Atlas Conversion Notice

22 March 2021

W Resources Plc

("W" or the "Company")

Atlas Conversion Notice

W Resources Plc (AIM:WRES), the tungsten, tin and gold mining and exploration company with assets in Spain and Portugal, has received a Conversion Notice from Atlas Capital Markets ("Atlas") for £100,000 of Convertible Bonds, the fifth tranche of the first £500k tranche drawn from the £4m facility.

As the conversion price was below the nominal value of a W ordinary share of 0.1p per share ("Ordinary Share"), the Company has agreed with Atlas that it issue 100,000,000 Ordinary Shares at a conversion price of 0.1p per Ordinary Share. In addition, W will pay £20,200 to Atlas as compensation for Atlas being unable to convert at price lower than the nominal value of an Ordinary Share.

Settlement and Dealings

Application will be made for the admission trading on AIM of the 100,000,000 Ordinary Shares ("Admission"), which is expected on or around 26 March 2021,

Total Voting Rights

Following Admission, the Company's enlarged issued share capital will comprise 7,809,935,731 Ordinary Shares with voting rights. The Company has no shares held in Treasury. This figure of 7,809,935,731 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Capital Reorganisation

As announced on 8 March 2021, the Company will be holding a general meeting on 31 March 2021 at which shareholders will consider resolutions proposed to reorganise the Company's share capital. As a result of the issue of shares to Atlas, should shareholders pass the requisite resolutions, it is now anticipated that there will be 78,099,358 New Ordinary Shares (as defined in the announcement of 8 March 2021) following the Capital Reorganisation.

Information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 which is part of UK law by virtue of the European Union (withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Enquiries: