IMC Exploration Group plc (LON:IMC) has announced the Company’s unaudited second interim half-yearly financial report for the six-month period ended 30 June 2026. As announced on 29 October 2026 the Company has changed its accounting reference date and financial year end from 30 June to 31 December.
Chairman’s Statement
In the six months to 30 June 2026 and post period end the Company has achieved some significant and positive milestones, including:
| • | The renewal, to January 2035, of the Karaberd Mining licence as announced on 26 January 2026. | |
| • | Laboratory work carried out by Dr Seán H. McClenaghan of the Raw Materials Characterization Laboratory, Trinity College Dublin on behalf of IMC, in connection with the Company’s Boley prospect in Co. Wexford Ireland, that confirmed: | |
| (i) | free gold in quartz veins intersected by drillhole 24-2551-01. | |
| (ii) | polished sections reveal a high abundance of bismuth-tellurides in association with gold-rich electrum (Au91Ag09) and tetrahedrite within orogenic quartz also hosting chalcopyrite, galena, pyrite and arsenopyrite. | |
| • | The commencement of the Karaberd underground mining project. | |
| • | Signed a matching €100,000 funding agreement, in collaboration with Trinity College, related to Taighde Éireann – Research Ireland’s support of iCRAG Phase 2. | |
Karaberd Underground Mining: Preparations for underground mining are now well underway. To ensure technical excellence, Assat, the 100% owned subsidiary of the Group, entered a contract with TTH Limited, a specialised mining and geological consulting company. TTH is actively executing three core work streams critical to the Karaberd underground mining project: laboratory reconstruction, a new exploration program, and comprehensive surface preparation for underground operations, details of which IMC announced on 1 September 2026.
AMX Dual Listing: Preparations are continuing with regard to the proposed Armenian dual listing, along with the assistance of the Company’s advisers, Grant Thornton. A suitable date will be chosen based on concurrent positive Group developments. To that end IMC has announced the change of its year end from 30 June to 31 December. As it is the Company’s intention to seek a dual listing on the Armenian Stock Exchange in due course, it is a requirement that all Armenian listed companies have a financial year ending 31 December.
Favourable geopolitical situation in Armenia: Our operations at Karaberd and the broader growth trajectory of IMC greatly benefit from Armenia’s domestic stability and economic resilience, ensuring an ideal context for our gold and silver production activities.
Following the June 2026 parliamentary elections, Prime Minister Nikol Pashinyan’s Civil Contract party secured a solid majority (64 of 105 seats), ensuring firm political continuity. This stability supports a strong operating climate for our mining assets, complemented by ongoing infrastructure initiatives such as the U.S. TRIPP transport corridor.
Armenia’s economy continues to outperform expectations, following a 7.1% GDP growth rate in 2025, with the IMF projecting growth of around 5.25% for 2026. This resilience is underpinned by strong domestic consumption and robust foreign investment, providing a secure foundation for our ongoing operations and expansion plans.
Avoca and Wexford Gold Projects
In line with our stated strategy, the Board continues to actively evaluate commercial options, joint ventures, and farm-in opportunities across our exploration portfolio to advance our core assets while managing capital dilution. We look forward to updating the market on these initiatives as they mature.
iCRAG Agreement: IMC is very pleased to announce that it has concluded an agreement that ties in with funding provided by Taighde Éireann – Research Ireland to support iCRAG Phase 2.
The funded project involves IMC collaborating with Trinity College on a project entitled –
‘Characterizing CRM signatures of polymetallic mineralization across Caledonian Terranes with a view towards refining exploration models for southeast Ireland’.
This proposed research helps address key challenges in helping to understand the overall setting of polymetallic mineralization and associated critical raw material (CRM) and precious metal potential across Caledonian terranes in southeast Ireland where IMC licences are located, and will help to turn raw information into higher probability drill spots that helps the Company with targeting.
The agreement provided matching funds of up to €100,000 for works carried out in 2027.
Gold and Silver production – Karaberd
Between March and June 2026, processing operations at the Masis plant and Meghradzor yielded approximately 2.2 kg and 3.3 kg of gold, respectively. Furthermore, approximately 15,000 tons of ore from our accumulated warehouse are currently being prepared for processing during the third and fourth quarters of 2026. This inventory is projected to yield up to 20 kg of gold and 45 kg of silver, providing a strong revenue foundation for the remainder of the financial year.
In conclusion, IMC has made progress on both our Irish and Armenian projects, and having commenced preparatory work for the underground mining of IMC’s Karaberd mine, and earlier in the year having its licence renewed to 2035, and having commenced gold and silver production, 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,
