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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Xtract Resources Plc | LSE:XTR | London | Ordinary Share | GB00BYSX2795 | ORD 0.02P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.85 | 0.80 | 0.90 | 0.85 | 0.85 | 0.85 | 987,503 | 08:00:23 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 2.81M | -1.83M | -0.0021 | -4.05 | 7.28M |
TIDMXTR
RNS Number : 9972N
Xtract Resources plc
27 May 2020
For immediate release
27 May 2020
Xtract Resources Plc
("Xtract" or the "Company")
Manica Alluvial Gold & Corporate Update
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 31 March 2020 (the "Period").
Highlights
-- Total alluvial mining contractor gold production of 14.52 Kg for the quarter (equivalent to approximately 467 ounces)
-- Total of 4.06 Kg (equivalent to approximately 131 ounces) attributable to Explorator
-- Combined attributable revenue to Explorator from gold sales and other income for the Period amounted to US$508,573
-- Mining on the adjacent licence to be contracted to another Chinese group based on similar terms to the agreements currently in place
-- Discussions in place with a group to mine the Guy Fawkes and Boa Esperanca free milling small hard rock deposits
-- Manica hard rock continues to progress and all aspects of operations advancing satisfactorily
Colin Bird, Executive Chairman said : " The results are a little disappointing for the first quarter based on the rainy season, but particularly the effect of the Coronavirus on spare parts delivery from China. We continue to experience low grade together with high overburden stripping. The spare parts arrived 2 weeks ago, and operations are already showing a significant improvement, despite tough operating conditions.
We intend over the next month to commence a further contract with another Chinese group on an adjacent licence. The agreement with the group will be similar to existing agreements in place.
We are actively engaging with another group on working the Guy Fawkes and Boa Esperanca small hard rock deposits. These deposits have indicated free milling gold at good grades. Preparations are underway to ship major components for the Fairbride gold project, once border restrictions are lifted, which is expected the middle to late June 2020. The equipment will be accompanied by the necessary lifting equipment for installation."
Production summary
Preliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month periods ended 31 March 2020, 31 December 2019, 30 September 2019, and 30 June 2019 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 currently expects that at current rates of activity, the alluvial mining contractors will conclude their operations during the latter part of the current year. The Company's current focus is to progress the Manica hard rock operations.
1st Quarter 4th Quarter 3(rd) Quarter 2(nd) Quarter ended ended ended ended 31 March 31 December 30 September 30 June 2020 2019 2019 2019 Production and Sales : ------------ ------------- -------------- -------------- Total contractor alluvial gold production (equivalent ounces) (Note 4) 467 1,045 994 1,088 ------------ ------------- -------------- -------------- Explorator share of gold produced (equivalent ounces) 131 293 278 305 ------------ ------------- -------------- -------------- Value of Explorator US$208,396 US$438,119 US$409,560 US$404,251 share of gold produced (value in US$)(Note 4) ------------ ------------- -------------- -------------- Explorator share of gold sold (equivalent ounces) 354 163 337 533 ------------ ------------- -------------- -------------- Explorator attributable US$508,573 US$241,284 US$467,683 US$643,568 revenue from gold sales ------------ ------------- -------------- -------------- Explorator share of US$508,573 US$120,642 US$233,482 US$321,784 Explorator attributable revenue from gold sales (Note 1) ------------ ------------- -------------- -------------- Direct Operational Production Costs: ------------ ------------- -------------- -------------- Explorator total direct US$147,575 US$173,419 US$140,477 US$125,666 alluvial operational production costs (Note 2) ------------ ------------- -------------- -------------- Xtract share of Explorator US$147,575 US$110,090 US$70,238 US$62,833 alluvial direct alluvial operational production costs ( Note 2) ------------ ------------- -------------- -------------- Total Costs: ------------ ------------- -------------- -------------- Explorator total direct US$175,982 US$239,470 US$231,462 US$199,595 alluvial production costs (Note 3) ------------ ------------- -------------- -------------- Cost per ounce of gold US$1,346 US$818 US$832 US$655 produced ------------ ------------- -------------- -------------- Xtract share of Explorator US$175,982 US$148,960 US$115,731 US$99,797 alluvial direct alluvial production costs ( Note 3) ------------ ------------- -------------- --------------
Note 1: Under the Collaboration Agreement between Explorator and Nexus Capital Limited (previously Mineral Technologies International Limited, "Nexus") as previously announced on 28 October 2018 Xtract's net share of Explorator's gold revenue and costs was 50%. On 12 December 2019, the Company announced that the Collaboration Agreement had been terminated by Nexus (as explained further below) with an effective date of 2 December 2019, following which Explorator's net share of gold revenue and costs is 100%.
Note 2: Direct operational production costs include and not limited to Explorator salaries, rent, vehicles expenses and utilities.
Note 3: Total costs comprises direct operational production costs plus total Production Tax (6% of the value of total production which varies according to the level of production) and Land Resettlement Costs as detailed below:
1st Quarter 4th Quarter 3rd Quarter 2nd Quarter ended ended ended ended 31 March 31 December 30 September 30 June 2020 2019 2019 2019 ------------------ Production Tax US$16,109 US$42,066 US$64,492 US$67,564 Land resettlement US$12,297 US$23,985 US$26,494, US$6,365 costs ------------ ------------- -------------- ------------
Note 4: Calculation based on the number of ounces produced during each month of the quarter multiplied by
the closing month end spot rate.
Note 5: 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 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 Colin Rowbury +44 (0) 207 399 9427 Joint Broker www.novumsecurities.com
ENDS
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
UPDEAPSKAANEEFA
(END) Dow Jones Newswires
May 27, 2020 02:00 ET (06:00 GMT)
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