Unaudited Consolidated Interim Financial Consolidated Interim Financial Statements For the Three and…

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<ul><li><p>Unaudited Consolidated Interim Financial Statements </p><p>For the Three and Six Month periods ended March 31, 2013 </p></li><li><p>Almonty Industries Inc. </p><p>Table of Contents </p><p> Page </p><p>Notice of No Auditor Review of Condensed Consolidated Interim Financial Statements ........................... 1 </p><p>Consolidated Balance Sheet .......................................................................................................................... 2 </p><p>Consolidated Statement of Operations and Comprehensive Loss - Three Months ...................................... 3 </p><p>Consolidated Statement of Operations and Comprehensive Loss - Six Months .......................................... 4 </p><p>Consolidated Statement of Changes in Shareholders Equity ...................................................................... 5 </p><p>Consolidated Statement of Cash Flow - Three Months ................................................................................ 6 </p><p>Consolidated Statement of Cash Flow - Six Months .................................................................................... 7 </p><p>Notes to the Consolidated Financial Statements ........................................................................................... 8 </p><p>1. Description of Business ........................................................................................................................ 8 </p><p>2. Basis of Preparation of the Consolidated Financial Statements ........................................................... 8 </p><p>a) Statement of compliance ................................................................................................................... 8 </p><p>b) Basis of preparation .......................................................................................................................... 8 </p><p>c) Economic dependence....................................................................................................................... 9 </p><p>d) New and amended accounting standards and interpretations ........................................................... 9 </p><p>3. Significant Accounting Judgments, Estimates and Assumptions ....................................................... 10 </p><p>4. Segment Information .......................................................................................................................... 11 </p><p>5. Business Combinations Acquisitions .............................................................................................. 11 </p><p> Daytal Resources Spain SL ................................................................................................................ 11 </p><p>6. Related Party Transactions ................................................................................................................. 12 </p><p>7. Property, Plant and Equipment ........................................................................................................... 13 </p><p>8. Mine Development ............................................................................................................................. 14 </p><p>9. Reverse Acquisition ............................................................................................................................ 15 </p><p>10. Commitments and Contingent Liabilities ........................................................................................... 15 </p><p>11. Restoration Provision ......................................................................................................................... 16 </p><p>12. Revenue .............................................................................................................................................. 16 </p><p>13. Earnings (loss) per Share .................................................................................................................... 17 </p><p>14. Share Capital and Contributed Surplus............................................................................................... 18 </p><p> Incentive Stock Options ...................................................................................................................... 19 </p><p>15. Inventories .......................................................................................................................................... 21 </p><p>16. Receivables ......................................................................................................................................... 21 </p></li><li><p>Almonty Industries Inc. </p><p>17. Cash and Cash Equivalents ................................................................................................................. 21 </p><p>18. Accounts Payable and Accrued Liabilities ......................................................................................... 22 </p><p>19. Capital Leases ..................................................................................................................................... 22 </p><p>20. Financial Instruments, and Financial Risk Management Objectives and Policies ............................. 23 </p><p> Classification of Financial Instruments .............................................................................................. 23 </p><p> Fair Value Hierarchical Levels ........................................................................................................... 23 </p><p> Financial Risk Management Objectives and Policies ......................................................................... 24 </p><p>21. Capital Management ........................................................................................................................... 26 </p><p>22. Comparative Figures ........................................................................................................................... 26 </p><p>23. Subsequent Events .............................................................................................................................. 26 </p></li><li><p>Almonty Industries Inc. </p><p>1 </p><p>Notice of No Auditor Review of Condensed Consolidated Interim Financial </p><p>Statements </p><p>Pursuant to National Instrument 51-102 Continuous Disclosure Obligations, financial statements must </p><p>be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. </p><p>The accompanying unaudited condensed consolidated interim financial statements of Almonty Industries </p><p>Inc. (Almonty or the Company) for the three and six month periods ended March 31, 2013 have </p><p>been prepared by the Companys management and are the responsibility of the Companys management. </p><p>The Companys independent auditor has not performed a review of these financial statements in </p><p>accordance with standards established by the Canadian Institute of Chartered Accountants for a review of </p><p>condensed interim financial statements by an entitys auditor. </p></li><li><p>Almonty Industries Inc. </p><p>2 </p><p>Consolidated Balance Sheet As at March 31, 2013 </p><p>(in 000s of Canadian dollars unless otherwise noted) </p><p> Note March 31, 2013 September 30, 2012 </p><p>Assets </p><p>Current Assets </p><p>Cash and cash equivalents 17 322 1,052 </p><p>Trade receivable 16 477 808 </p><p>VAT/HST receivable 16 1,230 699 </p><p>Inventories 15 1,378 1,481 </p><p>Other current assets </p><p>302 219 </p><p>Total Current Assets </p><p>3,709 4,259 </p><p>Non-Current Assets </p><p>Property, plant and equipment 7 10,667 10,248 </p><p>Mine development 8 14,469 11,930 </p><p>Deferred tax assets </p><p>1,091 1,057 </p><p>Other non-current assets </p><p>425 472 </p><p>Total Non-Current Assets </p><p>26,652 23,707 </p><p>Total Assets </p><p>30,361 27,966 </p><p>Liabilities </p><p>Current Liabilities </p><p>Trade and other payables 18 5,413 3,875 </p><p>Capital lease 19 44 55 </p><p>Transaction liabilities 5 65 252 </p><p>Non-interest bearing obligation 18 596 506 </p><p>Other accrued liabilities 18 944 1,055 </p><p>Total Current Liabilities </p><p>7,062 5,743 </p><p>Non-Current Liabilities </p><p>Non-interest bearing obligation 18 - 50 </p><p>Capital lease 19 77 93 </p><p>Restoration provision 11 456 431 </p><p>Total Non-Current Liabilities </p><p>533 574 </p><p>Total Liabilities </p><p>7,595 6,317 </p><p>Shareholders Equity </p><p>Share capital 14 21,996 21,996 </p><p>Contributed surplus 14 1,495 1,465 </p><p>Accumulated other comprehensive income (loss) </p><p>(1,465) (2,122) </p><p>Retained earnings </p><p>740 310 </p><p>Total Shareholders Equity </p><p>22,766 21,649 </p><p>Total Liabilities and Shareholders Equity </p><p>30,361 27,966 </p><p>On behalf of the Board: </p><p>Lewis Black Mark Trachuk </p><p>Lewis Black, Director, President &amp; CEO Mark Trachuk, Director </p><p>See accompanying notes </p></li><li><p>Almonty Industries Inc. </p><p>3 </p><p>Consolidated Statement of Operations and Comprehensive Loss - Three </p><p>Months For the Three Month Periods Ended March 31, </p><p>(in 000s of Canadian dollars unless otherwise noted) </p><p> Note Three Months Ended March 31, </p><p>2013 </p><p>Three Months </p><p>Ended March 31, </p><p>2012 </p><p>Revenue 12 5,005 4,964 </p><p>Cost of sales 2,440 2,612 </p><p>Gross Profit 2,565 2,352 </p><p>Expenses </p><p>General and administrative (719) (707) </p><p>Other income (12) 1 </p><p>Non-cash compensation 14 (15) (107) </p><p>Earnings before the undernoted items 1,819 1,539 </p><p>Depreciation and amortization (1,595) (1,143) </p><p>Earnings before the undernoted items 224 396 </p><p>Interest expense (23) (16) </p><p>Earnings before taxes 201 380 </p><p>Income tax provision </p><p> Current - - </p><p> Deferred - - </p><p>Net income after tax 201 380 </p><p>Net Income for Period 201 380 </p><p>Other Comprehensive income (loss) (167) 195 </p><p>Total Comprehensive Income for the Period 34 575 </p><p>Earnings (loss) Per Share 13 </p><p>Basic income (loss) per share $0.01 $0.01 </p><p>Diluted income (loss) per share $0.01 $0.01 </p><p>See accompanying notes </p></li><li><p>Almonty Industries Inc. </p><p>4 </p><p>Consolidated Statement of Operations and Comprehensive Loss - Six Months For the Six Month Periods Ended March 31, </p><p>(in 000s of Canadian dollars unless otherwise noted) </p><p> Note Six Months Ended March 31, </p><p>2013 </p><p>Six Months </p><p>Ended March 31, </p><p>2012 </p><p>Revenue 12 10,037 11,449 </p><p>Cost of sales 4,959 6,027 </p><p>Gross Profit 5,078 5,422 </p><p>Expenses </p><p>General and administrative (1,538) (1,441) </p><p>Other income (46) 76 </p><p>Non-cash compensation 14 (30) (152) </p><p>Earnings before the undernoted items 3,464 3,905 </p><p>Depreciation and amortization (2,993) (2,751) </p><p>Earnings before the undernoted items 471 1,154 </p><p>Interest expense (41) (28) </p><p>Earnings before taxes 430 1,126 </p><p>Income tax provision </p><p> Current - - </p><p> Deferred - - </p><p>Net income after tax 430 1,126 </p><p>Net Income for Period 430 1,126 </p><p>Other Comprehensive Loss 657 (1,043) </p><p>Total Comprehensive Income for the Period 1,087 83 </p><p>Earnings (loss) Per Share 13 </p><p>Basic income (loss) per share $0.01 $0.03 </p><p>Diluted income (loss) per share $0.01 $0.03 </p><p>See accompanying notes </p></li><li><p>Almonty Industries Inc. </p><p>5 </p><p>Consolidated Statement of Changes in Shareholders Equity For the Six Month Periods Ended March 31, 2013 and 2012 and the year ended September 30, 2012 </p><p>(in 000s of Canadian dollars unless otherwise noted) </p><p>Share Capital </p><p> Shares Amount </p><p>Contributed </p><p>Surplus </p><p>Retained </p><p>Earnings </p><p>Accumulated </p><p>Other </p><p>Comprehensive </p><p>Income (Loss) </p><p>Shareholders </p><p>Equity </p><p>Balance at September 30, 2012 37,044,389 21,996 1,465 310 (2,122) 21,649 </p><p>Equity capital issued - - - - - - Contributed surplus (warrants and options issued) - - 30 - - 30 Contributed surplus (warrants exercised) - - - - - - </p><p>Net income (loss) for the period - - - 430 - 430 Foreign currency translation adjustment - - - - 657 657 </p><p>Transaction costs on share issue - - - - - </p><p>Balance at March 31, 2013 37,044,389 21,996 1,495 740 (1,465) 22,766 </p><p>Share Capital </p><p> Shares Amount </p><p>Contributed </p><p>Surplus </p><p>Retained </p><p>Earnings </p><p>Accumulated </p><p>Other </p><p>Comprehensive </p><p>Income (Loss) </p><p>Shareholders </p><p>Equity </p><p>Balance at September 30, 2011 37,011,441 21,958 1,217 (2,105) 107 21,177 </p><p>Equity capital issued - - - - - - Contributed surplus (warrants and options issued) - - 152 - - 152 Contributed surplus (warrants exercised) - - - - - - </p><p>Net income (loss) for the period - - - 1,126 - 1,126 Foreign currency translation adjustment - - - - (1,043) (1,043) </p><p>Transaction costs on share issue - - - - - </p><p>Balance at March 31, 2012 37,011,441 21958 1,369 (979) (936) 21,412 </p><p>Share Capital </p><p> Shares Amount </p><p>Contributed </p><p>Surplus </p><p>Retained </p><p>Earnings </p><p>(Deficit) </p><p>Accumulated </p><p>Other </p><p>Comprehensive </p><p>Income (Loss) </p><p>Shareholders </p><p>Equity </p><p>Balance at March 31, 2012 37,011,411 21,958 1,369 (979) (936) 21,412 </p><p>Equity capital issued 32,978 23 - - 23 Contributed surplus (warrants and options issued) - - 111 - - 111 Contributed surplus (warrants exercised) - 15 (15) - - - </p><p>Net income (loss) for the period - - - 1,289 - 1,289 Foreign currency translation adjustment - - - (1,186) (1,186) </p><p>Transaction costs on share issue - - - - - </p><p>Balance at September 30, 2012 37,044,389 21,996 1,465 310 (2,122) 21,649 </p><p>See accompanying notes </p></li><li><p>Almonty Industries Inc. </p><p>6 </p><p>Consolidated Statement of Cash Flow - Three Months For the Three Month Periods Ended March 31, </p><p>(in 000s of Canadian dollars unless otherwise noted) </p><p>Three Months </p><p>Ended March </p><p>31, 2013 </p><p>Three Months </p><p>Ended March </p><p>31, 2012 </p><p>Cash Flow provided by Operating Activities </p><p>Net income for the period </p><p>201 380 </p><p>Add (deduct) non-cash items: </p><p>Noncash compensation expense </p><p>15 107 </p><p>Depreciation and amortization </p><p>1,595 1,143 </p><p>Other net non-cash charges </p><p>16 9 </p><p> 1,827 1,639 </p><p>Net change in non-cash working capital </p><p>1,023 (308) </p><p>Net Cash Flow provided by Operating Activities </p><p>2,850 1,331 </p><p>Cash Flow used in Investing Activities </p><p>Additions to property, plant and equipment </p><p>(2,768) (2,129) </p><p>Net Cash Flow used in Investing Activities </p><p>(2,768) (2,129) </p><p>Cash Flow used in Financing Activities </p><p>Capital leases </p><p>(16) (14) </p><p>Net Cash Flow used in Financing Activities </p><p>(16) (14) </p><p>Effect of foreign exchange on cash (3) 8 </p><p>Net Increase in Cash and Cash Equivalents </p><p>During the Period 63 (804) </p><p>Cash and cash equivalents at beginning of period </p><p>259 1,826 </p><p>Cash and Cash Equivalents at End of Period </p><p>322 1,022 </p><p>See accompanying notes </p></li><li><p>Almonty Industries Inc. </p><p>7 </p><p>Consolidated Statement of Cash Flow - Six Months For the Six Month Periods Ended March 31, </p><p>(in 000s of Canadian dollars unless otherwise noted) </p><p>Six Months </p><p>Ended March </p><p>31, 2013 </p><p>Six Months </p><p>Ended March </p><p>31, 2012 </p><p>Cash Flow provided by Operating Activities </p><p>Net income for the period </p><p>430 1,126 </p><p>Add (deduct) non-cash items: </p><p>Noncash compensation expense </p><p>30 152 </p><p>Depreciation and amortization </p><p>2,993 2,751 </p><p>Other net non-cash charges </p><p>37 43 </p><p> 3,490 4,072 </p><p>Net change in non-cash working capital </p><p>1,072 (274) </p><p>Net Cash Flow provided by Operating Activities </p><p>4,562 3,798 </p><p>Cash Flows used in Investing Activities </p><p>Additions to property, plant and equipment </p><p>(5,280) (3,901) </p><p>Net Cash Flow used in Investing Activities </p><p>(5,280) (3,901) </p><p>Cash Flow used in Financing Activities </p><p>Capital leases </p><p>(31) 136 </p><p>Net Cash Flows used in Financing Activities </p><p>(31) 136 </p><p>Effect of foreign exchange on cash 17 (167) </p><p>Net Increase in Cash and Cash E...</p></li></ul>

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