Announcements

2022-23 Interim Results

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The Directors of IMC are pleased to present the Company’s unaudited, consolidated, interim financial results for the first six-month period ended 31st December 2022 of its current financial year running from 1st July 2022 to 30th June 2023.

IMC views its strategic licence holding to be amongst the most prospective exploration licences currently available in Ireland.  Commodity prices have powered ahead in the last six months, with the price of copper reaching an all-time high.  The availability of copper will play a vital role in the achievement of global national climate objectives signed up to in the Paris agreement.  Demand for copper is already being reflected in its surging price and IMC hopes to be part of the copper supply chain.   The Avoca Copper mine is situated on IMC’s licence area along with its spoils and tailings project in Avoca, Co. Wicklow.   Following the conclusion of the CSA Global Mineral Resource Estimate for East Avoca, IMC’s last drill programme focused on exploring the unmined, south-western extension of the Avoca Cu-Zn-Pb-Ag-Au deposit with encouraging positive results as reported previously.  IMC is scheduled to carry out a further series of trial pits in order to complete the geological model.   

The price of gold has been at its strongest in recent months, as demand for gold surges across the world.  Gold is playing its age-old role as a safe haven in times of high inflation and geopolitical uncertainty.    IMC again is very focused on its Avoca and North Wexford gold projects, in addition to its spoils and tailings project. 

IMC has just received approval for its Spring drilling programme from the Geoscience Regulation Office of the Department of Climate, Environment and Communications.  This is very positive news and allows IMC to continue with its drill programme on its North Wexford Gold project.

IMC’s successful collaboration with Trinity College Dublin, Ireland, continues and we will be announcing a full programme of work in the coming weeks. 

IMC previously announced that it had conditionally agreed to acquire MVI Ireland s.r.o., the 100% owner of the Assat company in Armenia which is the holder of the mining license for the Karaberd gold mine located in Lori Marz, northern Armenia. As reported to the market on 31st October 2022 the nature of the acquisition has changed and IMC, rather than acquiring a company possessed of a mining licence, is now acquiring the owner of an operating gold mine.  The conditional agreement remains in place and we expect to complete the acquisition in due course. 

This is an excellent time for gold, silver, copper and zinc with the current high commodity prices.  The Directors look forward to reporting further results from our exploration programme and on progress towards completion of the MVI Ireland s.r.o. acquisition. 

Eamon O’Brien,
Executive Chairman,

Dublin, 28th February 2023




IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income

for the period 1st July 2022 to 31st December 2022

Continuing Operations                                                                                                   

    Dec’22 Jun’22
Administrative expenses   (11,015) (260,796)
       
Operating Loss for the period   (11,015) (260,796)
       
Finance Income   - -
Amount written off Intangible Assets                                      - (260,796)
Amount written off investment   - -
    __________ __________
       
Loss for period before tax   (11,015) (260,796)
       
Income tax expenses   - -
    _________ _________
Total comprehensive loss for the period   (11,015) (260,796)
    ========= =========
       
Loss attributable to:      
Equity holders of the Company   (11,015) (260,796)
    ========= =========
       
Total Comprehensive Loss attributable to:      
Equity holders of the Company   (11,015) (260,796)
    ========= =========
Earnings per share      
From continuing operations      
Basic and Diluted loss per share (cent)   0.0 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

As at 31st December 2022

    Dec’22 Jun’22
Assets      
Intangible assets   635,291 627,791
Property, plant and equipment   1,398 1,850
Investments   - -
    __________ __________
Total Non-Current Assets   636,689 629,641
    __________ __________
       
Current Assets      
Trade and other receivables   34,447 10,987
Cash and cash equivalents   101,420 23,399
    __________ __________
Total Current Assets   135,867 34,386
    __________ __________
       
Total Assets   772,556 664,027
    ========= =========
       
Equity      
Share Capital   349,589 349,589
Share premium   4,164,633 4,164,633
Retained deficit   (4,509,370) (4,498,355)
    __________ __________
Attributable to owners of the Company   4,852 15,867
    __________ __________
Total Equity   4,852 15,867
    __________ __________
       
Liabilities – Current      
Trade and other payables   273,854 295,017
Current tax liabilities   - -
    __________ __________
Total Liabilities-Current   273,854 295,017
       
Liabilities – Non-Current      
Loan   493,850 353,143
    __________ __________
Total Liabilities-Current   493,850 353,143
       
    __________ __________
Total Equity and Liabilities   772,556 664,027




IMC Exploration Group Public Limited Company

Consolidated Statement of Changes in Equity

for the period 1st July 2022 to 31st December 2022

  Share Capital € Share Premium € Retained Losses € Total €
Balance at 30 June 2021 349,589 4,164,633 (4,237,559) 276,663
  ___________ __________ _________ _______
Total comprehensive income for the period        
Loss for the period - - (260,796) (260,796)
  __________ ___________ __________ _________
         
Total comprehensive income for the period -   (260,796) (260,796)
Transactions with owners, recorded directly in equity        
contributions by and distributions to owners        
Shares issued - - - -
Share issue costs - - - -
  __________ ___________ __________ _________
Total transactions with owners - - - -
  __________ ___________ __________ _________
         
         
Balance at 30 June 2022 349,589 4,164,633 (4,498,355) 15,867
  __________ ___________ __________ _________
         
Total comprehensive income for the period        
Loss for the period - - (11,015) (11,015)
  __________ ___________ __________ _________
         
Total comprehensive income for the period -   (11,015) (11,015)
Transactions with owners, recorded directly in equity        
contributions by and distributions to owners        
Shares issued - - - -
Share issue costs - - - -
  __________ ___________ __________ _________
Balance at 31 December 2022 349,589 4,164,633 (4,509,370) 4,852
  __________ ___________ __________ _________




IMC Exploration Group Public Limited Company

Consolidated Statement of Cash Flows

for the period 1st July 2022 to 31st December 2022

    Dec’22 Jun’22
Cash flows from operating activities      
       
Loss for the year   (11,015) (260,796)
       
Adjustments for:      
Intangible Assets Write Off   - -
Income Tax recognised in profit and loss   - -
Depreciation   452 904
    ________ ________
       
Cash from operations before changes in working capital   (10,563) (259,892)
       
Movement in trade and other receivables   (23,460) 2,709
Movement in trade and other payables   119,544 420,447
    _________ _________
       
Net cash flow from operating activities   85,521 163,264
       
Cash flows from investing activities      
Capital Expenditure   (7,500) (191,988)
    _________ _________
       
Net cash (used in) investing activities   (7,500) (191,988)
    _________ _________
Cash flows from financing activities      
Proceeds from the issue of new shares   - -
Finance income/(expense)   - -
    _________ _________
       
Net cash generated by financing activities   - -
    _________ _________
       
Movement in cash and cash equivalents   78,021 (28,724)
       
Cash and cash equivalents at beginning of year   23,399 52,123
    _________ _________
Cash and cash equivalents at end of year   101,420 23,399

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 7506 43 41 07
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Brinsley Holman: +44 7776 30 22 28
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IMC Exploration Group plc Kathryn Byrne: +353 85 233 6033

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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