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IMC Exploration Group (IMCP) – Interim Financial Results

By in IMC Exploration Group (IMCP) on .

IMCInterim Financial Results IMC Exploration Group PLC (IMCP) for the six months to 31st December 2015

Dear Shareholder,

The directors of IMC Exploration Group plc are pleased to present the Interim Financial Results for (‘IMC’) for the six months to 31st December 2015.

This is a very exciting time for IMC.  We are weeks away from obtaining a standard listing on the main market of the London Stock Exchange, one of the most prestigious stock markets in the world.  This will be a major achievement for our company.

IMC notes the unprecedented Irish press coverage of the Geological Survey of Ireland’s (GSI) Tellus survey which has revealed higher than expected levels of gold and platinum in the streams and rivers of Wicklow and Wexford in south east Ireland.  Articles published in recent weeks in the Irish Times, the Independent, the Journal and several other publications tell how the Geological Survey of Ireland’s (GSI) Tellus programme made the discovery by applying modern testing methods to stream samples collected in the 1980s.  The survey confirms high levels of gold in streams near the Goldmines River and Avoca regions of Wicklow, and the new data identifies high gold values in streams that flow across and along the edges of the Leinster granite.

All five of IMC’s precious metal prospecting licenses in Wicklow and Wexford are sited centrally in the survey region, and are operated as a Joint Venture agreement with Koza Limited (a subsidiary of Koza Altin Isletmeleri A.S.). These encouraging GSI survey results further confirm our own findings for the region.  This report justifies, confirms and validates the current geological exploration programme underway with Koza Limited.  We are very excited by this.

IMC presented at the PDAC convention in Toronto. I am delighted to report that the presentation was very well received. 

IMC has had a number of approaches from international mining companies about the possibility of entering into a further joint venture with IMC’s base metal properties in Limerick, Clare and Tipperary. The fact that Ireland is the largest producer of zinc concentrates in Europe and ranks as the 10th largest producer of zinc concentrates in the world has encouraged these companies to approach IMC with a view to being a part of this great opportunity.

We are looking forward to the coming weeks with enthusiasm. The culmination of the standard listing on the main market of the London Stock Exchange, IMC’s base metal licence developments and IMC’s Koza agreement currently in operation will truly be transformational for IMC. 

Liam McGrattan

Chairman

Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2015
Six Months Six Months Year Ended
Notes 31-Dec-15 31-Dec-14 30-Jun-15
Euro Euro
Continuing Operations
Revenue – – –
Other Income / (Expense) 0 0 0
Administrative Expenses (178,163) (103,166) (439,648)
(Loss) before tax (178,163) (103,166) (439,648)
Income tax expense 0 (1,093)
(Loss) for period from continuing operations (178,163) (103,166) (440,741)
Other Comprehensive income – –
Loss for the period and total comprehensive loss for the period (178,163) (103,166) (440,741)
Earning per share (all continuing)
Loss per ordinary share – basic & diluted 1 (0.002) (0.001) (0.006)
Unaudited Consolidated Statement of Financial Position As at 31 December 2015
Six Months Six Months Year Ended
Notes 31-Dec-15 31-Dec-14 30-Jun-15
Non Current Assets 2 525,577 703,158 526,189
Current assets
Debtors 111,028 112,166 111,671
Cash and cash equivalents 62,985 (28,331) (26,685)
Total assets 699,590 786,993 611,175
Equity and liabilities
Equity
“A” Ordinary Share Capital 38,093 38,093 38,093
Ordinary Share Capital 97,817 69,309 74,317
Share Premium – Ord Shares 1,987,221 1,676,777 1,739,769
Retained Earnings (1,586,112) (1,070,374) (1,407,949)
Equity attributable to the owners of the Company 537,020 713,805 444,230
Current Liabilities
Trade & Other Payables 162,570 73,188 166,945
Total liabilities 162,570 73,188 166,945
Total equity and liabilities 699,590 786,993 611,175
Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2015
“A” Share
Ordinary Ordinary Premium
Share Share Ordinary Retained
Capital Capital Shares Losses Total
Euro Euro Euro Euro Euro
Balance at 30 June 2014 38,093 69,309 1,676,777 (967,208) 816,971
Loss for the Period (440,741) (440,741)
Other Comprehensive loss for the period –
Issue of share capital 5,008 62,992 68,000
Share Issue Costs –
Balance at 30 June 2015 38,093 74,317 1,739,769 (1,407,949) 444,230
Loss for the Period (178,163) (178,163)
Other Comprehensive loss for the period –
Issue of share capital 23,500 247,452 270,952
Share Issue Costs –
Balance at 31 December 2015 38,093 97,817 1,987,221 (1,586,112) 537,020
Accounting Policies
Basis of Preparation
The financial statements have been prepared on a historical cost basis.
The financial statements are presented in Euro.
1. Statement of Compliance
The consolidated year end financial statements of IMC Exploration Group PLC and its subsidiary have been not reviewed by the auditor and have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). In addition to complying with its legal obligation to comply with IFRS as adopted for use in the EU, the Group has also complied with IFRS as issued by the International Accounting Standards Board (IASB).
Notes to and forming part of the annual financial statements
1.   Loss per Share
Basic loss per Ordinary Share amounts are calculated by dividing net loss for the period attributable to ordinary equity holders of the parent by the weighted average number of Ordinary Shares outstanding during the period.
Basic earnings per share
The weighted average number of ordinary shares used in the calculation of basic and diluted earnings per share is as follows:
Six Months Six Months Year Ended
31-Dec-15 31-Dec-14 30-Jun-15
Loss for the period attributable to equity holders of the parent 178,163 103,166 440,741
Weighted average number of ordinary shares for the purposes of basic earning per share 97,816,719 69,308,507 74,316,719
Basic (loss) per ordinary share (0.002) (0.001) (0.006)
2.   Non Current Assets
Exploration Plant and Financial
Expenditure Equipment Assets Total
Euro Euro Euro Euro
Cost
At 30 June 2014 524,724 6,125 423,413 954,262
Additions/Disposals – – (384,675) (384,675)
At 30 June 2015 524,724 6,125 38,738 569,587
Additions/Disposals – – 0 0
At 31 December 2015 524,724 6,125 38,738 569,587
Provision for diminution in value
At 30 June 2014 – (3,435) (141,595) (145,030)
Charge for period – (1,225) (83,400) (84,625)
Disposal – 0 186,257 186,257
At 30 June 2015 – (4,660) (38,738) (43,398)
Charge for period – (613) 0 (613)
At 31 December 2015 – (5,273) (38,738) (44,011)
Net book value
At 31 December 2015 524,724 853 0 525,577
Expenditure on exploration activities is deferred on areas of interest until a reasonable assessment can be determined of the existence or otherwise of economically recoverable reserves. No amortisation has been charged in the period. The directors have reviewed the carrying value of the exploration and evaluation assets and consider it to be fairly stated and not impaired at 31 December 2015. The recoverability of the exploration and evaluation assets is dependent on the successful development of the group’s licence areas.
3.   Share capital – Group and Company
31-Dec-15 31-Dec-14 30-Jun-15
Euro Euro Euro
200,000,000 Ordinary shares of Euro 0.001 each 200,000 200,000 200,000
50,000 “A” Ordinary shares of One Euro each 50,000 50,000 50,000
250,000 250,000 250,000
Issued, called up and fully paid
Number of Share Share
shares Capital Premium
Euro Euro
Euro 0.001 Ordinary Shares
As at 30 June 2014 69,308,507 69,309 1,676,777
Issued in period 5,008,212 5,008 62,992
As at 30 June 2015 74,316,719 74,317 1,739,769
Issued in period 23,500,000 23,500 247,452
As at 31 December 2015 97,816,719 97,817 1,987,221
Issued, called up and partly paid
Number of Share Share
shares Capital Premium
Euro Euro
One Euro A Ordinary Shares
As at 30 June 2014 38,093 38,093 –
Issued in period – – –
As at 30 June 2015 38,093 38,093 –
Issued in period – – –
As at 31 December 2015 38,093 38,093 –
“A” Ordinary Shares have the right to receive notice of and attend but not to vote at general meetings, no right to a dividend, right to return of capital but no further right to participate in a distribution of assets of the company.
The directors of the issuer accept responsibility for this announcement.
Contact Details:
IMC Exploration Group PLC
Chairman
Mr. Liam McGrattan
Tel.  Ireland +353 872745427
Clifford Desmond & Associates
Chartered Accountants & Registered Auditors
Mr. Maurice Clifford
Tel.  Ireland  +353 14989400
Keith Bayley Rogers & Co. Limited
Corporate Advisors
Mr. Hugh Oram
Tel.  UK  +44 207 464 4090

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