TIDMXTR
RNS Number : 1300M
Xtract Resources plc
09 January 2023
For immediate release
9 January 2023
Xtract Resources Plc
("Xtract" or the "Company")
Third Quarter 2022 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 and
production at Fair Bride, for the three-month period ended 30
September 2022 (the "Period").
Highlights
-- Total mining contractor gold production of 66.38Kg for the
quarter, equivalent to approximately 2,134 ounces
-- Total of 11.90Kg (equivalent to approximately 382 ounces) attributable to Explorator
-- Value of Explorator share of gold produced US$651,641
-- Exploratory share of gold sales in period of 343 ounces
-- Combined attributable revenue to Explorator from gold sales
and other income for the Period amounted to US$534,899
-- First mining contractor gold production from the Fair Bride
deposit of 35.35Kg for the quarter, equivalent to approximately
1,136 ounces
Colin Bird, Executive Chairman said : "The alluvial and smaller
hard rock deposits' performance continued generally in a similar
manner to previous quarters with the hard rock being determined by
the vagaries of grade and vein consistency. I am pleased to report
that Fair Bride has commenced production and throughout the quarter
the activities were concentrated in two areas, by developing a
protocol for open pit grade control and troubleshooting the
numerous issue which inevitably occur on commission of a new
processing plant. We anticipate that the financial results from
Fair Bride, where we have a 23 per cent. net profit share will
initially be reported semi-annually."
Production summary
Preliminary unaudited results for both the alluvial and hard
rock mining contractors for the Manica Concession for the
three-month periods ended September 2022, 30 June 2022 ,31 March
2022, and 31 December 2021 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 with a total of 35.35Kg production in the third
quarter of 2023. Plant commissioning continued throughout the
quarter with progressive improvements in throughput. The Company
remains very confident for a positive 2023 as the operation matures
and stabilises.
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 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 it is anticipated will initially be reported semi-annually
).
3rd Quarter 2nd Quarter 1st Quarter 4(th) Quarter
ended ended ended ended
30 September 30 June 31 March 31 December
2022 2022 2022 2021
Production (ex-Fair
Bride)
-------------- ------------ ------------ --------------
Total contractor gold
production -alluvial
(equivalent ounces)
(Note 1) 1,074 1,344 1,370 2,306
-------------- ------------ ------------ --------------
Total contractor gold
production- hard rock
(equivalent ounces)
(Note 2) 1,060 397 805 505
-------------- ------------ ------------ --------------
Total contractor gold
production (equivalent
ounces) 2,134 1,741 2,176 2,811
-------------- ------------ ------------ --------------
Total Explorator share
of gold produced (equivalent
ounces)(Note 3) 382 344 425 767
-------------- ------------ ------------ --------------
Production - Fair Bride
-------------- ------------ ------------ --------------
Total gold production 1,136 - - -
- Fair Bride (equivalent
ounces)
-------------- ------------ ------------ --------------
Sales and income (ex-
Fair Bride)
-------------- ------------ ------------ --------------
Value of Explorator U$651,641 US$639,271 US$794,797 US$1,383,125
share of gold produced
(value in US$)(Note
5)
-------------- ------------ ------------ --------------
Explorator share of
gold sold (equivalent
ounces) (Note 4) 343 465 384 360
-------------- ------------ ------------ --------------
Explorator attributable US$534,899 US$642,115 US$617,422 US$589,914
revenue from gold sales
-------------- ------------ ------------ --------------
Other Income - - US$37,866 US$24,343
-------------- ------------ ------------ --------------
Direct Operational
Production Costs (ex-Fair
Bride)
-------------- ------------ ------------ --------------
Explorator total direct US$161,789 US$179,969 US$172,460 US$180,791
operational production
costs (Note 1)
-------------- ------------ ------------ --------------
Total Costs (ex-Fair
Bride)
-------------- ------------ ------------ --------------
Explorator total direct US$285,426 US$321,401 US$251,045 US$258,523
production costs (Note
2)
-------------- ------------ ------------ --------------
Cost per ounce of gold US$747 US$934 US$590 US$338
produced
-------------- ------------ ------------ --------------
Notes:
Note 1:
Total contractor 3rd Quarter 2nd Quarter 1st Quarter 4th Quarter
gold production-alluvial ended ended ended ended
(equivalent ounces) 30 September 30 June 31 March 31 December
2022 2022 2022 2021
3990C * 512 852 986 1 359
7569L ** 562 491 385 947
-------------- ------------ ------------ -------------
*Licence 3990C Mining Concession (Alluvial & hard rock),
Manica Province.
**Licence 7569L Mining Concession (Alluvial), Manica
Province.
Note 2:
Total contractor 3rd Quarter 2nd Quarter 1st Quarter 4th Quarter
gold production-hard ended ended ended ended
rock (equivalent 30 September 30 June 31 March 31 December
ounces) 2022 2022 2022 2021
Guy Fawkes 600 228 213 164
Boa Esperanza 460 169 592 341
-------------- ------------ ------------ -------------
Note 3:
Total Explorator 3rd Quarter 2nd Quarter 1st Quarter 4th Quarter
share of gold ended ended ended ended
produced (equivalent 30 September 30 June 31 March 31 December
ounces) 2022 2022 2022 2021
3990C 97 171 195 378
7569L 107 93 73 269
Guy Fawkes 109 55 51 43
Boa Esperanza 69 24 107 69
-------------- ------------ ------------ -------------
Note 4:
Explorator share 3rd Quarter 2nd Quarter 1st Quarter 4th Quarter
of gold sold ended ended ended ended
(equivalent ounces) 30 September 30 June 31 March 31 December
2022 2022 2022 2021
3990C 136 157 190 261
7569L 196 190 36 66
Guy Fawkes 11 77 37 34
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:
3rd Quarter 2nd Quarter 1st Quarter 4th Quarter
ended ended ended ended
30 September 30 June 31 March 31 December
2022 2022 2022 2021
------------------
Production Tax US$123 US$98 386 US$74 807 US$77 732
019
Land resettlement US$ 619 US$43 046 - -
costs
-------------- ------------ ------------ -------------
Note 8:
Explorator total 3rd Quarter 2nd Quarter 1st Quarter 4th Quarter
direct operational ended ended ended ended
production costs 30 September 30 June 31 March 31 December
2022 2022 2022 2021
Alluvial deposits US$104 US$119 US$107 US$139
013 480 475 533
Hard rock deposits US$57 776 US$60 489 US$64 985 US$41 258
-------------- ------------ ------------ -------------
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
MSCBXGDBGDGDGXC
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January 09, 2023 08:25 ET (13:25 GMT)
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