Talvivaara Mining Company Interim Report for January-March 2013

Stock Exchange Release
Talvivaara Mining Company Plc
24 April 2013

Talvivaara Mining Company Interim Report for January-March 2013

Financing transactions to secure liquidity for continued ramp-up
Operational focus on achieving a sustainable water balance

Highlights
* Nickel production of 2,732t, impacted by continued water balance challenges
and the effect of excess water on bioheapleaching
* Net sales of EUR 27.6 million
* Operating loss of EUR (20.0) million
* Purification and discharge of excess water from the mine site commenced in
March utilising the additional 1.8Mm3 discharge quota granted by the Kainuu
Centre for Economic Development, Transport and the Environment ("Kainuu ELY
Centre") in February 2013


Financing transactions
A number of financing arrangements undertaken to de-risk Talvivaara's balance
sheet, secure liquidity for the continued ramp-up of operations towards full
capacity and provide an appropriate capital structure to enable repayment or
refinancing of short- and medium-term indebtedness, including the remaining EUR
76.9 million convertible bond maturing in May 2013.

The financing transactions consist of:
* Fully underwritten rights issue to raise approximately EUR 261 million in
gross proceeds
* Renegotiated EUR 100 million revolving credit facility
* Increase of advance payment from Cameco by USD 10 million to USD 70 million
* EUR 12 million additional up-front payment from Nyrstar


Events after the reporting period
* Oversubscribed EUR 261 million rights issue completed; trading in new shares
commenced on 17 April 2013
* Gypsum pond leakage detected on 7 April 2013 and stemmed on 9 April 2013;
all leakage waters contained within the mining area
* Ore production operations expected to be re-started in May, approximately
1.5 months ahead of earlier plans; temporary lay-offs announced in February
cancelled due to mining re-start


Production guidance
2013 full-year nickel production guidance of 18,000t re-iterated; return to a
clear ramp-up anticipated in the second half of the year following re-start of
mining in May and improving water balance situation

Key figures

-------------------------------------------------------------------------------
  Q1 Q4 Q1 FY
EUR million 2013 2012 2012 2012
-------------------------------------------------------------------------------
Net sales 27.6 25.7 39.0 142.9
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Operating profit (loss) (20.0) (57.0) (11.4) (83.6)
-------------------------------------------------------------------------------
      % of net sales (72.4)% (221.9)% (29.3)% (58.5)%
-------------------------------------------------------------------------------
Profit (loss) for the period (23.9) (59.4) (14.9) (103.9)
-------------------------------------------------------------------------------
Earnings per share, EUR (0.09) (0.22) (0.06) (0.38)
-------------------------------------------------------------------------------
Equity-to-assets ratio 25.5% 24.3% 31.8% 24.3%
-------------------------------------------------------------------------------
Net interest bearing debt 530.1 563.8 422.2 563.8
-------------------------------------------------------------------------------
Debt-to-equity ratio 159.1% 183.8% 107.9% 183.3%
-------------------------------------------------------------------------------
Capital expenditure 17.3 29.6 14.7 97.5
-------------------------------------------------------------------------------
Cash and cash equivalents at the end of the 68.7 36.1 85.9 36.1
period
-------------------------------------------------------------------------------
Number of employees at the end of the period 583 588 498 588
-------------------------------------------------------------------------------
All reported figures in this release are unaudited.


CEO Pekka Perä comments: "In February, we announced extensive financing
arrangements to improve our liquidity position and de-risk our balance sheet.
The central element of the financing package was an underwritten rights issue to
our shareholders to raise approximately EUR 261 million. The rights issue was
successfully completed in April, and I am especially pleased to note that the
transaction was oversubscribed.

Operationally, our focus during the first quarter was on resolving the
prevailing water balance challenges. We commenced the discharge of purified
excess waters into the environment in order to prepare for the spring melt and
ensure sufficient safety capacity. With the spring melt having commenced, we are
confident that the safety capacity is now sufficient. However, we will need to
continue discharging excess waters in order to further moderate the operational
and environmental risk levels. Beyond resolving the short-term water balance
issue, we are also focusing on implementing a sustainable long-term water
balance and taking all necessary measures to ensure we can avoid similar
problems in the future.

In line with our expectations, metals production output in the first quarter
continued to be impacted by depressed metal grades in leach solution, stemming
from excess water in circulation and related aeration challenges. Whilst we
expect a material improvement in bioheapleaching performance to take some
months, we have seen encouraging developments in heap sections where aeration
and irrigation improvements have been made and water content has been restored
to a more normal level. While ore production has been suspended, we have also
carried out extensive development work to improve our understanding of the
bioleaching process and believe we have found ways to improve the stability and
predictability of the bioleaching performance going forward. We have also
recently announced the intention to re-start ore production in May ahead of
earlier plans, which will both help with water balance management as new ore
ties up a significant amount of water and support the achievement of our
production targets.

Our financial performance remained disappointing, reflecting the achieved
production levels and the depressed nickel price environment. The nickel market
showed some signs of improvement early in the year, but the nickel price has
since declined back to around USD 16,000/t in early April amid record stock
levels at the London Metal Exchange. Whilst short-term visibility is very
limited, we continue to believe in strong longer-term nickel market
fundamentals.

Finally, I would like to sincerely thank our shareholders for their continued
support for Talvivaara through these challenging times, as well as our team and
advisors for their hard work and dedication. We will use the proceeds from the
completed rights issue to resolve our short-term challenges and continue the
ramp-up of production towards full capacity. Our clear vision continues to be
for Talvivaara to become a successful and internationally significant player in
the mining industry, and today Talvivaara is at a new beginning."

Enquiries:

Talvivaara Mining Company Plc. Tel. +358 20 712 9800
Pekka Perä, CEO
Saila Miettinen-Lähde, Deputy CEO and CFO

College Hill Tel. +44 20 7457 2020
David Simonson
Anca Spiridon

Webcast and conference call on 24 April 2013 at 1:00pm EET / 11:00am BST

A combined webcast and conference call on the January-March 2013 Interim Result
will be held on 24 April 2012 at 1:00pm EET / 11:00am BST. The call will be held
in English.

The webcast can be accessed through:
http://qsb.webcast.fi/t/talvivaara/talvivaara_2013_0424_q1/

A conference call facility will be available for a Q&A with senior management
following the presentation.
Participant - Finland: +358 (0)9 2313 9201
Participant - UK: +44 (0)20 7162 0077
Participant - US: +1 334 323 6201

Conference ID: 931705
The webcast will also be available for viewing on the Talvivaara website shortly
after the event.

Financial review

Q1 2013 (January-March)

Net sales and financial result

Talvivaara's net sales for nickel and cobalt deliveries to Norilsk Nickel and
for zinc deliveries to Nyrstar during the quarter ended 31 March 2013 amounted
to EUR 27.6 million (Q1 2012: EUR 39.0 million). Most of the net sales for the
three months came from nickel. Only one zinc delivery took place during the
period, amounting to 2,217t in February 2013, and due to high moisture content
some zinc was stored at the Kokkola port until the product is sufficiently dry
for transportation. Compared to Q4 2012, net sales increased by 7.4% primarily
due to increased nickel product deliveries. However, the increase in nickel
deliveries was partially offset by a lower nickel price. Product deliveries in
Q1 2013 amounted to 2,746t of nickel, 88t of cobalt and 2,217t of zinc (Q1
2012: 3,522t of nickel, 8,333t of zinc, 96t of cobalt).

The Group's other operating income amounted to EUR 0.7 million (Q1 2012: EUR
1.4 million) and mainly resulted from indemnities on property damages.

Changes in inventories of finished goods and work in progress amounted to EUR
7.3 million (Q1 2012: EUR 22.5 million). Due to the temporary suspension of
mining and crushing operations, no new ore was stacked during Q1 2013 and the
increase in work in progress was therefore smaller than during normal
operations.

Personnel expenses were EUR (7.3) million in Q1 2013 (Q1 2012: EUR (7.8)
million). The personnel expenses based on options granted to employees decreased
by EUR 1.0 million compared to Q1 2012. In addition, there was an increase of
EUR 0.5 million in wages and salaries due to increased number of personnel. The
increase was partially offset by temporary lay-offs, which Talvivaara started in
February 2013.

Operating loss for Q1 2013 was EUR (20.0) million (Q1 2012: EUR (11.4) million).
Materials and services were EUR (22.6) million in Q1 2013 (Q1 2012: EUR (34.9)
million) and other operating expenses were EUR (12.6) million (Q1 2012: EUR
(18.9) million). The largest cost items were production chemicals, external
services, electricity and maintenance. Mining and materials handling costs were
lower than in Q1 2012 due to the temporary suspension of ore production. In
metals recovery, costs were higher than in the previous year due to increased
hydrogen sulphide and hydrogen peroxide consumption as a result of
inefficiencies caused by low metal grades in feed solution and low solution
temperatures. Furthermore, certain process change trials resulted in temporarily
increased usage of sodium hydroxide in January and February 2013.

Finance income for Q1 2013 was EUR 0.3 million (Q1 2012: EUR 1.7 million).
Finance costs of EUR (12.1) million (Q1 2012: EUR (9.6) million) were mainly
related to interest and related financing expenses on borrowings.

Loss for the period and the total comprehensive income amounted to EUR (23.9)
million (Q1 2012: EUR (14.9) million) reflecting the relatively low nickel
price, high maintenance costs and only moderate amounts of product deliveries.
Earnings per share were EUR (0.09) in Q1 2013 (Q1 2012: EUR (0.06)).

Balance sheet

Capital expenditure in Q1 2013 totalled EUR 17.3 million (Q1 2012: EUR 14.7
million). The expenditure primarily related to water management, uranium
extraction circuit and secondary leaching. On the consolidated statement of
financial position as at 31 March 2013, property, plant and equipment totalled
EUR 813.6 million (31 December 2012: EUR 809.5 million).

In the Group's assets, inventories amounted to EUR 306.5 million on 31 March
2013 (31 December 2012: EUR 297.8 million). The increase in inventories reflects
the continuing ramp-up of production and the consequent increase in the amount
of ore stacked on heaps, valued at cost. The temporary suspension of ore
production reduced the rate of increase in inventories in Q1 2013.

Trade receivables amounted to EUR 22.4 million on 31 March 2013 (31 December
2012: EUR 32.2 million). The decrease compared to the previous year was
attributable to the sale of trade receivables, which commenced in December 2012.

On 31 March 2013, cash and cash equivalents totalled EUR 68.7 million (31
December 2012: EUR 36.1 million). The cash position included a proportion of the
funds raised through the underwritten approximately EUR 261 million rights issue
announced on 14 February 2013. On 31 March 2013, the funds raised amounted to
EUR 54.8 million corresponding to 342.7 million new shares.

In equity and liabilities, total equity amounted to EUR 333.1 million on 31
March 2013 (31 December 2012: EUR 306.8 million). By 31 March 2013, the net
proceeds of EUR 49.5 million from the rights issue had been recognised in
equity. In addition, interest cost of EUR 3.1 million of a perpetual capital
loan was capitalized in equity in February 2013.

Provisions decreased from EUR 27.5 million on 31 December 2012 to EUR 21.8
million at the end of March 2013. The costs related to water management and the
gypsum pond leakage of November 2012 amounted to EUR 5.9 million in Q1 2013 and
the corresponding provisions were de-recognised. The incurred costs came from
the treatment of excess waters with limestone and milk of lime. In addition,
treatment of contaminated soil downstream of the Kortelampi dam commenced by
removal of trees and dewatering of the area.

Borrowings decreased from EUR 599.8 million on 31 December 2012 to EUR 598.8
million at the end of March 2013. The changes in borrowings during Q1 2013
mainly related to finance lease liabilities. Total advance payments as at 31
March 2013 amounted to EUR 291.9 million, representing an increase of EUR 18.2
million from EUR 273.7 million on 31 December 2012. During Q1 2013, Talvivaara
received a total of EUR 7.4 million in advance payments from Cameco Corporation
based on the amended uranium off-take agreement between the companies. In
addition, EUR 12.0 million in advance payments was received from Nyrstar based
on the amendment agreement regarding the zinc in concentrate streaming agreement
(see section "Financing"). The advance payment from Nyrstar was also amortised
by EUR 1.2 million as a result of zinc deliveries.

Total equity and liabilities as at 31 March 2013 amounted to EUR 1,307.0 million
(31 December 2012: EUR 1,260.8 million).

Financing

On 12 February 2013, Talvivaara Sotkamo entered into an amendment agreement with
Cameco concerning the uranium take-in-kind agreement pursuant to which the
amount of the up-front investment that Cameco is to pay to Talvivaara Sotkamo
for the construction of the uranium extraction facility was increased by USD 10
million to USD 70 million. In addition, the duration of the agreement was
extended to 31 December 2017 and commercial terms revised accordingly.
Talvivaara received the additional up-front investment in February 2013.

On 14 February 2013, Talvivaara Sotkamo entered into an amendment agreement with
Nyrstar regarding the zinc in concentrate streaming agreement pursuant to which
Nyrstar made an additional up-front payment of EUR 12 million to Talvivaara
Sotkamo in return for Talvivaara Sotkamo agreeing not to charge Nyrstar the EUR
350 per tonne extraction and processing fee on the next 38,000 tonnes of zinc in
concentrate delivered to Nyrstar as was agreed in the original zinc in
concentrate streaming agreement. The up-front payment was received in February
2013.

On 8 March 2013, an Extraordinary General Meeting of Talvivaara Mining Company
resolved to approve the proposal by the Board of Directors to authorise the
Board of Directors to undertake a share issue for consideration pursuant to the
shareholders' pre-emptive subscription rights. The underwritten share issue was
finalised in April and all 1,633,857,840 new shares offered in the rights issue
were subscribed for. The gross proceeds amounted to approximately EUR 261
million. The total number of shares in Talvivaara Mining Company increased to
1,906,167,480 shares. The share issue was recognised in the Q1 2013 results as
described above in section "Balance sheet".

Production review

During the first quarter, Talvivaara continued to focus on overall water balance
management of the operation and commenced the discharge of purified excess
waters from the mine site. Whilst availability of the metals recovery plant
continued to be at a good level during the quarter, metal grades in leach
solution remained, as expected, depressed impacting metals production. Zinc
production during the quarter was impacted by technical issues resulting in zinc
being lost in thickener overflows. The causes for the issue have been identified
and impact on zinc production is being mitigated through, for example, modified
leaching section pumping arrangements. Talvivaara's metals production output in
the first quarter amounted to 2,732t (Q1 2012: 3,374t) of nickel and 3,128t (Q1
2012: 7,890t) of zinc.

In metals recovery, significant progress continued to be made in improving and
maintaining plant stability and availability. In line with Talvivaara's
operational excellence approach, multiple new processes and metrics have been
developed to monitor and improve the production process and plant efficiency.
These improvements have significantly enhanced the ability to determine,
anticipate and remove any process disturbances ensuring a high plant utilisation
rate. Talvivaara reached an average hourly leach solution flow rate through the
plant of approximately 1,300 m3/h in the first quarter, representing a 30%
increase compared to approximately 1,000 m3/h in 2012. A record monthly average
solution flow rate of 1,422 m3/h was achieved in January.

As expected, water balance challenges continued to impact bioheapleaching
performance. The excess water in the solution circuit and reduced evaporation
diluted metal grades in leach solution, and the high water content in the heaps
also negatively affected leaching performance by reducing the efficiency of
aeration. The nickel grade in solution pumped to the metals recovery plant
varied between 1.1 g/l and 1.3 g/l in the first quarter, compared to an average
of approximately 1.3 g/l in the fourth quarter of 2012. Talvivaara has placed
significant emphasis on improving the leaching process through, for example,
maintenance and modification of irrigation and aeration systems and obtained
encouraging results in re-activating the leaching process in heap sections from
which excess water has been removed and in which aeration has been improved.
Furthermore, extensive development work has been carried out in order to
increase the overall understanding of the leaching process and to achieve better
predictability and consistency of the leaching performance. Critical operating
variables have been verified by methods such as statistical data analysis
and small and industrial scale trials. Upon the planned re-start of mining and
stacking of new ore in May 2013, increased attention will also be paid on the
properties of the ore under leaching, with key parameters including grade,
mineralogical composition and agglomerate quality.

In ore production, as previously announced, mining and crushing operations
remained suspended during the first quarter due to excess water being stored in
the Kuusilampi open pit. Accordingly, no ore or waste was produced. In January,
following co-operation consultations, Talvivaara announced temporary lay-offs of
184 employees to adjust the level of personnel to the temporarily suspended ore
production. Talvivaara started to de-water the open pit during the quarter, and
total water volume in the pit amounted to 1.5-1.6 million m3 at the end of the
quarter. Despite the suspension of ore production, Talvivaara continued to carry
out and focus on primary heap reclaiming during the quarter and a new jaw
crusher was commissioned in order to ensure sufficient reclaiming capacity.

Production key figures

-----------------------------------------------------
    Q1 Q4 Q1 FY
2013 2012 2012 2012
-----------------------------------------------------
Mining
-----------------------------------------------------
Ore production Mt - - 3.0 8.7
-----------------------------------------------------
Waste production Mt - 1.2 1.5 5.3
-----------------------------------------------------
Materials handling
-----------------------------------------------------
Stacked ore Mt - - 3.0 8.7
-----------------------------------------------------
Bioheapleaching
-----------------------------------------------------
Ore under leaching Mt 44.3 44.3 38.6 44.3
-----------------------------------------------------
Metals recovery
-----------------------------------------------------
Nickel metal content Tonnes 2,732 2,317 3,374 12,916
-----------------------------------------------------
Zinc metal content Tonnes 3,128 4,106 7,890 25,867
-----------------------------------------------------

Water management - Operation Otter

In order to facilitate an efficient and sustainable solution to the prevailing
water balance issues, Talvivaara has established a special task force, Operation
Otter. Operation Otter is headed by Ms Maija Vidqvist, General Manager, Water
Management. Several of Talvivaara's key experts have been seconded to the team,
which focuses on the planning and execution of necessary water storage and
pumping arrangements and waste water treatment measures to secure a sustainable
water balance at the mine.

In order to reach a sustainable water balance situation and lower environmental
and operational risk levels, Talvivaara believes that it must purify and release
into the environment approximately 3.8 million m3 of water, a substantial
portion of which is rain and natural catchment water that has accumulated at the
mine area over time. Based on the Kainuu ELY Centre decision on 12 February
2013, Talvivaara currently has a permit to discharge 1.8 million m3 of purified
waste water into the Vuoksi and Oulujoki waterways, such that 0.9 million m3 is
discharged into each direction by 30 June 2013. Additionally, Talvivaara can
continue discharging water within the annual 1.3 million m3 discharge quota
under its existing environmental permit.

Talvivaara considers the Kainuu ELY Centre permit for additional water discharge
and the 1.3 million m3 quota in the existing environmental permit adequate for
the implementation of planned water management arrangements in the short term.
Talvivaara commenced the discharge of purified waters in March, following
commissioning of additional water treatment units. The levels of harmful
substances in discharged waters have been clearly below the limit values set in
Talvivaara's environmental permit. Water quality has remained consistent and
quality monitoring is carried out continuously.

In order to enable necessary water discharge measures beyond the currently
allowed quotas, Talvivaara has applied to have the annual 1.3 million m3 water
discharge limit removed from its current environmental permit and, as a
secondary request, applied for a right to discharge the excess waters that have
accumulated at the mine in addition to the annual discharge limit. The Regional
State Administrative Agency for Northern Finland ("AVI") has informed Talvivaara
that the decision would be made in the spring.

In the medium term, Talvivaara's goal is to implement a closed water circuit,
which is expected to reduce the risk of weather conditions impacting
Talvivaara's operations and consequently in the long term benefit environmental
safety. Key elements of the targeted closed water circuit include ceasing or
materially reducing raw water intake from nearby lakes, additional treatment of
process waters using reverse osmosis technology, and more efficient separation
of process waters from captured rain and natural run-off waters. Overall,
Talvivaara believes that the necessary equipment and structures are already in
place to achieve a closed water circuit. However, the excess water currently at
the mine has to be purified and discharged from the mine and the overall water
balance must reach a sustainable level before a closed water circuit can be
achieved.

Sustainable development, safety and permitting

Safety

With respect to safety issues, Talvivaara's goal is a safe and healthy working
environment, and the Company continued to develop its safety culture based on
zero accident philosophy.

At the end of the first quarter, the injury frequency among the Talvivaara
personnel was 15.7 lost time injuries/million working hours on a rolling 12
month basis (31 March 2012: 11.8 lost time injuries/million working hours).

Environment

Talvivaara continues to focus on minimising the environmental impact of its
operations. Current primary focus is on water balance management and
purification and discharge of excess waters from the mine site. The
environmental impact of the release is anticipated to be mainly caused by its
sulphate content, whereas Talvivaara expects any metal burden to the environment
to remain limited and within the limits set by its current environmental permit.
Talvivaara considers the discharge of excess water from the mine site without
delay to be necessary in order to reduce the environmental and operational risk
levels, and to secure sufficient water management safety capacity.

Hydrogen sulphide (odour) emissions have been largely addressed. Odour
complaints from nearby residents have reduced substantially, and there were only
five complaints in the first quarter of 2013. Dust emissions were addressed
through the commissioning of a new dust removal system at the screening hall in
2012. In line with Talvivaara's commitment to continuous improvement, several
technological solutions are being studied to further reduce dust emissions.

Talvivaara places significant emphasis on timely and transparent communication
on environmental matters with the neighbouring communities and other interested
stakeholders. Open days for public at the mine site were again arranged on
15-16 March 2013 and discussion panels in nearby towns were held in line with
previous practice. The locally focused Finnish language website
www.paikanpaalla.fi continued to be successfully used for the delivery of
locally relevant, timely information and for interaction with interested
stakeholders.


Permitting

Talvivaara's existing environmental permit is currently being renewed under a
standard process. The renewed permit is anticipated to be received during the
third quarter of 2013. However, the AVI has informed Talvivaara that a decision
on the removal or amendment of the annual water discharge quota in the existing
environmental permit would be made separately already in the spring.

The environmental permit application for the planned uranium extraction is also
being processed by the AVI and a decision on it is expected before or
concurrently with the renewal of the general environmental permit. In addition,
Talvivaara has filed an application for a chemical permit relating to uranium
recovery, which is currently pending.

Additionally, Talvivaara continued to progress the Environmental Impact
Assessment for production expansion during the first quarter and received the
REACH authorisation for selling its copper product in the European Union.

Business development and commercial arrangements

Planned uranium extraction and uranium off-take agreement with Cameco

Talvivaara is preparing for the recovery of uranium as a by-product of the
Company's existing operations. Uranium occurs naturally in small concentrations
in the Talvivaara area and leaches into the process solution along with
Talvivaara's other products. Annual uranium production is estimated at ca.
350tU (ca. 770,000 pounds), corresponding to approximately 410t (900,000 pounds)
of yellow cake (UO(4)). Talvivaara's entire uranium production will be sold
under a long-term agreement to Cameco.

The uranium recovery facility is essentially completed, and commissioning is
expected following the receipt of remaining required permits.

Risk management and key risks

In line with current corporate governance guidelines on risk management,
Talvivaara carries out an on-going process endorsed by the Board of Directors to
identify risks, measure their impact against certain assumptions and implement
the necessary proactive steps to manage these risks.

Talvivaara's operations are affected by various risks common to the mining
industry, such as risks relating to the development of Talvivaara's mineral
deposits, estimates of reserves and resources, infrastructure risks, and
volatility of commodity prices. There are also risks related to counterparties,
currency exchange ratios, management and control systems, historical losses and
uncertainties about the future profitability of Talvivaara, dependence on key
personnel, effect of laws, governmental regulations and related costs,
environmental hazards, and risks related to Talvivaara's mining concessions and
permits.

In the short term, Talvivaara's key operational risks continue to relate to
water management and the on-going ramp-up of operations. While the Company has
demonstrated that all of its production processes work and can be operated on
industrial scale, the rate of ramp-up is still subject to risk factors including
the time required to reach a sustainable level of water balance, reliability and
sustainable capacity of production equipment, and eventual speed of leaching and
rates of metals recovery in bioheapleaching. In addition, there may be
production and ramp-up related risks that are currently unknown or beyond the
Company's control.

The market price of nickel has historically been volatile and in the Company's
view this is likely to persist, driven by shifts in the supply-demand balance,
macroeconomic indicators and variations in currency exchange ratios. Nickel
sales currently represent close to 90% of the Company's revenues and variations
in the nickel price therefore have a direct and significant effect on
Talvivaara's financial result and economic viability. Talvivaara is, since
February 2010, unhedged against variations in metal prices. Full or
substantially full exposure to nickel prices is in line with Talvivaara's
strategy and supported by the Company's view that it can operate the Talvivaara
mine, once it has been fully ramped up, profitably also during the lows of
commodity price cycles.

Talvivaara's revenues are almost entirely in US dollars, whilst the majority of
the Company's costs are incurred in Euro. Potential strengthening of the Euro
against the US dollar could thus have a material adverse effect on the business
and financial condition of the Company. Talvivaara hedges its exposure to the US
dollar on a case by case basis with the aim of limiting the adverse effects of
US dollar weakness as considered justified from time to time.

Liquidity and refinancing risks may arise as a result of the Company's inability
to produce sufficient volumes of its saleable products, particularly nickel,
unexpected increase in production costs, and sudden or substantial changes in
the prices of commodities or currency exchange rates. Talvivaara seeks to reduce
liquidity risk by close monitoring of liquidity in order to detect any threat of
adverse changes in advance so as to allow for sufficient time to secure access
to adequate credit or other funding on reasonable terms. Talvivaara also seeks
to maintain a balanced maturity profile of its long-term debt in order to
mitigate refinancing risks.

Personnel and management

Wages and salaries

The number of personnel employed by the Group on 31 March 2013 was 583 (Q1
2012: 498).

Wages and salaries paid during the three months to 31 March 2013 totalled EUR
6.0 million (Q1 2012: EUR 6.6 million).

The salaries and wages of Talvivaara's personnel are based on industry-wide
collective agreements. The total compensation consists of base salary and short
and long term incentive schemes. Annual short term incentive metrics include
personal performance and company-wide criteria. The Company's long term
incentive schemes comprise Talvivaara's Stock Options 2007, Stock Options 2011
and Group personnel fund to manage the earnings bonuses paid by Talvivaara. In
addition, the management holding company Talvivaara Management Oy is owned by
executive management and certain other key employees.

Management re-organisation

Talvivaara re-organised its management during January and February 2013 as
follows:
* Mr Pertti Pekkala, formerly General Manager, Research and Development, was
appointed Chief Production Officer (Metals Recovery);
* Mr Kari Vyhtinen, formerly Chief Investment Officer, was appointed Chief
Mining Officer;
* Mr Mikko Korteniemi, formerly Chief Production Officer (Metals Recovery),
was appointed Chief Maintenance Officer with responsibility for maintenance,
procurement and warehousing; and
* Ms Maija Vidqvist was appointed General Manager, Water Management (position
previously held by Mr Jari Voutilainen)


All four appointees are members of the Executive Committee, with Mr Pertti
Pekkala and Ms Maija Vidqvist being new additions to it. Pertti Pekkala, Kari
Vyhtinen and Mikko Korteniemi report to the COO, Mr Harri Natunen, and Maija
Vidqvist reports to the CEO, Mr Pekka Perä

Temporary lay-offs

Talvivaara announced on 16 January 2013 that to support the Group's cost savings
initiatives and overall efficiency, and to adjust the level of personnel to the
temporarily suspended ore production, Talvivaara is considering temporary lay-
offs. Co-operation consultations with employee representatives were held between
17 and 31 January 2013 concerning all personnel groups in all three corporate
entities, Talvivaara Mining Company Plc, Talvivaara Sotkamo Ltd and Talvivaara
Exploration Ltd.

Following the consultations, Talvivaara decided to temporarily lay off 184
employees between 18 February and 30 June 2013. The maximum duration of the lay-
off period was 90 days per individual employee (see "Events after the review
period" for additional information on cancellation of temporary lay-offs and re-
start of ore production).

Shares and shareholders

The number of shares issued and outstanding and registered on the Euroclear
Shareholder Register as of 31 March 2013 was 272,309,640. Including the effect
of the EUR 85 million convertible bond of 14 May 2008, the EUR 225 million
convertible bond of 16 December 2010, the Option Schemes of 2007 and 2011, the
authorised full number of shares of the Company amounted to 319,001,039.

The share subscription period for stock options 2007B is between 1 April 2011
and 31 March 2013. No new shares of Talvivaara were subscribed for under the
stock option rights 2007B in Q1 2013. A total of 2,284,337 stock option rights
2007B remained unexercised following the end of the subscription period and
expired.

A total of 2,327,000 option rights 2007C have been issued to employees and the
subscription period for stock options 2007C is between 1 April 2012 and 31 March
2014. No new shares of Talvivaara were subscribed for under the stock option
rights 2007C in Q1 2013 and a total of 2,327,000 stock options 2007C remain
unexercised.

A total of 1,347,500 option rights 2011B have been issued to key employees and
the subscription period for stock options 2011B is between 1 April 2015 and 31
March 2017. A total of 1,347,500 stock options 2011B remain unexercised.

In March 2013 an Extraordinary General Meeting of Talvivaara Mining Company
resolved to approve the proposal by the Board of Directors to authorise the
Board of Directors to undertake a share issue for consideration pursuant to the
shareholders' pre-emptive subscription rights. The share issue was completed in
April 2013, as described in "Events after the review period".

As at 31 March 2013, the shareholders who held more than 5% of the shares and
votes of Talvivaara were Pekka Perä (20.0%), Solidium Oy (8.9%), Varma Mutual
Pension Insurance Company (8.7%) and Ilmarinen Mutual Pension Insurance Company
(5.1%).

Events after the review period

Gypsum pond leakage

On 7 April 2013, Talvivaara detected a leakage at the gypsum pond of the mine.
The leakage was successfully stemmed on 9 April 2013. All leakage water was
contained within the safety dams in the mine area, and Talvivaara estimates that
the total volume of water that escaped from the gypsum pond was less than
400,000 m3. The leakage water will be treated at the Southern water treatment
unit together with other excess waters, and following purification it will be
discharged into the environment. Talvivaara's metals recovery plant was shut
down for approximately one week following the leak, while pumping arrangements
were being altered such that water purification capacity at the plant could be
maximized and as much as possible of the treated water could also be discharged
to the Northern direction. New arrangements for the safe utilization of the
gypsum ponds following the leak were also implemented.

Completion of the rights issue

On 15 April 2013, Talvivaara announced the final results of the rights issue to
raise approximately EUR 261 million in gross proceeds. All 1,633,857,840 new
shares offered in the rights offering were subscribed for. A total of
1,419,673,290 shares were subscribed for pursuant to subscription rights,
representing 86.9% of all the offer shares. Taking into account subscriptions
received without subscription rights in the secondary subscription, the rights
offering was oversubscribed. The underwriting provided by J.P. Morgan Securities
plc, Nordea Bank Finland Plc, BofA Merrill Lynch, BNP PARIBAS and Danske Bank
A/S, Helsinki Branch was not utilised. The new shares were registered with the
Finnish Trade Register on 16 April 2013 and trading with the shares commenced on
17 April 2013.

As a result of the rights offering, the total number of shares in Talvivaara
increased to 1,906,167,480 shares. The offer shares carry the right to receive
dividends and other distributions of funds, if any, and other shareholder rights
in Talvivaara as of the registration of the offer shares with the Finnish Trade
Register on 16 April 2013.

Cancellation of temporary lay-offs and re-start of mining

On 17 April 2013, Talvivaara announced the termination of the temporary lay-offs
it had started in February 2013 in order to re-start currently suspended mining
and materials handling operations during May 2013. The Company will commence
mining at the Northern end of the Kuusilampi open pit, where the water level has
declined such that preparations for the re-start of mining and crushing
operations can commence. The open pit will continue to serve as water management
safety capacity despite the commencement of preparations for re-starting mine
production.

The re-start of ore production approximately 1.5 months in advance of earlier
plans improves the overall water balance of the mine, as new ore absorbs a
significant amount of water, approximately 10-15% of ore mass, at the stacking
phase. Adding new ore to the leaching process earlier than anticipated also
supports the achievement of the Company's production targets and the progress of
ramp-up in accordance with plans.

The cancellation of the temporary lay-offs impacts 184 employees. Over half of
the planned lay-offs had been carried out since February, as approximately 121
employees were temporarily laid off during February - April.

Short-term outlook

Operational outlook

Talvivaara continues to anticipate producing approximately 18,000t of nickel and
39,000t of zinc in 2013. Metals production will continue to be impacted by water
balance issues in the first half of the year, but is expected to return to a
clear ramp-up during the remainder of the year driven by the re-start of ore
production in May, approximately 1.5 months earlier than previously anticipated.

Market outlook

The LME nickel price reached a level of USD 18,000-19,000/t in late January and
early February, driven by encouraging macroeconomic trends in China and globally
as well as abating concerns over the European sovereign debt situation. However,
the nickel price declined back to around USD 16,000/t by early April. Concerns
over stainless steel utilisation rates and the build-up of global nickel
inventories have weighed on the nickel price, as LME nickel inventories reached
a record high of around 170,000t in April. Talvivaara expects nickel price
volatility to remain elevated and the current high inventory levels and global
economic uncertainty to limit the price upside in the near term.

In the longer term, Talvivaara foresees the nickel industry fundamentals to
support favourable nickel price development, driven by increasing marginal cost
of production across the nickel industry and lack of new committed nickel
projects to replace depleting supply after the next few years. Talvivaara
continues to see the longer term nickel price support level at around USD
20,000/t.


24 April 2012


Talvivaara Mining Company Plc.
Board of Directors



CONSOLIDATED INCOME STATEMENT

Unaudited Unaudited
three three
months to months to
(all amounts in EUR '000) 31 Mar 13 31 Mar 12
--------------------
Net sales 27,605 39,027

Other operating income 729 1,357

Changes in inventories of finished goods and work in
progress 7,288 22,478

Materials and services (22,614) (34,921)

Personnel expenses (7,285) (7,819)

Depreciation, amortization, depletion and impairment
charges (13,099) (12,664)

Other operating expenses (12,612) (18,889)
--------------------
Operating profit (loss) (19,988) (11,431)

Finance income 339 1,717

Finance cost (12,080) (9,646)
--------------------
Finance income (cost) (net) (11,741) (7,929)

Profit (loss) before income tax (31,729) (19,360)

Income tax expense 7,797 4,451
--------------------
Profit (loss) for the period (23,932) (14,909)
--------------------
Attributable to:

Owners of the parent (24,865) (13,561)

Non-controlling interest 933 (1,348)
--------------------
  (23,932) (14,909)
--------------------
Earnings per share for profit (loss) attributable to the
owners of the parent (expressed in EUR per share)

Basic and diluted (0.09) (0.06)



CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Unaudited Unaudited
three three
months to months to
(all amounts in EUR '000) 31 Mar 13 31 Mar 12
--------------------
Profit (loss) for the period (23,932) (14,909)

Other comprehensive income, net of tax - -
--------------------
Total comprehensive income (23,932) (14,909)
--------------------
Attributable to:

Owners of the parent (24,865) (13,561)

Non-controlling interest 933 (1,348)
--------------------
  (23,932) (14,909)
--------------------


CONSOLIDATED STATEMENT OF FINANCIAL POSITION

  Unaudited Audited

(all amounts in EUR '000) 31 Mar 13 31 Dec 12

ASSETS

Non-current assets

Property, plant and equipment 813,604 809,452

Biological assets 8,894 9,125

Intangible assets 7,021 7,014

Investments in associates 6,180 5,694

Deferred tax assets 61,340 52,588

Other receivables 4,979 2,940

Available-for-sale financial assets 2 2

  902,020 886,815

Current assets

Inventories 306,463 297,761

Trade receivables 22,400 32,174

Other receivables 7,406 7,980

Cash and cash equivalent 68,691 36,058

  404,960 373,973

Total assets 1,306,980 1,260,788

EQUITY AND LIABILITIES

Equity attributable to owners of the parent

Share capital 80 80

Share issue 49,463 -

Share premium 8,086 8,086

Other reserves 542,255 539,559

Retained earnings (278,081) (251,365)

  321,803 296,360

Non-controlling interest in equity 11,325 10,392

Total equity 333,128 306,752

Non-current liabilities

Borrowings 505,044 506,028

Advance payments 272,881 265,847

Other payables 239 228

Provisions 11,395 11,290

  789,559 783,393

Current liabilities

Borrowings 93,710 93,793

Advance payments 19,027 7,857

Trade payables 26,088 25,577

Other payables 35,089 27,178

Provisions 10,379 16,238

  184,293 170,643

Total liabilities 973,852 954,036

Total equity and liabilities 1,306,980 1,260,788



CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY
A Share capital
B Share issue
C Share premium
D Invested unrestricted equity
E Other reserves
F Retained earnings
G Total
H Non-controlling interest
I Total equity

(all amounts in
EUR '000) A B C D E F G H I
-------------------------------------------------------------------------------
1 Jan 12 322,
80 278 8,086 404,070 45,462 (151,129) 306,847 15,733 580

Profit (loss) (14,
for the period - - - - - (13,561) (13,561) (1,348) 909)

Other
comprehensive
income

- Other
comprehensive
income - - - - - - - - -
---------------------------------------------------------------
Total
comprehensive
income for the (14,
period - - - - - (13,561) (13,561) (1,348) 909)

Transactions
with owners

Stock options - (278) - 579 - - 301 - 301

Perpetual
capital loan - - - - 2,353 (1,777) 576 109 685

81,
Share issue - - - 81,534 - - 81,534 - 534

Incentive
arrangement for
Executive
Management - - - - 23 - 23 - 23

Employee share
option scheme

- value of
employee 1,
services - - - - 1,106 - 1,106 - 106
---------------------------------------------------------------
Total
contribution by
and
distribution to 83,
owners - (278) - 82,113 3,482 (1,777) 83,540 109 649

Total
transactions 83,
with owners - (278) - 82,113 3,482 (1,777) 83,540 109 649
---------------------------------------------------------------
31 Mar 12 391,
80 - 8,086 486,183 48,944 (166,467) 376,826 14,494 320
---------------------------------------------------------------

---------------------------------------------------------------
31 Dec 12 306,
80 - 8,086 490,749 48,810 (251,365) 296,360 10,392 752
---------------------------------------------------------------
1 Jan 13 306,
80 - 8,086 490,749 48,810 (251,365) 296,360 10,392 752

Profit (loss) (23,
for the period - - - - - (24,865) (24,865) 933 932)

Other
comprehensive
income

- Other
comprehensive
income - - - - - - - - -
---------------------------------------------------------------
Total
comprehensive
income for the (23,
period - - - - - (24,865) (24,865) 933 932)

Transactions
with owners

Perpetual
capital loan - - - - 2,612 (1,851) 761 - 761

49,
Rights issue - 49,463 - - - - 49,463 - 463

Incentive
arrangement for
Executive
Management - - - - 23 - 23 - 23

Employee share
option scheme

- value of
employee
services - - - - 61 - 61 - 61
---------------------------------------------------------------
Total
contribution by
and
distribution to 50,
owners - 49,463 - - 2,696 (1,851) 50,308 - 308

Total
transactions 50,
with owners - 49,463 - - 2,696 (1,851) 50,308 - 308
---------------------------------------------------------------
31 Mar 13 333,
80 49,463 8,086 490,749 51,506 (278,081) 321,803 11,325 128
---------------------------------------------------------------


CONSOLIDATED STATEMENT OF CASH FLOWS

Unaudited Unaudited
three three
months to months to
(all amounts in EUR '000) 31 Mar 13 31 Mar 12
--------------------
Cash flows from operating activities

Profit (loss) for the period (23,932) (14,909)

Adjustments for

Tax (7,797) (4,451)

Depreciation and amortization 13,099 12,664

Other non-cash income and expenses (10,156) (5,785)

Interest income (339) (1,717)

Fair value gains on financial assets at fair value through
profit or loss - (5)

Interest expense 12,080 9,646
--------------------
  (17,045) (4,557)

Change in working capital

Decrease(+)/increase(-) in other receivables 8,291 14,707

Decrease (+)/increase (-) in inventories (8,702) (27,825)

Decrease(-)/increase(+) in trade and other payables (4,305) (12,558)
--------------------
Change in working capital (4,716) (25,676)
--------------------
  (21,761) (30,233)

Interest and other finance cost paid (310) (841)

Interest and other finance income 213 225
--------------------
Net cash generated (used) in operating activities (21,858) (30,849)

Cash flows from investing activities

Investments in associates (486) -

Purchases of property, plant and equipment (17,085) (14,571)

Purchases of biological assets (52) -

Purchases of intangible assets (176) (93)

Proceeds from sale of property, plant and equipment - 18

Proceeds from sale of biological assets 92 -

Purchases of available-for-sale financial assets   (3,571)
--------------------
Net cash generated (used) in investing activities (17,707) (18,217)

Cash flows from financing activities

Proceeds from share issue net of transactions costs 54,035 81,177

Realised stock options - 301

Proceeds from interest-bearing liabilities - 20,000

Proceeds from advance payments 19,480 1,787

Payment of interest-bearing liabilities (1,317) (8,269)
--------------------
Net cash generated (used) in financing activities 72,198 94,996

Net increase (decrease) in cash and cash equivalents 32,633 45,930

Cash and cash equivalents at beginning of the period 36,058 40,019
--------------------
Cash and cash equivalents at end of the period 68,691 85,949
--------------------


NOTES

1. Basis of preparation

This interim report has been prepared in compliance with IAS 34.

The interim financial information set out herein has been prepared on the same
basis and using the same accounting policies as were applied in drawing up the
Group's statutory financial statements for the year ended 31 December 2012.

2. Property, plant and
equipment

Machinery Construction Land Other
and in and tangible
(all amounts in EUR '000) equipment progress buildings assets Total
----------------------------------------------------
Gross carrying amount at
1 Jan 13 376,741 114,378 281,209 229,479 1,001,807

Additions 82 16,995 8 - 17,085

Transfers 8,148 (12,699) 695 3,856 -
-------------------------------------------------------------------------------
Gross carrying amount at
31 Mar 13 384,971 118,674 281,912 233,335 1,018,892
----------------------------------------------------
Accumulated depreciation
and
impairment losses at 1 Jan
13 96,677 - 44,918 50,760 192,355

Depreciation for the
period 7,666 - 3,151 2,116 12,933
-------------------------------------------------------------------------------
Accumulated depreciation
and
impairment losses at 31
Mar 13 104,343 - 48,069 52,876 205,288
----------------------------------------------------
Carrying amount at 1 Jan
13 280,064 114,378 236,291 178,719 809,452
----------------------------------------------------
Carrying amount at 31 Mar
13 280,628 118,674 233,843 180,459 813,604
----------------------------------------------------


3. Trade receivables

(all amounts in EUR '000)

  31 Mar 13 31 Dec 12
--------------------
Nickel-Cobalt sulphide 16,459 25,254

Zinc sulphide 5,941 6,912

Copper sulphide - 8
--------------------
Total trade receivables 22,400 32,174
--------------------


4. Inventories

(all amounts in EUR '000)

  31 Mar 13 31 Dec 12
--------------------
Raw materials and consumables 22,491 21,077

Work in progress 280,148 272,775

Finished products 3,824 3,909
--------------------
Total inventories 306,463 297,761
--------------------


5. Borrowings

(all amounts in EUR '000)

Non-current 31 Mar 13 31 Dec 12
--------------------
Capital loans 1,405 1,405

Investment and Working Capital loan 51,642 51,600

Senior Unsecured Bonds due 2017 108,745 108,683

Revolving Credit Facility 69,539 69,451

Senior Unsecured Convertible Bonds due 2015 228,157 225,875

Finance lease liabilities 28,608 30,748

Other 16,948 18,266
--------------------
  505,044 506,028
--------------------
Current

Investment and Working Capital loan 6,430 6,430

Senior Unsecured Convertible Bonds due 2013 76,503 75,805

Finance lease liabilities 10,777 11,558
--------------------
  93,710 93,793
--------------------

--------------------
Total borrowings 598,754 599,821
--------------------


6. Advance payments

(all amounts in EUR '000)

Non-current 31 Mar 13 31 Dec 12
--------------------
Deferred zinc sales revenue 218,953 219,385

Deferred uranium sales revenue 53,928 46,462
--------------------
  272,881 265,847
--------------------
Current

Deferred zinc sales revenue 19,014 7,790

Other 13 67
--------------------
  19,027 7,857
--------------------

--------------------
Total advance payments 291,908 273,704
--------------------


7. Provisions

Gypsum Water
pond balance Environmental Mining
  leakage management restoration fee Total
------------------------------------------------------
31 Dec 12 12,156 9,082 6,136 154 27,528
------------------------------------------------------
Charged/(credited) to
the income statement:

Additional provisions - - 88 9 97

Unwinding of discount - - 8 - 8

Used during the period (3,535) (2,324) - - (5,859)
------------------------------------------------------
31 Mar 13 8,621 6,758 6,232 163 21,774
------------------------------------------------------
The non-current and current portions of provisions are as follows:

  31 Mar 13 31 Dec 12
-----------------------------------
Non-current

Gypsum pond leakage 5,000 5,000

Environmental restoration 6,232 6,136

Mining fee 163 154
-----------------------------------
  11,395 11,290

Current

Gypsum pond leakage 3,621 7,156

Water balance management 6,758 9,082
-----------------------------------
  10,379 16,238
-----------------------------------
Total 21,774 27,528
-----------------------------------



8. Changes in the number of shares issued

  Number of shares
-----------------
31 Dec 12 272,309,640

Changes -
-----------------
31 Mar 13 272,309,640
-----------------


9. Contingencies and commitments

(all amounts in EUR '000)

The future aggregate minimum lease payments under non cancellable

operating leases

  31 Mar 13 31 Dec 12
---------------------
Not later than 1 year 1,825 1,910

Later than 1 year and not later than 5 years 882 1,036

Later than 5 years 47 47
---------------------
  2,754 2,993



Capital commitments

At 31 March 2013, the Group had capital commitments amounting to EUR 13.1
million (31 December 2012: EUR 15.1 million) principally relating to the
completion of the Talvivaara mine, improving the reliability and expansion of
production capacity. These commitments are for the acquisition of new property,
plant and equipment.


Key financial figures of the Group

Three Three Twelve
months to months to months to
    31 Mar 13 31 Mar 12 31 Dec 12
------------------------------
Net sales EUR '000 27,605 39,027 142,948

Operating profit (loss) EUR '000 (19,988) (11,431) (83,588)

Operating profit (loss) percentage   -72.4 % -29.3 % -58.5 %

Profit (loss) before tax EUR '000 (31,729) (19,360) (129,292)

Profit (loss) for the period EUR '000 (23,932) (14,909) (103,911)

Return on equity   -7.5 % -4.2 % -33.0 %

Equity-to-assets ratio   25.5 % 31.8 % 24.3 %

Net interest-bearing debt EUR '000 530,063 422,235 563,763

Debt-to-equity ratio   159.1 % 107.9 % 183.8 %

Return on investment   -1.3 % -0.6 % -6.7 %

Capital expenditure EUR '000 17,313 14,664 97,451

Property, plant and equipment EUR '000 813,604 765,652 809,452

Borrowings EUR '000 598,754 508,184 599,821

Cash and cash equivalents at the end of
the period EUR '000 68,691 85,949 36,058



Share-related key figures

Three Three Twelve
months to months to months to
    31 Mar 13 31 Mar 12 31 Dec 12
------------------------------------
Earnings per share EUR (0.09) (0.06) (0.38)

Equity per share(1) EUR 1.00 1.51 1.11

Development of share price at
London Stock Exchange

Average trading price(2) EUR 0.53 3.53 2.50

  GBP 0.45 2.94 2.02

Lowest trading price(2) EUR 0.21 2.82 1.03

  GBP 0.18 2.35 0.83

Highest trading price(2) EUR 1.33 4.30 4.43

  GBP 1.14 3.59 3.59

Trading price at the end of
the period(3) EUR 0.25 2.89 1.25

  GBP 0.21 2.41 1.02

Change during the period   -79.7 % 20.4 % -48.8 %

Price-earnings ratio   neg. neg. neg.

Market capitalization at the
end of the period(4) EUR '000 66,821 781,369 341,597

  GBP '000 56,504 651,584 278,777

Development in trading volume

Trading volume 1000 shares 42,435 37,271 103,218

In relation to weighted
average number of shares   15.6 % 14.9 % 38.7 %

Development of share price at
OMX Helsinki

Average trading price EUR 0.63 3.51 2.31

Lowest trading price EUR 0.22 2.64 1.08

Highest trading price EUR 1.39 4.35 4.35

Trading price at the end of
the period EUR 0.23 2.91 1.24

Change during the period   -81.7 % 16.7 % -50.2 %

Price-earnings ratio   neg. neg. neg.

Market capitalization at the
end of the period EUR '000 61,814 786,880 338,209

Development in trading volume

Trading volume 1000 shares 113,082 68,673 209,565

In relation to weighted
average number of shares   41.5 % 27.5 % 78.5 %

Adjusted average number of
shares   272,309,640 249,665,643 266,846,084

Fully diluted average number
of shares   271,205,640 249,665,643 265,742,084

Number of shares at the end of
the period   272,309,640 270,591,300 272,309,640



(1)) The funds entered into share issue reserve are not included in the
calculation.
(2)) Trading price is calculated on the average of EUR/GBP exchange rates
published by the European Central Bank during the period.
(3)) Trading price is calculated on the EUR/GBP exchange rate published by the
European Central Bank at the end of the period.
(4)) Market capitalization is calculated on the EUR/GBP exchange rate published
by the European Central Bank at the end of the period.


Employee-related key figures

Three Three Twelve
months to months to months to
    31 Mar 13 31 Mar 12 31 Dec 12
------------------------------
Wages and salaries EUR '000 6,031 6,581 23,080

Average number of employees   586 483 547

Number of employees at the end of the
period   583 498 588



Other figures

Three Three Twelve
months to months to months to
  31 Mar 13 31 Mar 12 31 Dec 12
------------------------------
Share options outstanding at the end of the
period 3,674,500 4,665,064 5,958,837

Number of shares to be issued against the
outstanding share options 3,674,500 4,665,064 5,958,837

Rights to vote of shares to be issued against
the outstanding share options 1.3 % 1.7 % 2.1 %





Talvivaara Mining Company Plc

Key financial figures of the Group



Return on equity Profit (loss) for the period
-----------------------------------------------------
(Total equity at the beginning of period + Total
  equity at the end of period)/2



Equity-to-assets ratio Total equity
-----------------------------------------------------
  Total assets



Net interest-bearing debt Interest-bearing debt - Cash and cash equivalent



Debt-to-equity ratio Net interest-bearing debt
-----------------------------------------------------
  Total equity



Return on investment Profit (loss) for the period + Finance cost
-----------------------------------------------------
(Total equity at the beginning of period + Total
equity at the end of period)/2 + (Borrowings at the
beginning of period + Borrowings at the end of
  period)/2



Share-related key figures



Profit (loss) attributable to equity holders of the
Earnings per share Company
-----------------------------------------------------
  Adjusted average number of shares



Equity per share Equity attributable to equity holders of the Company
-----------------------------------------------------
  Adjusted average number of shares




Talvivaara Interim Report Jan-Mar 2013 24.4.2013:
http://hugin.info/136227/R/1695638/558059.pdf



This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.

Source: Talvivaaran Kaivososakeyhtiö Oyj via Thomson Reuters ONE
[HUG#1695638]




Unternehmen: Talvivaaran Kaivososakeyhtiö Oyj - ISIN: FI0009014716