IMC Exploration Group Plc IMC

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 YEAR 1^ST JULY 2021 TO 30^TH JUNE 2022

IMC Exploration Group Public Limited Company

(“IMC” or the “Company”)

Chairman’s Statement for the year ended 30^th June 2022

The Directors of IMC Exploration Group plc are pleased to present the consolidated, audited financial statements for IMC for the twelve months to 30^th June 2022.  The financial statements which follow are extracted from, but do not constitute, the audited Annual Report and Accounts of the Company for the above period. Shareholders are referred to the Company’s website: https://imcexploration.com/ where a downloadable PDF copy of the Annual Report and Accounts is available.

The past year has been very significant and successful for IMC from a corporate and exploration perspective. We intersected 18.7m of zinc, lead and silver mineralisation. We also encountered four zones of massive and semi-massive sulphide mineralisation at depths between 159 and 206m.  When aggregated over a 18.7m interval, the upper three zones assayed 6.5% zinc and lead and included 2.8m grading 12.6% zinc and lead and 2.2m grading 70g/t silver. Our exploration programme has validated and extended zones of mineralisation encountered in previous exploration.  Further, it confirms the geological interpretation and emphasises the validity in reassessing and drill-testing historical deposits where significant mineralisation still remains. 

The substantial amount of massive sulphide mineralisation we encountered in West Avoca supports the interpretation that there is a minimum strike length of approximately 1,000m of exploration potential to the south-west of the mapped underground workings at West Avoca. 

Grades of up to 1.5% copper and 7.7% lead and zinc mineralisation were encountered to the south-west of the old workings, providing optimism that continuity of mineralisation and further economic grade intersections can be targeted in the West Avoca area.

IMC develops exploration strategies based on reviews of historical data complemented by follow-up exploration and drilling programmes to define, test and upgrade geological targets. We consider our licences to be amongst the most prospective exploration licences currently available in Ireland and IMC is working with research institutes, including Trinity College Dublin, to expand its geological knowledge, especially in relation to mineralisation. Our approach has and will continue to provide quality targets for drill testing and discovery. Ireland is ranked first in the world in terms of zinc discovered per square kilometre, and second in the world with respect to lead.

Given the exploration-friendly policies promoted by the Irish Government, the country’s infrastructure, the previous success of other operators in Ireland together with the materials, criteria and rationale used by IMC for the selection of these prospecting licences, it is considered that these licences have sound and proper potential for the discovery of economic precious and base metal deposits.

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 reported to have exceeded 100Mt at 0.2% Cu (Sheppard, 2007). 

IMC’s North Wexford gold project consists of three properties.  Two of these are prospective for gold and VMS mineralisation, and an adjacent property is prospective for orogenic gold mineralisation. A drill intersection of mineralised quartz by IMC returned an interval of 1.5m grading 354g/t Au.

CSA Global established a Mineral Resource Estimate (MRE) at the Avoca mine spoils and tailings. They reported a JORC-compliant Inferred Mineral Resource of the equivalent of c. 20,000 ozs of gold, as well as a complement of copper, lead, zinc and silver metal.  Further progress continues to be made at West Avoca and other areas of the spoils and tailings project.

As reported, the Company has conditionally agreed to purchase the Karaberd Mine, a gold mine located in Lori Marz, northern Armenia (the “Acquisition”).  IMC considers that the Acquisition of the Karaberd Mine and the development of the Karaberd ore-crushing facility will serve the existing strategic direction of IMC, while expanding the geographic scope of its operations.  Further progress has been made in relation to the Acquisition and is the subject of a separate, concurrent announcement by the Company captioned “Proposed Acquisition of Karaberd Mine – Update”.

We expect the remainder of the current financial year to be a very progressive time for the Company, particularly with the conclusion of the Karaberd Mine transaction.   Copper and zinc are essential for sustainable economies and are vital to the success of the world-wide renewable energy initiatives.  IMC fully expects to be part of this circular economy.

Eamon O’Brien,

Executive Chairman

IMC Exploration Group Public Limited Company

Consolidated Statement of Comprehensive Income

for the year ended 30^th June 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.

The Financial statements were approved by the Board of Directors on 26^th October 2022 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 30^th June 2022

The Financial statements were approved by the Board of Directors on 26^th October 2022 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 30^th June 2022

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 26^th October 2022 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 30^th June 2022

The financial statements were approved by the Board of Directors on 26^th October 2022 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 content of this announcement.

REGULATORY ANNOUNCEMENT ENDS

Contact Details:

IMC Exploration Group plc

Kathryn Byrne: +353 85 233 6033

Keith, Bayley, Rogers & Co. Limited

Graham Atthill-Beck: +44 7506 43 41 07 / Graham.Atthill-Beck@kbrl.co.uk; blackpearladvisers@gmail.com   

Brinsley Holman: +44 7776 30 22 28 / Brinsley.Holman@kbrl.co.uk