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 1ST JULY
2020 TO 31ST DECEMBER
2020
IMC Exploration
Group Public Limited Company
Chairman’s
Statement for the period 1st July
2020 to 31st 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
31st December 2020 of the
current financial year.
The six months under review were a
busy and exciting time for IMC. On 7th 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 28th January and
23rd 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 1st July
2020 to 31st 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 31st 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 1st July
2020 to 31st 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 1st July
2020 to 31st 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