IMC Exploration Group Plc - 2022-23 Interim Results

THE DIRECTORS OF IMC EXPLORATION GROUP PLC CONSIDER THIS ANNOUNCEMENT TO CONTAIN INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) NO. 596/2014 OF THE EUROPEAN PARLIAMENT AND THE COUNCIL OF 16 APRIL 2014 ON MARKET ABUSE AS IT FORMS PART OF RETAINED EU LAW AS DEFINED IN THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (THE "MARKET ABUSE REGULATION"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT THE INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

RESULTS FOR THE PERIOD 1^st JULY 2022 TO 31^st DECEMBER 2022

IMC Exploration Group Public Limited Company

(“IMC” or the “Company”)

Chairman’s Statement

The Directors of IMC are pleased to present the Company’s unaudited, consolidated, interim financial results for the first six-month period ended 31^st December 2022 of its current financial year running from 1^st July 2022 to 30^th June 2023.

IMC views its strategic licence holding to be amongst the most prospective exploration licences currently available in Ireland.  Commodity prices have powered ahead in the last six months, with the price of copper reaching an all-time high.  The availability of copper will play a vital role in the achievement of global national climate objectives signed up to in the Paris agreement.  Demand for copper is already being reflected in its surging price and IMC hopes to be part of the copper supply chain.   The Avoca Copper mine is situated on IMC’s licence area along with its spoils and tailings project in Avoca, Co. Wicklow.   Following the conclusion of the CSA Global Mineral Resource Estimate for East Avoca, IMC’s last drill programme focused on exploring the unmined, south-western extension of the Avoca Cu-Zn-Pb-Ag-Au deposit with encouraging positive results as reported previously.  IMC is scheduled to carry out a further series of trial pits in order to complete the geological model.   

The price of gold has been at its strongest in recent months, as demand for gold surges across the world.  Gold is playing its age-old role as a safe haven in times of high inflation and geopolitical uncertainty.    IMC again is very focused on its Avoca and North Wexford gold projects, in addition to its spoils and tailings project. 

IMC has just received approval for its Spring drilling programme from the Geoscience Regulation Office of the Department of Climate, Environment and Communications.  This is very positive news and allows IMC to continue with its drill programme on its North Wexford Gold project.

IMC’s successful collaboration with Trinity College Dublin, Ireland, continues and we will be announcing a full programme of work in the coming weeks. 

IMC previously announced that it had conditionally agreed to acquire MVI Ireland s.r.o., the 100% owner of the Assat company in Armenia which is the holder of the mining license for the Karaberd gold mine located in Lori Marz, northern Armenia. As reported to the market on 31st October 2022 the nature of the acquisition has changed and IMC, rather than acquiring a company possessed of a mining licence, is now acquiring the owner of an operating gold mine.  The conditional agreement remains in place and we expect to complete the acquisition in due course. 

This is an excellent time for gold, silver, copper and zinc with the current high commodity prices.  The Directors look forward to reporting further results from our exploration programme and on progress towards completion of the MVI Ireland s.r.o. acquisition. 

Eamon O’Brien,
Executive Chairman,

Dublin, 28^th February 2023

IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income

for the period 1^st July 2022 to 31^st December 2022

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 2022

IMC Exploration Group Public Limited Company

Consolidated Statement of Changes in Equity

for the period 1^st July 2022 to 31^st December 2022

IMC Exploration Group Public Limited Company

Consolidated Statement of Cash Flows

for the period 1^st July 2022 to 31^st December 2022

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

REGULATORY ANNOUNCEMENT ENDS.

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