RE: RNS5 Oct 2021 08:08
RNS Number : 9796N
Xtract Resources plc
05 October 2021
For immediate release
5 October 2021
Xtract Resources Plc
("Xtract" or the "Company")
Manica Alluvial Gold Update
Notice of AGM
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$213,576
· Overall improvement of operating conditions from Q1 2021
· Guy Fawkes development continued during the period and Fair bride progressed
Colin Bird, Executive Chairman said: "Production levels increased during the 2nd quarter of 2021 and continued to increase during the 3rd quarter. We look forward to the contribution of the hard rock mining as the adit advances at Guy Fawkes and mini open pit commences production at Boa Esperanza.
The Fair Bride project continues to gather pace, with increased optimism for production to commence during the final quarter of 2021."
Production summary
Preliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month periods ended 30 June 2021, 31 March 2021, 31 December 2020 and September 2020 are set out in the table below. In addition to the information included in the table, the table below provides a further breakdown of costs between operational costs, production tax and land resettlement costs. The Company's current focus is to continue to progress the Manica hard rock operations.
2nd Quarter
ended
30 June
2021
1st Quarter
ended
31 March
2020
4th Quarter
ended
31 December
2020
3rd Quarter
ended
30 September
2020
Production and Sales:
Total contractor alluvial gold production (equivalent ounces) (Note 3)
427
284
400
787
Explorator share of gold produced (equivalent ounces)
120
79
112
220
Value of Explorator share of gold produced (value in US$)(Note 3)
US$218,413
US$143,848
US$205,900
US$426,916
Explorator share of gold sold (equivalent ounces)
139
-
117
145
Explorator attributable revenue from alluvial gold sales
US$213,576
-
US$201,310
US$250,968
Direct Operational Production Costs:
Explorator total direct alluvial operational production costs (Note 1)
US$130,697
US$121,093
US$95,595
US$72,630
Total Costs:
Explorator total direct alluvial production costs (Note 2)
US$150,681
US$145,367
US$153,549
US$134,688
Cost per ounce of gold produced
US$1,258
US$1,828
US$1,371
US$611