amara mining plc (AMA) Snapshot

Amara Mining plc announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenue of $13,990,000 compared to $23,605,000 a year ago. Operating loss was $2,375,000 compared to operating profit of $1,413,000 a year ago. Loss before taxation was $3,021,000 compared to profit before taxation of $1,397,000 a year ago. Loss attributable to equity holders of the parent company was $2,832,000 or 1.68 cents per basic and diluted share compared to $1,198,000 or 0.89 cents per basic and diluted share a year ago. Net cash flows used in operating activities were $293,000 compared to net cash flows from operating activities of $6,079,000 a year ago. Purchase of property, plant and equipment was $3,061,000 compared to $3,676,000 a year ago. Purchase of intangible assets - deferred exploration was $8,067,000 compared to $6,868,000 a year ago. EBITDA was $1,251,000 compared to $5,310,000 a year ago. 2013 production guidance of 50,000-60,000 ounces maintained although expected to be second half weighted.

Amara Mining plc received the environmental and construction permits for the haul road to connect Kalsaka and Sega in advance of the full Environmental Permit. A contractor has been appointed to build the road and construction work has now begun on the Sega licence area. The new jaw crusher has been installed at Kalsaka and the additional crushing circuit, which will be installed at Sega, has arrived at Kalsaka. Amara is going to apply to the Government for permission to begin the installation of the crushing circuit at Sega in advance of a decision regarding the award of the mining license in order to expedite the process of bringing Sega into production.

Amara Mining plc, Q1 2013 Earnings Call, May 22, 2013