TIDMIMC
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 AMED ("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 1ST JULY 2022 TO 30TH JUNE 2023
IMC Exploration Group Public Limited Company
Chairman's Statement for the year ended 30 June 2023
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 30th
June 2023.
The financial statements which follow are extracted from, but do not constitute,
the audited annual financial report of the Company for the above period.The
unedited full text of the annual financial report is being submitted to the
National Storage Mechanism and will be available at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism, as well as on the
Company's website https://www.imcexploration.com .
The year to end June 2023 has been very important and exciting for IMC and its
shareholders as have the subsequent few months, culminating in approval of the
acquisition of MVI Ireland s.r.o., the owner of Assat LLC that owns the Karaberd
Mine, an operating gold mine located in Lori Marz, northern Armenia. This
acquisition, as approved at the EGM which took place on 26th October 2023, will
be transformative for IMC. The Company will no longer be just a minerals
exploration company but a mining company as well. The acquisition of the
Karaberd Mine and the completion of a metals extraction facility, to be leased
by IMC with an option to purchase, will serve the existing strategic direction
of IMC, while expanding the geographic scope of its operations.
Although Covid-19 and the completion of re-structuring requirements related to
Assat LLC delayed the acquisition, IMC during that period continued to develop
relationships in Armenia at national and local level and has developed a
pipeline of other prospective projects which IMC hopes will come to fruition in
the coming year.
IMC continues with its gold and copper exploration programmes in South East
Ireland. Copper is an important part of the green energy transition. It is
considered to be the most cost-effective conductive material. The critical role
copper will play in achieving the Paris climate goals cannot be overstated. IMC
will be part of this new green transition and is in the enviable position of
having the Avoca copper mine on its licence area. Previous production from the
Avoca Mine is estimated to have totalled 16Mt 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 believed to have exceeded 100Mt at
0.2% Cu (Sheppard, 2007).
In addition, IMC has a mineral-rich supply of spoils and tailings with a Mineral
Resource Estimate (MRE) showing amongst other minerals, 2.6k tonnes copper
contained in the 1.87m tonnes spoils and tailings that are above surface.
Gold is widely considered to be an alternative universal currency. IMC holds six
prospecting licences in the southeast of Ireland that are highly prospective for
gold mineralization. Three of these licences are within, or cover the strike
extent of, the Avoca volcanogenic massive sulphide (VMS) mineralized belt in Co.
Wicklow, an area having highly anomalous gold (Au) values in bedrock, soils and
stream sediments.
IMC has established an Inferred Mineral Resource Estimate of c. 20,000 ounces of
gold and 600,000 oz's of silver on part of the spoils and tailings from the
historic East Avoca Mine. IMC continues its exploration programme in conjunction
with our collaboration partners Trinity College Dublin and are presently
carrying out geological work on the ground in Co. Wicklow.
Furthermore, the Irish government previously commissioned a feasibility study in
regard to remediation of the Avoca spoils and tailings site which extends to c.
155 acres, and the European Commission also considers remediation of such sites
to be a priority. In that regard, and arising from meetings IMC has had with
the China National Geological Mining Corporation ("CGM") who have significant
experience in remediation of such sites, IMC commissioned a drone survey of the
Avoca site, and intends to put together a project to both extract metals from
the spoils and tailings and to remediate the site.
IMC's North Wexford gold project consists of three properties. Two of these are
prospective for gold and VMS mineralization, and an adjacent property is
prospective for orogenic gold mineralization.
There is no doubt that this is an exciting time for IMC, particularly as our
shareholders have approved the acquisition of the Karaberd mine in Armenia. This
acquisition when completed, together with the anticipation of further new
projects in Armenia will complement our Irish projects in Wicklow and Wexford.
With the current high price of silver, gold and copper there has never been a
better time for IMC and its shareholders.
Eamon P. O'Brien,
Executive Chairman,
Dublin, 27th October 2023
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the year ended 30th June 2023
Continuing Operations
+----------------------------------------++----------+----------+
| ||2023 |2022 |
+----------------------------------------++----------+----------+
|Administrative expenses ||(324,917) |(260,796) |
+----------------------------------------++----------+----------+
| || | |
+----------------------------------------++----------+----------+
|Operating Loss for the period ||(324,917) |(260,796) |
+----------------------------------------++----------+----------+
| || | |
+----------------------------------------++----------+----------+
|Amount written off Intangible ||- |- |
|Assets || | |
+----------------------------------------++----------+----------+
| ||__________|__________|
+----------------------------------------++----------+----------+
| || | |
+----------------------------------------++----------+----------+
|Loss for period before tax ||(324,917) |(260,796) |
+----------------------------------------++----------+----------+
| || | |
+----------------------------------------++----------+----------+
|Income tax expenses ||- |- |
+----------------------------------------++----------+----------+
| ||_________ |_________ |
+----------------------------------------++----------+----------+
|Total comprehensive loss for the period ||(324,917) |(260,796) |
+----------------------------------------++----------+----------+
| ||========= |========= |
+----------------------------------------++----------+----------+
| || | |
+----------------------------------------++----------+----------+
|Loss attributable to: || | |
+----------------------------------------++----------+----------+
|Equity holders of the Company ||(324,917) |(260,796) |
+----------------------------------------++----------+----------+
| ||========= |========= |
+----------------------------------------++----------+----------+
| || | |
+----------------------------------------++----------+----------+
|Total Comprehensive Loss attributable || | |
|to: || | |
+----------------------------------------++----------+----------+
|Equity holders of the Company ||(324,917) |(260,796) |
+----------------------------------------++----------+----------+
| ||========= |========= |
+----------------------------------------++----------+----------+
|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 27th October
2023 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 30th June 2023
+-------------------------------------++-----------+-----------+
| ||2023 |2022 |
+-------------------------------------++-----------+-----------+
|Assets || | |
+-------------------------------------++-----------+-----------+
|Intangible assets ||640,291 |627,791 |
+-------------------------------------++-----------+-----------+
|Property, plant and equipment ||946 |1,850 |
+-------------------------------------++-----------+-----------+
| ||__________ |__________ |
+-------------------------------------++-----------+-----------+
|Total Non-Current Assets ||641,237 |629,641 |
+-------------------------------------++-----------+-----------+
| ||__________ |__________ |
+-------------------------------------++-----------+-----------+
| || | |
+-------------------------------------++-----------+-----------+
|Current Assets || | |
+-------------------------------------++-----------+-----------+
|Trade and other receivables ||9,045 |10,987 |
+-------------------------------------++-----------+-----------+
|Cash and cash equivalents ||101,018 |23,399 |
+-------------------------------------++-----------+-----------+
| ||__________ |__________ |
+-------------------------------------++-----------+-----------+
|Total Current Assets ||110,063 |34,386 |
+-------------------------------------++-----------+-----------+
| ||__________ |__________ |
+-------------------------------------++-----------+-----------+
| || | |
+-------------------------------------++-----------+-----------+
|Total Assets ||751,300 |664,027 |
+-------------------------------------++-----------+-----------+
| ||========= |========= |
+-------------------------------------++-----------+-----------+
| || | |
+-------------------------------------++-----------+-----------+
|Equity || | |
+-------------------------------------++-----------+-----------+
|Share Capital ||364,384 |349,589 |
+-------------------------------------++-----------+-----------+
|Share premium ||4,253,642 |4,164,633 |
+-------------------------------------++-----------+-----------+
|Retained deficit ||(4,823,272)|(4,498,355)|
+-------------------------------------++-----------+-----------+
| ||__________ |__________ |
+-------------------------------------++-----------+-----------+
|Attributable to owners of the Company||(205,246) |15,867 |
+-------------------------------------++-----------+-----------+
| ||__________ |__________ |
+-------------------------------------++-----------+-----------+
|Total Equity ||(205,246) |15,867 |
+-------------------------------------++-----------+-----------+
| ||__________ |__________ |
+-------------------------------------++-----------+-----------+
| || | |
+-------------------------------------++-----------+-----------+
|Liabilities - Current || | |
+-------------------------------------++-----------+-----------+
|Trade and other payables ||294,260 |295,017 |
+-------------------------------------++-----------+-----------+
| ||__________ |__________ |
+-------------------------------------++-----------+-----------+
|Total Liabilities-Current ||294,260 |295,017 |
+-------------------------------------++-----------+-----------+
| || | |
+-------------------------------------++-----------+-----------+
|Liabilities - Non-Current || | |
+-------------------------------------++-----------+-----------+
|Loan ||662,286 |353,143 |
+-------------------------------------++-----------+-----------+
| ||__________ |__________ |
+-------------------------------------++-----------+-----------+
|Total Liabilities-Current ||662,286 |353,143 |
+-------------------------------------++-----------+-----------+
| || | |
+-------------------------------------++-----------+-----------+
| ||__________ |__________ |
+-------------------------------------++-----------+-----------+
|Total Equity and Liabilities ||751,300 |664,027 |
+-------------------------------------++-----------+-----------+
The Financial statements were approved by the Board of Directors 27th October
2023 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 30th June 2023
+--------------------------+-----------+-----------+-----------------+---------+
| |Share |Share |Retained Losses ?|Total ? |
| |Capital ? |Premium ? | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Balance at 30 June 2021 |349,589 |4,164,633 |(4,498,355) |276,663 |
+--------------------------+-----------+-----------+-----------------+---------+
| |___________|__________ |_________ |_______ |
+--------------------------+-----------+-----------+-----------------+---------+
|Total comprehensive income| | | | |
|for the period | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Loss for the period |- |- |(260,796) |(260,796)|
+--------------------------+-----------+-----------+-----------------+---------+
| |__________ |___________|__________ |_________|
+--------------------------+-----------+-----------+-----------------+---------+
| | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Total comprehensive income|- |- |(260,796) |(260,796)|
|for the period | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Transactions with owners, | | | | |
|recorded directly in | | | | |
|equity | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Contributions by and | | | | |
|distributions to owners | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Shares issued |- |- |- |- |
+--------------------------+-----------+-----------+-----------------+---------+
|Share issue costs |- |- |- |- |
+--------------------------+-----------+-----------+-----------------+---------+
| |__________ |___________|__________ |_________|
+--------------------------+-----------+-----------+-----------------+---------+
|Total transactions with |349,589 |4,164,633 |(4,498,355) |15,867 |
|owners | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
| |__________ |___________|__________ |_________|
+--------------------------+-----------+-----------+-----------------+---------+
| | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
| | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Balance at 30 June 2022 |349,589 |4,164,633 |(4,498,355) |15,867 |
+--------------------------+-----------+-----------+-----------------+---------+
| |__________ |___________|__________ |_________|
+--------------------------+-----------+-----------+-----------------+---------+
| | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Total comprehensive income| | | | |
|for the period | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Loss for the period |- |- |(324,917) |(324,917)|
+--------------------------+-----------+-----------+-----------------+---------+
| |__________ |___________|__________ |_________|
+--------------------------+-----------+-----------+-----------------+---------+
| | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Total comprehensive income|- |- |(324,917) |(324,917)|
|for the period | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Transactions with owners, | | | | |
|recorded directly in | | | | |
|equity | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Contributions by and | | | | |
|distributions to owners | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Shares issued |14,795 |92,009 |- |106,804 |
+--------------------------+-----------+-----------+-----------------+---------+
|Share issue costs |- |(3,000) |- |(3,000) |
+--------------------------+-----------+-----------+-----------------+---------+
| |__________ |___________|__________ |_________|
+--------------------------+-----------+-----------+-----------------+---------+
|Total transactions with |14,795 |89,009 |- |103,804 |
|owners | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
| | | | | |
+--------------------------+-----------+-----------+-----------------+---------+
|Balance at 30 June 2023 |364,384 |4,253,642 |(4,823,272) |(205,246)|
+--------------------------+-----------+-----------+-----------------+---------+
| |__________ |___________|__________ |_________|
+--------------------------+-----------+-----------+-----------------+---------+
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 27th October
2023 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 30th June 2023
+------------------------------------------------------++---------+---------+
| ||2023 |2022 |
+------------------------------------------------------++---------+---------+
|Cash flows from operating activities || | |
+------------------------------------------------------++---------+---------+
| || | |
+------------------------------------------------------++---------+---------+
|Loss for the year ||(324,917)|(260,796)|
+------------------------------------------------------++---------+---------+
| || | |
+------------------------------------------------------++---------+---------+
|Adjustments for: || | |
+------------------------------------------------------++---------+---------+
|Intangible Assets Write Off ||- |- |
+------------------------------------------------------++---------+---------+
|Income Tax recognised in profit and loss ||- |- |
+------------------------------------------------------++---------+---------+
|Depreciation ||904 |904 |
+------------------------------------------------------++---------+---------+
| ||________ |________ |
+------------------------------------------------------++---------+---------+
| || | |
+------------------------------------------------------++---------+---------+
|Cash from operations before changes in working capital||(324,013)|(259,892)|
+------------------------------------------------------++---------+---------+
| || | |
+------------------------------------------------------++---------+---------+
|Movement in trade and other receivables ||1,942 |2,709 |
+------------------------------------------------------++---------+---------+
|Movement in trade and other payables ||308,386 |420,447 |
+------------------------------------------------------++---------+---------+
| ||_________|_________|
+------------------------------------------------------++---------+---------+
| || | |
+------------------------------------------------------++---------+---------+
|Net cash flow from operating activities ||(13,685) |163,264 |
+------------------------------------------------------++---------+---------+
| || | |
+------------------------------------------------------++---------+---------+
|Cash flows from investing activities || | |
+------------------------------------------------------++---------+---------+
|Capital Expenditure ||(12,500) |(191,988)|
+------------------------------------------------------++---------+---------+
| ||_________|_________|
+------------------------------------------------------++---------+---------+
| || | |
+------------------------------------------------------++---------+---------+
|Net cash (used in) investing activities ||(12,500) |(191,988)|
+------------------------------------------------------++---------+---------+
| ||_________|_________|
+------------------------------------------------------++---------+---------+
|Cash flows from financing activities || | |
+------------------------------------------------------++---------+---------+
|Proceeds from the issue of new shares ||103,804 |- |
+------------------------------------------------------++---------+---------+
|Finance income/(expense) ||- |- |
+------------------------------------------------------++---------+---------+
| ||_________|_________|
+------------------------------------------------------++---------+---------+
| || | |
+------------------------------------------------------++---------+---------+
|Net cash generated by financing activities ||103,804 |- |
+------------------------------------------------------++---------+---------+
| ||_________|_________|
+------------------------------------------------------++---------+---------+
| || | |
+------------------------------------------------------++---------+---------+
|Movement in cash and cash equivalents ||77,619 |(28,724) |
+------------------------------------------------------++---------+---------+
| || | |
+------------------------------------------------------++---------+---------+
|Cash and cash equivalents at beginning of year ||23,399 |52,123 |
+------------------------------------------------------++---------+---------+
| ||_________|_________|
+------------------------------------------------------++---------+---------+
|Cash and cash equivalents at end of year ||101,018 |23,399 |
+------------------------------------------------------++---------+---------+
The financial statements were approved by the Board of Directors on 27th October
2023 and signed on its behalf by:
On behalf of the board
Eamon O'BrienAndrew Laz Fleming
DirectorDirector
The Directors of IMC, after due and careful enquiry, accept responsibility for
the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
Kathryn Byrne: +353 85 233 6033
IMC Exploration Group plc
Stephen Clayson: +44 7771 871 847 / Stephen.Clayson@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk
Keith Bayley Rogers & Co. Limited
This information was brought to you by Cision http://news.cision.com
END
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