Half-year Report

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 PERIOD 1^st JULY 2021 TO 31^st DECEMBER 2021

IMC Exploration Group Public Limited Company
(“IMC” or the “Company”)

Chairman’s Statement

The Directors of IMC are pleased to present the Company’s unaudited, consolidated, interim financial results for the first six-month period of the current financial year to 31^st December 2021.

The half-year under review was an extremely busy and positive time for the Company, with the drill programme in West Avoca commencing during this period. A drilling programme was undertaken to assess the extent and continuity of Cu, Au, Pb, Zn mineralisation along strike from the historic Avoca mine.  Historical mineralised intercepts in the West Avoca area include 10m grading 1.1% Cu and 9m grading 10.3% Zn and 4.8% Pb.

IMC achieved exceptionally good intersects of 18.7m of zinc, lead and silver mineralisation at West Avoca.  We encountered four zones of massive and semi-massive sulphide mineralisation at depths between 159m and 206m.  When aggregated over an 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.  Further drilling has both encountered massive and semi-massive sulphide mineralisation.   

The Board of IMC is delighted that we have intersected 18.7m of zinc, lead and silver mineralisation at West Avoca.  Furthermore, it has confirmed the geological interpretation and emphasises the validity in reassessing and drill-testing historical deposits where significant mineralisation remains. 

The Avoca Mine is estimated to have contained 16 million tonnes of 0.6% copper which was exported as a concentrate that contained ‘payable grades of gold and silver’ (Williams et al., 1986).  In addition, in situ zinc and lead mineralisation is present at West Avoca over a minimum strike length of c. 300m.

Further progress continues on our spoils’ and tailings’ project in Co. Wicklow, where we have established an Inferred Mineral Resource Estimate.  Our successful collaboration with Trinity College Dublin, Ireland continues and we would like to take this opportunity to thank them for their valuable contributions.

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 licence for the Karaberd gold mine located in Lori Marz, northern Armenia. The conditional agreement remains in place and we expect to complete the acquisition during the coming period. 

This is a propitious time for gold, silver, copper and zinc with the high commodity prices presently prevailing.  The Directors look forward to reporting further results from the West Avoca drilling programme and on progress towards completion of the MVI Ireland s.r.o. acquisition. 

Eamon O’Brien,
Executive Chairman,
Dublin, 28^th February 2022


 

IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the period 31^st July 2021 to 31^st December 2021

Continuing Operations     

		Dec’21	Jun’21
Administrative expenses		(57,586)	(294,996)
Operating Loss for the period		(57,586)	(294,996)
Finance Income		-	-
Amount written off Intangible Assets		-	(43,484)
Amount written off investment		-	-
		__________	__________
Loss for period before tax		(57,586)	(338,480)
Income tax expenses		-	2,047
		_________	_________
Total comprehensive loss for the period		(57,586)	(336,433)
		=========	=========
Loss attributable to:
Equity holders of the Company		(57,586)	(336,433)
		=========	=========
Total Comprehensive Loss attributable to:
Equity holders of the Company		(57,586)	(336,433)
		=========	=========
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 31^st December 2021

		Dec’21	Jun’21
Assets
Intangible assets		603,232	435,803
Property, plant and equipment		2,302	2,754
Investments		-	-
		__________	__________
Total Non-Current Assets		605,534	438,557
		__________	__________
Current Assets
Trade and other receivables		38,720	13,696
Cash and cash equivalents		168,887	52,123
		__________	__________
Total Current Assets		207,607	65,819
		__________	__________
Total Assets		813,141	504,376
		=========	=========
Equity
Share Capital		349,589	349,589
Share premium		4,164,633	4,164,633
Retained deficit		(4,295,145)	(4,237,559)
		__________	__________
Attributable to owners of the Company		219,077	276,663
		__________	__________
Total Equity		219,077	276,663
		__________	__________
Liabilities – Current
Trade and other payables		594,064	227,713
Current tax liabilities		-	-
		__________	__________
Total Liabilities		594,064	227,713
		__________	__________
Total Equity and Liabilities		813,141	504,376

IMC Exploration Group Public Limited Company
Consolidated Statement of Changes in Equity
for the period 31^st July 2021 to 31^st December 2021

	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	-	-	(57,586)	(57,586)
	__________	___________	__________	_________
Total comprehensive income for the period	-		(57,586)	(57,586)
Transactions with owners, recorded directly in equity
contributions by and distributions to owners
Shares issued	-	-	-	-
Share issue costs	-	-	-	-
	__________	___________	__________	_________
Balance at 31 December 2021	349,589	4,164,633	(4,295,145)	219,077
	__________	___________	__________	_________

IMC Exploration Group Public Limited Company
Consolidated Statement of Cash Flows
for the period 31^st July 2021 to 31^st December 2021

		Dec’21	Jun’21
Cash flows from operating activities
Loss for the year		(57,586)	(336,433)
Adjustments for:
Intangible Assets Write Off		-	43,484
Income Tax recognised in profit and loss		-	(2,047)
Depreciation		452	905
		________	________
Cash from operations before changes in working capital		(57,134)	(294,091)
Movement in trade and other receivables		(25,024)	99,168
Movement in trade and other payables		366,351	24,613
		_________	_________
Net cash flow from operating activities		284,193	(170,310)
Cash flows from investing activities
Interest received		-	-
Proceeds from sale of investments		-	-
Taxation		-	-
Acquisitions and disposals		(167,429)	(9,168)
		_________	_________
Net cash (used in) investing activities		(167,429)	(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		116,764	86,890
Cash and cash equivalents at beginning of year		52,123	(34,767)
		_________	_________
Cash and cash equivalents at end of year		168,887	52,123

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: [phone] [e-mail]; [e-mail]  Brinsley Holman: [phone] [e-mail]
IMC Exploration Group plc	Kathryn Byrne: [phone]