REG-IMC Exploration Group Plc: Half-year Financial Statements
26/02/2021 07:45
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"), WHICH IS PART OF UK LAW BY VIRTUE OF
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. ON THE PUBLICATION OF THIS
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
INTERIM RESULTS FOR THE PERIOD 1(ST) JULY 2020 TO 31(ST) DECEMBER 2020
IMC Exploration Group Public Limited Company
Chairman’s Statement for the period 1(st) July 2020 to 31(st) December 2020
The Directors of IMC Exploration Group plc are pleased to present the
unaudited, consolidated interim financial results for IMC for the first six
months to 31(st) December 2020 of the current financial year.
The six months under review were a busy and exciting time for IMC. On 7(th)
September 2020, I was able to announce that the Company had raised £267,500
before transaction expenses by means of a placing of 26,750.000 new ordinary
shares.
With our spoils and tailings project in Co. Wicklow, our on-going
collaboration with Trinity College Dublin, Ireland and our appraisal drilling
on our North Wexford Gold Project, we continue to make significant progress.
Trial pits were excavated proving greater depths and densities than expected
at West Avoca, indicating the presence of a larger tonnage of spoils and
tailings than had originally been estimated in the CSA Global Report of 2019.
The gold assays from the trial pits, combined with the expected increase in
tonnage, imply that the existing gold Exploration Target at West Avoca is
likely to have been underestimated. Significantly elevated copper, lead and
silver grades are also present.
We continue to work closely with our collaborative partners, Trinity College
Dublin, on a number of developments including clarifying and understanding the
paragenesis of gold at IMC’s Avoca VMS deposit.
The last six months have been extremely productive and positive for IMC and we
are confident that the balance of the current financial year will bring
further progress for the benefit of shareholders.
Post- Balance Sheet Developments
The preliminary drilling information from our recent drilling on our North
Wexford Gold Project, updates on which were issued to the market on 28(th)
January and 23(rd) February 2021, reinforces the highly prospective geology
and supports IMC’s strategy of understanding the gold mineralisation with
the objective of establishing another gold resource. In addition, IMC is
commissioning an update of the existing West Avoca Exploration Target with the
objective of upgrading this to an Inferred Resource.
I look forward to being able to report further news on our spoils and tailings
project at Avoca, Co. Wicklow and on our North Wexford gold project over the
coming weeks and months.
Eamon O’Brien,
Executive Chairman
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the period 1(st) July 2020 to 31(st) December 2020
Continuing
Operations
Notes Dec’20 Jun’20
€ €
Administrative expenses (122,744) (251,947)
Operating Loss for the period (122,744) (251,947)
Finance Income - -
Amount written off Intangible Assets - -
Amount written off investment - -
__________ __________
Loss for period before tax (122,744) (251,947)
Income tax expenses - -
_________ _________
Total comprehensive loss for the period (122,744) (251,947)
========= =========
Loss attributable to:
Equity holders of the Company (122,744) (251,947)
========= =========
Total Comprehensive Loss attributable to:
Equity holders of the Company (122,744) (251,947)
========= =========
Earnings per share
From continuing operations
Basic and Diluted loss per share (cent) 0.03 0.09
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.
IMC Exploration Group Public Limited Company
Consolidated Statement of Financial Position
As at 31(st) December 2020
Notes Dec’20 Jun’20
€ €
Assets
Intangible assets 479,287 472,487
Property, plant and equipment 860 1,291
Investments - -
__________ __________
Total Non-Current Assets 480,147 473,778
__________ __________
Current Assets
Trade and other receivables 26,367 112,864
Cash and cash equivalents 62,074 (34,767)
__________ __________
Total Current Assets 88,441 78,097
__________ __________
Total Assets 568,588 551,875
========= =========
Equity
Share Capital 349,589 322,839
Share premium 4,182,118 3,925,015
Retained deficit (4,023,870) (3,901,126)
__________ __________
Attributable to owners of the Company 507,837 346,728
__________ __________
Total Equity 507,837 346,728
__________ __________
Liabilities – Current
Trade and other payables 58,704 203,100
Current tax liabilities 2,047 2,047
__________ __________
Total Liabilities 60,751 205,147
__________ __________
Total Equity and Liabilities 568,588 551,875
IMC Exploration Group Public Limited Company
Consolidated Statement of Changes in Equity
for the period 1(st) July 2020 to 31(st) December 2020
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 - - (122,744) (122,744)
__________ ___________ __________ _________
Total comprehensive income for the period - (122,744) (122,744 )
Transactions with owners, recorded directly in equity
contributions by and distributions to owners
Shares issued 26,750 269,558 - 296,308
Share issue costs - (12,455) - (12,455)
__________ ___________ __________ _________
Balance at 31 December 2020 349,589 4,182,118 (4,023,870) 507,837
__________ ___________ __________ _________
IMC Exploration Group Public Limited Company
Consolidated Statement of Cash Flows
for the period 1(st) July 2020 to 31(st) December 2020
Notes Dec’20 Jun’20
€ €
Cash flows from operating activities
Loss for the period (122,744) (251,947)
Adjustments for:
Intangible Assets Write Off - -
Income Tax recognised in profit and loss - -
Depreciation 431 431
________ ________
Cash from operations before changes in working capital (122,313) (251,516)
Movement in trade and other receivables 86,497 (73,490)
Movement in trade and other payables (144,396) 12,436
_________ _________
Net cash flow from operating activities (180,212) (312,570)
Cash flows from investing activities
Interest received - -
Proceeds from sale of investments - -
Taxation - -
Acquisitions and disposals (6,800) (1,370)
_________ _________
Net cash (used in) investing activities (6,800) (1,370)
_________ _________
Cash flows from financing activities
Proceeds from the issue of new shares 283,853 309,576
Finance income/(expense) - -
_________ _________
Net cash generated by financing activities 283,853 309,576
_________ _________
Movement in cash and cash equivalents 96,841 (4,364)
Cash and cash equivalents at beginning of period (34,767) (30,403)
_________ _________
Cash and cash equivalents at end of period 62,074 (34,767)
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 20 7464 4091 / +44 7506 43 41 07 /
Graham.Atthill-Beck@kbrl.co.uk; Brinsley Holman: +44 20 7464 4098 /
Brinsley.Holman@kbrl.co.uk
IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033
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