5 November 2026
AJAX RESOURCES PLC
("Ajax" or the "Company")
Completion of Paguanta Project Acquisition
Ajax [AQSE: AJAX / Euronext Growth Oslo: AJAXR], the listed natural resources
investment company, is pleased to announce that it has successfully completed
the acquisition of a 74.79% interest in the Paguanta Project ("Paguanta" or the
"Project") in the Tarapacá Region of northern Chile from Asara Resources Limited
("Asara" or the "Vendor") (the "Acquisition").
All conditions precedent under the Share Purchase Agreement ("SPA") have been
satisfied, and the Acquisition has now formally completed.
The completion represents a significant milestone for Ajax, securing a
controlling interest in an advanced-stage silver-zinc-lead project with an
established historical JORC (2012) Mineral Resource Estimate, approximately
US$32 million of historical investment and substantial additional copper
exploration potential.
Transaction Consideration
Pursuant to the terms of the SPA, the initial consideration payable by Ajax
comprises:
- US$50,000 in cash; and
- The issue of 1,046,729 new ordinary shares of 1 pence each in the Company
("Ordinary Shares") at an issue price of 25 pence per Ordinary Share,
representing consideration of approximately US$350,000.
Deferred Consideration
The deferred consideration arrangements remain unchanged from those announced on
17 August 2026 and comprise two potential milestone payments:
- US$500,000 in cash payable upon the public announcement by Ajax, or any of its
affiliates, of a JORC Code (2012 Edition) compliant Ore Reserve Statement
confirming Proven and/or Probable Ore Reserves exceeding 25 million metric
tonnes at a grade of 5.0% zinc equivalent or greater; and
- US$500,000 in cash payable upon the public announcement by Ajax, or any of its
affiliates, of a JORC Code (2012 Edition) compliant Ore Reserve Statement
confirming Proven and/or Probable Ore Reserves containing not less than 5
million metric tonnes of copper.
Each milestone payment shall be payable only once upon satisfaction of the
relevant condition. The Company is under no obligation to undertake exploration
or development activities for the purpose of achieving either milestone.
About Paguanta
Paguanta is an advanced-stage silver-zinc-lead project located in the Tarapacá
Region of northern Chile, within the northern extension of the West Fissure, one
of the world's most important metallogenic belts and host to a number of major
porphyry copper-molybdenum deposits.
The Project has a long history of exploration and mining activity. Historical
silver mining at Paguanta dates back to the nineteenth century, with historical
workings comprising approximately 1,800 metres of underground galleries. Modern
exploration commenced in 2006 and has subsequently included extensive drilling,
geophysical surveys, metallurgical testwork and technical studies.
Paguanta currently comprises 14 granted exploration licences (concesiones de
exploración) covering approximately 7,800 hectares.
Approximately 46,700 metres of historical diamond and reverse circulation
drilling has been completed across the Project, comprising approximately 40,000
metres completed by Herencia Resources plc and a further approximately 6,650
metres completed by the Vendor during 2016-2017.
Historical expenditure by previous operators totals approximately US$31.5
million, including expenditure associated with extensive exploration and a
historical feasibility study. The Project also benefits from established access
and a purpose-built exploration camp onsite.
The principal area of historical exploration and development is the Patricia
Prospect, a silver-zinc-lead-gold mineralised system which hosts a historical
JORC-compliant Mineral Resource. Historical technical work contemplated both
open-pit and underground development of Patricia, reflecting mineralisation
extending from surface together with higher-grade mineralisation identified at
depth.
Mineralisation at Patricia occurs within multiple mineralised vein structures
and includes massive to semi-massive breccia and stockwork vein zones.
Historical drilling has demonstrated that the mineralised system remains open
along strike and at depth, providing potential for further resource expansion.
Importantly, one of the deepest historical drill holes at Patricia terminated in
high-grade mineralisation grading 1,765 g/t Ag, 12% Zn, 7.5% Pb and 1.7 g/t Au,
demonstrating the continuation of significant mineralisation at depth.
Historical exploration has also identified a number of additional prospects
across the wider Paguanta property, including La Rosa and Doris, which provide
significant additional copper and silver exploration potential beyond the
established Patricia mineralisation.
La Rosa represents a large porphyry-style copper target characterised by an
approximately 3 km × 1 km zone of intense argillic alteration, copper oxides,
pyrite and strong limonite development. Historical geophysical work identified a
substantial anomaly associated with the prospect, while surface exploration has
returned encouraging copper and silver mineralisation.
Doris, situated north-east of Patricia, has also returned copper and silver
mineralisation from surface exploration and historical drilling. Historical
exploration by previous operators considered Patricia, La Rosa and Doris to
potentially form components of a broader mineralising system.
Surface sampling across the wider Paguanta property has returned copper oxide
mineralisation ranging from 1% to 5% Cu, while historical shallow drilling
includes intercepts of 3 m @ 1.3% Cu and 160 ppm Ag and 1.7 m @ 2.5% Cu and 50
ppm Ag.
Immediately adjacent to Paguanta is the Loreto Copper Project, owned by the
Vendor and subject to an option and joint venture agreement with Teck, under
which Teck can earn a 75% interest through US$0.6 million in cash payments and
US$17 million of exploration expenditure.
Paguanta is situated approximately 35 km from BHP's Cerro Colorado and
approximately 135 km from the Collahuasi district, which hosts the
Glencore-Anglo American Collahuasi operation and Teck's Quebrada Blanca
operation.
The combination of an established historical Mineral Resource, extensive
drilling, historical mine workings and technical studies, approximately US$31.5
million of previous expenditure, existing infrastructure and substantial
untested exploration potential provides Ajax with a significant historical
technical foundation from which to evaluate the next phase of exploration and
development at Paguanta.
Mineral Resource and Exploration Overview
The core of Paguanta's mineralisation is principally located in the Patricia
Prospect ("Patricia"), a high-grade silver-zinc-lead-gold system which
incorporates the former mining areas and has been the focus of extensive
historical mining, drilling, metallurgical testwork and technical studies.
Patricia hosts a historical JORC (2012) Mineral Resource Estimate of 2.4 million
tonnes grading 5.0% Zn, 1.4% Pb, 88 g/t Ag and 0.3 g/t Au, equivalent to 9.7%
ZnEq or 236 g/t AgEq. The Mineral Resource comprises approximately 1.1Mt in the
Measured and Indicated categories and 1.3Mt in the Inferred category.
The Mineral Resource contains approximately:
- 6.8 million ounces of silver;
- 265 million pounds of zinc; and
- 74 million pounds of lead.
The Mineral Resource remains open at depth and along strike, with historical
geological, geophysical and drilling data identifying several opportunities for
expansion. Historical magnetotelluric geophysics identified strong resistivity
anomalies extending to more than 1 km below the existing Mineral Resource, which
itself extends to approximately 200 m below surface.
Historical drilling also demonstrates the continuation of high-grade
mineralisation beneath the existing resource. One of the deepest holes drilled
at Patricia, PTDD-17-136, terminated with an intercept of 0.8 m grading 1,765
g/t Ag, 12% Zn, 7.5% Pb and 1.7 g/t Au.
Further expansion potential exists to the south towards the Cumbre Prospect,
where drilling in 2017 intersected zinc-silver-lead mineralisation in all seven
diamond drill holes. This programme discovered the previously unidentified Lell
Vein, approximately 100 m south of the existing Patricia Resource. Hole
PTDD-17-131 returned 33.65 m at 2.7% Zn, 0.8% Pb and 32 g/t Ag, including a
deeper interval of 9.8 m at 5.5% Zn, 0.9% Pb and 43 g/t Ag. Approximately 700 m
between the southern limit of historical drilling and Cumbre remains largely
unexplored.
Potential also exists immediately east of Patricia, where limited historical
drilling included 16 m at 209 g/t Ag from 42 m and 10 m at 2.5% Zn from 44 m,
approximately 150 m east of the established deposit.
Historical Development Studies and Metallurgy
Following approximately 40,000 m of diamond and RC drilling, Herencia Resources
plc commissioned Golder Associates to undertake a Definitive Feasibility Study
on Patricia. The historical study contemplated an initial three-year open-pit
operation followed by approximately five to six years of underground mining,
producing separate lead-silver and zinc-silver concentrates.
Subsequent work following a further 6,650 m drilling programme resulted in the
current 2017 Mineral Resource Estimate and consideration of a smaller
underground development scenario incorporating ore-sorting technology.
Historical ore-sorting testwork produced encouraging results, with a
moderate-grade sample upgraded from 7.4% ZnEq to 12.8% ZnEq and a lower-grade
sample upgraded from 2.6% ZnEq to 4.3% ZnEq. The subsequent scoping study was
not completed after the then-owner redirected its focus towards its West African
gold portfolio.
The historical underground workings at Patricia were refurbished in 2018 to
provide access for inspection, mapping and sampling. A 150 kg bulk sample from
the Cathedral Vein collected for metallurgical testwork assayed 19.7% Zn, 7.4%
Pb, 327 g/t Ag and 1.6 g/t Au.
Copper Exploration Potential
In addition to the established silver-zinc-lead-gold mineralisation at Patricia,
Paguanta hosts a series of substantially underexplored copper targets,
principally La Rosa, Doris and Patricia East. Historical exploration has focused
predominantly on Patricia, leaving these wider copper targets comparatively
lightly tested.
La Rosa comprises an approximately 3 km × 1 km hydrothermal alteration footprint
characterised by intense argillic alteration, copper oxides, pyrite and strong
limonite development. Historical interpretation suggests the alteration may
represent leach capping developed above the pyritic shell of a porphyry system.
Approximately 1 km southeast of La Rosa, Doris exhibits copper oxide
mineralisation grading approximately 1-5% Cu at surface. Historical shallow
drilling returned intercepts including 3 m at 1.3% Cu and 160 ppm Ag and 1.7 m
at 2.5% Cu and 50 ppm Ag, with previous operators interpreting Doris as
potentially representing a porphyry-related peripheral copper-silver vein
system.
Patricia East, approximately 1 km east of Patricia, contains a substantial 1 km
× 0.5 km IP chargeability anomaly which remains undrilled and has historically
been interpreted as potentially associated with porphyry copper and/or
epithermal polymetallic mineralisation.
Historical geophysical work across the wider Patricia area also indicates that
only approximately one quarter of the identified IP chargeability anomaly has
been tested by drilling, leaving substantial areas towards Cumbre and Patricia
East untested.
The Company considers the combination of an established high-grade polymetallic
Mineral Resource, extensive historical drilling and development studies,
existing underground access, multiple identified resource extensions and
substantial underexplored copper targets to provide a strong technical
foundation from which Ajax can evaluate the next phase of work at Paguanta.
Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax Resources Plc,
commented:
"We are pleased to have completed the acquisition of Paguanta, an important
milestone in the continued expansion of Ajax's portfolio of natural resources
assets in South America.
Paguanta represents a compelling opportunity for Ajax, combining an established
historical high-grade polymetallic Mineral Resource with approximately US$32
million of previous investment, extensive drilling and technical studies, and
significant additional exploration potential.
The substantial historical investment provides us with an advanced technical
foundation from which to evaluate the next stage of the Project's development,
while the largely unexplored copper targets offer considerable additional
potential.
The completion of this acquisition further strengthens our presence in South
America, establishing Ajax in Chile alongside our existing activities in
Argentina and Brazil.
We look forward to advancing Paguanta and unlocking the value we believe exists
within this important asset for the benefit of our shareholders."
Admission and Total Voting Rights
Application will be made for the 1,046,729 new Ordinary Shares to be admitted to
trading on the Aquis Growth Market ("Admission"), with Admission expected to
become effective on or around 11 November 2026. Arrangements will also be made
for the new Ordinary Shares to be admitted to trading on Euronext Growth Oslo in
accordance with the applicable rules and settlement requirements.
The new Ordinary Shares, once issued and allotted, will be fully paid and will
rank pari passu in all respects with the Company's existing Ordinary Shares.
Following Admission, the Company will have 151,613,927 Ordinary Shares in issue,
each carrying one voting right. The Company does not hold any Ordinary Shares in
treasury. Therefore, the total number of voting rights in the Company will be
151,613,927.
This figure may be used by shareholders as the denominator for the calculations
by which they determine whether they are required to notify their interest in,
or a change to their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules and/or sections 3.10 and 3.11.5(3) of Part II of
the Euronext Growth Oslo Rule Book.
Note on Historical Estimates
The historical Mineral Resource Estimate and other historical technical
information relating to Paguanta were prepared by previous owners and operators
and have not been independently verified or updated by Ajax. The historical
Mineral Resource Estimate should not be regarded as independently established or
verified by the Company.
- ENDS -
For further information:
Ajax Resources Plc
Ippolito Ingo Cattaneo, Chief Executive Officer
Tel: +44 (0) 208 146 6345
info@ajaxresources.com
Allenby Capital Limited (Aquis Corporate Adviser) Nick Harriss / Nick Naylor /
Ashur Joseph
Tel: +44 (0) 203 328 5656
n.harriss@allenbycapital.com
Bowsprit Partners (Euronext Growth Oslo Adviser) John Treacy / Francesco Cicconi
Tel: +44 (0) 203 883 4430
About Ajax Resources Plc
Ajax Resources Plc is a UK natural resources investment company whose ordinary
shares are admitted to trading on the Aquis Growth Market (AQSE: AJAX) and
Euronext Growth Oslo (OSLO: AJAXR). The Company's shares were previously
admitted to the FCA Official List and traded on the Main Market of the London
Stock Exchange while it operated as a special purpose acquisition company
(SPAC). Ajax has since transitioned to its current strategy as an operational
natural resources investment vehicle.
Ajax is focused on identifying, acquiring and advancing assets containing
copper, gold, silver, zinc, uranium and lead, commodities supported by strong
long-term demand fundamentals. The Company's strategy centres on the acquisition
and development of assets with historical production, significant untapped or
latent potential, and substantial exploration upside, typically secured on
highly advantageous terms. Ajax aims to progress these assets through
development and into production, with the objective of generating revenue and
long-term shareholder value.
modities supported by strong\
long-term demand fundamentals. The Company's strategy centres on the acquisition\
and development of assets with historical production\, significant untapped or\
latent potential\, and substantial exploration upside\, typically secured on\
highly advantageous terms. Ajax aims to progress these assets through\
development and into production\, with the objective of generating revenue and\
long-term shareholder value.\