Xtract Resources (XTR) H2 2025 earnings summary

Executive summary

• Advanced transition from exploration to development, focusing on copper and strategic metals in Morocco and Zambia.

• Acquired 80% of Wildstone SARL, progressing the Amghas antimony mine in Morocco toward near-term production.

• Secured a 35% interest in the Silverking copper-silver project in Zambia, with plant infrastructure and mining operations underway.

• Continued to benefit from deferred payments from the Manica gold project sale, providing stable cash flow.

Financial highlights

• Cash at year-end: £2.29m (2024: £2.17m).

• Net assets: £17.72m (2024: £18.37m).

• Operating and administrative expenses: £2.20m (2024: £1.38m), reflecting increased exploration and development activity.

• Net loss for the year: £2.04m (2024: £0.86m loss).

• Basic loss per share: 0.23p (2024: 0.09p).

• £2m raised through equity placing.

Outlook and guidance

• Confident outlook based on strong copper prices and a diversified project portfolio.

• Near-term production expected at Amghas antimony mine following mining licence grant in June 2026.

• Silverking project in Zambia advancing rapidly toward steady-state copper concentrate production.

• Ongoing focus on high-value copper and strategic metals, with continued portfolio optimization.