# Half-year Financial Report Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/half-year-financial-report--c7cf5853-f692-4c64-bac5-57c8d010bddd Original source: https://www.londonstockexchange.com/news-article/XTR/half-year-financial-report/17811477 Publisher: lse Original announcement: 2026-09-30T05:00:06.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-30T07:06:04.510Z Atlas analysis updated: 2026-09-30T07:06:04.510Z - Company: Xtract Resources Plc - Ticker: XTR - Exchange: LSE - Region: Unavailable - Primary commodity: Copper - Secondary commodities: Antimony, Silver, Gold - Document categories: Drill results, Metallurgy, Agreement transaction, Other, Resource update - Extracted: 2026-09-30 07:06:05 UTC Narrative sentiment: 0.20 · Bullish ## Minestarters Atlas summary Xtract Resources Plc reported its unaudited interim results for the six months ended June 30, 2026, showing a net loss of £0.98 million, an improvement from the prior year. The company highlighted significant operational progress at its Wildstone Antimony Project in Morocco and Silverking Copper-Silver Project in Zambia, including the granting of a 10-year mining license for Amghas, commencement of production at Silverking, and positive metallurgical testwork for antimony concentrate. A £2.1 million capital raise was completed post-period end to fund further development. Reasoning: The company reported a net loss for the period but highlighted significant operational progress at its key projects, including the granting of a mining license, commencement of production, and positive metallurgical testwork results, supported by a post-period end capital raise. - Positive factor: Mining license granted for Amghas - Positive factor: Production commenced at Silverking - Positive factor: Positive metallurgical testwork for antimony concentrate - Positive factor: Successful removal of deleterious lead - Positive factor: Capital raise completed post-period end - Negative factor: Continued net loss for the period - Negative factor: Relinquishment of some exploration licenses Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 12 ## Classification and evidence **Deleterious Elements Present** Polarity: positive Story-specific tag Definition: Penalty elements \(arsenic, antimony, etc.\) or refractory concerns noted in the release. Why it applies: Lead present in the host mineralisation was successfully removed and converted into a separate saleable product using alkaline leaching, reducing the impact of penalties in the final concentrate. Evidence · text > lead present in the host mineralisation was successfully removed and converted into a separate saleable product using alkaline leaching, reducing the impact of penalties in the final concentrate. **Lower Operating Costs** Polarity: positive Story-specific tag Definition: No canonical definition is currently available. Why it applies: Ore grind size had little effect on antimony recovery in the final concentrate, supporting a lower grinding intensity and in turn reduced operating costs. Evidence · text > ore grind size had little effect on antimony recovery in the final concentrate, supporting a lower grinding intensity and in turn reduced operating costs. **Stale Data Re-release** Polarity: negative Story-specific tag Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: The drill intercepts for Silverking are explicitly stated as 'As previously reported', indicating they are not new results from this announcement. Evidence · text > As previously reported, best intercepts from the first phase of drilling include **Inferred Resource** Polarity: negative Story-specific tag Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: The Bushranger Project's resource is estimated as an 'inferred resource', which is the lowest confidence category. Evidence · text > inferred resource estimated at 71Mt **JORC Compliant** Polarity: positive Story-specific tag Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Bushranger Project's resource is explicitly stated as 'JORC \(2012\) compliant'. Evidence · text > JORC \(2012\) compliant inferred resource **Stale Estimate** Polarity: negative Story-specific tag Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The JORC compliant resource for the Bushranger Project is from 2012, making it 14 years old at the time of this 2026 report. Evidence · text > JORC \(2012\) compliant inferred resource **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("flotation"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("gravity"\) **Multi-Domain Tested** Polarity: positive Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed. Why it applies: 4 distinct composites were tested ## Extracted facts Stored fact records: 12. Some facts used in scoring do not have a stored record. ## Drill Results (6) ### SKIDD010 [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-financial-report--c7cf5853-f692-4c64-bac5-57c8d010bddd#fact-drill-facts-4) Silverking · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: SKIDD010 - Project: Silverking - Commodity: copper - Region: zambia - Reported Region: zambia - Ticker: XTR #### Geometry - Grade: 5.99 - Grade Unit: % - Intercept: 24.1 m - From: 111 m - To: 135.1 m - Intercept Depth: 111 m #### Classification - Sample Type: drill - Group ID: SKIDD010:111-135.1 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously reported high-grade copper intercept, indicating good historical results but low novelty. - Positive factor: High-grade copper mineralisation - Negative factor: Results are historical and previously reported Evidence · text > 24.1m at 5.99% Cu and 40.2 g/t Ag from 111.0m in SKIDD010 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### SKIDD010 [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-financial-report--c7cf5853-f692-4c64-bac5-57c8d010bddd#fact-drill-facts-5) Silverking · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: SKIDD010 - Project: Silverking - Commodity: silver - Region: zambia - Reported Region: zambia - Ticker: XTR #### Geometry - Grade: 40.2 - Grade Unit: g/t - Intercept: 24.1 m - From: 111 m - To: 135.1 m - Intercept Depth: 111 m #### Classification - Sample Type: drill - Group ID: SKIDD010:111-135.1 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously reported silver intercept, indicating good historical results but low novelty. - Positive factor: Significant silver mineralisation - Negative factor: Results are historical and previously reported Evidence · text > 24.1m at 5.99% Cu and 40.2 g/t Ag from 111.0m in SKIDD010 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### SKIDD003 [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-financial-report--c7cf5853-f692-4c64-bac5-57c8d010bddd#fact-drill-facts-6) Silverking · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: SKIDD003 - Project: Silverking - Commodity: copper - Region: zambia - Reported Region: zambia - Ticker: XTR #### Geometry - Grade: 4.15 - Grade Unit: % - Intercept: 29.7 m - From: 93 m - To: 122.7 m - Intercept Depth: 93 m #### Classification - Sample Type: drill - Group ID: SKIDD003:93-122.7 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously reported high-grade copper intercept, indicating good historical results but low novelty. - Positive factor: High-grade copper mineralisation - Negative factor: Results are historical and previously reported Evidence · text > 29.70m at 4.15% Cu and 42.9 g/t Ag from 93.0m in SKIDD003 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### SKIDD003 [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-financial-report--c7cf5853-f692-4c64-bac5-57c8d010bddd#fact-drill-facts-7) Silverking · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: SKIDD003 - Project: Silverking - Commodity: silver - Region: zambia - Reported Region: zambia - Ticker: XTR #### Geometry - Grade: 42.9 - Grade Unit: g/t - Intercept: 29.7 m - From: 93 m - To: 122.7 m - Intercept Depth: 93 m #### Classification - Sample Type: drill - Group ID: SKIDD003:93-122.7 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously reported silver intercept, indicating good historical results but low novelty. - Positive factor: Significant silver mineralisation - Negative factor: Results are historical and previously reported Evidence · text > 29.70m at 4.15% Cu and 42.9 g/t Ag from 93.0m in SKIDD003 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### SKIDD002 [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-financial-report--c7cf5853-f692-4c64-bac5-57c8d010bddd#fact-drill-facts-8) Silverking · copper Historical result Needs review: historical\_restatement #### Identity - Hole ID: SKIDD002 - Project: Silverking - Commodity: copper - Region: zambia - Reported Region: zambia - Ticker: XTR #### Geometry - Grade: 3.18 - Grade Unit: % - Intercept: 54.1 m - From: 56.9 m - To: 111 m - Intercept Depth: 56.9 m #### Classification - Sample Type: drill - Group ID: SKIDD002:56.9-111 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously reported high-grade copper intercept, indicating good historical results but low novelty. - Positive factor: High-grade copper mineralisation - Negative factor: Results are historical and previously reported Evidence · text > 54.1 m at 3.18% Cu and 40.3 g/t Ag from 56.9m in SKIDD002 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ### SKIDD002 [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-financial-report--c7cf5853-f692-4c64-bac5-57c8d010bddd#fact-drill-facts-9) Silverking · silver Historical result Needs review: historical\_restatement #### Identity - Hole ID: SKIDD002 - Project: Silverking - Commodity: silver - Region: zambia - Reported Region: zambia - Ticker: XTR #### Geometry - Grade: 40.3 - Grade Unit: g/t - Intercept: 54.1 m - From: 56.9 m - To: 111 m - Intercept Depth: 56.9 m #### Classification - Sample Type: drill - Group ID: SKIDD002:56.9-111 #### QA/QC - QA/QC Methods: standards #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a previously reported silver intercept, indicating good historical results but low novelty. - Positive factor: Significant silver mineralisation - Negative factor: Results are historical and previously reported Evidence · text > 54.1 m at 3.18% Cu and 40.3 g/t Ag from 56.9m in SKIDD002 #### Tags used in scoring **No QA/QC Disclosure** Polarity: negative Definition: Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document. Why it applies: qaqc\_disclosed is not true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Stale Data Re-release** Polarity: negative Definition: Historical results re-announced with no new assays or reinterpretation — low genuine novelty. Why it applies: the fact restates a prior release ## Resource Estimates (2) ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-financial-report--c7cf5853-f692-4c64-bac5-57c8d010bddd#fact-resource-facts-10) Bushranger Copper-Gold Project · copper Historical result Needs review: historical\_restatement #### Identity - Project: Bushranger Copper-Gold Project - Commodity: copper - Region: australia - Reported Region: Australia - Ticker: XTR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:d076030ec73aed857cb9 #### Resource Data - Category: inferred - Tonnes: 71000000 - Grade: 0.44 - Grade Unit: % - Cutoff Grade: 0.3 - Cutoff Unit: % Cu #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a historical JORC \(2012\) compliant inferred resource for copper, indicating low novelty and confidence due to its age and category. - Positive factor: JORC compliant estimate - Negative factor: Resource is inferred category only - Negative factor: Estimate is stale \(2012\) Evidence · text > 71Mt @ 0.44% Cu and 0.064g/t Au using a 0.3% Cu cut-off #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-financial-report--c7cf5853-f692-4c64-bac5-57c8d010bddd#fact-resource-facts-11) Bushranger Copper-Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Bushranger Copper-Gold Project - Commodity: gold - Region: australia - Reported Region: Australia - Ticker: XTR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:d076030ec73aed857cb9 #### Resource Data - Category: inferred - Tonnes: 71000000 - Grade: 0.064 - Grade Unit: g/t - Cutoff Grade: 0.3 - Cutoff Unit: % Cu #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: This is a re-statement of a historical JORC \(2012\) compliant inferred resource for gold, indicating low novelty and confidence due to its age and category. - Positive factor: JORC compliant estimate - Negative factor: Resource is inferred category only - Negative factor: Estimate is stale \(2012\) Evidence · text > 71Mt @ 0.44% Cu and 0.064g/t Au using a 0.3% Cu cut-off #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported ## Metallurgical Results (4) ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-financial-report--c7cf5853-f692-4c64-bac5-57c8d010bddd#fact-metallurgical-facts-0) Wildstone Antimony Project · antimony #### Identity - Project: Wildstone Antimony Project - Commodity: antimony - Region: morocco - Reported Region: Morocco - Ticker: XTR #### Test Work - Test Type: pilot plant - Processing Route: flotation - Sample: representative ore from Amghas #### Recovery - Conc. Grade: 55 - Conc. Grade Unit: % Sb #### Lab - Laboratory: Afrilab Group #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Flotation testwork shows potential for high-grade antimony concentrate, exceeding 55% Sb, which is a positive outcome for the project. - Positive factor: High concentrate grade achieved - Positive factor: Potential for high-grade product Evidence · text > potential to produce a high-grade antimony concentrate exceeding 55% Stibnite \(Sb\) #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-financial-report--c7cf5853-f692-4c64-bac5-57c8d010bddd#fact-metallurgical-facts-1) Wildstone Antimony Project · lead #### Identity - Project: Wildstone Antimony Project - Commodity: lead - Region: morocco - Reported Region: Morocco - Ticker: XTR #### Test Work - Test Type: pilot plant - Processing Route: flotation, alkaline leaching - Sample: lead present in the host mineralisation #### Lab - Laboratory: Afrilab Group #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: Successful removal of lead into a separate saleable product reduces penalty risk and adds value, indicating a robust processing solution for a deleterious element. - Positive factor: Deleterious element successfully removed - Positive factor: Reduces penalty risk - Positive factor: Creates separate saleable product Evidence · text > lead present in the host mineralisation was successfully removed and converted into a separate saleable product using alkaline leaching, reducing the impact of penalties in the final concentrate. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### pilot plant [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-financial-report--c7cf5853-f692-4c64-bac5-57c8d010bddd#fact-metallurgical-facts-2) Wildstone Antimony Project · antimony #### Identity - Project: Wildstone Antimony Project - Commodity: antimony - Region: morocco - Reported Region: Morocco - Ticker: XTR #### Test Work - Test Type: pilot plant - Processing Route: flotation - Sample: ore grind size had little effect on antimony recovery #### Lab - Laboratory: Afrilab Group #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The finding that grind size has little effect on antimony recovery supports lower grinding intensity and reduced operating costs, which is a positive for project economics. - Positive factor: Supports lower operating costs - Positive factor: Reduced grinding intensity Evidence · text > ore grind size had little effect on antimony recovery in the final concentrate, supporting a lower grinding intensity and in turn reduced operating costs. #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal **Pilot Scale Complete** Polarity: positive Definition: Pilot or demonstration plant testing completed under continuous operation. Why it applies: test\_type names pilot-scale work ### Fact 4 [Link to this fact](https://atlas-staging.minestarters.com/news/half-year-financial-report--c7cf5853-f692-4c64-bac5-57c8d010bddd#fact-metallurgical-facts-3) Silverking Copper-Silver Project · copper #### Identity - Project: Silverking Copper-Silver Project - Commodity: copper - Region: zambia - Reported Region: Zambia - Ticker: XTR #### Test Work - Processing Route: flotation - Sample: mixed oxide-sulphide ore #### Recovery - Conc. Grade: 28 - Conc. Grade Unit: % Cu #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-30T00:00:00.000Z Reasoning: The company is targeting an optimized copper concentrate grade of 28% Cu, which is a positive goal, though current grades are fluctuating. - Positive factor: Targeted concentrate grade for optimisation - Negative factor: Current concentrate grade is fluctuating Evidence · text > optimised target grade of 28% Cu #### Tags used in scoring **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: processing\_route matches the flotation signal ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.