On the 1 June 2020 the Company announced that it had acquired 100% of the issued share capital of Prospect Ore Limited, an Australian copper gold explorer. The project has a major copper gold mineral resource of some 71 million tonnes at a grade of 0.44% copper and 0.064g/t gold.
The project has considerable upside and the intention of the Company is to explore the potential as soon as reasonably possible. Xtract is awaiting foreign investment board approval as well as state approvals for the transfer of the licence and drilling permissions.
Anglo American have certain back-in rights to the project.