IMC Exploration Group Plc - 2022-23 Interim Results

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 2022 TO 31^st DECEMBER 2022

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 ended 31^st December 2022 of its current financial year running from 1^st July 2022 to 30^th June 2023.

IMC views its strategic licence holding to be amongst the most prospective exploration licences currently available in Ireland.  Commodity prices have powered ahead in the last six months, with the price of copper reaching an all-time high.  The availability of copper will play a vital role in the achievement of global national climate objectives signed up to in the Paris agreement.  Demand for copper is already being reflected in its surging price and IMC hopes to be part of the copper supply chain.   The Avoca Copper mine is situated on IMC’s licence area along with its spoils and tailings project in Avoca, Co. Wicklow.   Following the conclusion of the CSA Global Mineral Resource Estimate for East Avoca, IMC’s last drill programme focused on exploring the unmined, south-western extension of the Avoca Cu-Zn-Pb-Ag-Au deposit with encouraging positive results as reported previously.  IMC is scheduled to carry out a further series of trial pits in order to complete the geological model.   

The price of gold has been at its strongest in recent months, as demand for gold surges across the world.  Gold is playing its age-old role as a safe haven in times of high inflation and geopolitical uncertainty.    IMC again is very focused on its Avoca and North Wexford gold projects, in addition to its spoils and tailings project. 

IMC has just received approval for its Spring drilling programme from the Geoscience Regulation Office of the Department of Climate, Environment and Communications.  This is very positive news and allows IMC to continue with its drill programme on its North Wexford Gold project.

IMC’s successful collaboration with Trinity College Dublin, Ireland, continues and we will be announcing a full programme of work in the coming weeks. 

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 license for the Karaberd gold mine located in Lori Marz, northern Armenia. As reported to the market on 31st October 2022 the nature of the acquisition has changed and IMC, rather than acquiring a company possessed of a mining licence, is now acquiring the owner of an operating gold mine.  The conditional agreement remains in place and we expect to complete the acquisition in due course. 

This is an excellent time for gold, silver, copper and zinc with the current high commodity prices.  The Directors look forward to reporting further results from our exploration programme and on progress towards completion of the MVI Ireland s.r.o. acquisition. 

Eamon O’Brien,
Executive Chairman,

Dublin, 28^th February 2023

IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income

for the period 1^st July 2022 to 31^st December 2022

Continuing Operations                                                                                                   

		Dec’22	Jun’22
Administrative expenses		(11,015)	(260,796)
Operating Loss for the period		(11,015)	(260,796)
Finance Income		-	-
Amount written off Intangible Assets		-	(260,796)
Amount written off investment		-	-
		__________	__________
Loss for period before tax		(11,015)	(260,796)
Income tax expenses		-	-
		_________	_________
Total comprehensive loss for the period		(11,015)	(260,796)
		=========	=========
Loss attributable to:
Equity holders of the Company		(11,015)	(260,796)
		=========	=========
Total Comprehensive Loss attributable to:
Equity holders of the Company		(11,015)	(260,796)
		=========	=========
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 2022

		Dec’22	Jun’22
Assets
Intangible assets		635,291	627,791
Property, plant and equipment		1,398	1,850
Investments		-	-
		__________	__________
Total Non-Current Assets		636,689	629,641
		__________	__________
Current Assets
Trade and other receivables		34,447	10,987
Cash and cash equivalents		101,420	23,399
		__________	__________
Total Current Assets		135,867	34,386
		__________	__________
Total Assets		772,556	664,027
		=========	=========
Equity
Share Capital		349,589	349,589
Share premium		4,164,633	4,164,633
Retained deficit		(4,509,370)	(4,498,355)
		__________	__________
Attributable to owners of the Company		4,852	15,867
		__________	__________
Total Equity		4,852	15,867
		__________	__________
Liabilities – Current
Trade and other payables		273,854	295,017
Current tax liabilities		-	-
		__________	__________
Total Liabilities-Current		273,854	295,017
Liabilities – Non-Current
Loan		493,850	353,143
		__________	__________
Total Liabilities-Current		493,850	353,143
		__________	__________
Total Equity and Liabilities		772,556	664,027

IMC Exploration Group Public Limited Company

Consolidated Statement of Changes in Equity

for the period 1^st July 2022 to 31^st December 2022

	Share Capital €	Share Premium €	Retained Losses €	Total €
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	-	-	-	-
	__________	___________	__________	_________
Total transactions with owners	-	-	-	-
	__________	___________	__________	_________
Balance at 30 June 2022	349,589	4,164,633	(4,498,355)	15,867
	__________	___________	__________	_________
Total comprehensive income for the period
Loss for the period	-	-	(11,015)	(11,015)
	__________	___________	__________	_________
Total comprehensive income for the period	-		(11,015)	(11,015)
Transactions with owners, recorded directly in equity
contributions by and distributions to owners
Shares issued	-	-	-	-
Share issue costs	-	-	-	-
	__________	___________	__________	_________
Balance at 31 December 2022	349,589	4,164,633	(4,509,370)	4,852
	__________	___________	__________	_________

IMC Exploration Group Public Limited Company

Consolidated Statement of Cash Flows

for the period 1^st July 2022 to 31^st December 2022

		Dec’22	Jun’22
Cash flows from operating activities
Loss for the year		(11,015)	(260,796)
Adjustments for:
Intangible Assets Write Off		-	-
Income Tax recognised in profit and loss		-	-
Depreciation		452	904
		________	________
Cash from operations before changes in working capital		(10,563)	(259,892)
Movement in trade and other receivables		(23,460)	2,709
Movement in trade and other payables		119,544	420,447
		_________	_________
Net cash flow from operating activities		85,521	163,264
Cash flows from investing activities
Capital Expenditure		(7,500)	(191,988)
		_________	_________
Net cash (used in) investing activities		(7,500)	(191,988)
		_________	_________
Cash flows from financing activities
Proceeds from the issue of new shares		-	-
Finance income/(expense)		-	-
		_________	_________
Net cash generated by financing activities		-	-
		_________	_________
Movement in cash and cash equivalents		78,021	(28,724)
Cash and cash equivalents at beginning of year		23,399	52,123
		_________	_________
Cash and cash equivalents at end of year		101,420	23,399

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]

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