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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% | 1.00 | 0.90 | 1.10 | 1.00 | 0.985 | 1.00 | 671,084 | 08:00:01 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Gold Ores | 2.81M | -1.83M | -0.0021 | -4.76 | 8.56M |
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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(END) Dow Jones Newswires
September 30, 2022 02:00 ET (06:00 GMT)
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