Financial Results for IMC Exploration Group PLC (‘IMC’ or the ‘Company’) for the half-year ended 31st December 2017
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 2017. The consolidated, unaudited financial statements presented below have been reviewed by the Company’s auditors.
Over the past number of months IMC has been engaged in a strategic review of all its projects. It was decided IMC would concentrate on its three main projects: Tailings and Spoils project in Avoca, Co. Wicklow, North Wexford Gold Project and IMC’s Zinc Project in Tulla, Co. Clare.
IMC’s feasibility study on its flagship project in Avoca, Co. Wicklow is continuing and to that end the Company has signed a Heads of Agreement with Trove Metals Limited which is expected to lead to a joint venture agreement, subject to the approval of the Minister for Communications, Climate Action and Environment.
Following an assessment of IMC’s highly prospective north Wexford gold project, it is apparent to IMC that the licence clearly has untested potential for primary gold mineralisation. Drilling and float sampling indicates that the Kilmichael area contains significant gold grades in a structurally complex setting (CPR 2018). To date, IMC has completed six drill-holes with highly positive results.
IMC’s Zinc Project lies adjacent to the Kilbricken zinc deposit in Tulla, Co. Clare and Shannon, Co. Clare. It is on the north-eastern margin of a block of licences that have produced significant exploration results by other operators. The Kilbricken deposit, c. 15 km to the southwest and held by Hannon Metals, has an NI 43-101-compliant resource of 2.7Mt at 8.8% zinc equivalent (indicated) and 1.7Mt at 8.2% zinc equivalent7 (inferred). IMC recently has drilled on the licence area.
We are in on-going positive discussions regarding Koza’s role in IMC. IMC has enjoyed a good working relationship with Koza over several years and, by mutual agreement, the current IMC/Koza Joint Venture has been set aside. We are assured of, and look forward to, their contribution to the future of IMC.
Following our indepth this strategic review it was decided IMC has requested permission from the Exploration and Mining Division (“EMD”) of the Department of Communications, Climate Action and Environment to relinquish a number of base metal licences, so that we could concentrate on the three main projects described above.
Your Directors believe the conclusions of this review to be positive and constructive. Concentrating on completion of our works’ programme on our main projects will, in the opinion of your Board, accelerate progress to realising the potential of IMC’s projects to the benefit of all shareholders.
LIAM MCGRATTAN,
CHAIRMAN, Dublin, 9th March 2017
| Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2017 | |||||||
| Six Months | Six Months | Year Ended | |||||
| Notes | 31-Dec-17 | 31-Dec-16 | 30-Jun-17 | ||||
| Euro | Euro | ||||||
| Continuing Operations | |||||||
| Revenue | – | – | – | ||||
| Other Income / (Expense) | 0 | 0 | 0 | ||||
| Administrative Expenses | (74,680) | (98,919) | (267,507) | ||||
| (Loss) before tax | (74,680) | (98,919) | (267,507) | ||||
| Income tax expense | 0 | 0 | 0 | ||||
| (Loss) for period from continuing operations | (74,680) | (98,919) | (267,507) | ||||
| Other Comprehensive income | – | – | |||||
| Loss for the period and total comprehensive loss for the period | (74,680) | (98,919) | (267,507) | ||||
| Earnings per share (all continuing) | |||||||
| Loss per ordinary share – basic & diluted | 1 | (0.001) | (0.001) | (0.002) | |||
| Unaudited Consolidated Statement of Financial Position As at 31 December 2017 | |||||||
| Six Months | Six Months | Year Ended | |||||
| Notes | 31-Dec-17 | 31-Dec-16 | 30-Jun-17 | ||||
| Non Current Assets | 2 | 587,666 | 587,666 | 587,666 | |||
| Current assets | |||||||
| Debtors | 78,747 | 88,688 | 81,018 | ||||
| Cash and cash equivalents | (35,362) | 300 | (19,464) | ||||
| Total assets | 631,050 | 676,654 | 649,219 | ||||
| Equity and liabilities | |||||||
| Equity | |||||||
| “A” Ordinary Share Capital | 38,093 | 38,093 | 38,093 | ||||
| Ordinary Share Capital | 136,017 | 107,817 | 128,517 | ||||
| Share Premium – Ord Shares | 2,554,409 | 2,237,415 | 2,489,137 | ||||
| Retained Earnings | (2,160,143) | (1,916,874) | (2,085,462) | ||||
| Equity attributable to the owners of the Company | 568,376 | 466,451 | 570,285 | ||||
| Current Liabilities | |||||||
| Trade & Other Payables | 62,674 | 210,203 | 78,934 | ||||
| Total liabilities | 62,674 | 210,203 | 78,934 | ||||
| Total equity and liabilities | 631,050 | 676,654 | 649,219 | ||||
| Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2017 | |||||||
| “A” | Share | ||||||
| Ordinary | Ordinary | Premium | |||||
| Share | Share | Ordinary | Retained | ||||
| Capital | Capital | Shares | Losses | Total | |||
| Euro | Euro | Euro | Euro | Euro | |||
| Balance at 30 June 2016 | 38,093 | 107,817 | 2,237,415 | (1,817,956) | 565,369 | ||
| Loss for the Period | (267,507) | (267,507) | |||||
| Other Comprehensive loss for the period | – | ||||||
| Issue of share capital | 20,700 | 251,722 | 272,422 | ||||
| Share Issue Costs | – | ||||||
| Balance at 30 June 2017 | 38,093 | 128,517 | 2,489,137 | (2,085,462) | 570,285 | ||
| Loss for the Period | (74,680) | (74,680) | |||||
| Other Comprehensive loss for the period | – | ||||||
| Issue of share capital | 7,500 | 65,272 | 72,772 | ||||
| Share Issue Costs | – | ||||||
| Balance at 31 December 2017 | 38,093 | 136,017 | 2,554,409 | (2,160,143) | 568,376 | ||
| 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 interim financial statements of IMC Exploration Group PLC and its subsidiary have been 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 interim 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-17 | 31-Dec-16 | 30-Jun-17 | |||||
| Loss for the period attributable to equity holders of the parent | 74,680 | 98,919 | 267,507 | ||||
| Weighted average number of ordinary shares for the purposes of basic earning per share | 136,016,719 | 128,516,719 | 128,516,719 | ||||
| Basic (loss) per ordinary share | (0.001) | (0.001) | (0.002) | ||||
| 2. Non Current Assets | |||||||
| Exploration | Plant and | Financial | |||||
| Expenditure | Equipment | Assets | Total | ||||
| Euro | Euro | Euro | Euro | ||||
| Cost | |||||||
| At 30 June 2016 | 587,665 | 6,125 | 38,738 | 632,528 | |||
| Additions/Disposals | – | – | – | 0 | |||
| At 30 June 2017 | 587,665 | 6,125 | 38,738 | 632,528 | |||
| Additions/Disposals | – | – | 0 | 0 | |||
| At 31 December 2017 | 587,665 | 6,125 | 38,738 | 632,528 | |||
| Provision for diminution in value | |||||||
| At 30 June 2016 | – | (6,125) | (38,738) | (44,863) | |||
| Charge for period | – | 0 | – | 0 | |||
| Disposal | – | 0 | – | 0 | |||
| At 30 June 2017 | – | (6,125) | (38,738) | (44,863) | |||
| Charge for period | – | – | 0 | 0 | |||
| At 31 December 2017 | – | (6,125) | (38,738) | (44,863) | |||
| Net book value | |||||||
| At 31 December 2017 | 587,665 | 0 | 0 | 587,665 | |||
| 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 2017. 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-17 | 31-Dec-16 | 30-Jun-17 | |||||
| Euro | Euro | Euro | |||||
| 200,000,000 Ordinary shares of Euro 0.001 each | 400,000 | 200,000 | 400,000 | ||||
| 50,000 “A” Ordinary shares of One Euro each | 50,000 | 50,000 | 50,000 | ||||
| 450,000 | 250,000 | 450,000 | |||||
| Issued, called up and fully paid | |||||||
| Number of | Share | Share | |||||
| shares | Capital | Premium | |||||
| Euro | Euro | ||||||
| Euro 0.001 Ordinary Shares | |||||||
| At 30 June 2016 | 107,816,719 | 107,817 | 2,237,415 | ||||
| Issued in period | 20,700,000 | 20,700 | 251,722 | ||||
| At 30 June 2017 | 128,516,719 | 128,517 | 2,489,137 | ||||
| Issued in period | 7,500,000 | 7,500 | 65,272 | ||||
| At 31 December 2017 | 136,016,719 | 136,017 | 2,554,409 | ||||
| Issued, called up and partly paid | |||||||
| Number of | Share | Share | |||||
| shares | Capital | Premium | |||||
| Euro | Euro | ||||||
| One Euro A Ordinary Shares | |||||||
| At 30 June 2016 | 38,093 | 38,093 | – | ||||
| Issued in period | – | – | – | ||||
| At 30 June 2017 | 38,093 | 38,093 | – | ||||
| Issued in period | – | – | – | ||||
| At 31 December 2017 | 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 Company accept responsibility for this announcement.
Contact Details:
IMC Exploration Group PLC
Mr. Liam McGrattan
Tel.: Ireland +353 872745427
Keith, Bayley, Rogers & Co. Limited
Brinsley Holman/Graham Atthill-Beck
Tel: United Kingdom +44 20 7464 4090
This announcement is distributed by PR Newswire on behalf of the Company.
The issuer of this announcement warrants that it is solely responsible for the content, accuracy and originality of the information contained therein.