TIDMIMCP
Chairman's Statement.
Financial Results IMC Exploration Group PLC ('IMC') 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
Chairman
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
Revenue - -
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 (417,989) (440,741)
period
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
Equity
"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 417,989 440,741
parent
Weighted average number of ordinary shares for the purposes of basic 107,816,719 74,316,719
earning per share
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
Cost
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)
