For immediate release

3 July 2020

Xtract Resources Plc

("Xtract" or the "Company")

Award of Share Options

Director / PDMR Shareholding

Award of Share Options

The Board of Xtract announces that on 2 July 2020, the Company has awarded 19,250,000 new options over ordinary shares ("New Options"). 10,000,000 New Options (representing 2.19 per cent. of the current issued share capital) have been awarded to Directors (other than Peter Moir, Non-executive Director and Chairman of the Remuneration Committee who has approved the option award) and a further 9,250,000 New Options (representing 2.02 per cent. of the current issued share capital) have been awarded to employees, consultants and officers of the Company.

Half the New Options vest and are exercisable immediately on award, with an exercise price of 1.40p (the "First Tranche"). The remainder of the New Options have an exercise price of 2p and are subject to a share performance target and will vest as and when the Xtract share price is 2p (the "Second Tranche").  The New Options will lapse five years after the date of the award, being 1 July 2025.

The exercise price of the First Tranche represents a 18.64 per cent premium to the Xtract ordinary share mid-market closing price of 1.18p as at 2 July 2020, and a 6.52 per cent premium to the 30-day volume weighted average share price for the 30 trading days ended 2 July 2020.  

Further details of the New Options awards are as follows:

There have been no other awards of options in the prior 12-month period.

A copy of this announcement: www.xtractresources.com

Enquiries:

The following disclosure is made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014.

ENDS