Half Yearly Report

30 September 2011

GMA RESOURCES Plc

("GMA" or "the Company")

Half-Yearly Results for the six months ended 30 June 2011

Key features

- Loss attributable to GMA shareholders in the six months ended 30 June 2011 of £2.66 million (H1 2010: £1.0 million loss), an increase of 166 per cent.

- Gold sales in the six months ended 30 June 2011 of 5,984 oz (H1 2010: 12,311 oz)

- Strip ratio (ratio of waste required to be mined for each tonne of ore mined) has increased to 13.36 in H1 2011 from 7.37 in H1 2010. This reflects the increasing depth of the existing mining zones; the result is a near doubling of the waste mining costs

- The Board is reviewing with its advisers the sustainability of operations in Algeria

Enquiries:

Chief Executive Officer's Report

The following update includes the operating, exploration and financial results of GMA Resources plc for the six months ended 30 June 2011.

Summary

In the six months ended 30 June 2011, the Company incurred a loss attributable to GMA shareholders of £2.66 million (2010: £1.0 million loss), an increase of 166 per cent over the comparable period last year. The exploration results for first half of 2011 continue to be disappointing. Exploration has focused firstly on attempting to delineate additional new resources to replace the ore from the deepening existing quartz veins currently being mined. Secondly, finding an economic gold deposit located within the 80km long mineralized shear zone west of the known quartz veins.

Neither of these exploration objectives has been achieved. Coupled with falling gold grades and increasing mining costs (due to an increasing strip ratio), this means that, in the Board's view, there are some very serious challenges for the Tirek- Amesmessa operation.

Due to the significant and continuing disappointment with both exploration and financial performance, the Board is reviewing with its advisers the sustainability of operations in Algeria.

As highlighted by the Chairman, Mr David Netherway, in the 2010 Annual report, "The Company is also exploring other diversification opportunities". This has become the priority for the Company but at this time it is not in a position to provide any further update.

As at 30 September 2011 the Company had cash reserves of £375,000 and does not expect any income from ENOR. After cost cutting initiatives in the last 3 months, monthly expenditures are now approximately £40,000 per month.

Gold Sales

Gold sales of 5,984 oz were recorded during the first half of 2011 (H1 2010: 12,311 oz). Revenue from gold sales was approximately US$ 9,583,554 (H1 2010: US $ 13,959,044) for an average realized price of US$ 1,602 per oz (H1 2010: US$ 1,134 per oz).

The Company has no gold hedges in place.

Mining Operations

The key performance indicators for the period were:

Most noticeable was the fall in the high grade tonnages mined. There was however, a concerted exploration effort to locate new high grade zones but with limited success to date. Although there was a 15% reduction in waste mining for H1 2011 (1,704,060t) compared to H1 2010 (1,997,745t) the strip ratio (ratio of waste required to be mined for each tonne of ore mined) has increased to 13.36 in H1 2011 from 7.37 in H1 2010. This reflects the increasing depth of the existing mining zones; the result is a near doubling of the waste mining costs.

The heap leach grade mined during H1 2011 was 1.81g/t compared to 2.65g/t in H1 in 2010, a fall of 32%.

Heap Leach & CIL Operations

The key performance indicators for the period were;

Although tonnes crushed in H1 2011 were only 146,301t compared to H1 2010 of 262,095t due to the increasing strip ratio, the key issue was the fall in grade crushed for H1 2011 of 1.96g/t compared to H1 2010 3.18 g/t. This is a fall of 38%.

Exploration

During H1 2011, exploration focussed on attempting to find near surface ore in nearby mineralized quartz veins to reduce the reliance on ore from the existing and rapidly deepening mining areas. Results were disappointing with limited shallow targets identified for follow up exploration drilling. Focus then reverted to identifying high grade zones in the existing mining areas.

The second priority was the ongoing exploration of the geochemical anomalies along the 80km mineralized shear zone running parallel with the existing quartz veins. An independent review of the results determined that although the shear zone was mineralized, grades to date were uneconomic and the probability of success in finding an economic deposit was becoming less probable after drill testing.

Current exploration is now focussed on immediate near term ore requirements to improve grade, with nothing encouraging to report.

Financial Results

The Company reported a loss attributable to GMA shareholders of £2,660,000 or 0.45p. This compares with a loss of £1,003,000 or 0.22p per share for H1 2010.

Financing Arrangements

The Company's sole recent source of funding has been from the subscription agreement with Sahara Gold and Ken Crichton, the CEO and an employee of ASCOM Precious Metals (APM), announced on 30 June 2010. As of 30 September 2011 the Company had cash reserves of £375,000 and does not expect any income from ENOR. After cost cutting initiatives initiated over the last 3 months, monthly expenditures are now approximately £40,000 per month.

The Company has two Convertible Loan Notes currently in issue, (2010 Notes and 2011 Notes). The terms of both unsecured loan notes where amended on the 30th June 2010 (as part of the conditions attached to Sahara Gold's second subscription of £ 1,500,000), so that the maturity dates of both instruments be differed until the 31st December 2012, along with all interim interest payments. By December 2012 the 2010 Bond holders will be due £6,740,000 in principal and interest and the 2011 Bondholders will be due £1,730,000 in principal and interest, a total of £8,470,000.

Outlook

Due to the significant and continuing disappointment with both exploration and financial performance, the Board is reviewing with its advisers the sustainability of operations in Algeria. A further announcement will be made in due course.

Significant efforts are being made to secure an alternative opportunity but there is no material progress to report at this time.

Kenneth Crichton

Interim Chief Executive Officer

30 September 2011

Consolidated statement of comprehensive income

Consolidated statement of financial position

Condensed consolidated interim statement of changes in equity

Condensed consolidated interim cash flow statement

Notes to the condensed consolidated interim financial statements

1. Nature of operations and general information

The Group's principal activity is that of gold mining, exploration and mine development in Algeria. GMA Resources plc is the Group's ultimate parent company. It is incorporated in England and has its registered office at One America Square, Crosswall, London EC3N 2SG and its business address at Tower Business Centre, Tower Street, Swatar, Malta. The Group operates from its business address as well as locations in Algeria. The shares of GMA Resources plc are quoted on the AIM market which is operated by the London Stock Exchange.

2. Basis of preparation

These unaudited interim consolidated financial statements are for the six months ended 30 June 2011. They have been prepared based on the recognition and measurement principles of International Financial Reporting Standards (IFRS) as adopted by the European Union. They do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the year ended 31 December 2010.

The financial information for the period ended 30 June 2011 set out in this interim report does not constitute statutory accounts as defined by the Companies Act 2006. The Group's statutory financial statements for the year ended 31 December 2010 have been filed with the Registrar of Companies. The auditors report on those financial statements was modified by the inclusion of an emphasis of matter.

The consolidated financial statements have been prepared under the historical cost convention except for financial instruments which have been measured at fair value. They are presented in UK Sterling and are rounded to the nearest thousand (£'000) except where otherwise noted. They have been prepared on the going concern basis and do not include any adjustment that would result from the inability of the Group to raise additional funding if needed.

3. Share capital

The 49,600,000 Ordinary Shares represent the third and four tranches agreed to be subscribed for by Sahara Gold and by Ken Crichton. Pursuant to the Subscription Agreements, Sahara Gold has agreed to subscribe, or procure that members of its group subscribe, in aggregate, for up to 120,000,000 Ordinary Shares at 1.25 pence per share and Ken Crichton has agreed to subscribe, in aggregate, for 8,000,000 Ordinary Shares at 1.25 pence per share.

4. Loss per share

5. Cash and cash equivalents

6. Dividend

No dividend has been declared for the six month period ended 30 June 2011.

7. Events after the balance sheet date

Due to the significant and continuing disappointment with both exploration and financial performance, the Board is reviewing with its advisers the sustainability of operations in Algeria. A further announcement will be made in due course.

Significant efforts are being made to secure an alternative opportunity but there is no material progress to report at this time.

8. Availability of the Interim Results

A copy of this announcement will be available at the Company's registered office (One America Square, Crosswall, London, EC3N 2SG) 14 days from the date of this announcement and on its website - www.gmaresources.co.uk.

The Interim Results Report will also be made available on the website.