For immediate release

28 February 2022

Xtract Resources Plc

("Xtract" or the "Company")

Bushranger Project MIMDAS Geophysical Survey Update

The Board of Xtract Resources Plc ("Xtract" or the "Company") is pleased to report on the commencement of a MIMDAS geophysical survey to cover the area south of Racecourse and to include the Ascot discovery on the Bushranger copper-gold porphyry exploration project.

Highlights

·    A MIMDAS Induced Polarisation (IP) geophysical survey has commenced at the Bushranger Project in the area to the south of Racecourse and over the Ascot discovery

·    Inclusive of six 200m spaced lines, the survey is designed to follow-up the previous 2021 MIMDAS survey completed by Xtract

·    The main focus will be to image the response of the recently discovered Ascot mineralisation to target further drilling

·    The survey is expected to take four weeks to complete, with extra time anticipated for analysis and interpretation of the results - As results come in, Xtract will be provided with an interim analysis which will continue to assist with targeting

Colin Bird, Executive Chairman said: "This survey is a relatively close spaced survey and will provide much information on the area between Racecourse and Ascot as well as providing orientation to the Southern end of the Racecourse porphyry. The Racecourse conceptual open pit needs to be further drilled North and South and the South will be guided by this MIMDAS geophysics. The Northwest is showing signs of closing off whilst the South appears to be open and continuous.

The modelling will require the conceptual open pit to be closed off in all directions in order to ensure that infrastructure or tailings dams are not incorrectly positioned over what is a continuing ore body."

Bushranger Project MIMDAS Induced Polarisation Survey

A new MIMDAS IP survey is underway at Bushranger, the survey has been designed to extend the previous 2021 MIMDAS survey to the southeast to include the Ascot discovery, along with the prospective ground between the Racecourse and Ascot prospects. The aim of the survey is to model the geophysical response of the Ascot mineralisation which will assist with drill hole planning at the new Ascot copper-gold prospect.

MIMDAS (MIM Distributed Acquisition System) is an advanced electrical geophysical technique which collects multiple geophysical datasets, including Chargeability (IP), Resistivity/Conductivity (IP and MT). Electrical geophysical exploration methods are an established method for detecting concentrations of conductive sulphide minerals found within porphyry systems. The MIMDAS surveying method has had recent success in the Lachlan Fold Belt of New South Wales, assisting the discovery of mineralisation in the Cadia Valley and at the neighbouring Boda project.

Six lines are planned for a total of 17 line kilometres at a 200m line spacing. The survey is underway and is expected to complete within four weeks, with extra time anticipated to complete the analysis and interpretation of the raw data by geophysical consultants.    

Bushranger Prospect Drill Hole Location Plan With MIMDAS Survey Lines

http://www.rns-pdf.londonstockexchange.com/rns/0494D_1-2022-2-28.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