Chairman's Statement.
Financial Results IMC Exploration Group PLC ('IMC') for the twelve months to
30th June 2014
Dear Shareholder,
The directors of IMC Exploration Group plc are pleased to present the Financial
Results for ('IMC') for the twelve months to 30th June 2014.
Progress continues to be made on our licence areas in Avoca PL 3849 and PL 3850
and on our Boley licence PL 2551, where we had the significant gold find last
year.
Due to the significant success of our exploration work on our precious metal
licences in Wicklow and Wexford to date, which includes the Avoca licences that
contain the 15,000 ounces of proven gold in Kilmacoo and the well documented
potential of these licences, the directors have decided to concentrate their
efforts, energy and resources on these highly prospective properties.
Earlier this year, a team of prominent geologists spent time studying the Avoca
mine site. It was agreed there is potential of copper zinc massive and
gold-bearing stringer sulphides reported in previous drill programmes.
We have had discussions with a number of mining companies based in Toronto and
London on how to progress the development of these properties in order to
return best value to shareholders. It is our intention to produce a JORC
compliant report in the coming months. Following on from this, two major
mining houses based in the city of London have requested to evaluate the
project in its totality.
2014 has been a challenging year for all junior mining companies.
Notwithstanding that, with our fully costed works programme and the anticipated
rise in the price of gold, IMC expects to be at the forefront of this recovery.
Liam McGrattan
Chairman
Unaudited Consolidated Statement of Comprehensive
Income for the year ended 30 June 2014
Unaudited Audited
Year Ended Year Ended
Notes 30-Jun-14 30-Jun-13
Euro Euro
Continuing Operations
Revenue - -
Other Income / (Expense) 1,017 11,699
Administrative Expenses (229,547) (357,492)
(Loss) before tax (228,530) (345,793)
Income tax expense 5,408 (11,011)
(Loss) for period from continuing (223,122) (356,804)
operations
Other Comprehensive income - -
Loss for the period and total comprehensive (223,122) (356,804)
loss for the period
Earning per share (all continuing)
Loss per ordinary share - basic & diluted 1 (0.003) (0.007)
Unaudited Consolidated Statement of Financial
Position As at 30 June 2014
Unaudited Audited
Year Ended Year Ended
Notes 30-Jun-14 30-Jun-13
Non Current Assets 2 809,232 532,375
Current assets
Debtors 111,403 154,033
Cash and cash equivalents (32,304) 52,991
Total assets 888,331 739,399
Equity and liabilities
Equity
"A" Ordinary Share Capital 38,093 38,093
Ordinary Share Capital 69,309 53,309
Share Premium - Ord Shares 1,676,777 1,308,102
Retained Earnings (967,208) (744,086)
Equity attributable to the owners of the 816,971 655,418
Company
Current Liabilities
Trade & Other Payables 71,360 83,981
Total liabilities 71,360 83,981
Total equity and liabilities 888,331 739,399
Unaudited Consolidated Statement of Changes in Equity for the
year ended 30 June 2014
"A" Share
Ordinary Ordinary Premium
Share Share Ordinary Retained
Capital Capital Shares Losses Total
Euro Euro Euro Euro Euro
Balance at 30 June 2013 38,093 53,309 1,308,102 (744,086) 655,418
Loss for the Period - - - (223,122) (223,122)
Other Comprehensive loss for the period - - - - -
Issue of share capital - 16,000 368,675 - 384,675
Share Issue Costs - - - - -
Balance at 30 June 2014 38,093 69,309 1,676,777 (967,208) 816,971
Accounting Policies
Basis of Preparation
The financial statements have been prepared
on a historical cost basis.
The financial statements are presented in
Euro.
1. Statement of Compliance
The consolidated year end financial statements of IMC Exploration Group PLC and
its subsidiary have been reviewed by the auditor and have been prepared in
accordance with International Financial Reporting Standards (IFRS) as adopted
by the European Union (EU). In addition to complying with its legal obligation
to comply with IFRS as adopted for use in the EU, the Group has also complied
with IFRS as issued by the International Accounting Standards Board (IASB).
Notes to and forming part of the annual
financial statements
1. Loss per Share
Basic loss per Ordinary Share amounts are calculated by dividing net loss for
the period attributable to ordinary equity holders of the parent by the
weighted average number of Ordinary Shares outstanding during the period.
Basic earnings per share
The weighted average number of ordinary shares used in the calculation of
basic and diluted earnings per share is as follows:
30-Jun-14 30-Jun-13
Loss for the period attributable to equity 223,122 356,804
holders of the parent
Weighted average number of ordinary shares for the 69,308,507 53,308,507
purposes of basic earning per share
Basic (loss) per ordinary share (0.003) (0.007)
2. Non Current Assets
Exploration Plant and Financial
Expenditure Equipment Assets Total
Euro Euro Euro Euro
Cost
At 30 June 2013 524,724 6,125 38,738 569,587
Additions - - 384,675 384,675
At 30 June 2014 524,724 6,125 423,413 954,262
Provision for diminution in value
At 30 June 2013 - (2,210) (35,002) (37,212)
Charge for period - (1,225) (106,593) (107,818)
At 30 June 2014 - (3,435) (141,595) (145,030)
Net book value
At 30 June 2014 524,724 2,690 281,818 809,232
Expenditure on exploration activities is deferred on areas of interest until a
reasonable assessment can be determined of the existence or otherwise of
economically recoverable reserves. No amortisation has been charged in the
period. The directors have reviewed the carrying value of the exploration and
evaluation assets and consider it to be fairly stated and not impaired at 30
June 2014. The recoverability of the exploration and evaluation assets is
dependent on the successful development of the group's licence areas.
3. Share capital - Group and Company
30-Jun-14 30-Jun-13
Euro Euro
200,000,000 Ordinary shares of Euro 0.001 200,000 200,000
each
50,000 "A" Ordinary shares of One Euro 50,000 50,000
each
250,000 250,000
Issued, called up and fully paid
Number of Share Share
shares Capital Premium
Euro Euro
Euro 0.001 Ordinary Shares
As at 30 June 2013 53,308,507 53,309 1,308,102
Issued in period 16,000,000 16,000 368,675
As at 30 June 2014 69,308,507 69,309 1,676,777
Issued, called up and partly paid
Number of Share Share
shares Capital Premium
Euro Euro
One Euro A Ordinary Shares
As at 30 June 2013 38,093 38,093 -
Issued in period - - -
As at 30 June 2014 38,093 38,093 0
"A" Ordinary Shares have the right to receive notice of and attend but not to
vote at general meetings, no right to a dividend, right to return of capital
but no further right to participate in a distribution of assets of the company.
The directors of the issuer accept
responsibility for this announcement.
Contact Details:
IMC Exploration Group PLC
Mr. Liam McGrattan
Tel. Ireland +353 872745427
Clifford Desmond & Associates
Mr. Maurice Clifford
Tel. Ireland +353 14989400
maurice.clifford@clifforddesmond.ie
This announcement is distributed by PR Newswire on behalf of the company.
The issuer of this announcement warrants that they are solely responsible for
the content, accuracy and originality of the information contained therein.