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 30 June 2021 (the “Period”).
Highlights
· Total alluvial mining contractor gold production of 13.30Kg for the quarter (equivalent to approximately 427 ounces)
· Total of 3.7Kg (equivalent to approximately 120 ounces) attributable to Explorator
· Value of Explorator share of gold produced US$218,413
· Combined attributable revenue to Explorator from gold sales and other income for the Period amounted to US$213,576
· Overall improvement of operating conditions from Q1 2021
· Guy Fawkes development continued during the period and Fair bride progressed
Colin Bird, Executive Chairman said : ” Production levels increased during the 2nd quarter of 2021 and continued to increase during the 3rd quarter. We look forward to the contribution of the hard rock mining as the adit advances at Guy Fawkes and mini open pit commences production at Boa Esperanza.
The Fair Bride project continues to gather pace, with increased optimism for production to commence during the final quarter of 2021 .”
Production summary
Preliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month periods ended 30 June 2021, 31 March 2021, 31 December 2020 and September 2020 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’s current focus is to continue to progress the Manica hard rock operations.
Note 1: Direct operational production costs include and not limited to Explorator salaries, rent, vehicles expenses and utilities.
Note 2: Total costs comprises direct operational production costs plus total Production Tax and Land Resettlement Costs as detailed below:
Note 3: Calculation based on the number of ounces produced during each month of the quarter multiplied by
the closing month end spot rate.
Note 4: Presence of gold in alluvial deposits is unpredictable and therefore operational results will vary month-to-month.
Notice of AGM – Proposed incentive scheme
As announced on 1 October 2021, the notice in respect of the 2021 Annual General Meeting (“Notice”), to be held the offices of Fladgate LLP, 16 Great Queen Street, London, WC2B 5DG on Monday 25 October 2021 at 3:00 p.m., has now been sent to shareholders and is available from the Company’s website. The Notice includes an ordinary resolution in respect of a new incentive scheme to more closely align the interest of directors, officers, employees and consultants with those of shareholders by providing for the payment of short-term, annual and transaction incentive awards in cash or Company shares. Awards under the proposed schemes are not intended to replace the Company’s share option scheme arrangements.
The principal terms of the proposed schemes are summarised in the a ppendix to the Notice , which is reproduced below in the Appendix without amendment. No awards have been made or proposed to date pursuant to the p roposed shcemes and should they be approved by shareholders at the Annual General Meeting , then any awards will comply at such time with all applicable AIM Rules including as appropriate AIM Rule 13 in respect of related party transactions.
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,
Executive Chairman
+44 (0)20 3416 6471
