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

19 November 2025

AJAX RESOURCES PLC

("Ajax" or the "Company")

Update on the Acquisition of the Paguanta Project

Update on the Environmental Impact Assessment for the Eureka Project

Ajax [AQSE: AJAX], the natural resources investment company, is pleased to provide updates on the conditional acquisition of the Paguanta Project in Chile ("Paguanta") and progress with its exploration activities at its Eureka Gold and Copper Project in Argentina.

Update on the Acquisition of the Paguanta Project

Ajax announced the conditional acquisition of Paguanta, a zinc, silver and lead project with significant copper prospectivity located in the Tarapacá Region of northern Chile, currently owned by Asara Resources Ltd (the "Vendor"), an ASX-listed company, on 28 August 2025 (the "Acquisition").

Ajax has subsequently undertaken a thorough due diligence process (on the which the Acquisition was conditional), that remains ongoing, during which certain additional future costs were identified.  As a result, Ajax has negotiated a reduction in the agreed consideration and an extension of the completion date.

The revisions agreed to the terms of the Acquisition are as follows:

·    The parties have agreed to extend from 25 November until 31 December 2025 to negotiate final contractual terms of the contract and complete ("Completion").

·    The Acquisition will consist of the purchase of 100% of the share capital of Paguanta Resources (Chile) SpA, which in turn owns 74.81% (not 74.75% as previously notified) of the share capital of Compania Minera Paguanta SA, which owns the Paguanta Project. 

·    The consideration due within 15 days of Completion:

o  US$37,500 in cash (previously US$50,000); and

o  US$37,500 in Ajax ordinary shares of 1 pence each (previously US$100,000), calculated at the 7-day Volume Weighted Average Price (VWAP) prior to issue.

·    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$500,000 (previously US$850,000) and subject to the average zinc price during the preceding two quarters exceeding US$2,600 per metric tonne.

The other key terms remain as set out in the announcement of 28 August 2025.

Update on the Environmental Impact Assessment for the Eureka Project

The Company is pleased to provide an update on the permitting process related to the Environmental Impact Assessment ("EIA") for its Eureka Project, following the submission of the Company's Environmental Impact Study, as announced on 11 July 2025.  The UGAMP (the Jujuy Provincial Mining Environmental Management Unit) meeting held on 30 October 2025 was completed in full compliance with applicable procedures and concluded without any objections. Following the meeting, the Mining Directorate requested that the Company issue formal notices to the relevant communities and authorities; all notifications have been duly delivered. In line with regulatory requirements, a five-business-day period for submissions elapsed without any comments or objections to the EIA. As such, the approval process has advanced to the internal review stage within the Jujuy Provincial Mining Directorate. The assigned technical reviewer is currently completing their assessment, after which the file will proceed to the Legal Advisory Office for the drafting of the Environmental Impact Declaration ("EID"). The final step will be review and signature by the Directorate of the EID. No written objections have been received.  The Company has been advised that, while the authorities intend to progress the EID as quickly as possible, several non-working days in November will affect processing timelines. Based on current guidance, the EID is now expected to be issued during the first week of December 2025.  The Company will provide further updates as appropriate.

Additional Listing

The Company announced on 11 July 2025 its intention to apply for admission of its shares to the Euronext Growth Market Oslo. Cleaves Securities AS, which had been engaged as the Company's proposed Euronext Growth (Oslo) Advisor, was subject to an ongoing regulatory proceeding relating to past matters involving the firm by the Norwegian Financial Supervisory Authority (NFSA). This proceeding by the Norwegian regulator - which had not been disclosed to Ajax at the time of engagement - culminated in the removal of Cleaves' licences, rendering the firm unable to complete its mandate. As a result, Ajax demanded and received a full refund of all fees paid in connection with the engagement. The Company is now exploring alternative listing venues, which may include markets in Sweden or Australia.

Ajax at Aquis Showcase Investor Conference & Updated Investor Presentation

Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, will be presenting and taking questions at the fourth Aquis Showcase conference scheduled to take place today, Wednesday 19 November 2025.

The event will be held at the Royal College of Surgeons, 38-43 Lincoln's Inn Fields, London, WC2A 3PE. 

A copy of the updated investor presentation that will be made can be viewed on the Company's website at:

Ajax Resources Plc (AQSE:AJAX) - A Natural Resources Investment Company

For further information and tickets for the Aquis Showcase conference, please visit the event website at:

https://www.eventbrite.co.uk/e/aquis-showcase-tickets-1733700999359

Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented:

"We continue to make positive progress with our due diligence on the Paguanta Project and, subject to a satisfactory conclusion, we remain on track to complete the acquisition during December 2025. Following the agreed reduction in consideration, we believe we are now positioned to complete this transaction on favourable terms.

We also look forward to receiving final approval of the EIA for Eureka. Upon approval, we intend to commence drilling operations immediately, with activity scheduled to begin within the first ten days of December 2025. This will represent the first drilling campaign in the history of the Eureka Project - a significant milestone for a project whose earliest known production dates back to the Incan period.

I am pleased to confirm that, following a comprehensive tender process, we have selected our drilling contractor and initiated all necessary preparatory work to ensure operations begin on time and in line with our planned programme.

In addition to Paguanta, we continue to advance our review of further acquisition opportunities that have the potential to complement our portfolio and strengthen our strategic position.

The remainder of the year promises to be exceptionally active for the Company, with multiple value catalysts and important milestones ahead. It will be a very busy period for the team, and there is much to look forward to as we move into the new year."

- ENDS -

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