Ajax Resources PLC - Company Update & Completion of Licence Acquisition

27 August 2025

AJAX RESOURCES PLC

("Ajax" or the "Company")

Company Update

Completion of the Acquisition of the La Norteña Licence Area

Issue of Warrants

Change of Registered Office

Ajax, the natural resources investment company (AQSE: AJAX), provides the following update.

Company Update

The Company's Chief Executive Officer, Mr Ippolito Ingo Cattaneo, visited the Province of Jujuy, Argentina, in August 2025 to review progress ahead of the planned commencement of operational activities in the autumn of 2025 following submission of its Environmental Impact Study for the Eureka copper and gold project (see announcement of 11 July 2025).

During the visit, Mr Cattaneo met with the Governor of the Province, Carlos Sadir, together with senior representatives of the local mining authorities. The meetings underscored a shared commitment: the Province of Jujuy welcomed the Company as a new strategic investor advancing the delineation of gold and copper deposits in Jujuy, while the Company confirmed its commitment to building lasting partnerships with local communities and creating sustainable employment through long-term investment across the mining cycle, from advanced exploration to production.

Additional Acquisitions

The Company has applied for mineral subsurface rights over three areas of land. Two of these applications relate to mineral exploration licences ("Cateo"), covering a combined area of approximately 118 hectares, while the third concerns a mining licence called La Piqueta, which covers approximately 216 hectares (together, the "Applications").

In aggregate, the Applications comprise approximately 335 hectares of land and are all contiguous with the Company's Eureka Project in the Province of Jujuy, Republic of Argentina.

Completion of the Acquisition of the La Norteña Licence Area

Further to the announcement of 19 June 2025, the Company confirms the completion of the acquisition of 100% the La Norteña Licence Area ("La Norteña"), which neighbours the Company's Eureka Project to the north, for US$22,500 from a local investor (the "Acquisition"). La Norteña covers an area of 6,300 hectares. 

Under the terms of the Acquisition, the vendor and Puna Metals S.A. ("Puna"), the Company's fully owned subsidiary in the Republic of Argentina, intend to enter into an agreement to exploit alluvial gold extraction (limited to gold located within 6m of the surface) at La Norteña.  The vendor will receive 20% of the profits generated from this activity. After 24 months from the start of this activity, which will be subject to local approvals, Puna will have the option to purchase the vendor's profit share for US$115,000. The costs of establishing the alluvial gold extraction activity will be met by Puna.

Ajax also announces the acquisition, for a nominal consideration of US$100, of the share capital of Eureka Mining & Exploration S.A., the Argentinian service company subsidiary of Bezant Resources plc, the previous owner of Puna. This acquisition will assist with the local management of the Company's operational activities in the Republic of Argentina.

Appointment of Investor Relations Consultant and Issue of Warrants

The Company has engaged the services of an investor relations consultant, under which the Company yesterday issued 1,725,559 warrants to subscribe ordinary shares of 1 pence each ("Ordinary Shares"), equivalent to 2.0% of the fully diluted issued share capital of the Company at the time of issue (the "Warrants"). The Warrants are exercisable at 8 pence per Ordinary Share, shall not be exercisable for three months from the date of issue, and shall expire on the second anniversary of the date from which they become exercisable (26 November 2027).

Change of Registered Office

Ajax announces that with effect from 29 September 2025, its registered office address will change to:

6th Floor, 99 Gresham Street

London EC2V 7NG

UK

Ippolito Ingo Cattaneo, Chief Executive of Ajax, commented:

"I was delighted to meet with Governor Carlos Sadir, who warmly welcomed Ajax to the Province of Jujuy as a new investor.

I was equally pleased to meet with the Minister of Production, Minister Juan Carlos Abud, the Secretary of Mining and Hydrocarbons, Ing. José Gómez, the Mining Judge for the Province of Jujuy, Dr. Pablo Read, and the Provincial Director of Mining, Dr. Álvaro Buitrago.

These productive meetings, which also included the participation of our operational team and consultants in Jujuy, gave clear demonstration of the supportive and collaborative spirit of the local authorities towards our establishment as new investors in the Province of Jujuy.

During the meetings, we presented Ajax's long-term development strategy, centred on confirming the significant potential of Eureka, with a particular emphasis on:

·      ensuring full compliance with local regulations, and

·      fostering a collaborative, win-win approach with all stakeholders.

We are committed to building strong relationships in the Province to achieve the successful implementation of our fully funded exploration programme. A sine qua non of our strategy is to ensure that Ajax's presence always delivers meaningful, positive contributions to the communities in which we operate.

As a natural resources investment company, we will continue to evaluate value-accretive acquisition opportunities, while maintaining undiminished attention to our primary focus: publishing a maiden JORC-compliant Mineral Resource Estimate for Eureka.

We look forward with great optimism to commencing operational activities later this year, most notably undertaking the first-ever drilling at the Eureka project. Despite a long production history dating back to the Incan period and significant evidence of high-grade copper mineralisation, Eureka has never been drilled, making this a particularly significant milestone for Ajax."

- ENDS -

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