Xtract Resources Forum

As far as I understand XRT got 7 month to make up their minds about the O'Kiep copper tailings and in this time they will have enough data to make a good decision with a top mine exec in charge and it the first data appear to be satisfactory to XTR management..

On monday we should know a lot more about what the new developments will be for XTR and since by then also the Greek question should be a bit clearer which should help us either way imo.

For my money there will be no placing in the near future unless there is a mind-bogging opportunity which we shareholders can applaud.

Seem to recall that Jan Nelson described the problems XTR has had at Chépica in January 2015 as being " the biggest challenge in his career¨". We do not know what the cost has been of the consultants and extra unforeseen work which had tro be done as to overcome the problems in such a way that the future of Chépica will be de-risked enormously. I also feel that today's RNS was good but maybe not as clear and detailed as it could have been, but then we are at a sensible stage with more deals coming. The cards will be on the table on the AGM!

Chépica becomes bigger and bigger and that has been the case since the beginning. Projected margins are very comfortable!

Xtract Resources Plc ("Xtract" or "the Company")    Chepica Mine - Delivering on key milestones   Xtract Resources Plc (AIM:XTR) announces an operational update on key milestones at the Chepica Gold and Copper Mine in Chile ("Chepica"). On 30 March 2015, the Company raised £1.75m which was to be deployedtowards further underground development at Chepica and to carry out drilling and metallurgical test work on the Xtract's sulphide copper tailings dumps in South Africa ('O'Kiep Project').  The Company can confirm that good progress has been made at Chepica and the following objectives have been achieved:   ·     The mine reached its target of achieving profitability one month ahead of schedule in May 2015   ·     The mine is on track to achieve a profit margin of 60% by the end of Q3 2015 (exceeding management's pre-fundraising commitments to investors of 35%)   ·     The mine is on track to make a monthly profit of US$500k by the end of August 2015.  Whilst there will be some seasonal variations going forward, Xtract expects this level of profitability to be maintained on average in each quarter as per the pre-fundraising commitments to investors   ·     Xtract also expects the mine's quarterly revenue from Q3 onwards to comfortably exceed its earlier estimate of US$1.2m per quarter as per the pre-fundraising commitments to investors   ·     Open pit mining commenced in March 2015, six months ahead of schedule (as per pre-fundraising commitments), and mining is continuing on two open pit areas, with a third open pit area currently being prepared for mining   ·     The Company plans to commit 27% (or US$700k) of the funds raised in March to provide (a) underground support, (b) new development and (c) on-mine exploration   ·     The Company intends that a further US$500k will be spent  on on-mine exploration and drilling in Q3   ·     Xtract is also committed to developing the Colin, Francisco and Theoni prospects, in addition to a fourth prospect, Chepica Main, to increase mining flexibility and avoid the risk of production stoppage as was committed to investors as part of fund-raising   ·     Since the fundraising, the mine has produced consistently and without interruptions   ·     Chepica is also on target to achieve throughput of 10,000t by September 2015 (as per pre-fundraising commitments to investors)   Going forward, Xtract intends to provide quarterly updates with particular reference to production at the Chepica mine.   The Company will provide an update on the progress of the South African copper projects and expenditure at the Annual General Meeting to be held at 13.30 on the 29 June 2015 at the Pelham Hotel, 15 Cromwell Place, South Kensington, London, SW7 2LA. Notice of the Company's 2015 Annual General Meeting has been posted to shareholders, and the Annual Report for the year ended 31 December 2014 is also available on the Company's website  www.xtractresources.com.   Jan Nelson, CEO of Xtract, said: "We are absolutely delighted with the excellent progress made at Chepica over the past few months and that we are on track to exceed forecasted revenue and profit for Q3 2015, as we committed to investors as part of our fundraising.   The team has made excellent progress at Chepica and we intend to keep this momentum up as we develop out this exciting project."   The pre-funding commitments were given to investors as part of the fund raising and the presentation is available on the Company's website.

I think that Jan Nelson is on of the most successful mining executives in the business and to me his greatest virtue is to call in help at the right time to overcome problems that would have floored the majority and us shareholders with it! It must not be easy for PAF to have let him go. We expect an RNS update on OKiep copper tailings and more of Chépica as well as possible news about new operations. All the rest does not really matter imo.

The final results from TIGER RESOURCES FINANCE PLC for the Year Ended 31 December 2014, makes interesting reading and their portfolio gives a clue about the miserable year that seem to have had in which their pro-active investments XTR are providing good news. To me three small companies stand out being: JLP, Sunrise Resources (SRES) and Sovereign Mines of Africa (SMA)!

There is a lot of talk that China's currency the yuan will be granted reserve currency status i n October this year.

Good morning from Ruislip London