For immediate release

21 December 2021

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project Assay Results

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to advise that independent laboratory assays have been received for drill hole BRDD-021-015 on the Phase 2 diamond drilling programme at the Bushranger copper-gold exploration project.

Highlights

·    BRDD-21-015 has returned intervals of copper and gold mineralisation on the main western zone of the Racecourse porphyry, which is inclusive of two main zones of copper mineralisation

·    Assay results have graded up to intervals of 10m at 0.63% Cu from 616m depth and 8m at 0.34 g/t Au from 462m depth

·    Full results are available in Table 1, with the two main intervals returning 28m at 0.32% CuEq from a downhole depth of 482m, and 78m at 0.27% CuEq from a downhole depth of 560m

·    The hole was drilled at an inclination -55 towards the east, above drill holes BRDD-21-002 & BRDD-21-003 from the Phase 1 drilling and designed to test the extension of mineralisation in these holes to shallower depths

Colin Bird, Executive Chairman said: "Again, this is a satisfactory result and is consistent with our expectations. Interestingly there are higher grade gold intervals above the copper mineralised zones suggesting zones of gold do exist in the system. We anticipate the northern end of the deposit will be moving towards closure for contribution to the open pit, while the southern end remains open with a suggestion that the mineralisation swings to the south."

Phase Two Bushranger Prospect Assay Results - Drill Hole BRDD-21-015

Table 1 - Assay Results from Drill Hole BRDD-21-015*

*Assays undertaken by Bureau Veritas Minerals Pty. Ltd. Laboratory, Adelaide, Australia

**CuEq Formula: CuEq = Cu% + 0.6011xAu (g/t) + 0.0075xAg (g/t)

Drillhole BRDD-21-015 was drilled at -55 degrees towards the ENE and completed at a final depth of 780.5m. The hole was drilled above drill holes BRDD-21-002 and BRDD-21-003 from the Phase 1 drill programme and was designed with BRDD-21-011, to extend the mineralisation intersected in these holes towards the surface. Variable copper mineralisation was intersected from 350m to 720m downhole, which is inclusive of two broader zones of mineralisation, including 28m at 0.32% CuEq from 482m depth, and 78m at 0.27% CuEq from 560m depth.  

Fringing the top of each copper mineralised zone are two separate zones with elevated gold values, these have returned assay results of 8m at 0.34 g/t Au from 462m, and 6m at 0.25 g/t Au from 560m depth, and the company intends to model the significance of this gold zone as the assay results from the Phase Two programme continue to be delivered.

Bushranger Prospect Drill Hole Location Plan

http://www.rns-pdf.londonstockexchange.com/rns/2701W_1-2021-12-20.pdf

Bushranger Drill Holes BRDD-21-011 and BRDD-21-015 Cross Section

http://www.rns-pdf.londonstockexchange.com/rns/2701W_2-2021-12-20.pdf

Further information is available from the Company's website which details the company's project portfolio as well as a copy of this announcement: www.xtractresources.com

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 by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

The person who arranged for the release of this announcement on behalf of the Company was Colin Bird, Director.

Enquiries:

Qualified Person:

Information in this announcement relating to the exploration works has been reviewed by Edward (Ed) Slowey, BSc, PGeo, a consultant to Xtract. Mr Slowey is a graduate 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 the geological content of this announcement.

Qualified Person:

In accordance with AIM Note for Mining and Oil & Gas Companies, June 2009 ("Guidance Note"), 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, is the qualified person as defined in the Guidance Note of the London Stock Exchange, who has reviewed the technical information contained in this press release.

TECHNICAL GLOSSARY

The following is a summary of technical terms:

ENDS