IMC Exploration Group PLC Share Price (IMC)

Given the recent comments by Cedbin, RiserThames, Freefaller and others I have to agree that IMC is making progress.

It is worth reviewing my previous comment made on the basis of IMC announcements and public information available on IMC regarding Valuation.

The company went through a rigorous valuation assessment when having its RTO, which related to the acquisition of the Karaberd mine, approved for the LSE listing. Among other requirements the LSE rule for approval that applied was a valuation of £30m. If you read through the Prospectus provided at the time for the RTO, 28th October 2023, a valuation for MVI, the takeover target, was given as a mid-point valuation of £42m being between £35m and £49m based on various criteria. This valuation was provided by worldwide Independent Consultants Alvarez and Marsal who had access to JORC compliant Karaberd Mineral Resource Estimate (circa 60% Indicated 40% Inferred) prepared by Australian Geological Consultants AMC.

The current IMC Market Cap stands at just £13.66m.

On the date of approval of the RTO the Gold Price was $2,007 Oz and Silver was $23 Oz. Gold now trades at $4,792 Oz and Silver at $75.66 Oz.

The Valuation prepared by Alvarez & Marsal did not include the Irish assets.

IMC has a JORC compliant inferred MRE for its Avoca assets and the impact of increased Gold, Silver and other metals prices on the valuation for its inferred reserves in its above ground spoils and tailings is significant as can be seen from the Table dated 30th March 2026 in the interim report just released per the link below.

https://www.londonstockexchange.com/news-article/IMC/half-year-financial-report/17528224

IMC has also recently released a report on its Wexford licence bringing another of its assets into the highly prospective category. It will be interesting to see how this is progressed.

https://www.londonstockexchange.com/news-article/IMC/results-of-laboratory-study/17473579

No doubt the Announcement of the renewal of the licence for another 9 years has been a major boost to the company's prospects, but so also has been the substantial increase in the Gold and Silver prices since the approval of the RTO in October 2023 when the IMC share traded at 3.00p. The shares last marked trade yesterday was 1.82p.

The IMC team has also been strengthened as announced recently. It is said that good projects and a good team are necessary for success.

As a current producer of Gold from its stockpile and a future producer of Gold and Silver from its underground mine IMC is going to be a very interesting stock to watch and especially if it broadens its liquidity base with a dual listing on the Armenian Stock Exchange.

For my scenario 1, I wrote 4,5 g but meant 4,500g of course

Again, an incredible report for this very well run company, which keeps overdelivering. Let's deep dive into the numbers.

1) 4,000t or more of ore per month will be processed at the Meghradzor plant for concentration resulting in concentrate at 17g/t or more.

2) This concentrate sent to the Masis plant and is mixed with lower-grade ore already stored here.

3) First test batch resulted in 40 tonnes of mixed material which yielded 218 grams of gold → average recovered grade of 5.45 g/t

Now, let's to the math :

Scenario 1 : Conservative / Ramp-up Phase

4,000t of ore per month are concentrated.

This produces roughly 400–600t of concentrate per month (volume reduction is typical in concentration processes).

Mix at Masis plant: about 50% concentrate + 50% low-grade stored ore.

Average grade of the mix processed: 9–10 g/t.

Monthly material processed at Masis: 500t (realistic starting capacity after upgrades).

Gold recovery rate: 95% (standard for refined concentrate with the new electrolysis system)

Gold produced = 500t × 9.5 g/t × 95% = approximately 4,5 grams of gold per month.

Gross revenue = 4,5 grams × €128/gram ≈ €576,000 per month.

Scenario 2 : Base Case / Stabilized Operations

Same 4000t/month ore input.

Higher proportion of concentrate in the mix (60–70%).

Average grade of the mix: 11–13 g/t.

Monthly material processed at Masis: 700t.

Gold produced = 700t × 12 g/t × 95% = approximately 7,980 grams of gold per month.

Gross revenue = 7,980 grams × €128/gram ≈ around €1 million / month

We are currently at a 16M euro mcap... I can't even grasp how undervalued this company is... And again we are only talking about the current operations at the Karaberd mine, completely discounting the other assets and future potential of the company.

As a conclusion, I would confidently say that the last few reports removed all the guesses and "if" around the company and cleared the path to a violent repricing just like we saw in the end of January. I would argue the company is even cheaper now at 13M mcap than last year at 5-6M mcap because we now have all the green flags :

1) IMC is now a gold producer and is already making money (imagine the potential when the underground mining will start with the 100000t processing capacity...)

2) The company is exceptionally well run and very cautious with the spending (which was expected with a 90%+ insider/institution ownership but needed confirmation nonetheless)

3) They got their priorities right with first putting their efforts on the near term cash flow asset and are able to find quick, efficient and cheap solution every time they face a problem

4) The company is now teasing a copper acquisition, a JV for the Irish assets...

And last but not least, remember the free float is tiny, so don't get shaken out and keep this gem in your portfolio because the story has only begun. The movements will always look impressive because a couple of shares is enough to make the price swing a lot

"Gold Production Commenced" 💪

WOW! GOLD EXTRACTION HAS STARTED. IMC EXPLORATION IS NO LONGER AN EXPLORATION COMPANY BUT AN ACTUAL MINER. THIS IS HUGE. REVENUE NOW FLOWING WITH CURRENT GOLD PRICE. THIS IS GOING TO BE GOOD!