Final Results for Year Ended 30-6-2019

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IMC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

FINAL RESULTS FOR THE YEAR 1^ST JULY 2018 TO 30^TH JUNE 2019

IMC Exploration Group Public Limited Company

Chairman’s Statement for the year ended 30^th June 2019

The Directors of IMC Exploration Group plc (“IMC” or the “Group”) are pleased to present the audited financial results for IMC for the twelve months to 30^th June 2019.  The consolidated financial statements appearing below (which do not form the full statutory Report and Accounts of the Group) are taken from the Directors’ Report and Financial Statements for the year ended 30^th June 2019 being posted to shareholders, a copy of which is available from IMC’s website at https://www.imcexploration.com/.

Highlights of year ended 30^th June 2019

During the year under review, the Group continued the drilling programme and evaluation work on PL 3849 in Avoca, Co Wicklow, the drilling programme on the Gold Mine River project on PL 3857 located on the Gold Mine River in Co. Wicklow and the drilling programme on the North Wexford gold project on PL 2551. IMC was          pleased to have been in the financial position to carry out a six-month long drilling programme on its licence areas in County Wexford and County Wicklow. Additionally, work continued on the Group’s previously-announced application for the admission of its share capital to the standard segment of the United Kingdom Official List and to trading on the main market of the London Stock Exchange.

Resulting from its activities during the financial year ended 30^th June 2019, including the preparation by CSA Global of a Mineral Resource Estimate on the historic Avoca mine site project in Co. Wicklow and the drilling carried out at the North Wexford gold project, a number of significant achievements have crystallised in the first months of the current financial year, ending 30^th June 2020. These are detailed below under “Post-Balance Sheet Events”.

Post- Balance Sheet Events

Work undertaken during the financial year ended 30^th June 2019 and previous periods has led, during the first half to date of the current year, to some of the most positive and exciting developments for IMC since its incorporation in 2011. On 8^th July 2019, the share capital of IMC was admitted to the standard segment of the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange. The admission of the Group to trading on the London Stock Exchange, one of the most influential and prestigious global stock exchanges, significantly enhances the status and profile of the Group.  

Since the end of the financial year ended 30^th June 2019, IMC has received the Mineral Resource Estimate in accordance with the JORC Code (2012) on its Avoca historic mine site project in Avoca, Co. Wicklow. The Mineral Resource Estimate for the Avoca spoils and tailings is hugely significant. There is further potential to increase the tonnage and grade, not only on this site, but also on the other spoils’ heaps within IMC’s licence area and, to this end, the Group is progressing its exploration work on its spoils and tailings project in Avoca, Co. Wicklow and continues its drilling programme on PL 3849 in Avoca, Co. Wicklow.

In County Wexford, IMC has, since the end of the financial year 30^th June 2019, been awarded two additional prospecting licences, PL 1200 and PL 1199, by the Department of Communications, Climate Action and Environment. IMC was delighted to have been granted these licences as they adjoin its existing PL 2551 licence, where IMC had previously encountered high gold grades yielding 353g/t gold (=11.38oz/t gold) from drill hole 12/2551/04. The award of the new licences means the Group now holds three abutting exploration licence areas in Co. Wexford, which it believes should significantly enhance the Group’s North Wexford gold project.

Conclusion

The listing of the Group and the admission to the Main Market of the London Stock Exchange are excellent developments. The Directors believe the scale and potential of the spoils and tailings project at Avoca, along with the Mineral Resource Estimate in accordance with the JORC Code (2012), to be truly transformational for IMC and its shareholders. I look forward to informing shareholders of further progress in the Group and with the projects within its licence areas as and when it arises. I wish to thank my fellow Directors and management team for their contributions to the Group’s progress and look forward to further successes for IMC and its shareholders during the current financial year.

Eamon O’Brien,

Chairman

IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income

for the year ended 30^th June 2019

Continuing Operations                                                                                                

	2019	2018
Administrative expenses	(366,816)	(921,757)
Operating Loss for the period	(366,816)	(921,757)
Finance Income	-	-
Amount written off Intangible Assets		(284,088)
Amount written off investment	-	-
	__________	_________
Loss for period before tax	(366,816)	(1,205,845)
Income tax expenses	(2,047)	10,991
	_________	_________
Total comprehensive loss for the period	(368,863)	(1,194,854)
	=========	=========
Loss attributable to:
Equity holders of the Company	(368,863)	(1,194,854)
	=========	=========
Total Comprehensive Loss attributable to:
Equity holders of the Company	(368,863)	(1,194,854)
	=========	=========
Earnings per share
From continuing operations
Basic and Diluted loss per share (cent)	0.1	0.5

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 29^th October 2019 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 2019

	2019	2018
Assets
Intangible assets	471,117	332,127
Property, plant and equipment	1,723	-
Investments	-	-
	__________	__________
Total Non-Current Assets	472,840	332,127
	__________	__________
Current Assets
Trade and other receivables	39,373	-
Cash and cash equivalents	(30,403)	212,410
	__________	__________
Total Current Assets	8,970	212,410
	__________	__________
Total Assets	481,810	544,537
	=========	=========
Equity
Share Capital	293,107	278,107
Share premium	3,645,171	3,490,942
Retained deficit	(3,649,179)	(3,280,316)
	__________	_________
Attributable to owners of the Company	289,099	488,733
	__________	__________
Total Equity	289,099	488,733
	__________	__________
Liabilities – Current
Trade and other payables	190,664	55,804
Current tax liabilities	2,047	-
	__________	__________
Total Liabilities	192,711	55,804
	__________	__________
Total Equity and Liabilities	481,810	544,537

The Financial statements were approved by the Board of Directors on 29^th October 2019 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 2019

	Share Capital €	Share Premium €	Retained Losses €	Total €
Balance at 30 June 2017	166,610	2,489,137	(2,085,462)	570,285
	___________	__________	_________	_______
Total comprehensive income for the period
Loss for the period	-	-	(1,194,854)	(1,194,854)
	__________	___________	__________	_________
Total comprehensive income for the period	-		(1,194,854)	(1,194,854)
Transactions with owners, recorded directly in equity
contributions by and distributions to owners
Shares issued	111,497	1,058,515	-	1,170,012
Share issue costs	-	(56,710)	-	(56,710)
	__________	___________	__________	_________
Total transactions with owners	111,497	1,001,805	-	1,113,302
	__________	___________	__________	_________
Balance at 30 June 2018	278,107	3,490,942	(3,280,316)	488,733
	__________	___________	__________	_________
Total comprehensive income for the period
Loss for the period	-	-	(368,863)	(368,863)
	__________	___________	__________	_________
Total comprehensive income for the period	-		(368,863)	(368,863)
Transactions with owners, recorded directly in equity
contributions by and distributions to owners
Shares issued	15,000	165,781	-	180,781
Share issue costs	-	(11,552)	-	(11,552)
	__________	___________	__________	_________
Balance at 30 June 2019	293,107	3,645,171	(3,649,179)	289,099
	__________	___________	__________	_________

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 29^th October 2019 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 2019

	2019	2018
Cash flows from operating activities
Loss for the year	(368,863)	(1,194,854)
Adjustments for:
Intangible Assets Write Off	-	284,088
Income Tax recognised in profit and loss	2,047	(10,991)
Depreciation	431	-
	________	________
Cash from operations before changes in working capital	(366,385)	(921,757)
Movement in trade and other receivables	(39,373)	81,017
Movement in trade and other payables	134,859	(12,138)
	_________	_______
Net cash flow from operating activities	(270,899)	(852,878)
Cash flows from investing activities
Interest received	-	-
Proceeds from sale of investments	-	-
Taxation	-	-
Acquisitions and disposals	(141,143)	(28,550)
	_________	________
Net cash (used in) investing activities	(141,143)	(28,550)
	_________	________
Cash flows from financing activities
Proceeds from the issue of new shares	169,229	1,113,302
Finance income/(expense)	-	-
	_________	________
Net cash generated by financing activities	169,229	1,113,302
	_________	________
Movement in cash and cash equivalents	(242,813)	231,874
Cash and cash equivalents at beginning of year	212,410	(19,464)
	_________	________
Cash and cash equivalents at end of year	(30,403)	212,410

The financial statements were approved by the Board of Directors on 29^th October 2019 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 contents of this announcement.

REGULATORY ANNOUNCEMENT ENDS.

Contact Details:

IMC Exploration Group plc
Kathryn Byrne: [phone]

Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: [phone] / [phone] /[e-mail]
Brinsley Holman: [phone] /[e-mail]