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DJ IMC Exploration Group Plc Annual Financial Report

 
TIDMIMCP 
 
Chairman's Statement. 
 
Financial Results IMC Exploration Group PLC ('IMC') for the twelve months to 
30th June 2016 
 
Dear Shareholder, 
 
The directors of IMC Exploration Group plc ('IMC') are pleased to present the 
Financial Results for IMC for twelve months to 30th June 2016. 
 
World developments in recent times have had an encouraging effect on the mining 
sector and IMC is in a position to benefit from these developments. The rising 
price of gold and zinc since the beginning of the year is very reassuring but 
we are also very mindful of, and encouraged by, the results of an Irish 
 
Government sponsored Tellus geological survey. 
 
Earlier this year, the Geological Survey of Ireland (GSI) released the Tellus 
Survey, revealing higher than expected values of gold and platinum in the 
stream and rivers of Counties Wicklow and Wexford in south east Ireland.  All 
five of IMC's precious metal prospecting licences in Wicklow and Wexford are 
sited 
 
centrally in the survey region, the very licence areas that we continue to 
explore with our joint venture partners, Koza Limited (a subsidiary of the gold 
mining major, Koza Altin Isletmeleri AS). 
 
We are delighted to report that The Tellus Survey confirms high levels of gold 
in streams near the Gold Mine River and Avoca region of Wicklow.  This 
 
justifies, confirms and validates the current geological exploration programme 
underway with Koza Limited. 
 
IMC is currently evaluating a number of approaches from international mining 
companies in relation to its base metal licences.  These advances have come as 
a result of a resurgence of interest in the base metal sector in Ireland, 
leaving IMC well positioned to take advantage of this via our 10 base metal 
 
licences, through the imminent implementation of our base metal Work's 
Programme. 
 
IMC continues to make excellent progress in its exploration and corporate 
activities. We look forward to the coming weeks and months with enthusiasm. 
 
This is a great time for gold and base metals and is an exciting time for IMC." 
 
Liam McGrattan 
 
Chairman 
 
Audited Consolidated Statement of Comprehensive Income for the year ended 30 
June 2016 
 
                                                                                             Audited                 Audited 
 
                                                                                          Year Ended              Year Ended 
 
                                                                    Notes                  30-Jun-16               30-Jun-15 
 
                                                                                                Euro                    Euro 
 
Continuing Operations 
 
Revenue                                                                                            -                       - 
 
Other Income / (Expense)                                                                           -                       - 
 
Administrative Expenses                                                                    (417,989)               (439,648) 
 
(Loss) before tax                                                                          (417,989)               (439,648) 
 
Income tax expense                                                                                 0                 (1,093) 
 
(Loss) for period from continuing operations                                               (417,989)               (440,741) 
 
Other Comprehensive income                                                                         -                       - 
 
Loss for the period and total comprehensive loss for the                                   (417,989)               (440,741) 
period 
 
Earning per share (all continuing) 
 
Loss per ordinary share - basic & diluted                               1                    (0.004)                 (0.006) 
 
Audited Consolidated Statement of Financial Position As at 30 
June 2016 
 
                                                                                             Audited                 Audited 
 
                                                                                          Year Ended              Year Ended 
 
                                                                    Notes                  30-Jun-16               30-Jun-15 
 
Non Current Assets                                                      2                    524,725                 526,189 
 
Current assets 
 
Debtors                                                                                      100,135                 111,671 
 
Cash and cash equivalents                                                                      3,731                (26,685) 
 
Total assets                                                                                 628,591                 611,175 
 
Equity and liabilities 
 
Equity 
 
"A" Ordinary Share Capital                                                                    38,093                  38,093 
 
Ordinary Share Capital                                                                       107,817                  74,317 
 
Share Premium - Ord Shares                                                                 2,053,373               1,739,769 
 
Retained Earnings                                                                        (1,825,938)             (1,407,949) 
 
Equity attributable to the owners of the Company                                             373,346                 444,230 
 
Current Liabilities 
 
Trade & Other Payables                                                                       255,245                 166,945 
 
Total liabilities                                                                            255,245                 166,945 
 
Total equity and liabilities                                                                 628,591                 611,175 
 
Audited Consolidated Statement of Changes in Equity for the year ended 30 
June 2016 
 
                                                                      "A"                      Share 
 
                                                                 Ordinary       Ordinary     Premium 
 
                                                                    Share          Share    Ordinary    Retained 
 
                                                                  Capital        Capital      Shares      Losses       Total 
 
                                                                     Euro           Euro        Euro        Euro        Euro 
 
Balance at 30 June 2015                                            38,093         74,317   1,739,769 (1,407,949)     444,230 
 
Loss for the Period                                                     -              -           -   (417,989)   (417,989) 
 
Other Comprehensive loss for the period                                 -              -           -           -           - 
 
Issue of share capital                                                  -         33,500     313,604           -     347,104 
 
Share Issue Costs                                                       -              -           -           -           - 
 
Balance at 30 June 2016                                            38,093        107,817   2,053,373 (1,825,938)     373,346 
 
 
 
 
 
 
 
 
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-16               30-Jun-15 
 
Loss for the period attributable to equity holders of the                                    417,989                 440,741 
parent 
 
Weighted average number of ordinary shares for the purposes of basic                     107,816,719              74,316,719 
earning per share 
 
Basic (loss) per ordinary share                                                              (0.004)                 (0.006) 
 
2.   Non Current Assets 
 
                                                                             Exploration   Plant and   Financial 
 
                                                                             Expenditure   Equipment      Assets       Total 
 
                                                                                    Euro        Euro        Euro        Euro 
 
Cost 
 
At 30 June 2015                                                                  524,724       6,125      38,738     569,587 
 
Disposals                                                                              -           -           -           0 
 
At 30 June 2016                                                                  524,724       6,125      38,738     569,587 
 
Provision for diminution in value 
 
At 30 June 2015                                                                        -     (4,660)    (38,738)    (43,398) 
 

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November 30, 2016 11:29 ET (16:29 GMT)

DJ IMC Exploration Group Plc Annual Financial Report -2-

Charge for period                                                                      -     (1,465)           0     (1,465) 
 
Disposal                                                                               -           -           0           0 
 
At 30 June 2016                                                                        -     (6,125)    (38,738)    (44,863) 
 
Net book value 
 
At 30 June 2016                                                                  524,724           0           0     524,724 
 
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 2016. 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-16               30-Jun-15 
 
                                                                                                Euro                    Euro 
 
200,000,000 Ordinary shares of Euro 0.001 each                                               200,000                 200,000 
 
50,000 "A" Ordinary shares of One Euro each                                                   50,000                  50,000 
 
                                                                                             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 2015                                                                        74,316,719      74,317   1,739,769 
 
Issued in period                                                                          33,500,000      33,500     313,604 
 
As at 30 June 2016                                                                       107,816,719     107,817   2,053,373 
 
Issued, called up and partly paid 
 
                                                                                           Number of       Share       Share 
 
                                                                                              shares     Capital     Premium 
 
                                                                                                            Euro        Euro 
 
One Euro A Ordinary Shares 
 
As at 30 June 2015                                                                            38,093      38,093           - 
 
Issued in period                                                                                   -           -           - 
 
As at 30 June 2016                                                                            38,093      38,093           - 
 
"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 
 
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. 
 
 
 
END 
 

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November 30, 2016 11:29 ET (16:29 GMT)