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 March 2022 (the “Period”).

Highlights

·    Total mining contractor gold production of 67.67Kg for the quarter, equivalent to approximately 2,176 ounces

·    Total of 13.22Kg (equivalent to approximately 425 ounces) attributable to Explorator

·    Value of Explorator share of gold produced US$794,797

·    Gold sales in period of 384 ounces

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

·    Fair Bride continued to progress satisfactorily  

Colin Bird, Executive Chairman said: “The results for Q1 of this year were satisfactory, especially when one considers that the results were achieved during an aggressive rain and cyclone season. As at today’s date, Fair Bride production has started with the introduction of low-grade ore to commission all parts of the processing circuit. We expect that by the end of Q3 Fair Bride should be up to full commercial production. The production will build up gradually as some of the gold gets locked up in the circuit and faults are identified and rectified. I look forward to production results from Fair Bride as well as from the alluvial and the small hard rock deposits “.

Production summary

Preliminary unaudited results for both the alluvial and hard rock mining contractors for the Manica Concession for the three-month periods ended 31 March 2022, 31 December 2021, September 2021 and 30 June 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 table includes results from the alluvial as well as the hard rock operations (other than Fair Bride hard rock operation).

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:

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: www.xtractresources.com

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.

Enquiries:

ENDS

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