Xtra-Gold Resources Corp. Reports Strong Financial Results and Advances Exploration Efforts

Xtra-Gold Resources Corp., a gold exploration company, has announced its unaudited financial results for the quarter ending June 30, 2024. The company reported total assets of US$13,511,022, primarily consisting of cash, liquid securities, and gold inventory. Notably, Xtra-Gold has zero debt, which further strengthens its financial position.

During the quarter, Xtra-Gold generated a total income of US$1,434,566, resulting in a net income (after tax) of US$664,764. These positive financial results reflect the company’s successful exploration drilling and operating costs coverage.

Xtra-Gold’s balance sheet has been bolstered by excess cash from its alluvial gold project, which has contributed to over US$12 million in liquid assets, including cash, securities, and gold bullion. With this strong financial position, the company’s exploration team is now preparing to drill several high-priority gold targets in close proximity to its mineral resource ‘footprint.’ The successful identification of these targets would accelerate Xtra-Gold’s goal of becoming a multi-million ounce gold discovery.

Xtra-Gold holds a significant land position in the Kibi Gold Belt, an area that exhibits geological features similar to Ghana’s main gold belt, the Ashanti Belt. While past mining activity in the Kibi area focused on alluvial gold occurrences, Xtra-Gold is targeting lode gold deposits through its exploration efforts. The company currently holds five mining leases totaling approximately 226 sq km (22,600 ha) at the northern extremity of the Kibi Gold Belt. Its exploration activities have primarily concentrated on the Kibi Gold Project located on the Apapam Concession, covering an area of 33.65 sq km.

Xtra-Gold’s positive financial results and ongoing exploration efforts demonstrate its commitment to unlocking the potential of the Kibi Gold Belt. With a strong balance sheet and a focus on high-priority gold targets, the company is well-positioned to achieve its goal of making a significant gold discovery. Investors and stakeholders can access the full details of the quarterly financials, along with the Management Discussion and Analysis (MD&A), on Xtra-Gold’s website.

For further information, please contact James Longshore, Chief Executive Officer, at 242-363-3864 or via email at info@xtragold.com. More details about Xtra-Gold Resources Corp. can be found on their website at www.xtragold.com.