Ajax Resources PLC
15 September 2026
15 September 2026
AJAX RESOURCES PLC
("Ajax" or the "Company")
Update on Pereira Velho & Appointment of Qualified Person
Ajax [AQUIS:AJAX], the natural resources investment company, is pleased to provide an update on the Pereira Velho Gold Oxide Project in Alagoas, Brazil, ("PV" or the "Project").
Appointment of Qualified Person for PV
Ajax is pleased to announce the appointment of RBM Consultoria Mineral ("RBM"), represented by Mr Rodrigo Mello, FAusIMM, as Qualified Person ("QP") for PV.
Mr Mello is a Brazilian geologist with over 40 years' experience in mineral exploration, mineral resource evaluation and project development. He has held senior technical and leadership roles in mining, exploration and engineering companies since 1991 and has experience of gold deposits within the same geological terrain as PV.
Mr Mello has previously undertaken an independent technical review of PV and prepared a NI 43-101 Technical Report in respect of the Project. He will lead the validation of the historical exploration database, refinement of the geological model and the technical work required to support a Mineral Resource Estimate reported in accordance with the JORC Code (2012 Edition).
Rodrigo Mello, Competent Person for Pereira Velho, commented:
"I am delighted to join Ajax Resources as Qualified Person for Pereira Velho and to renew my involvement with a project I know well. Having previously undertaken the independent technical review programme and prepared an NI 43-101 Technical Report on Pereira Velho, I am already familiar with its geology, historical exploration database and mineralised system.
Based on the work completed to date, I believe Pereira Velho has substantial growth potential. Ajax's medium-term objective of seeking to define approximately 500,000 ounces of gold provides a credible focus for the next phase of exploration, with potential for further growth across the wider project area as our geological understanding develops. Further technical work will determine whether this objective can ultimately support the definition and classification of a Mineral Resource in accordance with the JORC Code.
I am very pleased to be joining the Ajax team and look forward to applying my previous knowledge of Pereira Velho to the validation of the historical database, refinement of the geological model and advancement of this highly promising gold project."
Update on environmental and regulatory approvals
Since the Company's regulatory news announcement of 5 August 2026, Ajax has continued to progress the environmental and regulatory requirements for its planned drilling programme at PV with documents and permit request submitted to the Institute of Environment of the State of Alagoas on 2 September 2026.
The Company has met with the Institute of the Environment of the State of Alagoas ("IMA/AL"), which is responsible for the relevant environmental licensing process. IMA/AL has confirmed that the geospatial data submitted in support of the Company's application has been incorporated into its system. The Company has also engaged with the National Mining Agency ("ANM") in relation to the review of the Final Exploration Report for one of the Project's priority tenements.
The Company has received constructive feedback from both authorities and understands that the relevant reviews are progressing. Subject to receipt of the required approvals, Ajax expects to commence its approximately 3,000 metre diamond drilling programme during November 2026.
Drilling programme to delineate Mineral Resource Estimate in accordance with JORC 2012
The Company is preparing a fully funded exploration and resource-definition programme with an estimated budget of approximately US$1.5 million. Building upon the extensive historic exploration database, including 6,363 metres of diamond drilling across 47 holes completed at an estimated cost of approximately US$5 million, the programme is expected to comprise approximately 3,000 metres of diamond drilling, together with geophysical surveys, geological modelling, metallurgical and engineering studies, and ongoing ESG initiatives.
The principal objective of the programme will be to deliver a maiden Mineral Resource Estimate prepared in accordance with the JORC Code (2012 Edition) and to further delineate and expand the known gold mineralisation across the Project.
Historic exploration has identified widespread, near-surface oxidised gold mineralisation hosted within fractured quartzite and gneiss units with relatively modest clay content, indicating the potential for a low-strip-ratio gold deposit.
An in-house mineral resource estimate of approximately 110,000 ounces of gold, classified as Measured, Indicated and Inferred, was previously prepared and filed with the Brazilian National Mining Agency (ANM). This estimate is historical in nature and is not reported in accordance with the JORC Code (2012 Edition). A Competent Person has not undertaken sufficient work to classify the historical estimate as a current Mineral Resource and the Company is not treating it as such.
Exploration completed to date has covered only approximately 20% of the Project area, leaving scope for significant resource growth and the testing of multiple untested targets identified across the broader land package.
- ENDS -
For further information:
|
Ajax Resources Plc Ippolito Ingo Cattaneo, Chief Executive Officer |
Tel: + 44 (0) 208 146 6345 |
|
Allenby Capital Limited (Aquis Corporate Adviser) Nick Harriss / Nick Athanas |
Tel: + 44 (0) 203 328 5656 |
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