Silverking Project drilling update

13 March 2025

For immediate release

Xtract Resources Plc("Xtract" or the "Company")

Silverking Project drilling update

The Board of Xtract Resources Plc is pleased to confirm the successful completion of the first three diamond drill holes SKIDD001, 002 and 003 at Silverking and the interception in drill core of copper mineralisation over near-continuous downhole lengths of 46.4 metres, 95 metres and 66.2 metres respectively. Silverking is subject to an option and joint venture agreement ("Joint Venture") with Oval Mining Limited, enabling Xtract to earn-in up to a 70% interest in the Silverking copper mine and accompanying exploration licence located in the Mumbwa District of the Central Province of Zambia. 

 Highlights

· Drill hole SKIDD001 intersected what is described in core logs as significant sulphide mineralisation comprising chalcopyrite, bornite and chalcocite over a drill intercept width of 46.4m from a depth of 93.6m.

· Drill hole SKIDD002, drilled approximately 30m below SKIDD001, intersected strong oxide copper mineralisation over a width of 38.2m and a further 56.8m sulphide intersection for a combined 95m mineralised package from a depth of 28m.

· Drill hole SKIDD003 intersected semi-continuous oxide and sulphide mineralisation over a substantial width of 66.2m from a depth of 93m.

· Drilling is continuing with a focus on establishing the morphology of the main pipe-like structure before moving on to drill a second pipe and other structures within the Project area.

· The bornite and chalcocite intercepts (see core photographs below) together with native copper are encouraging ahead of scheduled copper assays.

Colin Bird, Executive Chairman of Xtract, commented: "Intersection of potentially high grade copper mineralisation over substantial widths in the first three holes is very encouraging and suggests that the historic drill intercept made at a higher elevation has depth continuity. We are busy defining the shape and extent of the structure in both depth extent and the lateral shape which will potentially contribute to a larger tonnage of future ore. The high copper content of bornite and chalcocite minerals implies that copper grades following assay analysis could be potentially impressive. We have mobilised our in-house metallurgist and will be collecting representative samples later this week. We have our mining team on standby pending the next few drill holes at which point we should have a better indication of the morphology of the first mineralised structure and can complete high level estimates of the likely depth to a conceptual pit floor and a stripping ratio. We look forward to keeping shareholders updated on progress".

Drill core photo 1 - hole SKIDD001 showing chalcopyrite copper mineralisation

http://www.rns-pdf.londonstockexchange.com/rns/6084A_1-2025-3-13.pdf 

Drill core photo 2 - hole SKIDD001 showing bornite-chalcocite copper mineralisation

http://www.rns-pdf.londonstockexchange.com/rns/6084A_2-2025-3-13.pdf

Silverking Project

As announced on 3 April 2024, Xtract entered into a joint venture agreement with Oval Mining in relation to the Silverking Project and licence. Silverking mineralisation is characterised by deep levels of intense oxidation, breccia, vein and stockwork hosted copper mineralisation and is distinguished by high-grade supergene enrichment, also diagnostic of the nearby Kitumba deposit.

The former Silverking open pit and underground mine extends to a mining depth of only 70m and based on underground mapping and historic diamond and reverse circulation ("RC") drilling is believed to remain open both down-dip and along strike.

Historic peak Silverking reported drill intercepts including 50m @ 5.47% Cu in borehole SVKRC002 from 55m to 105m depth. The hole stopped in mineralisation. Mineralised intercepts peaked at 52.2% Cu over a 1m drilled interval.

A wide-spaced geochemical soil survey supplemented by magnetic and IP ground geophysical surveys undertaken by Glencore identified a number of high priority targets warranting follow-up. In particular, a second breccia pipe located 800m from the main Silverking mineralised body was identified and has not been explored. Evidence at surface suggested possible stockwork or disseminated copper mineralisation between the two breccia pipes. Xtract's proposed exploration work will focus on testing the depth extension of the Silverking breccia pipe, the nearby pipe and general licence exploration. 

Further background details on the licence and the Joint Venture were announced on 3 April 2024, a copy of which is available from the Company's website. 

Qualified Person

Technical information in this announcement has been reviewed by Edward (Ed) Slowey, BSc, PGeo, Technical Director of Galileo. Mr Slowey is a 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 this announcement.

For further information, please contact: Xtract Resources PLC

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, Executive Chairman and Director.

Beaumont Cornish Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as nominated adviser to the Company in relation to the matters referred herein. Beaumont Cornish Limited is acting exclusively for the Company and for no one else in relation to the matters described in this announcement and is not advising any other person and accordingly will not be responsible to anyone other than the Company for providing the protections afforded to clients of Beaumont Cornish Limited, or for providing advice in relation to the contents of this announcement or any matter referred to in it.

Technical glossary

ENDS