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Xplore Resources Announces Final Tranche of Non-Brokered Private Placement

VANCOUVER, BC, January 2, 2024 – Xplore Resources Corp. (TSX-V: XPLR) (“Xplore” or the “Company”) announces that it has closed the second and final tranche of its previously announced private placement (the “Placement”) through the issuance of 4,250,000 units at an issue price of $0.10 per unit for gross proceeds of $425,000 (the “Second Tranche”). Each unit consists of one common share of the Company (a “Share”) and one non-transferable share purchase warrant, each warrant exercisable to acquire one additional Share for a period of two years from the date of issue at a price of $0.15 per Share. Together with the first tranche of the Placement (which was completed on December 21, 2023), an aggregate of 11,780,000 units were issued for aggregate gross proceeds of $1,178,000.

Net proceeds raised under the Second Tranche will be used for general working capital.

The Shares and warrants comprising the units sold under the Second Tranche, and any Shares issuable pursuant to the exercise of the warrants are subject to a hold period and may not be traded until May 3, 2024, except as permitted by applicable securities legislation and the rules and policies of the TSX Venture Exchange.

About Xplore Resources

Xplore Resources is a mining exploration company listed on the TSX Venture Exchange under symbol XPLR and is focused on the acquisition and exploration of grass roots lithium properties in Canada and Brazil. The Company is led by a highly experienced management team comprised of industry experts with executive and senior management experience in geology, banking, private equity, investor relations and law.

Lithium Properties

The Company is earning a 100% interest in the Surge (~3400 ha) and Perrigo Lake (~3300 ha) lithium properties, both situated in northwestern ON, approximately 100 kms north of Sioux Lookout ON. The Surge property lies along the regional scale Pakwash-Lake St. Joseph Fault, approximately 2.0 kms east of the Root Bay lithium discovery. The Perrigo property is located west of the Allison Lake batholith considered to be “the largest fertile peraluminous granite mass in northwestern Ontario.”

The Company, through its wholly owned Brazilian subsidiary, holds a 100% interest in the Energia (~4500 ha) and Borborema (~9100 ha) lithium properties in Brazil. The Energia claims are situated in the state of Minas Gerais, the center of Brazil’s rapidly evolving lithium production. The Borborema claims are situated in the state of Rio Grade de Norte in northeastern Brazil, in a Borborema pegmatite field, a historically significant producer of tantalum prior to 1980.

For further information, please contact:

ON BEHALF OF THE BOARD

Dominic Verdejo, Chief Executive Officer For further information, please contact:

Phone: +1 647-362-9675

Email: info@xploreresources.com

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

Cautionary Note regarding Forward-Looking Statements

Statements contained in this press release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to the use of proceeds raised under the Second Tranche of the Placement. The words “anticipate,” “significant,” “expect,” “may,” “will” and similar expressions are intended to be among the statements that identify Forward-Looking Information. Forward- Looking Information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, assumptions that general business and economic conditions will not change in a materially adverse manner; that all requisite approvals will be received and all requisite information will be available in a timely manner. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, risks related to unforeseen delays; general economic, market or business conditions, regulatory changes; timeliness of regulatory approvals, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this Forward-Looking Information. The Company does not assume the obligation to revise or update this Forward-Looking Information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.