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IMC Exploration Group (IMCP) – Annual Financial Report

IMCFinancial Results IMC Exploration Group PLC (IMCP) for the twelve months to 30th June 2016

Dear Shareholder,

The directors of IMC Exploration Group plc (‘IMC’) are pleased to present the Financial Results for IMC for twelve months to 30th June 2016.

World developments in recent times have had an encouraging effect on the mining sector and IMC is in a position to benefit from these developments. 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 Tellus geological survey.

Earlier this year, the Geological Survey of Ireland (GSI) released the Tellus Survey, revealing higher than expected values of gold and platinum in the stream 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 that we continue to explore with our joint venture partners, Koza Limited (a subsidiary of the gold mining major, Koza Altin Isletmeleri AS).

We are delighted to report that The Tellus Survey confirms high levels of gold in streams near the Gold Mine River and Avoca region of Wicklow. This justifies, confirms and validates the current geological exploration programme underway with Koza Limited.

IMC is currently evaluating a number of approaches from international mining companies in relation to its base metal licences.  These advances 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 base metal Work’s Programme.

IMC continues to make excellent progress in its exploration and corporate activities. We look forward to the coming weeks and months with enthusiasm.

This is a great time for gold and base metals and is an exciting time for IMC.”

Liam McGrattan


Audited Consolidated Statement of Comprehensive Income for the year ended 30 June 2016
Audited Audited
Year Ended Year Ended
Notes 30-Jun-16 30-Jun-15
Euro Euro
Continuing Operations
Other Income / (Expense)
Administrative Expenses (417,989) (439,648)
(Loss) before tax (417,989) (439,648)
Income tax expense 0 (1,093)
(Loss) for period from continuing operations (417,989) (440,741)
Other Comprehensive income
Loss for the period and total comprehensive loss for the period (417,989) (440,741)
Earning per share (all continuing)
Loss per ordinary share – basic & diluted 1 (0.004) (0.006)
Audited Consolidated Statement of Financial Position As at 30 June 2016
Audited Audited
Year Ended Year Ended
Notes 30-Jun-16 30-Jun-15
Non Current Assets 2 524,725 526,189
Current assets
Debtors 100,135 111,671
Cash and cash equivalents 3,731 (26,685)
Total assets 628,591 611,175
Equity and liabilities
“A” Ordinary Share Capital 38,093 38,093
Ordinary Share Capital 107,817 74,317
Share Premium – Ord Shares 2,053,373 1,739,769
Retained Earnings (1,825,938) (1,407,949)
Equity attributable to the owners of the Company 373,346 444,230
Current Liabilities
Trade & Other Payables 255,245 166,945
Total liabilities 255,245 166,945
Total equity and liabilities 628,591 611,175
Audited Consolidated Statement of Changes in Equity for the year ended 30 June 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 (417,989) (417,989)
Other Comprehensive loss for the period
Issue of share capital 33,500 313,604 347,104
Share Issue Costs
Balance at 30 June 2016 38,093 107,817 2,053,373 (1,825,938) 373,346
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-16 30-Jun-15
Loss for the period attributable to equity holders of the parent 417,989 440,741
Weighted average number of ordinary shares for the purposes of basic earning per share 107,816,719 74,316,719
Basic (loss) per ordinary share (0.004) (0.006)
2.   Non Current Assets
Exploration Plant and Financial
Expenditure Equipment Assets Total
Euro Euro Euro Euro
At 30 June 2015 524,724 6,125 38,738 569,587
Disposals 0
At 30 June 2016 524,724 6,125 38,738 569,587
Provision for diminution in value
At 30 June 2015 (4,660) (38,738) (43,398)
Charge for period (1,465) 0 (1,465)
Disposal 0 0
At 30 June 2016 (6,125) (38,738) (44,863)
Net book value
At 30 June 2016 524,724 0 0 524,724
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 30 June 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
30-Jun-16 30-Jun-15
Euro Euro
200,000,000 Ordinary shares of Euro 0.001 each 200,000 200,000
50,000 “A” Ordinary shares of One Euro each 50,000 50,000
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 33,500 313,604
As at 30 June 2016 107,816,719 107,817 2,053,373
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
“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

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