IMC Exploration Group Plc - Half-year Report

Chairman's Statement

Interim Financial Results IMC Exploration Group PLC ('IMC') for the six months to 31st December 2016

Dear Shareholder,

The directors of IMC Exploration Group plc are pleased to present the Interim Financial Results for ('IMC') for the six months to 31st December 2016.

IMC recently announced the implementation of its works programme on its base metal licence area in the highly prospective south west of Ireland. This comprehensive exploration programme consists of geochemistry, geophysics and drilling.

Since the opening of the Tynagh mine in Co. Galway, Ireland has become a significant producer of base metals, ranking third in Europe and fourteenth in the world for zinc. IMC holds licences close to the Tynagh mine. This is a very exciting time for IMC with its zinc properties. Zinc has tight supply fundamentals due to falling production, subdued discovery and increasing demand. The zinc price doubled in 2016.

IMC in conjunction with its joint venture partner, Koza Limited, has carried out an extensive target generation, mapping and rock sampling programme on its gold mine river licence PL 3857 in Co. Wicklow and licence PL 2551 in Co. Wexford. This work is in addition to the previous drilling programme and is part of the works programme for our five precious metal licence areas. This is preparatory work for the next phase of our fully funded drilling programme. The Geological Survey of Ireland's (GSI) Tellus survey confirms high levels of gold in the streams near the Goldmines River and Avoca regions of Wicklow. These areas are included in our JV licences areas.

IMC continues to make progress on all its activities: implementing its base metal works programme in South West Ireland, as well as continuing progress on our licence areas in Wicklow and Wexford under the IMC/Koza joint venture agreement.

Liam McGrattan

Chairman

Unaudited Consolidated Statement of Comprehensive Income for the period ended 31 December 2016
			Six Months		Six Months		Year Ended
	Notes		31-Dec-16		31-Dec-15		30-Jun-16
					Euro		Euro
Continuing Operations
Revenue			-		-		-
Other Income / (Expense)			0		0		0
Administrative Expenses			(98,919)		(178,163)		(410,007)
(Loss) before tax			(98,919)		(178,163)		(410,007)
Income tax expense			0		0		0
(Loss) for period from continuing operations			(98,919)		(178,163)		(410,007)
Other Comprehensive income					-		-
Loss for the period and total comprehensive loss for the period			(98,919)		(178,163)		(410,007)
Earning per share (all continuing)
Loss per ordinary share - basic & diluted	1		(0.001)		(0.002)		(0.004)

Unaudited Consolidated Statement of Financial Position As at 31 December 2016
					Six Months					Six Months				Year Ended
		Notes			31-Dec-16					31-Dec-15				30-Jun-16
Non Current Assets		2			587,666					525,577				587,666
Current assets
Debtors					88,688					111,028				95,047
Cash and cash equivalents					300					62,985				61,742
Total assets					676,654					699,590				744,454
Equity and liabilities
Equity
"A" Ordinary Share Capital					38,093					38,093				38,093
Ordinary Share Capital					107,817					97,817				107,817
Share Premium - Ord Shares					2,237,415					1,987,221				2,237,415
Retained Earnings					(1,916,874)					(1,586,112)				(1,817,956)
Equity attributable to the owners of the Company					466,451					537,020				565,369
Current Liabilities
Trade & Other Payables					210,203					162,570				179,085
Total liabilities					210,203					162,570				179,085
Total equity and liabilities					676,654					699,590				744,454
Unaudited Consolidated Statement of Changes in Equity for the period ended 31 December 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											(410,007)		(178,163)
Other Comprehensive loss for the period													-
Issue of share capital			33,500						497,646				270,952
Share Issue Costs													-
Balance at 30 June 2016	38,093		107,817						2,237,415		(1,817,956)		565,369
Loss for the Period											(98,919)		(98,919)
Other Comprehensive loss for the period													-
Issue of share capital													0
Share Issue Costs													-
Balance at 31 December 2016	38,093		107,817						2,237,415		(1,916,874)		466,451

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 Interim financial statements of IMC Exploration Group PLC and its subsidiary have not 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:
			Six Months		Six Months		Year Ended
			31-Dec-16		31-Dec-15		30-Jun-16
Loss for the period attributable to equity holders of the parent			98,919		178,163		410,007
Weighted average number of ordinary shares for the purposes of basic earning per share			107,816,719		97,816,719		107,816,719
Basic (loss) per ordinary share			(0.001)		(0.002)		(0.004)

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
Additions/Disposals				62,941-	-	-	62,941
At 30 June 2016				587,665	6,125	38,738	632,528
Additions/Disposals				-	-	0	0
At 31 December 2016				587,665	6,125	38,738	632,528
Provision for diminution in value
At 30 June 2015				-	(4,660)	(38,738)	(43,398)
Charge for period				-	(1,465)	-	(1,465)
Disposal				-	0	-	0
At 30 June 2016				-	(6,125)	(38,738)	(44,863)
Charge for period				-	-	0	0
At 31 December 2016				-	(6,125)	(38,738)	(44,863)
Net book value
At 31 December 2016				587,665	0	0	587,665
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 31 December 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
			31-Dec-16		31-Dec-15		30-Jun-16
			Euro		Euro		Euro
200,000,000 Ordinary shares of Euro 0.001 each			200,000		200,000		200,000
50,000 "A" Ordinary shares of One Euro each			50,000		50,000		50,000
			250,000		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	497,646
As at 30 June 2016					107,816,719	107,817	2,237,415
Issued in period					-	-	-
As at 31 December 2016					107,816,719	107,817	2,237,415
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	-
Issued in period					-	-	-
As at 31 December 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 [phone]
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.