THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

19 June 2025

AJAX RESOURCES PLC

("Ajax" or the "Company")

Update on the Acquisition of Minas La Escondida

 Conditional Acquisition of the La Norteña Licence Area

Proposed Second Closing of Subscription

Ajax [AQSE: AJAX], the natural resources investment company provides an update on progress with developments as it continues to expand its investments in Argentina.

Update on Minas La Escondida

As announced on 15 May 2025, the Company has an option to acquire the Minas La Escondida ("La Escondida"), a mining project located in the Province of Jujuy, Argentina from a local investor, for US$80,000.  The two licences that make up La Escondida cover 2,500 hectares and are contiguous to the Company's Eureka Project, specifically in respect of the historical Eureka Mine.  

The Company confirms that its wholly owned Argentine subsidiary, Puna Metals SA ("Puna"), will exercise this option today.

Conditional Acquisition of the La Norteña Licence Area

The Company has agreed terms for Puna to conditionally acquire 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 parties have until 15 August 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 vendor and Puna 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.

Second Closing of Subscription

With the anticipated acquisitions of La Escondida and La Norteña, it is the Company's intention to undertake a second closing of the Subscription announced on 23 May 2025 for the balance of the £0.5m, following the successful first closing to raise £1.0m announced on 17 June 2025.  This second closing will be at 5 pence per ordinary share of 1 pence each ("Ordinary Shares").  It is expected that this second closing of the Subscription will be made on or before July 11, 2025. The Company will provide further updates as appropriate.

Holding in the Company

The Company has been notified that Mr Garry Watts now holds 2,250,000 Ordinary Shares, equivalent to 3.13% of the current Ordinary Shares admitted to trading, and to 3.11% when the new issue of Ordinary Shares announced yesterday, June 18, 2025, admit to trading on June 23, 2025.

- ENDS -

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