Extension of Option to Acquire Nueva Celti Project
Ajax Resources PLC
25 September 2026
25 September 2026
AJAX RESOURCES PLC
("Ajax"or the"Company")
Extension of Option to Acquire the Nueva Celti Copper Project, Spain
Ajax [AQSE: AJAX], the natural resources investment company, is pleased to announce that it has agreed an extension for the Exclusivity and Binding Option Agreement(the "Option Agreement") with Western Metallica Resources Corp. ("Western Metallica"), to 30 October 2026. The Option Agreement, previously announced on 27 July 2026 provides Ajax with an exclusive and irrevocable option to acquire 100% of the issued share capital of Western Metallica, S.L., a fully owned Spanish subsidiary of Western Metallica which owns the Nueva Celti Copper Project located in Andalusia, Spain (the “Proposed Acquisition”).
Completion of the Proposed Acquisition ("Completion") remains subject to the terms and conditions of the Option Agreement.
All other terms of the Proposed Acquisition remain as stated in the announcement of 27 July 2026.
Nueva Celti Copper Project
Nueva Celti is a historic underground copper mine located near Peñaflor in theProvince of Seville, Andalusia,Spain, within the Ossa-Morena Metallogenic Belt, one ofEurope'srecognised polymetallic mining provinces.
Nueva Celti benefits from established infrastructure, including sealed road access, nearby rail infrastructure, grid power and proximity to existing mining operations and processing facilities within one ofEurope'sprincipal mining districts, providing multiple potential development pathways, subject to successful exploration and future technical studies. Nueva Celti is located in Andalusia, one ofEurope'slongest established mining jurisdictions, and is not situated within a national park or other protected environmental area that would preclude mineral exploration activities.
The Proposed Acquisition comprises an Investigation Permit covering approximately1,234 hectares.The current Investigation Permit is valid for an initial term of three years and may be renewed in accordance with applicable Spanish mining legislation.
Mining activity dates back to the nineteenth century, with significant underground production undertaken between1902 and 1918through six underground mining levels accessed by two shafts extending to approximately 130 metres depth. Historical production records indicate selected ore grading in excess of5% copper.
Historic exploration by Astur-Placer S.A., Asturiana de Zinc S.A. (now part of the Glencore group) and more recent exploration by Western Metallica totals more than9,000 metres of drilling. Modern drilling completed during 2023 successfully confirmed key aspects of the historical geological interpretation and the continuation of copper mineralisation beneath the historical workings.
According to Western Metallica's technical work, the geological potential comprises approximately 8 to 10 million tonnes grading between 1.2% and 1.5% copper, together with potential gold, silver, lead and zinc credits. Additional exploration targets have also been identified along strike and at depth beneath the historical mine workings. There has been insufficient exploration to estimate a Mineral Resource in accordance with any internationally recognised reporting standard.
Nueva Celti benefits from established infrastructure, including sealed road access, nearby rail infrastructure, grid power and proximity to existing mining operations and processing facilities within one ofEurope'sprincipal mining districts, providing multiple potential development pathways, subject to successful exploration and future technical studies.
Strategic Rationale
The Proposed Acquisition reflects Ajax’s strategy of acquiring advanced exploration and historically producing mineral projects with significant copper and broader resource potential in attractive mining jurisdictions on favourable commercial terms.
The Company’s principal focus remains the advancement of its South American portfolio, including the Macacha Copper-Silver Project in Argentina, the Pereira Velho Gold Project in Brazil and the Paguanta Copper-Zinc-Silver Project in Chile. Drilling programmes at Macacha and Pereira Velho are expected to commence shortly, with both projects advancing towards the definition of mineral resources in accordance with internationally recognised reporting standards by the end of the year.
The Proposed Acquisition complements this strategy by adding a high-quality European copper project, providing exposure to a historically producing copper district and the opportunity to create value through modern exploration, validation drilling and resource definition within a stable mining jurisdiction.
Nueva Celti represents an attractive copper opportunity, combining historical production, extensive technical work, modern validation drilling, excellent infrastructure and significant exploration upside, at an attractive acquisition cost.
Near-Term Work Programme
Subject to Completion of the Proposed Acquisition, Ajax intends to immediately commence the next phase of exploration at Nueva Celti.
The Company currently plans to undertake an initial 3,000 metre diamond drilling programme, targeting extensions of the known mineralised system both along strike and at depth beneath the historical workings, at an estimated cost of approximatelyEUR 500,000.
The primary objective of this programme will be to delineate the known mineralised system sufficiently to support the publication of a maiden JORC-compliant Mineral Resource Estimate, whilst simultaneously testing extensions of the mineralisation along strike and at depth.
Subject to Completion and verification during the ongoing due diligence, the Company currently expects drilling to commence during November 2026.
In addition, Ajax understands that the drilling contractor which previously undertook exploration work at Nueva Celti has indicated that approximately€90,000of previous drilling expenditure may be recognised in connection with a future drilling programme.
Subject to Completion and verification during due diligence, the Company expects this to reduce the cost of the planned drilling programme.
For further information:
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Ajax Resources Plc Ippolito Ingo Cattaneo, Chief Executive Officer |
Tel: + 44 (0) 208 146 6345 |
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Allenby Capital Limited (Aquis Corporate Adviser) Nick Harriss / Nick Athanas |
Tel:+ 44 (0) 203 328 5656
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About Ajax Resources Plc
Ajax Resources Plc is a UK natural resources investment company listed on the Aquis Stock Exchange (AQSE: AJAX). The Company was previously listed on the FCA Official List of the Main Market of the London Stock Exchange as a Special Purpose Acquisition Company (SPAC) before transitioning to its current strategy as an operational natural resources investment vehicle.
Ajax is focused on identifying, acquiring and advancing assets containing copper, gold, silver, zinc, uranium and lead - commodities supported by strong long-term demand fundamentals. The Company's strategy centres on the acquisition and development of assets with historical production,significant untapped or latent potential, and substantial exploration upside, typically secured onhighly advantageous terms. Ajax aims to progress these assets through development and into production, with the objective of generating revenue and long-term shareholder value.
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