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.

HALF-YEARLY FINANCIAL REPORT

FOR THE PERIOD 1st JULY 2024 TO 31st DECEMBER 2024

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, half-yearly financial report for the six-month period ended 31 December 2024.

Since my last report the environment for exploration and mining companies has improved greatly.  New EU rules have come in to effect including the Critical Raw Materials Act (CRMA) that requires member states to put in place projects that enable both the extraction and processing of such critical metals as copper, lithium and cobalt that are used in clean energy and digital systems.   The Institute of Geologists of Ireland have stated that meeting the CRMA objectives will include revisiting closed mines and mine waste facilities.

This is particularly relevant to IMC as IMC is currently working on plans to process its spoils and tailings in Avoca, there being over £80m in metals in this waste material sitting above ground, based on calculations from the inferred metal resources, as set out in the IMC MRE completed by CSA Global. IMC’s previously completed Mineral Resource Estimate in this regard identified additional exploration targets on the Avoca PL3850 including at Connary. IMC has recently completed further excavations related to its spoils and tailings at the Connary location with the objective of adding to its current MRE estimate. As soon as the results are available and the relevant geological report is completed IMC will announce its results.  Furthermore, and as stated in my last report, we are reviewing the potential to re-open the old Avoca copper mine, given the significant increase in the price of copper and given the designation of copper as a critical raw material. We are also pleased to note the appointment of Minister for Climate Environment and Energy, Darragh O’Brien, who is keen to advance Irelands exploration and mining industries especially relating to CRM’s.

Located to the northeast of the historical Avoca Mine (PL3850), regional sampling and logging of drill core from PL3849 has indicated significant regional prospectivity for Cu and Au on the Licence. The Caledonide range of southeast Ireland features an Ordovician volcano-sedimentary sequence hosting VMS mineralization and ironstones interpreted as having formed from hydrothermal exhalative activity. Understanding their spatial relationships, bulk geochemistry and mineralogy can aid in the detection of concealed deposits.  For that reason, IMC has sent a total of 20 samples with mineralization from its 3 drill holes at Kilmacurra for petrographic characterization and metallurgical analysis to a number of laboratories, including iCRAG, and for isotope analysis at NordSim in Stockholm. Similar analysis has also been commissioned on 20 samples of spoils from the decommissioned Ballard Iron Mine that also fall within IMC’s PL3849.  Again, when the relevant reports are completed, the results will be published.

I am pleased to report that following a recent visit to Armenia, IMC can report progress in a number of areas.  IMC’s presentation to a number of Armenian Government officials in regard to future mining projects, including remediation of toxic waste sites, and investment into the related local communities was well received.  IMC also met with the EU Ambassador to Armenia, Vassilis Maragos, and the Czech Ambassador Petr Piruncik. Mr. Piruncik is happy to be encouraging to IMC’s interests in Armenia given that IMC’s major shareholder after completion of the recent RTO is Czech. 

IMC also had a very positive meeting with the CEO of the Armenian Securities Exchange (AMX), Hayk Yeganyan. The AMX would be pleased to have IMC as a dual listed entity on their exchange and as I mentioned in my last report IMC is working with its Grant Thornton team in Armenia to bring that about.

In relation to the future processing of IMC’s ore held by IMC’s wholly owned subsidiary Assat, we have made some progress at last.  Up to now, the situation was challenging since the only possibility to refine ore was through the Ararat Zavod – GPM Gold plant, where Assat previously refined about 33,000 tons of ore and produced 46.2kg of gold. However, since GPM Gold belongs to Russian owners – the imposed sanctions and political situation unfortunately does not allow IMC, which acquired Assat, as a European company and LSE listed entity to process its ore through GPM Gold.  Nevertheless, I previously mentioned that the acquisition of another processing plant, the Masis plant LLC, was going through the Armenian court system, and this plant belonging 60% to another Czech entity, that has associations with our major shareholder Mineral Ventures Invest, has at last had ownership finally registered on February 19th 2025, and a contract between ASSAT LLC and Masis plant LLC is being drafted with the aim to start processing the high-grade segment of ASSAT’s ore.  IMC also visited this plant during our recent trip to Armenia. As it happened during the delayed processing of our ore and since my last report Gold has increased in value from $2,721 to $3,084 per Oz. As mentioned in my previous report, the plans for construction of the eco-leaching plant are underway ….. a deposit has been paid and plans are being finalised.

With the current high price of gold, silver and copper and IMC’s projects in Armenia and Ireland, together with adoption of the Critical Raw Materials Act, IMC sees the current environment as very positive for IMC’s development.  Indeed, at the recent PDAC convention great interest was shown in IMCs Avoca projects.

Eamon P. O’Brien,

Executive Chairman,

Dublin, 28 March 2025

REGULATORY ANNOUNCEMENT ENDS.

IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income

for the period 1st July 2024 to 31st December 2024

Continuing Operations

			Dec’24		Jun’24
	Revenue		67,000		1,524,000
	Cost of Sales		(202,573)		(828,097)
	Gross Profit		(135,573)		695,903
	Administration Costs		(241,009)		(694,145)
	Operating Profit /(loss) for the period		(376,582)		1,758
	Finance Income		-		-
	Amount written off Intangible Assets		-		-
	Amount written off investment		-		-
	Profit / (Loss) for period before tax		(376,582)		1,758
	Income tax expenses		28,252		(112,402)
	Total comprehensive loss for the period		(348,330)		(110,645)
	Loss attributable to:
	Equity holders of the Company		(348,330)		(110,645)
	Total Comprehensive Loss attributable to:
	Equity holders of the Company		(348,330)		(110,645)
	Earnings per share
	From continuing operations
	Basic and Diluted profit per share (cent)		(0.05)		(0.02)

IMC Exploration Group Public Limited Company

Consolidated Statement of Financial Position

As at 31st December 2024

			Dec’24		Jun’24
	Assets
	Intangible assets		3,930,911		4,062,289
	Property, plant and equipment		117,235		138,472
	Goodwill		522,913		522,913
	Total Non-Current Assets		4,571,059		4,723,674
	Current Assets
	Inventory		446,000		384,000
	Trade and other receivables		3,118,132		2,969,899
	Cash and cash equivalents		(7,832)		(29,600)
	Total Current Assets		3,556,300		3,324,299
	Total Assets		8,127,358		8,047,973
	Equity
	Share Capital		723,190		723,190
	Share premium & Capital		11,397,484		11,203,370
	Retained deficit		(6,526,260)		(6,177,930)
	Attributable to owners of the Company		5,594,414		5,748,630
	Total Equity		5,594,414		5,748,630
	Liabilities – Current
	Trade and other payables		906,612		799,975
	Current tax liabilities		586,198		609,646
	Total Liabilities-Current		1,492,810		1,409,621
	Liabilities – Non-Current
	Loan		1,040,134		889,722
	Total Liabilities-Current		1,040,134		889,722
	Total Equity and Liabilities		8,127,357		8,047,973

IMC Exploration Group Public Limited Company

Consolidated Statement of Changes in Equity

for the period 1st July 2024 to 31st December 2024

		Share Capital €	Share Premium €	Other Reserves €	Retained Losses €	Total €
	Balance at 30 June 2023	364,384	4,253,642	-	(4,823,272)	(205,246)
	Total comprehensive income for the period
	loss for the period	-	-	-	(110,645)	(110,645)
	Total comprehensive income for the period	-	-	-	(110,645)	(110,645)
	Transactions with owners, recorded directly in equity contributions and distributions to owners
	Shares issued	358,807	4,565,176	-	-	4,923,982
	Capital Contributions & Translation Reserves	-	-	1,140,538	-	1,140,538
	Share issue costs	-	-	-	-	-
	Balance at 30 June 2024	723,191	8,818,818	1,140,538	(4,933,917)	5,748,630
	Total comprehensive income for the period
	loss for the period	-	-	-	(348,330)	(348,330)
	Total comprehensive income for the period	-	-	-	(348,330)	(348,330)
	Transactions with owners, recorded directly in equity contributions and distributions to owners
	Shares issued	-	-	-	-	-
	Capital Contributions & Translation Reserves	-	-	-	194,114	194,114
	Share issue costs	-	-	-	-	-
	Balance at 31 December 2024	723,191	8,818,818	1,140,538	(5,088,133)	5,594,414

IMC Exploration Group Public Limited Company

Consolidated Statement of Cash Flows

for the period 1st July 2024 to 31st December 2024

			Dec’24		Jun’24
	Cash flows from operating activities
	Profit /(Loss) for the year		(375,728)		(110,645)
	Adjustments for:
	Other Expenses		16,944		(23,000)
	Income Tax recognised in profit and loss		2,000		164,000
	Depreciation		183,301		346,571
	Cash from operations before changes in working capital		(173,483)		376,927
	Movement in trade and other receivables		(153,833)		(1,745,855)
	Movement in trade inventories		(62,000)		70,000
	Movement in trade and other payables		259,051		564,567
	Net cash flow from operating activities		(130,265)		(734,361)
	Cash flows from investing activities
	Capital Expenditure		(4,807)		(164,626)
	Net cash (used in) investing activities		(4,807)		(164,626)
	Cash flows from financing activities
	Proceeds from the issue of new shares		157,000		84,368
	Proceeds from loans or borrowings		-		684,000
	Finance income/(expense)		-		-
	Net cash generated by financing activities		157,000		768,368
	Movement in cash and cash equivalents		21,928		(130,618)
	Cash and cash equivalents at beginning of period		(29,759)		101,018
	Cash and cash equivalents at end of year		(7,831)		(29,600)

Enquiries

IMC Exploration Group plc

Eamon O’Brien

[phone]

Kathryn Byrne

[phone]

Keith, Bayley, Rogers & Co. Limited

Stephen Clayson

[e-mail]

[phone]

Brinsley Holman

[e-mail]

[phone]

IFC Advisory Limited (Financial PR and IR)

Tim Metcalfe

Florence Chandler

[phone]

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