Acquisition of the Paguanta Project, Chile

Ajax Resources PLC

17 August 2026

 

17 August 2026

AJAX RESOURCES PLC

("Ajax" or the "Company")

Acquisition of the Paguanta Project, Chile

Ajax [AQUIS: AJAX], the natural resources investment company, is pleased to announce it has signed a share purchase agreement ("SPA") to acquire a 74.79 interest in the Paguanta Project in Chile ("Paguanta" or the "Acquisition"), which was initially announced on 19 January 2026, from Asara Resources Limited (the "Vendor" or "Asara"), an ASX-listed resources company focused on advancing its flagship Kada Gold Project in Guinea.

The acquisition follows the exclusivity agreement announced by Ajax on 19 January 2026 and adds to the Company's portfolio a former producing silver mine with approximately US$32 million of historical expenditure, an established JORC (2012) Mineral Resource Estimate and significant underexplored copper potential, adjacent to the Loreto Copper Project, which is subject to an option and joint venture agreement with Teck Resources Limited ("Teck"), a leading Canadian resource company and significant copper producer.

The Acquisition remains subject to certain conditions precedent to be satisfied by the Vendor prior to completion ("Completion"). No consideration is payable by Ajax until those conditions have been satisfied. The Company will provide a further update upon Completion.

Consideration

The consideration payable under the Acquisition will be structured as follows:

Initial consideration, payable on Completion:

·      US$50,000 in cash; and

·      US$350,000 in Ajax ordinary shares of 1 pence each ("Ordinary Shares"), issued at a set price of 25 pence per Ordinary Share (a 5.55x multiple over the closing price of the Company's equity securities admitted to the Aquis Stock Exchange Growth Market on 14 August 2026).

Deferred consideration:

·      US$500,000 in cash, payable upon the public announcement by Ajax (or any affiliate therefore) of a JORC Code compliant Ore Reserve Statement defining a Proven and/or Probable Ore Reserve exceeding 25 million metric tonnes at a grade of 5% or greater zinc equivalent; and

·      US$500,000 in cash, payable upon the public announcement by Ajax (or any affiliate thereof) of a JORC Code compliant Ore Reserve Statement defining  a Proven and/or Probable Ore Reserves containing not less than 5 million metric tonnes of copper.

 

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, the deepest historical drill hole 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 established value resides 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.

Community Engagement

Ajax recognises the importance of maintaining constructive and transparent relationships with the communities surrounding Paguanta and intends to engage proactively with local stakeholders as the Acquisition is advanced.

The Company is aware of the historical community considerations associated with Paguanta and intends to approach future activities through early consultation, transparency and continued local engagement. Ajax considers establishing and maintaining a strong social licence to operate to be an important component of the responsible advancement of the Acquisition.

Community engagement and environmental work is also being undertaken in connection with the immediately adjacent Loreto Copper Project. Ajax recognises the importance of constructive engagement across the wider project area and intends to develop its approach to Paguanta in a manner that is respectful of local communities, responsive to stakeholder priorities and appropriate to the local context.

Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax Resources Plc, commented:

"We are delighted to have reached this important milestone in the acquisition of Paguanta. I thank Asara and its management team for their constructive approach throughout the transaction.

We believe Paguanta represents a highly compelling opportunity for Ajax. It is a former producing silver mine in one of the world's leading mining jurisdictions, benefiting from approximately US$32 million of historical investment, approximately 46,700 metres of drilling, an established historical JORC-compliant Mineral Resource and extensive previous technical work. This provides us with a substantial foundation from which to advance the Acquisition.

The global economy is entering a veritable metals 'super-cycle', driven by electrification, infrastructure investment, energy security and increasing constraints on the supply of many critical and industrial metals. Against this backdrop, silver and copper are particularly attractive commodities for Ajax. Silver prices have strengthened materially, while the combination of silver's precious-metal characteristics and growing industrial demand provides a highly supportive environment in which to reassess a historically significant silver project such as Paguanta.

While the established silver-zinc-lead-gold mineralisation at Patricia provides the Project with an advanced starting point, we are equally excited by its exploration potential. The existing Mineral Resource remains open at depth and along strike, with historical drilling and geophysics identifying substantial areas for potential expansion. It is of note that the deepest historical hole at Patricia terminated in very high-grade mineralisation, demonstrating the potential continuation of the system at depth.

The material copper prospectivity is also significant. Historical exploration at Paguanta was predominantly focused on the polymetallic mineralisation at Patricia, while the La Rosa, Doris and Patricia East copper targets remain underexplored. The scale of the alteration systems, historical copper grades at surface and geophysical anomalies provide Ajax with multiple opportunities for further exploration. This potential is relevant given Paguanta's position within the northern extension of Chile's West Fissure and immediately adjacent to the Loreto Copper Project, historically part of the wider Paguanta project area and now optioned to Teck.

Chile has a long-established position as one of the world's leading mining jurisdictions, underpinned by its significant geological endowment, deep mining expertise, established infrastructure and world-class copper mining and processing industry. The acquisition of Paguanta establishes Ajax in Chile, complementing our existing operations in Argentina and Brazil and extending the Company's footprint across three of South America's most important mining jurisdictions.

We also recognise that successfully advancing Paguanta requires more than geological potential. We intend to work closely and constructively with the communities and stakeholders surrounding the Acquisition, with an emphasis on early engagement, transparency and respect for local priorities. Building strong and enduring local relationships will be an important part of our approach as we determine the appropriate next steps for Paguanta.

Ajax is acquiring a former producing mine with an established historical resource and extensive previous investment, significant potential to expand the known polymetallic mineralisation, substantial underexplored copper targets and a strategic position in one of the world's great mining districts. We look forward to completing the Acquisition and commencing the next chapter in the development of Paguanta."

- ENDS -

For further information: 

Ajax Resources Plc Ippolito Ingo Cattaneo, Chief Executive Officer	Tel: + 44 (0) 208 146 6345 [e-mail]
Allenby Capital Limited (Aquis Corporate Adviser) Nick Harriss / Nick Athanas	Tel: + 44 (0) 203 328 5656 [e-mail]

Note on Historical Estimates

All Mineral Resource estimates, exploration results, drilling results, metallurgical results, feasibility studies, historical expenditure and other geological or technical information relating to Paguanta referred to in this announcement have been derived from information prepared or reported by previous owners and operators of the Project and have not been independently verified by Ajax.

The Mineral Resource Estimate for the Patricia Prospect was prepared by Mining One Consultants in May 2017 in accordance with the 2012 Edition of the JORC Code and reported 2.4 million tonnes grading 5.0% Zn, 1.4% Pb, 88 g/t Ag and 0.3 g/t Au, at a 6% ZnEq cut-off.

Ajax has not independently verified or updated the Mineral Resource Estimate and has not yet undertaken sufficient work to independently confirm the estimate. Accordingly, Ajax refers to the Mineral Resource Estimate in this announcement as a historical Mineral Resource Estimate, and it should not be regarded as a Mineral Resource Estimate independently established or verified by Ajax.

All other historical exploration results, drilling results, metallurgical results, feasibility studies and related quantitative technical information referred to in this announcement should similarly be considered in the context in which they were prepared by previous owners and operators and have not been independently verified by Ajax.

Any statements regarding the potential exploration, expansion or future development of Paguanta are subject to further technical studies, independent verification, regulatory approvals, permitting, financing and other relevant risks and uncertainties.

 

END