Award of share options
Xtract Resources Plc has awarded 79,700,000 new share options, with 35,600,000 granted to Directors and 44,100,000 to employees, consultants, and other officers. These options have an exercise price of 1.40p, representing a 55% premium to the mid-market closing price of 0.90p on March 24, 2025, and a 40% premium to the 30-day weighted average price of 1.00p. The options vest in three tranches: immediately, upon commencement of production at the Silverking Mine, and on November 1, 2026, with a five-year expiry date. This aligns management incentives with long-term shareholder value creation.
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The Board of Xtract announces that on 25 March 2026, the Company awarded 35,600,000 new options (representing 2.99 per cent. of the current issued share capital) to Directors and a further 44,100,000 new options (representing 3.71 per cent. of the current issued share capital) to employees, consultants and other officers of the Company.
The new options vest in three (3) tranches: (i) One-third vests immediately on award; (ii) one-third vests upon the commencement of production at the Silverking Mine; and (iii) one-third vests on 1 November 2026. The new options have an exercise price of 1.40p per new Ordinary Share. The new options will lapse five years after the date of the award, being 25 March 2031. The exercise price represents a 55 per cent. premium to the mid-market closing price of 0.90p per Ordinary Shares as at 24 March 2025, and a 40 per cent. premium to the 30-day volume weighted average share price 1.00p for the 30 trading days ended 24 March 2026. Further details of the new options awards are as follows:
| Individual | Number of new options |
|---|---|
| Directors: | |
| Colin Bird | 23,000,000 |
| Kjeld Thygesen | 300,000 |
| Alastair Ford | 300,000 |
| Joel Silberstein | 12,000,000 |
| Employees, consultants and other officers of the Company: | |
| Other | 44,100,000 |
| Total | 79,700,000 |
In making the new option awards, the Board considers that the management remuneration and incentives align with long-term shareholder value creation and provide commercial protections for the Company and its shareholders as a whole. In particular, the new option exercise price is set a significant premium to the current share price and vest over time and subject to the conditions described above, aligning the interests of the option holders with shareholders.
A copy of this announcement: www.xtractresources.com
The following disclosure is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | 1. Colin Bird 2. Joel Silberstein 3. Kjeld Thygesen 4. Alastair Ford |
| 2 | Reason for the notification | |
| a) | Position/status | 1. Chairman 2. Finance Director 3. Non-Executive Director 4 Non-Executive Director |
| b) | Initial notification /Amendment | Initial Notification |
| a) | Name | Xtract Resources plc |
| b) | LEI | 213800A71LZ79EKUNC34 |
| a) | Description of the financial instrument, type of instrument | Options over Ordinary Shares of 0.02p each ("Ordinary Shares") |
| Identification code | ISIN: GB00BYSX2795 | |
| b) | Nature of the transaction | Issue of Options over Ordinary Shares |
| c) | Price(s) and volume(s) | Director Price payable on exercise of option Volume(s) Colin Bird P 1.40 23,000,000 Joel Silberstein P 1.40 12,000,000 Kjeld Thygesen p 1.40 300,000 Alastair Ford p 1.40 300,000 |
| d) | Aggregated information | |
| - Aggregated volume | 35,600,000 options over Ordinary Shares | |
| - Price | 1.40p | |
| e) | Date of the transaction | 25 March 2026 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.