REG-IMC Exploration Group Plc: Financial Statement for Year Ended 30th June 2021
29/10/2021 07:05
THIS ANNOUNCEMENT CONTAINS 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 2020 TO 30(TH) JUNE 2021
IMC Exploration Group Public Limited Company
Chairman’s Statement for the Year ended 30 June 2021
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 2021. 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 June 2021 posted to shareholders, a copy of which will be
available from IMC’s website at https://www.imcexploration.com/.
The last year has been a very eventful time for IMC, both on the corporate and
exploration fronts. Further work on our spoils and tailings’ project has
been carried out. Additional trial pits were excavated proving greater
depths than expected at West Avoca and indicating the presence of a larger
tonnage of spoils and tailings than had originally been estimated in the CSA
Global Report (2019). The gold assays from these trial pits combined with the
expected increase in tonnage indicates the existing gold Exploration Target at
West Avoca will represent further potential. Significantly elevated copper,
lead and silver grades are also present.
IMC will commission an update of the existing West Avoca Exploration Target
with the objective of upgrading it to an Inferred Resource. This will
complement the JORC-compliant CSA Global commissioned IMC Mineral Resource
Estimate (‘MRE’) on East Avoca where an inferred resource of ca. 20,000
gold oz. was reported.
Further, gold mineralisation was confirmed in appraisal drilling at North
Wexford. Zones of gold mineralisation were present throughout rhyolites.
During appraisal drilling on its North Wexford gold project, IMC intersected a
47m mineralised acid volcanic horizon (mainly rhyolites) at depths up to 50m
deeper than historical drilling. Gold mineralisation occurred over five
closely-spaced intervals (ranging from 0.9 – 1.4m wide) with a maximum grade
of 0.4 g/t Au over a 1m interval.
These grades are in line with those reported previously from historic drill
hole GQ1, 0.5 g/t Au over 18.6m. The alteration associated with the
rhyolites is extensive and indicative of a strong mineralising system that is
prospective for both gold and base metals. Rocks intersected also confirmed
base metal potential.
The drilling results from our North Wexford licence reinforces the highly
prospective geology of IMC’s licences in this area and supports IMC’s
strategy of understanding the gold mineralisation with the objective of
establishing a gold resource.
With copper prices recently reaching an all-time high, climate change
initiatives to the fore and copper a vital component to drive the green
economy, IMC will be part of this new, green future with its copper project in
Avoca. IMC’s Avoca licence area in Co. Wicklow contains the historic Avoca
copper mine. This 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 ca. 300m.
When this mine ceased operations in 1982, (owing mainly to the low price of
copper prevailing at that time) significant amounts of ore were left in
place. IMC has reassessed historical records along strike to the south-west
from the Avoca mine, and interprets there to be a 1.2 km minimum strike length
that has either been only partially tested or else has specific targets
remaining to be drill tested.
At the north-eastern end of the 1.2 km strike length outlined by IMC,
historical drilling encountered 13.3m grading 3.7% Zn, 1.8% Pb and 5.3m
grading 1.9% Cu. At the south-western end, historical assays include 5.8m
grading 0.5% Cu with 0.9m grading 0.5 g/t Au. Widely-spaced drillholes
within the 1.2km strike extent have assayed 10m grading 1.1% Cu and 9.0m
grading 10.25% Zn and 4.78% Pb. Gold grades of up to 0.4 g/t Au over 4.5m
have been recorded and represent a highly positive ‘credit’ when taken in
consideration with the high copper and zinc grades.
IMC is currently drilling in West Avoca adjoining the historic Avoca Copper
mine. IMC intersected zinc, lead and copper mineralisation its first drill
hole in West Avoca. This drillhole encountered four zones of massive and
semi-massive sulphide. Further drill holes are planned to assess the extent
and continuity of copper, gold, zinc and lead mineralisation along strike from
the historic Avoca mine. Historical mineralised intercepts in this area
include West Avoca area include 10m grading 1.1% copper and 9m grading 10.3%
zinc and 4.8% lead.
SLR Consulting Ireland recently completed a Competent Persons’ Report
(‘CPR’) on properties held by IMC. The historical production from the
Avoca mine and the in-situ copper resource at Avoca is remarkable.
Historical production from the Avoca Mine is estimated to have totalled 16
million tonnes 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 reported to have exceeded 100 million tonnes at 0.2%
copper.
As announced to the market on 15 April 2021, IMC has conditionally agreed to
purchase the Karaberd Mine, a gold mine located in Lori Marz, northern
Armenia, which IMC’s representative has recently visited as part of the due
diligence process.
IMC considers that the acquisition of the Karaberd Mine and the development of
the Karaberd ore-crushing facility will serve the existing strategic direction
of IMC while expanding the geographic scope of its operations. The Directors
believe it will also be transformational for the Company, taking it from being
an exploration company to being a mining production company with a source of
cash-flow.
This is an excellent time for copper, and for IMC with the historic Avoca
copper mine on our licence area. The price of copper having recently reached
an all-time high, this is a particularly opportune time to explore the
under-exploited Avoca copper mine. This exploration work is currently
underway. In addition, we expect to conclude the acquisition of the Karaberd
mine in due course, following completion of IMC’s extensive geological,
legal and financial investigations.
Accordingly, we expect that 2022 will be a milestone year for the Company and,
in addition to completing the Karaberd purchase, the Company is also reviewing
further projects including discussions with a major international company on
how best to extract the mineral resources in IMC’s Avoca spoils and
tailings’ heaps in an eco-friendly and cost-effective manner.
I look forward to updating shareholders with further intelligence on
developing the Company’s existing Irish licences and on the progress of the
Armenian mine acquisition as and when this is appropriate and necessary.
Eamon P. O’Brien,
Executive Chairman,
Dublin, 28(th) October 2021
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the year ended 30(th) June 2021
Continuing
Operations
2021 2020
Administrative expenses (294,996) (251,947)
Operating Loss for the period (294,996) (251,947)
Finance Income - -
Amount written off Intangible Assets (43,484) -
Amount written off investment - -
__________ __________
Loss for period before tax (338,480) (251,947)
Income tax expenses 2,047 -
_________ _________
Total comprehensive loss for the period (336,433) (251,947)
========= =========
Loss attributable to:
Equity holders of the Company (336,433) (251,947)
========= =========
Total Comprehensive Loss attributable to:
Equity holders of the Company (336,433) (251,947)
========= =========
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 14(th)
October 2021 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 2021
2021 2020
Assets
Intangible assets 435,803 472,487
Property, plant and equipment 2,754 1,291
Investments - -
__________ __________
Total Non-Current Assets 438,557 473,778
__________ __________
Current Assets
Trade and other receivables 13,696 112,864
Cash and cash equivalents 52,123 (34,767)
__________ __________
Total Current Assets 65,819 78,097
__________ __________
Total Assets 504,376 551,875
========= =========
Equity
Share Capital 349,589 322,839
Share premium 4,164,633 3,925,015
Retained deficit (4,237,559) (3,901,126)
__________ __________
Attributable to owners of the Company 276,663 346,728
__________ __________
Total Equity 276,663 346,728
__________ __________
Liabilities – Current
Trade and other payables 227,713 203,100
Current tax liabilities - 2,047
__________ __________
Total Liabilities 227,713 205,147
__________ __________
Total Equity and Liabilities 504,376 551,875
The Financial statements were approved by the Board of Directors on 14(th)
October 2021 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 2021
Share Capital € Share Premium € Retained Losses € Total €
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)
__________ ___________ __________ _________
Total transactions with owners 29,732 279,844 - 309,576
__________ ___________ __________ _________
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 the period - (336,433) (336,433 )
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)
__________ ___________ __________ _________
Balance at 30 June 2021 349,589 4,164,633 (4,237,559) 276,663
__________ ___________ __________ _________
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 14(th)
October 2021 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 2021
2021 2020
Cash flows from operating activities
Loss for the year (336,433) (251,947)
Adjustments for:
Intangible Assets Write Off 43,484 -
Income Tax recognised in profit and loss (2,047) -
Depreciation 905 431
________ ________
Cash from operations before changes in working capital (294,091) (251,516)
Movement in trade and other receivables 99,168 (73,490)
Movement in trade and other payables 24,613 12,436
_________ _________
Net cash flow from operating activities (170,310) (312,570)
Cash flows from investing activities
Interest received - -
Proceeds from sale of investments - -
Taxation - -
Acquisitions and disposals (9,168) (1,370)
_________ _________
Net cash (used in) investing activities (9,168) (1,370)
_________ _________
Cash flows from financing activities
Proceeds from the issue of new shares 266,368 309,576
Finance income/(expense) - -
_________ _________
Net cash generated by financing activities 266,368 309,576
_________ _________
Movement in cash and cash equivalents 86,890 (4,364)
Cash and cash equivalents at beginning of year (34,767) (30,403)
_________ _________
Cash and cash equivalents at end of year 52,123 (34,767)
The financial statements were approved by the Board of Directors on 14(th)
October 2021 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.
Enquiries:
Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 7506 43 41 07 / Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 7776 30 22 28/ Brinsley.Holman@kbrl.co.uk
IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033
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