1st Apr 2026 08:28
(Alliance News) - IMC Exploration Group PLC on Tuesday reported a narrower loss in its financial first half and was upbeat about its prospects whilst also eyeing a dual listing in Armenia.
The Dublin-based gold explorer's pretax loss narrowed to EUR599,029 in the six months that ended December from EUR2.5 million a year before, partly helped by lower administration costs, which were reduced to EUR742,344 from EUR1.3 million, and lower cost of sales, which were down to EUR164,771 from EUR366,694.
IMC also benefitted from a EUR775,000 foreign exchange gain, increased from EUR2,000 the year prior, and other income of EUR145,000, versus none the year prior. The company booked no expected credit loss for the period, compared to a EUR260,000 loss on-year.
Revenue remained insubstantial, halving to EUR32,000 in the recent six months from EUR66,000 a year before.
The first half included "significant and positive milestones", IMC Explorations said, such as the renewal of its Karaberd mining licence in Armenia, which is now valid until January 2035, and the start of gold production at the company's Masis plant.
IMC continues to mull a dual listing on the Armenian Stock Exchange, noting: "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," the firm stressed.
For its Avoca project in Ireland, IMC provided a mineral resource estimate, updated as of March 30, putting the total value of metals in the project's spoils and tailing heaps at EUR175.4 million.
The firm also noted evidence of free gold from drilling at its Wexford licence, which it had reported last month, and which has supported ongoing discussions with potential partners.
Chair Eamon O'Brien commented: "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."
IMC shares were up 8.5% to 1.90 pence on Wednesday morning in London, having more than tripled over the past year.
By Holly Munks, Alliance News reporter
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