REG-IMC Exploration Group Plc: Audited Results for Y-E 30th June 2020
30/10/2020 07:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IMC
EXPLORATION GROUP PLC 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 1(ST) JULY 2019 TO 30(TH) JUNE 2020
IMC Exploration Group Public Limited Company
Chairman’s Statement for the year ended 30(th) June 2020
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 30(th) June 2020. The consolidated financial statements appearing
below (which do not form the full statutory Report and Accounts of the
Company) are taken from the Directors’ Report and Financial Statements for
the year ended 30(th) June 2020 posted to shareholders, a copy of which is
available from IMC’s website at https://www.imcexploration.com/.
During the year the CSA Global commissioned IMC Mineral Resource Estimate
(‘MRE’) on our Avoca spoils and tailings project located in Co. Wicklow,
Ireland was published. This JORC-compliant MRE report shows, inter alia,
significant grades of extracted and crushed gold (1,871,000t at 0.3g/t Au),
copper (1,871,000t at 0.14% Cu) and lead (1,871,000t at 0.42% Pb) in the spoil
heaps on the East Avoca section of the site.
This MRE for our spoils and tailings project is significant, with the gold
estimate alone at circa 20,000oz. Furthermore, the Company has recently
identified exploration targets at West Avoca where there is further potential
to increase this estimate by up to 4,000oz gold within the Avoca area. This
additional work has commenced.
IMC is also pleased to report there have been major developments in its North
Wexford Gold Project which gives us immediate capacity and scope to accelerate
our exploration programme here. An initial review of historical exploration
on the recently acquired PL 1200 in Co. Wexford is progressing, and is part of
a group of three licences held by IMC that are underlain by the mineralized
rhyolitic volcanic rocks of South East Leinster.
Some years ago, RioFinEx drilled a gold-in-soil anomaly on PL 1200 and proved
gold mineralisation hosted by highly altered rocks at a depth of 30m. Groove
sampling of the drill core proved an intercepted grade of 0.5 g/t Au over
18.6m (weighted average over 3 to 3.6m intervals). Half core sampling of
part of the groove sampled interval assayed 15m at 0.2 g/t Au (weighted
average of 1.5m intervals). Although all the pertinent data is available for
examination and extrapolation, IMC intends to drill further in this area in
order to confirm and expand on the data available to the Company in accordance
with the JORC Code (2012).
This aligns with IMC’s strategy of establishing a gold resource on its three
North Wexford prospecting licences. The additional licences in Wexford,
along with the high gold grades already encountered on parts of the adjoining
IMC licence PL 2551, gives the company the ability to action its exploration
and geological work in this area.
During the year IMC entered into a collaboration with the Raw Materials
Research Group at Trinity College Dublin. IMC’s Board believes access to
this world-class micro-analytical facility is a tremendous advantage for IMC
and its Avoca properties. We are now working with them on petrographic and
microanalytical work on samples from IMC drill-holes targeting the gold-rich
Kilmacoo zone. This strategic partnership has the potential significantly to
enhance the gold resource at Avoca.
Our strategy is clear. We are focused on upgrading our spoils and tailings
project at Avoca; gaining maximum advantage from our collaboration with
Trinity College; and bringing our resources on our North Wexford gold project
licence area to JORC-compliant standards.
As you are no doubt aware the price of gold has recently reached an all-time
high of over $2,000 per oz. This, and the exciting developments outlined
above, represent an unprecedented time for gold and, in turn, your Company.
Eamon O’Brien,
Chairman
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the year ended 30(th) June 2020
Continuing
Operations
2020 (€) 2019 (€)
Administrative expenses (251,947) (366,816)
Operating Loss for the period (251,947) (366,816)
Finance Income - -
Amount written off Intangible Assets
Amount written off investment - -
__________ __________
Loss for period before tax (251,947) (366,816)
Income tax expenses - (2,047)
_________ _________
Total comprehensive loss for the period (251,947) (368,863)
========= =========
Loss attributable to:
Equity holders of the Company (251,947) (368,863)
========= =========
Total Comprehensive Loss attributable to:
Equity holders of the Company (251,947) (368,863)
========= =========
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 29(th)
October 2020 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 30(th) June 2020
2020 (€) 2019 (€)
Assets
Intangible assets 472,487 471,117
Property, plant and equipment 1,291 1,723
Investments - -
__________ __________
Total Non-Current Assets 473,778 472,840
__________ __________
Current Assets
Trade and other receivables 112,864 39,373
Cash and cash equivalents (34,767) (30,403)
__________ __________
Total Current Assets 78,097 8,970
__________ __________
Total Assets 551,875 481,810
========= =========
Equity
Share Capital 322,839 293,107
Share premium 3,925,015 3,645,171
Retained deficit (3,901,126) (3,649,179)
__________ __________
Attributable to owners of the Company 346,728 289,099
__________ __________
Total Equity 346,728 289,099
__________ __________
Liabilities – Current
Trade and other payables 203,100 190,664
Current tax liabilities 2,047 2,047
__________ __________
Total Liabilities 205,147 192,711
__________ __________
Total Equity and Liabilities 551,875 481,810
The Financial statements were approved by the Board of Directors on 29(th)
October 2020 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 30(th) June 2020
Share Capital Share Premium Retained Losses Total
€ € € €
Balance at 30 June 2018 278,107 3,490,942 (3,280,316) 488,733
___________ __________ _________ _______
Total comprehensive income for the period
Loss for the period - - (368,863) (368,863)
__________ ___________ __________ _________
Total comprehensive income for the period - (368,863) (368,863 )
Transactions with owners, recorded directly in equity
contributions by and distributions to owners
Shares issued 15,000 165,781 - 180,781
Share issue costs - (11,552) - (11,552)
__________ ___________ __________ _________
Total transactions with owners 15,000 154,229 - 169,229
__________ ___________ __________ _________
Balance at 30 June 2019 293,107 3,645,171 (3,649,179) 289,099
__________ ___________ __________ _________
Total comprehensive income for the period
Loss for the period - - (251,947) (251,947)
__________ ___________ __________ _________
Total comprehensive income for the period - (251,947) (251,947 )
Transactions with owners, recorded directly in equity
contributions by and distributions to owners
Shares issued 29,732 296,224 - 325,956
Share issue costs - (16,380) - (16,380)
__________ ___________ __________ _________
Balance at 30 June 2020 322,839 3,925,015 (3,901,126) 346,728
__________ ___________ __________ _________
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 29(th)
October 2020 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 30(th) June 2020
2020 (€) 2019 (€)
Cash flows from operating activities
Loss for the year (251,947) (368,863)
Adjustments for:
Intangible Assets Write Off - -
Income Tax recognised in profit and loss - 2,047
Depreciation 431 431
________ ________
Cash from operations before changes in working capital (251,516) (366,385)
Movement in trade and other receivables (73,490) (39,373)
Movement in trade and other payables 12,436 134,859
_________ _________
Net cash flow from operating activities (312,570) (270,899)
Cash flows from investing activities
Interest received - -
Proceeds from sale of investments - -
Taxation - -
Acquisitions and disposals (1,370) (141,143)
_________ _________
Net cash (used in) investing activities (1,370) (141,143)
_________ _________
Cash flows from financing activities
Proceeds from the issue of new shares 309,576 169,229
Finance income/(expense) - -
_________ _________
Net cash generated by financing activities 309,576 169,229
_________ _________
Movement in cash and cash equivalents (4,364) (242,813)
Cash and cash equivalents at beginning of year (30,403) 212,410
_________ _________
Cash and cash equivalents at end of year (34,767) (30,403)
The financial statements were approved by the Board of Directors on 29(th)
October 2020 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:
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091 / +44 7506 43 41 07 /
Graham.Atthill-Beck@kbrl.co.uk; blackpearladvisers@gmail.com
Brinsley Holman: +44 20 7464 4098 / +44 7776 30 22 28 /
Brinsley.Holman@kbrl.co.uk
IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033
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