WRES.L Regulatory News (WRES)

1 November 2021

W Resources Plc

("W" or the "Company")

Régua Awarded Mining Licence and Portugal 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 mining and exploration licences in Portugal.

Régua Tungsten Mine Project

Iberian Resources Portugal ("IRP") has now received the Régua mining licence, which was signed by the Directorate General for Energy and Geology ("DGEG") on Thursday 28 October 2021. This now clears the way for the environmental study to be submitted which is planned for Q4 2021. Approval of the environmental study will allow the release of the underground mining works authorisation, which is a key condition for the commencement of mining.

Régua is a high-grade, development-ready tungsten project with low capital cost and an updated Joint Ore Reserves Committee compliant mineral resource of 4.47 Mt at a grade of 0.27% WO3, including an indicated resource of 3.74 Mt at a grade of 0.28% WO3 (circa three times that of the ore grade at La Parrilla) and an inferred resource of 0.72 Mt at a grade of 0.21% WO3, which was completed by Golder Associates Pty Ltd and announced on 5 February 2020.

Trial mining operations at Régua commenced in early March 2020 with the commencement of the first two adits, with skarn ore zones intersected in the initial development. However, progress was halted following an extension in Portugal of COVID-19 related restrictions, which have now been lifted and the expiry of the trial mine licence in June 2021.

Plant design and procurement activities were near completion in advance of construction activities which had to be rescheduled until the COVID-19 restrictions were lifted and the mining licence awarded.

Assuming no further COVID-19 impacts, production is anticipated to commence in H2 2022, with annual production estimated to reach circa 1,000 tonnes of tungsten concentrate per annum, increasing W's total concentrate production, reducing average costs per tonne and increasing sales.

CAA Portalegre

At the CAA Portalegre project, the Assumar gold prospect exploration licence has now been granted. This expansive area covering 267 km2 is adjacent to the trial mining licence area of São Martinho gold project and is believed to include potential extensions of the known mineralised system and new potential areas. The application of the São Martinho gold project trial mining licence is still being reviewed by the DGEG and we expect its approval in the near future.

Michael Masterman, Chairman of W Resources, commented: "This is a long awaited milestone for Régua and we look forward to updating shareholders on our progress. With production expected to commence in H2 2022 we will transition to having two active tungsten mines, further increasing production, revenue and profitability."

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

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