TIDMXTR
RNS Number : 4391E
Xtract Resources plc
29 June 2023
For immediate release
29 June 2023
Xtract Resources Plc
("Xtract" or the "Company")
Audited results for the 12 months ended 31 December 2022
The Board of Xtract Resources Plc ("Xtract" or the "Company")
announces its audited financial results for the 12 months ended 31
December 2022. The 2022 Audited Annual Report and Accounts
("Accounts") are in the process of being posted to shareholders and
will be available together with this announcement on the Company's
website www.xtractresources.com .
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR").The person who arranged the release of this
announcement on behalf of the Company was Joel Silberstein,
Director.
Enquiries :
Colin Bird, Executive +44 (0) 203 416
Xtract Resources Plc Chairman 6471
Beaumont Cornish (Nominated Roland Cornish / Michael +44 (0) 207 628
Adviser & Joint Broker) Cornish / Felicity Geidt 3369
Email: corpfin@b-cornish.co.uk
Novum Securities (Joint +44 (0) 207 399
Broker) Jon Bellis/Colin Rowbury 9427
Corporate & Operational highlights
-- The Phase Two drilling programme at the Bushranger
copper-gold porphyry project in New South Wales, Australia, was
completed in July 2022, for a total of 33,354m m of diamond
drilling
-- Mineral resources at the company's 100% owned Bushranger
copper-gold porphyry project have been upgraded to contain a total
of 1.3Mt of copper equivalent metal at the Racecourse and Ascot
prospects
-- An independent mining study completed on the Bushranger
project has shown the project is potentially profitable via
open-pit mining methods to a depth of 600m, which is inclusive of
the higher-grade crown of the Racecourse deposit
-- A follow-up mining study achieves substantial rates of return
at mining rates of 20 to 25 mpta, which could see significant
improvements from pre-concentrate ore sorting, and a follow-up
study is underway
-- A metallurgical study has yielded copper recoveries of 89-90%
from samples analysed from the Racecourse & Ascot prospects,
with a sample from Ascot also returning payable levels of gold and
silver
-- The new Kakuyu acquisition in Zambia has seen operations on
site progress with a pushback to expose ore in the former open
pit
-- Initial soil geochemical surveys around the base of Kakuyu
hill have highlighted linear anomalies associated with brecciated
carbonate rocks some of which contain supergene mineralisation at
depth. Two bulk samples of high-grade ore have been dispatched to
commercial concentrator operators for assessment. Drilling is
scheduled to test the extent of mineralisation and the variability
of ore with depth ahead of processing plant optimisation and if
appropriate, mine design
-- Mining operations began at Manica Fairbride during 2022, with
over 110kg of gold produced by year-end. Xtract has a 23% Net
Profit share
-- Production at Manica is increasing steadily with the new
Carbon in Leach plant processing approximately 40,000 tonnes of ore
per month, with proximal ore adding two years of mine life and
potential to exploit the considerable sulphide resource
opportunity
-- Post year end the company decided to withdraw from the Eureka
project in Zambia and fully impair the carrying value with a
consequent charge to the income statement of GBP938K
Financial highlights
-- Cash of GBP0.19m (2021: GBP5.39m)
-- Net assets of GBP19.68m (2021: GBP20.66m)
-- Revenue from gold sales of GBP2.11m (2021: GBP0.69m)
-- Administrative and operating expenses of GBP3.03m (2021: GBP3.31m)
Chairman's Statement
Dear Shareholder,
During the period under review all projects in the portfolio
have been particularly active.
The Bushranger Project completed a major drilling programme of
over 30,000m, which can be considered large for major mining
companies and is quite unusual for junior resource companies. We
announced that the programme was completed in early August 2022 and
immediately commenced the modelling programme to define the size of
the two resources i.e., Racecourse and Ascot. At the end of
November, we announced that Racecourse contains some 512 million
tonnes at 0.22% copper equivalent, resulting in a contained copper
equivalent metal content of 1.1 million tonnes and classified as
indicated and inferred in accordance with JORC (2012). On the 19th
of December 2022 we announced a maiden Inferred Mineral Resource
estimate of some 87 million tonnes at 0.22% copper equivalent. The
combined copper equivalent of some 1.3 million tonnes represents a
considerable copper inventory.
Following this maiden resource we commenced a financial
modelling programme, managed independently by Optimal Mining.
During the course of the study, it became evident that significant
benefit may be accrued by the introduction of ore sorting and
pre-concentration. We therefore paused the programme and sent
representative samples to Tomra Sorting Solutions for test work to
determine ore - waste separation characteristics. The results of
this work are expected in the 3rd Quarter of 2023 and once received
will be incorporated into the financial model. If the results are
positive the potential for reducing infrastructure size and direct
operating cost are significant and thus, we eagerly await the
outcome of the test work.
The Manica gold project in which we have a 23% beneficial share,
commenced trial production in July 2022 and at the time of writing
it is fully operational with gold production for the month of April
2023 some 60kg. The gold production month on month has increased
despite experiencing atrocious rains and two cyclones. The weather
has significantly improved, and we are looking at an increase of
production and a steady dry season rate of not less than 65kg per
month.
Studies are on the way to define in-pit oxide feed material
together with general exploration aimed at identifying new
additional oxide or sulphide material. We are conducting test work
to determine the overall recovery for the transitional material and
are optimistic that the cut-off between oxide and refractory
sulphide will not be night and day, but gradational.
We are also conducting trials on drill core with a view to
designing optimised additional plant for sulphide/refractory ore,
which will prolong mine life and provide a sustainable operation
for years to come. The board has decided that the contribution of
the alluvial deposits, compared to the potential contribution of
the Fairbride hard rock, is negligible and thus are winding down on
alluvial operations. In any event, this was inevitable since the
alluvial resources have almost reached the state of economic
depletion.
In Zambia, we did trial mining at the Chongwe Mine, deriving
limited production and copper revenues. Post balance sheet, we
acquired the Kakuyu Project, near Mumbwa, on acquisition it was
considered somewhat limited. Our work to date suggests that project
may be significantly larger, and we have already identified 2.4km
of strike based on soil geochemistry which may be integrated into
the pit mining programme. Unexpected is the presence of random and
variable amounts of cobalt, which we are investigating with a view
to selectively mining the higher-grade cobalt areas. We are
scheduling drilling to assess the ore composition at depth to
facilitate an optimised processing plant design and if appropriate
a full mine design.
The Eureka Project has proved to be very variable in grade and
thickness and is also very close to a water source which
complicates the mining. At this stage we have minimal intention to
continue the Eureka Project and the Company has therefore impaired
all costs relating to the project.
We are actively looking at a number of smaller scale copper
mining propositions in Zambia and Southern Africa in general, since
we feel that such assets will have a valuable role to play in the
anticipated copper shortage environment in 2024/5. The Company
through its cashflow has avoided making secondary placements,
completing all of its activities with available cash and cash
generated from operations. We intend to maintain the profile if
results allow and only seek cash for new acquisitions, which have
the potential to add significant value to the Company for our
shareholders.
The market recognition for small resource companies has been
very slow and thus, Xtract along with most of its peers has
suffered significant share price reduction. This is very
disappointing when significant hurdles have been jumped, but the
headwinds facing smaller companies has been excessive and
prolonged. The thread of recession, the war in Ukraine, slow down
in China and other geopolitical uncertainty has led to a fear of
investment in companies which are not robust and generate
significant amounts of cash, with a history of so doing.
The sector has now been ignored by investors for a longer time
than I have ever experienced, but at the time of writing I see the
green shoots of recovery beginning to appear. The incentive for a
potential market recovery is the constant comment from all trade
sources suggesting that 2024/5 and beyond will reveal major
deficits in the supply of copper and other strategic New Age
metals. We continue to look for opportunities and are pleased that
we commenced our copper search some years ago, since project demand
has increased at a rate I have not experienced previously. The
effect of this will be that in future projects will cost more to
acquire and will generally be of a lower quality.
Your company is well placed to take advantage of its current
asset base and shareholders can rest assured that management will
not make hasty decisions to acquire new inferior projects.
I would like to thank my fellow directors and management for
their efforts during the period under review and look forward to a
buoyant progressive 2023.
Yours sincerely,
Colin Bird
29 June 2023
Consolidated Income Statement
For the year ended 31 December 2022
Year ended Year ended
31 December 31 December
2022 2021
Note GBP'000 GBP'000
----- ------------- -------------
Continuing operations
Revenue from gold sales 2,110 692
Other operating income 702 189
Operating and administrative expenses
------------- -------------
Direct operating (1,686) (569)
Other operating (122) (85)
Administration (1,230) (2,657)
------------- -------------
(3,038) (3,311)
Project expenses (1,430) (432)
------------- -------------
Operating loss (1,656) (2,862)
Other gains and (losses) 6 - -
Finance (cost)/income 11 110 (194)
------------- -------------
(Loss) before tax 7 (1,546) (3,056)
------------- -------------
Taxation 12 (283) (76)
(Loss) for the period (1,829) (3,132)
============= =============
Attributable to:
Equity holders of the parent (1,829) (3,132)
============= =============
Net (loss) per share
Basic (pence) 13 (0.22) (0.40)
============= =============
Diluted (pence) 13 (0.22) (0.40)
============= =============
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2022
Group
----------------------------
Year ended Year ended
31 December 31 December
2022 2021
GBP'000 GBP'000
------------- -------------
(Loss) for the year (1,829) (3,132)
Other comprehensive income:
Items that may be reclassified subsequently
to profit and loss - -
Exchange differences on translation of foreign
operations 343 242
------------- -------------
Other comprehensive income/(loss) for the
year 343 242
------------- -------------
Total comprehensive (loss) for the year (1,486) (2,890)
------------- -------------
Attributable to:
Equity holders of the parent (1,486) (2,890)
============= =============
Consolida ted and Company Sta tements of Financial Position
As at 31 December 2022 Group Company
---------------------------- ----------------------------
As at As at As at As at
31 December 31 December 31 December 31 December
2022 2021 2022 2021
Note GBP'000 GBP'000 GBP'000 GBP'000
----- ------------- ------------- ------------- -------------
Non-current assets
Intangible assets 14 19,418 16,752 80 828
Property, plant & equipment 15 40 25 - -
Loans to group companies - - 9,637 6,554
Investment in subsidiary 16 - - 9,823 9,823
Other financial assets - - - -
19,458 16,777 19,540 17,205
Current assets
Trade and other receivables 18 1,342 664 1,443 582
Inventories 19 123 177 - -
Loans to group companies - - - -
Cash and cash equivalents 192 5,389 51 4,205
------------- ------------- ------------- -------------
1,657 6,230 1,494 4,787
------------- ------------- -------------
Total assets 21,115 23,007 21,034 21,992
============= ============= ============= =============
Current liabilities
Trade and other payables 21 759 2,226 183 396
Other loans 21 50 - 50 -
Current tax payable 21 312 121 - -
------------- ------------- ------------- -------------
1,121 2,347 233 396
============= ============= ============= =============
Net current assets/(liabilities) 536 3,883 1,261 4,391
============= ============= ============= =============
Non-current liabilities
Environmental rehabilitation
provision 22 312 - - -
Loans from group companies 21 - - 11,553 11,518
Total liabilities 1,433 2,347 11,786 11,914
============= ============= ============= =============
Net assets 19,682 20,660 9,248 10,078
============= ============= ============= =============
Equity
Share capital 23 4,975 4,973 4,975 4,973
Share premium account 71,978 71,684 71,978 71,684
Warrant reserve 24 304 467 304 467
Share-based payments reserve 24 2,121 1,874 2,121 1,874
Fair Value reserve 24 - - - -
Foreign currency translation
reserve 24 651 308 - -
Accumulated losses (60,347) (58,646) (70,130) (68,920)
------------- ------------- ------------- -------------
Equity attributable to
equity
holders of the parent 19,682 20,660 9,248 10,078
------------- ------------- ------------- -------------
Total equity 19,682 20,660 9,248 10,078
============= ============= ============= =============
The financial statements of Xtract Resources Plc, registered
number 5267047, were approved by the Board of Directors and
authorised for issue. As permitted by Section 408 of the Companies
Act 2006, the income statement of the parent company is not
presented as part of these financial statements. The parent
company's loss for the financial year is disclosed in Note 3. It
was signed on behalf of the Company by:
Joel Silberstein
Director
29 June 2023
C onsolida ted Sta tement of Changes in Equity
Group
Sha Sha r W ar Sha r Fair Foreign Accumulated T o ta
r e e p r r a n e based value currency losses l E quity
Capital emium t r e p a yme r e ser translation GBP'000 GBP'00
GBP'00 a cc ou ser ve n ts v e reserve 0
N o t e 0 nt GBP'00 r e ser GBP'00 GBP'000
GBP'00 0 ve 0
0 GBP'00
0
As at 1 January
2021 4,928 61,951 76 436 - 66 (55,530) 11,927
A s at 31 December
2016 3,355 -
----------------------- -------- -------- ------- -------- -------- ------------ ----------- ----------
Comprehensive income
C omp r ehensi v
e in c ome
L o s s f or the (3,132 (3,132
y e ar - - - - - - ) )
F o r e x c ur r
ency t r ansl a
tion
Dif f e r en c e
s - - - - - 242 - 242
Total comprehensive
T o tal comprehensive
income for the (3,132
y ear - - - - - 242 ) (2,890)
----------------------- -------- -------- ------- -------- -------- ------------ ----------- ----------
Transactions with
owners
Issue of shares
I s su e of sha
r es 23 45 10,769 - - - - - 10,814
Share issue costs - (664) - - - - - (664)
Issue of share options 24 - - - 1,473 - - - 1,473
Expiry of share
options - - - (16) - - 16 -
Exercise of share
options - 19 - (19) - - - -
Issue of warrants 24 - (456) 456 - - - - -
Exercise of w ar
r ants - 65 (65) - - - - -
----------------------- -------- -------- ------- -------- -------- ------------ ----------- ----------
As at 31 December
2021 4,973 71,684 467 1,874 - 308 (58,646) (20,660)
A s at 31 December
2016 4,955 -
----------------------- -------- -------- ------- -------- -------- ------------ ----------- ----------
Comprehensive income
C omp r ehensi v
e in c ome
L o s s f or the (1,829 (1,829
y e ar - - - - - - ) )
F o r e x c ur r
ency
t r ansl a tio n
dif f e r en ce - - - - - 343 - 343
----------------------- -------- -------- ------- -------- -------- ------------ ----------- ----------
Total comprehensive
T o tal comprehensive
income for the
y ear - - - - - 343 (1,829) (1,486)
----------------------- -------- -------- ------- -------- -------- ------------ ----------- ----------
Transactions with
owners
Issue of shares
I s su e of sha
r es 23 2 259 - - - - - 261
Sha r e issue costs - - - - - - - -
Issue of share options 24 - - - 247 - - - ,247
Expiry of warrants - - (128) - - - 128 -
Exercise of warrants - 35 (35) - - - - -
----------------------- -------- -------- ------- -------- -------- ------------ ----------- ----------
As at 31 December
2022 4,975 71,978 304 2,121 - 651 (60,347) (19,682)
A s at 31 December
2016 4,955 -
----------------------- -------- -------- ------- -------- -------- ------------ ----------- ----------
S ta tement of Changes in Equity
Company
Share Share Warrant Share Fair Foreign Accumulated Total
Capital premium reserve based value currency losses Equity
GBP'000 account GBP'000 payments reserve translation GBP'000 GBP'000
GBP'000 reserve GBP'000 reserve
Note GBP'000 GBP'000
As at 1 January
2021 4,928 61,951 76 436 - - (66,011) 1,380
----------------------- -------- -------- -------- --------- -------- ------------ ----------- --------
Other Comprehensive
income
Other Comprehensive
income
Loss for the period - - - - - - (2,925) (2,925)
Other comprehensive - - - - - - - -
income
Total comprehensive
Total comprehensive
income for the year - - - - - - (2,925) (2,925)
----------------------- -------- -------- -------- --------- -------- ------------ ----------- --------
Issue of shares
Issue of shares 23 45 10,769 - - - - - 10,814
Share issue costs - (664) - - - - - (664)
Expiry of share
options - - - (16) - - 16 -
Issue of share options 24 - - - 1,473 - - - 1,473
Exercise of share
options - 19 - (19) - - - -
Issue of warrants 24 - (456) 456 - - - - -
Exercise of warrants - 65 (65) - - - - -
----------------------- -------- -------- -------- --------- -------- ------------ ----------- --------
As at 31 December
2021
As at 31 December
2016 4,973 71,684 467 1,874 - - (68,920) 10,078
----------------------- -------- -------- -------- --------- -------- ------------ ----------- --------
Other Comprehensive
income
Other Comprehensive
income
Loss for the period - - - - - - (1,338) (1,338)
Other comprehensive - - - - - - - -
income
----------------------- -------- -------- -------- --------- -------- ------------ ----------- --------
Total comprehensive
Total comprehensive
income for the year - - - - - - (1,338) (1,338)
----------------------- -------- -------- -------- --------- -------- ------------ ----------- --------
Issue of shares
Issue of shares 23 2 259 - - - - - 261
Share issue costs - - - - - - - -
Issue of share options 24 - - - 247 - - - 247
Expiry of warrants - - (128) - - - 128 -
Exercise of warrants - 35 (35) - - - - -
----------------------- -------- -------- -------- --------- -------- ------------ ----------- --------
As at 31 December
2022
As at 31 December
2017 4,975 71,978 304 2,121 - - (70,130) 9,248
----------------------- -------- -------- -------- --------- -------- ------------ ----------- --------
Consolidated and Company Cash Flow Statement
Group Company
Y e ar ended Y e ar ended Y e ar ended Y e ar ended
31 December 31 December 31 December 31 December
2022 2021 2022 2021
No te GBP'000 GBP'000 GBP'000 GBP'000
Net cash generated from/(used
in) oper ating activities 25 (2,530) (767) (948) (1,352)
In v esting activities
Acquisition of subsidiary - - - -
undertaking
Acquisition of intangible
fixed assets 14 (2,868) (5,009) (191) (751)
Acquisition of tangible fixed
assets 15 (27) (13) - -
Loans advanced to group companies - - - (3,360) (4,128)
Net cash used in in v esting
activities (2,895) (5,022) (3,551) (4,879)
==================================== ============ ============ ============ ============
Financing activities
Proceeds on issue of shar
es 261 10,149 261 10,149
Repayment of loans from group
companies - - 34 34
Proceeds from borrowings 50 - 50 -
==================================== ============ ============ ============ ============
Net cash from financing activities 311 10,149 345 10,183
==================================== ============ ============ ============ ============
Net increase/(decrease) in
cash and cash equivalents (5,114) 4,360 (4,154) 3,952
Cash and cash equivalents
at beginning of y ear 5,389 919 4,205 253
Effect of foreign e xchange
r a te changes (83) 110 - -
==================================== ============ ============ ============ ============
Cash and cash equivalents
at end of y ear 192 5,389 51 4,205
==================================== ============ ============ ============ ============
Significant Non Cash movements
No t es to the Financial Sta tements
The financial information set out in this announcement does not
constitute the Company's statutory is derived from the financial
statements for the year ended 31 December 2022 and period ended 31
December 2021.
Financial statements for the year ended 31 December 2022 and
period ended 31 December 2021 will be delivered in due course. The
auditors have reported on those accounts; their report was (i)
unqualified, (ii) did not include a reference to any matters to
which the auditors drew attention by way of emphasis without
qualifying their report and (iii) did not contain a statement under
section 498 (2) or (3) of the Companies Act 2006 in respect of the
accounts for 2021.
Whilst the financial statements from which this preliminary
announcement has been derived are prepared in accordance with
International Financial Reporting Standards ("IFRS") and applicable
law, this announcement does not itself contain sufficient
information to comply with IFRS. The Annual Report, containing full
financial statements that comply with IFRS, are in the process of
being sent out to shareholders.
Selected notes from the financial statements are set out below
without amendment to the note reference. The full notes are
contained in the Audited Annual Report and Accounts
1. General information
Xtract Resources Plc is a Public Company limited by shares
incorporated in England and Wales under the Companies Act 2006. The
address of the registered office is 7/8 Kendrick Mews, South
Kensington, London, SW7 3HG. The nature of the Group's operations
and its principal activities are set out in the Strategic Report on
pages 5 to 30.
The financial statements are presented in pounds sterling (GBP)
which is the functional currency of the Company Foreign operations
are included in accordance with the policies set out in note 3.
These annual financial statements were approved by the board of
directors on 29 June 2023.
2. Adoption of new and revised Standards
Basis of accounting
The consolidated annual financial statements have been prepared
in accordance with UK-adopted international accounting standards
and in conformity with the Companies Act 2006. The consolidated
annual financial statements have been prepared on the historical
cost basis, as modified by financial assets measured at fair value
through other comprehensive income. The principal accounting
policies are set out below.
On 31 December 2020 IFRS as adopted by the European Union were
brought into UK law and became UK-adopted international accounting
standards with future changes being subject to endorsement by the
UK Endorsement Board.
The financial statements of the Company have been prepared in
accordance with Financial Reporting Standard 101 "Reduced
Disclosure Framework" ('FRS 101') and the requirements of the
Companies Act 2006. The Company will continue to prepare its
financial statements in accordance with FRS 101 on an ongoing basis
until such time as it notifies shareholders of any change to its
chosen accounting framework.
In accordance with FRS 101, the Company has taken advantage of
the following exemptions:
-- Requirements of IAS 24, 'Related Party Disclosures' to
disclose related party transactions entered into between two or
more members of a group;
-- the requirements of paragraphs 134(d) to 134(f) and 135(c) to
135(e) of IAS 36 Impairments of Assets;
-- the requirements of IFRS 7 Financial Instruments: Disclosures;
-- the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B,
38C, 38D, 40A, 40B, 40C, 40D and 111 of IAS 1 Presentation of
Financial Statements;
-- the requirements of paragraphs 134 to 136 of IAS 1
Presentation of Financial Statements;
-- the requirements of paragraphs 30 and 31 of IAS 8 Accounting
Policies, Changes in Accounting Estimates and Errors .
New and amended standards adopted by the Group
The most significant new standards and interpretations adopted,
none of which are considered material to the Group, are as
follows:
Application date of standards
Ref Title Summary (periods commencing)
============== ============================== ================================= =====================
IFRS 3 Business Combinations Updates certain references 1 January
to the Conceptual Framework 2022
for Financial Reporting
without changing the accounting
requirements for business
combinations.
============== ============================== ================================= =====================
IAS 16 Property, Plant and Equipment Requires amounts received 1 January
from selling items produced 2022
while the company is preparing
the asset for its intended
use to be recognised in
profit or loss, and not
as an adjustment to the
cost of the asset.
============== ============================== ================================= =====================
Annual Minor amendments to IFRS 1 January
Improvements 1, IFRS 9 and IAS 41. 2022
to IFRS Amendment to Illustrative
Standards Examples accompanying
2018-2020 IFRS 16.
Cycle
============== ============================== ================================= =====================
IAS 37 Onerous Contracts Specifies which costs 1 January
to include when assessing 2022
whether a contract will
be loss-making.
============== ============================== ================================= =====================
New standards and interpretations not yet adopted
Unless material the Group does not adopt new accounting
standards and interpretations which have been published and that
are not mandatory for 31 December 2022 reporting periods.
No new standards or interpretations issued by the International
Accounting Standards Board ('IASB') or the IFRS Interpretations
Committee ('IFRIC') have led to any material changes in the
Company's accounting policies or disclosures during each reporting
period.
The most significant new standards and interpretations to be
adopted in the future are as follows:
Ref Title Summary Application
date
of standards
(periods commencing)
IFRS 17 Insurance Contracts Establishes new principles Annual periods
for the recognition, measurement, beginning
presentation and disclosure on or after
of insurance contracts 1 January
issued, reinsurance contracts 2023.
held and qualifying investment
contracts with discretionary
participation features
issued.
======= ================================ =================================== ======================
IFRS 16 Lease Liability in a Sale Specifies requirements Annual periods
and Leaseback relating to measuring beginning
the lease liability in on or after
a sale and leaseback transaction 1 January
after the date of the 2024.
transaction.
======= ================================ =================================== ======================
IAS 12 Deferred Tax related to Introduces an exception Annual periods
Assets and Liabilities arising to clarify that the 'initial beginning
from a Single Transaction recognition exemption' on or after
does not apply to transactions 1 January
that give rise to equal 2023.
taxable and deductible
timing differences.
======= ================================ =================================== ======================
IAS 8 Changes in Accounting Estimates Clarifies how to distinguish Annual periods
and Errors: Definition of changes in accounting beginning
Accounting estimates policies from changes on or after
in accounting estimates. 1 January
2023.
======= ================================ =================================== ======================
IAS 1 Presentation of Financial Changes requirements from Annual periods
Statements and IFRS Practice disclosing 'significant' beginning
Statement 2 - Disclosure to 'material' accounting on or after
of Accounting Policies policies and provides 1 January
explanations and guidance 2024.
on how to identify material
accounting policies.
======= ================================ =================================== ======================
IAS 1 Presentation of Financial Clarifies that only those Annual periods
Statements: Classification covenants with which an beginning
of Liabilities as Current entity must comply on on or after
or Non-Current and Non-Current or before the end of the 1 January
Liabilities with Covenants reporting period affect 2024.
Date the classification of
a liability as current
or non-current.
======= ================================ =================================== ======================
There are no other IFRSs or IFRIC interpretations that are not
yet effective that would be expected to have a material impact on
the Company.
The directors are evaluating the impact that these standards
will have on the financial statements of the Group.
3. Significant accounting policies
Basis of consolidation
The consolidated financial statements comprise the financial
statements of the Company and entities controlled by the Company
(its subsidiaries). These consolidated financial statements are
made up for the year ended 31 December 2022.
Subsidiaries are all entities (including structured entities)
over which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from
its involvement with the entity and has the ability to affect those
returns through its power over the entity. Subsidiaries are fully
consolidated from the date on which control is transferred to the
Group. They are deconsolidated from the date that control
ceases.
The results of subsidiaries acquired or disposed of during the
period are included in the consolidated income statement from the
effective date of acquisition or up to the effective date of
disposal, as appropriate. Where necessary, adjustments are made to
the financial statements of subsidiaries to bring the accounting
policies used into line with those used by the Group. All
intra-group transactions, balances, income and expenses are
eliminated on consolidation.
Business combinations
The group applies the acquisition method to account for business
combinations. The consideration transferred for the acquisition of
a subsidiary is the fair values of the assets transferred, the
liabilities incurred to the former owners of the acquire and the
equity interests issued by the group. The consideration transferred
includes the fair value of any asset or liability resulting from a
contingent consideration arrangement. Identifiable assets acquired
and liabilities and contingent liabilities assumed in a business
combination are measured initially at their fair values at the
acquisition date. The group recognises any non-controlling interest
in the acquire on an acquisition-by-acquisition basis, either at
fair value or at the non-controlling interest's proportionate share
of the recognised amounts of acquiree's identifiable net
assets.
Where applicable, the consideration for the acquisition includes
any asset or liability resulting from a contingent consideration
arrangement, measured at its acquisition-date fair value.
Subsequent changes in such fair values are adjusted against the
cost of acquisition where they qualify as measurement period
adjustments (see below). All other subsequent changes in the fair
value of contingent consideration classified as an asset or
liability are accounted for in accordance with relevant IFRSs.
Contingent consideration is classified either as equity or as a
financial liability. Amounts classified as a financial liability
are subsequently remeasured to fair value, with changes in fair
value recognised in profit or loss.
Where a business combination is achieved in stages, the Group's
previously-held interests in the acquired entity are re- measured
to fair value at the acquisition date (i.e. the date the Group
attains control) and the resulting gain or loss, if any, is
recognised in profit or loss. Amounts arising from interests in the
acquiree prior to the acquisition date that have previously been
recognised in other comprehensive income are reclassified to profit
or loss, where such treatment would be appropriate if that interest
were disposed of.
The acquiree's identifiable assets, liabilities and contingent
liabilities that meet the conditions for recognition under IFRS 3
as amended, are recognised at their fair value at the acquisition
date.
If the initial accounting for a business combination is
incomplete by the end of the reporting period in which the
combination occurs, the Group reports provisional amounts for the
items for which the accounting is incomplete. Those provisional
amounts are adjusted during the measurement period (see below), or
additional assets or liabilities are recognised, to reflect new
information obtained about facts and circumstances that existed as
of the acquisition date that, if known, would have affected the
amounts recognised as of that date.
The measurement period is the period from the date of
acquisition to the date the Group obtains complete information
about facts and circumstances that existed as of the acquisition
date and is subject to a maximum of one year.
Going concern
The operations of the Group have been financed through operating
cash flows as well as through funds which have previously been
raised from shareholders. As at 31 December 2022, the Group held
cash balances of GBP0.19 million and an operating loss has been
reported. Since November 2017, the Group generated revenues, from
its Manica Alluvial operations, which have been covering the Manica
operating costs and not the costs for the rest of the Group.
During 2019, the Company entered into a net profit share
agreement for it Fair Bride hard rock gold project in Manica,
Mozambique. Full commercial production commenced during the 4th
quarter of 2022. On this basis the Company expect earnings from the
Mozambique gold operations to be significant.
The Directors anticipate net operating cash inflows for the
Group for the next twelve months from the date of signing these
financial statements.
The Directors have assessed the working capital requirements for
the forthcoming twelve months and have undertaken assessments which
have considered different scenarios based on exploration and mine
development spend along with a number of production forecasts until
June 2024.
Upon reviewing those cash flow projections for the forthcoming
twelve months, the directors consider that the Company is not
likely to require additional financial resources in the
twelve-month period from the date of approval of these financial
statements to enable the Company to fund its current operations and
to meet its commitments. The Group will continue to monitor
corporate overhead costs on an ongoing basis.
As is common with early producing companies, the Company raises
finance for its activities in discrete tranches to finance its
activities for limited periods only and further funding will be
required from time to time to finance those activities.
Nevertheless, after making enquiries and considering the above
and should the need arise the directors have a reasonable
expectation that the Company has adequate ability to raise
resources to continue in operational existence for the foreseeable
future. The Directors therefore continue to adopt the going concern
basis of accounting in preparing the annual financial
statements.
Parent only income statement
Xtract Resources Plc has not presented its own income statement
as permitted by section 408 of the Companies Act 2006. The loss for
the year ended 31 December 2022 was GBP1,338k (2021: loss
GBP2,925k).
Foreign currencies
The individual financial statements of each Group Company are
maintained in the currency of the primary economic environment in
which it operates (its functional currency). For the purpose of the
consolidated financial statements, the results and financial
position of each Group Company are expressed in Pound Sterling,
which is the functional currency of the Company, and the
presentational currency for the consolidated financial
statements.
In preparing the financial statements of the individual
companies, transactions in currencies other than the entity's
functional currency (foreign currencies) are recorded at the rates
of exchange prevailing on the dates of the transactions. At each
balance sheet date, monetary assets and liabilities that are
denominated in foreign currencies are retranslated at the rates
prevailing on the balance sheet date. Non-monetary items carried at
fair value that are denominated in foreign currencies are
translated at the rates prevailing at the date when the fair value
was determined. Non-monetary items that are measured in terms of
historical cost in a foreign currency are not retranslated.
Foreign currency differences arising on retranslation into an
entity's functional currency are recognised in profit and loss.
For the purpose of presenting consolidated financial statements,
the assets and liabilities of the Group's foreign operations are
translated at exchange rates prevailing on the balance sheet date.
Income and expense items are translated at the average exchange
rates for the period, unless exchange rates fluctuate significantly
during that period, in which case the exchange rates at the date of
transactions are used. Exchange differences arising, if any, are
recognised in other comprehensive income and accumulated in
equity.
On the disposal of a foreign operation (i.e. a disposal of the
Group's entire interest in a foreign operation, or a disposal
involving loss of control over a subsidiary that includes a foreign
operation, loss of joint control over a jointly controlled entity
that includes a foreign operation, or loss of significant influence
over an associate that includes a foreign operation), all of the
accumulated exchange differences in respect of that operation
attributable to the Group are reclassified to profit or loss.
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the closing rate. The Group has
elected to treat goodwill and fair value adjustments arising on
acquisitions before the date of transition to IFRSs as Sterling
denominated assets and liabilities.
Taxation
The tax expense comprises current and deferred tax.
The current income tax charge is calculated on the basis of the
tax laws enacted or substantively enacted at the end of the
reporting period in the countries where the Company's subsidiaries
operate and generate taxable income. Management periodically
evaluates positions taken in tax returns with respect to situations
in which applicable tax regulation is subject to interpretation. It
establishes provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases used in
the computation of taxable profit and is accounted for using the
balance sheet liability method. Deferred tax liabilities are
generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which
deductible temporary differences can be utilised. Such assets and
liabilities are not recognised if the temporary difference arises
from the initial recognition of goodwill or from the initial
recognition (other than in a business combination) of other assets
and liabilities in a transaction that affects neither the taxable
profit nor the accounting profit.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries and associates,
and interests in joint ventures, except where the group is able to
control the reversal of the temporary difference and it is probable
that the temporary difference will not reverse in the foreseeable
future.
The carrying amount of deferred tax assets is reviewed at each
balance sheet date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow
all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to
apply in the year when the liability is settled or the asset is
realised. Deferred tax is charged or credited in the income
statement, except when it relates to items charged or credited
directly to equity, in which case the deferred tax is also dealt
with in equity.
Deferred tax assets and liabilities are offset when there is a
legally enforceable right to set off current tax assets against
current tax liabilities and when they relate to income taxes levied
by the same taxation authority and the Group intends to settle its
current tax assets and liabilities on a net basis.
Intangible assets
Land acquisition rights and mine development costs
The costs of land acquisition rights in respect of mining
projects and mine development are capitalised as intangible assets.
These costs are amortised over the expected life of mine to their
residual values using the units-of-production method using
estimated proven and probable mineral reserves.
Intangible exploration and evaluation expenditure assets
The costs of exploration properties and leases, which include
the cost of acquiring prospective properties and exploration
rights, are capitalised as intangible assets. Exploration and
evaluation expenditure is capitalised within exploration and
evaluation properties until such time that the activities have
reached a stage which permits a reasonable assessment of the
existence of commercially exploitable reserves. Once the Company
has determined the existence of commercially exploitable reserves
and the Company decides to proceed with the project, the full
carrying value is transferred from exploration and development
costs to mining development. Capitalised exploration and evaluation
expenditure is assessed for impairment in accordance with the
indicators of impairment as set out in IFRS 6 Exploration for and
Evaluation of Mineral Reserves. In circumstances where a property
is abandoned, the cumulative capitalised costs relating to the
property are written off in the year. Capitalised exploration costs
are not amortised.
Property, plant and equipment
Tangible fixed assets represent mining plant and equipment,
office and computer equipment and are recorded at cost, net of
accumulated depreciation. Depreciation is provided on all tangible
fixed assets at rates calculated to write off the cost or valuation
of each asset on a straight-line basis over its expected useful
life, which is calculated on either a fixed period or the expected
life of mine using the unit of production method, as
appropriate.
The average life in years is estimated as follows:
Office and computer equipment 3-10
Plant and machinery 7-15
Until they are brought into use, fixed assets and equipment to
be installed are included within assets under construction and are
not depreciated.
The cost of maintenance, repairs and replacement of minor items
of tangible fixed assets are charged to the income statement as
incurred. Renewals and asset improvements are capitalised. Upon
sale or retirement of tangible fixed assets, the cost and related
accumulated depreciation are eliminated from the financial
statements. Any resulting gains or losses are included in the
income statement.
Impairment of tangible and intangible assets excluding
goodwill
At each balance sheet date, the Group reviews the carrying
amounts of its tangible and intangible assets to determine whether
there is any indication that those assets have suffered an
impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent
of the impairment loss (if any). Where the asset does not generate
cash flows that are independent from other assets, the Group
estimates the recoverable amount of the cash-generating unit to
which the asset belongs. An intangible asset with an indefinite
useful life is tested for impairment annually and whenever there is
an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to
sell and value in use. In assessing value in use, the estimated
future cash flows are discounted to their present value using a
pre-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset for
which the estimates of future cash flows have not been
adjusted.
If the recoverable amount of an asset is estimated to be less
than its carrying amount, the carrying amount of the asset is
reduced to its recoverable amount. An impairment loss is recognised
as an expense immediately, unless the relevant asset is carried at
a revalued amount, in which case the impairment loss is treated as
a revaluation decrease.
Where an impairment loss subsequently reverses, the carrying
amount of the asset (cash-generating unit) is increased to the
revised estimate of its recoverable amount, but so that the
increased carrying amount does not exceed the carrying amount that
would have been determined had no impairment loss been recognised
for the asset in prior years. A reversal of an impairment loss is
recognised as income immediately, unless the relevant asset is
carried at a revalue amount, in which case the reversal of the
impairment loss is treated as a revaluation increase.
Financial instruments
Classification
The Group classifies its financial assets in the following
categories: at amortised cost including trade receivables and other
financial assets at amortised cost, at fair value through other
comprehensive income. The classification depends on the purpose for
which the financial assets were acquired. Management determines the
classification of its financial assets at initial recognition.
Trade receivables
Trade receivables are amounts due from customers for goods sold
or services performed in the ordinary course of business. They are
generally due for settlement within 30 days and are therefore all
classified as current. Trade receivables are recognised initially
at the amount of consideration that is unconditional, unless they
contain significant financing components, in which case they are
recognised at fair value. The group holds the trade receivables
with the objective of collecting the contractual cash flows, and so
it measures them subsequently at amortised cost using the effective
interest method.
Fair values of trade receivables
Due to the short-term nature of the current receivables, their
carrying amount is considered to be the same as their fair
value.
Other financial assets at amortised cost
Classification of financial assets at amortised cost
The group and parent company classify its financial assets as at
amortised cost only if both of the following criteria are met:
-- the asset is held within a business model whose objective is
to collect the contractual cash flows; and
-- the contractual terms give rise to cash flows that are solely
payments of principle and interest.
Other receivables
These amounts generally arise from transactions outside the
usual operating activities of the group. Interest could be charged
at commercial rates where the terms of repayment exceed six months.
Collateral is not normally obtained. The non-current other
receivables are due and repayable within three years from the end
of the reporting period.
Cash and cash equivalents comprise cash on hand and demand
deposits, and other short-term highly liquid investments that are
readily convertible to a known amount of cash and are subject to an
insignificant risk of changes in value. These are initially and
subsequently recorded at fair value.
Financial assets at fair value through other comprehensive
income
Classification of financial assets at fair value through other
comprehensive income
Financial assets at fair value through other comprehensive
income (FVOCI) comprise an investment held. These are carried in
the statement of financial position at fair value. Subsequent to
initial recognition, changes in fair value are recognised in the
statement of other comprehensive income.
Financial liabilities
Trade and other payables
Trade payables are initially measured at fair value, and are
subsequently measured at amortised cost, using the effective
interest rate method.
Loans to/(from) Group companies
These include loans to and from subsidiaries are recognised
initially at fair value plus direct transaction costs.
Loans to Group companies are classified as financial assets at
amortised cost. Loans from Group companies are classified as
financial liabilities measured at amortised cost.
Inter-company loans are interest bearing.
Cash and Cash Equivalents
Cash and cash equivalents in the statement of financial position
comprise cash at banks and on hand and short term highly liquid
deposits with a maturity of three months or less.
Offsetting Financial Instruments
Financial assets and liabilities are offset and the net amount
reported in the Statement of Financial Position when there is a
legally enforceable right to offset the recognised amounts and
there is an intention to settle on a net basis or realise the asset
and settle the liability simultaneously. The legally enforceable
right must not be contingent on future events and must be
enforceable in the normal course of business and in the event of
default, insolvency or bankruptcy of the company or the
counterparty.
Invetory
Inventories consist of the Company's share of gold dore bars
produced by the Alluvial Mining Contractors, which have been
smelted and are available for further processing. All inventories
are valued at the lower of cost of operations and net realisable
value. Costs include cost, which are closely related to the overall
alluvial operations including monitoring and compensation costs.
Net Realisable value is the estimated future sales price of the
product the Company is expected to realise after the product is
processed and sold less costs to bring the product to sale. Where
inventories have been written down to net realisable value, a new
assessment is made in the following period. In instances where
there has been change in circumstances which demonstrates an
increase in the net realisable value, the amount written down will
be reversed.
Share-based payments
Goods or services received or acquired in a share-based payment
transaction are recognised when the goods or as the services are
received. A corresponding increase in equity is recognised if the
goods or services were received in an equity-settled share-based
payment transaction or a liability if the goods or services were
acquired in a cash-settled share based payment transaction.
When the goods or services received or acquired in a share-based
payment transaction do not qualify for recognition as assets, they
are recognised as expenses.
For equity-settled share-based payment transactions the goods or
services received and the corresponding increase in equity are
measured, directly, at the fair value of the goods or services
received provided that the fair value can be estimated
reliably.
If the fair value of the goods or services received cannot be
estimated reliably, or if the services received are employee
services, their value and the corresponding increase in equity, are
measured, indirectly, by reference to the fair value of the equity
instruments granted.
Vesting conditions, which are not market, related (i.e. service
conditions and non-market related performance conditions) are not
taken into consideration when determining the fair value of the
equity instruments granted. Instead, vesting conditions which are
not market related shall be taken into account by adjusting the
number of equity instruments included in the measurement of the
transaction amount so that, ultimately, the amount recognised for
goods or services received as consideration for the equity
instruments granted shall be based on the number of equity
instruments that eventually vest. Market conditions, such as a
target share price, are taken into account when estimating the fair
value of the equity instruments granted. The number of equity
instruments are not adjusted to reflect equity instruments which
are not expected to vest or do not vest because the market
condition is not achieved.
If the share-based payments granted do not vest until the
counterparty completes a specified period of service, Group
accounts for those services as they are rendered by the
counterparty during the vesting period, (or on a straight- line
basis over the vesting period).
If the share-based payments vest immediately the services
received are recognised in full.
Employee benefits
Short-term employee benefits
The cost of short-term employee benefits, (those payable within
12 months after the service is rendered, such as paid vacation
leave and sick leave, bonuses, and non-monetary benefits such as
medical care), are recognised in the period in which the service is
rendered and are not discounted.
The expected cost of compensated absences is recognised as an
expense as the employees render services that increase their
entitlement or, in the case of non- accumulating absences, when the
absence occurs.
The expected cost of profit sharing and bonus payments is
recognised as an expense when there is a legal or constructive
obligation to make such payments as a result of past
performance.
Share-capital and equity
An equity instrument is any contract that evidences a residual
interest in the assets of an entity after deducting all of its
liabilities. Incremental costs directly attributable to the issue
of new shares or options are shown in equity as a deduction, net of
tax, from the proceeds.
Share Capital
Share capital represents the amount subscribed for shares at
nominal value.
Share Premium
The share premium account represents premiums received on the
initial issuing of the share capital. Any transaction costs
associated with the issuing of shares are deducted from share
premium, net of any related income tax benefits.
Share-Based Payment Reserve
The share-based payment reserve represents the cumulative amount
which has been expensed in the statement of comprehensive income in
connection with share-based payments, less any amounts transferred
to retained earnings on the exercise of share options.
Warrant Reserve
The warrant reserve presents the proceeds from issuance of
warrants, net of issue costs. Warrant reserve is non-distributable
and will be transferred to share premium account upon exercise of
warrants.
Finance Income
Finance income comprises interest income. Interest income is
recognised as it accrues in profit or loss, using the effective
interest method.
Revenue recognition
Revenue is recognised to the extent it is probable that the
economic benefits will flow to the Group and the revenue can be
reliably measured. Revenue is measured at the fair value of the
consideration received or receivable, excluding discounts, rebates
and sales tax or duty. Revenue from sales of gold dore bars, is
recognised when control of the products has transferred, that is,
when the products are delivered to the customer. A receivable is
recognised when the goods are delivered, since this is the point in
time that the consideration is unconditional because only the
passage of time is required before the payment is due.
Segment reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the Executive Chairman who is
responsible for allocating resources and assessing performance of
the operating segments.
4. Critical accounting judgements and key sources of estimation
uncertainty
In the application of the Group's accounting policies, which are
described in note 3, the Directors are required to make judgements,
estimates and assumptions about the carrying amounts of assets and
liabilities that are not readily apparent from other sources. The
estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an
on-going basis. Revisions to accounting estimates are recognised in
the period in which the estimate is revised if the revision affects
only that period, or in the period of the revision and future
periods if the revision affects both current and future
periods.
The following are the critical judgements that the Directors
have made in the process of applying the Group's accounting
policies and that have the most significant effect on the amounts
recognised in the financial statements.
Financial Assets Fair Value through Comprehensive Income
The Group reviews the fair value of its unquoted equity
instruments at each statement of financial position date. This
requires management to make an estimate of the fair value of the
unquoted securities in the absence of an active market, which has
mainly been established by use of recent arm's length transactions,
as adjusted by a discount, where required. Uncertainty also exists
due to the early stage of development of corporate level
investments in subsidiaries.
Impairment of intangible assets
The assessment of intangible assets for any indications involves
judgement. Such assets have an indefinite useful life as the
Company has a right to renew exploration licences and the asset is
only amortised once extraction of the resource commences.
Management tests for impairment annually whether exploration
projects have future economic value in accordance with the
accounting policy stated in Note 14. Each exploration project is
subject to an annual review by either a consultant or a geologist
to determine if the exploration results returned during the period
warrant further exploration expenditure and have the potential to
result in an economic discovery. This review takes into
consideration long term metal prices, anticipated resource volumes
and supply and demand outlook. In the event that a project does not
represent an economic exploration target and results indicate there
is no additional upside a decision will be made to discontinue
exploration; an impairment charge will then be recognised in the
Income Statement.
Share-based payments
The estimation of share-based payment costs requires the
selection of an appropriate valuation model and consideration as to
the inputs necessary for the valuation model chosen. The Group has
made estimates as to the volatility of its own shares, the probable
life of options granted and the time of exercise of those options.
The model used by the Group is the Black-Scholes model.
8. Expenses by nature
Pr ofit / (loss) from continuing oper ations and discontinued
oper ations for the y ear has been arrived at after charging the
following under administr ative and oper ating expenses:
Year ended Year ended
31 December 31 December
2022 2021
No te GBP'000 GBP'000
============================================== ===== ===================== ============
Depreciation of property, plant and equipment 15 14 11
Amortis ation of intangible fixed assets 14 - -
Inventory 53 (160)
Auditors remuner ation 9 30 41
Directors remuner ation 10 350 1,317
Shar e-based payments expense (non-directors) 130 525
============================================== ===== ===================== ============
13. (Loss) per share
The calculation of the basic and diluted earnings per share is
based on the following data:
Year ended Year ended
31 December 31 December
2022 2021
GBP'000 GBP'000
---------------------------------------------- ------------- -------------
(Loss) for the purposes of basic and diluted
earnings per share (EPS) being:
Net (loss) for the y ear from continuing
oper ation attributable to equity holders
of the parent (1,829) (3,132)
(1,829) (3,132)
---------------------------------------------- ------------- -------------
Number of Number of
shares shares
W eighted average number of ordinary shar
es for purposes of basic EPS 849,532,192 805,203,295
Effect of dilutive po tential ordinary shar - -
e s -options and warrants
W eighted average number of ordinary shar
es for purposes of diluted EPS 849,532,192 805,203,295
---------------------------------------------- ------------- -------------
In accordance with IAS 33, the share options and warrants do not
have a dilutive impact on earnings per shar e, which are set out in
the consolida ted income sta tement.
21. T rade and other pa yables
Current Group Company
As at As at As at As at
31 December 31 December 31 December 31 December
2022 2021 2022 2021
GBP'000 GBP'000 GBP'000 GBP'000
--------------------- ------------ ------------ ------------ ------------
Trade creditors and
accruals 759 2,226 183 396
Other loans 50 - 50 -
Current tax payable 312 121 - -
1,121 2,347 233 396
--------------------- ------------ ------------ ------------ ------------
Non-Current Group Company
As at As at As at As at
31 December 31 December 31 December 31 December
2022 2021 2022 2021
GBP'000 GBP'000 GBP'000 GBP'000
---------------------------- ------------- ------------- ------------ ------------
Loans from group companies - - 11,553 11,518
- - 11,553 11,518
------------- ------------------------------------------ ------------ ------------
30. Ultimate controlling party
The Directors believe there is no ultimate controlling
party.
31. E vents a f ter the balance sheet date
There were no significant events
Qualified Person
In accordance with AIM Note for Mining and Oil & Gas
Companies, June 2009 ("Guidance Note"), Colin Bird, CC.ENG, FIMMM,
South African and UK Certified Mine Manager and Director of Xtract
Resources plc, with more than 40 years experience mainly in hard
rock mining, is the qualified person as defined in the Guidance
Note of the London Stock Exchange, who has reviewed the technical
information contained in this document.
ENDS
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END
FR SEEFIUEDSESM
(END) Dow Jones Newswires
June 29, 2023 11:16 ET (15:16 GMT)
Xtract Resources (LSE:XTR)
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