IMC Exploration Group Plc – Half-year Financial Report

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 gold 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:

[image]

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 Retained
Total €
Premium € Losses €
Balance at 30 723,191 8,818,818 (4,356,354)
5,185,654
June 2024

Total
comprehensive
income for
the period
Loss for the – – (2,792,829)
(2,792,829)
period

Total – – (2,792,829)
(2,792,829)
comprehensive
income for
the period

Transactions
with owners,
recorded
directly in
equity
contributions
and
distributions
to owners
Shares issued 13,800 59,340 –
73,140

Balance at 30 736,991 8,878,158 (7,149,183)
2,465,966
June 2025

Total
comprehensive
income for
the period
Loss for the – – (866,450)
(866,450)
period

Total – – (866,450)
(866,450)
comprehensive
income for
the period

Transactions
with owners,
recorded
directly in
equity
contributions
and
distributions
to owners
Shares issued 81,780 615,673 –
697,453

Balance at 31 818,771 9,493,831 (8,015,633)
2,296,968
December 2025

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 – (11,000)
Asset
Foreign Exchange (92,000) (289,941)
translation difference
Taxation – 661,935

Cash from operations before (144,448) (1,516,893)
changes in working capital

Movement in trade and other (704,702) (84,192)
receivables
Movement in trade (57,000) 963,839
inventories
Movement in trade and other (147,712) 39,000
payables

Net cash flow from (1,053,862) (598,246)
operating activities

Taxation paid – (407,000)

Cash flows from investing
activities
Capital Expenditure (7,500) (640,000)

Net cash (used in) (7,500) (640,000)
investing activities

Cash flows from financing
activities
Proceeds from the issue of 81,780 73,140
new shares
Proceeds from loans or 1,022,673 1,591,272
borrowings
Finance income/(expense) – –

Net cash generated by 1,104,453 1,664,412
financing activities

Movement in cash and cash 43,091 19,166
equivalents

Cash and cash equivalents (10,593) (29,759)
at beginning of period

Cash and cash equivalents 32,498 (10,593)
at end of year

REGULATORY ANNOUNCEMENT ENDS.

Enquiries:

IMC Exploration Group plc

Eamon O’Brien

+353 87 6183024

Kathryn Byrne

+353 85 233 6033

Keith, Bayley, Rogers & Co. Limited

Stephen Clayson

[email protected]

+44 (0)7771 871 847

Brinsley Holman

[email protected]

+44 (0)7776 302 228

IFC Advisory Limited (Financial PR and IR)

Tim Metcalfe

Florence Staton

+44 (0)203 934 6632

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