The Extractinator is an item added in the 1.2 update. It turns silt and slush blocks into more valuable items like Ores, Coins, and Gemstones. The Amber Mosquito (spawns pet dinosaur) might rarely be extracted. It is one easy way to get alternative ores to the ones spawned in your world, i.e. Iron ore if your world spawned with Lead. It is the only way to get Amber and Amber Mosquito in the game.