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Xtract Resources (XTR) Share Price Rallied 7.23% on Positive Mining Results From Manica

Simon Mugo trader
Updated 14 Oct 2021

Xtract Resources PLC (LON: XTR) shares rallied 7.23% after releasing an upbeat mining operations update for its Manica Concession covering the three months to 30 September 2021.

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The mining company noted that its contractors mined 49.34Kg of gold equivalent to 1586 ounces of the yellow metal during the three months, including hard rock mining at the Guy Fawkes site, which yielded 170 ounces of gold.

Contractors produced 13.60Kg of gold, equal to 437 ounces of gold at the Explorator site. The total value of the gold mined at Explorator is $784,998.

However, Xtract Resources did not sell all the gold produced; instead, it sold just 152 ounces of gold, with its total income for the period, including other income sources being $373,781.

The miner noted that it continued developing the Guy Fawkes site and the Fair Bride hard rock mining site throughout the period.

The company noted that this was the first time it had reported hard rock mining results, as it previously used to report only the alluvial mining results.

Colin Bird, Xtract Resources’ Executive Chairman, said: “The quarter ended 30 September 2021, was the third-best period for production since we commenced alluvial mining at Manica and production in September 2021 was 46% higher any other previous month. Our policy is to have a number of sites operated by different contractors and continue on this basis into 2022.”

Adding:

“The Fair Bride and Guy Fawkes hard rock projects are both advancing satisfactorily, and we look forward to increased production from Guy Fawkes in the final quarter and initial production from Fair Bride towards the end of 2021.”

Xtract Resources share price.

IG chart of Xtract Resources share price 14-10-2021

Xtract Resources shares rallied 7.23% to trade at 5.41p, rising from its opening price of 5.045p.

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Simon has over six years of professional trading experience across FX, commodities and equities. He has a strong passion for financial markets and is particularly focused on price action trading