DGAP-News: ICHOR Coal N.V.: Annual report 2012: Major investments boost assets

DGAP-News: ICHOR Coal N.V. / Key word(s): Final Results
ICHOR Coal N.V.: Annual report 2012: Major investments boost assets

11.04.2013 / 09:32

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IchorCoal annual report 2012: Major investments boost assets

- Total assets increased, primarily through acquisitions, to nearly EUR
150 million

- Revenues of EUR 103 million

- 'In a successful year the foundation for further growth was laid'

Berlin, 11 April 2013: IchorCoal N.V., an internationally operating mineral
resource company, increased its assets base in 2012 to EUR 149.4 million
primarily as a result of two significant acquisitions and increased its
revenues to EUR 103 million. 'These figures reflect our investments and are
commensurate with our business,' says Heinz Schernikau, CEO of IchorCoal.
'We are more than satisfied with the outcome of our first full business
year, during which we laid the foundation for further growth.' More details
of the 2012 financial performance can be found in the annual report
published today on IchorCoal's homepage.

The most import event for IchorCoal in 2012 was the acquisition of 74
percent of the shares in the South African coal mining company Vunene
Mining (Pty) Ltd. This provides IchorCoal with access to more than 120
million tons of steam coal. In November the company acquired a share of 30
percent of Mbuyelo Coal (Pty) Ltd., which in turn has interests in nine
coal mines and projects in South Africa. Altogether, IchorCoal has now
access to more than 1,000 million tons of coal reserves and coal resources
through its investments in South Africa.

To finance its acquisitions, the company issued convertible bonds of EUR 80
million with a coupon of 8% per annum which were placed in two tranches in
June and November. 'The convertible bonds represent the only significant
debt other than trade finance liabilities while total assets rose to EUR
149.4 million,' explains Sebastian Giese, CFO of IchorCoal.

At EUR 4.5 million, EBITDA was positive as was EBIT, which added up to EUR
0.25 million while the company realized a net loss of EUR 3.3 million. 'All
in all, we achieved the goal we set ourselves when we founded our company
in 2011: To become an internationally operating mineral resource company
specialising in coal resources as well as in other projects in the field of
coal logistics and coal handling,' says IchorCoal CEO, Heinz Schernikau.

The current year's performance, as well as 2014, will be strongly
influenced by the resumption of underground mining at Vunene's Usutu Mine.
It is planned that by 2016 at the latest, underground mining operations
will be fully resumed and up to 350,000 tons of coal will be produced
monthly. Vunene will commence work in the summer with production
anticipated to start in 2014.

The Management Board

About IchorCoal N.V.

IchorCoal N.V. is an internationally operating mineral-resource-company
specializing in investments in coal resources as well as in other projects
in the field of coal logistics and coal handling along with coal trading
via its marketing arm HMS Bergbau AG. The company is aiming to secure own
coal-resources, to gain control along the value chain and to sell the
produced coal on the international markets. In consideration of the global
rise in demand for coal, market chances are vast and entrepreneurial action
is essential and bears excellent prospects. The company is led by its CEO
Heinz Schernikau and its CFO Sebastian Giese. Both bring in their long time
experience in the commodity sector.

Forward-looking statements

This news release includes forward-looking statements. Forward-looking
statements include, but are not limited to, statements concerning estimates
of expected mining and associated costs, statements relating to estimates
of, and increases in, production, cash flows and values and other
statements which are not historical facts. When used in this document, the
words such as 'could,' 'plan,' 'estimate', 'expect', 'intend', 'may',
'potential', 'should' and similar expressions are forward-looking
statements. Although IchorCoal believes that its expectations reflected in
these forward-looking statements are reasonable, such statements involve
risks and uncertainties and no assurance can be given that actual results
will be consistent with these forward-looking statements. Important factors
that could cause actual results to differ from these forward-looking
statements include the potential that the Company's projects will
experience technological and mechanical problems, that geological
conditions in the reservoir may not result in commercial levels of oil and
gas production, that changes in product prices can have a material impact
and that IchorCoal fails to raise sufficient capital to adequately fund its
activities.

Contact:

IchorCoal N.V.
An der Wuhlheide 232
12459 Berlin
Germany
phone: +49 30 65 66 81 60
FAX: +49 30 65 66 81 15
info@ichorcoal.com
www.ichorcoal.com

Thomas Luber
NewMark Finanzkommunikation
Zum Laurenburger Hof 76
60594 Frankfurt
+49 69 94418069
mobil: +49 171 8311216
Thomas.luber@newmark.de

End of Corporate News

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11.04.2013 Dissemination of a Corporate News, transmitted by DGAP - a
company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.

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206780 11.04.2013