Xtract Resources (XTR) H2 2024 earnings summary

Executive summary

• Completed strategic sale of 23% interest in Manica Gold project for up to $15m, reducing risk and reallocating capital to copper and battery metals projects.

• Advanced copper exploration in Zambia and Australia, with promising results at Bushranger and Silverking projects.

• Entered Moroccan antimony sector via Wildstone SARL JV, targeting early-stage production and resource growth.

• Strengthened portfolio with new licences and JV agreements in Africa and Australia.

Financial highlights

• Cash increased to £2.17m (2023: £0.63m); net assets at £18.37m (2023: £19.89m).

• Net loss for the year of £0.86m (2023: profit £0.64m), driven by lower operating income and higher expenses.

• Other operating income fell to £0.01m (2023: £1.17m); administrative and operating expenses rose to £1.38m (2023: £1.05m).

• Loss per share from continuing operations: (0.09)p (2023: (0.02)p).

Outlook and guidance

• Forecasts sustained copper prices near $10,000/tonne and expects intensified competition for copper assets.

• Plans aggressive progression of copper and antimony projects to enhance shareholder value.

• Anticipates early-stage antimony production in Morocco and further copper resource development in Zambia and Australia.