TIDMXTR
RNS Number : 9796N
Xtract Resources plc
05 October 2021
For immediate release
5 October 2021
Xtract Resources Plc
("Xtract" or the "Company")
Manica Alluvial Gold Update
Notice of AGM
The Board of Xtract Resources Plc ("Xtract" or the "Company")
announces the preliminary unaudited results for alluvial mining
contractors for the Manica Concession for the three-month period
ended 30 June 2021 (the "Period").
Highlights
-- Total alluvial mining contractor gold production of 13.30Kg
for the quarter (equivalent to approximately 427 ounces)
-- Total of 3.7Kg (equivalent to approximately 120 ounces) attributable to Explorator
-- Value of Explorator share of gold produced US$218,413
-- Combined attributable revenue to Explorator from gold sales
and other income for the Period amounted to US$213,576
-- Overall improvement of operating conditions from Q1 2021
-- Guy Fawkes development continued during the period and Fair bride progressed
Colin Bird, Executive Chairman said : " Production levels
increased during the 2(nd) quarter of 2021 and continued to
increase during the 3(rd) quarter. We look forward to the
contribution of the hard rock mining as the adit advances at Guy
Fawkes and mini open pit commences production at Boa Esperanza.
The Fair Bride project continues to gather pace, with increased
optimism for production to commence during the final quarter of
2021 ."
Production summary
Preliminary unaudited results for alluvial mining contractors
for the Manica Concession for the three-month periods ended 30 June
2021, 31 March 2021, 31 December 2020 and September 2020 are set
out in the table below. In addition to the information included in
the table, the table below provides a further breakdown of costs
between operational costs, production tax and land resettlement
costs. The Company's current focus is to continue to progress the
Manica hard rock operations.
2nd Quarter 1st Quarter 4th Quarter 3rd Quarter
ended ended ended ended
30 June 31 March 31 December 30 September
2021 2020 2020 2020
Production and Sales
:
------------ ------------ ------------- --------------
Total contractor alluvial
gold production (equivalent
ounces) (Note 3) 427 284 400 787
------------ ------------ ------------- --------------
Explorator share of
gold produced (equivalent
ounces) 120 79 112 220
------------ ------------ ------------- --------------
Value of Explorator US$218,413 US$143,848 US$205,900 US$426,916
share of gold produced
(value in US$)(Note
3)
------------ ------------ ------------- --------------
Explorator share of
gold sold (equivalent
ounces) 139 - 117 145
------------ ------------ ------------- --------------
Explorator attributable US$213,576 - US$201,310 US$250,968
revenue from alluvial
gold sales
------------ ------------ ------------- --------------
Direct Operational
Production Costs:
------------ ------------ ------------- --------------
Explorator total direct US$130,697 US$121,093 US$95,595 US$72,630
alluvial operational
production costs (Note
1)
------------ ------------ ------------- --------------
Total Costs:
------------ ------------ ------------- --------------
Explorator total direct US$150,681 US$145,367 US$153,549 US$134,688
alluvial production
costs (Note 2)
------------ ------------ ------------- --------------
Cost per ounce of gold US$1,258 US$1,828 US$1,371 US$611
produced
------------ ------------ ------------- --------------
Note 1: Direct operational production costs include and not
limited to Explorator salaries, rent, vehicles expenses and
utilities.
Note 2: Total costs comprises direct operational production
costs plus total Production Tax and Land Resettlement Costs as
detailed below:
2nd Quarter 1st Quarter 4th Quarter 3rd Quarter
ended ended ended ended
30 June 31 March 31 December 30 September
2021 2021 2020 2020
------------------
Production Tax US$19,948 US$7,9339 US$20,429 US$30,136
Land resettlement - US$16,341 US$37,525 US$31,922
costs
------------ ------------ ------------- --------------
Note 3: Calculation based on the number of ounces produced
during each month of the quarter multiplied by
the closing month end spot rate.
Note 4: Presence of gold in alluvial deposits is unpredictable
and therefore operational results will vary month-to-month.
Notice of AGM - Proposed incentive scheme
As announced on 1 October 2021, the notice in respect of the
2021 Annual General Meeting ("Notice"), to be held the offices of
Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG on Monday 25
October 2021 at 3:00 p.m., has now been sent to shareholders and is
available from the Company's website. The Notice includes an
ordinary resolution in respect of a new incentive scheme to more
closely align the interest of directors, officers, employees and
consultants with those of shareholders by providing for the payment
of short-term, annual and transaction incentive awards in cash or
Company shares. Awards under the proposed schemes are not intended
to replace the Company's share option scheme arrangements.
The principal terms of the proposed schemes are summarised in
the a ppendix to the Notice , which is reproduced below in the
Appendix without amendment. No awards have been made or proposed to
date pursuant to the p roposed shcemes and should they be approved
by shareholders at the Annual General Meeting , then any awards
will comply at such time with all applicable AIM Rules including as
appropriate AIM Rule 13 in respect of related party
transactions.
Further details are available from the Company's website which
details the company's project portfolio as well as a copy of this
announcement: www.xtractresources.com
This announcement contains inside information for the purposes
of Article 7 of EU Regulation No. 596/2014 on market abuse. The
person who arranged for the release of this announcement on behalf
of the Company was Joel Silberstein, Director.
Enquiries :
Xtract Resources Plc Colin Bird, +44 (0)20 3416 6471
Executive Chairman www.xtractresources.com
Beaumont Cornish Limited Roland Cornish +44 (0)207628 3369
Nominated Adviser and Michael Cornish www.beaumontcornish.co.uk
Joint Broker Felicity Geidt
Novum Securities Limited Jon Bellis +44 (0) 207 399 9427
Joint Broker Colin Rowbury www.novumsecurities.com
APPIX TO NOTICE OF XTRACT RESOURCES PLC 2021 AGM NOTICE OF
MEETING
Summary of the principal terms of the Xtract Resources Plc
Proposed Incentive Schemes (the "Proposed Incentive Schemes")
"Overview : The Proposed Incentive Schemes are intended to put
in place new short-term, annual and transaction incentive awards
payable in cash and/or Company shares to align the interest of
directors, officers, employees and consultants with those of
shareholders. These awards are not intended to replace the
Company's share option scheme and shall continue until the Board of
the Company have put an alternative incentive scheme to the
Company's shareholders which the Company's shareholders have
approved.
Eligibility : Directors, officers, employees and consultants of
the Xtract Resources Plc group ("Eligible Participants"). Eligible
Participants, who are good leavers, may continue to be eligible for
awards for up to 12 months from their resignation or
retirement.
Operation and purpose : The remuneration committee of the
Company will make awards to Eligible Participants to reward, retain
and recruit Eligible Participants and reward performances against
performance measures determined by the remuneration committee. A
member of the remuneration committee will not participate in the
determining of their own award. The remuneration committee will in
determining awards relative to annual salary have regard to median
salaries of AIM company executives in the annual KPMG or similar
type comparative survey of the remuneration of AIM company
executives of companies with comparable projects at a similar stage
of development to Xtract ("Comparable Median Annual Salary"). The
remuneration committee will in making awards determine appropriate
key performance indicators for the Eligible Participant to meet
("Award Triggers").
Short Term Incentive Awards: Eligible Participants with direct
involvement in meeting short term operational targets for example
production or exploration targets will be eligible for incentive
awards determined by the remuneration committee. The maximum award
shall be capped at two (2) times the Eligible Participants'
Comparable Median Annual Salary. Awards may be paid in cash and /or
Company shares and if in Company shares based on the 30-day VWAP
following announcement of the Company's interim and final results.
Awards of Company shares to Directors and PDMRS may be subject to a
minimum holding period of up to 3 months to be determined.
Annual Incentive Awards: These will be awarded to Eligible
Participants with approximately 25% of their awards being related
to Company performance and approximately 75% related to individual
key performance indicators determined by the remuneration
committee. The maximum award shall be capped at three (3) times the
Eligible Participants' Comparable Median Annual Salary. Awards may
be paid in cash and / or Company shares and if in Company shares
based on the 30-day VWAP following announcement of Company's
interim and final results. Awards of Company shares to Directors
and PDMRS may be subject to a minimum holding period of up to 3
months to be determined. An Eligible Participant who has been
awarded a Short Term Incentive Award is eligible for an Annual
Incentive Award but their Annual Incentive Award will be reduced by
the amount due to them under their Short Term Incentive Award.
Transaction Incentive Awards: These will be awarded to Eligible
Participants and the Award Triggers will be based on the Company
completing a successful acquisition or disposal transaction (the
"Transaction") based on criteria determined by the remuneration
committee. The maximum award payable in relation to a transaction
will be in the range 1% to 2% of the Transaction value and be
allocated amongst the Eligible Participants by the remuneration
committee. Awards may be paid in cash and/or Company shares and if
in Company shares based on the 30-day VWAP following the date the
Company announces the Transaction. Corporate Event: In the event of
a takeover or merger, general offer being made to shareholders,
scheme of arrangement, member's voluntary winding up, change of
control or other similar corporate event (a "Corporate Event"), the
Eligible Participant will be deemed to have met their Annual
Incentive Award and/or Award Trigger unless determined otherwise by
the Remuneration committee taking into account the Eligible
Participants Annual Trigger and/or Award Trigger."
ENDS
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END
MSCUSUWRASURRAA
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October 05, 2021 02:00 ET (06:00 GMT)
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