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

10 December 2025

AJAX RESOURCES PLC

("Ajax" or the "Company")

Conditional Acquisition of the Leon Project

Ajax [AQSE: AJAX], the natural resources investment company, is pleased to announce that it's fully owned Argentine subsidiary, Puna Metals S.A. ("Puna") has signed a conditional Option-to-Purchase Agreement for 100% of the Leon Project ("Leon" or the "Project" ), an advanced copper and silver project located in north-western Argentina (the "Proposed Acquisition") with an established local mining company (the "Vendor").

Proposed Acquisition Highlights

·      A historical resource estimate for the Project was undertaken by Paramount Ventures & Finance, based on the results of its 1997 exploration and drilling programme, which included 3,143.87 metres of core drilling. Paramount reported an estimated 44.7 million tonnes at 0.8% Cu and 21.8 g/t Ag.

·      Approximately 10,000 metres of additional diamond drilling was subsequently completed at the Project, supporting a JORC (2004) Mineral Resource Estimate prepared by ACA Howe International Ltd. The estimate reports 6.6 million tonnes of Inferred and Indicated resources at 0.62% Cu and 18 g/t Ag, relating solely to the near-surface copper oxide horizon. This estimate does not include the deeper sulphide mineralisation, which remains untested.

·      Leon was formerly owned and advanced by AIM-quoted Alexander Mining plc, which incurred historical expenditures of approximately US$25 million between 2005 and 2010 in Leon.

·      The earliest known activity in Leon dates to the Jesuits in the 17^th century.

·      Leon is a sediment-hosted copper and silver project comprising of two deposits: El Plomo and El Cobre.

·      The Project is in the Province of Salta, approximately 55 km south-east of the city of Salta, within one of Argentina's most established mining regions.

·      Access to Leon is favourable, with paved national highways situated approximately 18 km from the Project and good-quality gravel roads covering the remaining distance.

·      Water for the Project is available from the nearby Juramento River, and the region benefits from extensive availability of drilling contractors and exploration and mining service providers.

·      In 2006, Alexander Mining completed trial mining and associated processing activities at Leon, successfully demonstrating the Project's suitability for open-pit extraction and heap-leach recovery, with small-scale electrowinning conducted onsite, successfully producing copper cathode.

·      Extensive metallurgical testwork was completed by Alexander Mining plc.

·      Existing onsite infrastructure includes a camp facility and core storage (core shack).

·      Leon represents a low-cost production opportunity, with significant potential to expand the copper and silver resource base through drilling of the untested deeper sulphide horizon and drilling to potentially materially increase the grade and tonnage of the existing oxide resource.

Key Terms of the Proposed Acquisition

Puna has executed a binding term sheet relating to an Option to Purchase Agreement for the León Project, including all associated surface rights (the "Option").

Consideration Structure:

·      US$100,000 payable in in Ajax ordinary shares of 1 pence each calculated at the 10-day Volume Weighted Average Price (VWAP) prior to signing of the definitive agreement as consideration for the Option.

·      US$3,000,000 payable in cash (the "Purchase Price") to exercise the Option to acquire 100% of Leon and its associated surface land interests, payable at any time starting from 36 months after approval of the Exploration Environmental Impact Assessment ("EIA").

·      The Option may be extended by an additional 12 months following the initial 36-month period by paying:

A.    US$1,000,000, which reduces the Purchase Price;

B.     US$2,000,000 payable at 48 months from EIA approval, accruing 5% interest per annum from the date the Option is extended.

The Purchase Price is only payable if the Option is exercised.

Other Key Terms:

·      The definitive agreement will run for 36 months from EIA approval, with an option for a one-year extension.

·      If EIA approval is not secured within 12 months due to errors or omissions attributable to Puna, the Vendor may terminate the agreement without compensation.

·      The Company must invest a minimum of US$1,000,000 in exploration and related studies within the 36-month term, or within 48 months if the extension of the Option is exercised.

Royalty (NSR):

·      A 0.5% Net Smelter Return (NSR) royalty will be granted to the Vendor if the Option is exercised and production commences.

·      The NSR may be extinguished at any time for US$450,000, less any NSR payments already made.

Due Diligence & Exclusivity:

·      The Proposed Acquisition is subject to a 90-day technical, legal, commercial and environmental due-diligence period and exclusivity.

·      During this period, Puna may withdraw at its sole discretion without any payment obligation.

·      Upon satisfactory completion of due diligence, a definitive exploration and option agreement will be executed between Puna and the Vendor.

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

"We are very pleased to have signed a binding term sheet for a highly compelling, near-term copper and silver production asset in the Province of Salta, Argentina. The Project is strategically located close to the Eureka Project in Jujuy and benefits from a significant amount of historical work and investment by previous owners, exceeding US$30 million.

At current metal prices, the in-situ JORC-compliant resource already represents a value of more than US$400 million prior to any additional work or drilling.

We will now have the opportunity, over a 90-day period, to evaluate the Project on legal, geological, technical and community grounds. This is a key step in advancing what we believe to be a highly attractive near-term production and exploration opportunity in a recognised and stable mining jurisdiction.

Our goal will be to materially increase the resource tonnage by improving our understanding of the copper oxide horizon and by testing the potentially significant deeper, yet untested, sulphide mineralisation.

Should we proceed with the transaction, all future work under the Option will be carried out in close cooperation with local mining authorities and surrounding communities, with whom we are committed to fostering a long-term, collaborative, win-win relationship."

- ENDS -

For further information: