Talvivaaran Kaivososakeyhtiö Oyj - Company Announcement

Talvivaara's Auditor's Report for the financial period 1 January - 31 December 2014

Stock Exchange Release
Talvivaara Mining Company Plc
30 April 2015




 Talvivaara's Auditor's Report for the financial period 1 January - 31 December
                                      2014


The  Auditor's report for the year  ended 31 December 2014 to the Annual General
Meeting of Talvivaara Mining Company Plc is the following:

The  following  document  is  an  English  translation  of the Finnish auditor's
report.

AUDITOR'S REPORT

To the Annual General Meeting of Talvivaara Mining Company Plc

We  were engaged to audit the  accounting records, the financial statements, the
report  of the  Board of  Directors and  the administration of Talvivaara Mining
Company   Plc  for  the  period  1 January  -  31 December  2014. The  financial
statements  comprise the statement of  financial position, the income statement,
the  statement of changes  in equity, the  cash flow statement  and notes to the
financial statements.

Responsibility of the Board of Directors and the Managing Director

The  Board  of  Directors  and  the  Managing  Director  are responsible for the
preparation  of financial statements  and report of  the Board of Directors that
give  a true and fair view in accordance with the laws and regulations governing
the  preparation of  the financial  statements and  the report  of the  Board of
Directors  in Finland. The Board of Directors is responsible for the appropriate
arrangement  of  the  control  of  the  company's accounts and finances, and the
Managing  Director  shall  see  to  it  that  the accounts of the company are in
compliance  with the law and that its  financial affairs have been arranged in a
reliable manner.

Auditor's Responsibility

Our  responsibility is to express an opinion  on the financial statements and on
the report of the Board of Directors based on conducting the audit in accordance
with good auditing practice in Finland. The Auditing Act requires that we comply
with the requirements of professional ethics. Because of the matter described in
the  Basis for  Disclaimer of  Opinion paragraph,  however, we  were not able to
obtain  sufficient appropriate  audit evidence  to provide  a basis for an audit
opinion.

Basis for Disclaimer of Opinion

As  described in note 2 "Basis of presentation  and non-going concern " and note
5 "Critical  accounting estimates  and judgment"  to the  accompanying financial
statements,  Talvivaara Mining Company  Plc has issued  a guarantee amounting to
203,4 million  euro. Talvivaara  Mining Company  Plc has  prepared the financial
statements  applying non-going concern principle and provided the full amount of
the guarantee liability as a provision on its balance sheet.

As   described  in  note  2 and  note  5, the  Administrator  of  the  corporate
reorganization  of Talvivaara Mining Company Plc  states that the Company cannot
make  any payments  to the  lender based  on the  guarantee liability due to the
other financial agreements and the subordinated nature of the guarantee.

We  were  not  able  to  verify  the  existence  or  nonexistence of a liability
originating from the guarantee.

Disclaimer of Opinion

Because  of the significance of the matter described in the Basis for Disclaimer
of  Opinion paragraph,  we have  not been  able to obtain sufficient appropriate
audit  evidence to provide a basis for  an audit opinion. Accordingly, we do not
express  an opinion on the  financial statements and the  report of the Board of
Directors.

Helsinki, 30 April 2015

PricewaterhouseCoopers Oy
Authorised Public Accountants


Juha Wahlroos
Authorised Public Accountant



Enquiries

Talvivaara Mining Company Plc Tel +358 20 7129 800

Pekka Perä, CEO

Pekka Erkinheimo, Deputy CEO




[HUG#1917567]

Attachments:

Auditor s Report 30 4 2015.pdf