Xtract Resources (XTR) H1 2025 earnings summary

Executive summary

• Completed Phase 1 drilling at Silverking Cu-Ag project in Zambia, tripling the known high-grade mineralisation to over 260m strike length and confirming additional mineralised structures for future drilling.

• Acquired 80% of Wildstone SARL in Morocco, targeting near-term small-scale antimony, copper, and silver mining, with a $900,000 expenditure commitment over three years.

• Divested interest in Manica Gold Project in Mozambique, securing staged payments up to $15m, and redirected focus to copper exploration and development.

• Net loss increased to £1.17m for H1 2025 from £0.16m in H1 2024, with cash balances at £0.94m and total assets at £17.58m.

Financial highlights

• Net loss of £1.17m for H1 2025, compared to a loss of £0.16m in H1 2024.

• Administration and operating expenses were £0.78m, down from £0.82m in H1 2024.

• Cash at period end was £0.94m, down from £2.17m at FY 2024.

• Total assets stood at £17.58m, compared to £19.21m at FY 2024.

Outlook and guidance

• Ongoing exploration at Silverking and Western Foreland projects in Zambia, with further drilling and geophysical surveys planned.

• Continued development of Moroccan antimony assets, aiming for rapid progression to small-scale mining.

• Directors anticipate net operating cash inflows over the next twelve months and do not foresee the need for additional financial resources in that period.