Execution of Option-to-Purchase Agreement, Macacha

Ajax Resources PLC

02 March 2026

 

2 March 2026

AJAX RESOURCES PLC

("Ajax" or the "Company")

Execution of Option-to-Purchase Agreement, Macacha Project

Ajax [AQSE: AJAX], the natural resources investment company, is pleased to announce that its newly incorporated Argentine subsidiary in the Province of Salta, Ajax Salta S.A. ("Ajax Salta") has formally entered into a definitive Option-to-Purchase Agreement for 100% of the Macacha Project, previously known as the Leon Project (the "Macacha" or the "Project"), an advanced copper and silver project located in north-western Argentina (the "Option" or the "Acquisition"), as first announced on 10 December 2025, pursuant to an agreement with an established local mining company (the "Vendor").

The Company has elected to rename the Leon Project as the Macacha Project, in honour of Macacha Güemes, an Argentine heroine from the Province of Salta who played a key role in the Argentine War of Independence.

Acquisition Highlights

·      A historical resource estimate for the Project was undertaken by Paramount Ventures & Finance, based on the results of its 1997 exploration and drilling programme, which included 3,143.87 metres of core drilling. Paramount reported an estimated 44.7 million tonnes at 0.8% Cu and 21.8 g/t Ag.

·      Approximately 17,000 metres of additional diamond drilling was completed at the Project, supporting a JORC (2004) Mineral Resource Estimate prepared by ACA Howe International Ltd. The estimate reports 6.6 million tonnes of Indicated and Inferred resources at 0.62% copper and 18 g/t silver, relating solely to the near-surface copper oxide horizon. This equates to approximately 40,900 tonnes of contained copper and 3.8 million ounces of silver, representing an in-situ gross metal value of approximately US$900 million at prevailing market prices, prior to recoveries, costs or further development.

·      The deeper copper sulphide mineralisation has not been tested by previous operators and is not included in the current estimate, representing potentially highly significant exploration upside.

·      The Company notes that the Mineral Resource Estimate was prepared in accordance with the JORC Code (2004) and is therefore historical in nature. While Ajax considers the estimate to be relevant, it has not yet completed sufficient work to classify the resource under the current JORC Code (2012), and accordingly the estimate should not be regarded as a current Mineral Resource.

·      The Company intends to undertake further drilling during the Option period with the objective of expanding the overall resource base, including systematic testing of the unexplored sulphide horizon, and to publish an updated Mineral Resource Estimate in compliance with the JORC Code (2012).

·      Macacha was formerly owned and advanced by AIM-quoted Alexander Mining plc, which incurred historical expenditures of approximately US$25 million between 2005 and 2010 in the Project.

·      The earliest known activity in Macacha dates to the Jesuits in the 17^th century.

·      Macacha is a sediment-hosted copper and silver project comprising of two deposits: El Plomo and El Cobre.

·      The Project is in the Province of Salta, approximately 55 km south-east of the city of Salta, within one of Argentina's most established mining regions.

·      Access to Macacha is favourable, with paved national highways situated approximately 18 km from the Project and good-quality gravel roads covering the remaining distance.

·      Water for the Project is available from the nearby Juramento River, and the region benefits from extensive availability of drilling contractors and exploration and mining service providers.

·      In 2006, Alexander Mining completed trial mining and associated processing activities at Macacha, successfully demonstrating the Project's suitability for open-pit extraction and heap-leach recovery, with small-scale electrowinning conducted onsite, successfully producing copper cathode.

·      Extensive metallurgical testwork was completed by Alexander Mining plc.

·      Existing onsite infrastructure includes a camp facility and core storage (core shack).

·      Macacha represents a low-cost production opportunity, with significant potential to expand the copper and silver resource base through drilling of the untested deeper sulphide horizon and drilling to materially increase the grade and tonnage of the existing oxide resource.

Key Terms of the Acquisition

Ajax Salta has executed an Option-to-Purchase Agreement for the Macacha Project, including all associated surface rights.

The Company retains the right to terminate the Option at any time during the term without further financial obligation, other than amounts already paid.

Consideration Structure

The Company will allot and issue ordinary shares of 1 pence each in the capital of the Company (the "Macacha Option Shares") to the Vendor in satisfaction of a US$100,000 consideration amount.

The number of Macacha Option Shares will be determined by reference to the 10-day Volume Weighted Average Price (VWAP) of the Company's ordinary shares and the applicable GBP:USD exchange rate as at close of business on the relevant calculation date.

The Company will announce the final number of Macacha Option Shares once the calculation has been completed and the shares have been allotted and issued. The Macacha Option Shares will be issued fully paid.

Upon exercise of the Option, Ajax will pay US$3,000,000 in cash (the "Purchase Price") to acquire 100% of Macacha and its associated surface land interests. The Purchase Price is payable at any time from 36 months following approval of the Environmental Impact Assessment ("EIA").

The Option may be extended by an additional 12 months following the initial 36-month period by paying:

A.    US$1,000,000, which reduces the Purchase Price;

B.     US$2,000,000 payable at 48 months from EIA approval, accruing 5% interest per annum from the date the Option is extended.

The Purchase Price is payable only upon exercise of the Option and shall remain US$3,000,000, subject solely to the accrual of interest in the event that the Option extension is exercised.

Other Key Terms:

·      The definitive agreement will run for 36 months from EIA approval, with an option for a one-year extension.

·      If EIA approval is not secured within 12 months due to errors or omissions attributable to Ajax Salta, the Vendor may terminate the agreement without compensation.

·      The Company is required to commit a minimum of US$1,000,000 towards exploration and associated studies during the initial 36-month term, or within 48 months should the Option extension be exercised, including a minimum expenditure of US$500,000 within the first 18 months.

Royalty (NSR)

·      A 0.5% 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$450,000, less any NSR payments already made.

Environmental and Exploration Programme

Ajax Salta has engaged Aminco S.R.L., a provider of integrated technical and support services to the mining sector based in the Province of Salta, to prepare and submit a new Environmental Impact Assessment ("EIA") in support of the next phase of exploration activities at the Project.

The proposed exploration programme is expected to include up to 5,000 metres of drilling, designed to both expand the existing near-surface oxide resource and to test the deeper, previously untested copper sulphide horizon.

The Company expects the updated EIA to be submitted to the provincial mining authorities during April 2026.

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

"We are pleased to have completed the Option-to-Purchase Agreement for the Macacha Project, securing a highly attractive copper and silver opportunity in the Province of Salta, Argentina.

The Project has been renamed Macacha in honour of Macacha Güemes, a revered heroine of Salta who played a significant role in Argentina's War of Independence. The name reflects the Project's deep historical roots in the Province of Salta and our commitment to establishing a long-term, positive presence in a region we regard as one of Argentina's most favourable jurisdictions for responsible mining activities.

Macacha has not been the subject of exploration activities for a considerable period, and we believe there is substantial untested geological prospectivity across the Project. Previous operators focused exclusively on near-surface oxide mineralisation. The historical JORC (2004) Mineral Resource Estimate outlines 6.6 million tonnes at 0.62% copper and 18 g/t silver, containing approximately 40,900 tonnes of copper and 3.8 million ounces of silver. At prevailing market prices, the existing resource equates to an in-situ gross metal value of approximately US$900 million, prior to recoveries, costs or further development. The deeper copper sulphide horizon has not been systematically drill tested and represents a compelling exploration target with potential for significant resource expansion.

Based on the scale of mineralisation identified to date and the significant untested sulphide potential at depth, we believe there is scope through systematic exploration to materially expand the existing resource. While any increase will be subject to drilling results and technical evaluation, our internal exploration objective is to seek to increase the current resource inventory by up to five times.

During the Option period, we intend to advance exploration activities with the objective of materially increasing the resource base, including systematic drilling of the unexplored sulphide system, and to publish an updated Mineral Resource Estimate in compliance with the JORC Code (2012).

Our goal is to progress Macacha toward production at the earliest opportunity in line with the Project's technical and geological development, utilising efficient and environmentally responsible processing technologies.

We look forward to successfully progressing Macacha in close cooperation with the provincial mining authorities and surrounding communities, with whom we are committed to building constructive, long-term partnerships."

- ENDS -

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]

Forward-Looking Statements

This announcement contains forward-looking statements that are based on current expectations and assumptions of the Directors. Such statements are subject to a number of risks and uncertainties, including exploration, regulatory, permitting, financing, commodity price and operational risks, which may cause actual results to differ materially from those expressed or implied. There can be no assurance that the Option will be exercised, that further exploration will result in an increase in resources, or that the Project will be advanced to development or production.

The Mineral Resource Estimate referred to in this announcement was prepared in accordance with the JORC Code (2004) and is considered historical in nature. The Company has not yet completed sufficient work to verify or reclassify the estimate in accordance with the JORC Code (2012) and accordingly it should not be relied upon as a current Mineral Resource.

Any reference to in-situ metal value is provided for illustrative purposes only and does not represent recoverable value. In-situ valuations do not take into account mining dilution, metallurgical recovery, capital or operating costs, royalties, taxes or other factors necessary to determine economic viability.

 

END