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Xtract Resources Plc (‘Xtract’) was established in 2004 (as then Resmex Plc) and its shares were admitted to trading on AIM at the end of March 2005. In May 2013, following the appointment of Jan Nelson as CEO, the Board initiated a review process which resulted in a revitalised business strategy.  The strategic focus is to identify near term precious and base metals projects with significant growth potential and the board is actively reviewing opportunities. The principal holdings of Xtract are 6.0 million shares in Global Oil Shale Group Limited, following the disposal of the Julia Creeek Oil Shale project, with a further 1.5 million shares in the event of the listing of GOS.

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

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Date Type Turnover Profit EPS (p) Dividend (p) Currency
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
31/12/11 Full year 0.00 -4.42 -0.36 0.00 GBX

Company Statement


Our Strategy

The Board of the Company has approved an investment framework to identify and invest in a portfolio of near-term resource assets that:

  • Are near or at surface and will not incur major capital development expenditure to bring to account
  • Can be brought to account within 24 months to deliver cash-flow return
  • Are on the low end of the cash cost curve
  • Can deliver significant upside growth potential
  • Focus will be on assets which are relatively straight forward to evaluate with low entry cost and located in more favorable mining jurisdictions with an early exit should evaluation results not meet the Company's investment criteria
 
The Right People
 
Xtract aims to source talented individuals who can contribute at board and senior management levels, and who have the necessary qualifications, experience, enterprise and motivation to develop and grow early stage assets and businesses. Xtract expects to maintain a small core executive management team on a full time basis and to use its wide network of industry associates to access the necessary skill sets and experience required on a part time or when required basis. Where specific expertise is needed, acknowledged expert consultants are retained. Xtract seeks to develop relationships with internationally recognised industry partners who are best placed to progress early stage assets and businesses along the value chain.

Current Operations

Mejillones Phosphate Project

Proposed JV with Polar Star Mining on Mejillones Phosphate Property in Chile.

 

Highlights

  • Upon completion of certain technical work and capital expenditure from existing cash resources, Xtract will have the right to earn-in up to 75% of the Property, with the potential to buy the remaining 25% stake from Polar Star
  • The Property under consideration targets 60-200 million tons of open pit sedimentary phosphate-uranium with a grade of +32% P2O5 post mechanical upgrading
  • The Property is within 15km of a major port accessible by paved roads
  • This transaction marks the first step to of a new strategy adopted by the Board to invest in resource assets with near-term production capability and significant growth potential
  • Focus will be on assets which are relatively straight forward to evaluate with low entry cost and located in more favourable mining jurisdictions

 

Description of the Mejillones Property

The Property covers approximately 16,400 hectares of prospective Phosphate-Uranium deposits in Chile that are near or at surface. The Property targets approximately 60-200 million tons of open pit sedimentary phosphate-uranium with a grade of +32% P2O5 post mechanical upgrading. The Property is within 15km of a major port accessible by paved roads.

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.




The Company acquired a four month exclusivity period commencing middle of October 2013 to conduct a due diligence programme targeted towards acquisition of the property.

Xtract paid US$250,000 to Polar Star Mining which is to be used exclusively to pay the quarterly lease fee due during October 2013.10.18

The gold/copper mine is situated some 300 km south of Santiago, Chile in the Maule region. The mine produces a gold/copper concentrate which is sold to the government owned Enami smelter 50 km north of Santiago.

The mill has an annual capacity of approximately 100,000 tonnes which is to be upgraded relative to the final mining plan and government regulations.

The target annual gold production at the aforementioned production level approximates to 10,500 oz.

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 - 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 - 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 - Chief Financial Officer

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 13 December 2013 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 05.02.2014

  • Additional Information
    Market
    AIM
    EPIC
    XTR
    Share Price
    0.21p
    Change
    0
    Volume
    6,800,001
    Dividend
    0
    EPS
    -0.01
    Shares
    3,580.60 m
    Offer
    0.21
    Bid
    0.2
    Avg. Vol
    2,166,222
    Yield
    0.00
    P/E
    -3.08
    Mkt Cap
    £7.52 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:

    27/28 Eastcastle Street

    London

    W1W 8DH

    T: + 44 (0) 20 7637 5216

    F: + 44 (0) 20 7636 9831

    E: msp@mspsecretaries.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:

    Rees Pollock

    35 New Bridge Street

    London

    EC4V 6BW

    T: + 44 (0) 20 7778 7200

    F: + 44 (0) 20 7329 6408

    E: info@reespollock.co.uk

    W: www.reespollock.co.uk 

     

    Bankers:

    NatWest

    2nd Floor

    180 Brompton Road

    Knightsbridge

    London

    SW3 1HL    

     

    Registrar:

    Share Registrars Ltd

    Suite E

    First Floor

    9 Lion & Lamb Yard

    Farnham

    Surrey

    GU9 7LL

    T: + 44 (0) 1252 821390

    F: + 44 (0) 1252 719232

    E: enquiries@shareregistrars.uk.com

    W: www.shareregistrars.uk.com

     

    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

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