Announcements

Half-year Financial Statements

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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

Latest News

16 February 2021
08 September 2020

About IMC Exploration

IMC Exploration Group plc (IMC) is currently listed on the London Stock Exchange market (Ticker: IMC). IMC has a Mineral Resource that is classified as ‘inferred’ and has been reported in accordance with the JORC Code (2012). IMC holds properties in southeast Ireland that are highly prospective for gold, copper and other base metals. These include the world famous historic Avoca copper mine.

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Contact details

IMC Exploration Group plc,
70 Ballybough Road,
Ballybough,
Dublin 3, Ireland

Telephone: +353 872819215
Email: info@imcexploration.com

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