REG-IMC Exploration Group Plc: Final Results for Year Ended 30-6-2019
31/10/2019 08:00
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 1(ST) JULY 2018 TO 30(TH) JUNE 2019
IMC Exploration Group Public Limited Company
Chairman’s Statement for the year ended 30(th) June 2019
The Directors of IMC Exploration Group plc (“IMC” or the “Group”) are
pleased to present the audited financial results for IMC for the twelve months
to 30(th) June 2019. The consolidated financial statements appearing below
(which do not form the full statutory Report and Accounts of the Group) are
taken from the Directors’ Report and Financial Statements for the year ended
30(th) June 2019 being posted to shareholders, a copy of which is available
from IMC’s website at https://www.imcexploration.com/.
Highlights of year ended 30(th) June 2019
During the year under review, the Group continued the drilling programme and
evaluation work on PL 3849 in Avoca, Co Wicklow, the drilling programme on the
Gold Mine River project on PL 3857 located on the Gold Mine River in Co.
Wicklow and the drilling programme on the North Wexford gold project on PL
2551. IMC was pleased to have been in the financial position
to carry out a six-month long drilling programme on its licence areas in
County Wexford and County Wicklow. Additionally, work continued on the
Group’s previously-announced application for the admission of its share
capital to the standard segment of the United Kingdom Official List and to
trading on the main market of the London Stock Exchange.
Resulting from its activities during the financial year ended 30(th) June
2019, including the preparation by CSA Global of a Mineral Resource Estimate
on the historic Avoca mine site project in Co. Wicklow and the drilling
carried out at the North Wexford gold project, a number of significant
achievements have crystallised in the first months of the current financial
year, ending 30(th) June 2020. These are detailed below under “Post-Balance
Sheet Events”.
Post- Balance Sheet Events
Work undertaken during the financial year ended 30(th) June 2019 and previous
periods has led, during the first half to date of the current year, to some of
the most positive and exciting developments for IMC since its incorporation in
2011. On 8(th) July 2019, the share capital of IMC was admitted to the
standard segment of the Official List of the Financial Conduct Authority and
to trading on the Main Market of the London Stock Exchange. The admission of
the Group to trading on the London Stock Exchange, one of the most influential
and prestigious global stock exchanges, significantly enhances the status and
profile of the Group.
Since the end of the financial year ended 30(th) June 2019, IMC has received
the Mineral Resource Estimate in accordance with the JORC Code (2012) on its
Avoca historic mine site project in Avoca, Co. Wicklow. The Mineral Resource
Estimate for the Avoca spoils and tailings is hugely significant. There is
further potential to increase the tonnage and grade, not only on this site,
but also on the other spoils’ heaps within IMC’s licence area and, to this
end, the Group is progressing its exploration work on its spoils and tailings
project in Avoca, Co. Wicklow and continues its drilling programme on PL 3849
in Avoca, Co. Wicklow.
In County Wexford, IMC has, since the end of the financial year 30(th) June
2019, been awarded two additional prospecting licences, PL 1200 and PL 1199,
by the Department of Communications, Climate Action and Environment. IMC was
delighted to have been granted these licences as they adjoin its existing PL
2551 licence, where IMC had previously encountered high gold grades yielding
353g/t gold (=11.38oz/t gold) from drill hole 12/2551/04. The award of the new
licences means the Group now holds three abutting exploration licence areas in
Co. Wexford, which it believes should significantly enhance the Group’s
North Wexford gold project.
Conclusion
The listing of the Group and the admission to the Main Market of the London
Stock Exchange are excellent developments. The Directors believe the scale and
potential of the spoils and tailings project at Avoca, along with the Mineral
Resource Estimate in accordance with the JORC Code (2012), to be truly
transformational for IMC and its shareholders. I look forward to informing
shareholders of further progress in the Group and with the projects within its
licence areas as and when it arises. I wish to thank my fellow Directors and
management team for their contributions to the Group’s progress and look
forward to further successes for IMC and its shareholders during the current
financial year.
Eamon O’Brien,
Chairman
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the year ended 30(th) June 2019
Continuing
Operations
2019 2018
Administrative expenses (366,816) (921,757)
Operating Loss for the period (366,816) (921,757)
Finance Income - -
Amount written off Intangible Assets (284,088)
Amount written off investment - -
__________ _________
Loss for period before tax (366,816) (1,205,845)
Income tax expenses (2,047) 10,991
_________ _________
Total comprehensive loss for the period (368,863) (1,194,854)
========= =========
Loss attributable to:
Equity holders of the Company (368,863) (1,194,854)
========= =========
Total Comprehensive Loss attributable to:
Equity holders of the Company (368,863) (1,194,854)
========= =========
Earnings per share
From continuing operations
Basic and Diluted loss per share (cent) 0.1 0.5
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 2019 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 2019
2019 2018
Assets
Intangible assets 471,117 332,127
Property, plant and equipment 1,723 -
Investments - -
__________ __________
Total Non-Current Assets 472,840 332,127
__________ __________
Current Assets
Trade and other receivables 39,373 -
Cash and cash equivalents (30,403) 212,410
__________ __________
Total Current Assets 8,970 212,410
__________ __________
Total Assets 481,810 544,537
========= =========
Equity
Share Capital 293,107 278,107
Share premium 3,645,171 3,490,942
Retained deficit (3,649,179) (3,280,316)
__________ _________
Attributable to owners of the Company 289,099 488,733
__________ __________
Total Equity 289,099 488,733
__________ __________
Liabilities – Current
Trade and other payables 190,664 55,804
Current tax liabilities 2,047 -
__________ __________
Total Liabilities 192,711 55,804
__________ __________
Total Equity and Liabilities 481,810 544,537
The Financial statements were approved by the Board of Directors on 29(th)
October 2019 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 2019
Share Share Retained Total
Capital € Premium € Losses € €
Balance at 30 June 2017 166,610 2,489,137 (2,085,462) 570,285
___________ __________ _________ _______
Total comprehensive income for the period
Loss for the period - - (1,194,854) (1,194,854)
__________ ___________ __________ _________
Total comprehensive income for the period - (1,194,854) (1,194,854)
Transactions with owners, recorded directly in equity
contributions by and distributions to owners
Shares issued 111,497 1,058,515 - 1,170,012
Share issue costs - (56,710) - (56,710)
__________ ___________ __________ _________
Total transactions with owners 111,497 1,001,805 - 1,113,302
__________ ___________ __________ _________
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)
__________ ___________ __________ _________
Balance at 30 June 2019 293,107 3,645,171 (3,649,179) 289,099
__________ ___________ __________ _________
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 2019 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 2019
2019 2018
Cash flows from operating activities
Loss for the year (368,863) (1,194,854)
Adjustments for:
Intangible Assets Write Off - 284,088
Income Tax recognised in profit and loss 2,047 (10,991)
Depreciation 431 -
________ ________
Cash from operations before changes in working capital (366,385) (921,757)
Movement in trade and other receivables (39,373) 81,017
Movement in trade and other payables 134,859 (12,138)
_________ _______
Net cash flow from operating activities (270,899) (852,878)
Cash flows from investing activities
Interest received - -
Proceeds from sale of investments - -
Taxation - -
Acquisitions and disposals (141,143) (28,550)
_________ ________
Net cash (used in) investing activities (141,143) (28,550)
_________ ________
Cash flows from financing activities
Proceeds from the issue of new shares 169,229 1,113,302
Finance income/(expense) - -
_________ ________
Net cash generated by financing activities 169,229 1,113,302
_________ ________
Movement in cash and cash equivalents (242,813) 231,874
Cash and cash equivalents at beginning of year 212,410 (19,464)
_________ ________
Cash and cash equivalents at end of year (30,403) 212,410
The financial statements were approved by the Board of Directors on 29(th)
October 2019 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:
IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408 /
Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk
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