IMC Exploration Group Plc - Half-year Financial Report

IMC Exploration Group Plc - Half-year Financial Report

PR Newswire

LONDON, United Kingdom, March 31

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU WHICH IS PART OF DOMESTIC UK LAW AS AMENDED BY THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

HALF-YEARLY FINANCIAL REPORT

IMC Exploration Group PLC

("IMC" or the "Company")

IMC is pleased to announce the Company's unaudited half-yearly financial report for the six-month period ended 31 December 2025.

Chairman's Statement

In the six months to 31 December 2025 and post period end the Company has achieved some significant and positive milestones, including the renewal of the Karaberd mining licence to January 2035 and importantly g old production has commenced.

Karaberd Mining Licence

We were pleased to announce on 26 January 2026 that the Company's Karaberd gold and silver mining licence was renewed until January 2035.

The licence renewal provided for underground mining and the Company has entered into contracts to enable completion of the preparatory works. These are progressing well and will enable the finalisation of the currently ongoing contract negotiations with a major underground mining company who will manage the mining project. Further developments will be announced as appropriate.

Gold Production Commenced

As outlined in the last annual report, a technical audit of the Masis gold refining plant (to 999 fineness) was conducted in July 2025, requiring key operational upgrades, including the complete replacement of the electrolysis section. I am pleased to report that all upgrades have now been completed successfully.

The other main challenge, previously outlined, was that the Masis plant had relatively low capacity, which we have addressed in cooperation with corporate advisors Grant Thornton, Yerevan. The solution was that the Company's mining subsidiary, Assat, entered into a contract with Meghradzor Gold whose plant is to receive at least 4,000 tonnes of ore per month, drawn from our stockpile, and which is crushed at Assat's facility. In this process the gold content is concentrated to approximately 17 grammes per tonne upwards and then the concentrate is transported to the Massis plant, which is now owned 60% by associates of the Company's major investor Mineral Ventures Invest. The concentrating cost per tonne is approximately €46. From an operational point of view the IMC team, under Assat CEO Armand Pinarbasi, now have full control of the Massis plant and an IMC team is present 24/7 during the concentration of ore at the Meghradzor plant.

As I write, the first 120 tonnes of concentrate have been delivered to the Masis Plant where the concentrate is added to lower grade ore already stored at the plant and the mix then processed. The concentrate along with ore already stored at the plant will be refined in batches, generating a steady stream of cashflows for the Company. On 26 March 2026, the first tranche of gold extraction took place with a total volume of 40 tonnes of material yielding 218.2 grammes Au. The next extraction is scheduled to take place on 31 March 2026, with continued batches of extraction thereafter, and further concentration of ore at the Meghradzor plant.

Other Projects in Armenia

While the Company's primary focus over the last year has revolved around obtaining the Karaberd mining licence renewal and, along with the associates of our major investor Mineral Ventures Invest, getting the Company into a position where we can control our production of gold right up to 999 fineness, the Company did maintain contact with other parties in relation to two other projects, one being a prospective copper related project. Further announcements on any developments in relation to these two projects will be made as appropriate.

AMX Dual Listing

A dual listing on the Armenian Stock Exchange ("AMX") continues to be an objective of the Company. While the required documentation has been prepared by our advisors Grant Thornton, the Board has strategically timed finalising the listing to occur only after renewal of the Karaberd mining licence, after gold processing had commenced, and after the underground mining contract has been completed. That way IMC will come to the Armenian financial market in a very strong position and as a contributor to the Armenian economy and further announcements will be made as appropriate milestones in the listing process are achieved.

Irish Projects - Avoca and Wexford

Avoca PL 3849 and PL 3850

As previously reported further assessment and upgrade of the spoils and tailings was carried out on behalf of the Company by Trove Metal. This resulted in a mid-estimate increase (+650,000 tons) in the tonnage of spoils and tailings from 1,871,000 to 2,521,000 tonnes.

To align with the recent European Nature Restoration Law and the European Union's Critical Raw Minerals Act the Company decided that a project that combined remediation of the old mining area of Avoca, which is c.153 acres, and abstraction of metals from the spoils and tailings that currently leach into the water table and river would be the best approach to take and might also secure grant aid from European green-transition funds. To that end we had a recent meeting with China National Geological and Mining Company who, along with their associate company Lvyan Ecology, have already visited our Avoca site in Ireland. It was agreed that IMC would shortly travel to China to see examples of remediated sites and to put together a world-class project plan for Avoca.

Based on current prices of metals and based on the Mineral Resource Estimate prepared by CSA Global in their report No. R369.2018, plus the additional gold ounces from the Trove Metal reported tonnage increase (+650,000 tons), the following table sets out a valuation of the inferred metals in the spoils and tailings:

Wexford PL 2551

IMC was very pleased to have been able to announce on 24 February 2026 results showing free gold with gold-rich electrum (Au91Ag09) being in quartz veins intersected by drillhole 24-2551-01 from a laboratory study of its 2024 drilling at its Boley prospect in Prospecting Licence ("PL") 2551 in Co. Wexford Ireland. These results, stemming from a specialized laboratory study of drillhole 24-2551-01, represent a significant milestone for our Irish exploration programme.

The fact that the level of gold in pyrite analysed at Boley in PL 2551 is similar to that in pyrite phases which host gold at the 6,000,000-ounce Curraghinalt deposit in Co. Tyrone, Northern Ireland, makes this PL highly prospective.

Great interest was shown in our latest published report on PL 2551 by parties at the recent PDAC Convention in Toronto. Further discussions are currently ongoing with interested parties as we evaluate the best path forward to unlock the value of this asset.

In conclusion, IMC has achieved transformative progress across our entire portfolio, both during the period and post period end, and having our Karaberd licence renewed to 2035, we now have a very solid platform from which to accelerate our development and deliver sustained value to our shareholders.

Eamon P. O'Brien,

Executive Chairman,

Dublin, 31st March 2026

Statement of Directors' Responsibilities

We confirm that to the best of our knowledge:

1. this interim condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

2. the condensed set of financial statements has been prepared in accordance with ASB's 2007 Statement Half-Yearly Reports;

3. the condensed set of financial statements give a true and fair view of the asset, liabilities, financial position and loss of the group and the undertakings included in the consolidation as a whole as required by DTR 4.2.4R; and

4. the interim management report includes a fair review of the information required by:

4.1. DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year; and

4.2. DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being related party transactions that have taken place in the first six months of the current financial year and that have materially affected the financial position or performance of the entity during that period; and any changes in the related party transactions described in the last annual report that could do so.

The directors of IMC Exploration plc are listed in the Group's 2025 Annual Report and Accounts and the current board are set out in the corporate section of IMC's website at.

https://www.imcexploration.com/corporate/board-of-directors

Principal Risk and Uncertainties

The Group's activities are carried out principally in the Republic of Ireland and Republic of Armenia. Accordingly, the principal risks and uncertainties are considered to be the following:

Exploration Risk

Exploration and development activities may be delayed or adversely affected by factors outside the Group's control, in particular: climatic conditions, existence of commercial deposits of gold, zinc and other minerals, unknown geological conditions; remoteness of locations; actions of governments or other regulatory authorities (relating to, inter alia, the grant, maintenance or renewal of any required authorisations, environmental regulations or changes in law).

Commodity Price Risk

The demand for, and price of gold, zinc and other minerals is dependent on global and local supply and demand, actions of governments or cartels and general global economic and political developments.

Financial Risk

The main risks arising from the Group and Company's financial instruments are foreign currency risk, credit risk, liquidity risk, interest rate risk and capital risk. The board reviews and agrees policies for managing each of these risks on a regular basis.

Economic Risk

After 35 years of violent conflict, the leaders of Armenia and Azerbaijan signed a "historic peace agreement" at the White House on August 8, 2025. This long-sought agreement-supported over the years by numerous political groups, and countries including Russia, Turkey, the UK, France, Iran and the EU- represents a real opportunity to achieve lasting peace in the region. Both nations committed to ending hostilities, establishing diplomatic relations, and respecting each other's territorial integrity. Under the terms of the agreement, the United States will gain access to a strategic transit corridor on Armenian territory, located along the border with Iran and connecting Azerbaijan with its Nakhchivan exclave. This corridor will also provide a highly efficient trade route linking China and Central Asia to Europe via the so-called "Middle Corridor" (China-Kazakhstan-Azerbaijan-Turkey-EU), serving as an alternative to both the Russian route and the current main China-Suez trade path. The stability and economic benefits of the treaty are viewed by the Armenian government and business community, including IMC, as highly positive for the country's future. As covered in the 2025 IMC annual report the changes in political and economic environment and the development of the legal, tax and legislative systems in Armenia have continuing nature. The stability and development of the Armenian economy largely depends on these changes. The government has brought a renewed commitment to good governance, including anticorruption efforts, transparency, and accountability.

Like all international agreements, they are dependent on the goodwill of the parties involved and adherence to the terms of the agreement. This has been a volatile region in the past and these consolidated financial statements do not reflect the potential future impact of any adverse occurrences relating to the Armenia and Azerbaijan peace agreement on the Group's operations.

IMC Exploration Group PLC
Consolidated Statement of Comprehensive Income
For the period 1st July 2025 to 31 December 2025
			Dec'25		Jun'25
	Revenue		32,000		66,000
	Cost of Sales		(164,771)		(366,694)
	Gross Profit		(132,771)		(300,694)
	Administration Costs		(742,344)		(1,330,816)
	Other Income		145,000		-
	Operating Profit /(loss) for the period		(730,115)		(1,631,510)
	Interest Payable		29,086		44,701
	Gain On disposal		-		11,000
	Foreign Exchange Gain/(Loss)		775,000		2,000
	Expected Credit Loss		-		(260,250)
	Translation Reserve		(673,000)		(657,835)
	Profit / (Loss) for period before tax		(599,029)		(2,491,894)
	Income tax expenses		(267,421)		(300,935)
	Total comprehensive loss for the period		(866,450)		(2,792,829)
	Loss attributable to:
	Equity holders of the Company		(866,450)		(2,792,829)
	Total Comprehensive Loss attributable to:
	Equity holders of the Company		(866,450)		(2,792,829)
	Earnings per share
	From continuing operations
	Basic and Diluted profit per share (cent)		(0.11)		(0.40)

IMC Exploration Group PLC
Consolidated Statement of Financial Position
As at 31st December 2025
					Dec'25				Jun'25
		Assets
		Intangible assets			3,348,611				3,492,455
		Property, plant and equipment			90,000				98,000
		Total Non-Current Assets			3,438,611				3,590,455
		Current Assets
		Inventory			402,000				345,000
		Trade and other receivables			3,552,786				3,447,914
		Cash and cash equivalents			67,000				8,000
		Total Current Assets			4,021,786				3,800,914
		Total Assets			7,460,397				7,391,369
		Equity
		Share Capital			818,771				736,990
		Share premium & Capital			9,493,831				8,878,158
		Retained deficit			(8,015,633)				(7,149,183)
		Attributable to owners of the Company			2,296,968				2,465,966
		Total Equity			2,296,968				2,465,966
		Liabilities - Current
		Trade and other payables			2,216,943				1,792,709
		Total Liabilities-Current			2,216,943				1,792,709
		Liabilities - non-current
		Loan & Borrowings			638,127				1,175,994
		Shareholder Contribution			1,828,000				1,468,000
		Provision			-				28,000
		Deferred tax liability			480,359				460,701
		Total Liabilities-Non-Current			2,946,486				3,132,695
		Total Equity and Liabilities			7,460,397				7,391,370
IMC Exploration Group PLC
Consolidated Statement of Changes in Equity
For the period 1st July 2025 to 31 December 2025
			Share Capital €			Share Premium €	Retained Losses €			Total €
	Balance at 30 June 2024		723,191			8,818,818	(4,356,354)			5,185,654
	Total comprehensive income for the period
	Loss for the period		-			-	(2,792,829)			(2,792,829)
	Total comprehensive income for the period		-			-	(2,792,829)			(2,792,829)
	Transactions with owners, recorded directly in equity contributions and distributions to owners
	Shares issued		13,800			59,340	-			73,140
	Balance at 30 June 2025		736,991			8,878,158	(7,149,183)			2,465,966
	Total comprehensive income for the period
	Loss for the period		-			-	(866,450)			(866,450)
	Total comprehensive income for the period		-			-	(866,450)			(866,450)
	Transactions with owners, recorded directly in equity contributions and distributions to owners
	Shares issued		81,780			615,673	-			697,453
	Balance at 31 December 2025		818,771			9,493,831	(8,015,633)			2,296,968

IMC Exploration Group PLC
Consolidated Statement of Cash Flows
As at 31st December 2025
			Dec'25		Jun'25
	Cash flows from operating activities
	(Loss) for the year		(224,448)		(2,491,894)
	Adjustments for:
	Amortisation & Depreciation		172,000		356,166
	Bad Debts		-		257,841
	Gain on Disposal of Fixed Asset		-		(11,000)
	Foreign Exchange translation difference		(92,000)		(289,941)
	Taxation		-		661,935
	Cash from operations before changes in working capital		(144,448)		(1,516,893)
	Movement in trade and other receivables		(704,702)		(84,192)
	Movement in trade inventories		(57,000)		963,839
	Movement in trade and other payables		(147,712)		39,000
	Net cash flow from operating activities		(1,053,862)		(598,246)
	Taxation paid		-		(407,000)
	Cash flows from investing activities
	Capital Expenditure		(7,500)		(640,000)
	Net cash (used in) investing activities		(7,500)		(640,000)
	Cash flows from financing activities
	Proceeds from the issue of new shares		81,780		73,140
	Proceeds from loans or borrowings		1,022,673		1,591,272
	Finance income/(expense)		-		-
	Net cash generated by financing activities		1,104,453		1,664,412
	Movement in cash and cash equivalents		43,091		19,166
	Cash and cash equivalents at beginning of period		(10,593)		(29,759)
	Cash and cash equivalents at end of year		32,498		(10,593)

REGULATORY ANNOUNCEMENT ENDS.

Enquiries:

IMC Exploration Group plc

Eamon O'Brien

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Kathryn Byrne

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Keith, Bayley, Rogers & Co. Limited

Stephen Clayson

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Brinsley Holman

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IFC Advisory Limited (Financial PR and IR)

Tim Metcalfe

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