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2016-05-11

Afarak Group: AFARAK GROUP PLC'S INTERIM REPORT FOR 1 JANUARY - 31 MARCH 2016

07:00 London, 09:00 Helsinki, 11 May 2016 - Afarak Group Plc ("Afarak" or "the
Company") (LSE: AFRK, NASDAQ: AFAGR) Interim Report
AFARAK GROUP PLC'S INTERIM REPORT FOR 1 JANUARY - 31 MARCH 2016
Q1 HIGHLIGHTS (January - March 2016):
- Revenue increased by 0.1% to EUR 40.8 (Q1/2015: 40.7) million
- Processed material sold increased by 20.0% to 26,952 (Q1/2015: 22,466)
tonnes
- EBITDA was EUR 3.3 (Q1/2015: 4.6) million and the EBITDA margin was 8.0%
(Q1/2015: 11.4%)
- EBIT was EUR 1.7 (Q1/2015: 2.9) million and the EBIT margin was 4.2%
(Q1/2015: 7.2%)
- Profit for the period from continuing operations totalled EUR -0.2 (Q1/2015:
2.3) million
- Ferrochrome production increased by 0.7% to 27,631 (Q1/2015: 27,449) tonnes
- Tonnage mined decreased by 58.2% to 45,486 (Q1/2015: 108,773) tonnes
- Cash flow from operations was EUR 7.2 (Q1/2015: -2.7) million and liquid
funds at 31 March were
EUR 21.7 (31 March 2015: 11.5) (31 December 2015: 19.6) million

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| KEY FIGURES (EUR million) Q1/16 Q1/15 Change FY2015 |
| Revenue 40.8 40.7 0.1% 187.7 |
| EBITDA 3.3 4.6 -29.4% 17.2 |
| EBITDA margin 8.0% 11.4% 9.2% |
| EBIT 1.7 2.9 9.9 |
| EBIT margin 4.2% 7.2% 5.3% |
| Earnings before taxes 0.9 2.7 6.5 |
| Earnings margin 2.1% 6.5% 3.5% |
| Profit from continuing operations -0.2 2.3 7.8 |
| Profit from discontinued operations 0.5 0.0 0.8 |
| Profit 0.2 2.3 8.5 |
| Earnings per share, basic, EUR 0.00 0.01 0.03 |
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Commenting on the first quarter results, Alistair Ruiters, CEO, said:

"I am pleased that Afarak has managed to maintain positive EBIT and generate
cash in a quarter that witnessed other producers filing for business rescue
and with a market characterised by falling prices and weak demand.

Revenue and sales volumes increased considerably in the FerroAlloys segment.
Sales volumes decreased in the Speciality segment, due to Afarak's policy not
to compromise on price. To mitigate against short term swings in prices
Afarak has successfully continued on maintaining long term agreement.

Looking ahead, Afarak continues to strengthen its internal processes and
functions. Today we have a streamlined organisation that is actively looking
at opportunities that generate cash and increase profits. We are also focused
on internal investments and, as the shaking table project has come on stream,
we are expecting positive results from this investment. Afarak is committed
to achieving long-run sustainability and growth and we are determined to
continue creating value for all our stakeholders."

Disclosure procedure
Afarak follows the disclosure procedure enabled by Disclosure obligation of
the issuer (7/2013) published by the Finnish Financial Supervision Authority,
and hereby publishes its Q1/2016 interim report enclosed to this stock
exchange release. The Interim Report is attached to this release and is also
available on the Company's website at www.afarak.com.

AFARAK GROUP PLC
Alistair Ruiters
CEO
For additional information, please contact:

Afarak Group Plc

Alistair Ruiters, CEO, +358 50 372 1130,alistair.ruiters@afarak.com

Melvin Grima, Finance Director, +356 2122 1566,melvin.grima@afarak.com

Jean Paul Fabri, PR&Communications Manager, +356 2122 1566,jp.fabri@afarak.com

Financial reports and other investor information are available on the
Company's website:www.afarak.com.

Afarak Group is a chrome mining and minerals producer focused on delivering
sustainable growth with a Speciality Alloys business in southern Europe and a
FerroAlloys business in South Africa. The Company is listed on NASDAQ
Helsinki (AFAGR) and the Main Market of the London Stock Exchange (AFRK).

Distribution:
NASDAQ Helsinki
London Stock Exchange
main media
www.afarak.com

AFARA GROUP Q1 Interim Report
http://hugin.info/143997/R/2011547/744765.pdf

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Afarak Group via Globenewswire

HUG#2011547

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