Home » IMC Exploration Group (IMCP) » IMC Exploration Group #IMCP – Interim Results to 31st December 2018

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

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

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