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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% | 0.525 | 0.45 | 0.60 | 0.525 | 0.525 | 0.525 | 546,567 | 07:46:58 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Gold Ores | 1.63M | -147k | -0.0002 | -26.00 | 3.6M |
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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 1st JULY 2021 TO 31st 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 31st 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, 28th February 2022
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the period 31st July 2021 to 31st 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 31st 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 31st July 2021 to 31st December 2021
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 - - (57,586) (57,586)
__________ ___________ __________ _________
Total comprehensive income for - (57,586) (57,586)
the period
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 31st July 2021 to 31st 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 (57,134) (294,091)
capital
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. Graham Atthill-Beck: +44 7506 43 41 07
Limited Graham.Atthill-Beck@kbrl.co.uk;
blackpearladvisers@gmail.com
Brinsley Holman: +44 7776 30 22 28
Brinsley.Holman@kbrl.co.uk
IMC Exploration Group plc Kathryn Byrne: +353 85 233 6033
END
(END) Dow Jones Newswires
February 28, 2022 03:58 ET (08:58 GMT)
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