Ajax Resources PLC (AQSE: AJAX / Euronext Growth Oslo: AJAXR) has completed the acquisition of a 74.79% controlling interest in the Paguanta Project, an advanced-stage silver-zinc-lead asset located in the Tarapacá Region of northern Chile. The deal was struck with Asara Resources Limited under a Share Purchase Agreement, with all conditions precedent now satisfied. The acquisition gives Ajax a foothold in one of the world's most significant metallogenic belts and adds a project carrying approximately US$31.5 million of historical expenditure to the company's South American portfolio, which already spans Argentina and Brazil.

Key Points

  • Ajax Resources PLC (AQSE: AJAX / Euronext Growth Oslo: AJAXR) is a UK-listed natural resources investment company focused on copper, gold, silver, zinc, uranium and lead assets.
  • Ajax has completed its acquisition of a 74.79% interest in the Paguanta silver-zinc-lead project in northern Chile from Asara Resources Limited.
  • Initial consideration comprises US$50,000 in cash plus 1,046,729 new ordinary shares at 25 pence each, representing approximately US$350,000 in share consideration; deferred milestone payments of up to US$1 million may apply.
  • Admission of the new shares to the Aquis Growth Market is expected on or around 11 November 2026, bringing total shares in issue to 151,613,927.

Paguanta Transaction Terms: US$50,000 Cash and US$350,000 in New Ajax Shares Paid to Asara Resources

Under the Share Purchase Agreement with Asara Resources Limited, Ajax's initial consideration comprises US$50,000 in cash and the issue of 1,046,729 new ordinary shares of 1 pence each at an issue price of 25 pence per share, equating to approximately US$350,000. Two deferred milestone payments of US$500,000 each may become payable: the first upon announcement of a JORC-compliant Ore Reserve exceeding 25 million metric tonnes at a grade of 5.0% zinc equivalent or greater, and the second upon announcement of Ore Reserves containing not less than 5 million metric tonnes of copper. The announcement states Ajax is under no obligation to undertake exploration or development activities to trigger either milestone.

Patricia Prospect's Historical JORC Resource of 2.4 Million Tonnes Anchors the Paguanta Project

Paguanta's principal asset is the Patricia Prospect, which hosts a historical JORC (2012) Mineral Resource Estimate of 2.4 million tonnes grading 5.0% zinc, 1.4% lead, 88 g/t silver and 0.3 g/t gold, equivalent to 9.7% zinc equivalent. The resource contains approximately 6.8 million ounces of silver, 265 million pounds of zinc and 74 million pounds of lead. Approximately 46,700 metres of historical diamond and reverse circulation drilling has been completed across the project, and the mineralised system remains open at depth and along strike. Ajax notes the historical resource has not been independently verified by the company, and investors should consider this when assessing the technical foundation of the asset.

La Rosa, Doris and Patricia East Offer Largely Untested Copper Exploration Upside at Paguanta

Beyond the established silver-zinc-lead mineralisation at Patricia, Paguanta hosts several copper targets that remain comparatively lightly explored. La Rosa features an approximately 3 km × 1 km hydrothermal alteration footprint, historically interpreted as potential leach capping above a porphyry system. The Doris prospect has returned surface copper oxide grades of 1–5% Cu, with shallow drilling intercepting 3 m at 1.3% Cu and 160 ppm silver. Patricia East contains a 1 km × 0.5 km IP chargeability anomaly that remains entirely undrilled. The project is located approximately 35 km from BHP's Cerro Colorado and 135 km from the Collahuasi district, underscoring the regional geological significance.

Ajax to Admit 1,046,729 New Ordinary Shares to Aquis Growth Market Around 11 November 2026

Following completion, Ajax will apply for admission of the 1,046,729 new ordinary shares to the Aquis Growth Market, with admission expected on or around 11 November 2026. Arrangements will also be made for the shares to be admitted to Euronext Growth Oslo. Once issued, the new shares will rank pari passu with existing ordinary shares in all respects. The company's total shares in issue will rise to 151,613,927, each carrying one voting right, with no shares held in treasury. This figure serves as the denominator for shareholders calculating notification obligations under the FCA's Disclosure Guidance and Transparency Rules.