IMC Exploration Group Public Limited Company
Chairman’s Statement for the year ended 30th June 2019
The Directors of IMC Exploration Group plc (“IMC” or the “Group”) are pleased to present the audited financial results for IMC for the twelve months to 30th June 2019. The consolidated financial statements appearing below (which do not form the full statutory Report and Accounts of the Group) are taken from the Directors’ Report and Financial Statements for the year ended 30th June 2019 being posted to shareholders, a copy of which is available from IMC’s website at https://www.imcexploration.com/.
Highlights of year ended 30th June 2019
During the year under review, the Group continued the drilling programme and evaluation work on PL 3849 in Avoca, Co Wicklow, the drilling programme on the Gold Mine River project on PL 3857 located on the Gold Mine River in Co. Wicklow and the drilling programme on the North Wexford gold project on PL 2551. IMC was pleased to have been in the financial position to carry out a six-month long drilling programme on its licence areas in County Wexford and County Wicklow. Additionally, work continued on the Group’s previously-announced application for the admission of its share capital to the standard segment of the United Kingdom Official List and to trading on the main market of the London Stock Exchange.
Resulting from its activities during the financial year ended 30th June 2019, including the preparation by CSA Global of a Mineral Resource Estimate on the historic Avoca mine site project in Co. Wicklow and the drilling carried out at the North Wexford gold project, a number of significant achievements have crystallised in the first months of the current financial year, ended 30th June 2020. These are detailed below under “Post-Balance Sheet Events”.
Post- Balance Sheet Events
Work undertaken during the financial year ended 30th June 2019 and previous periods has led, during the first half of the current year, to some of the most positive and exciting developments for IMC since its incorporation in 2011. On 8th July 2019, the share capital of IMC was admitted to the standard segment of the Official List of the Financial Conduct Authority and to trading on the Main Market of the London Stock Exchange. The admission of the Group to trading on the London Stock Exchange, one of the most influential and prestigious global stock exchanges, significantly enhances the status and profile of the Group.
Since the end of the financial year ended 30th June 2019, IMC has received the Mineral Resource Estimate in accordance with the JORC Code (2012) on its Avoca historic mine site project in Avoca, Co. Wicklow. The Mineral Resource Estimate for the Avoca spoils and tailings is hugely significant. There is further potential to increase the tonnage and grade, not only on this site, but also on the other spoils’ heaps within IMC’s licence area and, to this end, the Group is progressing its exploration work on its spoils and tailings project in Avoca, Co. Wicklow and continues its drilling programme on PL 3849 in Avoca, Co. Wicklow.
In Co. Wexford, IMC has, since the end of the financial year 30th June 2019, been awarded two additional prospecting licences, PL 1200 and PL 1199, by the Department of Communications, Climate Action and Environment. IMC was delighted to have been granted these licences as they adjoin its existing PL 2551 licence, where IMC had previously encountered high gold grades yielding 353g/t gold (=11.38oz/t gold) from drill hole 12/2551/04. The award of the new licences means the Group now holds three abutting exploration licence areas in Co. Wexford, which it believes should significantly enhance the Group’s North Wexford gold project.
Conclusion
The listing of the Group and the admission to the Main Market of the London Stock Exchange are excellent developments. The Directors believe the scale and potential of the spoils and tailings project at Avoca, along with the Mineral Resource Estimate in accordance with the JORC Code (2012), to be truly transformational for IMC and its shareholders. I look forward to informing shareholders of further progress in the Group and with the projects within its licence areas as and when these arise. I wish to thank my fellow Directors and management team for their contributions to the Group’s progress and look forward to further successes for IMC and its shareholders during the current financial year.
Eamon O’Brien,
Chairman
IMC Exploration Group Public Limited Company
Consolidated Statement of Comprehensive Income
for the year ended 30th June 2019
Continuing Operations
-
2019
2018
Administrative expenses
(366,816)
(921,757)
Operating Loss for the period
(366,816)
(921,757)
Finance Income
-
-
Amount written off Intangible Assets
(284,088)
Amount written off investment
-
-
__________
_________
Loss for period before tax
(366,816)
(1,205,845)
Income tax expenses
(2,047)
10,991
_________
_________
Total comprehensive loss for the period
(368,863)
(1,194,854)
=========
=========
Loss attributable to:
Equity holders of the Company
(368,863)
(1,194,854)
=========
=========
Total Comprehensive Loss attributable to:
Equity holders of the Company
(368,863)
(1,194,854)
=========
=========
Earnings per share
From continuing operations
Basic and Diluted loss per share (cent)
0.1
0.5
All activities derived from continuing operations. All losses and total comprehensive losses for the period are attributable to the owners of the Company.
The Company has no recognised gains or losses other than those dealt with in the statement of comprehensive income.
The Financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
IMC Exploration Group Public Limited Company
Consolidated Statement of Financial Position
for the year ended 30th June 2019
|
2019 |
2018 |
||
|
Assets |
|||
|
Intangible assets |
471,117 |
332,127 |
|
|
Property, plant and equipment |
1,723 |
- |
|
|
Investments |
- |
- |
|
|
__________ |
__________ |
||
|
Total Non-Current Assets |
472,840 |
332,127 |
|
|
__________ |
__________ |
||
|
Current Assets |
|||
|
Trade and other receivables |
39,373 |
- |
|
|
Cash and cash equivalents |
(30,403) |
212,410 |
|
|
__________ |
__________ |
||
|
Total Current Assets |
8,970 |
212,410 |
|
|
__________ |
__________ |
||
|
Total Assets |
481,810 |
544,537 |
|
|
========= |
========= |
||
|
Equity |
|||
|
Share Capital |
293,107 |
278,107 |
|
|
Share premium |
3,645,171 |
3,490,942 |
|
|
Retained deficit |
(3,649,179) |
(3,280,316) |
|
|
__________ |
_________ |
||
|
Attributable to owners of the Company |
289,099 |
488,733 |
|
|
__________ |
__________ |
||
|
Total Equity |
289,099 |
488,733 |
|
|
__________ |
__________ |
||
|
Liabilities – Current |
|||
|
Trade and other payables |
190,664 |
55,804 |
|
|
Current tax liabilities |
2,047 |
- |
|
|
__________ |
__________ |
||
|
Total Liabilities |
192,711 |
55,804 |
|
|
__________ |
__________ |
||
|
Total Equity and Liabilities |
481,810 |
544,537 |
The Financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
IMC Exploration Group Public Limited Company
Consolidated Statement of Changes in Equity
for the year ended 30th June 2019
|
Share Capital € |
Share Premium € |
Retained Losses € |
Total € |
|
|
Balance at 30 June 2017 |
166,610 |
2,489,137 |
(2,085,462) |
570,285 |
|
___________ |
__________ |
_________ |
_______ |
|
|
Total comprehensive income for the period |
||||
|
Loss for the period |
- |
- |
(1,194,854) |
(1,194,854) |
|
__________ |
___________ |
__________ |
_________ |
|
|
Total comprehensive income for the period |
- |
(1,194,854) |
(1,194,854) |
|
|
Transactions with owners, recorded directly in equity |
||||
|
contributions by and distributions to owners |
||||
|
Shares issued |
111,497 |
1,058,515 |
- |
1,170,012 |
|
Share issue costs |
- |
(56,710) |
- |
(56,710) |
|
__________ |
___________ |
__________ |
_________ |
|
|
Total transactions with owners |
111,497 |
1,001,805 |
- |
1,113,302 |
|
__________ |
___________ |
__________ |
_________ |
|
|
Balance at 30 June 2018 |
278,107 |
3,490,942 |
(3,280,316) |
488,733 |
|
__________ |
___________ |
__________ |
_________ |
|
|
Total comprehensive income for the period |
||||
|
Loss for the period |
- |
- |
(368,863) |
(368,863) |
|
__________ |
___________ |
__________ |
_________ |
|
|
Total comprehensive income for the period |
- |
(368,863) |
(368,863) |
|
|
Transactions with owners, recorded directly in equity |
||||
|
contributions by and distributions to owners |
||||
|
Shares issued |
15,000 |
165,781 |
- |
180,781 |
|
Share issue costs |
- |
(11,552) |
- |
(11,552) |
|
__________ |
___________ |
__________ |
_________ |
|
|
Balance at 30 June 2019 |
293,107 |
3,645,171 |
(3,649,179) |
289,099 |
|
__________ |
___________ |
__________ |
_________ |
Net equity is attributable to the holder of the ordinary shares in the Group.
The financial statements were approved by the board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
IMC Exploration Group Public Limited Company
Consolidated Statement of Cash Flows
for the year ended 30th June 2019
|
2019 |
2018 |
||
|
Cash flows from operating activities |
|||
|
Loss for the year |
(368,863) |
(1,194,854) |
|
|
Adjustments for: |
|||
|
Intangible Assets Write Off |
- |
284,088 |
|
|
Income Tax recognised in profit and loss |
2,047 |
(10,991) |
|
|
Depreciation |
431 |
- |
|
|
________ |
________ |
||
|
Cash from operations before changes in working capital |
(366,385) |
(921,757) |
|
|
Movement in trade and other receivables |
(39,373) |
81,017 |
|
|
Movement in trade and other payables |
134,859 |
(12,138) |
|
|
_________ |
_______ |
||
|
Net cash flow from operating activities |
(270,899) |
(852,878) |
|
|
Cash flows from investing activities |
|||
|
Interest received |
- |
- |
|
|
Proceeds from sale of investments |
- |
- |
|
|
Taxation |
- |
- |
|
|
Acquisitions and disposals |
(141,143) |
(28,550) |
|
|
_________ |
________ |
||
|
Net cash (used in) investing activities |
(141,143) |
(28,550) |
|
|
_________ |
________ |
||
|
Cash flows from financing activities |
|||
|
Proceeds from the issue of new shares |
169,229 |
1,113,302 |
|
|
Finance income/(expense) |
- |
- |
|
|
_________ |
________ |
||
|
Net cash generated by financing activities |
169,229 |
1,113,302 |
|
|
_________ |
________ |
||
|
Movement in cash and cash equivalents |
(242,813) |
231,874 |
|
|
Cash and cash equivalents at beginning of year |
212,410 |
(19,464) |
|
|
_________ |
________ |
||
|
Cash and cash equivalents at end of year |
(30,403) |
212,410 |
The financial statements were approved by the Board of Directors on 29th October 2019 and signed on its behalf by:
On behalf of the board
Eamon O’Brien Andrew Laz Fleming
Director Director
The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.
REGULATORY ANNOUNCEMENT ENDS.
Contact Details:
Kathryn Byrne: +353 85 233 6033
IMC Exploration Group plc
Graham Atthill-Beck: +44 20 7464 4091 / +971 50 856 9408 / This email address is being protected from spambots. You need JavaScript enabled to view it.
Brinsley Holman: +44 20 7464 4098 / This email address is being protected from spambots. You need JavaScript enabled to view it.
Keith, Bayley, Rogers & Co. Limited
