First Quarter 2013 Report - IGE Resources AB

First quarter highlights

· Results of programs launched at Rönnbäcken are aimed at establishing
a sound basis for future development work.
-      PSEIA study shows significant positive socio-economic impact from
the Rönnbäcken Nickel Project
-      Benchmarking shows Rönnbäcken performs better than other nickel
ores
-     Results from on-going mineralogical and geological-metallurgical
domain testwork are expected for the second quarter.

· IGE enters into agreement regarding DRC gold project acquisition
-      The board proposed to an Extraordinary General Meeting of IGE to
acquire the Wanga Gold project in the Democratic Republic of Congo
(DRC).
-      IGE intends to acquire full ownership of the Wanga alluvial gold
license in north-eastern DRC.

IGE Resources AB

Key figures

SEK million Q1 2013 Q1 2012 2012
Other income - 2.1 -
Total revenues - 2.1 -
EBITDA -6.0 -4.5 -24.6
Impairment losses and -0.1 -1.4 -126.2
depreciation
Net result attributable to -6.0 -5.6 -121.5
shareholders of parent
company
Investments in period 1.3 0.3 18.5
Cash at end of period 7.1 8.3 68.2
Interest bearing long term 5.0 5.0 5.0
debt at end of period

Results

IGE Resources' main activities in the first quarter was to conclude the
purchase of Ghana Gold AB, a company with gold assets in the Democratic
Republic of Congo and Ethiopia along with rights to purchase 6 recovery
lines from AuVert Recovery System.

IGE had no income in the first quarter 2013, while the Group's costs and
investments primarily reflect the activities the subsidiary Nickel
Mountain Resources' Rönnbäcken project, in addition to maintenance of
the mineral portfolio in Africa.

EBITDA for the quarter amounted to SEK -6.1 million, compared to SEK
-4.5 million for the same period in 2012.

Operating expenses during the quarter increased to SEK -6.0 million
compared to -4.5 million during the first quarter 2012.

IGE has a negative cash flow of SEK 62.1 million during the first
quarter 2013, mainly referable to the purchase of Ghana Gold. Cash flow
in first quarter 2012 amounted to SEK -2.7 million.

Cash and cash equivalents at the end of the period were SEK 7.1 million,
compared to SEK 8.3 million end of first quarter 2012.

IGE Resources' total assets at the end of first quarter 2013 were SEK
281.1 million, compared to SEK 339.5 million at the end of the same
period 2012.

Net investments during the first quarter amounted to SEK 1.3 million
(SEK 0.3 million in first quarter last year), reflecting mainly the
current activity level in the Rönnbäcken nickel project.