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Opta Minerals Inc. Reports Third Quarter Results for Fiscal 2012

WATERDOWN, ONTARIO -- (Marketwire) -- 11/07/12 -- Opta Minerals Inc. (TSX:OPM), today announced results for the three and nine months ended September 30, 2012. All figures are reported in U.S. dollars and are in accordance with International Financial Reporting Standards (IFRS), except where otherwise noted.

Financial Highlights (presented in $000s USD except per share amounts):


                              3 months        3 months                      
                                 ended           ended                      
                         September 30,   September 30,    Increase          
                                  2012            2011  (Decrease)        % 
                                                                            
Revenue                        $32,980         $24,102      $8,878     36.8%
Gross Profit                     6,996           5,179       1,817     35.1%
                                  21.2%           21.5%       (0.3%)        
EBITDA(1)                        4,543           2,569       1,974     76.8%
EBIT(2)                          3,084           1,519       1,565    103.0%
Net Earnings                     1,450             628         822    130.9%
EPS                              $0.08           $0.03       $0.05          

                              9 months        9 months                      
                                 ended           ended                      
                         September 30,   September 30,    Increase          
                                  2012            2011  (Decrease)        % 
                                                                            
Revenue                        $92,526         $70,495     $22,031     31.3%
Gross Profit                    20,113          15,833       4,280     27.0%
                                  21.7%           22.5%       (0.8%)        
EBITDA(1)                       11,594           9,121       2,473     27.1%
EBIT(2)                          7,459           6,006       1,453     24.2%
Net Earnings                     4,282           3,086       1,196     38.8%
EPS                              $0.23           $0.17       $0.06          
(1) EBITDA is a non-IFRS measure; refer to Footnotes.                       
(2) EBIT is a non-IFRS measure; refer to Footnotes.                         

David Kruse, President and CEO of Opta Minerals, noted "During the third quarter, Opta Minerals experienced solid revenue growth over the comparable period in 2011. Solid earnings in the steel sector were marginally offset by results in the industrial minerals sector. We recently acquired 94% of the shares of WGI Heavy Minerals, Incorporated (WGI) and intend to acquire the remaining shares under compulsory acquisition provisions. This will conclude our third acquisition in twelve months consistent with our strategic plan to build the organization through a combination of internal growth and acquisitions. We will continue to focus our efforts on integrating these new businesses, generating cash flow, and paying down debt. We are optimistic that our business is well positioned to address changes in the economic environment."

Operational Highlights:


--  Net earnings for the third quarter increased 130.9% over the comparable
    quarter in 2011 and 38.8% on a year over year basis. These increases
    were attributable to the successful integration of Babco Industrial
    Corp. (Babco) in the first quarter, the recognition of deferred income
    tax assets from previously unrecognized non-capital loss carry forwards
    in the second quarter and revenue growth in the steel and abrasives
    segments.
    
    
--  Revenue in the Mill and Foundry Products and Services (steel) segment
    increased 32.2% over the comparable quarter in 2011 due largely to the
    demand for lime blends, metallic magnesium, chromite, and the
    acquisition of Babco during the first quarter which added petroleum coke
    to the product portfolio. Revenue in the Abrasive Products Manufacturing
    and Distribution (abrasives) segment increased 48.5% over the comparable
    quarter in 2011 due to an increase in demand for metallurgical slags and
    the acquisition of WGI which contributed to garnet sales. For the nine
    months ended September 30, the revenue increases represented 37.6% and
    14.7%, respectively, for the same segments.
    
    
--  Gross profit increased quarter over quarter and year over year. Gross
    profit as a percentage of revenue declined slightly due to some weakness
    in the abrasives segment and product mix. 
    
    
--  Selling, general and administrative expenses (SGA) were reduced to 12.5%
    of revenue for the third quarter of 2012 from 14.0% for the comparable
    quarter in 2011. On a year over year basis, SGA were reduced to 13.6% of
    revenue in 2012 from 14.3% of revenue in 2011. The Company achieved SGA
    reductions in light of a significant bad debt in the second quarter from
    the bankruptcy filing of a large American steel producer and customer in
    the amount of $0.9 million and costs of acquisitions approximating $0.6
    million. 
    
    
--  The foreign exchange gain was $0.2 million for the quarter as compared
    to a foreign exchange loss of $0.3 million for the same quarter in 2011.
    The results reflect a year-over-year foreign exchange loss of $0.3
    million due to the weakness of the Euro. 
    
    
--  For the three months ended September 30, 2012, cash flow from operating
    activities before changes in working capital generated $3.1 million
    versus $1.9 million in the third quarter of 2011. On a year over year
    basis, cash flow from continuing operations before changes in working
    capital generated $7.4 million versus $6.3 million. The positive cash
    flow was used to finance working capital and repay debt. 
    
    
--  On July 13, 2012, the Company tendered an offer to acquire all of the
    outstanding shares of WGI for Cdn $0.60 in cash per share by way of a
    take-over bid. On August 29, 2012, the Company acquired 94% of the
    outstanding shares of WGI for Cdn $0.60 cash per share and intends to
    exercise its rights under compulsory acquisition provisions to purchase
    the shares not tendered. The purchase price amounted to $15.0 million
    and was funded by bank term debt. The amount payable to acquire the
    remaining interest of $0.9 million has been recognized as a financial
    liability. 
    
    
--  The Company's working capital at September 30, 2012 amounted to $25.6
    million and total assets were $139.5 million, as compared to $14.7
    million and $92.4 million respectively at December 31, 2011. 
    
    
--  The debt-to-equity ratio at September 30, 2012 was 1.27 to 1.00, versus
    0.65 to 1.00 at December 31, 2011. The increased debt-to-equity ratio
    results from the acquisitions of Babco and WGI during the first and
    third quarters, financed by bank term debt. 

Opta Minerals is a vertically integrated provider of custom process solutions and industrial mineral products used primarily in the steel, foundry, loose abrasive cleaning, water-jet cutting and municipal water filtration industries. The Company has production and distribution facilities in Ontario, Quebec, Saskatchewan, Louisiana, South Carolina, Virginia, Maryland, Indiana, Michigan, New York, Texas, Florida, Ohio, Idaho, France, Slovakia and Germany. Opta has one of the broadest product lines in the industry.

FOOTNOTES:

Earnings before income taxes and interest ("EBIT"); and earnings before interest, income taxes, depreciation and amortization ("EBITDA") as defined below, are both non-IFRS earnings measures that do not have standardized measures prescribed by IFRS, and therefore may not be comparable to similar measures presented by other publicly traded companies.


                                       For the three            For the nine
                                        Months Ended            Months Ended
                                        September 30            September 30
                                    2012        2011        2012        2011
                                       $           $           $           $
                                                                            
Net Earnings for the Period        1,450         628       4,282       3,086
Finance Expense                      757         423       2,176       1,244
Income Taxes                         877         468       1,001       1,676
Depreciation and                                                            
 Amortization                      1,459       1,050       4,135       3,115
                                                                            
EBITDA(1)                          4,543       2,569      11,594       9,121
Subtract:                                                                   
Depreciation and                                                            
 Amortization                      1,459       1,050       4,135       3,115
                                                                            
EBIT(2)                            3,084       1,519       7,459       6,006
                                                                            
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Notes                                                                       
                                                                            
(1) The term "EBITDA" refers to earnings before deducting interest expense, 
    provision for income taxes, depreciation and amortization. The Company  
    believes that EBITDA is useful supplemental information as it provides  
    an indication of the results generated by the Company's main business   
    activities prior to taking into consideration how those activities are  
    financed and taxed and also prior to taking into consideration asset    
    depreciation. EBITDA is not a recognized measure under International    
    Finance Reporting Standards (IFRS), and accordingly, investors are      
    cautioned that EBITDA should not be construed as an alternative to net  
    earnings or loss determined in accordance with IFRS as an indicator of  
    the financial performance of the Company or as a measure of the         
    Company's liquidity and cash flows. The Company's method of calculating 
    EBITDA may differ from other issuers and accordingly, EBITDA may not be 
    comparable to similar measures presented by other issuers.              
                                                                            
(2) The term "EBIT" refers to earnings before income taxes and interest     
    expense. The Company believes that EBIT is useful supplemental          
    information as it provides an indication of the results generated by the
    Company's main business activities prior to taking into consideration   
    how those activities are financed or taxed. EBIT is a non-IFRS earnings 
    measure that does not have standardized measures prescribed by IFRS, and
    therefore may not be comparable to similar measures presented by other  
    publicly traded companies.                                              

This press release may contain "forward-looking statements" which reflect the current expectations of management of the Company regarding the Company's future growth, results of operations, performance, business prospects and opportunities. Wherever possible, words such as "may", 'would", "could", "should", "will", "anticipate", "believe", "plan", "expect", "intend", "estimate", "aim", "endeavour", "seek", "predict", "potential" and similar expressions have been used to identify these forward-looking statements. These statements reflect management's current beliefs with respect to future events and are based on information currently available to management of the Company. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including, without limitation, cancellations of or the failure to renew purchase orders; production and delivery issues; quality, pricing and availability of raw materials; compliance with environmental regulations; exchange rate fluctuations as well as the other risks identified in the "Risk Factors" section of the Company's Annual Information Form and other public filings (copies of which may be obtained at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements may vary materially from those expressed or implied by this press release. These factors should be considered carefully and reader should not place undue reliance on the forward-looking statements. Although any forward-looking statements contained in this press release are based upon what management currently believes to be reasonable assumptions, the Company cannot assure readers that actual results, performance or achievements will be consistent with these forward-looking statements, and management's assumptions may prove to be incorrect. These forward-looking statements are made as of the date of this press release and, other than as required by law, the Company does not intend, and does not assume any obligation, to update or revise these forward- looking statements, whether as a result of new information, future events or otherwise.


Opta Minerals Inc.                                                          
Interim Condensed Consolidated Balance Sheets                               
As At September 30, 2012                                                    
(Unaudited)                                                                 
Expressed in Thousands of US Dollars (except per share amounts and number   
 of shares)                                                                 
                                                                            
                                              September 30,    December 31, 
                                                       2012            2011 
                                                (Unaudited)       (Audited) 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Assets                                                                      
Current                                                                     
  Cash and cash equivalents                   $       2,093   $         698 
  Trade and other receivables                        22,365          12,515 
  Inventories                                        29,332          21,589 
----------------------------------------------------------------------------
                                                     53,790          34,802 
----------------------------------------------------------------------------
Property, Plant and Equipment                        29,461          19,848 
----------------------------------------------------------------------------
Intangible Assets                                    35,525          27,319 
----------------------------------------------------------------------------
Goodwill                                             14,198           6,680 
----------------------------------------------------------------------------
Deferred Income Tax Assets                            6,532           3,793 
----------------------------------------------------------------------------
                                              $     139,506   $      92,442 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Liabilities                                                                 
Current                                                                     
  Trade and other payables                           12,719           7,123 
  Borrowings                                         13,477          11,026 
  Derivative financial instrument                         -             256 
  Provisions                                            610           1,015 
  Other liabilities                                     662             444 
  Income taxes payable                                  723             168 
  Preference shares                                      47              46 
----------------------------------------------------------------------------
                                                     28,238          20,078 
----------------------------------------------------------------------------
Borrowings                                           46,343          16,526 
----------------------------------------------------------------------------
Derivative Financial Instrument                         497               - 
----------------------------------------------------------------------------
Other Liabilities                                     1,916           1,481 
----------------------------------------------------------------------------
Deferred Income Tax Liabilities                       4,634           3,192 
----------------------------------------------------------------------------
Deferred Income Tax Liability on Intangible                                 
 Assets                                              10,852           8,650 
----------------------------------------------------------------------------
                                                     92,480          49,927 
----------------------------------------------------------------------------
Equity Attributable to the Shareholders of                                  
 the Company                                                                
Capital Stock                                                               
  Authorized without limit as to number -                                   
  Preference shares (without par value)                                     
  common shares                                                             
  Issued - 18,079,617 common shares (December                               
   31, 2011 - 18,061,784)                            17,717          17,680 
----------------------------------------------------------------------------
Contributed Surplus                                   3,898           3,429 
----------------------------------------------------------------------------
Accumulated Other Comprehensive Loss                 (2,412)         (2,135)
----------------------------------------------------------------------------
Retained Earnings                                    27,823          23,541 
----------------------------------------------------------------------------
Total Equity                                         47,026          42,515 
----------------------------------------------------------------------------
                                              $     139,506   $      92,442 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Opta Minerals Inc.                                                          
Interim Condensed Consolidated Statements of Income                         
For the Three Months Ended September 30, 2012 and 2011                      
(Unaudited)                                                                 
Expressed in Thousands of US Dollars (except per share amounts)             
                                                                            
                                                September 30,  September 30,
                                                         2012           2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Revenue                                         $      32,980  $      24,102
Cost of Goods Sold                                     25,984         18,923
----------------------------------------------------------------------------
Gross Profit                                            6,996          5,179
----------------------------------------------------------------------------
                                                                            
Expenses                                                                    
  Selling, general and administrative                   4,136          3,365
  Other expense (income)                                 (224)           295
----------------------------------------------------------------------------
                                                        3,912          3,660
----------------------------------------------------------------------------
Operating Profit                                        3,084          1,519
Finance expense                                           757            423
----------------------------------------------------------------------------
Profit Before Income Taxes                              2,327          1,096
Income taxes                                              877            468
----------------------------------------------------------------------------
Profit for the Period Attributable to the                                   
 Shareholders of the Company                    $       1,450  $         628
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per share for the period - basic and                               
 diluted                                                 0.08           0.03
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Opta Minerals Inc.                                                          
Interim Condensed Consolidated Statements of Income                         
For the Nine Months Ended September 30, 2012 and 2011                       
(Unaudited)                                                                 
Expressed in Thousands of US Dollars (except per share amounts)             
                                                                            
                                                September 30, September 30, 
                                                         2012          2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Revenue                                         $      92,526  $     70,495 
Cost of Goods Sold                                     72,413        54,662 
----------------------------------------------------------------------------
Gross Profit                                           20,113        15,833 
----------------------------------------------------------------------------
                                                                            
Expenses                                                                    
  Selling, general and administrative                  12,616        10,106 
  Other expense (income)                                   38          (279)
----------------------------------------------------------------------------
                                                       12,654         9,827 
----------------------------------------------------------------------------
Operating Profit                                        7,459         6,006 
Finance expense                                         2,176         1,244 
----------------------------------------------------------------------------
Profit Before Income Taxes                              5,283         4,762 
Income taxes                                            1,001         1,676 
----------------------------------------------------------------------------
Profit for the Period Attributable to the                                   
 Shareholders of the Company                    $       4,282  $      3,086 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Earnings per share for the period - basic and                               
 diluted                                                 0.23          0.17 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Opta Minerals Inc.                                                          
Interim Condensed Consolidated Statements of Comprehensive Income           
For the Three Months Ended September 30, 2012 and 2011                      
(Unaudited)                                                                 
Expressed in Thousands of US Dollars                                        
                                                                            
                                               September 30,  September 30, 
                                                        2012           2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Profit for the Period Attributable to the                                   
 Shareholders of the Company                   $       1,450  $         628 
                                                                            
Other Comprehensive Income                                                  
                                                                            
  Unrealized (loss) gain on translation of                                  
   foreign operations                                    106           (243)
  Unrealized (loss) gain on derivative                                      
   financial instruments                                  (2)            86 
----------------------------------------------------------------------------
Other comprehensive (loss) income, net of tax            104           (157)
----------------------------------------------------------------------------
Comprehensive Income Attributable to the                                    
 Shareholders of the Company                   $       1,554  $         471 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Opta Minerals Inc.                                                          
Interim Condensed Consolidated Statements of Comprehensive Income           
For the Nine Months Ended September 30, 2012 and 2011                       
(Unaudited)                                                                 
Expressed in Thousands of US Dollars                                        
                                                                            
                                                September 30,  September 30,
                                                         2012           2011
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Profit for the Period Attributable to the                                   
 Shareholders of the Company                    $       4,282  $       3,086
                                                                            
Other Comprehensive Income                                                  
                                                                            
  Unrealized (loss) gain on translation of                                  
   foreign operations                                    (102)           292
  Unrealized (loss) gain on derivative                                      
   financial instruments                                 (175)           264
----------------------------------------------------------------------------
  Other comprehensive (loss) income, net of tax          (277)           556
----------------------------------------------------------------------------
Comprehensive Income Attributable to the                                    
 Shareholders of the Company                    $       4,005  $       3,642
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Opta Minerals Inc.                                                          
Interim Condensed Consolidated Statements of Changes in Equity              
For the Nine Months Ended September 30, 2012 and 2011                       
(Unaudited)                                                                 
Expressed in Thousands of US Dollars                                        
                                                                            
                                                                            
                                                                 Contributed
                             Number of                             Surplus -
                              Shares -            Capital        Share-based
                         Capital Stock              Stock           Payments
----------------------------------------------------------------------------
----------------------------------------------------------------------------
At January 1, 2012          18,061,784   $         17,680   $          3,429
----------------------------------------------------------------------------
Comprehensive Income                                                        
 Profit for the                                                             
  period                             -                  -                  -
 Unrealized loss on                                                         
  translation of                                                            
  foreign operations                 -                  -                  -
 Unrealized loss on                                                         
  financial                                                                 
  derivative                                                                
  designated as a                                                           
  cash flow hedge                    -                  -                  -
----------------------------------------------------------------------------
Total Comprehensive                                                         
 Income                              -                  -                  -
----------------------------------------------------------------------------
Transactions with                                                           
 Shareholders                                                               
 Employee share                                                             
  purchase plan                  9,885                 23                  -
 Stock options                                                              
  exercised                      7,948                 14                  -
 Share-based payment                                                        
  expense                            -                  -                469
----------------------------------------------------------------------------
Total Transactions                                                          
 with Shareholders              17,833                 37                469
----------------------------------------------------------------------------
At September 30, 2012       18,079,617             17,717              3,898
----------------------------------------------------------------------------
At January 1, 2011          18,036,974             17,632              2,781
----------------------------------------------------------------------------
Comprehensive Income                                                        
 Profit for the                                                             
  period                             -                  -                  -
 Unrealized gain on                                                         
  translation of                                                            
  foreign operations                 -                  -                  -
 Unrealized gain on                                                         
  financial                                                                 
  derivative                                                                
  designated as a                                                           
  cash flow hedge                    -                  -                  -
----------------------------------------------------------------------------
Total Comprehensive                                                         
 Income                              -                  -                  -
----------------------------------------------------------------------------
Transactions with                                                           
 Shareholders                                                               
 Employee share                                                             
  purchase plan                  7,045                 15                  -
 Stock options                                                              
  exercised                     15,280                 28                  -
 Share-based payment                                                        
  expense                            -                  -                457
----------------------------------------------------------------------------
Total Transactions                                                          
 with Shareholders              22,325                 43                457
----------------------------------------------------------------------------
At September 30, 2011       18,059,299   $         17,675   $          3,238
----------------------------------------------------------------------------
----------------------------------------------------------------------------

                                                                            
                                       AOCI(i) -                            
                                         Foreign                            
                         AOCI(i) -      Currency                            
                         Cash Flow   Translation      Retained        Total 
                             Hedge       Reserve      Earnings       Equity 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
At January 1, 2012    $       (193) $     (1,942) $     23,541 $     42,515 
----------------------------------------------------------------------------
Comprehensive Income                                                        
 Profit for the                                                             
  period                         -             -         4,282        4,282 
 Unrealized loss on                                                         
  translation of                                                            
  foreign operations             -          (102)            -         (102)
 Unrealized loss on                                                         
  financial                                                                 
  derivative                                                                
  designated as a                                                           
  cash flow hedge             (175)            -             -         (175)
----------------------------------------------------------------------------
Total Comprehensive                                                         
 Income                       (175)         (102)        4,282        4,005 
----------------------------------------------------------------------------
Transactions with                                                           
 Shareholders                                                               
 Employee share                                                             
  purchase plan                  -             -             -           23 
 Stock options                                                              
  exercised                      -             -             -           14 
 Share-based payment                                                        
  expense                        -             -             -          469 
----------------------------------------------------------------------------
Total Transactions                                                          
 with Shareholders               -             -             -          506 
----------------------------------------------------------------------------
At September 30, 2012         (368)       (2,044)       27,823       47,026 
----------------------------------------------------------------------------
At January 1, 2011            (596)       (1,844)       19,891       37,864 
----------------------------------------------------------------------------
Comprehensive Income                                                        
 Profit for the                                                             
  period                         -             -         3,086        3,086 
 Unrealized gain on                                                         
  translation of                                                            
  foreign operations             -           292             -          292 
 Unrealized gain on                                                         
  financial                                                                 
  derivative                                                                
  designated as a                                                           
  cash flow hedge              264             -             -          264 
----------------------------------------------------------------------------
Total Comprehensive                                                         
 Income                        264           292         3,086        3,642 
----------------------------------------------------------------------------
Transactions with                                                           
 Shareholders                                                               
 Employee share                                                             
  purchase plan                  -             -             -           15 
 Stock options                                                              
  exercised                      -             -             -           28 
 Share-based payment                                                        
  expense                        -             -             -          457 
----------------------------------------------------------------------------
Total Transactions                                                          
 with Shareholders               -             -             -          500 
----------------------------------------------------------------------------
At September 30, 2011 $       (332) $     (1,552) $     22,977 $     42,006 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Opta Minerals Inc.                                                          
Interim Condensed Consolidated Statements of Cash Flows                     
For the Nine Months Ended September 30, 2012 and 2011                       
(Unaudited)                                                                 
Expressed in Thousands of US Dollars                                        
                                                                            
                                               September 30,  September 30, 
                                                        2012           2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Cash Provided by (Used in) -                                                
  Operating Activities                                                      
    Profit for the period                      $       4,282  $       3,086 
    Items not affecting cash:                                               
      Depreciation of property, plant and                                   
       equipment                                       2,230          1,605 
      Amortization of intangible assets                1,905          1,510 
      Share-based payment expense                        469            457 
      Non-cash finance expense                             -            (28)
      Deferred income taxes                           (1,486)          (289)
      Loss on disposal of property, plant and                               
       equipment                                           -              2 
----------------------------------------------------------------------------
                                                       7,400          6,343 
    Changes in non-cash working capital                                     
      Trade and other receivables                     (4,001)          (981)
      Inventories                                        307         (1,069)
      Trade and other payables                          (117)        (1,346)
      Provisions                                        (633)          (537)
      Income taxes payable                               558           (318)
----------------------------------------------------------------------------
                                                       3,514          2,092 
----------------------------------------------------------------------------
  Financing Activities                                                      
    Proceeds from issuance of common shares -                               
     net of issuance costs                                37             43 
    Proceeds from borrowings, net of deferred                               
     financing costs                                  32,699          5,975 
    Repayment of finance lease liability                (190)           (84)
    Repayment of borrowings                           (3,012)        (2,242)
----------------------------------------------------------------------------
                                                      29,534          3,692 
----------------------------------------------------------------------------
  Investing Activities                                                      
    Proceeds on disposal of property, plant                                 
     and equipment                                         -              4 
    Acquisition of subsidiary                        (29,988)             - 
    Additions to property, plant and equipment        (1,598)        (1,572)
    Additions to intangible assets                       (62)           (66)
----------------------------------------------------------------------------
                                                     (31,648)        (1,634)
----------------------------------------------------------------------------
Foreign Exchange Loss on Cash Held in Foreign                               
 Currency                                                 (5)           (55)
----------------------------------------------------------------------------
Increase in Cash and Cash Equivalents                  1,395          4,095 
Cash and Cash Equivalents                                                   
  Beginning of Period                                    698            495 
----------------------------------------------------------------------------
  End of Period                                $       2,093  $       4,590 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Additional Cash Flows Information:                                          
  Interest paid                                $       2,194  $       1,297 
  Income taxes paid                                    1,817          2,291 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Opta Minerals Inc.                                                          
Segmented Information                                                       
For the Three Months Ended September 30, 2012 and 2011 (Unaudited)          
Expressed in Thousands of US Dollars                                        

Intersegment revenues are recorded at transaction prices, which approximate cost. The Company's assets, operations and employees are located in Canada, the United States and Europe.


                                      Three Months Ended September 30, 2012 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                         Abrasive                           
                       Mill and    Products Manu-                           
                        Foundry     facturing and                           
                   Products and      Distribution                           
                       Services        Operations    Unallocated      Total 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
External revenue                                                            
 by market                                                                  
Canada            $       6,420 $           1,579  $           -  $   7,999 
US                       12,874             7,129              -     20,003 
Europe                    3,474             1,040              -      4,514 
Other                         4               460              -        464 
----------------------------------------------------------------------------
Total revenue                                                               
 from external                                                              
 customers               22,772            10,208              -     32,980 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Segment profit                                                              
 (loss) before                                                              
 interest expense                                                           
 and income taxes         3,388               (72)          (232)     3,084 
Finance expense               -                 -              -       (757)
Income taxes                  -                 -              -       (877)
Profit for the                                                              
 period                       -                 -              -      1,450 
----------------------------------------------------------------------------
Depreciation of                                                             
 property, plant                                                            
 and equipment              400               368             43        811 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Amortization of                                                             
 intangible                                                                 
 assets                     600                 -             48        648 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Expenditures on                                                             
 property, plant                                                            
 and equipment    $         261 $              75  $          45  $     381 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

External revenue by market is attributed to countries based on location of the customer.

Included in the mill and foundry products and services segment is revenue from one customer that individually exceeds 10% of the Company's revenue.

The Company evaluates the performance of its operating segments primarily based on income before interest expense and income tax expense.


Opta Minerals Inc.                                                          
Segmented Information                                                       
For the Three Months Ended September 30, 2012 and 2011                      
(Unaudited)                                                                 
Expressed in Thousands of US Dollars                                        
                                                                            
                                      Three Months Ended September 30, 2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                         Abrasive                           
                       Mill and    Products Manu-                           
                        Foundry     facturing and                           
                   Products and      Distribution                           
                       Services        Operations    Unallocated      Total 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
External revenue                                                            
 by market                                                                  
Canada            $       2,458 $           1,485  $           -  $   3,943 
US                       10,996             5,351              -     16,347 
Europe                    3,772                 -              -      3,772 
Other                         3                37              -         40 
----------------------------------------------------------------------------
Total revenue                                                               
 from external                                                              
 customers               17,229             6,873              -     24,102 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Segment profit                                                              
 before interest                                                            
 expense and                                                                
 income taxes             2,201              (511)          (171)     1,519 
Finance expense               -                 -              -       (423)
Income taxes                  -                 -              -       (468)
Profit for the                                                              
 period                       -                 -              -        628 
----------------------------------------------------------------------------
Total assets as                                                             
 at September 30,                                                           
 2011                    54,791            31,361          5,727     91,879 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Depreciation of                                                             
 property, plant                                                            
 and equipment              230               273             41        544 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Amortization of                                                             
 intangible                                                                 
 assets                     460                 6             40        506 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Goodwill and                                                                
 intangible                                                                 
 assets as at                                                               
 September 30,                                                              
 2011                    30,214             3,564            366     34,144 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Expenditures on                                                             
 property, plant                                                            
 and equipment    $         646 $              96  $          18  $     760 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Opta Minerals Inc.                                                          
Segmented Information                                                       
For the Nine Months Ended September 30, 2012 and 2011                       
(Unaudited)                                                                 
Expressed in Thousands of US Dollars                                        
                                                                            
                                       Nine Months Ended September 30, 2012 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                         Abrasive                           
                       Mill and    Products Manu-                           
                        Foundry     facturing and                           
                   Products and      Distribution                           
                       Services        Operations    Unallocated      Total 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
External revenue                                                            
 by market                                                                  
Canada            $      18,307 $           4,457  $           -  $  22,764 
US                       40,191            16,445              -     56,636 
Europe                   11,513             1,054              -     12,567 
Other                        25               534              -        559 
----------------------------------------------------------------------------
Total revenue                                                               
 from external                                                              
 customers               70,036            22,490              -     92,526 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Segment profit                                                              
 before interest                                                            
 expense and                                                                
 income taxes             9,123              (595)        (1,069)     7,459 
Finance expense               -                 -              -     (2,176)
Income taxes                  -                 -              -     (1,001)
Profit for the                                                              
 period                       -                 -              -      4,282 
----------------------------------------------------------------------------
Total assets as                                                             
 at September 30,                                                           
 2012                    81,378            55,440          2,688    139,506 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Depreciation of                                                             
 property, plant                                                            
 and equipment            1,156               958            116      2,230 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Amortization of                                                             
 intangible                                                                 
 assets                   1,755                 6            144      1,905 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Goodwill and                                                                
 intangible                                                                 
 assets as at                                                               
 September 30,                                                              
 2012                    45,249             4,202            272     49,723 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Expenditures on                                                             
 property, plant                                                            
 and equipment    $         941 $             493  $         164  $   1,598 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
                                                                            
Opta Minerals Inc.                                                          
Segmented Information                                                       
For the Nine Months Ended September 30, 2012 and 2011                       
(Unaudited)                                                                 
Expressed in Thousands of US Dollars                                        
                                                                            
                                       Nine Months Ended September 30, 2011 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                         Abrasive                           
                       Mill and    Products Manu-                           
                        Foundry     facturing and                           
                   Products and      Distribution                           
                       Services        Operations    Unallocated      Total 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
External revenue                                                            
 by market                                                                  
Canada            $       6,774 $           4,574  $           -  $  11,348 
US                       32,642            14,970              -     47,612 
Europe                   11,423                 -              -     11,423 
Other                        46                66              -        112 
----------------------------------------------------------------------------
Total revenue                                                               
 from external                                                              
 customers               50,885            19,610              -     70,495 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                                            
Segment profit                                                              
 before interest                                                            
 expense and                                                                
 income taxes             7,478            (1,347)          (125)     6,006 
Finance expense               -                 -              -     (1,244)
Income taxes                  -                 -              -     (1,676)
Profit for the                                                              
 period                       -                 -              -      3,086 
----------------------------------------------------------------------------
Depreciation of                                                             
 property, plant                                                            
 and equipment              689               822             94      1,605 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Amortization of                                                             
 intangible                                                                 
 assets                   1,375                19            116      1,510 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Expenditures on                                                             
 property, plant                                                            
 and equipment    $       1,140 $             354  $          78  $   1,572 
----------------------------------------------------------------------------
----------------------------------------------------------------------------

Contacts:
Opta Minerals Inc.
David Kruse
President and Chief Executive Officer

Opta Minerals Inc.
Peter Fryters
Chief Financial Officer and Secretary
905-689-7361, ext 405
investor_relations@optaminerals.com
www.optaminerals.com

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