Xtract Resources PLC on Thursday gave investors an update on results for all alluvial and other hard rock mining contractors for the Manica Concession in Mozambique, as well as production at Fair Bride.

Xtract Resources is an Australia and Africa-focused resource, development and mining company. Shares were trading 15% higher at 1.64 pence each in London on Thursday at noon.

For the three month period ended December 31, the firm reported total mining contractor gold production, excluding Fair-Bride, of 49.83 kilograms.

Of this, 8.37 kilograms - equivalent to 269 ounces - were attributable to Explorator, valuing the gold it produced at $462,292. Combined attributable revenue to Explorator from gold sales and other income for the period amounted to $740,280.

Mining contractor gold production from the Fair Bride deposit was 79.15 kilograms for the quarter, equivalent to approximately 2,546 ounces and up 43.84 kilograms from the previous quarter.

Preliminary mining contractor gold production from Fair Bride was 123.68 kilograms for the first quarter.

‘Alluvial production is now almost coming to an end which is coinciding with the ramp-up of production from the Fair Bride operation. Our income from Fair Bride will be well in excess of alluvial income, and we look forward to the ramp-up proceeding to plan. We are currently identifying fringe resources of oxides and embarking on district exploration both for oxides and sulphides,’ said Executive Chair Colin Bird.

‘We have commenced a study to extend the plant to treat all sulphides which will give us the flexibility to treat all materials and exploit the Fair Bride deposit to maximum effect. Now that the Fair Bride operation has settled and the capital investment has been completed, we plan from the second quarter (i.e. the three months ending June 30, 2023) to report quarterly on Fair Bride’s operation and financial results.’

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