avoca tailings and spoils project

IMC Exploration #IMC – Placing; Issue of Shares in Lieu of Fees

20th August 2019 / Leave a comment

The Board of IMC is pleased to announce that it has raised £150,000 (one hundred and fifty thousand pounds Sterling) before expenses by way of a placing (the “Placing”) of 15,000,000 (fifteen million) new ordinary shares of €0.001 each (“Shares”) in the Company at a price of 1 penny per share for cash (the “Placing Shares”), conditional only upon admission of the Placing Shares to the Official List of the FCA and to trading on the regulated market of the London Stock Exchange (“Admission”) of the Placing Shares. Additionally, the Company has resolved to allot to third parties 2,731,706 Shares at the same price (the “Fee Shares”), in satisfaction of professional fees owed by the Company. Alongside each Placing Share will be issued a warrant to subscribe for one further Share at a price of 1p per Share, exercisable for one year from the date of issue (“Warrant”). There is no intention to make application for admission to trading on any public market of the 15,000,000 Warrants being issued with the Placing Shares.

The Placing Shares and the Fee Shares will rank in all respects pari passu with the existing Shares, of which 265,014,285 are in issue. Application is being made for Admission of all 17,731,706 Shares comprising the Placing Shares and the Fee Shares, which is expected to occur on or about 23rd August 2019. The total number of Shares in issue following the Placing and issuance of the Fee Shares will be 282,745,991 (previously 265,014,285).

The net proceeds of the Placing will be applied to general working capital purposes, including acceleration of IMC’s exploration and geological work on its spoils and tailings project in Avoca, Co. Wicklow, Ireland. The Directors note the gold price has recently surpassed $1,500 per troy ounce for the first time in over six years. This is good news for IMC and, in particular, bodes well for its gold, spoils and tailings project in Avoca, Co. Wicklow.

Eamon P. O’Brien,
Executive Chairman,
Dublin, 20th August 2019

The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
Kathryn Byrne: +353 85 233 6033
IMC Exploration Group plc

Graham Atthill-Beck: +44 20 7464 4091/+971 50 856 9408 / Graham.Atthill-Beck@kbrl.co.uk
Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk
Keith, Bayley, Rogers & Co. Limited

IMC Exploration Group #IMCP – Interim Results to 31st December 2018

29th March 2019 / Leave a comment

Financial Results for IMC Exploration Group PLC (‘IMC’ or ‘the Company’) for the half-year ended 31^st December 2018

Chairman’s Statement

The Directors of IMC Exploration Group plc are pleased to present the interim financial results for IMC for the six months to 31st December 2018. The consolidated, unaudited financial statements presented below have been reviewed by the Company’s auditors.

IMC continues with its exploration work on its spoils and tailings project in Avoca, Co. Wicklow in association with Trove Metals Limited. Over this period IMC has been engaged in extensive sampling, petrographic, mineralogical and metallurgical testing. In the fourth quarter of 2018, IMC carried out drilling on its highly prospective Avoca property PL 3849 in Co Wicklow, Ireland. The drill hole encountered a sequence of flow-banded rhyolites, locally brecciated with a dark siliceous matrix and minor pyrite mineralisation (maximum 1% pyrite). Several zones (1-2m wide) of intense quartz veining with pyrite occur within the rhyolite sequence. During this period, IMC also engaged CSA Global Limited to carry out a JORC Code (2012) compliant Competent Person’s Report. IMC has commenced drilling on its north Wexford licence PL 2551. This is a highly prospective licence for gold mineralisation. There are many occurrences of gold in panned concentrates, gold in soils, gold in deep overburden, gold in mineralised float and gold in bedrock.

This has been a significant six months for IMC. The progress made on our Avoca spoils and tailings project has been remarkable. IMC is embarking on a very exciting drilling programme on a number of our licences in the coming weeks and months. In the opinion of your Board, IMC is well positioned to realise its potential to the benefit of all shareholders.

EAMON O’BRIEN,

Executive Chariman, IMC Exploration Group plc

Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2018


		Six Months		Six Months		Year Ended
	Notes	31-Dec-18		31-Dec-17		30-Jun-18

				Euro		Euro
Continuing Operations
Revenue		–		–		–
Other Income / (Expense)		0		0		0

Administrative Expenses		(155,737)		(74,680)		(921,757)
Amount written off intangible assets		–		–		(284,088)
(Loss) before tax		(155,737)		(74,680)		(1,205,845)

Income tax expense		0		0		10,991

(Loss) for period from continuing operations		(155,737)		(74,680)		(1,194,854)

Other Comprehensive income				–		–

Loss for the period and total comprehensive loss for the period		(155,737)		(74,680)		(1,194,854)

Earning per share (all continuing)
Loss per ordinary share – basic & diluted	1	(0.001)		(0.001)		(0.005)

Unaudited Consolidated Statement of Financial Position As at 31 December 2018
		Six Months		Six Months		Year Ended
	Notes	31-Dec-18		31-Dec-17		30-Jun-18

Non Current Assets	2	364,139		587,666		332,127

Current assets
Debtors		0		78,747		(0)
Cash and cash equivalents		116,425		(35,362)		212,410

Total assets		480,564		631,050		544,537


Equity and liabilities

Equity
“A” Ordinary Share Capital		38,093		38,093		38,093
Ordinary Share Capital		255,014		136,017		240,014
Share Premium – Ord Shares		3,606,798		2,554,409		3,490,942
Retained Earnings		(3,436,053)		(2,160,143)		(3,280,316)

Equity attributable to the owners of the Company		463,852		568,376		488,733

Current Liabilities
Trade & Other Payables		16,712		62,674		55,804

Total liabilities		16,712		62,674		55,804

Total equity and liabilities		480,564		631,050		544,537
Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2018
		“A”		Share
		Ordinary	Ordinary	Premium
		Share	Share	Ordinary	Retained
		Capital	Capital	Shares	Losses	Total
		Euro	Euro	Euro	Euro	Euro

Balance at 30 June 2017		38,093	128,517	2,489,137	(2,085,462)	570,285

Loss for the Period					(1,194,854)	(1,194,854)
Other Comprehensive loss for the period						–

Issue of share capital			111,497	1,001,805		1,113,302


Balance at 30 June 2018		38,093	240,014	3,490,942	(3,280,316)	488,733

Loss for the Period					(155,737)	(155,737)
Other Comprehensive loss for the period						–

Issue of share capital			15,000	115,856		130,856


Balance at 31 December 2018		38,093	255,014	3,606,798	(3,436,053)	463,852




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 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-18	31-Dec-17	30-Jun-18

Loss for the period attributable to equity holders of the parent	155,737	74,680	1,194,854

Weighted average number of ordinary shares for the purposes of basic earning per share	255,014,285	136,016,719	240,014,285

Basic (loss) per ordinary share	(0.001)	(0.001)	(0.005)

2. Non Current Assets
		Exploration	Plant and	Financial
		Expenditure	Equipment	Assets	Total
		Euro	Euro	Euro	Euro
Cost
At 30 June 2017		587,665	6,125	0	593,790
Additions/Disposals		28,550	–	–	28,550
At 30 June 2018		616,215	6,125	0	622,340
Additions/Disposals		32,012	–	0	32,012
At 31 December 2018		648,227	6,125	0	654,352

Provision for diminution in value
At 30 June 2017		–	(6,125)	0	(6,125)
Charge for period		(284,088-)	0	–	(284,088)
Disposal		–	0	–	0
At 30 June 2018		(284,088)	(6,125)	0	(290,213)
Charge for period		–	–	0	0
At 31 December 2018		(284,088)	(6,125)	0	(290,213)

Net book value
At 31 December 2018		364,139	0	0	364,139


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 2018. 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-18		31-Dec-17		30-Jun-18
	Euro		Euro		Euro

400,000,000 Ordinary shares of Euro 0.001 each	400,000		400,000		400,000
50,000 “A” Ordinary shares of One Euro each	50,000		50,000		50,000
	450,000		450,000		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 2017			128,516,719	128,517	2,489,137
Issued in period			111,497,566	111,497	1,001,805
At 30 June 2018			240,014,285	240,014	3,490,942
Issued in period			15,000,000	15,000	115,856
At 31 December 2018			255,014,285	255,014	3,606,798

Issued, called up and partly paid
			Number of	Share	Share
			shares	Capital	Premium
				Euro	Euro
One Euro A Ordinary Shares
At 30 June 2017			38,093	38,093	–
Issued in period			–	–	–
At 30 June 2018			38,093	38,093	–
Issued in period			–	–	–
At 31 December 2018			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.

Enquiries:


IMC Exploration Group PLC
Mr. Eamon O’Brien
Tel. Ireland +353 876183024
Keith, Bayley, Rogers & Co. Limited Graham Atthill-Beck: Tel: +44 20 7464 4091/ +44 750 643 4107/+971 50 856 9408 E-mail:Graham.Atthill-Beck@kbrl,co.uk Brinsley Holman: Tel: +44 207 464 4098 E-mail:Brinsley.Holman@kbrl.co.uk

This announcement is distributed by PR Newswire on behalf of the company

IMC Exploration #IMCP – Final results for 12 months to June 30 2018

30th November 2018 / Leave a comment

The Directors of IMC Exploration Group plc are pleased to present the audited financial results for IMC for the twelve months to 30^th June 2018.

During this period, IMC undertook a strategic review of all its projects. The directors of IMC are now focused on its three main projects in Ireland – tailings and spoils project in Avoca, Co. Wicklow, our north Wexford gold project and the zinc project located close to the Kilbricken deposit in Tulla, Co. Clare. Concentrating on these three main projects will accelerate progress to realising the potential of IMC’s valuable assets for the benefit of all shareholders.

IMC has been engaged in exploration work on its spoils and tailings project in Avoca, Co. Wicklow with Trove Metals Limited, culminating in the engagement of CSA Global to prepare a Mineral Resource Estimate (MRE) for the Avoca tailings and spoils project. This Mineral Resource will be classified as inferred and will be reported in accordance with the JORC Code (2012). Classification of this MRE is being carried out, taking into account the volumes of the spoils, quality of the sampling and density data and sample spacing. Furthermore, IMC have engaged CSA Global to carry out a JORC Code (2012) compliant Competent Person’s Report.

IMC continues with its work on its highly prospective north Wexford gold project. Drilling and float sampling indicates that the Kilmichael area contains significant gold grades in a structurally complex setting. IMC intends to continue with its exploration programme on this licence area.

During this financial year IMC carried out drilling on PL 2739, Tulla, Co Clare. The presence of haematisation in Waulsortian limestones, in conjunction with the hydrothermal breccias intersected, confirms the presence of a potential base metal-bearing hydrothermal system and enhances the prospectivity of licences in the Tulla area.

IMC has made positive progress on all fronts; with our JORC Code (2012) compliant CSA Global Mineral Resource Estimate pending, our JORC Code (2012) compliant CSA Global Competent Person’s Report pending, the implementation of the Koza Report on our north Wexford project and further exploration work on our zinc project in Co Clare it is expected that significant value will be added to IMC in the coming years. I would like to thank our shareholders for their continued support and trust.

Eamon O’Brien,
Chairman

Audited Consolidated Statement of Comprehensive Income for the year ended 30 June 2018

			Audited		Audited
			Year Ended		Year Ended
	Notes		30-Jun-18		30-Jun-17

			Euro		Euro
Continuing Operations
Revenue			–		–
Other Income / (Expense)			–		–

Administrative Expenses			(921,757)		(267,507)

Amount written off intangible assets			(284,088)		–

(Loss) before tax			(1,205,845)		(267,507)

Income tax expense			10,991		(0)

(Loss) for period from continuing operations			(1,194,854)		(267,507)

Other Comprehensive income			–		–

Loss for the period and total comprehensive loss for the period			(1,194,854)		(410,007)

Earning per share (all continuing)
Loss per ordinary share – basic & diluted	1		(0.005)		(0.002)



Audited Consolidated Statement of Financial Position As at 30 June 2018
			Audited		Audited
			Year Ended		Year Ended
	Notes		30-Jun-18		30-Jun-17

Non Current Assets	2		332,127		587,666

Current assets
Debtors			–		81,018
Cash and cash equivalents			212,410		(19,464)

Total assets			544,537		649,219


Equity and liabilities

Equity
“A” Ordinary Share Capital			38,093		38,093
Ordinary Share Capital			240,014		128,517
Share Premium – Ord Shares			3,490,942		2,489,137
Retained Earnings			(3,280,316)		(2,085,462)

Equity attributable to the owners of the Company			488,733		570,285

Current Liabilities
Trade & Other Payables			55,804		78,934

Total liabilities			55,804		78,934

Total equity and liabilities			544,537		649,219
Audited Consolidated Statement of Changes in Equity for the year ended 30 June 2018
	“A”		Share
	Ordinary	Ordinary	Premium
	Share	Share	Ordinary	Retained
	Capital	Capital	Shares	Losses	Total
	Euro	Euro	Euro	Euro	Euro

Balance at 30 June 2017	38,093	128,517	2,489,137	(2,085,462)	570,285

Loss for the Period	–	–	–	(1,194,854)	(1,194,854)
Other Comprehensive loss for the period	–	–	–	–	–

Issue of share capital	–	111,497	1,058,515	–	1,170,012
Share Issue Costs	–	–	(56,710)	–	(56,710)

Balance at 30 June 2018	38,093	240,014	3,490,942	(3,280,316)	488,733

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 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:

		30-Jun-18		30-Jun-17

Loss for the period attributable to equity holders of the parent		1,194,854		267,507

Weighted average number of ordinary shares for the purposes of basic earnings per share		240,014,285		128,516,719

Basic (loss) per ordinary share		(0.005)		(0.002)



2. Non Current Assets
	Exploration	Plant and	Financial
	Expenditure	Equipment	Assets	Total
	Euro	Euro	Euro	Euro
Cost
At 30 June 2017	587,665	6,125	–	593,790
Additions	28,550	–	–	28,550
At 30 June 2018	616,215	6,125	–	622,340

Provision for diminution in value
At 30 June 2016	–	(6,125)	–	(6,125)
Charge for period	(284,088)	–	–	(284,088)
Disposal	–	–	–	–
At 30 June 2017	(284,088)	(6,125)	–	(290,213)

Net book value
At 30 June 2017	332,127	–	–	332,127


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 at 30 June 2018. 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
		30-Jun-18		30-Jun-17
		Euro		Euro

200,000,000 Ordinary shares of Euro 0.001 each		400,000		200,000
50,000 “A” Ordinary shares of One Euro each		50,000		50,000
		450,000		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 2017		128,516,719	128,517	2,489,137
Issued in period		111,497,566	111,497	1,001,805
As at 30 June 2018		240,014,285	240,014	3,490,942


Issued, called up and partly paid
		Number of	Share	Share
		shares	Capital	Premium
			Euro	Euro
One Euro A Ordinary Shares
As at 30 June 2017		38,093	38,093	–
Issued in period		–	–	–
As at 30 June 2018		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.


Enquiries:
IMC Exploration Group PLC Mr. Eamon O’Brien Tel. Ireland +353 876183024

Keith, Bayley, Rogers & Co. Limited Graham Atthill-Beck: Tel: +44 20 7464 4091/+44 750 643 4107/+971 50 856 9408 E-mail: Graham.Atthill-Beck@kbrl,co.uk Brinsley Holman: Tel: +44 207 464 4098 E-mail: Brinsley.Holman@kbrl.co.uk

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

IMC Exploration #IMCP commences drilling at Avoca prospect, Co. Wicklow, Ireland

15th November 2018 / Leave a comment

IMC Exploration Group Plc announces that priority drilling has commenced a drilling programme on its highly prospective Avoca property, PL 3849 in Co. Wicklow, Ireland. This prospecting licence lies on the Avoca mineralised belt and on its interpreted NE extension located in the core of the Caledonian para-tectonic belt of SE Ireland.

IMC Chairman Eamon O’Brien said, ‘In recent months IMC has been preparing a Mineral Resource Estimate in conjunction with Trove Metal Limited. We are delighted with progress made to date on this. Further, the commencement of this drilling campaign on our Avoca licence area is very exciting. The anomalous zones of interest have considerable untested strike potential.’

IMC Exploration Group Plc,

Dublin, 15th November 2018

The Directors of the Company accept responsibility for this announcement.

END

Enquiries:

IMC Exploration Group Plc
Mr. Eamon O’Brien: Tel. Ireland: +353 87 6183024
Ms. Kathryn Byrne: Tel. Ireland: +353 85 2336033

Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: Tel: +44 20 7464 4091/+44 750 643 4107/+971 50 856 9408
E-mail: Graham.Atthill-Beck@kbrl,co.uk
Brinsley Holman: Tel: +44 207 464 4098
E-mail: Brinsley.Holman@kbrl.co.uk

IMC Exploration #IMCP – Issue of Equity and Changes of Directorate

11th May 2018 / Leave a comment

IMC has previously announced that it has undertaken a strategic review of all its projects. IMC is now concentrating on its three main ventures: tailings and spoils project in Avoca, Co. Wicklow, the North Wexford gold project and its zinc project located close to the Kilbricken deposit in Tulla, Co. Clare.Focusing on completion of our works’ programmes on our principal projects should accelerate progress to realising the potential of IMC’s valuable assets for the benefit of the shareholders.

The Directors of IMC are delighted to announce the completion, subject to the approval of The Minister for Communications, Climate Action and Environment,of the Joint Venture agreement with Trove Rehabilitation Limited (“TRL”). The JV agreement, which provides inter alia, for the issue to TRL of 18,750,000 new IMC shares,relates to ourmine waste rehabilitation project in Avoca, covering all of the mine waste, both tailings and spoils, from the closed Avoca Copper Mine, which is on our PL 3849 and PL 3850 licence areas. Following the Avoca mine’s closure in 1982, the mine site and spoil heaps have been largely undisturbed and sampling by the Environmental Protection Agency, the Geological Survey of Ireland and Camp Dresser & McKee Inc. (“CDM”) has shown that significant quantities of gold, lead and copper remain in the spoil heaps.

CDM reports that the Avoca spoils contain significant concentrations of,“…copper (56-11,344 milligrams per kilogram [mg/kg]), zinc (44-7,404 mg/kg), lead (112-41,353 mg/kg), and arsenic (18-3,903 mg/kg). Analyses of seepage from the Mount Platt spoils indicate that the spoils are acid generating resulting in seeps with low pH (typically < 3) and very high concentrations of copper, zinc, iron, and aluminium.”

This report further confirms that the mine exploited a VMS-type deposit, which is polymetallic, as is typical for such deposits. Operating during the 1970s and 1980s, copper, lead and zinc were extracted at Avoca, although both gold and silver are also known to be present.

This is a very exciting development for IMC. TheDirectors believe the Joint Venture has the potential to transform IMC from an exploration company to a mining and rehabilitationbusiness.

Directorate Changes:

These developments have led the Board of IMC to appoint new directors with additional skill-sets to progress this new partnership and strategic vision. The Board wishes to announce the appointments of Eamon O’Brien (B.Sc., H.D.E., M.B.A.) and Kathryn Byrne (F.P.R.I.I.) as Directors of the Company. Both appointees bring a depth of relevant knowledge, expertise and experience. Mr. O’Brien will be appointed as Chairman of the Board with immediate effect.

About Eamon O’Brien:

Eamon O’Brien, after graduating with an MBA, workedon Wall Street with Quick & Reilly, a specialised U. S. stockbroking firm. On returning to Ireland, he joined NCB Stockbrokers in Dublin before moving to Davy Stockbrokers. He has since served as a consultant on various projects, including retail management, software projects and property development.

He was a founding member and CFO of Eurocommerce, a payments processing company, now owned by Mastercard. Eamon graduated from University College Dublin with a B.Sc. which included chemistry and geology. He later gained an MBA.

About Kathryn Byrne:

Kathryn Byrne is a Director of a communications consultancy company based in Dublin. Taking a lead role in project management and event management, her expertise includes PR both corporate and consumer, media relations and public affairs. Kathryn takes an active role in the wider business and civic community. Kathryn served as a government appointed board member of An Board Altranais and as a council member of Gaisce – the President’s Award. She is involved in the Networks for Women in Business and was a founding member of BNI (Business Network International).

Kathryn is a Fellow of the Public Relations Institute of Ireland (PRII). She is former Honorary Secretary and board member of the PRII. She is also a Global Affiliate of the Chartered Institute of Public Relations. Kathryn holds an honours post-graduate diploma in public relations and is a member of the Institute of Chartered Secretaries & Administrators.

Nial Ring is to resign from the Board in order to take up a new position outside the industry, which does not compete with IMC’s interests. Nial has been instrumental in developing the Company since inceptionand his contribution to its growth is gratefully acknowledged by the Board.

Further, Liam McGrattan will resign from the Board. For the past seven years, Liam has done a remarkable job as a director of IMC. His highlights include the Koza joint venture agreement, advancement of IMC’s North Wexford gold project along with IMC’s base metal project adjoining the Kilbricken deposit in Co. Clare and the completion of an outline study relating to the secondary processing of mine material from the Avoca mine in Co. Wicklow. This has culminated in IMC’s conclusion of the new Trove JV, discussed above.

Issues of Equity Securities:

IMC recognises the tremendous contribution that Liam and Nial have made to the Company over the last seven years and in acknowledgement of past services, each of Liam McGrattan, Nial Ring and Lisa McDonnell will be issued with 8,600,000 shares. Dr. Glenn Millar and Laz Fleming will be issued with 2,000,000 shares each for their contributions to the Company. A further 6,458,281 shares will be issued to third parties in satisfaction of professional fees owed.

Each of Eamon O’Brien and Kathryn Byrne will be issued with 1,000,000 newIMC shares in consideration for their acceptance of their appointments.

The above new shares are all being issued at a price or a deemed price of 1pence per share.

Conclusion:

Dr Glenn Millar, Director of IMC, said, “It has been a real pleasure over the past seven years working with Nial Ring and Liam McGrattan. I would like to welcome Eamon O’Brien and Kathryn Byrne and look forward to working alongside them in furtherance of shareholders’ interests.”

The new Chairman of IMC, Eamon O’Brien, commented, “I am delighted to join the Board of IMC and look forward to assisting the Company to realise its potential. At this exciting time, with the feasibility study underway to assess in greater detail the quantity and value of the Avoca project, I am confident that it will provide shareholders with an economically robust project in an established mining jurisdiction with the scope for substantial value creation. I believe the Avoca project should also attract significant strategic interest.”
IMC Exploration Group PLC,
Dublin,10th May 2018

The Directors of IMC have issued this announcement after due and careful enquiry and accept responsibility for its content.

Enquiries:
Keith, Bayley, Rogers & Co. Limited
Brinsley Holman
Tel: United Kingdom +44 20 7464 4098

Graham Atthill-Beck
Tel: United Kingdom +44 20 7464 4091
Mob: UAE +971 50 856 9408

IMC Exploration #IMCP – Half-yearly Report, 1 July 2017 to 31 Dec 2017

12th March 2018 / Leave a comment

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, 9^th 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.

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