Malaga Inc. reported financial results for the first quarter ended March 31, 2013. For the quarter, the company generated a net loss of $3.1 million for the three-month period ended March 31, 2013 for a loss per share of $0.02, compared to net income of $0.1 million in 2012 or earnings per share of $0.00 in 2012. As at March 31, 2013, the carrying value of the CGU was impaired. As a result, a non-cash impairment charge of $2.6 million was recorded to the consolidated statement of net loss. The plant and the mine were in care and maintenance and therefore no production nor sales of tungsten were realized. The company was able to monetize its copper by-product and realized sales of $1.2 million.

Non-cash impairment charge of $2.6 million was recorded in the three-month period ended March 31, 2013.