For immediate release

30 September 2022

Xtract Resources Plc

("Xtract" or the "Company")

Production 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 30 June 2022 (the "Period").

Highlights

·    Total mining contractor gold production of 54.15Kg for the quarter, equivalent to approximately 1,344 ounces

·    Total of 10.69Kg (equivalent to approximately 344 ounces) attributable to Explorator

·    Value of Explorator share of gold produced US$639,271

·    Gold sales in period of 465 ounces

·    Combined attributable revenue to Explorator from gold sales and other income for the Period amounted to US$642,115

Colin Bird, Executive Chairman said: "The results for the June quarter are fairly consistent with previous quarters with Guy Fawkes slowly opening up areas for production. Fair Bride is now in production and teething problems of the plant and the mine are being reduced and eliminated. We anticipate gold production will increase significantly in the final quarter of this year".

Production summary

Preliminary unaudited results for both the alluvial and hard rock mining contractors for the Manica Concession for the three-month periods ended 30 June 2022 ,31 March 2022, 31 December 2021 and September 2021 and are set out in the table below. In addition to the information included in the table, the notes below provide a further breakdown of costs between operational costs, production tax and land resettlement costs. The table includes results from the alluvial as well as the hard rock operations (other than Fair Bride hard rock operation).

Note 1:    

*Licence 3990C Mining Concession (Alluvial & hard rock), Manica Province.

**Licence 7569L Mining Concession (Alluvial), Manica Province.

Note 2:

Note 3:

Note 4:

Note 5:   Calculation based on the number of ounces produced during each month of the quarter multiplied by

 the closing month end spot rate. 

Note 6: Direct operational production costs include and not limited to Explorator salaries, rent, vehicles expenses and utilities for both alluvial and hard rock operations

Note 7: Total costs comprises direct operational production costs plus total Production Tax and Land Resettlement Costs as detailed below:

Note 8:

Note 9: Alluvial deposits are the natural concentration of heavy minerals caused by the effect of gravity on moving particles. Various natural actions known as weathering can and did dislodge gold from its hard rock containment. Once the gold is liberated it migrates by gravity and water flow into larger or subsidiary streams. The net effect of this migration into streams is concentration of the gold into gold ore bodies. 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