Xtra-Gold Reports Q2 2024 Financials and CEO Update

Rhea-AI Summary

Xtra-Gold Resources Corp. (TSX: XTG) (OTCQB: XTGRF) has reported its Q2 2024 unaudited financials, showcasing a strong financial position. The company's total assets stand at US$13,511,022, primarily consisting of cash, liquid securities, and gold inventory. Notably, Xtra-Gold maintains zero debt. For the quarter, the company achieved a total income of US$1,434,566 and a net income (after tax) of US$664,764.

CEO James Longshore highlighted the company's successful quarter, emphasizing that the alluvial gold project's excess cash is strengthening the balance sheet, with over US$12 million in liquid assets. The exploration team is preparing to drill several high-priority gold targets near the existing mineral resource footprint, aiming to expedite Xtra-Gold's goal of becoming a multi-million ounce gold discovery.

Positive

• Strong financial position with US$13,511,022 in total assets
• Zero debt on the balance sheet
• Quarterly total income of US$1,434,566
• Net income (after tax) of US$664,764 for Q2 2024
• Over US$12 million in liquid assets (cash, securities, and gold bullion)
• Alluvial gold project generating excess cash to cover exploration and operating costs

Negative

• None.

Toronto, Ontario--(Newsfile Corp. - August 6, 2024) - Xtra-Gold Resources Corp. (TSX: XTG) (OTCQB: XTGRF) ("Xtra-Gold" or the "Company") is pleased to provide the following summary of the unaudited Financials ending June 30, 2024:

-Total Assets of US$13,511,022 comprised mainly of cash, liquid securities, and gold inventory ("liquid assets");

- Zero Debt;

-Total Income for the quarter of US$1,434,566; and

-Net Income (after tax) of US$664,764.

The full details of the Quarterly Financials with MD&A can be viewed on the Company's website at www.xtragold.com.

James Longshore, CEO/Co-Founder states: "Our Company had another very successful quarter, covering all our exploration drilling and operating costs. Excess cash from our alluvial gold project continues to strengthen our balance sheet, with over US$12 million in liquid assets (cash, securities and gold bullion). Our exploration team is currently preparing to drill several high-priority gold targets, in close proximity to our mineral resource "footprint". If successful, this will expedite our goal of becoming a multi-million ounce gold discovery."

About Xtra-Gold Resources Corp.

Xtra-Gold is a gold exploration company with a substantial land position in the Kibi Gold Belt. The Kibi Gold Belt, which exhibits many similar geological features to Ghana's main gold belt, the Ashanti Belt, has been the subject of very limited modern exploration activity targeting lode gold deposits as virtually all past gold mining activity and exploration efforts focused on the extensive alluvial gold occurrences in many river valleys throughout the Kibi area.

Xtra-Gold holds 5 Mining Leases totaling approximately 226 sq km (22,600 ha) at the northern extremity of the Kibi Gold Belt. The Company's exploration efforts to date have focused on the Kibi Gold Project located on the Apapam Concession (33.65 sq km).

Forward-Looking Statements

The TSX does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward- looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully, and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.

Contact Information

For further information please contact:

James Longshore
Chief Executive Officer
Tel.: 242-363-3864
E-mail: info@xtragold.com
Website: www.xtragold.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218994

FAQ

What were Xtra-Gold's (XTGRF) Q2 2024 financial highlights?

Xtra-Gold reported total assets of US$13,511,022, zero debt, total income of US$1,434,566, and net income (after tax) of US$664,764 for Q2 2024.

How much liquid assets does Xtra-Gold (XTGRF) have as of Q2 2024?

Xtra-Gold has over US$12 million in liquid assets, consisting of cash, securities, and gold bullion.

What are Xtra-Gold's (XTGRF) plans for exploration drilling?

Xtra-Gold is preparing to drill several high-priority gold targets near its existing mineral resource footprint to expedite its goal of becoming a multi-million ounce gold discovery.

Is Xtra-Gold (XTGRF) profitable as of Q2 2024?

Yes, Xtra-Gold reported a net income (after tax) of US$664,764 for Q2 2024, indicating profitability for the quarter.