Manica Alluvial Gold & Corporate Update

RNS Number : 7057T
Xtract Resources plc
26 March 2021

Xtract Resources Plc

(“Xtract” or the “Company”)


Manica Alluvial Gold & Corporate Update


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 31 December 2020 (the “Period”).



·    Total alluvial mining contractor gold production of 12.44 Kg for the quarter (equivalent to approximately 400 ounces)

·    Total of 3.48 Kg (equivalent to approximately 112 ounces) attributable to Explorator

·    Combined attributable revenue to Explorator from gold sales and other income for the Period amounted to US$201,310

·    Operations were impacted by continuing COVID 19 restrictions and local storms

·    Guy Fawkes preparatory development continued during the period and limited earthworks at Fairbride were progressed


Colin Bird, Executive Chairman said: “The quarter ended 31 December 2020, proved to be a challenging period, impacted by local storms as well ongoing COVID 19 restrictions imposed on our contractors, reducing our operating capabilities. However, despite this our contractor was able to carry out limited production. Local weather conditions worsened during Q1 2021 again impacting operating capability and operations at  Guy Fawkes and our second alluvial license are being progressed. The Company is expecting a drier season from Q2 2021 onwards with improved operating conditions.”


Production summary

Preliminary unaudited results for alluvial mining contractors for the Manica Concession for the three-month periods ended 31 December 2020, September 2020, 30 June 2020 and 31 March 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 currently expects that at current rates of activity, the alluvial mining contractors will conclude their operations during the second half of this year. The Company’s current focus is to continue to progress the Manica hard rock operations.


  4th Quarter


31 December


3rd Quarter


30 September


2nd Quarter


30 June


1st Quarter


31 March 2020

Production and Sales:        
Total contractor alluvial gold production (equivalent ounces) (Note 3) 400 787 566 467
Explorator share of gold produced (equivalent ounces) 112 220 158 131
Value of Explorator share of gold produced (value in US$)(Note 3) US$205,900 US$426,916 US$274,959 US$208,396
Explorator share of gold sold (equivalent ounces)


117 145 162 354
Explorator attributable revenue from gold sales US$201,310 US$250,968 US$261,679 US$508,573
Direct Operational Production Costs:        
Explorator total direct alluvial operational production costs (Note 1)


US$95,595 US$72,630 US$75,158 US$147,575
Total Costs:        
Explorator total direct alluvial production costs (Note 2)


US$153,549 US$134,688 US$109,898 US$175,982
Cost per ounce of gold produced US$1,371 US$611 US$694 US$1,346


Note 1:     Direct operational production costs include and not limited to Explorator salaries, rent, vehicles expenses and utilities.

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   2020

3rd Quarter ended

30 September   2020

2nd Quarter ended

30 June


1st Quarter


 31 March


Production Tax US$20,429 US$30,136 US$18,854 US$16,109
Land resettlement costs US$37,525 US$31,922 US$15,887 US$12,297


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: 

This announcement contains inside information for the purposes of Article 7 of EU Regulation No. 596/2014 on market abuse. The person who arranged for the release of this announcement on behalf of the Company was Joel Silberstein, Director.




Xtract Resources Plc Colin Bird,

Executive Chairman


+44 (0)20 3416 6471

Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish

Michael Cornish

Felicity Geidt

+44 (0)207628 3369


Novum Securities Limited

Joint Broker                  


Jon Bellis

Colin Rowbury 


+44 (0)207 399 9427  




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