IMC Exploration begins gold production at Armenia facility

Tue Mar 31 2026

IMC Exploration Group PLC reported gold production has commenced at its Karaberd project, with the first extraction of 218.2 grams of gold completed on March 26, according to a press release statement. The company announced its Karaberd gold and silver mining license was renewed on January 26 until January 2035, providing authorization for underground mining operations. The company is in contract negotiations with an underground mining company to manage the mining project.

IMC’s mining subsidiary Assat entered into a contract with Meghradzor Gold to process at least 4,000 tonnes of ore per month from the company’s stockpile. The ore is crushed at Assat’s facility, concentrating gold content to approximately 17 grams per tonne, at a cost of approximately €46 per tonne. The concentrate is then transported to the Masis gold refining plant, which is 60% owned by associates of the company’s major investor Mineral Ventures Invest. The first 120 tonnes of concentrate have been delivered to the Masis plant. The next extraction is scheduled for today, with continued batches planned thereafter.

For the six-month period ended December 31, 2025, the company reported revenue of €32,000 and a comprehensive loss of €866,450. Cash and cash equivalents stood at €67,000 as of December 31, 2025. At the company’s Avoca project in Ireland, assessment work by Trove Metal resulted in an increase of 650,000 tonnes in the estimated tonnage of spoils and tailings, bringing the total to 2,521,000 tonnes.

On February 24, the company announced results showing free gold with gold-rich electrum in quartz veins at its Boley prospect in Prospecting License 2551 in County Wexford, Ireland.

Source: https://in.investing.com/