The Board of Xtract Resources Plc announced that the Company on 2 April 2024 entered into an option and joint venture agreement ("Agreement") with Oval Mining Limited ("Oval"), who are acting in cooperation with CooperlemonConsultancyLimited ("Cooperlemon"),the advisory Company, to earn-in up to a 70% interest in the Silverking copper mine and accompanying exploration licence26673-HQ-LEL("Silverking") covering an area of approximately 81.7km2 located in the Mumbwa District of the Central Province of Zambia. Xtract has entered into a joint venture agreement with Cooperlemon in relation to the Silverking Project and Licence. Under the joint venture agreement ("JV Agreement"), Xtract has agreed the following key terms. Xtract has an option period of 18 months to earn an initial 51% in the Licence provided Xtract spends USD 500,000 in exploration over the period.

The joint venture will then be formally established between Xtract and Cooperlemon. Xtract may withdraw at any time during the option period but will lose its right to earn 51% in the Licence. Should Xtract withdraw during the option period, then any technical information regarding the property generated during that period shall become the property of Cooperlemon.

On completion of the earn in period, or as such other time as Xtract has spent USD 500,000, Xtract may then advise Cooperlemon of its intention to increase its interest in the Licence to 70% by agreeing to spend a further USD 1,000,000 over two years on exploration and development of the Licence, subject to Cooperlemon's right to maintain its interest in the Licence through an option to earn back up to 70% by participating in such ongoing expenditure. In the event that an inferred resource in excess of 300,000 tonnes of contained copper is reported, then Xtract's beneficial interest shall remain at 70% or if different, its respective interest at the date of the resource estimate. If an inferred resource of greater than 500,000 tonnes of contained copper is reported, then any subsequent sale of the project to a third-party will result in an equal share of the disposal proceeds between the parties, after costs of disposal but such costs to exclude the actual cost of the resource discovery- Cooperlemon will not be responsible for any exploration costs, but will be responsible for any costs incurred during the disposal process, to include local taxes and legal fees.

If the exploration programme demonstrates that the Licence cannot support an inferred resource of 300,000 tonnes or more, then the parties by mutual agreement may elect to commence a small mining project. In the event, that a small mining project is developed then Xtract's interest in the project will be 70%. If a small mine is developed, Xtract will be responsible for funding the entire project and will not recover from Cooperlemon any share of costs.

The management and compliance (statutory and regulatory) of the Silverking licence will be the responsibility of Cooperlemon.