Last checked at 28 Feb 2022 08:58
IMC Exploration Group Plc - Half-year ReportIMC Exploration Group Plc - Half-year Report
PR Newswire
London, February 28
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.
RESULTS FOR THE PERIOD 1st JULY 2021 TO 31st DECEMBER 2021
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, interim financial results for the first six-month period of the current financial year to 31st December 2021.
The half-year under review was an extremely busy and positive time for the Company, with the drill programme in West Avoca commencing during this period. A drilling programme was undertaken to assess the extent and continuity of Cu, Au, Pb, Zn mineralisation along strike from the historic Avoca mine. Historical mineralised intercepts in the West Avoca area include 10m grading 1.1% Cu and 9m grading 10.3% Zn and 4.8% Pb.
IMC achieved exceptionally good intersects of 18.7m of zinc, lead and silver mineralisation at West Avoca. We encountered four zones of massive and semi-massive sulphide mineralisation at depths between 159m and 206m. When aggregated over an 18.7m interval, the upper three zones assayed 6.5% zinc and lead and included 2.8m grading 12.6% zinc and lead and 2.2m grading 70g/t silver. Further drilling has both encountered massive and semi-massive sulphide mineralisation.
The Board of IMC is delighted that we have intersected 18.7m of zinc, lead and silver mineralisation at West Avoca. Furthermore, it has confirmed the geological interpretation and emphasises the validity in reassessing and drill-testing historical deposits where significant mineralisation remains.
The Avoca Mine is estimated to have contained 16 million tonnes of 0.6% copper which was exported as a concentrate that contained ‘payable grades of gold and silver’ (Williams et al., 1986). In addition, in situ zinc and lead mineralisation is present at West Avoca over a minimum strike length of c. 300m.
Further progress continues on our spoils’ and tailings’ project in Co. Wicklow, where we have established an Inferred Mineral Resource Estimate. Our successful collaboration with Trinity College Dublin, Ireland continues and we would like to take this opportunity to thank them for their valuable contributions.
IMC previously announced that it had conditionally agreed to acquire MVI Ireland s.r.o., the 100% owner of the Assat company in Armenia which is the holder of the mining licence for the Karaberd gold mine located in Lori Marz, northern Armenia. The conditional agreement remains in place and we expect to complete the acquisition during the coming period.
This is a propitious time for gold, silver, copper and zinc with the high commodity prices presently prevailing. The Directors look forward to reporting further results from the West Avoca drilling programme and on progress towards completion of the MVI Ireland s.r.o. acquisition.
Eamon O’Brien,Executive Chairman,Dublin, 28th February 2022
IMC Exploration Group Public Limited CompanyConsolidated Statement of Comprehensive Incomefor the period 31st July 2021 to 31st December 2021
Continuing Operations
| Dec’21 | Jun’21 | ||
| Administrative expenses | (57,586) | (294,996) | |
| Operating Loss for the period | (57,586) | (294,996) | |
| Finance Income | - | - | |
| Amount written off Intangible Assets | - | (43,484) | |
| Amount written off investment | - | - | |
| __________ | __________ | ||
| Loss for period before tax | (57,586) | (338,480) | |
| Income tax expenses | - | 2,047 | |
| _________ | _________ | ||
| Total comprehensive loss for the period | (57,586) | (336,433) | |
| ========= | ========= | ||
| Loss attributable to: | |||
| Equity holders of the Company | (57,586) | (336,433) | |
| ========= | ========= | ||
| Total Comprehensive Loss attributable to: | |||
| Equity holders of the Company | (57,586) | (336,433) | |
| ========= | ========= | ||
| Earnings per share | |||
| From continuing operations | |||
| Basic and Diluted loss per share (cent) | 0.0 | 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.
IMC Exploration Group Public Limited CompanyConsolidated Statement of Financial PositionAs at 31st December 2021
| Dec’21 | Jun’21 | ||
| Assets | |||
| Intangible assets | 603,232 | 435,803 | |
| Property, plant and equipment | 2,302 | 2,754 | |
| Investments | - | - | |
| __________ | __________ | ||
| Total Non-Current Assets | 605,534 | 438,557 | |
| __________ | __________ | ||
| Current Assets | |||
| Trade and other receivables | 38,720 | 13,696 | |
| Cash and cash equivalents | 168,887 | 52,123 | |
| __________ | __________ | ||
| Total Current Assets | 207,607 | 65,819 | |
| __________ | __________ | ||
| Total Assets | 813,141 | 504,376 | |
| ========= | ========= | ||
| Equity | |||
| Share Capital | 349,589 | 349,589 | |
| Share premium | 4,164,633 | 4,164,633 | |
| Retained deficit | (4,295,145) | (4,237,559) | |
| __________ | __________ | ||
| Attributable to owners of the Company | 219,077 | 276,663 | |
| __________ | __________ | ||
| Total Equity | 219,077 | 276,663 | |
| __________ | __________ | ||
| Liabilities – Current | |||
| Trade and other payables | 594,064 | 227,713 | |
| Current tax liabilities | - | - | |
| __________ | __________ | ||
| Total Liabilities | 594,064 | 227,713 | |
| __________ | __________ | ||
| Total Equity and Liabilities | 813,141 | 504,376 |
IMC Exploration Group Public Limited CompanyConsolidated Statement of Changes in Equityfor the period 31st July 2021 to 31st December 2021
| Share Capital € | Share Premium € | Retained Losses € | Total € | |
| 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 | - | - | (336,433) | (336,433) |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | - | (336,433) | (336,433) | |
| Transactions with owners, recorded directly in equity | ||||
| contributions by and distributions to owners | ||||
| Shares issued | 26,750 | 269,558 | - | 296,308 |
| Share issue costs | - | (29,940) | - | (29,940) |
| __________ | ___________ | __________ | _________ | |
| Total transactions with owners | 26,750 | 239,618 | - | 266,368 |
| __________ | ___________ | __________ | _________ | |
| Balance at 30 June 2021 | 349,589 | 4,164,633 | (4,237,559) | 276,663 |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | ||||
| Loss for the period | - | - | (57,586) | (57,586) |
| __________ | ___________ | __________ | _________ | |
| Total comprehensive income for the period | - | (57,586) | (57,586) | |
| Transactions with owners, recorded directly in equity | ||||
| contributions by and distributions to owners | ||||
| Shares issued | - | - | - | - |
| Share issue costs | - | - | - | - |
| __________ | ___________ | __________ | _________ | |
| Balance at 31 December 2021 | 349,589 | 4,164,633 | (4,295,145) | 219,077 |
| __________ | ___________ | __________ | _________ |
IMC Exploration Group Public Limited CompanyConsolidated Statement of Cash Flowsfor the period 31st July 2021 to 31st December 2021
| Dec’21 | Jun’21 | ||
| Cash flows from operating activities | |||
| Loss for the year | (57,586) | (336,433) | |
| Adjustments for: | |||
| Intangible Assets Write Off | - | 43,484 | |
| Income Tax recognised in profit and loss | - | (2,047) | |
| Depreciation | 452 | 905 | |
| ________ | ________ | ||
| Cash from operations before changes in working capital | (57,134) | (294,091) | |
| Movement in trade and other receivables | (25,024) | 99,168 | |
| Movement in trade and other payables | 366,351 | 24,613 | |
| _________ | _________ | ||
| Net cash flow from operating activities | 284,193 | (170,310) | |
| Cash flows from investing activities | |||
| Interest received | - | - | |
| Proceeds from sale of investments | - | - | |
| Taxation | - | - | |
| Acquisitions and disposals | (167,429) | (9,168) | |
| _________ | _________ | ||
| Net cash (used in) investing activities | (167,429) | (9,168) | |
| _________ | _________ | ||
| Cash flows from financing activities | |||
| Proceeds from the issue of new shares | - | 266,368 | |
| Finance income/(expense) | - | - | |
| _________ | _________ | ||
| Net cash generated by financing activities | - | 266,368 | |
| _________ | _________ | ||
| Movement in cash and cash equivalents | 116,764 | 86,890 | |
| Cash and cash equivalents at beginning of year | 52,123 | (34,767) | |
| _________ | _________ | ||
| Cash and cash equivalents at end of year | 168,887 | 52,123 |
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 7506 43 41 07 Graham.Atthill-Beck@kbrl.co.uk; blackpearladvisers@gmail.com Brinsley Holman: +44 7776 30 22 28 Brinsley.Holman@kbrl.co.uk |
| IMC Exploration Group plc | Kathryn Byrne: +353 85 233 6033 |