TIDMXTR
RNS Number : 2524B
Xtract Resources plc
30 September 2022
For immediate release
30 September 2022
Xtract Resources Plc
("Xtract" or the "Company")
Production 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 30 June 2022 (the "Period").
Highlights
-- Total mining contractor gold production of 54.15Kg for the
quarter, equivalent to approximately 1,344 ounces
-- Total of 10.69Kg (equivalent to approximately 344 ounces) attributable to Explorator
-- Value of Explorator share of gold produced US$639,271
-- Gold sales in period of 465 ounces
-- Combined attributable revenue to Explorator from gold sales
and other income for the Period amounted to US$642,115
Colin Bird, Executive Chairman said : "The results for the June
quarter are fairly consistent with previous quarters with Guy
Fawkes slowly opening up areas for production. Fair Bride is now in
production and teething problems of the plant and the mine are
being reduced and eliminated. We anticipate gold production will
increase significantly in the final quarter of this year".
Production summary
Preliminary unaudited results for both the alluvial and hard
rock mining contractors for the Manica Concession for the
three-month periods ended 30 June 2022 ,31 March 2022, 31 December
2021 and September 2021 and are set out in the table below. In
addition to the information included in the table, the notes below
provide a further breakdown of costs between operational costs,
production tax and land resettlement costs. The table includes
results from the alluvial as well as the hard rock operations
(other than Fair Bride hard rock operation).
2nd Quarter 1st Quarter 4(th) Quarter 3rd Quarter
ended ended ended ended
30 June 31 March 31 December 30 September
2022 2022 2021 2021
Production and Sales
:
------------ ------------ -------------- --------------
Total contractor gold
production -alluvial
(equivalent ounces)
(Note 1) 1,344 1,370 2,306 1,416
------------ ------------ -------------- --------------
Total contractor gold
production- hard rock
(equivalent ounces)
(Note 2) 397 805 505 170
------------ ------------ -------------- --------------
Total contractor gold
production (equivalent
ounces) 1,741 2,176 2,811 1,586
------------ ------------ -------------- --------------
Total Explorator share
of gold produced (equivalent
ounces)(Note 3) 344 425 767 437
------------ ------------ -------------- --------------
Value of Explorator US$639,271 US$794,797 US$1,383,125 US$784,998
share of gold produced
(value in US$)(Note
5)
------------ ------------ -------------- --------------
Explorator share of
gold sold (equivalent
ounces) (Note 4) 465 384 360 152
------------ ------------ -------------- --------------
Explorator attributable US$642,115 US$617,422 US$589,914 US$220,737
revenue from gold sales
------------ ------------ -------------- --------------
Other Income - US$37,866 US$24,343 US$153,044
------------ ------------ -------------- --------------
Direct Operational
Production Costs:
------------ ------------ -------------- --------------
Explorator total direct US$179,969 US$172,460 US$180,791 US$142,786
operational production
costs (Note 1)
------------ ------------ -------------- --------------
Total Costs:
------------ ------------ -------------- --------------
Explorator total direct US$321,401 US$251,045 US$258,523 US$210,344
production costs (Note
2)
------------ ------------ -------------- --------------
Cost per ounce of gold US$934 US$590 US$338 US$474
produced
------------ ------------ -------------- --------------
Note 1:
Total contractor 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter
gold production-alluvial ended ended ended ended
(equivalent ounces) 30 June 31 March 31 December 30 September
2022 2022 2021 2021
3990C * 852 986 1 359 651
7569L ** 491 385 947 765
------------ ------------ ------------- --------------
*Licence 3990C Mining Concession (Alluvial & hard rock),
Manica Province.
**Licence 7569L Mining Concession (Alluvial), Manica
Province.
Note 2:
Total contractor 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter
gold production-hard ended ended ended ended
rock l (equivalent 30 June 31 March 31 December 30 September
ounces) 2022 2022 2021 2021
Guy Fawkes 228 213 164 174
Boa Esperanza 169 592 341 16
------------ ------------ ------------- --------------
Note 3:
Total Explorator 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter
share of gold ended ended ended ended
produced (equivalent 30 June 31 March 31 December 30 September
ounces 2022 2022 2021 2021
3990C 171 195 378 186
7569L 93 73 269 207
Guy Fawkes 55 51 43 45
Boa Esperanza 24 107 69 -
------------ ------------ ------------- --------------
Note 4:
Explorator share 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter
of gold sold ended ended ended ended
(equivalent ounces 30 June 31 March 31 December 30 September
2022 2022 2021 2021
3990C 157 190 261 125
7569L 190 36 66 -
Guy Fawkes 77 37 34 27
Boa Esperanza 41 122 - -
------------ ------------ ------------- --------------
Note 5: Calculation based on the number of ounces produced
during each month of the quarter multiplied by
the closing month end spot rate.
Note 6: Direct operational production costs include and not
limited to Explorator salaries, rent, vehicles expenses and
utilities for both alluvial and hard rock operations
Note 7: 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
2022 2022 2021 2021
------------------
Production Tax US$98 386 US$74,807 US$77,732 US$33,743
Land resettlement US$43 046 - - US$33,815
costs
------------ ------------ ------------- --------------
Note 8:
Explorator total 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter
direct operational ended ended ended ended
production costs 30 June 31 March 31 December 30 September
2022 2022 2021 2021
Alluvial deposits US$119 US$107 US$139 US$109
480 475 533 914
Hard rock deposits US$60 489 US$64 985 US$41 258 US$32 872
------------ ------------ ------------- --------------
Note 9: Alluvial deposits are the natural concentration of heavy
minerals caused by the effect of gravity on moving particles.
Various natural actions known as weathering can and did dislodge
gold from its hard rock containment. Once the gold is liberated it
migrates by gravity and water flow into larger or subsidiary
streams. The net effect of this migration into streams is
concentration of the gold into gold ore bodies. 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 Michael Cornish www.beaumontcornish.co.uk
and 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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END
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