REG - Xtract Resources plc - Wildstone exploration and corporate update

Xtract ResourcesAnnouncement

24/07/2025 07:00

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RNS Number : 3257S  Xtract Resources plc  24 July 2025

24 July 2025

For immediate release

 

Xtract Resources Plc

("Xtract" or the "Company")
Wildstone exploration and licence update

 

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to
announce the successful completion of a 90-day reconnaissance programme on the
antimony exploration licences held by Xtract's 80%-owned venture, Wildstone
SARL ("Wildstone").

 

The licences are located within the Fez-Meknes and Beni Mellal-Khenifra
directorates of northern Morocco, situated within two strategic districts
inside the "Antimony Triangle," an area bounded by the cities of Rabat, Fez,
and Khenifra. Together, the licences cover approximately 380 square
kilometres, incorporating areas of known antimony mineralisation, newly
identified mineralised structures, potential extensions of antimony-bearing
veins, and several former commercial producing mines.

 

Wildstone is now commencing with a focused exploration programme across
identified high-priority targets. Exploration activities are being led by
Xtract's technical team, in collaboration with newly appointed Moroccan
geologists who have appropriate expertise in antimony exploration and mining.
The Company is also working closely with a Moroccan-based exploration service
provider, responsible for conducting ground geophysical surveys, diamond
drilling, and associated fieldwork. The current exploration team of 7 persons
will be joined by a mining engineer.

 

Additionally, Xtract is actively building partnerships with small-scale miners
operating within and nearby its licences, building on the experience and local
knowledge of its Moroccan partners in the sourcing, processing, and trade of
antimony ores. Xtract continues to engage with the relevant ministries as well
as local landowners and the small-scale mining community.

 

Project Highlights

·   Reconnaissance completed over all Wildstone's exploration licences
across two major districts within Morocco's Antimony Triangle, many exhibiting
significant potential antimony mineralisation, historical workings, or
prospective structural extensions of known antimony vein systems.

·    Active and historic small-scale mining confirms the widespread
presence and prospectivity of antimony mineralisation within the licensed
areas.

·    Ground magnetic orientation surveys completed on known mineralised
structures to establish geophysical signatures for antimony targets which can
now be rolled out to all licences in the portfolio.

 

Executive Chairman Colin Bird commented:

"Our team has completed the initial reconnaissance programme over Wildstone's
antimony exploration licences. This exercise has given us an opportunity to
work with our Moroccan partners against a deadline and the results are
positive and exciting. We now have the basis for the potential development of
an antimony business and future exploration and potential resource development
will focus on the definition of Mineral Resources and the building of the
Company and its capabilities in Morocco."

 

 

 

Background on Wildstone SARL

Morocco is a recognised mining country with both large and small mining
operations in multi commodities and a favoured trading partner of the US,
China and the European Union. Key commodities include phosphate, manganese,
zinc, gold, copper, tungsten, tin, antimony and other strategic and critical
metals.

 

Wildstone was incorporated in Casablanca, Morocco on 22 September 2021 with
company number 516789 and its main activity is mining, exploration and
extraction in Morocco. Wildstone has 20 exploration licences (and not 15 as
previously reported in February) which were issued in July 2023 for the
exploration and extraction of copper, silver and antimony and which are
situated in Central Morocco (but not contiguous). To date, very limited
exploration has taken place and these licences are due for renewal in July and
October 2026.  In addition, a further 4 licenses were subsequently acquired
by Wildstone for a nominal amount in May 2025 ("New Licences") and these New
Licences will be due for renewal May 2028.

 

On 26 February 2025, Xtract announced that it had acquired a 50% share in
Wildstone. Under the terms of the agreement ("Agreement"), Xtract committed to
spend US$900,000 over a period of 3 years which will make up the minimum spend
on the licenses.  On 15 July 2025, Xtract announced that as provided for in
the Agreement, it had increased its interest in Wildstone to 80%. With the
addition of the New Licences, Xtract has committed a further US$300,000 for
exploration expenditure (being the minimum spend on the New Licences).

 

Wildstone and Xtract intend initially to evaluate all 24 licences and
thereafter establish the next exploration and development priorities. Once
priorities are established, general exploration, including drilling, will
commence and based on results, appropriate projects will be advanced into
either small-scale production or in the course of time evaluated for large
scale potential.

 

Wildstone has to date has employed a seven strong exploration team, to be
complemented by the appointment of a mining engineer. Subject to exploration
results, Wildstone envisages the employment of mining and mineral processing
personnel to manage future operations in Morocco.

 

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 (http://www.xtractresources.com)

 

For further information, please contact: Xtract Resources PLC

 

Enquiries:

 Xtract Resources Plc                               Colin Bird,          +44 (0)20 3416 6471

                                                    Executive Chairman   www.xtractresources.com (http://www.xtractresources.com)

 Beaumont Cornish Limited                           Roland Cornish       +44 (0)207628 3369

 Nominated Adviser                                  Michael Cornish      www.beaumontcornish.co.uk (http://www.beaumontcornish.co.uk)

                                                    Felicity Geidt

 Novum Securities Limited                           Jon Bellis           +44 (0)207 399 9427

 Joint Broker                                       Colin Rowbury        www.novumsecurities.com

 Shard Capital Partners LLP                         Damon Heath          +44 (0)207 186 9952

 Joint Broker                                                            www.shardcapital.com

 

 

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.

 

ENDS

 

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