Manica Gold Update

RNS Number : 7337Y
Xtract Resources plc
18 January 2022
 

 

 

 

 

For immediate release

18 January 2022

 

Xtract Resources Plc

("Xtract" or the "Company")

Manica Gold 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 31 December 2021 (the "Period").

 

Highlights

· Total mining contractor gold production of 87.44Kg for the quarter, equivalent to approximately 2,811 ounces

· Total of 23.85Kg (equivalent to approximately 767 ounces) attributable to Explorator

· Value of Explorator share of gold produced US$1,383,125

· Gold sales in period of 360 ounces

· Combined attributable revenue to Explorator from gold sales and other income for the Period amounted to US$614,257

· Fair bride project continued to progress satisfactorily  

 

 

Colin Bird, Executive Chairman said : "The quarter ended 31 December 2021, was the best period for production since we commenced gold mining at Manica, with production performance well surpassing previous quarters despite any lost time due to rain. The development at Guy Fawkes continued with the objective of exploring veins revealed by surface drilling. Construction work for the Fair Bride project advanced satisfactorily and we are very pleased with the engineering standards employed on the build.  The contribution of Fair Bride, ongoing Mozambican production and Zambian operations progressing favorably, leads us to be optimistic for production during 2022."

 

Production summary

Preliminary unaudited results for alluvial and hard rock mining contractors for the Manica Concession for the three-month periods ended 31 December 2021, September 2021, 30 June 2021, and 31 March 2021 and 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 Fair Bride hard rock operation.

 

 

 

 

 

 

 

 


4th Quarter

 ended

31 December

 2021

3rd Quarter

 ended

30 September

 2021

2nd Quarter

 ended

30 June

 2021

1st Quarter

 ended

31 March

 2021

Production and Sales :





Total contractor gold production -alluvial (equivalent ounces)

2,306

1,416

427

284

Total contractor gold production- hard rock (equivalent ounces)

505

170

-

-

Total contractor gold production (equivalent ounces)

2,811

1,586

427

284

Total Explorator share of gold produced (equivalent ounces)

767

437

120

79

Value of Explorator share of gold produced (value in US$)(Note 3)

US$1,383,125

US$784,998

US$218,413

US$143,848






Explorator share of gold sold (equivalent ounces)

 

360

152

139

-

Explorator attributable revenue from gold sales

US$589,914

US$220,737

US$213,576

-

Other Income

US$24,343

US$153,044

-

-

Direct Operational Production Costs:





Explorator total direct operational production costs (Note 1)

 

US$180,791

US$142,786

US$130,697

US$121,093

Total Costs:





Explorator total direct production costs (Note 2)

 

US$258,523

US$210,344

US$150,681

US$145,367

Cost per ounce of gold produced

US$338

US$474

US$1,258

US$1,828

 

Note 1:  Direct operational production costs include and not limited to Explorator salaries, rent, vehicles expenses and utilities for both alluvial and hard rock operations

Note 2:   Total costs comprises direct operational production costs plus total Production Tax and Land Resettlement Costs as detailed below:

 

 

 

 

 

 

 


4th Quarter ended

31 December  2021

3rd Quarter ended

30 September  2021

2nd Quarter

ended

 30 June

 2021

1st Quarter

ended

 31 March

 2021

Production Tax

US$77,732

US$33,743

US$19,948

US$7,933

Land resettlement costs

-

US$33,815

-

US$16,341

 

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.

 

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,

Executive Chairman

 

+44 (0)20 3416 6471

www.xtractresources.com

Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

Michael Cornish

Felicity Geidt

+44 (0)207628 3369

www.beaumontcornish.co.uk

 

Novum Securities Limited

Joint Broker  

 

Jon Bellis

Colin Rowbury 

 

+44 (0) 207 399 9427

www.novumsecurities.com  

 

 

 

ENDS

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