statement of Changes in Equity
for the period 1st July 2020 to 31st December 2020
| Share Capital € | Share Premium € | Retained Losses € | Total € | |
| 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) |
| __________ | ___________ | __________ | _________ | |
| Total transactions with owners | 29,732 | 279,844 | - | 309,576 |
| __________ | ___________ | __________ | _________ | |
| Balance at 30 June 2020 | 322,839 | 3,925,015 | (3,901,126) | 346,728 |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | ||||
| Loss for the period | - | - | (122,744) | (122,744) |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | - | (122,744) | (122,744) | |
| Transactions with owners, recorded directly in equity | ||||
| contributions by and distributions to owners | ||||
| Shares issued | 26,750 | 269,558 | - | 296,308 |
| Share issue costs | - | (12,455) | - | (12,455) |
| __________ | ___________ | __________ | _________ | |
| Balance at 31 December 2020 | 349,589 | 4,182,118 | (4,023,870) | 507,837 |
| __________ | ___________ | __________ | _________ |
IMC Exploration Group Public Limited Company
Consolidated Statement of Cash Flows
for the period 1st July 2020 to 31st December 2020
| Notes | Dec’20 | Jun’20 | |
| € | € | ||
| Cash flows from operating activities | |||
| Loss for the period | (122,744) | (251,947) | |
| Adjustments for: | |||
| Intangible Assets Write Off | - | - | |
| Income Tax recognised in profit and loss | - | - | |
| Depreciation | 431 | 431 | |
| ________ | ________ | ||
| Cash from operations before changes in working capital | (122,313) | (251,516) | |
| Movement in trade and other receivables | 86,497 | (73,490) | |
| Movement in trade and other payables | (144,396) | 12,436 | |
| _________ | _________ | ||
| Net cash flow from operating activities | (180,212) | (312,570) | |
| Cash flows from investing activities | |||
| Interest received | - | - | |
| Proceeds from sale of investments | - | - | |
| Taxation | - | - | |
| Acquisitions and disposals | (6,800) | (1,370) | |
| _________ | _________ | ||
| Net cash (used in) investing activities | (6,800) | (1,370) | |
| _________ | _________ | ||
| Cash flows from financing activities | |||
| Proceeds from the issue of new shares | 283,853 | 309,576 | |
| Finance income/(expense) | - | - | |
| _________ | _________ | ||
| Net cash generated by financing activities | 283,853 | 309,576 | |
| _________ | _________ | ||
| Movement in cash and cash equivalents | 96,841 | (4,364) | |
| Cash and cash equivalents at beginning of period | (34,767) | (30,403) | |
| _________ | _________ | ||
| Cash and cash equivalents at end of period | 62,074 | (34,767) |
The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Enquiries:
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091 / +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.
IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033
