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LONDON - Xtract Resources Plc (AIM:XTR) has increased its equity interest in Wildstone SARL to 80%, the company announced Tuesday in a press release.
The additional equity was granted by Xtract’s Moroccan partners ahead of the originally planned schedule. According to the February 26, 2025 agreement, Xtract was to receive up to 80% ownership on a fully diluted basis conditional upon phased expenditure of at least US$900,000 over three years.
Xtract’s Moroccan partners decided to award the full 80% stake before the completion of the required expenditure, citing the company’s technical and financial contributions to date. The partners’ decision reflects confidence in Xtract’s approach to developing antimony operations in Morocco.
"Together with our local partners we have accelerated all phases of business necessary to participate in Wildstone’s Moroccan antimony development," said Executive Chairman Colin Bird in the statement.
Bird added that both parties are aligned on the methodology to fast track their position in the antimony market, noting expectations of "further antimony price increases."
Wildstone SARL focuses on antimony development in Morocco, a critical mineral used in various industrial applications. The accelerated equity transfer indicates both parties’ commitment to expediting the project’s development timeline.
The agreement between Xtract Resources and Wildstone SARL was initially announced on February 26, 2025.
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