REG-IMC Exploration Group Plc: Annual Financial Report
30/10/2023 15:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IMC TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014, AS AMENDED ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
FINAL RESULTS FOR THE YEAR 1ST JULY 2022 TO 30TH JUNE 2023
IMC Exploration Group Public Limited Company
Chairman’s Statement for the year ended 30 June 2023
The Directors of IMC Exploration Group plc (“IMC” or the “Company”)
are pleased to present the audited financial results for IMC for the twelve
months to 30th June 2023.
The financial statements which follow are extracted from, but do not
constitute, the audited annual financial report of the Company for the above
period. The unedited full text of the annual financial report is being
submitted to the National Storage Mechanism and will be available at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism, as well as on the
Company’s website https://www.imcexploration.com .
The year to end June 2023 has been very important and exciting for IMC and its
shareholders as have the subsequent few months, culminating in approval of the
acquisition of MVI Ireland s.r.o., the owner of Assat LLC that owns the
Karaberd Mine, an operating gold mine located in Lori Marz, northern Armenia.
This acquisition, as approved at the EGM which took place on 26th October
2023, will be transformative for IMC. The Company will no longer be just a
minerals exploration company but a mining company as well. The acquisition
of the Karaberd Mine and the completion of a metals extraction facility, to be
leased by IMC with an option to purchase, will serve the existing strategic
direction of IMC, while expanding the geographic scope of its operations.
Although Covid-19 and the completion of re-structuring requirements related to
Assat LLC delayed the acquisition, IMC during that period continued to develop
relationships in Armenia at national and local level and has developed a
pipeline of other prospective projects which IMC hopes will come to fruition
in the coming year.
IMC continues with its gold and copper exploration programmes in South East
Ireland. Copper is an important part of the green energy transition. It is
considered to be the most cost-effective conductive material. The critical
role copper will play in achieving the Paris climate goals cannot be
overstated. IMC will be part of this new green transition and is in the
enviable position of having the Avoca copper mine on its licence area.
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 believed to have exceeded 100Mt at 0.2% Cu (Sheppard, 2007).
In addition, IMC has a mineral-rich supply of spoils and tailings with a
Mineral Resource Estimate (MRE) showing amongst other minerals, 2.6k tonnes
copper contained in the 1.87m tonnes spoils and tailings that are above
surface.
Gold is widely considered to be an alternative universal currency. IMC holds
six prospecting licences in the southeast of Ireland that are highly
prospective for gold mineralization. Three of these licences are within, or
cover the strike extent of, the Avoca volcanogenic massive sulphide (VMS)
mineralized belt in Co. Wicklow, an area having highly anomalous gold (Au)
values in bedrock, soils and stream sediments.
IMC has established an Inferred Mineral Resource Estimate of c. 20,000 ounces
of gold and 600,000 oz’s of silver on part of the spoils and tailings from
the historic East Avoca Mine. IMC continues its exploration programme in
conjunction with our collaboration partners Trinity College Dublin and are
presently carrying out geological work on the ground in Co. Wicklow.
Furthermore, the Irish government previously commissioned a feasibility study
in regard to remediation of the Avoca spoils and tailings site which extends
to c. 155 acres, and the European Commission also considers remediation of
such sites to be a priority. In that regard, and arising from meetings IMC
has had with the China National Geological Mining Corporation (“CGM”) who
have significant experience in remediation of such sites, IMC commissioned a
drone survey of the Avoca site, and intends to put together a project to both
extract metals from the spoils and tailings and to remediate the site.
IMC’s North Wexford gold project consists of three properties. Two of
these are prospective for gold and VMS mineralization, and an adjacent
property is prospective for orogenic gold mineralization.
There is no doubt that this is an exciting time for IMC, particularly as our
shareholders have approved the acquisition of the Karaberd mine in Armenia.
This acquisition when completed, together with the anticipation of further new
projects in Armenia will complement our Irish projects in Wicklow and Wexford.
With the current high price of silver, gold and copper there has never been a
better time for IMC and its shareholders.
Eamon P. O’Brien,
Executive Chairman,
Dublin, 27th October 2023
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the year ended 30th June 2023
Continuing Operations
2023 2022
Administrative expenses (324,917) (260,796)
Operating Loss for the period (324,917) (260,796)
Amount written off Intangible Assets - -
__________ __________
Loss for period before tax (324,917) (260,796)
Income tax expenses - -
_________ _________
Total comprehensive loss for the period (324,917) (260,796)
========= =========
Loss attributable to:
Equity holders of the Company (324,917) (260,796)
========= =========
Total Comprehensive Loss attributable to:
Equity holders of the Company (324,917) (260,796)
========= =========
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 27th
October 2023 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 2023
2023 2022
Assets
Intangible assets 640,291 627,791
Property, plant and equipment 946 1,850
__________ __________
Total Non-Current Assets 641,237 629,641
__________ __________
Current Assets
Trade and other receivables 9,045 10,987
Cash and cash equivalents 101,018 23,399
__________ __________
Total Current Assets 110,063 34,386
__________ __________
Total Assets 751,300 664,027
========= =========
Equity
Share Capital 364,384 349,589
Share premium 4,253,642 4,164,633
Retained deficit (4,823,272) (4,498,355)
__________ __________
Attributable to owners of the Company (205,246) 15,867
__________ __________
Total Equity (205,246) 15,867
__________ __________
Liabilities – Current
Trade and other payables 294,260 295,017
__________ __________
Total Liabilities-Current 294,260 295,017
Liabilities – Non-Current
Loan 662,286 353,143
__________ __________
Total Liabilities-Current 662,286 353,143
__________ __________
Total Equity and Liabilities 751,300 664,027
The Financial statements were approved by the Board of Directors 27th October
2023 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 2023
Share Capital € Share Premium € Retained Losses € Total €
Balance at 30 June 2021 349,589 4,164,633 (4,498,355) 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 349,589 4,164,633 (4,498,355) 15,867
__________ ___________ __________ _________
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 - - (324,917) (324,917)
__________ ___________ __________ _________
Total comprehensive income for the period - - (324,917) (324,917)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Shares issued 14,795 92,009 - 106,804
Share issue costs - (3,000) - (3,000)
__________ ___________ __________ _________
Total transactions with owners 14,795 89,009 - 103,804
Balance at 30 June 2023 364,384 4,253,642 (4,823,272) (205,246)
__________ ___________ __________ _________
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 27th
October 2023 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 2023
2023 2022
Cash flows from operating activities
Loss for the year (324,917) (260,796)
Adjustments for:
Intangible Assets Write Off - -
Income Tax recognised in profit and loss - -
Depreciation 904 904
________ ________
Cash from operations before changes in working capital (324,013) (259,892)
Movement in trade and other receivables 1,942 2,709
Movement in trade and other payables 308,386 420,447
_________ _________
Net cash flow from operating activities (13,685) 163,264
Cash flows from investing activities
Capital Expenditure (12,500) (191,988)
_________ _________
Net cash (used in) investing activities (12,500) (191,988)
_________ _________
Cash flows from financing activities
Proceeds from the issue of new shares 103,804 -
Finance income/(expense) - -
_________ _________
Net cash generated by financing activities 103,804 -
_________ _________
Movement in cash and cash equivalents 77,619 (28,724)
Cash and cash equivalents at beginning of year 23,399 52,123
_________ _________
Cash and cash equivalents at end of year 101,018 23,399
The financial statements were approved by the Board of Directors on 27th
October 2023 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 contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
Kathryn Byrne: +353 85 233 6033
IMC Exploration Group plc
Stephen Clayson: +44 7771 871 847 / Stephen.Clayson@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk
Keith Bayley Rogers & Co. Limited
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