Silverking Project Update

The Board of Xtract Resources Plc is pleased to provide an exploration update on the Silverking Project located in the Mumbwa District of the Central Province of Zambia where the Phase 1 drill programme focussed on the Main Body and its immediate extensions has been completed. Silverking is subject to an option and joint venture agreement ("Joint Venture") with Oval Mining Limited, enabling Xtract to earn-in up to a 70% interest in the Silverking copper mine and accompanying exploration licence located in the Mumbwa District of the Central Province of Zambia.

Highlights

• Holes SKIDD013 to SKIDD019 have been completed. Notable downhole intercepts include:

o SKIDD013: 23m @ 1.49% Cu & 18.96g/t Ag from 128m.

o SKIDD014: 16m @ 0.74% Cu & 2.81g/t Ag from 17m.

o SKIDD018: 9m @ 4.68% Cu & 38.67g/t Ag from 228m.

• In addition, a channel sample across an old working at the Kopje prospect located south of the Main Body yielded the following result:

o SKICH001: 4.3m @ 2.55% Cu & 30.40g/t Ag.

• Sufficient drill data and assays generated to allow for in-house estimation of an initial non-code compliant mineral resource for internal purposes only and preliminary mine planning.
• Preparatory work underway to provide an access road and drill pads for an estimated 2,000m of drilling over the Kopje Prospect.
• Further work on the Worm Prospect will be subject to the outcome of ongoing exploration.

Colin Bird, Executive Chairman of Xtract, commented: "Drilling continues to generate encouraging high-grade copper - silver intercepts and with each set of results we move closer to being able to determine an initial non-code compliant mineral resource estimate for internal purposes only and thereafter a mine plan and schedule. Before we can determine the optimised mineral processing option, we need to have a more detailed understanding of the likely global resource for the Project. We look forward to updating shareholders with the next phase of project development".

Drilling Results

Following completion of the Phase 1 drilling, the downhole assay results for the drillholes on the Silverking Project located in the Mumbwa District of the Central Province of Zambia (including those previously notified) are set out in the Table below:

Joint Venture Agreement Outline

As announced on 3 April 2024, Xtract entered an initial 18-month option period to acquire a 51% interest in the project, contingent upon fulfilling expenditure commitments of US$500,000. With the completion of the current phase of drilling that expenditure threshold has now been reached. Xtract has the option to increase its interest to 70% by expending an additional US$1,000,000 over the subsequent two years, subject to Cooperlemon's right to maintain its interest in the licence through its option to earn back up to 70% by participating in such ongoing expenditure.

Technical Sign-Off

Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Advisor to Xtract. Mr Slowey is a geologist with more than 40 years' relevant experience in mineral exploration and mining, a founder member of the Institute of Geologists of Ireland and is a Qualified Person under the AIM rules. Mr Slowey has reviewed and approved this announcement.

Technical glossary