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DUBLIN - IMC Exploration Group PLC has released its unaudited half-year financial report for the period ending December 31, 2024, highlighting key developments in line with the new EU Critical Raw Materials Act (CRMA). The company is exploring the potential reprocessing of mine waste at its Avoca site, which is estimated to contain over £80 million in metals.
The report comes at a time when the EU is pushing for increased extraction and processing of critical metals like copper, lithium, and cobalt, which are essential for clean energy and digital systems. IMC has completed further excavations at its spoils and tailings in Connary, aiming to enhance its Mineral Resource Estimate (MRE).
IMC’s exploration efforts extend beyond Ireland, with a recent presentation to Armenian government officials on future mining projects and community investments being well received. The company is also considering a dual listing on the Armenian Securities Exchange and has made headway with the potential processing of ore through its subsidiary Assat’s acquisition of the Masis plant LLC.
Financially, IMC reported a total comprehensive loss for the period of £348,330, a decrease from the previous half-year’s profit of £1,758. The company attributes this loss to administration costs and a reduction in revenue, which fell from £1,524,000 in the previous half-year to £67,000.
IMC’s advancements in exploration and potential processing capabilities are set against the backdrop of rising gold prices, which have increased from $2,721 to $3,084 per ounce since the last report. The company views the current market conditions and regulatory landscape as favorable for its development.
This announcement is based on a press release statement and presents the company’s progress and financial status without any promotional language or subjective assessment.
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