The Board of Xtract Resources Plc (“Xtract” or the “Company”) is pleased to provide an update on exploration work at the Racecourse Mineral Resource on the Bushranger copper-gold exploration project, located in the Lachlan Fold Belt (“LFB”) of New South Wales, Australia.

· Following the initial positive results of the Phase One drilling programme, a geophysical crew has been mobilised to the Racecourse site to commence a deep penetrating Induced Polarisation (IP) survey

· The survey will track extensions of the Racecourse deposit potentially beyond 1,000m depth down plunge and along strike where little historic drilling has been completed

· The information obtained will assist in planning a Phase Two drilling programme to further extend the mineral resource towards the target of 2Mt of contained copper equivalent

· Drilling on the final hole (BRDD-21-006) of the Phase One drilling programme at Racecourse is continuing and further news will be reported when the hole is completed

Colin Bird, Executive Chairman said: “Results from the Phase One drilling programme have demonstrated mineralisation widths and plunge depths beyond our expectations. Results appear to show a large porphyry system, warranting planning for a Phase Two drilling programme. In order to identify extensions to the deposit in several directions, we intend to carry out a deep-penetrating IP survey – the bedrock resistivity at Racecourse allows significant depth penetration to enable tracking of anomalies potentially beyond 1,000m depth. We now have the benefit of previous drilling to guide us in interpreting prospectivity. We intend to use every tool available to plan the Phase Two drilling programme and the team is excited to advance the positive indications from Phase One towards our target of 2Mt of contained copper equivalent which would trigger the Anglo buy-back option.”

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