REG-IMC Exploration Group Plc: Annual Financial Report
31/10/2025 07:02
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.
FINAL RESULTS FOR THE YEAR 1
st
JULY 2024 TO 30
th
JUNE 2025
IMC Exploration Group Public Limited Company
("IMC" or the "Company")
Chairman's Statement
IMC Exploration Group Public Limited Company
for the year ended 30 June 2025
The Directors of IMC Exploration Group plc ("IMC" or the "Company") are
pleased to present the final financial results for IMC for the twelve months
to 30th June 2025.
This has been a year when further progress has been made on a number of
projects and there have been two major post balance sheet developments of
note.
* Armand Pinarbasi, former Managing Partner Grant Thornton Armenia,
has been appointed to the Company's Board as an Executive Director with
immediate effect and he has also been appointed as Chief Executive Officer of
IMC's Armenian mining subsidiary, ASSAT LLC. In addition, Lumír
Vaštík , a long-term partner in the Company's shareholder Mineral
Ventures Invest s.r.o ("MVI") will become the Deputy Director of ASSAT LLC.
* The conversion into ordinary shares in the Company of all loans
provided by MVI to IMC up to the date of completion of the reverse take-over
on 31 October 2023. The amount loaned up to 31 October 2023 by MVI totalled
€702,286 (equivalent to £613,350) and is being converted on the basis of an
IMC share price of 0.75p into 81,780,029 new ordinary shares in the Company.
Armand has been providing assistance with our developments in Armenia and is
currently in discussions with the Armenian Stock Exchange with regard to
moving forward IMC's application for a dual listing on that exchange. We are
delighted to welcome Armand to the management team where Armand will also take
on, at IMC Board level, the role of business development, not only in Armenia,
but in the South Caucasus countries and in Eastern Europe where a number of
opportunities are opening and especially for those companies with a proven
eco-mining solution. Prior to joining IMC, Armand served as Group CEO of
SoftConstruct, a multinational technology group with 6,000+ employees. Before
that, Armand spent more than 20 years at Grant Thornton, holding senior
leadership roles including Managing Partner of Grant Thornton Armenia, Partner
at Grant Thornton in France, where he also served as Managing Partner Grant
Thornton PACA region (Nice, Provence-Alpes-Côte d'Azur) for nine years, and
Executive Director for Network Member Relations at Grant Thornton
International.
The conversion of €702,286 of debt to equity strengthens the balance sheet,
reducing interest costs, improving the debt-to-equity ratio and financial
stability, and is in keeping with IMC's strategy to grow the company and make
it attractive to new investors as we prepare for a dual listing on the
Armenian Stock Exchange.
IRISH OPERATIONS
Summary: IMC, considering the significant increasing price
of an Oz of gold and silver from $1,226 and $14.5 per Oz respectively, when
IMC completed its 2018 JORC compliant inferred Mineral Resource Estimate, to
the end June 2025 values of $3,264 and $36 respectively, and given the very
encouraging results from the drilling on the Wexford licence PL2551 along with
the up to three potential projects to be associated with IMC's two Avoca
licences, it was decided that IMC should focus its investment in the Avoca
licences PL 3850 and PL 3849 and the Wexford PL2551, and accordingly IMC gave
up licences 1199 and 1200.
The Avoca Project - PL 3850 and PL 3849
IMC undertook further works on Avoca. These were carried out by Trove Metal
and inspection was carried out by the relevant Government department. This
resulted in a mid-estimated increase (+650,000 tons) in the tonnage of spoils
and tailings from 1,871,000 to 2,521,000.
As I write, and based on the Grade-tonnage estimate for the waste heaps at
Avoca table (Page 6 CSA Global Report N o
R369.2018) of the MRE plus the increased tonnage the
following table sets out the gross value of the metals contained in the waste
heaps made up of spoils and tailings -
A number of important events favourable to progression of our Avoca project
have also taken place as follows:
· 29 November 2024 - a new Irish Government was elected.
This new government is very enthusiastic about
development of Ireland's mineral resources.
· The European Union have passed a Nature Restoration
Law requiring member countries to restore 30% of damaged habitats. The Avoca
mining site of 155 Acres meets this classification. This includes restoration,
re-creation, maintenance and enabling measures. Funding under the EU
Multiannual Financial Framework (MFF), estimates for allocations to
biodiversity amount to nearly EUR 16 billion annually.
· The European Union's Critical Raw Minerals Act has
been approved in Ireland and includes requirements that will be very
beneficial to our Avoca project as follows:
# Streamline project approvals: The Act introduces
provisions for companies, such as simplified approval procedures for
"strategic projects" to help speed up project timelines
# Set strategic targets: By 2030, the EU wants to source
at least 10% of its annual extraction needs domestically, have 40% of its
annual processing capacity within the EU, and have 15% of its annual recycling
needs met by EU facilities.
Following the recent works completed by IMC on its Avoca project a meeting
with the Geoscience Policy section of Department of Climate, Energy and the
Environment was held recently. Discussion was held on
the three possible projects that can take place within our Avoca PL's namely:
- Abstraction of metals from the spoils and tailings
- Remediation of the site
- Re-opening / extending the old copper mine
This was a positive and informative meeting with advices provided in relation
to advancing the project and a further meeting is to be scheduled with the
Department.
Our colleagues from China National Geological & Mining Corporation confirmed,
in a recent communication, that they are on standby to work with IMC on those
projects.
The Wexford Gold Project - PL 2551
IMC continues with its gold exploration programme on PL 2551.
Assessments, further to the assay in March 2024 of its results from
drillhole 24-2551-01 at IMC's Boley project, were carried out in May 2025 and
significant analysis of core was carried out by the Raw Materials Laser
Ablation ICP-MS Laboratory of Trinity College under the supervision of Dr.
Sean McClenaghan.
While a complete report is yet to be finalised, I can confirm that initial
mineralogical and micro-analytical assessment of the Boley Quartz veins
indicate significant Au fertility in the region and the presence of broader
orogenic Au mineralization. As announced already the drillhole 24-2552-01
intersected two mineralized zones that returned values of 1m grading 5.8g/t Au
from 90.5 - 91.5m in the upper zone and 1m grading 1.1g/t Au from 139.5 -
140.5m in the lower zone. The drillhole reached a
depth of 172.5m. Background gold values are present throughout both zones,
which are interpreted as shear zones.
ARMENIAN OPERATIONS
Senior Management appointments
Armand Pinarbasi - CEO of IMC's Mining Subsidiary ASSAT
LLC
Lumír Vaštík - Deputy Director of IMC's Mining
Subsidiary ASSAT LLC
Mr. David Marášek - Director MVI and now also Director of MASIS Refinery
Mr. Tomáš Sedláček - formerly of MVI and now Technical Director of MASIS
Refinery
Masis Refinery - Acquisition, Finalisation and Start of Production
As mentioned before, due to the sanctions on Russian entities, Assat, IMC's
mining subsidiary could no longer process it's crushed ore through the
GeoProMining facility. As an alternative option,
associate investors of IMC's shareholder Mineral Ventures Invests (MVI) sought
to acquire one of the two only available refinery plants in Armenia, Masis
Refinery, that holds a valid license for refining gold.
Due to complex bureaucracy, corporate issues on the seller's side, involvement
of several banks, the takeover was only completed in March 2025.
A technical audit was conducted throughout July 2025, requiring key
operational upgrades, including the complete replacement of the Electrolysis
Section. The other main challenge for Masis remains its relatively low
capacity, which is being addressed in cooperation with corporate advisors
Grant Thornton Yerevan.
Importantly, processing of IMC's pre-mined Karaberd ore has already resumed.
KARABERD MINE - CONSTRUCTION PERMIT FOR CGM ECO-PLANT
While ore extraction was paused due to the absence of processing facilities,
it will commence again shortly given the completion and upgrade of the Masis
refinery. To date all mining has been open-pit, but by end 2025 an underground
mining project linked to this licence is scheduled to begin alongside the
finalisation of the construction permit for the China National Geological &
Mining Corporation built Eco-Plant with an annual processing capacity of
100,000 tons.
From April 2026, underground ore production is expected to gradually reach
over 1,000 tons per month, with significant increases per month throughout the
summer, as new gold-bearing veins are penetrated. In accordance with the
Karaberd CPR report, grades from the underground mining are expected to be
higher than from the open-pit operations (4 g/t vs. 1.4 g/t).
When IMC visited Armenia this September, I am pleased to mention that we
received a warm welcome from Aren Mkrtchyan the new Governor of Lori Province
in Armenia where the Karaberd Mine is located. He was aware of our company and
very supportive of our development plans.
AMX - Armenian Stock Exchange
IMC believes that a "dual listing" trading IMC shares on both the primary
London Stock Exchange (LSE) and AMX-is an excellent marketing strategy for the
company, particularly given the development of "green mining", which our CGM
Eco-Plant promotes.
The key advantages of this process include full transparency, enhanced
creditworthiness and credibility, and increased attractiveness for local
banking and institutional investors.
The application procedure, led by our new Director and ASSAT CEO Armand
Pinarbasi, has been commenced and is expected to be relatively
straightforward, especially for companies already listed on other global
exchanges.
It is noteworthy that the AMX has flourished since 2023, when the exchange was
acquired by the Warsaw Stock Exchange (GPW), which now owns 65% of AMX.
Armenia-Azerbaijan Peace Agreement
After 35 years of violent conflict, the leaders of Armenia and Azerbaijan
signed a "historic peace agreement" at the White House on August 8, 2025.
This long-sought agreement-supported over the years by numerous political
groups, and countries including Russia, Turkey, the UK, France, Iran and the
EU- represents a real opportunity to achieve lasting peace in the region.
Both nations committed to ending hostilities, establishing diplomatic
relations, and respecting each other's territorial integrity.
Under the terms of the agreement, the United States will gain access to a
strategic transit corridor on Armenian territory, located along the border
with Iran and connecting Azerbaijan with its Nakhchivan exclave. This corridor
will also provide a highly efficient trade route linking China and Central
Asia to Europe via the so-called "Middle Corridor"
(China-Kazakhstan-Azerbaijan-Turkey-EU), serving as an alternative to both the
Russian route and the current main China-Suez trade path.
The stability and economic benefits of the treaty are viewed by the Armenian
government and business community, including IMC, as highly positive for the
country's future.
There is no doubt that there is now a confluence of EU and national
requirements that in the years ahead will offer great opportunities to IMC in
Ireland as well as Armenia and having developed strong
relationships/partnerships at both the technology, professional and political
level and having greatly strengthened our team, IMC is looking forward to a
busy and bright future.
Eamon P. O'Brien,
Executive Chairman,
Dublin, 31 October 2025
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the year ended 30 th
June 2025
Continuing Operations
Jun'25 Jun'24
Revenue 66,000 1,524,000
Cost of Sales (366,694) (828,097)
Gross Profit (300,694) 695,903
Administration Costs (1,331,816) (797,719)
Other Income - 104,000
Operating Profit /(loss) for the period (1,632,510) 2,184
Interest Payable & Similar (charges)/Income 44,701 (40,336)
Gain on Disposal of Plant and Machinery 11,000 -
Foreign Exchange Gain/(Loss) 2,000 -
Expected credit loss (260,250) -
Translation Reserve (657,835) -
Bargain Purchase - 617,895
Profit / (Loss) for period before tax (2,492,894) 579,743
Income tax expenses (300,935) (112,402)
Total comprehensive loss for the period (2,793,829) 467,341
Loss attributable to:
Equity holders of the Company (2,793,829) 467,341
Total Comprehensive Loss attributable to:
Equity holders of the Company (2,793,829) 467,341
Earnings per share
From continuing operations
Basic and Diluted profit per share (cent) (0.04) 0.07
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 30
th October 2025, and
signed on its behalf by:
On behalf of the board
Eamon O'Brien
Andrew Laz Fleming
Director
Director
The Directors of IMC Exploration Group Public
Limited Company , after due and careful enquiry,
accept responsibility for the contents of this announcement.
IMC Exploration Group Public Limited Company
Consolidated Statement of Financial Position
As at 30 th
June 2025
Jun'25 Jun'24
Assets
Intangible assets 3,492,455 4,058,253
Property, plant and equipment 98,000 138,472
Non-Current Prepayments 630,000 -
Total Non-Current Assets 4,220,455 4,196,725
Current Assets
Inventory 345,000 384,000
Trade and other receivables 2,817,914 2,970,358
Cash and cash equivalents 8,000 9,527
Total Current Assets 3,170,914 3,363,885
Total Assets 7,391,369 7,560,610
Equity
Share Capital 736,990 723,191
Share premium & Capital 8,878,158 8,818,818
Other Reserves - -
Retained deficit (7,149,760) (4,355,931)
Attributable to owners of the Company 2,465,389 5,186,078
Total Equity 2,465,389 5,186,078
Liabilities - Current
Trade and other payables 1,793,286 844,739
Current tax liabilities - -
Total Liabilities-Current 1,793,286 844,739
Liabilities - Non-Current
Loan & Borrowings 1,175,994 889,722
Shareholder Contribution 1,468,000 -
Provision 28,000 31,000
Deferred Tax Liability 460,700 609,071
Total Liabilities-Current 3,132,694 1,529,793
Total Equity and Liabilities 7,391,369 7,560,610
The financial statements were approved by the Board of Directors on 30
th October 2025, and
signed on its behalf by:
On behalf of the board
Eamon O'Brien
Andrew Laz Fleming
Director
Director
The Directors of IMC Exploration Group Public
Limited Company , after due and careful enquiry,
accept responsibility for the contents of this announcement.
IMC Exploration Group Public Limited Company
Consolidated Statement of Changes in Equity
for the year ended 30 th
June 2025
Share Capital € Share Premium € 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 year - - 467,341 467,341
Total comprehensive income for the period - - 467,341 467,341
Transactions with owners, recorded directly in equity contributions and distributions to owners
Shares issued 358,807 4,565,176 - 4,923,983
Balance at 30 June 2024 723,191 8,818,818 (4,355,931) 5,186,078
Total comprehensive income for the period
Loss for year - - (2,793,829) (2,793,829)
Total comprehensive income for the period - - (2,793,829) (2,793,829)
Transactions with owners, recorded directly in equity contributions and distributions to owners
Shares issued 13,799 59,340 - 73,140
Balance at 30 June 2025 736,990 8,878,158 (7,149,760) 2,465,389
The financial statements were approved by the Board of Directors on 30
th October 2025, and
signed on its behalf by:
On behalf of the board
Eamon O'Brien
Andrew Laz Fleming
Director
Director
The Directors of IMC Exploration Group Public
Limited Company , after due and careful enquiry,
accept responsibility for the contents of this announcement.
IMC Exploration Group Public Limited Company
Consolidated Statement of Cash Flows
for the year ended 30 th
June 2025
Jun'25 Jun'24
Cash flows from operating activities
Profit /(Loss) for the year (1,835,059) 579,743
Adjustments for:
Depreciation & Amortisation 356,166 340,238
Bad Debts 257,841 -
Movement in Provision - 2,000
Gain on Disposal on Fixed asset (11,000) -
Bargain Purchase - (617,895)
Translation Reserve (657,835) -
Taxation 661,935 -
Foreign Exchange translation difference (288,941) (24,400)
Interest payable and similar charges /income - 41,336
Cash from operations before changes in working capital (1,516,893) 321,022
Movement in trade and other receivables (84,592) (706,313)
Movement in trade inventories 39,000 10,193
Movement in trade and other payables 963,839 70,000
Net cash flow from operating activities (598,646) (305,098)
Taxation Paid (407,000) -
Cash flows from investing activities
Capital Expenditure (640,000) (135,657)
Purchase of Subsidiary - (4,799,105)
Net cash (used in) investing activities (640,000) (4,934,762)
Cash flows from financing activities
Proceeds from the issue of new shares 73,140 4,923,983
Proceeds from loans or borrowings 1,591,272 185,259
Net cash generated by financing activities 1,664,412 5,109,242
Movement in cash and cash equivalents 18,766 (130,618)
Cash and cash equivalents at beginning of period (29,600) 101,018
Cash and cash equivalents at end of year (10,834) (29,600)
The financial statements were approved by the Board of Directors on 30
th October 2025, and
signed on its behalf by:
On behalf of the board
Eamon O'Brien
Andrew Laz Fleming
Director
Director
The Directors of IMC Exploration Group Public
Limited Company , after due and careful enquiry,
accept responsibility for the contents of this announcement.
Enquiries
IMC Exploration Group plc
Eamon O'Brien
+353 87 6183024
Kathryn Byrne
+353 85 233 6033
Keith, Bayley, Rogers & Co. Limited
Stephen Clayson
stephen.clayson@kbrl.co.uk
+44 (0)7771 871 847
Brinsley Holman
brinsley.holman@kbrl.co.uk
+44 (0)7776 302 228
IFC Advisory Limited (Financial PR and IR)
Tim Metcalfe
Florence Chandler
+44 (0)203 934 6630
REGULATORY ANNOUNCEMENT ENDS.
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