New conditional acquisition of Paguanta Project

Ajax Resources PLC

19 January 2026

 

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

19 January 2026

AJAX RESOURCES PLC

("Ajax" or the "Company")

New conditional acquisition of the Paguanta Project

Ajax [AQSE: AJAX], the natural resources investment company, is pleased to announce that it has entered into newly negotiated terms for the conditional acquisition of the Paguanta Project in Chile ("Paguanta" or the"Acquisition"), which supersedes and replaces in full the previously announced proposed acquisition terms dated 28 August 2025 and 19 November 2025.

Paguanta is located in the northern extension of the West Fissure in Chile, the world's largest concentration of major porphyry Cu-Mo deposits, specifically in the Tarapacá Region, and is currently majority-owned by Asara Resources Ltd (the "Vendor"), an ASX-listed company.

This Acquisition will be implemented pursuant to a new sale and purchase agreement, reflecting the completion of due diligence, further negotiations with the Vendor, and a fundamental change to the underlying mineral tenure. The Company confirms that the previously announced proposed transactions have been terminated.

Consideration

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

Initial consideration:

·      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.

·      The Vendor will not retain a net smelter royalty (as included in the previous proposed transaction) and will instead receive the enhanced equity participation in Ajax described above.

Deferred consideration (unchanged on the previous proposed transaction):

·      US$500,000 in cash, payable upon the definition of a proved reserve exceeding 25 million tonnes at ≥5% zinc equivalent; and/or

·      US$500,000 in cash, payable upon the definition of a proved reserve exceeding 5 million tonnes of copper.

 

 

About Paguanta

Paguanta is a former silver mine and an advanced-stage exploration project with silver-dominant polymetallic mineralisation. The Acquisition hosts significant zinc and lead mineralisation, with additional copper prospectivity that has, to date, seen little systematic investigation.

An adjacent project, the Loreto Copper Project, is 100% owned by the Vendor and is subject to a recent option and joint venture agreement with Teck, under which Teck can earn a 75% interest through USD 0.6 million in cash payments and by spending US$17 million on exploration.

Paguanta currently comprises 14 granted exploration concessions, which have replaced the previously notified exploitation concessions covering the same areas, and together cover approximately 7,800 hectares.

Historically, Paguanta was recognised as a commercial silver producer, and silver remains a cornerstone of the Acquisition's underlying value; the presence of historical mining operations, together with a defined JORC-compliant Mineral Resource and established access and infrastructure, positions Paguanta as a near-term development opportunity with the potential, subject to further technical studies, targeted infrastructure investment, and permitting, to recommence production.

Following Completion, and once a decision is taken to advance Paguanta towards production, the Company notes that it would be possible to apply for exploitation concessions in substitution for the existing exploration concessions in accordance with Chilean mining law, with any such applications pursued in full cooperation with local communities and following completion of the relevant environmental permitting processes and approvals from the competent local authorities.

Approximately 40,000 m of diamond and reverse circulation (RC) drilling was completed by Herencia Resources plc, followed by an additional 6,650 m of diamond and RC drilling completed during 2016-2017 by the Vendor, bringing total historical drilling across the Acquisition to 46,700 m.

Paguanta is located approximately 35 km from BHP's Cerro Colorado (reserves of 115 Mt @ 0.62% Cu) and 135 km from the Collahuasi district, which includes the Glencore-Anglo American joint venture Collahuasi (3,220 Mt @ 0.93% Cu) and Teck's Quebrada Blanca (1,275 Mt @ 0.51% Cu).

Historical expenditure by past operators totals approximately US$31.5 million, and the Acquisition includes a purpose-built exploration camp on site. 

As a result of the change in concession status, the Acquisition will proceed under a new sale and purchase agreement, rather than any amendment or revision to prior arrangements.

Summary of the Acquisition Terms

Following the completion of Ajax's due diligence process and further negotiations with the Vendor, the principal terms of the Acquisition are as follows:

·      Completion is expected to take place no later than 5 March 2026, subject to the successful negotiation and execution of a final sale and purchase agreement ("Completion").

·      Ajax will acquire 100% of the issued share capital of Paguanta Resources (Chile) SpA, which in turn owns 74.79% of the issued share capital of Compania Minera Paguanta SA, the owner of the Paguanta Project.

·      Both companies are incorporated in Chile.

·      On Completion, both companies will be free of outstanding debt, other than any liabilities novated to Ajax by the Vendor.

·      The Acquisition will include the novation to Ajax of all amounts owed by either company to the Vendor.

Mineral Resource Overview

The core of Paguanta's value resides in the Patricia Prospect, which incorporates the former mining areas and has been the focus of extensive historical mining and modern exploration activity.

The prospect hosts a JORC-compliant Mineral Resource of:

·      6.8 million ounces (Moz) of silver, representing the dominant component of the resource;

·      265 million pounds (Mlb) of zinc; and

·      74 Mlb of lead.

The silver-rich mineralisation remains open at depth and along strike, supporting the potential for further resource expansion. The presence of an existing resource base, historical mine workings and prior production history underpins the Company's view that Paguanta has the characteristics of a near-producer silver asset, subject to further technical studies, financing and permitting.

The deepest drill hole at the Patricia Prospect terminated in high-grade mineralisation of 1,765 g/t Ag, 12% Zn, 7.5% Pb and 1.7 g/t Au. The Acquisition hosts underexplored copper-porphyry targets, characterised by a 3 km × 1 km zone of intense argillic alteration, copper oxides, pyrite and strong limonite development. Surface sampling across Paguanta has returned encouraging copper oxide mineralisation ranging from 1-5% Cu, with shallow drilling intercepts including 3 m @ 1.3% Cu and 160 ppm Ag, and 1.7 m @ 2.5% Cu + 50 ppm Ag.

The Vendor currently operates Paguanta on a care and maintenance basis, reflecting its strategic focus on its West African assets.

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

"We are pleased to have negotiated new acquisition terms, which fully replace all previously announced conditional proposals relating to Paguanta.

Paguanta is a former silver mine with a substantial, silver-dominant polymetallic JORC-compliant resource of 6.8 million ounces of silver, which at prevailing silver prices equates to a gross in-situ metal value of approximately US$630 million, before consideration of recoveries, operating costs, capital expenditure and other factors. Silver represents the principal economic driver of the project and underpins its status as a near-term development opportunity.

In addition to silver, Paguanta hosts 265 million pounds of zinc and 74 million pounds of lead, providing further polymetallic exposure alongside the core silver resource. Beyond the defined resource base, Paguanta also demonstrates significant copper prospectivity, supported by regional geology and the presence of major copper projects in close proximity, including the Loreto Project operated by Teck.

Chile is recognised as one of the leading mining jurisdictions, with a long history of responsible mineral development, clear regulatory frameworks and established infrastructure.

The valuation at which the equity consideration has been agreed with Asara reflects the value trajectory of Ajax while aligning the interests of both parties. 

The decision to advance the Acquisition towards production will involve the transition to exploitation concessions and would be undertaken in full cooperation with local communities and in compliance with Chile's environmental permitting requirements."

- ENDS -

For further information: 

Ajax Resources Plc Ippolito 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]

Note on Historical Estimates

All mineral resource estimates, geological data, and related quantitative information referenced herein are historical in nature, have been provided by the vendor, and are included for illustrative purposes only. Such information has not been independently verified by the Company and should not be relied upon as a representation of current Mineral Resources, Mineral Reserves, or future economic outcomes. Much of the historical work was prepared in accordance with the JORC Code (or JORC-compliant standards); however, this work was not conducted by, nor under the supervision of, the Company, and the Company has not undertaken sufficient work to verify the results. Any forward-looking statements regarding potential development are subject to further technical studies, regulatory approvals, permitting, financing, and other relevant risks and uncertainties.

 

END