TIDMXTR
RNS Number : 5568V
Xtract Resources plc
06 April 2023
For immediate release
6 April 2023
Xtract Resources Plc
("Xtract" or the "Company")
Fourth Quarter 2022 Production Update
The Board of Xtract Resources Plc ("Xtract" or the "Company")
announces the preliminary unaudited results for all alluvial and
other hard rock mining contractors for the Manica Concession as
well as production at Fair Bride, for the three-month period ended
31 December 2022 (the "Period").
Highlights
-- Total mining contractor gold production excluding Fair-Bride
of 49.83Kg for the Period, equivalent to approximately 1,602
ounces
-- Total of 8.37Kg (equivalent to approximately 269 ounces) attributable to Explorator
-- Value of Explorator share of gold produced US$462,292
-- Explorator share of gold sales in period of 433 ounces
-- Combined attributable revenue to Explorator from gold sales
and other income for the Period amounted to US$740,280
-- Mining contractor gold production from the Fair Bride deposit
of 79.15Kg for the quarter, equivalent to approximately 2,546
ounces (Increase of 43.84Kg from the prior quarter)
-- Preliminary mining contractor gold production from Fair Bride
deposit of 123.68kg for Q1 2023, equivalent to 3,976 ounces)
Colin Bird, Executive Chairman said : "Alluvial production is
now almost coming to an end which is coinciding with the ramp-up of
production from the Fair Bride operation. Our income from Fair
Bride will be well in excess of alluvial income, and we look
forward to the ramp-up proceeding to plan. We are currently
identifying fringe resources of oxides and embarking on district
exploration both for oxides and sulphides. We have commenced a
study to extend the plant to treat all sulphides which will give us
the flexibility to treat all materials and exploit the Fair Bride
deposit to maximum effect. Now that the Fair Bride operation has
settled and the capital investment has been completed, we plan from
the 2(nd) Quarter (i.e., the three months ending 30 June 2023) to
report quarterly on Fair Bride's operation and financial
results."
Production summary
Preliminary unaudited results for both the alluvial and hard
rock mining contractors for the Manica Concession for the
three-month periods ended 31 December 2022, September 2022, 30 June
2022 and 31 March 2022, are set out in the table below.
The Company is also pleased to report on significant progress at
the recently completed plant in Manica, Mozambique. On 21 July
2022, the Company announced that Mutapa Mining and Processing, LDA
("MMP") poured the first gold from ore that they mined at the Fair
Bride concession. A total of 79.15Kg was produced during the fourth
quarter of 2023. The Company remains confident for a positive 2023
as the Fair Bride operation matures and stabilises.
In addition to the information included in the table below, the
notes provide a further breakdown of costs between operational
costs, production tax and land resettlement costs. The table
includes the unaudited financial results from the alluvial as well
as the hard rock operations (other than Fair Bride hard rock
operation in which Xtract has a 23 per cent. net profit share and
which will from Q2 2023 be reported on a quarterly basis ).
4th Quarter 3rd Quarter 2nd Quarter 1st Quarter
ended ended ended ended
31 December 30 September 30 June 31 March
2022 2022 2022 2022
Production (ex-Fair
Bride)
------------- -------------- ------------ ------------
Total contractor gold
production -alluvial
(equivalent ounces)
(Note 1) 769 1,074 1,344 1,370
------------- -------------- ------------ ------------
Total contractor gold
production- hard rock
(equivalent ounces)
(Note 2) 833 1,060 397 805
------------- -------------- ------------ ------------
Total contractor gold
production (equivalent
ounces) 1,602 2,134 1,741 2,176
------------- -------------- ------------ ------------
Total Explorator share
of gold produced (equivalent
ounces)(Note 3) 269 382 344 425
------------- -------------- ------------ ------------
Production - Fair Bride
------------- -------------- ------------ ------------
Total gold production
- Fair Bride (equivalent
ounces) 2,546 1,136 - -
------------- -------------- ------------ ------------
Sales and income (ex-
Fair Bride)
------------- -------------- ------------ ------------
Value of Explorator U$462,292 U$651,641 US$639,271 US$794,797
share of gold produced
(value in US$)(Note
5)
------------- -------------- ------------ ------------
Explorator share of
gold sold (equivalent
ounces) (Note 4) 433 343 465 384
------------- -------------- ------------ ------------
Explorator attributable US$740,280 US$534,899 US$642,115 US$617,422
revenue from gold sales
------------- -------------- ------------ ------------
Other Income - - - US$37,866
------------- -------------- ------------ ------------
Direct Operational
Production Costs (ex-Fair
Bride)
------------- -------------- ------------ ------------
Explorator total direct US$189,986 US$161,789 US$179,969 US$172,460
operational production
costs (Note 1)
------------- -------------- ------------ ------------
Total Costs (ex-Fair
Bride)
------------- -------------- ------------ ------------
Explorator total direct US$235,917 US$285,426 US$321,401 US$251,045
production costs (Note
2)
------------- -------------- ------------ ------------
Cost per ounce of gold US$876 US$747 US$934 US$590
produced
------------- -------------- ------------ ------------
Notes:
Note 1:
Total contractor 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter
gold production-alluvial ended ended ended ended
(equivalent ounces) 31 December 30 September 30 June 31 March
2022 2022 2022 2022
3990C * 177 512 852 986
7569L ** 593 562 491 385
------------- -------------- ------------ ------------
*Licence 3990C Mining Concession (Alluvial & hard rock),
Manica Province.
**Licence 7569L Mining Concession (Alluvial), Manica
Province.
Note 2:
Total contractor 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter
gold production-hard ended ended ended ended
rock (equivalent 31 December 30 September 30 June 31 March
ounces) 2022 2022 2022 2022
Guy Fawkes 219 600 228 213
Boa Esperanza 614 460 169 592
------------- -------------- ------------ ------------
Note 3:
Total Explorator 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter
share of gold ended ended ended ended
produced (equivalent 31 December 30 September 30 June 31 March
ounces) 2022 2022 2022 2022
3990C 113 97 171 195
7569L 33 107 93 73
Guy Fawkes 33 109 55 51
Boa Esperanza 90 69 24 107
------------- -------------- ------------ ------------
Note 4:
Explorator share 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter
of gold sold ended ended ended ended
(equivalent ounces) 31 December 30 September 30 June 31 March
2022 2022 2022 2022
3990C 169 136 157 190
7569L 137 196 190 36
Guy Fawkes 127 11 77 37
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:
4th Quarter 3rd Quarter 2nd Quarter 1st Quarter
ended ended ended ended
31 December 30 September 30 June 31 March
2022 2022 2022 2022
------------------
Production Tax US$44,674 US$123 US$98 386 US$74 807
019
Land resettlement US$1,267 US$ 619 US$43 046 -
costs
------------- -------------- ------------ ------------
Note 8:
Explorator total 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter
direct operational ended ended ended ended
production costs 31 December 30 September 30 June 31 March
2022 2022 2022 2022
Alluvial deposits US$117,513 US$104 US$119 US$107
013 480 475
Hard rock deposits US$72,673 US$57 776 US$60 489 US$64 985
------------- -------------- ------------ ------------
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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