REG-IMC Exploration Group Plc: Half-year Report
28/03/2025 17:30
THE DIRECTORS OF IMC EXPLORATION GROUP PLC CONSIDER THIS ANNOUNCEMENT TO
CONTAIN 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.
HALF-YEARLY FINANCIAL REPORT
FOR THE PERIOD 1st JULY 2024 TO 31st DECEMBER 2024
IMC Exploration Group Public Limited Company
(“IMC” or the “Company”)
Chairman’s Statement
The Directors of IMC are pleased to present the Company’s unaudited,
consolidated, half-yearly financial report for the six-month period ended 31
December 2024.
Since my last report the environment for exploration and mining companies has
improved greatly. New EU rules have come in to effect including the Critical
Raw Materials Act (CRMA) that requires member states to put in place projects
that enable both the extraction and processing of such critical metals as
copper, lithium and cobalt that are used in clean energy and digital
systems. The Institute of Geologists of Ireland have stated that meeting
the CRMA objectives will include revisiting closed mines and mine waste
facilities.
This is particularly relevant to IMC as IMC is currently working on plans to
process its spoils and tailings in Avoca, there being over £80m in metals in
this waste material sitting above ground, based on calculations from the
inferred metal resources, as set out in the IMC MRE completed by CSA Global.
IMC’s previously completed Mineral Resource Estimate in this regard
identified additional exploration targets on the Avoca PL3850 including at
Connary. IMC has recently completed further excavations related to its spoils
and tailings at the Connary location with the objective of adding to its
current MRE estimate. As soon as the results are available and the relevant
geological report is completed IMC will announce its results. Furthermore,
and as stated in my last report, we are reviewing the potential to re-open the
old Avoca copper mine, given the significant increase in the price of copper
and given the designation of copper as a critical raw material. We are also
pleased to note the appointment of Minister for Climate Environment and
Energy, Darragh O’Brien, who is keen to advance Irelands exploration and
mining industries especially relating to CRM’s.
Located to the northeast of the historical Avoca Mine (PL3850), regional
sampling and logging of drill core from PL3849 has indicated significant
regional prospectivity for Cu and Au on the Licence. The Caledonide range of
southeast Ireland features an Ordovician volcano-sedimentary sequence hosting
VMS mineralization and ironstones interpreted as having formed from
hydrothermal exhalative activity. Understanding their spatial relationships,
bulk geochemistry and mineralogy can aid in the detection of concealed
deposits. For that reason, IMC has sent a total of 20 samples with
mineralization from its 3 drill holes at Kilmacurra for petrographic
characterization and metallurgical analysis to a number of laboratories,
including iCRAG, and for isotope analysis at NordSim in Stockholm. Similar
analysis has also been commissioned on 20 samples of spoils from the
decommissioned Ballard Iron Mine that also fall within IMC’s PL3849.
Again, when the relevant reports are completed, the results will be published.
I am pleased to report that following a recent visit to Armenia, IMC can
report progress in a number of areas. IMC’s presentation to a number of
Armenian Government officials in regard to future mining projects, including
remediation of toxic waste sites, and investment into the related local
communities was well received. IMC also met with the EU Ambassador to
Armenia, Vassilis Maragos, and the Czech Ambassador Petr Piruncik. Mr.
Piruncik is happy to be encouraging to IMC’s interests in Armenia given that
IMC’s major shareholder after completion of the recent RTO is Czech.
IMC also had a very positive meeting with the CEO of the Armenian Securities
Exchange (AMX), Hayk Yeganyan. The AMX would be pleased to have IMC as a dual
listed entity on their exchange and as I mentioned in my last report IMC is
working with its Grant Thornton team in Armenia to bring that about.
In relation to the future processing of IMC’s ore held by IMC’s wholly
owned subsidiary Assat, we have made some progress at last. Up to now, the
situation was challenging since the only possibility to refine ore was through
the Ararat Zavod – GPM Gold plant, where Assat previously refined about
33,000 tons of ore and produced 46.2kg of gold. However, since GPM Gold
belongs to Russian owners – the imposed sanctions and political situation
unfortunately does not allow IMC, which acquired Assat, as a European company
and LSE listed entity to process its ore through GPM Gold. Nevertheless, I
previously mentioned that the acquisition of another processing plant, the
Masis plant LLC, was going through the Armenian court system, and this plant
belonging 60% to another Czech entity, that has associations with our major
shareholder Mineral Ventures Invest, has at last had ownership finally
registered on February 19th 2025, and a contract between ASSAT LLC and Masis
plant LLC is being drafted with the aim to start processing the high-grade
segment of ASSAT’s ore. IMC also visited this plant during our recent trip
to Armenia. As it happened during the delayed processing of our ore and since
my last report Gold has increased in value from $2,721 to $3,084 per Oz. As
mentioned in my previous report, the plans for construction of the
eco-leaching plant are underway ….. a deposit has been paid and plans are
being finalised.
With the current high price of gold, silver and copper and IMC’s projects in
Armenia and Ireland, together with adoption of the Critical Raw Materials Act,
IMC sees the current environment as very positive for IMC’s development.
Indeed, at the recent PDAC convention great interest was shown in IMCs Avoca
projects.
Eamon P. O’Brien,
Executive Chairman,
Dublin, 28 March 2025
REGULATORY ANNOUNCEMENT ENDS.
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the period 1st July 2024 to 31st December 2024
Continuing Operations
Dec’24 Jun’24
Revenue 67,000 1,524,000
Cost of Sales (202,573) (828,097)
Gross Profit (135,573) 695,903
Administration Costs (241,009) (694,145)
Operating Profit /(loss) for the period (376,582) 1,758
Finance Income - -
Amount written off Intangible Assets - -
Amount written off investment - -
Profit / (Loss) for period before tax (376,582) 1,758
Income tax expenses 28,252 (112,402)
Total comprehensive loss for the period (348,330) (110,645)
Loss attributable to:
Equity holders of the Company (348,330) (110,645)
Total Comprehensive Loss attributable to:
Equity holders of the Company (348,330) (110,645)
Earnings per share
From continuing operations
Basic and Diluted profit per share (cent) (0.05) (0.02)
IMC Exploration Group Public Limited Company
Consolidated Statement of Financial Position
As at 31st December 2024
Dec’24 Jun’24
Assets
Intangible assets 3,930,911 4,062,289
Property, plant and equipment 117,235 138,472
Goodwill 522,913 522,913
Total Non-Current Assets 4,571,059 4,723,674
Current Assets
Inventory 446,000 384,000
Trade and other receivables 3,118,132 2,969,899
Cash and cash equivalents (7,832) (29,600)
Total Current Assets 3,556,300 3,324,299
Total Assets 8,127,358 8,047,973
Equity
Share Capital 723,190 723,190
Share premium & Capital 11,397,484 11,203,370
Retained deficit (6,526,260) (6,177,930)
Attributable to owners of the Company 5,594,414 5,748,630
Total Equity 5,594,414 5,748,630
Liabilities – Current
Trade and other payables 906,612 799,975
Current tax liabilities 586,198 609,646
Total Liabilities-Current 1,492,810 1,409,621
Liabilities – Non-Current
Loan 1,040,134 889,722
Total Liabilities-Current 1,040,134 889,722
Total Equity and Liabilities 8,127,357 8,047,973
IMC Exploration Group Public Limited Company
Consolidated Statement of Changes in Equity
for the period 1st July 2024 to 31st December 2024
Share Capital € Share Premium € Other Reserves € Retained Losses € Total €
Balance at 30 June 2023 364,384 4,253,642 - (4,823,272) (205,246)
Total comprehensive income for the period
loss for the period - - - (110,645) (110,645)
Total comprehensive income for the period - - - (110,645) (110,645)
Transactions with owners, recorded directly in equity contributions and distributions to owners
Shares issued 358,807 4,565,176 - - 4,923,982
Capital Contributions & Translation Reserves - - 1,140,538 - 1,140,538
Share issue costs - - - - -
Balance at 30 June 2024 723,191 8,818,818 1,140,538 (4,933,917) 5,748,630
Total comprehensive income for the period
loss for the period - - - (348,330) (348,330)
Total comprehensive income for the period - - - (348,330) (348,330)
Transactions with owners, recorded directly in equity contributions and distributions to owners
Shares issued - - - - -
Capital Contributions & Translation Reserves - - - 194,114 194,114
Share issue costs - - - - -
Balance at 31 December 2024 723,191 8,818,818 1,140,538 (5,088,133) 5,594,414
IMC Exploration Group Public Limited Company
Consolidated Statement of Cash Flows
for the period 1st July 2024 to 31st December 2024
Dec’24 Jun’24
Cash flows from operating activities
Profit /(Loss) for the year (375,728) (110,645)
Adjustments for:
Other Expenses 16,944 (23,000)
Income Tax recognised in profit and loss 2,000 164,000
Depreciation 183,301 346,571
Cash from operations before changes in working capital (173,483) 376,927
Movement in trade and other receivables (153,833) (1,745,855)
Movement in trade inventories (62,000) 70,000
Movement in trade and other payables 259,051 564,567
Net cash flow from operating activities (130,265) (734,361)
Cash flows from investing activities
Capital Expenditure (4,807) (164,626)
Net cash (used in) investing activities (4,807) (164,626)
Cash flows from financing activities
Proceeds from the issue of new shares 157,000 84,368
Proceeds from loans or borrowings - 684,000
Finance income/(expense) - -
Net cash generated by financing activities 157,000 768,368
Movement in cash and cash equivalents 21,928 (130,618)
Cash and cash equivalents at beginning of period (29,759) 101,018
Cash and cash equivalents at end of year (7,831) (29,600)
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 Chandler
+44 (0)203 934 6630
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