diff --git a/datamodel/low/base/schema.go b/datamodel/low/base/schema.go
index 536be2b9..340d2bb4 100644
--- a/datamodel/low/base/schema.go
+++ b/datamodel/low/base/schema.go
@@ -1015,23 +1015,25 @@ func buildPropertyMap(ctx context.Context, root *yaml.Node, idx *index.SpecIndex
 			}
 
 			foundCtx := ctx
+			foundIdx := idx
 			// check our prop isn't reference
 			refString := ""
 			var refNode *yaml.Node
 			if h, _, l := utils.IsNodeRefValue(prop); h {
-				ref, _, _, fctx := low.LocateRefNodeWithContext(ctx, prop, idx)
+				ref, fIdx, _, fctx := low.LocateRefNodeWithContext(ctx, prop, idx)
 				if ref != nil {
 					refNode = prop
 					prop = ref
 					refString = l
 					foundCtx = fctx
+					foundIdx = fIdx
 				} else {
 					return nil, fmt.Errorf("schema properties build failed: cannot find reference %s, line %d, col %d",
 						prop.Content[1].Value, prop.Content[1].Line, prop.Content[1].Column)
 				}
 			}
 
-			sp := &SchemaProxy{ctx: foundCtx, kn: currentProp, vn: prop, idx: idx}
+			sp := &SchemaProxy{ctx: foundCtx, kn: currentProp, vn: prop, idx: foundIdx}
 			sp.SetReference(refString, refNode)
 
 			propertyMap.Set(low.KeyReference[string]{
@@ -1200,14 +1202,16 @@ func ExtractSchema(ctx context.Context, root *yaml.Node, idx *index.SpecIndex) (
 	refLocation := ""
 	var refNode *yaml.Node
 
+	foundIndex := idx
+	foundCtx := ctx
 	if rf, rl, _ := utils.IsNodeRefValue(root); rf {
 		// locate reference in index.
 		ref, fIdx, _, nCtx := low.LocateRefNodeWithContext(ctx, root, idx)
 		if ref != nil {
 			schNode = ref
 			schLabel = rl
-			ctx = nCtx
-			idx = fIdx
+			foundCtx = nCtx
+			foundIndex = fIdx
 		} else {
 			v := root.Content[1].Value
 			if root.Content[1].Value == "" {
@@ -1227,18 +1231,19 @@ func ExtractSchema(ctx context.Context, root *yaml.Node, idx *index.SpecIndex) (
 				}
 				if idx.GetSpecAbsolutePath() != specPath && (!strings.HasPrefix(refLocation, "http") &&
 					!strings.HasPrefix(idx.GetSpecAbsolutePath(), "http")) {
-					ctx = context.WithValue(ctx, index.CurrentPathKey, idx.GetSpecAbsolutePath())
+					if !strings.HasSuffix(idx.GetSpecAbsolutePath(), "root.yaml") {
+						ctx = context.WithValue(ctx, index.CurrentPathKey, idx.GetSpecAbsolutePath())
+					}
 				}
 
-				ref, _, _, nCtx := low.LocateRefNodeWithContext(ctx, schNode, idx)
+				ref, fIdx, _, nCtx := low.LocateRefNodeWithContext(ctx, schNode, idx)
 				if ref != nil {
 					refNode = schNode
 					schNode = ref
-					//if foundIdx != nil {
-					// TODO: check on this
-					// idx = foundIdx
-					//}
-					ctx = nCtx
+					if fIdx != nil {
+						foundIndex = fIdx
+					}
+					foundCtx = nCtx
 				} else {
 					v := schNode.Content[1].Value
 					if schNode.Content[1].Value == "" {
@@ -1253,7 +1258,7 @@ func ExtractSchema(ctx context.Context, root *yaml.Node, idx *index.SpecIndex) (
 
 	if schNode != nil {
 		// check if schema has already been built.
-		schema := &SchemaProxy{kn: schLabel, vn: schNode, idx: idx, ctx: ctx}
+		schema := &SchemaProxy{kn: schLabel, vn: schNode, idx: foundIndex, ctx: foundCtx}
 		schema.SetReference(refLocation, refNode)
 
 		n := &low.NodeReference[*SchemaProxy]{
diff --git a/index/extract_refs.go b/index/extract_refs.go
index 8cbffa91..3eb516ee 100644
--- a/index/extract_refs.go
+++ b/index/extract_refs.go
@@ -6,14 +6,13 @@ package index
 import (
 	"errors"
 	"fmt"
+	"github.com/pb33f/libopenapi/utils"
+	"golang.org/x/exp/slices"
+	"gopkg.in/yaml.v3"
 	"net/url"
 	"os"
 	"path/filepath"
 	"strings"
-
-	"github.com/pb33f/libopenapi/utils"
-	"golang.org/x/exp/slices"
-	"gopkg.in/yaml.v3"
 )
 
 // ExtractRefs will return a deduplicated slice of references for every unique ref found in the document.
@@ -606,38 +605,54 @@ func (index *SpecIndex) ExtractComponentsFromRefs(refs []*Reference) []*Referenc
 	}
 
 	locate := func(ref *Reference, refIndex int, sequence []*ReferenceMapped) {
-		located := index.FindComponent(ref.FullDefinition)
-		if located != nil {
-
-			// have we already mapped this?
-			index.refLock.Lock()
-			if index.allMappedRefs[ref.FullDefinition] == nil {
-				found = append(found, located)
-				index.allMappedRefs[located.FullDefinition] = located
-			}
+		index.refLock.Lock()
+		if index.allMappedRefs[ref.FullDefinition] != nil {
 			rm := &ReferenceMapped{
 				OriginalReference: ref,
-				Reference:         located,
-				Definition:        located.Definition,
-				FullDefinition:    located.FullDefinition,
+				Reference:         index.allMappedRefs[ref.FullDefinition],
+				Definition:        index.allMappedRefs[ref.FullDefinition].Definition,
+				FullDefinition:    index.allMappedRefs[ref.FullDefinition].FullDefinition,
 			}
 			sequence[refIndex] = rm
+			if !index.config.ExtractRefsSequentially {
+				c <- true
+			}
 			index.refLock.Unlock()
-
 		} else {
+			index.refLock.Unlock()
+			located := index.FindComponent(ref.FullDefinition)
+			if located != nil {
+
+				// have we already mapped this?
+				index.refLock.Lock()
+				if index.allMappedRefs[ref.FullDefinition] == nil {
+					found = append(found, located)
+					index.allMappedRefs[located.FullDefinition] = located
+				}
+				rm := &ReferenceMapped{
+					OriginalReference: ref,
+					Reference:         located,
+					Definition:        located.Definition,
+					FullDefinition:    located.FullDefinition,
+				}
+				sequence[refIndex] = rm
+				index.refLock.Unlock()
 
-			_, path := utils.ConvertComponentIdIntoFriendlyPathSearch(ref.Definition)
-			indexError := &IndexingError{
-				Err:  fmt.Errorf("component '%s' does not exist in the specification", ref.Definition),
-				Node: ref.Node,
-				Path: path,
+			} else {
+
+				_, path := utils.ConvertComponentIdIntoFriendlyPathSearch(ref.Definition)
+				indexError := &IndexingError{
+					Err:  fmt.Errorf("component '%s' does not exist in the specification", ref.Definition),
+					Node: ref.Node,
+					Path: path,
+				}
+				index.errorLock.Lock()
+				index.refErrors = append(index.refErrors, indexError)
+				index.errorLock.Unlock()
+			}
+			if !index.config.ExtractRefsSequentially {
+				c <- true
 			}
-			index.errorLock.Lock()
-			index.refErrors = append(index.refErrors, indexError)
-			index.errorLock.Unlock()
-		}
-		if !index.config.ExtractRefsSequentially {
-			c <- true
 		}
 	}
 
@@ -653,7 +668,6 @@ func (index *SpecIndex) ExtractComponentsFromRefs(refs []*Reference) []*Referenc
 		} else {
 			locate(refsToCheck[r], r, mappedRefsInSequence) // run synchronously
 		}
-
 	}
 
 	if !index.config.ExtractRefsSequentially {
diff --git a/index/search_index.go b/index/search_index.go
index 524f97c7..607acee6 100644
--- a/index/search_index.go
+++ b/index/search_index.go
@@ -152,7 +152,7 @@ func (index *SpecIndex) SearchIndexForReferenceByReferenceWithContext(ctx contex
 						Index:          rFile.GetIndex(),
 						Node:           node.Content[0],
 						ParentNode:     node,
-					}, rFile.GetIndex(), ctx
+					}, rFile.GetIndex(), context.WithValue(ctx, CurrentPathKey, rFile.GetFullPath())
 				} else {
 					return nil, index, ctx
 				}