Manica Gold Project Mozambique

April 2018
Xtract Resources PLC
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The information contained in this document, including any information and opinions contained or discussed in any accompanying oral
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in an early stage of development and operates in an emerging market, and this could therefore effect the value of any investment in
the equity of the Company and may lead to a loss of your entire investment.

1
Corporate
Board of Directors

Colin Bird
Executive Chairman
Colin Bird is a chartered mining engineer with multi commodity mine management experience
in Africa, Spain, Latin America and in the Middle East. He has been the prime mover in a number
of public listings in the UK, Canada and South African and is currently Chief Executive Officer of
Tiger Resource Finance PLC, AIM quoted Galileo Resources PLCA and Non-Executive Chairman of
Jubilee Metals Group PLC.
He has been responsible for founding a number of PLC’s which have achieved mid-cap status
and was the founder of Kiwara PLC which discovered the large copper project Kalumbila
currently being developed by First Quantum Minerals Ltd. a US$ 11 billion quoted company.
Colin was appointed Executive Chairman during August 2016.

Peter Moir
Non-executive Director
Peter’s qualifications include B.Sc. Civil Engineering and M.Eng. Petroleum Engineering.
He is a Chartered Engineer in the UK and has more than 30 years experience in technical,
operational and commercial aspects of the Exploration and Production business.

Joel Silberstein
Finance Director
Joel joined the Company as Chief Financial Officer in June 2013. Prior to this Joel held the
position of Group Controller and Vice President Finance of Toronto Stock Exchange quoted
European Goldfields Limited, where he supported the executive team in growing a mining
concern from exploration through development phases until the Company was taken over by
Eldorado Gold Corporation. He qualified as a chartered accountant with Mazars, Cape Town in
2002.

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Mozambique
Good Place To Work

 Favourable political and legal

environment
 Multi-Party Democracy since 1994
 Stable jurisdiction
 Mature mining legal regime
 No local ownership requirements
 Upgrading of National Ports and
Power underway
 High GDP (>5%) growth rate

Location of Manica Project

Aerial view of
Maputo

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Manica Gold Project
Established Area

 Situated in the Odzi-Mutare-Manica Greenstone Belt. Over 2

million oz of gold previously mined
 45,9 km² concession
 1,262 m oz SAMREC compliant gold resources
 Immediate open pit mine close to Definitive Feasibility Study
 Only 10% of concession drill tested

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Manica Gold Project
The Focus

 1.257moz SAMREC compliant Au Resources (678koz measured

and indicated)
 Low cost, near-term ready-to-build production
 Metallurgical risk solved by fine grinding and pressure oxidation
 Additional nearby prospects for further exploration success,
namely
 Guy Fawkes, Boa Esperanza, Dot’s Luck, all have declared
resources.
 Publically released information outlines a mine plan based on
Fair Bride only producing approx. 245Koz over 7 years
 Further optimisation is possible and ongoing

5
Manica Gold Project
DFS – Key Financial Parameters

 Extraction Method – Conventional Open Pit

 Life of Mine – 7 years
 Total Ore Tonnes Processed – 3.3Mt (42,000 tmp)
 Total Ounces Produced – 215 koz (~31,000 ozpm)
 Recovered Grade – 2.62 g/t
 Gold Price – US$1,262 per oz Project Payback – 2 years
 IRR – 41.1%
 NPV – US$42 million (@8.4% discount rate)
 Capex Expenditure – US$43.68 million
 Direct Cash Cost – US$556/oz
 All inclusive sustainable cost (breakeven) – US$862/oz

6
Manica
Exploration Potential
Regional Exploration Potential (within current concession)
 Only 10% of the 4,300 ha has been drilled
 Mainly pre-drilling targeting has taken place along the southern and northern
share zone between Dot’s Luck and Fair Bride and further East (14km) and
between Guy Fawkes and Boa Esperanza (10km) respectively
 In 2014 Auroch identified 36 new exploration targets through geophysical and
surface mapping
 Top Ten classified in the following three styles of mineralisation:
 Guy Fawkes (7) - includes quartz vein hosted-, quartz stock-works
hosted-, altered talc carbonate schist hosted- and deformed banded
iron formation (BIF) hosted- deposits, with or without aplite, in
proximity to major shear zones;
 Boa Esperança (2) - comprises deformed metapelites with aplite
invasion in proximity to major shear zones. The Boa Esperança style of
mineralisation is somewhat wider than the Guy Fawkes style in general;
or
 Dot’s Luck/Fair Bride (1) - includes sheared metasediments within
mafic schist in proximity to major shear zones.

7
Alluvial Mining

What are Alluvial deposits?

 Natural concentration of heavy minerals caused by the effect of gravity
on moving particles
 Various actions known as weathering can dislodge gold from its hard
rock containment
 Once the gold is liberated it migrates by gravity & water flow into
larger/subsidiary streams
 The net effect of this migration into streams is concentration of the
gold into valuable gold ore bodies
 Presences of gold nuggets suggest that the occurrence is close to the
primary source
 The finer the gold the further the occurrence might be from the source
 The more rounded the gold particles the stronger the suggestion that
the gold has travelled further
 Manica has a distribution of particles size with high frequency of
nuggets which is a good sign for primary hard rock exploration

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Alluvial Mining
Mining Contractors
Sino Minerals
 Established alluvial mining contractor appointed to mine the eastern half of the
Company's alluvial interest in the Manica Concession
 Agreement entitles Explorator to 25% of the gold mined, which amounts to a net
19% after Mining Production Tax
 Initial contract period of 10 years or the depletion of alluvials, with an option to
extend for a further 5 years if the alluvials are not yet depleted
 Commenced 1st commercial production in October 2017

MozGold
 South African diamond alluvial contractor
 MozGold partnerships includes established engineering
contractor
 Large processing plant installed and undergoing fine tuning
Omnia
 Established mining contractor in the area
 Spent the last two years mining alluvials on own
concession
 Significant portfolio of mining and processing equipment
 Partnering with Xtract on hard rock potential excluding
Fair Bride
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Alluvial Mining
Sub-contracted

• Alluvial mining in place with three contract groups

• Production building up to planned 50 kg per month
• 5 year mine life
• Xtract receives monthly income based on turnover

Sino Minerals Alluvial operation

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Fair Bride
Overview
Main deposit – Fair Bride
 Situated in the Odzi-Mutare-Manica Greenstone Belt of Mozambique
 1.262moz SAMREC compliant Au Resources (782koz measured and indicated)
 Well drilled - a total of 229 drill holes (31,662m) has been completed on the Fair
Bride deposit accounting for 60% of the total drilling on the Manica project. A
total of 137 holes comprise the resource

* Xtract Resources PLC. An Independent Technical Report on the Mineral Resources of the Fair Bride Gold
Deposit on the 3990C Mining Concession, Manica Province, Mozambique, Minxcon, 04 March 2016

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Fair Bride
Simple Project

Lower Risk – Lower Cost – Quick into production

 Elimination of underground technical mining risk and gold locked up in
the crown pillar
 Instead of 4 years open pit and 8 years underground mining;
expectation is 7 years of open pit mining with a 7.2 strip ratio milling
40ktpm
 Increases the time and opportunity to fully identify upside
 Open pit grade is expected to be 2.26g/t, recovering app 35koz per
annum at an
all-in cost of $908/oz
 Smaller tailings dam

Lower risk, higher margins whilst maintaining optionality

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Fair Bride
Base Case

 Gold price USD 1270/oz

 480,000 of ore tonnes per annum mined
 7 years of mine life
 Average grade 2.26 g/t mined
 Stripping Ratio 7.2:1
 All up break even cost USD908/oz
 Capital USD35 million
 NPV at 8.5% discount USD53 million

13
Fair Bride
Optimised Pit Views
 Before Geological Overview
 After Initial Mine Key Parameters

DFS Optimised

DFS Design

14
Fair Bride
Insight
 The mineralised strike of the ore body is
approximately 1,040m
 Well understood mineralization and
geological model shows excellent
continuity
 Bounded by a fault in the west and low
grade mineralization in the east, open on
dip
 Mainly pre-drilling exploration has taken
place along the southern share zone
between Dot’s Luck and Fair Bride and
further East (14km of potential gold
bearing strike)
 Targeting indicates that mineralization
extends along strike to the east

15
Fair Bride
Before optimised pit view
This is how it looks
Project area extending west –
Manica Project area- 5km approximately 85% of tenement
from town in next river remains unexplored
valley
Good
gravel
road

Processing Mining and Engineering

Area of mining is
Facility Site workshop and office
relatively unhindered

16
Fair Bride
Exploration Potential
Drilling has targeted the below
resources:

Guy Fawkes (1350m strike, 120m

depth)
 98 drill holes for 14000m, of which
54 holes comprise the resource
 Bounded by a fault in the west open
to the east and on dip
Dots Luck (750m strike, 100m depth) Regional Exploration Potential
 43 drill holes for 5000m, of which  Mainly pre-drilling targeting has
38 holes comprise the resource taken place along the southern and
 Bounded by faults on the west and northern share zone between Dot’s
east, but open onGuy dip
Fawkes (off-set of
2
Luck and Fair Bride and further East
the Northern shear zone)
1.13Mt @ 1.91g/t for
70,000 oz
Boa Esperanza2
(14km) and between Guy Fawkes
143kt @ 0.77g/t for
3550 oz
and Boa Esperanza (10km)
Boa Esperanza (100m Strike) respectively
 12 drill holes for 1000m, of which
1
Fair Bride  Numerous artisanal workings occur
along the sheer zones
2
Dot’s Luck
1.14Mt @4 holes comprise the resource
17.3Mt @ 2.26g/t for
1.12g/t for 1.257 moz
41,100 oz
 Limited extensional exploration on
strike has taken place
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Compelling Investment Case
Global Gold Developing Mines Relative Strengths

 Simple open pit

 Good mining jurisdiction
 Alluvial Mining Income Generation whilst mine construction
in progress
 Major exploration potential and Fair Bride depth continuity
 At end of first operation, paid for plant available for new ore
feed
 Close to South Africa, good source of contractors for
outsourcing open-pit and process plant

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Corporate Information

Number of ordinary shares in issue: 350,560,684

Current share price : 2.3p

AIM code: XTR

Current Market Capitalisation: GBP 8.06M

Xtract Resources Plc

7/8 Kendrick Mews, London, United Kingdom, SW7 3HG

Tel: + 44 (0) 203 416 6471 | Fax: + 44 (0) 207 589 7806
www.xtractresources.com

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 Thank you

7/8 Kendrick Mews

London, United Kingdom, SW7 2JE

T: +44 (0) 20 3416 6471

F: +44 (0) 20 7589 7806

E: info@xtractresources.com
www.xtractresources.com