Silverking Project Phase 2 Drilling 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 2 drill programme has been completed on the Main Body and nearby extensions. 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

• 1,483.50 m of diamond drilling has been completed in 8 holes in phase 2 of drilling at Silver King, focussing primarily on exploration around the Kopje prospect identified at the end of phase 1, as well as infilling critical areas of the Main Body
• Hole SKIDD025 within the Silver King Main Body intercepted approximately 3m of visible abundant malachite consistent with the mineralisation model, confirmed with pXRF analytical measurements on site.
• Holes SKIDD021, 022 and 024 were drilled into the Kopje prospect, and successfully intersected mineralisation, including:

o SKIDD022 intercepted approximately 8m of native copper stringers from 82m down hole in a leached oxide zone

o SKIDD024 intercepted about 23m from 102m downhole depth of mixed native copper, chalcocite and chalcopyrite consistent with an oxide transition zone.

• Logging work is ongoing at site and samples are being prepared for dispatch for laboratory assay.
• Further holes are planned to test both the near-surface and deeper hypogene mineralisation of the Kopje prospect.
• Ongoing regional exploration works have also defined two new copper soil anomalies:

o House Grid Anomaly, a 200m strike length by 150m width anomaly at 5x background.

o Solar Anomaly, a 220m strike length by 100m width

Colin Bird, Executive Chairman of Xtract, commented: "The Silverking programme has improved our knowledge of the Main Body where preliminary pit shell design can now be completed over the updated geological model. The mineralisation intersected at the Kopje Prospect will now be subject to additional work to test for the same mineralisation closer to surface. In parallel, we will continue to drill other high-quality anomalies that have been discovered as part of routine exploration with a view to developing a Mineral Resource Estimate for development".

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