For immediate release

 4 November 2022

Xtract Resources Plc

("Xtract" or the "Company")

Award of Share Options and Settlement Shares

Director / PDMR Shareholding

Award of Share Options

The Board of Xtract announces that on 3 November 2022, the Company awarded 8,000,000 new options (representing 0.94 per cent. of the current issued share capital) to Directors and a further 8,875,000 new options (representing 1.04 per cent. of the current issued share capital) have been awarded to employees, consultants and officers of the Company.

The new options vest and are exercisable immediately on award, with an exercise price of 5.00p per new Ordinary Share. The new options will lapse five years after the date of the award, being 3 November 2027. The exercise price represents a 63 per cent. premium to the mid-market closing price of 3.075p of the Ordinary Shares as at 2 November 2022, and a 55 per cent. premium to the 30-day volume weighted average share price for the 30 trading days ended 30 October 2022.  Further details of the new options awards are as follows:

Issue of Settlement Shares

The Company has also today agreed to issue in aggregate 5,362,229 new Ordinary Shares in settlement of £173,200 of accrued outstanding remuneration in relation to 2021, due to certain Directors and employees of the Company to preserve the Company's cash resources ("Settlement Shares"). The Settlement Shares have been issued at a price of 3.23p per new Ordinary Share. The Settlement Shares issued to Directors and PDMRs are as follows:

The Company has also agreed to settle £20,000 owed to a corporate creditor through the issue of a further 619,195 new Ordinary Shares at an issue price of 3.23p per new Ordinary Share ("Creditor Settlement Shares").

Application will be made for admission of the Settlement Shares and the Creditor Settlement Shares (together the "New Shares"), in aggregate amounting to 5,981,424 New Shares representing 0.70% of the current issued share capital, to trading on AIM ("Admission") and Admission is expected to occur on or about 10 November 2022. The New Shares will rank pari passu in all respects with the Company's existing issued ordinary shares.

Total Voting Rights

On Admission, the Company's issued share capital consists of 856,375,115 ordinary shares of 0.02p each with voting rights ("Ordinary Shares"). The Company does not hold any Ordinary Shares in Treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights is 856,375,115. The above figure of 856,375,115 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.

A copy of this announcement: www.xtractresources.com

Enquiries:

The following disclosure is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

ENDS