Xtract Resources plc
09 July 2026
9 July 2026
For immediate release
Xtract Resources Plc
("Xtract" or the "Company")
Commencement of Production at Silverking
The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce the commencement of initial production at the Silverking copper-silver project in Zambia. The Project is operated through a joint venture with Oval Mining Limited ("Oval"), holder of Small-Scale Mining Licence 34544-HQ-SML in the Mumbwa District of Zambia (the "Mining Licence"), and Cooperlemon Consultancy Limited ("Cooperlemon").
· Oval, the operator, has commenced the processing of mixed oxide-sulphide ore through the Joint Venture's flotation plant
· Oval has recently upgraded the plant to support increased capacity and is targeting an optimised throughput rate of 28 tonnes per hour ("tph")
· Sufficient sulphide mineralisation is present within the near-surface mineralised section of the orebody to support direct flotation. The oxide component is also proving treatable through the addition of reagents, making the run-of-mine feed amenable to flotation
· Further reagent trials are underway with the objective of stabilising concentrate grade, which is currently fluctuating between 20% and 35% Cu, at an optimised target grade of 28% Cu
· Run-of-mine grade from the upper section of the orebody is currently between 0.80% and 1.1% Cu and 11 to 68 g/t Ag
· High-grade bornite-rich vertical plug defined by drilling from 60m to at least 140m depth, enveloped by a 200m by 110m chalcopyrite-rich envelope projected to about 170m depth
· Two substantial chalcocite-bornite vein systems identified crosscutting the main body, with potentially mineable widths
· Oxide/sulphide mineralisation extends from surface to 60m over the deposit centre and to 135m northwest of the core mineralised zone
· Mineralisation remains open at depth, with drilling intersections including 4m at 7.67% Cu and 63.5g/t Ag in hole SKIDD018 from 228m downhole supporting planned deeper drilling to approximately 350m vertical depth
· A decline is under evaluation based on in-house deposit modelling to access the high-grade core at depth, with final mine planning to be informed by upcoming drilling results
Colin Bird, Executive Chairman of Xtract, commented: "I am very pleased to announce the successful start-up of operations and the initial production of concentrate at Silverking. Production is now being progressively ramped up and, while concentrate grades remain variable as the balance between oxide and sulphide material evolves, the plant's demonstrated ability to recover oxides is encouraging. We are continuing reagent optimisation work to improve overall copper recovery. The team is now completing its fifth blast in the open pit, bringing operations closer to predominantly sulphide ore and more stable operating conditions. Oval is targeting an optimised throughput rate of 28 tonnes per hour and we look forward to keeping shareholders updated as commissioning and start-up transition into sustained production."
Drill Core Analysis
A total of 895 diamond drill hole core samples, 131 partial assays from trench sampling and 281 partial assays from blast hole sampling was utilised in modelling of the deposit, with 81 trench samples and 312 blast hole sample results still outstanding.
Total copper assays were determined by ICP-OES and reported up to an upper detection limit of 10%. Of the total samples, 19 samples reported greater than 10% total copper. Seven of these samples were send for high grade analysis by AAS, returning values up to 41.96% total copper.
Silver assays were also determined by ICP-OES and reported to an upper detection limit of 100ppm (g/t). 21 samples returned values greater than the upper limited of detection.
Further Deposit Definition
Further potential exists that will be evaluated by the Company. This will include testing depth extension to the main body and ground geophysical studies to define the limits of other discrete mineralised bodies that have been identified within the licence.
Technical Sign-Off
Information in this announcement related to drilling results has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Advisor to Xtract. Mr Slowey is a geologist with more than 40 years' relevant experience in mineral exploration and mining, a founder member of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules. Mr Slowey has reviewed and approved this announcement.
Silverking Production
Like all early stage mining operations, Silverking is subject to operational risks in respect of the performance of the plant and grade of run-of-mine ore. Shareholders should note that production at Silverking has only just commenced, and accordingly, until optimisation including further reagent trials have been completed, there can be no assurance of what the steady state production will be in terms of throughput rate per hour, or production of concentrate tonnage and grade. A further announcement will be made in due course.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). The person who arranged for the release of this announcement on behalf of the Company was Colin Bird, Executive Chairman and Director.
Further information is available from the Company's website which details the company's project portfolio as well as a copy of this announcement: www.xtractresources.com
For further information, please contact: Xtract Resources PLC
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Xtract Resources Plc |
Colin Bird, Executive Chairman |
+44 (0)20 3416 6471 |
|
Beaumont Cornish Limited Nominated Adviser |
Roland Cornish Michael Cornish Felicity Geidt |
+44 (0)207628 3369 |
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AlbR Capital Limited Joint Broker |
Jon Bellis Colin Rowbury |
+44 (0)207 399 9427 |
|
Shard Capital Partners LLP Joint Broker |
Damon Heath |
+44 (0) 20 7186 9952
|
Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.
Technical glossary
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"AAS" |
Atomic Absorption Spectrophotometry - A chemical analysis performed on a vaporised sample, measuring the characteristic light absorption for each element |
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"Ag" |
Silver |
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"bornite" |
A copper-iron sulphide mineral, Cu5FeS4, often found in copper ores |
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"chalcocite" |
A copper sulphide mineral, Cu2S, found in zones of secondary enrichment of copper ores |
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"chalcopyrite" |
A copper-iron sulphide mineral, CuFeS2, often found in copper ores |
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"Cu" |
Copper |
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"g/t" |
Grams per tonne |
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"ICP-OES" |
Inductively Coupled Plasma Optical Emission Spectroscopy - a powerful analytical technique used to detect and quantify trace elements |
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"malachite" |
A green copper carbonate mineral (Cu2(OH)2CO3) which forms by alteration of copper sulphide minerals |
ENDS
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