TIDMIMCP Chairman's Statement
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 ('IMC') 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 98,919 178,163 410,007
the parent
Weighted average number of ordinary shares for the purposes of basic 107,816,719 97,816,719 107,816,719
earning per share
Basic (loss) per ordinary share (0.001) (0.002) (0.004)
2. Non Current Assets
Exploration Plant and Financial
