Chairman’s Statement for the year ended 30 June 2023
The Directors of IMC Exploration Group plc (“IMC” or the “Company”) are pleased to present the audited financial results for IMC for the twelve months to 30th June 2023.
The financial statements which follow are extracted from, but do not constitute, the audited annual financial report of the Company for the above period. The unedited full text of the annual financial report is being submitted to the National Storage Mechanism and will be available at:
https://data.fca.org.uk/#/nsm/nationalstoragemechanism, as well as on the Company’s website https://www.imcexploration.com .
The year to end June 2023 has been very important and exciting for IMC and its shareholders as have the subsequent few months, culminating in approval of the acquisition of MVI Ireland s.r.o., the owner of Assat LLC that owns the Karaberd Mine, a gold mine located in Lori Marz, northern Armenia. This acquisition, as approved at the EGM which took place on 26th October 2023, will be transformative for IMC. The Company will no longer be just a minerals exploration company but a mining company as well. The acquisition of the Karaberd Mine and the completion of a metals extraction facility, to be leased by IMC with an option to purchase, will serve the existing strategic direction of IMC, while expanding the geographic scope of its operations.
Although Covid-19 and the completion of re-structuring requirements related to Assat LLC delayed the acquisition, IMC during that period continued to develop relationships in Armenia at national and local level and has developed a pipeline of other prospective projects which IMC hopes will come to fruition in the coming year.
IMC continues with its gold and copper exploration programmes in South East Ireland. Copper is an important part of the green energy transition. It is considered to be the most cost-effective conductive material. The critical role copper will play in achieving the Paris climate goals cannot be overstated. IMC will be part of this new green transition and is in the enviable position of having the Avoca copper mine on its licence area. Previous production from the Avoca Mine is estimated to have totalled 16Mt grading c. 0.6% Cu from banded, vein and disseminated sulphides hosted by the upper Ordovician Duncannon Group. The total in situ copper resource at Avoca is believed to have exceeded 100Mt at 0.2% Cu (Sheppard, 2007).
In addition, IMC has a mineral-rich supply of spoils and tailings with a Mineral Resource Estimate (MRE) showing amongst other minerals, 2.6k tonnes copper contained in the 1.87m tonnes spoils and tailings that are above surface.
Gold is widely considered to be an alternative universal currency. IMC holds six prospecting licences in the southeast of Ireland that are highly prospective for gold mineralization. Three of these licences are within, or cover the strike extent of, the Avoca volcanogenic massive sulphide (VMS) mineralized belt in Co. Wicklow, an area having highly anomalous gold (Au) values in bedrock, soils and stream sediments.
IMC has established an Inferred Mineral Resource Estimate of c. 20,000 ounces of gold and 600,000 oz’s of silver on part of the spoils and tailings from the historic East Avoca Mine. IMC continues its exploration programme in conjunction with our collaboration partners Trinity College Dublin and are presently carrying out geological work on the ground in Co. Wicklow.
Furthermore, the Irish government previously commissioned a feasibility study in regard to remediation of the Avoca spoils and tailings site which extends to c. 155 acres, and the European Commission also considers remediation of such sites to be a priority. In that regard, and arising from meetings IMC has had with the China National Geological Mining Corporation (“CGM”) who have significant experience in remediation of such sites, IMC commissioned a drone survey of the Avoca site, and intends to put together a project to both extract metals from the spoils and tailings and to remediate the site.
IMC’s North Wexford gold project consists of three properties. Two of these are prospective for gold and VMS mineralization, and an adjacent property is prospective for orogenic gold mineralization.
There is no doubt that this is an exciting time for IMC, particularly as our shareholders have approved the acquisition of the Karaberd mine in Armenia. This acquisition when completed, together with the anticipation of further new projects in Armenia will complement our Irish projects in Wicklow and Wexford. With the current high price of silver, gold and copper there has never been a better time for IMC and its shareholders.
Eamon P. O’Brien,
Executive Chairman,
Dublin, 27th October 2023
