Update on the acquisition of the Paguanta Project

Ajax Resources PLC

21 April 2026

 

21 April 2026

AJAX RESOURCES PLC

("Ajax" or the "Company")

Update on the acquisition of the Paguanta Project

Ajax [AQUIS: AJAX], the natural resources investment company, is pleased to provide an update on the proposed acquisition of the Paguanta Project in Chile ("Paguanta" or the "Acquisition"), which was initially announced on 19 January 2026, from Asara Resources Ltd (the "Vendor"), an ASX-listed company.  

Ajax and the Vendor have agreed an extension of Ajax's exclusivity on the Acquisition until 15 May 2026, with both parties working towards completion during this period.

About Paguanta

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.

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 licences (concesiónes de exploración) covering 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.

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 onsite. 

Mineral Resource Overview

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

Patricia 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 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.

- 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.

 

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