Audited Results for Year Ended 30 June 2022

THE DIRECTORS OF IMC EXPLORATION GROUP PLC CONSIDER THIS ANNOUNCEMENT TO CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 596/2014 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (THE "MARKET ABUSE REGULATION"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

RESULTS FOR THE YEAR 1^ST JULY 2021 TO 30^TH JUNE 2022

IMC Exploration Group Public Limited Company

(“IMC” or the “Company”)

Chairman’s Statement for the year ended 30^th June 2022

The Directors of IMC Exploration Group plc are pleased to present the consolidated, audited financial statements for IMC for the twelve months to 30^th June 2022.  The financial statements which follow are extracted from, but do not constitute, the audited Annual Report and Accounts of the Company for the above period. Shareholders are referred to the Company’s website: https://imcexploration.com/ where a downloadable PDF copy of the Annual Report and Accounts is available.

The past year has been very significant and successful for IMC from a corporate and exploration perspective. We intersected 18.7m of zinc, lead and silver mineralisation. We also encountered four zones of massive and semi-massive sulphide mineralisation at depths between 159 and 206m.  When aggregated over a 18.7m interval, the upper three zones assayed 6.5% zinc and lead and included 2.8m grading 12.6% zinc and lead and 2.2m grading 70g/t silver. Our exploration programme has validated and extended zones of mineralisation encountered in previous exploration.  Further, it confirms the geological interpretation and emphasises the validity in reassessing and drill-testing historical deposits where significant mineralisation still remains. 

The substantial amount of massive sulphide mineralisation we encountered in West Avoca supports the interpretation that there is a minimum strike length of approximately 1,000m of exploration potential to the south-west of the mapped underground workings at West Avoca. 

Grades of up to 1.5% copper and 7.7% lead and zinc mineralisation were encountered to the south-west of the old workings, providing optimism that continuity of mineralisation and further economic grade intersections can be targeted in the West Avoca area.

IMC develops exploration strategies based on reviews of historical data complemented by follow-up exploration and drilling programmes to define, test and upgrade geological targets. We consider our licences to be amongst the most prospective exploration licences currently available in Ireland and IMC is working with research institutes, including Trinity College Dublin, to expand its geological knowledge, especially in relation to mineralisation. Our approach has and will continue to provide quality targets for drill testing and discovery. Ireland is ranked first in the world in terms of zinc discovered per square kilometre, and second in the world with respect to lead.

Given the exploration-friendly policies promoted by the Irish Government, the country’s infrastructure, the previous success of other operators in Ireland together with the materials, criteria and rationale used by IMC for the selection of these prospecting licences, it is considered that these licences have sound and proper potential for the discovery of economic precious and base metal deposits.

Previous production from the Avoca Mine is estimated to have totalled 16Mt grading c. 0.6% Cu from banded, vein and disseminated sulphides hosted by the upper Ordovician Duncannon Group.  The total in situ copper resource at Avoca is reported to have exceeded 100Mt at 0.2% Cu (Sheppard, 2007). 

IMC’s North Wexford gold project consists of three properties.  Two of these are prospective for gold and VMS mineralisation, and an adjacent property is prospective for orogenic gold mineralisation. A drill intersection of mineralised quartz by IMC returned an interval of 1.5m grading 354g/t Au.

CSA Global established a Mineral Resource Estimate (MRE) at the Avoca mine spoils and tailings. They reported a JORC-compliant Inferred Mineral Resource of the equivalent of c. 20,000 ozs of gold, as well as a complement of copper, lead, zinc and silver metal.  Further progress continues to be made at West Avoca and other areas of the spoils and tailings project.

As reported, the Company has conditionally agreed to purchase the Karaberd Mine, a gold mine located in Lori Marz, northern Armenia (the “Acquisition”).  IMC considers that the Acquisition of the Karaberd Mine and the development of the Karaberd ore-crushing facility will serve the existing strategic direction of IMC, while expanding the geographic scope of its operations.  Further progress has been made in relation to the Acquisition and is the subject of a separate, concurrent announcement by the Company captioned “Proposed Acquisition of Karaberd Mine – Update”.

We expect the remainder of the current financial year to be a very progressive time for the Company, particularly with the conclusion of the Karaberd Mine transaction.  Copper and zinc are essential for sustainable economies and are vital to the success of the world-wide renewable energy initiatives.  IMC fully expects to be part of this circular economy.

Eamon O’Brien,

Executive Chairman

IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income

for the year ended 30^th June 2022

Continuing Operations     

		2022	2021
Administrative expenses		(260,796)	(294,996)
Operating Loss for the period		(260,796)	(294,996)
Amount written off Intangible Assets		-	(43,484)
		__________	__________
Loss for period before tax		(260,796)	(338,480)
Income tax expenses		-	2,047
		_________	_________
Total comprehensive loss for the period		(260,796)	(336,433)
		=========	=========
Loss attributable to:
Equity holders of the Company		(260,796)	(336,433)
		=========	=========
Total Comprehensive Loss attributable to:
Equity holders of the Company		(260,796)	(336,433)
		=========	=========
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 26^th October 2022 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 30^th June 2022

		2022	2021
Assets
Intangible assets		627,791	435,803
Property, plant and equipment		1,850	2,754
		__________	__________
Total Non-Current Assets		629,641	438,557
		__________	__________
Current Assets
Trade and other receivables		10,987	13,696
Cash and cash equivalents		23,399	52,123
		__________	__________
Total Current Assets		34,386	65,819
		__________	__________
Total Assets		664,027	504,376
		=========	=========
Equity
Share Capital		349,589	349,589
Share premium		4,164,633	4,164,633
Retained deficit		(4,498,355)	(4,237,559)
		__________	__________
Attributable to owners of the Company		15,867	276,663
		__________	__________
Total Equity		15,867	276,663
		__________	__________
Liabilities – Current
Trade and other payables		295,017	227,713
		__________	__________
Total Liabilities-Current		295,017	227,713
Liabilities – Non-Current
Loan		353,143	-
		__________	__________
Total Liabilities-Current		353,143	-
		__________	__________
Total Equity and Liabilities		664,027	504,376

The Financial statements were approved by the Board of Directors on 26^th October 2022 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 30^th June 2022

	Share Capital €	Share Premium €	Retained Losses €	Total €
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	-	-	(336,433)	(336,433)
	__________	___________	__________	_________
Total comprehensive income for the period	-		(336,433)	(336,433)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Shares issued	26,750	269,558	-	296,308
Share issue costs	-	(29,940)	-	(29,940)
	__________	___________	__________	_________
Total transactions with owners	26,750	239,618	-	266,368
	__________	___________	__________	_________
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	-	-	-	-
	__________	___________	__________	_________
Balance at 30 June 2022	349,589	4,164,633	(4,498,355)	15,867
	__________	___________	__________	_________

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 26^th October 2022 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 30^th June 2022

		2022	2021
Cash flows from operating activities
Loss for the year		(260,796)	(336,433)
Adjustments for:
Intangible Assets Write Off		-	43,484
Income Tax recognised in profit and loss		-	(2,047)
Depreciation		904	905
		________	________
Cash from operations before changes in working capital		(259,892)	(294,091)
Movement in trade and other receivables		2,709	99,168
Movement in trade and other payables		420,447	24,613
		_________	_________
Net cash flow from operating activities		163,264	(170,310)
Cash flows from investing activities
Capital Expenditure		(191,988)	(9,168)
		_________	_________
Net cash (used in) investing activities		(191,988)	(9,168)
		_________	_________
Cash flows from financing activities
Proceeds from the issue of new shares		-	266,368
Finance income/(expense)		-	-
		_________	_________
Net cash generated by financing activities		-	266,368
		_________	_________
Movement in cash and cash equivalents		(28,724)	86,890
Cash and cash equivalents at beginning of year		52,123	(34,767)
		_________	_________
Cash and cash equivalents at end of year		23,399	52,123

The financial statements were approved by the Board of Directors on 26^th October 2022 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 content of this announcement.

REGULATORY ANNOUNCEMENT ENDS

Contact Details:

IMC Exploration Group plc

Kathryn Byrne: [phone]

Keith, Bayley, Rogers & Co. Limited

Graham Atthill-Beck: [phone] / [e-mail];[e-mail]  

Brinsley Holman: [phone] / [e-mail]