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Chairman’s Statement

The Directors of IMC are pleased to present the Company’s unaudited, consolidated, half-
yearly financial report for the six-month period ended 31 December 2023.

The six months under review have been very significant for IMC and its shareholders, with the
successful completion, in October 2023, of the acquisition of MVI Ireland s.r.o. (“MVI”), the
100% owner of the Armenian company, Assat LLC, which owns and operates the Karaberd
Mine, an operating gold mine located in Lori Marz, Northern Armenia.
The acquisition of MVI constituted a reverse takeover under the Listing Rules and as required
by the Financial Conduct Authority’s updated rule on a minimum required market
capitalisation of £30m for a company undertaking such a transaction, we were pleased that
international consultants Alvarez and Marsal conducted a valuation of MVI, in accordance with
the International Valuation Standards (IVS, 2020), that demonstrated a value in excess of the
required threshold of £30m.

Since the completion of the acquisition of MVI on 1 November 2023 we have been delighted
by the performance at the Karaberd mine and the extraction of ore continues, including a sale
of ore in December 2023 for a consideration of €1,500,000.
We believe there is great potential in Armenia, both with the Karaberd mine and more widely.
We are continuing to review other projects in Armenia, and all at IMC believe that operating
in Armenia will provide significant future growth opportunities.
I am also pleased that following our acquisition of MVI we have, post period end, strengthened
the IMC Board with a new CFO, Vahagn Marukhyan, who has significant experience with
Ernst & Young in Armenia, and a geologist, Gagik Gevorgyan, who has worked as chief
geologist in Armenia with a number of mining companies and who has a tremendous
knowledge of projects in Armenia that are likely to form part of the IMC pipeline of projects
going forward.

In Ireland, IMC has a mineral-rich supply of spoils and tailings with a Mineral Resource
Estimate (MRE) on its Avoca spoils and tailings. Based on the Inferred Mineral Resource
Estimate there are circa. 20,000 oz gold, 600,000oz silver, 2,600 tonnes copper and 7,800
tonnes lead in these spoils and tailings heaps, which are in crushed rock sitting above ground.
At current commodity metal prices, this represents a total gross value of £71,346,400.
IMC has the intention to advance the Avoca opportunity as an eco-remediation project, aligning
closely with the goals outlined by both the Irish government and the objectives of the European
Union. To progress this opportunity, at IMC’s invitation, China National Geological & Mining
Corporation (“CGM”), who have experience working global projects and especially have
experience in eco-based extraction of metals and the remediation of mining sites, recently
visited our Avoca site to assess how further progress should be made. I am pleased to say that
following this visit we have completed and signed a Memorandum of Understanding for
Cooperation with CGM and I look forward to the completion of a project plan to maximise the
potential of our Avoca site given the gross value of metals sitting in the spoils and tailings and
also given that the European Union has passed a Nature Restoration Law requiring the
restoration of up to 20% of lands and sea by 2030. We believe that this will also give impetus
to our proposed remediation of the 155-acre Avoca mine site. We are also reviewing the
potential for further copper extraction on our Avoca licence given the significant increase in
copper prices since mining stopped in Avoca in 1982.

Also in Ireland, I am very encouraged by the recent drilling results from IMC’s North Wexford
Gold Project which confirms interpretation of two structural zones, up to 20 metre (“m”) wide,
associated with gold (“Au”) mineralization. An historic drillhole intercepted 1.5m grading
354g/t Au, interpreted as part of an upper, near surface zone of mineralization and a lower zone
of 2m grading 1.4g/t Au. The new drillhole extends these zones of mineralization by 150m to
the northeast and intersected grades of 1m grading 5.8g/t Au in the upper zone and 1m grading
1.1g/t Au in the lower zone. Both the upper and lower zones are open along strike and to depth.
Geological interpretation suggests more structural zones are present. The mineralization is
present in wide zones of quartz-veined sediments (6m and 20m wide respectively) of which
the upper zone is interpreted as the probable host of the 354g/t Au bonanza grade boulder.
The last six months has been very productive for IMC, particularly the successful conclusion
of the acquisition of the Karaberd mine in Armenia and the strengthening of the Board. With
the current high price of gold, silver and copper and IMC’s projects in Armenia and Ireland,
IMC expects to make notable progress in the coming months.

Eamon P. O’Brien,
Executive Chairman,
Dublin, 28 March 2024.

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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Telephone: +353 872819215

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