Amghas mining licence grant and plant build-out

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to announce that a mining licence has been granted for the Amghas antimony project in northwest Morocco, marking a major step toward near-term production. In parallel, the Company has begun relocating existing processing plant infrastructure from Casablanca to Amghas, while Wildstone SARL ("Wildstone"), Xtract's 80%-owned venture, finalises documentation for a processing permit to install a gravity plant on site.

The gravity plant is the first phase of a broader regional processing strategy. It is expected to treat Amghas mine output and third-party small-scale miner ore initially, before supporting the planned development of a larger central flotation plant to process material from Amghas, the neighbouring Ighoud mine and local small-scale miners.

Highlights

• 10-year renewable mining licence granted for the Amghas antimony mine
• Processing permit documentation submitted for on-site antimony concentrate production
• 70,000 tonnes per annum gravity plant positioned as the first step in a larger flotation processing hub
• Additional upside from planned ore purchases from local small-scale miners
• Gravity tailings to support future value recovery through the planned flotation plant
• First concentrate production and sales targeted in Q4 2026

Executive Chairman Colin Bird commented: "The grant of the Amghas mining licence and the rapid mobilisation of processing infrastructure mark an important milestone for Xtract in Morocco. With rehabilitation work completed, encouraging resource evaluation and a 70,000 tonne per annum gravity plant moving toward operation, we believe Wildstone has a clear path to near-term antimony concentrate production. This will provide strong commercial proof for the viability of the planned larger flotation plant and our broader regional antimony strategy. We look forward to updating shareholders as development progresses."

Background

Since acquiring the Amghas licence, Wildstone has completed both a feasibility study and environmental impact assessment on the site as part of the processing of reinstating the former mining licence. At the same time, Company has completed a major exploration programme gaining access to underground development, cleaning galleries and drives and undertaking mapping and sampling programmes along all available underground development.

Opening of drives and other underground development has demonstrated the presence of sufficient immediately available antimony ore to warrant the construction of a gravity plant on-site to process run of mine ore.

Processing will provide invaluable information regarding the amenability of Amghas ore to physical separation and recovery which will guide the planned future development of a larger scale flotation plant to produce a higher-grade final product.

The Company has completed flotation test work on Amghas run of mine ore returning excellent results with typical concentrate grades of 65% Sb.

The gravity plant represents an interim processing step in the future development of a larger centralised flotation facility that will process ores from both Company-generated mining operations together with supply from small-scale miners.

Gravity plant

The existing gravity plant located near Casablanca is being relocated to the Amghas mine site. In addition, the plant is being upgraded and throughout capacity increased with the addition of new equipment including the following:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law pursuant to the Market Abuse (Amendment) (EU Exit) regulations (SI 2019/310). The person who arranged for the release of this announcement on behalf of the Company was Colin Bird, Executive Chairman and Director.

Qualified Person:

The technical information contained in this announcement has been reviewed, verified, and approved by Colin Bird, CC.ENG, FIMMM, South African and UK Certified Mine Manager and Director of Xtract Resources plc, with more than 40 years' experience mainly in hard rock mining.