Xtract Resources plc
27 August 2026
27 August 2026
For immediate release
Xtract Resources Plc
("Xtract" or the "Company")
Issue of Equity and PDMR shareholding
The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce a fundraising today for £2,100,000 at a price of 1.00 pence per Ordinary Share (the "Fundraising") principally for the ongoing advancement of its Silverking copper and Amghas antimony projects.
Executive Chairman Colin Bird commented: "The financing will facilitate two new mines coming into production in Q4 of this year, producing copper and antimony respectively. Planned antimony production from Amghas is attracting considerable interest from end users as guaranteed access to a supply of this strategic metal is recognised internationally. The timing is ideal for new copper inventory from the Silverking operation with strong demand for the metal being reflected in the current price per tonne. Funding will also be used towards pre-development of the Amghas flotation plant and drilling to define depth extensions to the antimony ore body as well as assessment of future underground development and drilling of satellite targets around the Silverking high-grade core. We will continue to provide shareholder updates as we move towards production with both projects."
Fundraising
The Company has today raised £2,100,000 before expenses through the issue of 210,000,000 new Ordinary Shares (the "New Shares") at a price of 1.00 pence per new Ordinary Share (the "Issue Price") to certain existing shareholders and new investors conditional only upon admission of the New Shares to trading on AIM ("Admission"). The Fundraising comprises a placing of 177,000,000 new Ordinary Shares (the "Placing Shares") for £1,770,000 at the Issue Price (the "Placing") which has been arranged by Shard Capital Partners LLP. In addition to the Placing, the Company has arranged for direct share subscriptions for 33,000,000 new Ordinary Shares at the Issue Price to raise £330,000 (the "Subscription Shares").
Mr Colin Bird, a director and Executive Chairman of Xtract, will be subscribing for 2,500,000 Subscription Shares for £25,000 at the Issue Price (representing 0.21% per cent of the existing issued share capital) and on the same terms and conditions as the other subscribers. On completion of the placing Mr Colin Bird will be interested in 24,782,781 Ordinary Shares representing 1.77 per cent per cent of the enlarged share capital of the Company.
The Issue Price is equal to the closing middle market price of an Ordinary Share of 1.00 pence on 26 August 2026, being the latest practicable date prior to this announcement.
Each participant in the Fundraising will also receive one (1) warrant for each New Share subscribed pursuant to the Fundraising, exercisable at 2.00 pence per new ordinary share for three years from Admission. The Company is also issuing a warrant to Shard Capital Partners LLP to subscribe for a total of10,620,000 new Ordinary Shares exercisable at the Fundraising Price for a period of three years from Admission ("Broker Warrants").
The net proceeds from the Placing will be principally utilised by the Company for the Amghas antimony and Silverking copper projects.
At Amghas, the Company will use the proceeds of the placing for ongoing work at both the Amghas and Ighoud mines including mineral resource drilling to test the open pit potential at Amghas, working capital for early production, second stage plant development including test work and working capital and long term development including exploration and drilling In particular, the Company will undertake further metallurgical test work to capitalise on the recent results of the Phase II programme, the completion of civil engineering work to accommodate the gravity plant, and further external documentation required for the granting of a flotation processing permit.
At Silverking, funds will be used for mineral resource expansion diamond drilling to test the depth extension of the high-grade Main Body, commercial production working capital, long term development exploration and plant optimisation and mining pushback and stripping. In particular the funds will be used for completion of engineering design and costing for a decline to access deeper ore at Silverking and assessment of other copper targets within the two licences. Work associated with planned production will be completed before year end to coincide with production at both sites during the last quarter. Exploration drilling in both Morocco and at Silverking will extend into 2027 as will the future construction of a flotation plant at Amghas to supplement gravity production.
The balance of proceeds will be used for general working capital - Further details including anticipated timelines are set out in the Appendix.
The New Shares to be issued represent, in aggregate, approximately 17.65 per cent. of the Company's existing issued share capital.
The Fundraising is conditional on Admission. The 177,000,000 Placing Shares and 33,000,000 Subscription Shares, amounting to 210,000,000 New Shares in aggregate will, when issued, rank pari passu in all respects with the existing Ordinary Shares. Application will be made for admission to trading on AIM of the New Shares and Admission is expected to become effective and dealings in the New Shares will commence at 8.00 a.m. on or around 3 September 2026.
Total Voting Rights
Following the issue of the New Shares, the Company's total issued share capital will consist of 1,399,708,447 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares.
On Admission, the abovementioned figure of 1,399,708,447 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Xtract under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
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
Enquiries:
|
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 |
|
AlbR Capital Limited Joint Broker |
Jon Bellis Colin Rowbury |
+44 (0)207 399 9427 |
|
Shard Capital Partners LLP Joint Broker |
Damon Heath |
+44 (0)207 186 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.
Appendix 1
Further Information
The following timelines and budgets are illustrative only and represent the Company's current expectations. There can be no certainty that these timelines or budgets will be achieved and the Company will provide a further market update in due course.
|
Key Event |
Illustrative Target Date |
|
Wildstone |
|
|
Mineral resource expansion (Note 1 below) |
Q1 2027 |
|
Early production (gravity plant) |
Q4 2026 |
|
Second stage flotation plant |
Q4 2027 |
|
Total Wildstone budget |
US$1,275k |
|
Silverking |
|
|
Mineral resource expansion (Note 1 below) |
Q4 2026 |
|
Commercial production |
Q1 2027 |
|
Total Silverking budget |
US$610k |
Note 1:
The Company has not published any mineral resource estimate ("MRE") for Silverking or Wildstone which has been prepared to a recognised standard under the AIM Rules. Shareholders should place no reliance on and disregard any references to any MRE for Silverking or Wildstone until such time as a standard compliant resource is prepared and notified by the Company.
Appendix 2
|
1 |
Details of the person discharging managerial responsibilities / person closely associated |
|||||||
|
a) |
Name |
Colin Bird |
||||||
|
2 |
Reason for the notification |
|||||||
|
a) |
Position/status |
Executive Chairman |
||||||
|
b)
|
Initial notification /Amendment |
Initial Notification |
||||||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||
|
a) |
Name |
Xtract Resources plc |
||||||
|
b)
|
LEI |
213800A71LZ79EKUNC34 |
||||||
|
4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||||
|
a) |
Description of the financial instrument, type of instrument |
Ordinary Shares of 0.02p each ("Ordinary Shares") |
||||||
|
Identification code |
ISIN: GB00BYSX2795 |
|||||||
|
b)
|
Nature of the transaction |
Subscription for Ordinary Shares |
||||||
|
c) |
Price(s) and volume(s) |
|
||||||
|
d) |
Aggregated information |
n/a |
||||||
|
- Aggregated volume |
||||||||
|
- Price |
||||||||
|
e) |
Date of the transaction |
27 August 2026 |
||||||
|
f) |
Place of the transaction |
Off-market |
||||||
ENDS
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
ENDRNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.