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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Imc Exploration Group Plc | LSE:IMC | London | Ordinary Share | IE00B6WC2H62 | ORD EUR0.001 (CDI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 1.55 | 1.40 | 1.70 | 1.55 | 1.55 | 1.55 | 0.00 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
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TIDMIMC
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 1ST JULY 2021 TO 30TH JUNE 2022
IMC Exploration Group Public Limited Company
("IMC" or the "Company")
Chairman's Statement for the year ended 30th 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
30th 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 30th 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 26th
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 30th 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 26th
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 30th June 2022
Share Share Retained Total ?
Capital ? Premium ? Losses ?
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 - (336,433) (336,433)
the period
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 - (260,796) (260,796)
the period
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 26th
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 30th 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 (259,892) (294,091)
capital
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 26th
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: +353 85 233 6033
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 7506 43 41 07 / Graham.Atthill-Beck@kbrl.co.uk;
blackpearladvisers@gmail.com
Brinsley Holman: +44 7776 30 22 28 / Brinsley.Holman@kbrl.co.uk
END
(END) Dow Jones Newswires
October 31, 2022 03:00 ET (07:00 GMT)
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