Exchange of Eureka for Rachaite and El Salto

Ajax Resources PLC

28 July 2026

 

28 July 2026

AJAX RESOURCES PLC

("Ajax" or the "Company") 

Exchange of Eureka for Rachaite and El Salto

Ajax [AQSE: AJAX], the natural resources investment company, is pleased to announce that its wholly owned Argentine subsidiary, Ajax Salta S.A. ("Ajax Salta") has entered into a binding preliminary agreement with Madero Minerals S.A. ("MMSA") in relation to the proposed exchange of the Company's Puna Metals S.A. ("Puna") portfolio, including the Eureka Project and the recently expanded La Escondida 1 and La Escondida 2 exploration licences, for the Rachaite Prospect in the Province of Jujuy and the El Salto Project in the Province of Salta, Argentina (the "Proposed Transaction"). The Proposed Transaction, should it proceed, would replace the conditional acquisition previously announced on 22 December 2025 regarding the Rachaite Prospect.

The parties intend to enter into definitive documentation pursuant to which Ajax Salta would acquire the Rachaite Prospect and El Salto. Under the transaction structure currently contemplated by the binding preliminary agreement, MMSA would acquire all the shares in Puna. Although the parties are evaluating whether an alternative structure involving the direct transfer of the underlying mining rights would be preferable, the final transaction structure will be determined following completion of due diligence and reflected in the definitive agreement.

The Proposed Transaction reflects the Board's strategy of concentrating exploration expenditure on larger, district-scale opportunities capable of supporting meaningful mineral resource growth. The acquisition of El Salto, which immediately adjoins the Company's flagship Macacha Copper-Silver Project, together with the consolidation of the Rachaite Prospect, would significantly expand Ajax's strategic land position in one of Argentina's most prospective copper-silver districts, creating a larger and strategically coherent district-scale exploration portfolio. Further, the Proposed Transaction provides an alternative route to complete the previously announced acquisition of the highly prospective Rachaite polymetallic project, without any cash consideration.

Highlights

·      Binding preliminary agreement executed with MMSA in respect of the proposed acquisition of the Rachaite/Chocaya and El Salto mining projects.

·      90-day mutual due diligence period covering technical, legal, environmental, corporate, financial and commercial matters.

·      120-day binding exclusivity period, extendable by mutual agreement.

·      El Salto is located immediately adjacent to Ajax's flagship Macacha Copper-Silver Project and would materially strengthen the Company's strategic land position, providing the opportunity to evaluate the broader geological potential of the district.

·      Rachaite/Chocaya comprises the Rachaite Prospect and the Mina Chocaya exploration licence in Jujuy Province and has previously been announced by the Company as a highly prospective polymetallic exploration project.

·      The Company is evaluating the optimal transaction structure, including whether the consideration will entail the transfer of the shares of Puna or, alternatively, the transfer of the underlying mining rights comprising the Puna portfolio, with the final structure to be determined during the due diligence process and reflected in the definitive transaction documentation.

·      The Proposed Transaction would provide an alternative mechanism to complete the previously announced acquisition of Rachaite while simultaneously acquiring El Salto.

·      The Proposed Transaction involves no immediate cash consideration, allowing the parties to complete a reciprocal exchange of mining assets while preserving the Company's capital for exploration, resource definition and project advancement.

·      Completion of the Proposed Transaction remains subject to the satisfactory completion of due diligence, execution of definitive documentation and satisfaction of customary closing conditions.

Background

The principal strategic benefit of the Proposed Transaction is the potential combination of Macacha and El Salto. Macacha is Ajax's flagship Argentine copper-silver project and benefits from substantial historical exploration and technical work. The acquisition of the adjoining El Salto Project would expand the Company's contiguous exploration position and allow future geological, geophysical and drilling programmes to be planned across a broader area. This provides an opportunity to test whether favourable geological structures, stratigraphic horizons and mineralised systems recognised at Macacha extend into the adjoining ground. Any such continuity remains to be demonstrated through future exploration.

El Salto previously formed part of the exploration portfolio of Alexander Mining plc, which undertook geological mapping, surface sampling and technical evaluation across the project. Historical technical reports prepared during that period identified surface copper-silver mineralisation hosted within the Yacoraite Formation, including reported rock-chip assay results of up to 3.53% Cu and 33.2 g/t Ag. The reports also identified the Yacoraite-Lecho Formation contact as a priority exploration target and outlined an initial 750-metre diamond drilling programme. These historical results have not been independently verified by Ajax and will be evaluated as part of the Company's technical due diligence.

On 22 December 2025, the Company announced that it had entered into a conditional option agreement to acquire the Rachaite Prospect, comprising the Mina Chocaya exploration licence in Jujuy Province. The original transaction contemplated the issue of US$20,000 of ordinary shares for the option, followed by US$380,000 in cash upon exercise, a minimum exploration commitment of US$200,000 and a 1% Net Smelter Return royalty, which could be repurchased for US$250,000, representing an aggregate potential financial commitment of up to US$850,000. The Proposed Transaction provides an alternative mechanism to acquire Rachaite while simultaneously acquiring El Salto, without any cash consideration.

The Proposed Transaction offers an alternative route to complete the acquisition of Rachaite while simultaneously acquiring El Salto through the exchange of the Puna portfolio for the Rachaite Prospect and El Salto rather than immediate cash consideration. Subject to completion and future financing requirements, the Board believes this structure may allow a greater proportion of available capital to be directed toward drilling, geophysics, geological modelling, resource definition, metallurgy, permitting and other value-generating technical programmes.

The proposed exchange also reflects the value Ajax has created at Eureka. Since acquiring the project, Ajax has secured the environmental approvals required to commence exploration, become the first company in the project's history to undertake a drill the project following more than 400 years of historic artisanal mining activity, expanded the licence package through the acquisition of the La Escondida licences and commenced the permitting process for a proposed alluvial gold operation. The Board believes these milestones have materially advanced Eureka and created the opportunity to redeploy that value into projects offering greater potential scale and stronger near-term production potential.

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

"Since acquiring the Eureka Project and the adjoining La Escondida licences for aggregate consideration of US$250,000, Ajax has secured the environmental approvals required to commence exploration, become the first company in the project's history to drill the property following more than 400 years of historic mining activity, expanded the licence package through the acquisition of the La Escondida 1 and La Escondida 2 exploration licences and commenced the permitting process for a proposed alluvial gold operation. These achievements have materially advanced Eureka and created the opportunity to consider how the value generated by the project can best be redeployed across the Company's wider portfolio.

The Proposed Transaction would complete our previously announced acquisition of the Rachaite Prospect while expanding our flagship Macacha Copper-Silver Project through the acquisition of the immediately adjoining El Salto Project. We believe this would create a larger and more strategically coherent exploration position in north-west Argentina, providing the opportunity to evaluate the broader geological potential of the Macacha district.

The Proposed Transaction involves no immediate cash consideration, preserving the Company's capital for exploration and project advancement. Our objective is to concentrate exploration expenditure on larger, district-scale opportunities that are more advanced and have greater near-term production potential. We look forward to working with Madero Minerals to complete our due diligence and negotiate the definitive transaction documentation."

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] [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.

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No. 596/2014 on market abuse, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR"). Upon publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

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