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About Xtract Resources Plc

Xtract Resources (XTR:AIM) is a resource, development and mining company whose focus is and will be to acquire brown field resource projects with a view to release value for its
shareholders. The projects targeted will be in regions where mining and infrastructure is prevalent and the mining regulations transparent.

The Company announced on the 22 September 2016 that, after a review of the Chepica mine owned by Minera Polar, no further investment was justified since past performance and future operational uncertainties did not warrant further investment.

The current focus is on the Manica mine in Mozambique which is nearing completion of a bankable feasibility study.

 
     
   
 

Strategy

The strategy is to identify resource projects which satisfy the criteria of reasonably advanced, good mining jurisdiction and economic projections which suggest a hurdle rate of return in excess of 25%.

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Board of Directors

The Xtract Resources board consists of Colin Bird (Executive Chairman), Peter Moir (Non-executive Director), and Joel Silberstein (Finance Director).

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Group Structure


 
Date: September 2016

Corporate Responsibility

The Company recognises that the Group’s exploration and development activities require it to have regard to the potential impact that it and its subsidiary companies may have on the environment.

Wherever possible, the Company ensures that all related companies are encouraged to comply with the local regulatory requirements with regard to the environment.

Corporate Governance

The Company has not adopted a specific Corporate Governance code. The role of Chairman and Chief Executive Officer has been merged as the Company reviews all of its operating and financial procedures and advances the Manica project technically and administratively. The Company employs one Non-Executive Director Peter Moir and will review the overall Board structure in early 2017.

Membership of the Audit, Remuneration, Technical, Safety, Health and Environment, and Nomination committees is as follows:

Audit Committee
Mr P L Moir – Chairman
Mr C Bird

The Audit Committee is a sub-committee of the Board which received auditors reports and insures that all financial reports made public by the Company are in accordance with regulatory accounting standards. The audit committee has responsibility for ensuring that all financial procedures within the Company are adhered to and to receive from any employee or the auditors any claim of misconduct or irregularity and have a duty to investigate such reports.

Remuneration Committee
Mr P L Moir – Chairman
Mr C Bird

This committee ensures that all salaries, terms and conditions are in accordance with corporate governance guidance and are typical of the resource industry at the level the Company operates in. The committee is also responsible for any bonus, shares or cash, that may be awarded to any officer or employee of the Company together with the execution of the Company’s option scheme.

Nomination Committee
Mr P L Moir – Chairman
Mr C Bird

     
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