Highlights:
· Revenue from gold sales for the reporting period increased by 83% to MSEK 27.4 (US$ 4.2 m) compared to revenue for Q1 2012 in amount of MSEK 14.9 (US$ 2.3 m).
· Production increased by 90% and amounted to 78 kg (2,508 oz) compared to Q1 2012.
· EBITDA for the period was MSEK -3.1 (US$ -0.5 m) compared to Q1 2012 in amount of MSEK -3.9 (US$ -0.6 m).
· The net profit after tax was MSEK -21.2 (US$ -3.3 m) compared to Q1 2012 in amount of MSEK -13.2 (US$ -2.0 m). Earnings per share after dilution for Q1 2013 were equal to SEK -1.14 (US$ -0.17) compared to Q1 2012 – SEK -0.75 (US$ -0.12).
· Blasting resumed at Tardan and Solcocon by external contractors.
· Tardan outsourced exploration drilling and waste and ore removal.
· Solcocon factory was shut down for 2 months in order to implement planned upgrades.
Key developments post period end:
· Svyazbank loan to Tardan fully repaid.
· Current Promsvyazbank loan of MSEK 105.6 (US$ 16.2 m) was refinanced. Additional MSEK 65.2 (US$ 10.0 m) was raised.
· Solcocon fulfilled its obligations to draw down the remaining MSEK 10.4 (US$ 1.6 m) of the existing Svyazbank loan.
· Share incentive program for top management and other employees was approved by Annual General Meeting in May 2013.
