REG - Ajax Resources PLC - Conditional Acquisition of the Paguanta Project
28/08/2025 08:15
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RNS Number : 9425W Ajax Resources PLC 28 August 2025
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.
28 August 2025
AJAX RESOURCES PLC
("Ajax" or the "Company")
Conditional Acquisition of the Paguanta Project
Ajax [AQSE: AJAX], the natural resources investment company, is pleased to
announce that it has agreed terms to conditionally acquire a 74.75% interest
in the Paguanta Project ("Paguanta"), a copper-gold project located in the
Tarapacá Region of northern Chilie, currently owned by Asara Resources Ltd
(the "Vendor"), an ASX-listed company (the "Acquisition").
Paguanta represents an advanced exploration-stage polymetallic deposit
historically recognised for its silver production. The project hosts
substantial mineral resources, primarily silver, zinc, and lead, with
significant identified potential for copper and gold. Paguanta consists of 14
exploitation concessions and 14 pending applications for exploration
concessions covering approximately 7,800 hectares in total.
The core of Paguanta's value resides in the Patricia Prospect, which has been
the subject of the most extensive exploration efforts. This prospect boasts a
JORC-compliant Mineral Resource of 6.8 million ounces (Moz) of silver,
alongside 265 million pounds (Mlb) of zinc and 74 Mlb of lead. A notable
feature of these mineral resources is that they remain open at depth and along
strike, indicating considerable potential for future expansion. The Vendor
currently operates Paguanta on a "care and maintenance" basis due to its focus
on is West African assets.
Under the terms of the Acquisition:
· The parties have until 25 November 2025 to negotiate final
contractual terms of the contract and complete ("Completion").
· Ajax will undertake its due diligence prior to Completion.
· Ajax may terminate the Agreement prior to Completion at no cost if
the results of the due diligence are unsatisfactory.
· The Acquisition will consist of the purchase of 100% of the share
capital of Paguanta Resources (Chile) SpA, which in turn owns 74.75% of the
share capital of Compania Minera Paguanta SA, which owns the Paguanta
Project. Both companies are incorporated in Chile.
· On Acquisition, both companies will be free of outstanding debt,
other than debts novated to Ajax by the Vendor.
The consideration for the Acquisition, should it proceed, will be:
· Within 15 days of Completion:
o US$50,000 in cash; and
o US$100,000 in Ajax ordinary shares of 1 pence each ("Ordinary Shares"),
calculated at the 7-day Volume Weighted Average Price (VWAP) prior to issue.
· A further US$500,000 to be payable upon the definition of a proved
reserve exceeding 25 million tonnes at ≥5% zinc equivalent.
· A further US $500,000 to be payable upon the definition of a proved
reserve exceeding 5 million tonnes of copper.
· The vendor will retain a 1% net smelter royalty, commencing on the
first anniversary of production operations at Paguanta, capped at a maximum
amount of US$850,000 and subject to the average zinc price during the
preceding two quarters exceeding US$2,600 per metric tonne.
- ENDS -
For further information:
Ajax Resources Plc Tel: + 44 (0) 208 146 6345
Ippolito Cattaneo, Chief Executive Officer info@ajaxresources.com
Allenby Capital Limited (Financial Adviser) Tel: + 44 (0) 203 328 5656
Nick Harriss / Daniel Dearden-Williams n.harriss@allenbycapital.com (mailto:n.harriss@allenbycapital.com)
d.dearden-williams@allenbycapital.com
(mailto:d.dearden-williams@allenbycapital.com)
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