Annual Financial Report

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"). 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 Capital €	Share Premium €	Retained Losses €	Total €
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 for the period	-	-	(260,796)	(260,796)
Transactions with owners, recorded directly in equity
Contributions by and distributions to owners
Shares issued	-	-	-	-
Share issue costs	-	-	-	-
	__________	___________	__________	_________
Total transactions with owners	349,589	4,164,633	(4,498,355)	15,867
	__________	___________	__________	_________
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 for the period	-	-	(324,917)	(324,917)
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 owners	14,795	89,009	-	103,804
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’Brien  Andrew Laz Fleming

Director Director

The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.

REGULATORY ANNOUNCEMENT ENDS.

Contact Details:

Kathryn Byrne: [phone]

IMC Exploration Group plc

Stephen Clayson: [phone] / [e-mail]

Brinsley Holman: [phone] / [e-mail]    
Keith Bayley Rogers & Co. Limited

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