Manica Gold Update

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RNS Number : 7337Y

Xtract Resources plc
18 January 2022

 Xtract Resources Plc

(“Xtract” or the “Company”)

Manica Gold Update


The Board of Xtract Resources Plc (“Xtract” or the “Company”) announces the preliminary unaudited results for all alluvial and hard rock mining contractors for the Manica Concession for the three-month period ended 31 December 2021 (the “Period”).


·    Total mining contractor gold production of 87.44Kg for the quarter, equivalent to approximately 2,811 ounces

·    Total of 23.85Kg (equivalent to approximately 767 ounces) attributable to Explorator

·    Value of Explorator share of gold produced US$1,383,125

·    Gold sales in period of 360 ounces

·    Combined attributable revenue to Explorator from gold sales and other income for the Period amounted to US$614,257

·    Fair bride project continued to progress satisfactorily  

Colin Bird, Executive Chairman said: “The quarter ended 31 December 2021, was the best period for production since we commenced gold mining at Manica, with production performance well surpassing previous quarters despite any lost time due to rain. The development at Guy Fawkes continued with the objective of exploring veins revealed by surface drilling. Construction work for the Fair Bride project advanced satisfactorily and we are very pleased with the engineering standards employed on the build.  The contribution of Fair Bride, ongoing Mozambican production and Zambian operations progressing favorably, leads us to be optimistic for production during 2022.”

Production summary

Preliminary unaudited results for alluvial and hard rock mining contractors for the Manica Concession for the three-month periods ended 31 December 2021, September 2021, 30 June 2021, and 31 March 2021 and 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 Fair Bride hard rock operation.


  4th Quarter


31 December


3rd Quarter


30 September


2nd Quarter


30 June


1st Quarter


31 March


Production and Sales:        
Total contractor gold production -alluvial (equivalent ounces) 2,306 1,416 427 284
Total contractor gold production- hard rock (equivalent ounces) 505 170
Total contractor gold production (equivalent ounces) 2,811 1,586 427 284
Total Explorator share of gold produced (equivalent ounces) 767 437 120 79
Value of Explorator share of gold produced (value in US$)(Note 3) US$1,383,125 US$784,998 US$218,413 US$143,848
Explorator share of gold sold (equivalent ounces)


360 152 139
Explorator attributable revenue from gold sales US$589,914 US$220,737 US$213,576
Other Income US$24,343 US$153,044
Direct Operational Production Costs:        
Explorator total direct operational production costs (Note 1)


US$180,791 US$142,786 US$130,697 US$121,093
Total Costs:        
Explorator total direct production costs (Note 2)


US$258,523 US$210,344 US$150,681 US$145,367
Cost per ounce of gold produced US$338 US$474 US$1,258 US$1,828


Note 1:     Direct operational production costs include and not limited to Explorator salaries, rent, vehicles expenses and utilities for both alluvial and hard rock operations

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   2021

3rd Quarter ended

30 September   2021

2nd Quarter


 30 June


1st Quarter


 31 March


Production Tax US$77,732 US$33,743 US$19,948 US$7,933
Land resettlement costs US$33,815 US$16,341

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 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.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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