Fundraising for £2,000,000

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce a fundraising today for £2,000,000 at a price of 0.60 pence per Ordinary Share (the "Fundraising") principally for the ongoing advancement of its Silverking copper and Amghas antimony projects.

Executive Chairman Colin Bird commented: "This fundraising has been initiated in order to enable us to continue to develop our mine project in Morocco and invest in our joint venture with our partners in Silverking in Zambia and in particular, to complete construction of a processing plant at Silverking whilst continuing with exploration on the general licence area. The Board expects that the Silverking plant will be commissioned and mining start in 2026 to take advantage of current copper prices. In Morrocco, exploration will continue while Government approval is obtained to redevelop the Amghas mine and construct a floatation plant."

Fundraising

The Company has today raised £2,000,000 before expenses through the issue of 333,333,332 new Ordinary Shares (the "New Shares") at a price of 0.60 pence per new Ordinary Share (the "Issue Price") to certain existing shareholders and new investors conditional only upon admission of the New Shares to trading on AIM ("Admission"). The Fundraising comprises a placing of 304,999,999 new Ordinary Shares (the "Placing Shares") for £1,830,000 at the Issue Price (the "Placing") which has been arranged by Shard Capital Partners LLP. In addition to the Placing, the Company has arranged for direct share subscriptions for 28,333,333 new Ordinary Shares at the Issue Price to raise £170,000 (the "Subscription Shares"). Mr Colin Bird, a director and Executive Chairman of Xtract, will be subscribing for 3,333,333 Subscription Shares for £20,000 at the Issue Price (representing 0.39 % per cent of the existing issued share capital).

The Issue Price represents a discount of 14.29 per cent. to the closing middle market price of an Ordinary Share of 0.70 pence on 12 November 2025, being the latest practicable date prior to this announcement.

Each participant in the Fundraising will also receive one (1) warrant for each New Share subscribed pursuant to the Fundraising, exercisable at 1.20 pence per new ordinary share for three years from Admission. The Company is also issuing a warrant to Shard Capital Partners LLP to subscribe for a total of 18,300,000 new Ordinary Shares exercisable at the Fundraising Price for a period of three years from Admission ("Broker Warrants").

The net proceeds from the Placing will be principally utilised by the Company to advance its Silverking copper project in Zambia and the Amghas antimony project in Morocco with the objective being to create small production units to start the generation of cash flow to help scale both assets in the future.

The New Shares to be issued represent, in aggregate, approximately 38.92 per cent. of the Company's existing issued share capital.

The Fundraising is conditional only on Admission. The 304,999,999 Placing Shares and 28,333,333 Subscription Shares, amounting to 333,333,332 New Shares in aggregate, will when issued rank pari passu in all respects with the existing Ordinary Shares. Application will be made for admission to trading on AIM of the New Shares and Admission is expected to become effective and dealings in the New Shares will commence at 8.00 a.m. on or around 27 November 2025.

Total Voting Rights

Following the issue of the New Shares, the Company's total issued share capital will consist of 1,189,708,447 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares.

On Admission, the abovementioned figure of 1,189,708,447 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Galileo under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.