REG-IMC Exploration Group Plc: Half-year Financial Report
Tue 10:30
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW AS AMENDED BY THE
MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (
SI 2019/310 ) PURSUANT TO
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.
HALF-YEARLY FINANCIAL REPORT
IMC Exploration Group PLC
(“IMC” or the “Company”)
IMC is pleased to announce the Company’s unaudited half-yearly financial
report for the six-month period ended 31 December 2025.
Chairman’s Statement
In the six months to 31 December 2025 and post period end the Company has
achieved some significant and positive milestones, including the renewal of
the Karaberd mining licence to January 2035 and importantly g old
production has commenced.
Karaberd Mining Licence
We were pleased to announce on 26 January 2026 that the Company’s Karaberd
gold and silver mining licence was renewed until January 2035.
The licence renewal provided for underground mining and the Company has
entered into contracts to enable completion of the preparatory works. These
are progressing well and will enable the finalisation of the currently ongoing
contract negotiations with a major underground mining company who will manage
the mining project. Further developments will be announced as appropriate.
Gold Production Commenced
As outlined in the last annual report, a technical audit of the Masis gold
refining plant (to 999 fineness) was conducted in July 2025, requiring key
operational upgrades, including the complete replacement of the electrolysis
section. I am pleased to report that all upgrades have now been completed
successfully.
The other main challenge, previously outlined, was that the Masis plant had
relatively low capacity, which we have addressed in cooperation with corporate
advisors Grant Thornton, Yerevan. The solution was that
the Company’s mining subsidiary, Assat, entered into a contract with
Meghradzor Gold whose plant is to receive at least 4,000 tonnes of ore per
month, drawn from our stockpile, and which is crushed at Assat’s facility.
In this process the gold content is concentrated to approximately 17 grammes
per tonne upwards and then the concentrate is transported to the Massis plant,
which is now owned 60% by associates of the Company’s major investor Mineral
Ventures Invest. The concentrating cost per tonne is approximately €46. From
an operational point of view the IMC team, under Assat CEO Armand Pinarbasi,
now have full control of the Massis plant and an IMC team is present 24/7
during the concentration of ore at the Meghradzor plant.
As I write, the first 120 tonnes of concentrate have been delivered to the
Masis Plant where the concentrate is added to lower grade ore already stored
at the plant and the mix then processed. The concentrate along with ore
already stored at the plant will be refined in batches, generating a steady
stream of cashflows for the Company. On 26 March 2026,
the first tranche of gold extraction took place with a total volume of 40
tonnes of material yielding 218.2 grammes Au. The next
extraction is scheduled to take place on 31 March 2026, with continued batches
of extraction thereafter, and further concentration of ore at the Meghradzor
plant.
Other Projects in Armenia
While the Company’s primary focus over the last year has revolved around
obtaining the Karaberd mining licence renewal and, along with the associates
of our major investor Mineral Ventures Invest, getting the Company into a
position where we can control our production of gold right up to 999 fineness,
the Company did maintain contact with other parties in relation to two other
projects, one being a prospective copper related project. Further
announcements on any developments in relation to these two projects will be
made as appropriate.
AMX Dual Listing
A dual listing on the Armenian Stock Exchange (“AMX”) continues to be an
objective of the Company. While the required documentation has been prepared
by our advisors Grant Thornton, the Board has strategically timed finalising
the listing to occur only after renewal of the Karaberd mining licence, after
gold processing had commenced, and after the underground mining contract has
been completed. That way IMC will come to the Armenian financial market in a
very strong position and as a contributor to the Armenian economy and further
announcements will be made as appropriate milestones in the listing process
are achieved.
Irish Projects – Avoca and Wexford
Avoca PL 3849 and PL 3850
As previously reported further assessment and upgrade of the spoils and
tailings was carried out on behalf of the Company by Trove Metal. This
resulted in a mid-estimate increase (+650,000 tons) in the tonnage of spoils
and tailings from 1,871,000 to 2,521,000 tonnes.
To align with the recent European Nature Restoration Law and the European
Union's Critical Raw Minerals Act the Company decided that a project that
combined remediation of the old mining area of Avoca, which is c.153 acres,
and abstraction of metals from the spoils and tailings that currently leach
into the water table and river would be the best approach to take and might
also secure grant aid from European green-transition funds. To that end we had
a recent meeting with China National Geological and Mining Company who, along
with their associate company Lvyan Ecology, have already visited our Avoca
site in Ireland. It was agreed that IMC would shortly travel to China to see
examples of remediated sites and to put together a world-class project plan
for Avoca.
Based on current prices of metals and based on the Mineral Resource Estimate
prepared by CSA Global in their report No. R369.2018, plus the additional gold
ounces from the Trove Metal reported tonnage increase (+650,000 tons), the
following table sets out a valuation of the inferred metals in the spoils and
tailings:
Wexford PL 2551
IMC was very pleased to have been able to announce on 24 February 2026 results
showing free gold with gold-rich electrum (Au91Ag09) being in quartz veins
intersected by drillhole 24-2551-01 from a laboratory study of its 2024
drilling at its Boley prospect in Prospecting Licence (“PL”) 2551 in Co.
Wexford Ireland. These results, stemming from a specialized laboratory study
of drillhole 24-2551-01, represent a significant milestone for our Irish
exploration programme.
The fact that the level of gold in pyrite analysed at Boley in PL 2551 is
similar to that in pyrite phases which host gold at the 6,000,000-ounce
Curraghinalt deposit in Co. Tyrone, Northern Ireland, makes this PL highly
prospective.
Great interest was shown in our latest published report on PL 2551 by parties
at the recent PDAC Convention in Toronto. Further discussions are currently
ongoing with interested parties as we evaluate the best path forward to unlock
the value of this asset.
In conclusion, IMC has achieved transformative progress across our entire
portfolio, both during the period and post period end, and having our Karaberd
licence renewed to 2035, we now have a very solid platform from which to
accelerate our development and deliver sustained value to our shareholders.
Eamon P. O'Brien,
Executive Chairman,
Dublin, 31st March 2026
Statement of Directors' Responsibilities
We confirm that to the best of our knowledge:
1. this interim condensed set of financial statements has been prepared in
accordance with IAS 34 'Interim Financial Reporting';
2. the condensed set of financial statements has been prepared in accordance
with ASB's 2007 Statement Half-Yearly Reports;
3. the condensed set of financial statements give a true and fair view of the
asset, liabilities, financial position and loss of the group and the
undertakings included in the consolidation as a whole as required by DTR
4.2.4R; and
4. the interim management report includes a fair review of the information
required by:
4.1. DTR 4.2.7R of the Disclosure Guidance and
Transparency Rules, being an indication of important events that have occurred
during the first six months of the financial year and their impact on the
condensed set of financial statements; and a description of the principal
risks and uncertainties for the remaining six months of the year; and
4.2. DTR 4.2.8R of the Disclosure Guidance and
Transparency Rules, being related party transactions that have taken place in
the first six months of the current financial year and that have materially
affected the financial position or performance of the entity during that
period; and any changes in the related party transactions described in the
last annual report that could do so.
The directors of IMC Exploration plc are listed in the Group's 2025 Annual
Report and Accounts and the current board are set out in the corporate section
of IMC's website at.
https://www.imcexploration.com/corporate/board-of-directors
Principal Risk and Uncertainties
The Group's activities are carried out principally in the Republic of Ireland
and Republic of Armenia. Accordingly, the principal risks and uncertainties
are considered to be the following:
Exploration Risk
Exploration and development activities may be delayed or adversely affected by
factors outside the Group's control, in particular: climatic conditions,
existence of commercial deposits of gold, zinc and other minerals, unknown
geological conditions; remoteness of locations; actions of governments or
other regulatory authorities (relating to, inter alia, the grant, maintenance
or renewal of any required authorisations, environmental regulations or
changes in law).
Commodity Price Risk
The demand for, and price of gold, zinc and other minerals is dependent on
global and local supply and demand, actions of governments or cartels and
general global economic and political developments.
Financial Risk
The main risks arising from the Group and Company's financial instruments are
foreign currency risk, credit risk, liquidity risk, interest rate risk and
capital risk. The board reviews and agrees policies for managing each of these
risks on a regular basis.
Economic Risk
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. As covered in the 2025 IMC annual report
the changes in political and economic environment and the development of the
legal, tax and legislative systems in Armenia have continuing nature. The
stability and development of the Armenian economy largely depends on these
changes. The government has brought a renewed commitment to good governance,
including anticorruption efforts, transparency, and accountability.
Like all international agreements, they are dependent on the goodwill of the
parties involved and adherence to the terms of the agreement. This has been a
volatile region in the past and these consolidated financial statements do not
reflect the potential future impact of any adverse occurrences relating to the
Armenia and Azerbaijan peace agreement on the Group's operations.
IMC Exploration Group PLC
Consolidated Statement of Comprehensive Income
For the period 1st July 2025 to 31 December 2025
Dec’25 Jun’25
Revenue 32,000 66,000
Cost of Sales (164,771) (366,694)
Gross Profit (132,771) (300,694)
Administration Costs (742,344) (1,330,816)
Other Income 145,000 -
Operating Profit /(loss) for the period (730,115) (1,631,510)
Interest Payable 29,086 44,701
Gain On disposal - 11,000
Foreign Exchange Gain/(Loss) 775,000 2,000
Expected Credit Loss - (260,250)
Translation Reserve (673,000) (657,835)
Profit / (Loss) for period before tax (599,029) (2,491,894)
Income tax expenses (267,421) (300,935)
Total comprehensive loss for the period (866,450) (2,792,829)
Loss attributable to:
Equity holders of the Company (866,450) (2,792,829)
Total Comprehensive Loss attributable to:
Equity holders of the Company (866,450) (2,792,829)
Earnings per share
From continuing operations
Basic and Diluted profit per share (cent) (0.11) (0.40)
IMC Exploration Group PLC
Consolidated Statement of Financial Position
As at 31st December 2025
Dec’25 Jun’25
Assets
Intangible assets 3,348,611 3,492,455
Property, plant and equipment 90,000 98,000
Total Non-Current Assets 3,438,611 3,590,455
Current Assets
Inventory 402,000 345,000
Trade and other receivables 3,552,786 3,447,914
Cash and cash equivalents 67,000 8,000
Total Current Assets 4,021,786 3,800,914
Total Assets 7,460,397 7,391,369
Equity
Share Capital 818,771 736,990
Share premium & Capital 9,493,831 8,878,158
Retained deficit (8,015,633) (7,149,183)
Attributable to owners of the Company 2,296,968 2,465,966
Total Equity 2,296,968 2,465,966
Liabilities – Current
Trade and other payables 2,216,943 1,792,709
Total Liabilities-Current 2,216,943 1,792,709
Liabilities – non-current
Loan & Borrowings 638,127 1,175,994
Shareholder Contribution 1,828,000 1,468,000
Provision - 28,000
Deferred tax liability 480,359 460,701
Total Liabilities-Non-Current 2,946,486 3,132,695
Total Equity and Liabilities 7,460,397 7,391,370
IMC Exploration Group PLC
Consolidated Statement of Changes in Equity
For the period 1st July 2025 to 31 December 2025
Share Capital € Share Premium € Retained Losses € Total €
Balance at 30 June 2024 723,191 8,818,818 (4,356,354) 5,185,654
Total comprehensive income for the period
Loss for the period - - (2,792,829) (2,792,829)
Total comprehensive income for the period - - (2,792,829) (2,792,829)
Transactions with owners, recorded directly in equity contributions and distributions to owners
Shares issued 13,800 59,340 - 73,140
Balance at 30 June 2025 736,991 8,878,158 (7,149,183) 2,465,966
Total comprehensive income for the period
Loss for the period - - (866,450) (866,450)
Total comprehensive income for the period - - (866,450) (866,450)
Transactions with owners, recorded directly in equity contributions and distributions to owners
Shares issued 81,780 615,673 - 697,453
Balance at 31 December 2025 818,771 9,493,831 (8,015,633) 2,296,968
IMC Exploration Group PLC
Consolidated Statement of Cash Flows
As at 31st December 2025
Dec’25 Jun’25
Cash flows from operating activities
(Loss) for the year (224,448) (2,491,894)
Adjustments for:
Amortisation & Depreciation 172,000 356,166
Bad Debts - 257,841
Gain on Disposal of Fixed Asset - (11,000)
Foreign Exchange translation difference (92,000) (289,941)
Taxation - 661,935
Cash from operations before changes in working capital (144,448) (1,516,893)
Movement in trade and other receivables (704,702) (84,192)
Movement in trade inventories (57,000) 963,839
Movement in trade and other payables (147,712) 39,000
Net cash flow from operating activities (1,053,862) (598,246)
Taxation paid - (407,000)
Cash flows from investing activities
Capital Expenditure (7,500) (640,000)
Net cash (used in) investing activities (7,500) (640,000)
Cash flows from financing activities
Proceeds from the issue of new shares 81,780 73,140
Proceeds from loans or borrowings 1,022,673 1,591,272
Finance income/(expense) - -
Net cash generated by financing activities 1,104,453 1,664,412
Movement in cash and cash equivalents 43,091 19,166
Cash and cash equivalents at beginning of period (10,593) (29,759)
Cash and cash equivalents at end of year 32,498 (10,593)
REGULATORY ANNOUNCEMENT ENDS.
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 Staton
+44 (0)203 934 6632
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