Tungsten and Antimony Project in Sardinia, Italy

Ajax Resources PLC

27 April 2026

 

27 April 2026

AJAX RESOURCES PLC

("Ajax" or the "Company")

Tungsten and Antimony Project in Sardinia, Italy

Ajax [AQUIS: AJAX], the natural resources investment company, is pleased to announce that it has entered into a Letter of Intent ("LOI") incorporating a binding option (the "Option") with an Italian company founded by highly experienced geological and mining consultants  named Minerva Metals S.r.l. ("Minerva"), setting out the principal terms for a potential future acquisition by Ajax of 100% of the issued share capital of Minerva.

The granting of the Option is subject to unanimous approval of Minerva's shareholders, and the exercise will be subject to the completion of technical, legal and financial due diligence to the satisfaction of Ajax and approvals and granting of the explorations licence by the applicable local authorities, details of which are set out below.

Project Overview

The Sèbera Exploration Licence is an "Autorizzazione di Indagine", a form of mineral title under Italian law that secures mineral rights and permits a range of exploration activities, excluding drilling.

The licence area extends over approximately 50 km² within the Gerrei district in southeastern Sardinia, a region with a long-established mining history and strong geological prospectivity and includes the historic Su Suergiu mine and associated tailings facilities.

The primary target commodities are:

•      Antimony (Sb) - classified as a critical raw material by the European Union ("EU").

•      Tungsten (W) - classified as both critical and strategic by the EU.

•      Gold (Au) - present as an associated metal within Sb-W mineralisation systems.

These commodities are known to occur together in polymetallic systems characteristic of the region, supporting a targeted exploration approach focused on identifying and delineating polymetallic antimony-tungsten systems with associated gold mineralisation.

The presence of historic underground mining operations and tailings within the licence area provides an additional opportunity for the potential recovery of critical raw materials from previously mined material, (believed to include baryte, fluorite and galena) alongside the primary exploration targets.

Upon issuance of the "Autorizzazione di Indagine", the Company intends to initiate a programme of preliminary exploration and evaluation, including geological mapping, surface sampling and the assessment of the Su Suergiu tailings to quantify their scale, grade and economic potential. This work is expected to support an assessment of commercial viability and inform future processing and mining methodologies, while also underpinning an application for an Exploration Licence (Permesso di Ricerca) to enable more advanced exploration activities, including drilling.

Work undertaken during the initial phase will support the development of a geological model and the identification of priority targets, forming the basis for a subsequent drilling programme. Upon the granting of the Exploration Licence and completion of drilling activities, the Company will progress work to define a JORC-compliant Mineral Resource in accordance with the JORC Code.

The project's strength lies in the high-grade nature of the mineralization, which supports the potential for underground extraction by utilizing, and possibly expanding, the existing historical underground infrastructure. This approach significantly reduces environmental and landscape impacts, while also creating an opportunity to address legacy issues through the remediation of historic mining waste sites.

The project intends to apply for designation as a "CRM Strategic Project" under Regulation (EU) 2024/1252 (Critical Raw Materials Act). This designation is expected to provide:

·      Priority in permitting and authorisation processes

·      Administrative simplification and accelerated timelines

·      Facilitated access to European funding mechanisms

·      Strategic recognition aligned with Europe's industrial resilience objectives

Upon completion of the exploration phase and subject to successful results and resource delineation, the Company will subsequently proceed with an application for a Mining Concession (Concessione Mineraria) to support the potential development and extraction of mineral resources within the licence area.

Key Terms of the Option

Under the terms agreed between the parties:

·      Ajax has been granted an exclusive and irrevocable option to acquire 100% of Minerva, subject to the prior approval of all shareholders of Minerva acting unanimously.

·      The Option is exercisable at Ajax's sole discretion, subject to satisfactory completion of due diligence.

·      The agreed consideration for the acquisition is €30,000, representing full value for the entire issued share capital of Minerva.

·      Minerva has undertaken to provide full and timely access to all information, documentation, data and personnel required for due diligence.

·      Upon exercise of the Option, Minerva and its shareholders are irrevocably committed to complete all necessary steps to transfer ownership to Ajax.

·      Minerva is subject to exclusivity obligations, preventing engagement with third parties on competing transactions for the duration of the Exploration Licence.

·      The Option remains valid and exercisable for the full duration of the Autorizzazione di Indagine.

·      In connection with the Exploration Licence application, Ajax will assume responsibility for the associated financial commitments, reflecting the preliminary stage of the project and the corresponding nominal consideration for the Option.

Geological Context

Sardinia has historically been Italy's most important mining region, shaped by a complex geological evolution of the Sardinia-Corsica microplate. Multiple metallogenic phases-particularly during the Cambrian, Carboniferous and late Cenozoic-have resulted in the formation of diverse mineral deposits, including antimony, tungsten and gold systems in the Gerrei district.

Recovery Opportunity, Su Suergiu Tailings

The recovery of critical raw materials from the historic Su Suergiu mine tailings represents both an industrial and environmental opportunity, supported by strong EU policy and funding frameworks.

Europe's disused mine landfills are increasingly recognised as strategic assets capable of supporting sustainable growth and domestic supply of critical materials.

Strong EU Funding Support

The project is well aligned with significant European Union funding initiatives supporting the development of critical raw materials supply chains and circular economy solutions, including:

• Innovation Fund (2026): €700 million allocated to clean technologies and critical raw materials supply chains.
• Horizon Europe (2026-2027): €593 million dedicated to circular economy initiatives and CRM recovery innovation.
• RESourceEU Plan: €3 billion mobilised to support domestic production of critical raw materials, including landfill mining.

Supportive Regulatory Framework

The project benefits from a favourable and evolving European regulatory environment designed to accelerate the development of critical raw materials projects, including:

•      Critical Raw Materials Act (CRMA): Supports CRM recovery, national exploration programmes and streamlined permitting processes.

•      Circular Economy Action Plan: Promotes the recovery of critical raw materials from mining waste and encourages innovation in resource efficiency.

•      RESourceEU framework: Facilitates project development through enhanced permitting procedures and accelerated approval timelines.

Strategic Rationale

The Option reflects Ajax's strategy to secure exposure to near-term production opportunities of critical and strategic metals in Europe.

Antimony and tungsten are essential to modern industrial and defence applications, while gold provides additional value as both a financial hedge and technology metal.

Italy offers a favourable investment climate within the European Union, supported by strong infrastructure, regulatory clarity and increasing policy support for domestic resource development.

If Ajax exercises the Option, the Company currently intends to spin-out Minerva Metals into a publicly traded vehicle, focused on advancing near-term production opportunities in European natural resources, with a particular emphasis on critical raw materials.

Next Steps

Ajax will now undertake detailed due diligence and technical evaluation. The Company retains full discretion on whether to exercise the Option.

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

"This agreement reflects Ajax's intention to have exposure to near-term production opportunities for critical raw materials within Europe. The Sèbera project offers a compelling combination of historical production, high-grade tailings potential and strong alignment with European policy priorities around supply chain security and sustainability.

Through the Option, we have secured a clear and low-cost pathway to acquire 100% of Minerva Metals, subject to due diligence and shareholder approvals, while maintaining full flexibility on execution. The presence of antimony and tungsten, both designated as critical, and tungsten as strategic, alongside gold, provides a diversified and attractive commodity mix.

We are encouraged by the opportunity to unlock value from the Su Suergiu tailings through landfill mining, representing both an economically and environmentally compelling development pathway, supported by substantial EU funding and legislative backing.

Sardinia represents an attractive and underexplored investment destination, with a long mining history, strong geological potential and increasing support for domestic resource development within Italy and the wider European Union.

If we exercise the Option, our intention would be to advance the project towards near-term production and to evaluate a potential reverse transaction into a publicly listed vehicle focused on European natural resource opportunities.

We look forward to progressing due diligence and working closely with the Minerva Metals team to realise the full potential of this strategically important project."

- 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] [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