We’re almost into the last month on Q3 2019 alluvial processing by Sino 2 on the chicken farm area at Manica meaning last month of Q2 2019 along with first month of Q3 2019 have been sold in Dubai or about to be sold regarding first month of Q3 . One of the reasons Q1 2019 alluvial results were below expectations in my mind with selling of gold now done in Dubai adding a further month on top of the usual month delay between production and selling .
So after the raising of £1,000,000 (before expenses) following the placement of 83,333,333 new Ordinary Shares of 0.02p each (“Ordinary Shares”) at 1.20p on 25th July 2019 , Xtract Resources cash balance should be in a very healthy position . Not forgetting the almost 10% increase in POG over the last month alone .
We await news regarding hard rock progress by Omnia at Guy Fawkes area . Where cherry picking rich areas of hard rock transported back to Omnias hard rock plant at their nearby prospect should be revealing at least some revenue if not a lot of revenue / profit by now .
Then there’s the MMP, in partnership with Omnia, appointed as independent mineral processing contractor on the various gold bearing mineral deposits on the concession , progress to be considered . Announced 29th May 2019 , Agreement provides for MMP to build and operate a carbon-in-leach (CIL) plant along with MMP to finance and conduct the mining operations to include all capital and operating costs . Which also refers to Omnia hard rock recovery at Guy Fawkes with this announcement within the same RNS : Gravity recoverable gold to be exploited during the CIL plant-build phase, assuming suitable material is available . Which from previous RNS’s we know Guy Fawkes is ideally situated along with suitable hard rock for Omnias hard rock plant .
All looking very good for Xtract Resources with a Market Cap for an ever increasing good producing company that makes me wonder what the Market Makers are up too but then I remind myself , " making a market " . Long term holders or even a little research highlights the number of times gap ups have happened followed by retraces but with an ever increasing fundamental base value created mainly through an alluvial revenue stream those retraces are becoming less and less and catching traders out .