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IMC Exploration Group (IMCP) – Half year report
Interim Financial Results IMC Exploration Group PLC (‘IMC’) for the six months to 31st December 2016
Dear Shareholder,
The directors of IMC Exploration Group plc are pleased to present the Interim Financial Results for the six months to 31st December 2016.
IMC recently announced the implementation of its works programme on its base metal licence area in the highly prospective south west of Ireland. This comprehensive exploration programme consists of geochemistry, geophysics and drilling.
Since the opening of the Tynagh mine in Co. Galway, Ireland has become a significant producer of base metals, ranking third in Europe and fourteenth in the world for zinc. IMC holds licences close to the Tynagh mine. This is a very exciting time for IMC with its zinc properties. Zinc has tight supply fundamentals due to falling production, subdued discovery and increasing demand. The zinc price doubled in 2016.
IMC in conjunction with its joint venture partner, Koza Limited, has carried out an extensive target generation, mapping and rock sampling programme on its gold mine river licence PL 3857 in Co. Wicklow and licence PL 2551 in Co. Wexford. This work is in addition to the previous drilling programme and is part of the works programme for our five precious metal licence areas. This is preparatory work for the next phase of our fully funded drilling programme. The Geological Survey of Ireland’s (GSI) Tellus survey confirms high levels of gold in the streams near the Goldmines River and Avoca regions of Wicklow. These areas are included in our JV licences areas.
IMC continues to make progress on all its activities: implementing its base metal works programme in South West Ireland, as well as continuing progress on our licence areas in Wicklow and Wexford under the IMC/Koza joint venture agreement.
Liam McGrattan
Chairman
| Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2016 | |||||||
| Six Months | Six Months | Year Ended | |||||
| Notes | 31-Dec-16 | 31-Dec-15 | 30-Jun-16 | ||||
| Euro | Euro | ||||||
| Continuing Operations | |||||||
| Revenue | – | – | – | ||||
| Other Income / (Expense) | 0 | 0 | 0 | ||||
| Administrative Expenses | (98,919) | (178,163) | (410,007) | ||||
| (Loss) before tax | (98,919) | (178,163) | (410,007) | ||||
| Income tax expense | 0 | 0 | 0 | ||||
| (Loss) for period from continuing operations | (98,919) | (178,163) | (410,007) | ||||
| Other Comprehensive income | – | – | |||||
| Loss for the period and total comprehensive loss for the period | (98,919) | (178,163) | (410,007) | ||||
| Earning per share (all continuing) | |||||||
| Loss per ordinary share – basic & diluted | 1 | (0.001) | (0.002) | (0.004) | |||
| Unaudited Consolidated Statement of Financial Position As at 31 December 2016 | |||||||||||||||
| Six Months | Six Months | Year Ended | |||||||||||||
| Notes | 31-Dec-16 | 31-Dec-15 | 30-Jun-16 | ||||||||||||
| Non Current Assets | 2 | 587,666 | 525,577 | 587,666 | |||||||||||
| Current assets | |||||||||||||||
| Debtors | 88,688 | 111,028 | 95,047 | ||||||||||||
| Cash and cash equivalents | 300 | 62,985 | 61,742 | ||||||||||||
| Total assets | 676,654 | 699,590 | 744,454 | ||||||||||||
| Equity and liabilities | |||||||||||||||
| Equity | |||||||||||||||
| “A” Ordinary Share Capital | 38,093 | 38,093 | 38,093 | ||||||||||||
| Ordinary Share Capital | 107,817 | 97,817 | 107,817 | ||||||||||||
| Share Premium – Ord Shares | 2,237,415 | 1,987,221 | 2,237,415 | ||||||||||||
| Retained Earnings | (1,916,874) | (1,586,112) | (1,817,956) | ||||||||||||
| Equity attributable to the owners of the Company | 466,451 | 537,020 | 565,369 | ||||||||||||
| Current Liabilities | |||||||||||||||
| Trade & Other Payables | 210,203 | 162,570 | 179,085 | ||||||||||||
| Total liabilities | 210,203 | 162,570 | 179,085 | ||||||||||||
| Total equity and liabilities | 676,654 | 699,590 | 744,454 | ||||||||||||
| Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 2016 | |||||||||||||||
| “A” | Share | ||||||||||||||
| Ordinary | Ordinary | Premium | |||||||||||||
| Share | Share | Ordinary | Retained | ||||||||||||
| Capital | Capital | Shares | Losses | Total | |||||||||||
| Euro | Euro | Euro | Euro | Euro | |||||||||||
| Balance at 30 June 2015 | 38,093 | 74,317 | 1,739,769 | (1,407,949) | 444,230 | ||||||||||
| Loss for the Period | (410,007) | (178,163) | |||||||||||||
| Other Comprehensive loss for the period | – | ||||||||||||||
| Issue of share capital | 33,500 | 497,646 | 270,952 | ||||||||||||
| Share Issue Costs | – | ||||||||||||||
| Balance at 30 June 2016 | 38,093 | 107,817 | 2,237,415 | (1,817,956) | 565,369 | ||||||||||
| Loss for the Period | (98,919) | (98,919) | |||||||||||||
| Other Comprehensive loss for the period | – | ||||||||||||||
| Issue of share capital | 0 | ||||||||||||||
| Share Issue Costs | – | ||||||||||||||
| Balance at 31 December 2016 | 38,093 | 107,817 | 2,237,415 | (1,916,874) | 466,451 | ||||||||||
| 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 Interim financial statements of IMC Exploration Group PLC and its subsidiary have not 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-16 | 31-Dec-15 | 30-Jun-16 | |||||
| Loss for the period attributable to equity holders of the parent | 98,919 | 178,163 | 410,007 | ||||
| Weighted average number of ordinary shares for the purposes of basic earning per share | 107,816,719 | 97,816,719 | 107,816,719 | ||||
| Basic (loss) per ordinary share | (0.001) | (0.002) | (0.004) | ||||
| 2. Non Current Assets | |||||||
| Exploration | Plant and | Financial | |||||
| Expenditure | Equipment | Assets | Total | ||||
| Euro | Euro | Euro | Euro | ||||
| Cost | |||||||
| At 30 June 2015 | 524,724 | 6,125 | 38,738 | 569,587 | |||
| Additions/Disposals | 62,941- | – | – | 62,941 | |||
| At 30 June 2016 | 587,665 | 6,125 | 38,738 | 632,528 | |||
| Additions/Disposals | – | – | 0 | 0 | |||
| At 31 December 2016 | 587,665 | 6,125 | 38,738 | 632,528 | |||
| Provision for diminution in value | |||||||
| At 30 June 2015 | – | (4,660) | (38,738) | (43,398) | |||
| Charge for period | – | (1,465) | – | (1,465) | |||
| Disposal | – | 0 | – | 0 | |||
| At 30 June 2016 | – | (6,125) | (38,738) | (44,863) | |||
| Charge for period | – | – | 0 | 0 | |||
| At 31 December 2016 | – | (6,125) | (38,738) | (44,863) | |||
| Net book value | |||||||
| At 31 December 2016 | 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 2016. 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-16 | 31-Dec-15 | 30-Jun-16 | ||||||
| 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 2015 | 74,316,719 | 74,317 | 1,739,769 | |||||
| Issued in period | 33,500,000 | 33,500 | 497,646 | |||||
| As at 30 June 2016 | 107,816,719 | 107,817 | 2,237,415 | |||||
| Issued in period | – | – | – | |||||
| As at 31 December 2016 | 107,816,719 | 107,817 | 2,237,415 | |||||
| Issued, called up and partly paid | ||||||||
| Number of | Share | Share | ||||||
| shares | Capital | Premium | ||||||
| Euro | Euro | |||||||
| One Euro A Ordinary Shares | ||||||||
| As at 30 June 2015 | 38,093 | 38,093 | – | |||||
| Issued in period | – | – | – | |||||
| As at 30 June 2016 | 38,093 | 38,093 | – | |||||
| Issued in period | – | – | – | |||||
| As at 31 December 2016 | 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 | ||||||||
| Mr. Liam McGrattan | ||||||||
| Tel. Ireland +353 872745427 | ||||||||
| This announcement is distributed by PR Newswire on behalf of the company. | ||||||||
| The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein. | ||||||||
IMC Exploration Group (IMCP) – Update on Exploration Programme
IMC Exploration Group Plc is pleased to announce that, in conjunction with its joint venture partner Koza Limited, it has recently commenced an extensive target generation, mapping and rock sampling programme on its Goldmines River licence PL 3857 in Co. Wicklow, and on licence PL 2551 in Co. Wexford. This work, scheduled to commence in early 2017, is in addition to the previous drilling programme, and is part of our works programme on our five precious metal Licence Areas, and is essential preparatory work for our next phase fully funded drilling programme.
Commenting on this development, IMC Chairman, Liam McGrattan said: “The recently published Geological Survey of Ireland Tellus Survey confirms high levels of gold in streams near the Goldmines River and Avoca regions of Wicklow, areas included in our licences. The fact that the new data identifies gold values in streams that flow across and along the edges of the Leinster granite, a complex area long thought to be the source for the gold mineralisation in the region encourages us to believe that this comprehensive, extensive and agreed works programme will identify promising drill targets.”
The Directors of the issuer accept responsibility for this announcement.
Contact Details:
IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427
Keith Bayley Rogers & Co. Limited
Mr. Hugh Oram
Tel. +44 207 464 4090
Brand Communications
Mr. Alan Green
Tel. +44 (o)7976 431608
IMC Exploration (IMCP) – International Mining Developments Impact Positively on IMC
Global events in recent months have impacted very positively on the mining sector and IMC Exploration (ISDX:IMCP) is in a position to benefit from these developments. On a macro level, the rising price of gold and zinc since the beginning of the year is very reassuring but we are also very mindful of, and encouraged by, the results of an Irish Government sponsored/instigated geological survey.
In March 2016, the Geological Survey of Ireland (GSI) released the Tellus Survey, revealing higher than expected values of gold and platinum in the streams and rivers of Counties Wicklow and Wexford in south east Ireland. All five of IMC’s precious metal prospecting licences in Wicklow and Wexford are sited centrally in the survey region, the very licence areas we are exploring with our joint venture partners, Koza Limited (a subsidiary of the gold mining major, Koza Altin Isletmeleri AS).
The Tellus Survey further confirms high levels of gold in streams near the Gold Mine River and Avoca region of Wicklow, justifying, confirming and validating the current geological exploration programme underway with Koza Limited.
The company has had several approaches from international mining companies in relation to its base metal licences. These approaches have come as a result of a resurgence of interest in the base metal sector in Ireland, leaving IMC well positioned to take advantage of this via our 10 base metal licences, through the imminent implementation of our comprehensive, fully costed and attainable 18 month base metal Work’s Programme.
Chairman, Liam McGrattan said: “Ireland’s position as the largest producer of zinc concentrates in Europe and its rank as the 10th largest producer of zinc concentrates in the world, IMC is poised to join the list of companies adding value to this national asset. This is a great time for gold and base metals and is an exciting time for IMC.”
The Directors of the issuer accept responsibility for this announcement.
Contact Details:
IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427
Keith Bayley Rogers & Co. Limited
Mr. Hugh Oram
Tel. +44 207 464 4090
Brand Communications
Mr. Alan Green
Tel. +44 (o)7976 431608
Brand CEO Alan Green discusses Irish gold, IMC Exploration (IMCP) and Feedback (FDBK) on VOX Markets podcast
Brand CEO Alan Green discusses IMC Exploration (IMCP) and the surge in interest in Ireland’s gold, and Feedback (FDBK) with Justin Waite on the VOX Markets podcast. The interview is 39 minutes 30 seconds in.
Gorey Guardian – More gold and platinum in county than previously thought
There is more platinum, gold and precious metals in the south east’s streams and rivers than previously believed, with notable levels on the borders of Wexford and Wicklow.
By applying modern testing methods to stream samples collected in the 1980s, the Geological Survey of Ireland’s Tellus Programme has discovered the highest levels of platinum are found mainly in the area to the southeast of the towns of Aughrim and Tinahely.Rarer than gold, the discovery of platinum is of particular interest as it has never before been analysed in stream sediment from this region. As well as being a premier choice for jewellery, platinum has a significant industrial use in electronics, medical applications and in catalytic converters in cars.
As well as reconfirming high levels of gold in streams near the Goldmines River and Avoca regions of Wicklow, the new data identifies high gold values in streams that flow across and along the edges of the Leinster granite, a complex area long thought to be a source for the gold mineralisation in the region. High gold values in streams have also been identified in County Waterford, in the Dungarvan to Stradbally area, locally known as the ‘Gold Coast’ and is thought to be sourced from 450 million-year-old volcanic rocks in the area.
The recently re-analysed data from the Tellus Survey team also highlights a broad zone of gold in County Wicklow, north of the Sugar Loaf region where only small traces of the precious metal have been found previously. It is hoped that this new data, along with additional data from samples due to be released later this year, will offer a fresh perspective of Ireland’s natural resources with the scope for further exploration attracting additional inward investment.
‘The mining and mineral exploration industry’s contribution to the Irish economy has been considerable over the past five decades,’ said Director of the Geological Survey of Ireland, Koen Verbruggen.
‘The industry is currently suffering from a major global downturn due to low commodity prices, which coupled with a scarcity of recent economically significant discoveries has seen Ireland’s indigenous production of metals retreat with the closure of a number of mines. A core strategy of the Department of Communications, Energy and Natural Resources and that of the Geological Survey of Ireland is to support investment and development of this important industry by producing high-quality openly available geological information to identify new areas for exploration.
‘I am pleased to see the latest Tellus data highlighting new insights, and opening new possible opportunities for investment into our underexplored country,’ he said.
Ray Scanlon, Principal Geologist at the Geological Survey of Ireland’s Tellus Programme, said that the resulting maps detailing the natural variability of precious metals across this region show how Ireland is largely underexplored for a variety of precious metals and critical raw materials.
‘The Tellus geochemistry programme, which is underway across the country, continues to reveal fascinating and previously unknown details of Ireland’s natural resources. This type of geological information and understanding is vital not only for economic reasons but also for environmental, health and agricultural planning.’
Tellus aims to have surveyed 50 per cent of the country by the end of 2017 and has plans to complete national surveying in the coming years.
A geochemical sampling survey will be undertaken with a team of agricultural scientists gathering stream samples across the West, Midlands and East over the next two years. The Tellus Programme also includes an airborne survey which will be active in the Waterford region later this spring and Galway later in the year.
The new geochemical data for south east Ireland and all previous phases of the Tellus Survey are available, free of charge, to view and download at www.tellus.ie. The new data was showcased at a major international convention, the Prospectors and Developers Association of Canada (PDAC) in Toronto on March 7.
Link here to full article
IMC Exploration – Geological Survey of Ireland Tellus Survey Reveals High Levels of Gold in streams near the Goldmines River and Avoca regions of County Wicklow.
The directors of IMC Exploration Group plc (IMCP) note the unprecedented Irish press coverage of a geological survey that 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 days 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 gold 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.).
IMC is currently listed on the ISDX market (ticker: IMCP) and is at an advanced stage of seeking a standard listing on the main market of the London Stock Exchange.
Chairman Liam McGrattan commented ‘These encouraging GSI survey results further confirm our own findings for the region. This report justifies, confirms and validates our geological exploration programme underway with Koza Limited. We are very excited by this.’
IMC BACKGROUND:
IMC Exploration Group plc (IMC) was incorporated in Ireland in June 2011 with a view to identifying precious and base metal deposits in Ireland
- IMC holds 15 mineral prospecting licences in Ireland:
- 5 precious metal licences
- 10 base metal licences
- JV agreement commenced in July 2015 between IMC and Koza Gold (a subsidiary of Koza Altin Isletmeleri AS with a current market capitalisation of over US$1 billion) on IMC’s precious metal licences in Wicklow and Wexford
- IMC is currently listed on the London based ISDX market (Ticker: IMCP)
TELLUS SURVEY REPORT:
Tellus Survey Uncovers Platinum and Gold in south east Leinster:
- Precious metal platinum identified in numerous stream sediments for the first time in Leinster
- More gold in Wicklow, Wexford and Waterford than previously known
Applying modern testing methods to stream samples collected in the 1980s, the Geological Survey of Ireland’s Tellus Programme has discovered there is more platinum, gold and precious metals in the streams and rivers of south east of Ireland than previously believed.
- Stream sediment geochemistry – Gold
- Stream sediment geochemistry – Platinum
As well as reconfirming high levels of gold in streams near the Goldmines River and Avoca regions of Wicklow, the new data identifies high gold values in streams that flow across and along the edges of the Leinster granite, a complex area long thought to be a source for the gold mineralisation in the region.
High gold values in streams have also been identified in County Waterford. The recently reanalysed data from the Tellus Survey team also highlights a broad zone of gold in County Wicklow. It is hoped that this new data, along with additional data from samples due to be released later this year, will offer a fresh perspective of Ireland’s natural resources with the scope for further exploration attracting additional inward investment.
The new geochemical data for south east Ireland and all previous phases of the Tellus Survey are available, free of charge, to view and download at www.tellus.ie. The new data released today will be showcased next week at a major international convention, the Prospectors and Developers Association of Canada (PDAC) in Toronto on the 7th March.
Contact Details:
IMC Exploration Group Plc
Mr. Liam McGrattan
Tel. Ireland: +353 87 2745427
Brand Communications
Mr. Alan Green
Tel. +44 (0)7976 431608
Irish Times – Gold found but no rush expected to surveyed Irish rivers – IMC Exploration
Geological study finds higher than anticipated metal levels in Wicklow’s Goldmines river – by Dick Ahlstrom – Irish Times
High gold levels were found in the aptly named Goldmines river in Co Wicklow. These are where the 5 gold prospecting licenses owned by IMC Exploration (IMCP) are situated.
A geological survey has revealed higher than expected levels of gold and platinum in the streams and rivers of the southeast of Ireland.
The discovery is hardly likely to trigger a gold rush, however, given it is illegal to sell anything extracted from riverbed grit.
The potential hotspots were identified in an ongoing national survey called Tellus run by the Geological Survey of Ireland. It is mapping Ireland’s entire geology using aerial and ground studies.
The survey decided to reassess river grit samples using the latest technology and confirmed high gold levels in a number of streams and rivers, including the aptly named Goldmines river and Avoca regions of Co Wicklow. These are where the 5 gold prospecting licenses owned by IMC Exploration (IMCP) are situated.
There is another zone of gold in Wicklow north of the Sugar Loaf region and also along the “gold coast” in the Dungarvan to Stradbally areas of Co Waterford.
Platinum was found mainly to the southeast of Aughrim and Tinahely on the Wicklow-Wexford border, the study found.
People could try using the traditional “panning” method to harvest some of this gold, but it is not a “get rich quick” scheme.
Link here for full article.