07 Jun Final Results

Downloadable PDF of this RNS

RNS Number : 3765A

Xtract Resources plc

7 June 2016

Xtract Resources Plc

(“Xtract” or “the Company”)

Final Results

Xtract Resources Plc (AIM:XTR) announces its final results for the year ended 31 December 2015, a year in which the Company achieved significant milestones in order to deliver on its growth objectives and shareholder value.

Financial highlights

·              Revenue received from concentrate £0.35m (2014: £1.14m)

·              Net loss of £4.58m (2014: £2.95m)

·              Administrative and operating expenses of £2.43m (2014: £2.34m)

·              Project costs of £0.14m (2014: £0.21m)

·              Cash of £3.76m (2014: £0.16m)

·              Net assets of £7.55m (2014: £1.60m)

Operational highlights

·              Acquired the Manica Gold project

·              Successfully addressed flexibility problems at Chepica Gold mine

·              Raised equity and debt capital to advance all projects

·              Advanced Manica BFS on time and within schedule

Corporate highlights

·              Strengthened management team

·              Further strengthened strategic alliance with MTI

Jan Nelson, CEO of Xtract Resources commented:  “In 2015 momentum continued and the team has made significant progress to deliver on our 5-year plan of becoming profitable gold producer. We are 3 years into this journey and are confident that we will deliver on our vision within the remaining 24 months. We have resolved the flexibility issues at the Chepica mine and continue to invest capital to grow our production profile. The Manica asset will allow us to realise significant cash flow that will enable us to execute on our strategy and deliver shareholder value without any significant dilution.”

The Annual Report will be posted to shareholders today, including Notice of the Annual General Meeting of Xtract Resources Plc which will be held at the offices of Fladgate LLP, 16 Great Queen Street, London WC2B 5DG on Thursday, 30 June 2016 at 11:00am.

Enquiries:

The full final results for the year ended 31 December 2015 are available here.