For immediate release

18 January 2022

Xtract Resources Plc

("Xtract" or the "Company")

Manica Gold Update

The Board of Xtract Resources Plc ("Xtract" or the "Company") announces the preliminary unaudited results for all alluvial and hard rock mining contractors for the Manica Concession for the three-month period ended 31 December 2021 (the "Period").

Highlights

·    Total mining contractor gold production of 87.44Kg for the quarter, equivalent to approximately 2,811 ounces

·    Total of 23.85Kg (equivalent to approximately 767 ounces) attributable to Explorator

·    Value of Explorator share of gold produced US$1,383,125

·    Gold sales in period of 360 ounces

·    Combined attributable revenue to Explorator from gold sales and other income for the Period amounted to US$614,257

·    Fair bride project continued to progress satisfactorily  

Colin Bird, Executive Chairman said: "The quarter ended 31 December 2021, was the best period for production since we commenced gold mining at Manica, with production performance well surpassing previous quarters despite any lost time due to rain. The development at Guy Fawkes continued with the objective of exploring veins revealed by surface drilling. Construction work for the Fair Bride project advanced satisfactorily and we are very pleased with the engineering standards employed on the build.  The contribution of Fair Bride, ongoing Mozambican production and Zambian operations progressing favorably, leads us to be optimistic for production during 2022."

Production summary

Preliminary unaudited results for alluvial and hard rock mining contractors for the Manica Concession for the three-month periods ended 31 December 2021, September 2021, 30 June 2021, and 31 March 2021 and are set out in the table below. In addition to the information included in the table, the table below provides a further breakdown of costs between operational costs, production tax and land resettlement costs. The Company's current focus is to continue to progress the Fair Bride hard rock operation.

Note 1:     Direct operational production costs include and not limited to Explorator salaries, rent, vehicles expenses and utilities for both alluvial and hard rock operations

Note 2:   Total costs comprises direct operational production costs plus total Production Tax and Land Resettlement Costs as detailed below:

Note 3:   Calculation based on the number of ounces produced during each month of the quarter multiplied by

 the closing month end spot rate.  

Note 4: Presence of gold in alluvial deposits is unpredictable and therefore operational results will vary month-to-month.

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

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018.The person who arranged for the release of this announcement on behalf of the Company was Joel Silberstein, Director.

Enquiries:

ENDS