Audited Results for Y-E 30th June 2020

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IMC EXPLORATION GROUP PLC 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 1^ST JULY 2019 TO 30^TH JUNE 2020

IMC Exploration Group Public Limited Company

Chairman’s Statement for the year ended 30^th June 2020

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 30^th June 2020.  The consolidated financial statements appearing below (which do not form the full statutory Report and Accounts of the Company) are taken from the Directors’ Report and Financial Statements for the year ended 30^th June 2020 posted to shareholders, a copy of which is available from IMC’s website at https://www.imcexploration.com/.

During the year the CSA Global commissioned IMC Mineral Resource Estimate (‘MRE’) on our Avoca spoils and tailings project located in Co. Wicklow, Ireland was published. This JORC-compliant MRE report shows, inter alia, significant grades of extracted and crushed gold (1,871,000t at 0.3g/t Au), copper (1,871,000t at 0.14% Cu) and lead (1,871,000t at 0.42% Pb) in the spoil heaps on the East Avoca section of the site.

This MRE for our spoils and tailings project is significant, with the gold estimate alone at circa 20,000oz.  Furthermore, the Company has recently identified exploration targets at West Avoca where there is further potential to increase this estimate by up to 4,000oz gold within the Avoca area.  This additional work has commenced. 

IMC is also pleased to report there have been major developments in its North Wexford Gold Project which gives us immediate capacity and scope to accelerate our exploration programme here.  An initial review of historical exploration on the recently acquired PL 1200 in Co. Wexford is progressing, and is part of a group of three licences held by IMC that are underlain by the mineralized rhyolitic volcanic rocks of South East Leinster. 

Some years ago, RioFinEx drilled a gold-in-soil anomaly on PL 1200 and proved gold mineralisation hosted by highly altered rocks at a depth of 30m. Groove sampling of the drill core proved an intercepted grade of 0.5 g/t Au over 18.6m (weighted average over 3 to 3.6m intervals).  Half core sampling of part of the groove sampled interval assayed 15m at 0.2 g/t Au (weighted average of 1.5m intervals).  Although all the pertinent data is available for examination and extrapolation, IMC intends to drill further in this area in order to confirm and expand on the data available to the Company in accordance with the JORC Code (2012).

This aligns with IMC’s strategy of establishing a gold resource on its three North Wexford prospecting licences.  The additional licences in Wexford, along with the high gold grades already encountered on parts of the adjoining IMC licence PL 2551, gives the company the ability to action its exploration and geological work in this area.

During the year IMC entered into a collaboration with the Raw Materials Research Group at Trinity College Dublin. IMC’s Board believes access to this world-class micro-analytical facility is a tremendous advantage for IMC and its Avoca properties. We are now working with them on petrographic and microanalytical work on samples from IMC drill-holes targeting the gold-rich Kilmacoo zone. This strategic partnership has the potential significantly to enhance the gold resource at Avoca. 

Our strategy is clear.  We are focused on upgrading our spoils and tailings project at Avoca; gaining maximum advantage from our collaboration with Trinity College; and bringing our resources on our North Wexford gold project licence area to JORC-compliant standards. 

As you are no doubt aware the price of gold has recently reached an all-time high of over $2,000 per oz. This, and the exciting developments outlined above, represent an unprecedented time for gold and, in turn, your Company.

Eamon O’Brien,
Chairman

IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income
for the year ended 30^th June 2020

Continuing Operations     

		2020 (€)	2019 (€)
Administrative expenses		(251,947)	(366,816)
Operating Loss for the period		(251,947)	(366,816)
Finance Income		-	-
Amount written off Intangible Assets
Amount written off investment		-	-
		__________	__________
Loss for period before tax		(251,947)	(366,816)
Income tax expenses		-	(2,047)
		_________	_________
Total comprehensive loss for the period		(251,947)	(368,863)
		=========	=========
Loss attributable to:
Equity holders of the Company		(251,947)	(368,863)
		=========	=========
Total Comprehensive Loss attributable to:
Equity holders of the Company		(251,947)	(368,863)
		=========	=========
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 29^th October 2020 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 30^th June 2020

		2020 (€)	2019 (€)
Assets
Intangible assets		472,487	471,117
Property, plant and equipment		1,291	1,723
Investments		-	-
		__________	__________
Total Non-Current Assets		473,778	472,840
		__________	__________
Current Assets
Trade and other receivables		112,864	39,373
Cash and cash equivalents		(34,767)	(30,403)
		__________	__________
Total Current Assets		78,097	8,970
		__________	__________
Total Assets		551,875	481,810
		=========	=========
Equity
Share Capital		322,839	293,107
Share premium		3,925,015	3,645,171
Retained deficit		(3,901,126)	(3,649,179)
		__________	__________
Attributable to owners of the Company		346,728	289,099
		__________	__________
Total Equity		346,728	289,099
		__________	__________
Liabilities – Current
Trade and other payables		203,100	190,664
Current tax liabilities		2,047	2,047
		__________	__________
Total Liabilities		205,147	192,711
		__________	__________
Total Equity and Liabilities		551,875	481,810

The Financial statements were approved by the Board of Directors on 29^th October 2020 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 30^th June 2020

	Share Capital €	Share Premium €	Retained Losses €	Total €
Balance at 30 June 2018	278,107	3,490,942	(3,280,316)	488,733
	___________	__________	_________	_______
Total comprehensive income for the period
Loss for the period	-	-	(368,863)	(368,863)
	__________	___________	__________	_________
Total comprehensive income for the period	-		(368,863)	(368,863)
Transactions with owners, recorded directly in equity
contributions by and distributions to owners
Shares issued	15,000	165,781	-	180,781
Share issue costs	-	(11,552)	-	(11,552)
	__________	___________	__________	_________
Total transactions with owners	15,000	154,229	-	169,229
	__________	___________	__________	_________
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)
	__________	___________	__________	_________
Balance at 30 June 2020	322,839	3,925,015	(3,901,126)	346,728
	__________	___________	__________	_________

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 29^th October 2020 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 30^th June 2020

		2020 (€)	2019 (€)
Cash flows from operating activities
Loss for the year		(251,947)	(368,863)
Adjustments for:
Intangible Assets Write Off		-	-
Income Tax recognised in profit and loss		-	2,047
Depreciation		431	431
		________	________
Cash from operations before changes in working capital		(251,516)	(366,385)
Movement in trade and other receivables		(73,490)	(39,373)
Movement in trade and other payables		12,436	134,859
		_________	_________
Net cash flow from operating activities		(312,570)	(270,899)
Cash flows from investing activities
Interest received		-	-
Proceeds from sale of investments		-	-
Taxation		-	-
Acquisitions and disposals		(1,370)	(141,143)
		_________	_________
Net cash (used in) investing activities		(1,370)	(141,143)
		_________	_________
Cash flows from financing activities
Proceeds from the issue of new shares		309,576	169,229
Finance income/(expense)		-	-
		_________	_________
Net cash generated by financing activities		309,576	169,229
		_________	_________
Movement in cash and cash equivalents		(4,364)	(242,813)
Cash and cash equivalents at beginning of year		(30,403)	212,410
		_________	_________
Cash and cash equivalents at end of year		(34,767)	(30,403)

The financial statements were approved by the Board of Directors on 29^th October 2020 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:

Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: [phone] / [phone] / [e-mail]; [e-mail] 
Brinsley Holman: [phone] / [phone] / [e-mail]

IMC Exploration Group plc
Kathryn Byrne: [phone]