Conditional Acquisition of the Rachaite Prospect

Ajax Resources PLC

22 December 2025

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

22 December 2025

AJAX RESOURCES PLC

("Ajax" or the "Company") 

Conditional Acquisition of the Rachaite Prospect

Ajax [AQSE: AJAX], the natural resources investment company, is pleased to announce that its fully owned Argentine subsidiary, Puna Metals S.A. ("Puna") has signed a conditional Option-to-Purchase Agreement for 100% of the Rachaite Prospect ("Rachaite" or the "Prospect" ), a potentially large polymetallic silver, lead, zinc and copper/gold opportunity in north-western Argentina (the "Proposed Acquisition") with an established local mining company (the "Vendor").

Proposed Acquisition Highlights

·      Rachaite is comprised of a single exploration licence, named Mina Chocaya, covering approximately 200 hectares.

·      Rachaite was previously part of a larger prospect consisting of two additional contiguous exploration licences and was formerly owned and advanced by AIM-quoted Alexander Mining plc.

·      During 2005-2006, Alexander Mining Plc completed a diamond drilling programme in Mina Chocaya comprising a total of six diamond drill holes, each to an average depth of approximately 250 metres, which were drilled into the exposed altered andesitic body. The drilling programme confirmed the presence of anomalous silver, lead and zinc mineralisation, with assay results returning values of up to 15.3 g/t silver, 1.66% zinc and 0.46% lead. In the southern portion of the altered body, one drill hole intersected a zone grading 2.4 metres at 0.39 g/t gold at a depth of approximately 40 metres below surface.

·      The Prospect is a historical polymetallic exploration prospect located in the Province of Jujuy, north-west Argentina, within the high-altitude Puna region, in the vicinity of Abra Pampa. The area forms part of a recognised lead-zinc-silver (Pb-Zn-Ag) metallogenic belt that hosts a number of historically explored polymetallic occurrences.

·      The Prospect is located approximately 290 km north-west of San Salvador de Jujuy, the capital of the Province of Jujuy.

·      Access to Rachaite is favourable, with paved national highways and good-quality gravel roads.

·      Rachaite may represent an opportunity to identify a potentially large porphyry target situated in a favourable structural environment. 

·      A historical mineral estimate prepared in 1985 by SEGEMAR (Servicio Geológico Minero Argentino) describes approximately 5 million tonnes of mineralised material, which was classified at the time as a potential reserve. This estimate is historical in nature, provisional, not associated with any recorded production, and predates the adoption of modern mineral reporting standards. It has not been verified by a Competent Person and should not be relied upon as a current mineral resource or reserve.

The reported average grades are 0.7% lead (Pb), 1.5% zinc (Zn) and 200 ppm silver (Ag). On this basis, the mineralisation was estimated to contain approximately 35,000 tonnes of lead, 75,000 tonnes of zinc and approximately 32 million ounces of silver.

Using indicative long-term commodity prices of approximately US$1,900 per tonne of lead, US$3,000 per tonne of zinc, and US$65 per ounce of silver, the contained in-situ metal value is estimated, on a gross and highly conceptual basis only, to be in excess of US$2.3 billion. This figure is presented for contextual purposes only and does not represent an economic valuation. No consideration has been given to mining methods, metallurgical recovery, capital or operating costs, royalties, permitting, environmental or social factors, or other modifying factors.

There is no certainty that the historical estimate can be verified or upgraded to a mineral resource or reserve under current reporting standards, and further exploration and technical work would be required before any conclusions regarding potential economic viability could be drawn.

Key Terms of the Proposed Acquisition

Puna has executed a binding term sheet relating to an Option to Purchase Agreement for the Rachaite (the "Option").

Consideration Structure:

·      US$20,000 payable in in Ajax ordinary shares of 1 pence each calculated at the 10-day Volume Weighted Average Price (VWAP) prior to signing of the definitive agreement as consideration for the Option.

·      US$380,000 payable in cash (the "Purchase Price") to exercise the Option to acquire 100% of Rachaite payable at any time starting from 36 months after approval of the Exploration Environmental Impact Assessment ("EIA").

The Purchase Price is only payable if the Option is exercised.

Other Key Terms:

·      The definitive agreement will run for 36 months from EIA approval.

·      The Company must invest a minimum of US$200,000 in exploration and related studies within the 36-month term.

Royalty (NSR):

·      A 1% Net Smelter Return (NSR) royalty will be granted to the Vendor if the Option is exercised and production commences.

·      The NSR may be extinguished at any time for US$250,000, less any NSR payments already made.

Due Diligence & Exclusivity:

·  The Proposed Acquisition is subject to a 90-day technical, legal, commercial and environmental due-diligence period and exclusivity.

·    During this period, Puna may withdraw at its sole discretion without any payment obligation.

·  Upon satisfactory completion of due diligence, a definitive exploration and option agreement will be executed between Puna and the Vendor.

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

"We are pleased to have agreed terms which secure access to a highly prospective exploration opportunity in Jujuy Province, a jurisdiction where we are already well established through our Eureka Project.

It is to be underlined that the agreement includes an initial 90-day due diligence period, during which no payments are required, allowing the Company to complete technical, legal, environmental and community reviews of Rachaite before making any further commitment.

Rachaite represents a historical polymetallic exploration prospect located within a recognised lead-zinc-silver metallogenic belt and benefits from favourable access and infrastructure. While it remains at an early stage of development and any historical estimates predate modern reporting standards, the scale of the previously reported mineralisation and the broader geological setting suggest potential that we believe warrants further systematic exploration.

The Prospect was formerly owned and advanced by AIM-listed Alexander Mining plc, and we view this acquisition as a complementary addition to our existing portfolio in north-west Argentina. Our focus will be on advancing exploration using a staged exploration approach to better understand and confirm the scale of the Prospect's potentially significant geological potential."

For further information: 

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

About Ajax Resources Plc

Ajax Resources Plc is a UK natural resources investment company listed on the Aquis Stock Exchange (AQSE: AJAX). The Company was previously listed on the FCA Official List of the Main Market of the London Stock Exchange as a Special Purpose Acquisition Company (SPAC) before transitioning 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.

 

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