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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.
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