Production Update

RNS Number : 7730P
Xtract Resources plc
22 June 2022
Xtract Resources Plc
(“Xtract” or the “Company”)
Production 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 March 2022 (the “Period”).


·    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).


  1st Quarter


31 March



4th Quarter


31 December


3rd Quarter


30 September


2nd Quarter


30 June


Production and Sales:        
Total contractor gold production -alluvial (equivalent ounces) 1,370 2,306 1,416 427
Total contractor gold production- hard rock (equivalent ounces) 805 505 170
Total contractor gold production (equivalent ounces) 2,176 2,811 1,586 427
Total Explorator share of gold produced (equivalent ounces) 425 767 437 120
Value of Explorator share of gold produced (value in US$)(Note 3) US$794,797 US$1,383,125 US$784,998 US$218,413
Explorator share of gold sold (equivalent ounces)


384 360 152 139
Explorator attributable revenue from gold sales $617,422 US$589,914 US$220,737 US$213,576
Other Income $37,866 US$24,343 US$153,044
Direct Operational Production Costs:        
Explorator total direct operational production costs (Note 1)


$172,460 US$180,791 US$142,786 US$130,697
Total Costs:        
Explorator total direct production costs (Note 2)


US$251,045 US$258,523 US$210,344 US$150,681
Cost per ounce of gold produced US$590 US$338 US$474 US$1,258


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:





  1st Quarter ended

31 March   2022

4th Quarter ended

31 December   2021

3rd Quarter ended

30 September   2021

2nd Quarter


 30 June


Production Tax US$74,807 US$77,732 US$33,743 US$19,948
Land resettlement costs US$33,815


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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