IMC Exploration Group Plc - Half-year Financial Statements

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY IMC TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014, AS AMENDED ("MAR"), WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

INTERIM RESULTS FOR THE PERIOD 1^ST JULY 2020 TO 31^ST DECEMBER 2020

IMC Exploration Group Public Limited Company

Chairman’s Statement for the period 1^st July 2020 to 31^st December 2020

The Directors of IMC Exploration Group plc are pleased to present the unaudited, consolidated interim financial results for IMC for the first six months to 31^st December 2020 of the current financial year.

The six months under review were a busy and exciting time for IMC. On 7^th September 2020, I was able to announce that the Company had raised £267,500 before transaction expenses by means of a placing of 26,750.000 new ordinary shares.

With our spoils and tailings project in Co. Wicklow, our on-going collaboration with Trinity College Dublin, Ireland and our appraisal drilling on our North Wexford Gold Project, we continue to make significant progress.    

Trial pits were excavated proving greater depths and densities than expected at West Avoca, indicating the presence of a larger tonnage of spoils and tailings than had originally been estimated in the CSA Global Report of 2019. The gold assays from the trial pits, combined with the expected increase in tonnage, imply that the existing gold Exploration Target at West Avoca is likely to have been underestimated. Significantly elevated copper, lead and silver grades are also present.

We continue to work closely with our collaborative partners, Trinity College Dublin, on a number of developments including clarifying and understanding the paragenesis of gold at IMC’s Avoca VMS deposit.

The last six months have been extremely productive and positive for IMC and we are confident that the balance of the current financial year will bring further progress for the benefit of shareholders.

Post- Balance Sheet Developments

The preliminary drilling information from our recent drilling on our North Wexford Gold Project, updates on which were issued to the market on 28^th January and 23^rd February 2021, reinforces the highly prospective geology and supports IMC’s strategy of understanding the gold mineralisation with the objective of establishing another gold resource.  In addition, IMC is commissioning an update of the existing West Avoca Exploration Target with the objective of upgrading this to an Inferred Resource.

I look forward to being able to report further news on our spoils and tailings project at Avoca, Co. Wicklow and on our North Wexford gold project over the coming weeks and months.

Eamon O’Brien,
Executive Chairman

 

IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income
for the period 1^st July 2020 to 31^st December 2020

Continuing Operations                                                                                                                                                                                                                      

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.

IMC Exploration Group Public Limited Company

Consolidated Statement of Financial Position
As at 31^st December 2020

IMC Exploration Group Public Limited Company

Consolidated Statement of Changes in Equity
for the period 1^st July 2020 to 31^st December 2020

IMC Exploration Group Public Limited Company

Consolidated Statement of Cash Flows
for the period 1^st July 2020 to 31^st December 2020

The Directors of IMC, after due and careful enquiry, accept responsibility for the contents of this announcement.

REGULATORY ANNOUNCEMENT ENDS.

Enquiries:

Keith, Bayley, Rogers & Co. Limited
Graham Atthill-Beck: +44 20 7464 4091 / +44 7506 43 41 07 / Graham.Atthill-Beck@kbrl.co.uk; Brinsley Holman: +44 20 7464 4098 / Brinsley.Holman@kbrl.co.uk

IMC Exploration Group plc
Kathryn Byrne: +353 85 233 6033