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. | ||||||||