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Xtract Resources Plc listed on AIM in March 2005 as a company that identified and invested in a portfolio of early stage oil and gas assets.

 

New board appointments in H1 2013 led to a full strategic review of the business which resulted in a revitalised business strategy and divestment of oil and gas assets.

 

Strategy is to focus on precious and base metal projects with significant growth potential, which can deliver cash flow within 24 months.

Website:
http://www.xtractresources.com/
Phone:
+44 (0)20 3416 6471
Address:
4th Floor, 2 Cromwell Place, South Kensington, London SW7 2JE.
Super Sector:
General Mining
Sector:
Oil & Gas Producers
Industry:
Exploration & Production
EPIC / Symbols:
LON:XTR
chart-size
*subject to change and depends on individual circumstances.

Xtract Resources RNS Press Releases

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Xtract Resources Articles, News, and Media Files

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Xtract Resources Related Media

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Broker press

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  • 16/03/12

    Press: 16.03.12: -0.58, (1.20) Press: Xtract Energy fell after its Luna well in Denmark failed to find sought-after oil and gas. Source - Financial Times

  • 04/10/06

    Press: 04.10.06: .-1, (8.12) an article in the Times reports: Xtract Energy fell 0.50p to 8.12p on talk that it has secured a GBP2 million loan... read more

  • 09/09/06

    Press: 09.09.06: an article in the Independent reports: Xtract Energy rose 2.62p to 10.37p on further support after a bullish update on... read more

  • 19/05/06
    +0.00 +9.00

    an article in the Independent reports: Xstract Energy (formerly Resmex) was unchanged at 9.00p despite rumours that RAB Capital is considering a ?significant? stake at 12.5p per share.

Director dealings

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Date Director Trans Amount Type Price(p) Value (£) Holding %
15/12/11 P.D. Butcher BUY 257,506 ORD 1.94 4,996 257,506 N/A
26/08/11 A.D. Hume TAKE 8,000,000 ORD 1.25 100,000 8,000,000 0.53
26/08/11 P.L. Moir TAKE 8,000,000 ORD 1.25 100,000 8,000,000 0.53
26/08/11 G.E. Watkins TAKE 1,600,000 ORD 1.25 20,000 1,600,000 0.11
26/08/11 J. Kane TAKE 8,470,000 ORD 1.25 105,875 8,862,300 0.59

BASIC RESULTS INFORMATION

  • Page 1 of 4
Date Type Turnover Profit EPS (p) Dividend (p) Currency
30/06/14 Interim 0.64 -1.01 -0.01 0.00 GBX
31/12/13 Full year 0.00 -0.23 -0.01 0.00 GBX
30/06/13 Interim 0.00 0.04 0.01 0.00 GBX
31/12/12 Full year 0.00 -1.58 -0.42 0.00 GBX
30/06/12 Interim 0.00 -8.75 -0.54 0.00 GBX

Company Statement



• Strategy to become a diversified mining house with positive cash flow

     • Xtract has identified the following potential assets:
          • A gold & copper deposit in Chile with imminent production and cash flow
          • A phosphate property in Chile with production targeted for 2016

     • Low entry cost achieved on acquisition of projects through strategic partnerships with Sovereignty Capital and Polar Star

     • Focus on low cost, high margin shallow/surface deposits, mitigating against commodity price fluctuation risk

     • Smaller asset size requires lower capital injection/risk and management focus

     • Asset criteria – generate US$10m to US$30m profit per annum

• High quality management team with a track record of creating value for shareholders
     • Management team led by former Pan African Resources CEO Jan Nelson who has over 15 years of mining expertise, with a strong track record of delivering shareholder value

Current Operations

 

Mejillones Phosphate Project

 

 

• Mejillones is a surface phosphate deposit in Chile, with mineralization over vast area confirmed by outcrop,

  boreholes and sample pits

• Deposit is on surface with 5 to 10m of sand overburden

• The property is within 15km of a major deep water port accessible by paved roads

• Low capital programme is required to access the potential of the property

• Mejillones requires limited drill & testwork to start small scale mining & mechanical upgrading operation

• Phosphate extraction and mechanical upgrading process is straight forward and management have contracted the

  required skills to assist in bringing the asset to account

 

Transaction Structure

The following has been agreed:

Phase I

  • Xtract will reimburse Polar Star for all 2013 license fees due in respect of the Property which is estimated to amount to approximately US$50,000.
  • Xtract will carry out such work as is necessary to determine and define the potential size of the Property, carry out work to understand the distribution of the phosphate in the host rock mass and carry out basic marketing studies to determine the suitability of the expected final product to the market.

 

All of the aforementioned is to be in a report that must be submitted not later than 1 June 2014. Should Xtract elect to continue work on the Property it will earn-in to 51% of the Property. Should the Company not elect to continue, the Property will continue to be held by Polar Star.

 

Phase II

Should Xtract elect to progress the Property then it will be required to:

  • Spend US$1.0 million to produce a Preliminary Economic Assessment (PEA) by 30 November 2015.
  • Upon submission of the PEA, Xtract will be granted a further 24% interest in the Property. Should Xtract not submit the PEA then all rights ownership of the Property will revert back to Polar Star along with the obligations for future license payment and work and Polar Star will as a result hold a 100% interest.
  • If Xtract elects to continue with the Property after the release of the PEA then Polar Star will be granted 90 days from the submission date of the PEA in which to indicate its intent to co-invest, or not, in all future expenditures including the cost of expenditure to bring the mine into production, if appropriate.
  • The Company estimates that it has sufficient working capital to complete Phase I and that sufficient project finance is available to fund a PEA. Once Phase I is completed the Company will advise shareholders on the work required for a PEA and the associated costs.

 

* If Xtract has notified Polar Star by end of February 2014 that it does not wish to continue then it will not be responsible for the 2014 license payment. If Xtract has not informed Polar Star that it does not wish to continue by end of February 2014 then it will be liable for all of the 2014 licensing fees in respect of the Property.

 

  • Polar Star has the right to sell 25% of its equity to a third party, however, Xtract will have a 90-day period to match the third party offer. Should Polar Star elect not to co-invest, then Polar Star's interest in the Property will be diluted on a straight line basis to a 1.5 % net smelter return (NSR). Xtract will have the right to purchase, but Polar Star will have no obligation to sell, the NSR for USD $100,000 per 0.1% of interest i.e. USD $1,500,000 million for the total NSR package.

 

Planned work program

As part of Phase I the Company intends to complete a work programme to:

a)   determine the potential size of the Property;

b)   carry out work to understand the distribution of the phosphate and other economic minerals in the host rock mass; 

c)   carry out such mineralogical test work as is required to understand the nature and likely processing constraints that the Property may have; 

d)   ascertain from the aforementioned the likely processing routes for the phosphate package; 

e)   carry out basic marketing studies to determine the suitability of the expected final product to the market; 

f)    carry out a desk top study to broadly define the Property and its potential.

 






Chépica Gold & Copper Mine


• The ore body in the central Chépica zone has been drilled extensively and is well understood

• Resource has been defined for the area by SRK:
     • Measured Resource of 135kt @ 4.32g/t Au, 12.2g/t Ag and 0.73% Cu (2g/t cut-off)
     • Indicated Resource of 28kt @ 4.13g/t Au, 15.85g/t Ag and 0.80% Cu (2g/t cut-off)
     • M&I of 283kt @ 3.1g/t Au, 11.92g/t Ag and 0.74% Cu at 1g/t cut-off

• LOM of approximately 4 years – 11km of strike extent and parallel reefs. LOM can easily be increased to well over 15 years

• A new plant has been commissioned

• Development ends are currently being developed along reef in preparation for stoping

• Capital is required to develop the optimum number of development ends and ensure multiple areas can be stoped to effect proper grade management

• Capital is required to further optimise recovery in the mine with relation to AU-Cu ratio

• Additional capital is required for further exploration drilling - 11km of strike extent

• Implementation of Mineral Resource Management system required

• Mine currently producing 260 tons/day

• 6500 tons/month at 3 grams/ton Au and 0,6% Cu only from on reef development

• Production upon stoping set to increase to 360 tons/day

• 9000 tons/month at 3,5 grams/ton equivalent Au and Cu grade

• Approximately 1000 ounces per month

• Generate revenue of US$1,4 million per month (~US$17 million per annum)

• Costs are forecast at US$50/ton compared to forecasted revenues of US$155/ton

• Some reef ends exceed 7 metres

• Shallow underground mine with several additional entry points available creating mining flexibility

Management

Board of Directors

Jan Nelson - Chief Executive Officer

After obtaining his Honours degree in Geology, Jan embarked on a career in gold exploration and mining in South Africa, Zimbabwe and Tanzania. He has over 15 years’ experience in the mining industry more recently as CEO of Pan African Resources PLC where he was responsible for transforming the company from an exploration vehicle with little cash resources to a 200,000oz per annum low cost, high grade precious metals dividend paying mining company. Prior to this Jan held positions in mine management and operations with Harmony Gold Mining Company Limited and Gold Fields Limited. Jan Was appointed CEO of Xtract in May 2013.  

 

Colin Bird - Non-executive Chairman

Colin Bird is a chartered mining engineer with multi commodity mine management experience in Africa, Spain, Latin America and in the Middle East. He has been the prime mover in a number of public listings in the UK, Canada and South African and is currently Chief Executive Officer of Tiger Resource Finance PLC, AIM quoted Galileo Resources PLCA and Non-Executive Chairman of Jubilee Platinum PLC.

He has been responsible for founding a number of PLC’s which have achieved mid-cap status and was the founder of Kiwara PLC which discovered the large copper project Kalumbila currently being developed by First Quantum Minerals Ltd. a US$ 11 billion quoted company.

 

Peter Moir - Non-executive Director

Peter’s qualifications include B.Sc. Civil Engineering and M.Eng. Petroleum Engineering.

He is a Chartered Engineer in the UK and has more than 30 years experience in technical, operational and commercial aspects of the Exploration and Production business.

 

Board of Directors

Joel Silberstein - Finance Director

Joel joined the Company as Chief Financial Officer in June 2013.  Prior to this Joel held the position of Group Controller and Vice President Finance of Toronto Stock Exchange quoted European Goldfields Limited, where he supported the executive team in growing a mining concern from exploration through development phases until the Company was taken over by Eldorado Gold Corporation. He has Honours Bachelor of Accounting Science degree from the University Of South Africa and qualified as a chartered accountant with Mazars, Cape Town in 2002.

Major Shareholders

As at 08 August 2014 the Company has been notified or is aware of the following significant holdings (over 3%) of voting rights in its shares:

 

 

Information taken from company website 17.09.2014

  • Additional Information
    Market
    AIM
    EPIC
    XTR
    Share Price
    0.14p
    Change
    0
    Volume
    11,364,420
    Dividend
    0
    EPS
    -0.01
    Shares
    3,580.60 m
    Offer
    0.14
    Bid
    0.13
    Avg. Vol
    2,166,222
    Yield
    0.00
    P/E
    -3.08
    Mkt Cap
    £5.01 m
  • Latest Stocktube
    10/04/2014

    Xtract Resources hails achievements of management at Chepica

    View full size
  • Contact Information

    Xtract Resources Plc Registered address:

    4th Floor 

    2 Cromwell Place

    South Kensington

    London

    SW7 2JE

     

    T: +44 (0) 20 3416 6471

    F: +44 (0) 20 7589 7806

    E: info@xtractresources.com  

     

    Company Secretary:

    St James’s Corporate Services Limited 

    Suite 31, 2nd Floor, 107 Cheapside

    London

    EC2V 6DN

     

    T: +44 (0) 20 7796 8644

    e-mail: phil.dexter@corpserv.co.uk

    Corporate Information

    Nominated Advisor & Brokers:

    Cenkos Securities Plc

    6,7,8 Tokenhouse Yard

    London

    EC2R 7AS

    T: +44 (0) 20 7397 8900

    F: +44 (0) 20 7397 8901

    E: info@cenkos.com

    W: www.cenkos.com/  

     

    Solicitors:

    Fasken Martineau LLP

    17 Hanover Square   

    London                                                                                 

    W1S 1HU

    T: +44 20 7917 8500

    F: +44 20 7917 8555

    E: london@fasken.com

    W: www.fasken.com 

       

    Auditors:

    Crowe Clark Whitehall

    St. Bride's House

    10 Salisbury Square

    London, EC4Y 8EH 

     

    T: + 44 (0) 20 7842 7100

    F: + 44 (0) 20 7583 1720

    E: nigel.bostock@crowecw.co.uk

    W: www.crowehorwath.net/UK/

     

    Bankers:

    NatWest

    2nd Floor

    180 Brompton Road

    Knightsbridge

    London

    SW3 1HL    

     

    Registrar:

    Capita Asset Services

    The Registry, 34 Beckenham Road

    Beckenham, Kent

    BR3 4TU

    T: +44 (0) 871 664 0300 (calls cost 10 pence per minute plus network extras)

    The Share Portal can be accessed at https://www.capitashareportal.com/forms/Welcome.asp

    W: www.capitaassetservices.com/default.cshtml

     

    Public Relations:

    c/o: Justine James

    Gable Communications Limited

    34 Lime Street

    London

    EC3M 7AT

    T: +44 (0) 20 7193 7463

    Email: info@gablecommunications.com

     

    Investor Relations:

    c/o Phil Dexter

    St James’s Corporate Services Limited 

    Suite 31, 2nd Floor, 107 Cheapside

    London

    EC2V 6DN

    T: +44 (0) 20 7796 8644

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