WRES.L Regulatory News (WRES)

9 August 2021

W Resources Plc

("W" or the "Company")

La Parrilla Update

W Resources Plc (AIM:WRES), the tungsten, tin and gold mining company with assets in Spain and Portugal, is pleased to announce an update on production at the La Parrilla mine in Spain.

W regained access to the higher-grade ore in late June, enabling progress to be made in ramping up production in July. The mine started feeding higher-grade ore to the plant from 6 July 2021, processing newly accessed and existing ore, resulting in an uplift in actual feed grade compared to budget.

July 2021 production highlights include:

· Concentrate production totalled 68.1t, an increase of 22% over June 2021

- Tungsten concentrate of 58.3t - 43% higher than June

- Tin concentrate of 9.8t - 33% lower than June

· Highest monthly tungsten recovery to date at 58% and highest monthly plant utilisation rate to date at 91%

· Completed four concentrate shipments : three tungsten shipments and one tin shipment, totalling 80t of concentrate

· Monthly revenue milestone of US$1m was exceeded in July 2021

Tin production for shipping was lower in July but is expected to increase significantly in August as approximately 5 tonnes of tin that fell below shipping spec from July's production is quickly reprocessed for shipment in the electrostatic separator.

In July, the plant operated on a standard five-day week, working two 12 hour shifts per day. From September the team will transition from a 24 hour five day working week, to a 24 hour seven day working week, as recruitment and training of new staff progresses well.

Michael Masterman, Chairman of W Resources, commented: "We are delighted to report continued progress in production at La Parrilla in July, following the significant activity at the mine over the past months. Production for July is the highest to-date with tungsten concentrate production some 43% greater than June 2021. This is a trend we are seeing continue into August 2021 as we work towards reaching our target of 1,000t of concentrate in 2021; with a clear focus of increasing the production run-rate towards our T2 Target of 675t per quarter.

"Whilst we remain a low-cost producer, we are also benefitting from strong commodity pricing which continues to gain traction with tungsten tipping over US$300 per mtu and tin prices remaining very strong at over $32,000 per tonne."

Production Guidance

Previous annual production guidance was between 880t and 1,000t of concentrate. W now expects annual production will be towards the upper end of this range for the twelve months ending 31 December 2021.

The Company looks forward to issuing its Q3 2021 Production update in October 2021.

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.

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