TIDMXTR
RNS Number : 7337Y
Xtract Resources plc
18 January 2022
For immediate release
18 January 2022
Xtract Resources Plc
("Xtract" or the "Company")
Manica Gold Update
The Board of Xtract Resources Plc ("Xtract" or the "Company")
announces the preliminary unaudited results for all alluvial and
hard rock mining contractors for the Manica Concession for the
three-month period ended 31 December 2021 (the "Period").
Highlights
-- Total mining contractor gold production of 87.44Kg for the
quarter, equivalent to approximately 2,811 ounces
-- Total of 23.85Kg (equivalent to approximately 767 ounces) attributable to Explorator
-- Value of Explorator share of gold produced US$1,383,125
-- Gold sales in period of 360 ounces
-- Combined attributable revenue to Explorator from gold sales
and other income for the Period amounted to US$614,257
-- Fair bride project continued to progress satisfactorily
Colin Bird, Executive Chairman said : "The quarter ended 31
December 2021, was the best period for production since we
commenced gold mining at Manica, with production performance well
surpassing previous quarters despite any lost time due to rain. The
development at Guy Fawkes continued with the objective of exploring
veins revealed by surface drilling. Construction work for the Fair
Bride project advanced satisfactorily and we are very pleased with
the engineering standards employed on the build. The contribution
of Fair Bride, ongoing Mozambican production and Zambian operations
progressing favorably, leads us to be optimistic for production
during 2022."
Production summary
Preliminary unaudited results for alluvial and hard rock mining
contractors for the Manica Concession for the three-month periods
ended 31 December 2021, September 2021, 30 June 2021, and 31 March
2021 and 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 Fair Bride hard rock operation.
4(th) Quarter 3rd Quarter 2nd Quarter 1st Quarter
ended ended ended ended
31 December 30 September 30 June 31 March
2021 2021 2021 2021
Production and Sales
:
-------------- -------------- ------------ ------------
Total contractor gold
production -alluvial
(equivalent ounces) 2,306 1,416 427 284
-------------- -------------- ------------ ------------
Total contractor gold
production- hard rock
(equivalent ounces) 505 170 - -
-------------- -------------- ------------ ------------
Total contractor gold
production (equivalent
ounces) 2,811 1,586 427 284
-------------- -------------- ------------ ------------
Total Explorator share
of gold produced (equivalent
ounces) 767 437 120 79
-------------- -------------- ------------ ------------
Value of Explorator US$1,383,125 US$784,998 US$218,413 US$143,848
share of gold produced
(value in US$)(Note
3)
-------------- -------------- ------------ ------------
Explorator share of
gold sold (equivalent
ounces) 360 152 139 -
-------------- -------------- ------------ ------------
Explorator attributable US$589,914 US$220,737 US$213,576 -
revenue from gold sales
-------------- -------------- ------------ ------------
Other Income US$24,343 US$153,044 - -
-------------- -------------- ------------ ------------
Direct Operational
Production Costs:
-------------- -------------- ------------ ------------
Explorator total direct US$180,791 US$142,786 US$130,697 US$121,093
operational production
costs (Note 1)
-------------- -------------- ------------ ------------
Total Costs:
-------------- -------------- ------------ ------------
Explorator total direct US$258,523 US$210,344 US$150,681 US$145,367
production costs (Note
2)
-------------- -------------- ------------ ------------
Cost per ounce of gold US$338 US$474 US$1,258 US$1,828
produced
-------------- -------------- ------------ ------------
Note 1: Direct operational production costs include and not
limited to Explorator salaries, rent, vehicles expenses and
utilities for both alluvial and hard rock operations
Note 2: Total costs comprises direct operational production
costs plus total Production Tax and Land Resettlement Costs as
detailed below:
4th Quarter 3rd Quarter 2nd Quarter 1st Quarter
ended ended ended ended
31 December 30 September 30 June 31 March
2021 2021 2021 2021
------------------
Production Tax US$77,732 US$33,743 US$19,948 US$7,933
Land resettlement - US$33,815 - US$16,341
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.
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 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018.
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
ENDS
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