Ajax (AQSE: AJAX) Appointment of Geological Consultant, Brazil

Ajax (AQSE: AJAX), the natural resources investment company, is pleased to announce the appointment of Mr. Elton L.S. Pereira, M.Sc., as Senior Geological Consultant, Brazil, with effect upon completion of the acquisition of 100% of the issued share capital of Pereira Velho Exploração S.A. (“PVESA”), a Brazilian company that owns the Pereira Velho Gold Project (“PV” or the “Proposed Acquisition”) located in Alagoas State, Brazil.

PVESA is wholly owned by entities affiliated with Appian Capital Advisory Limited (“Appian”), and the Proposed Acquisition was announced to the market by the Company on 11 December 2025.

Preparatory Activities

Mr. Pereira will support Ajax during an initial implementation and reactivation phase of PV, prior to the commencement of development activities, including a new drilling campaign for a total of approximately 3,000 metres, in the capacity of geological consultant.

This phase will focus on preparing the project for drilling, including the re-establishment of local operations, review of existing data, permitting and planning activities in full cooperation with the local authorities, and engagement with local stakeholders and service providers.

Subject to completion of the Proposed Acquisition, this phase is expected to commence on or about 2 February 2026.

Technical Background

Mr. Pereira is a senior exploration geologist with more than 30 years of international experience in mineral exploration, project development, and country-level operational management, with a strong focus on gold and critical minerals in Brazil.

During his tenure at Appian, Mr. Pereira led the exploration team responsible for the discovery of the Pereira Velho Gold Project, overseeing the geological interpretation, exploration strategy, and execution that confirmed the presence of a large-scale orogenic gold system in Alagoas State. Under his leadership, exploration activities defined an initial internal shallow, oxide resource estimate of approximately 110,000 ounces of gold, derived from work completed over only approximately one-fifth of the broader mineralised system.

To date, only approximately one-fifth of the total project area has been systematically explored, with multiple extensions and targets remaining untested, highlighting significant upside potential.

Track Record of Discovery and Development

Mr. Pereira has played a leading role in several of Brazil’s most important mineral discoveries over the past three decades. He led the discovery and development of Brazauro Resources Corp.’s Tocantinzinho Gold Project, the first major gold discovery in the Tapajós Mineral Province. Tocantinzinho was sold to Eldorado Gold Corp. in 2010 and is now an operating mine under G Mining Ventures.

He subsequently spearheaded the discovery and advancement of the Castelo de Sonhos Gold Project, owned by TriStar Gold Inc., which today hosts multi-million-ounce gold resources and represents one of Brazil’s most significant undeveloped gold assets.

Collectively, Mr. Pereira has been directly responsible for, or has led teams that delivered, multiple millions of ounces of gold discoveries, advancing projects from early-stage exploration through to resource definition and development.

More recently, through his work with Appian and Bahia Nickel Mineração, Mr. Pereira has contributed to the development of several nickel-copper-cobalt sulphide deposits in Bahia State, further strengthening his experience across both precious and critical minerals.

Mr. Pereira holds a Master of Science in Geology from the Federal University of Ouro Preto, Minas Gerais, Brazil.

Update on PV Acquisition

The Company is pleased to confirm that it expects completion to take place, following the execution of an SPA and NSR Agreement, on or around 30 January 2026. Further updates will be provided as appropriate.

Mr. Elton Pereira, commented:

“I am very enthusiastic to contributing with Ajax at such an exciting stage in the Company’s development. Having previously led the discovery of the Pereira Velho Gold Project, I believe I have a good understanding of its geological potential and of the work required to unlock its full value as only a small portion of which has been realised to date.

My experience at Appian demonstrated what can be achieved through disciplined technical execution, strong governance, and close collaboration with local stakeholders. This approach underpinned the success of the nearby Serrote Project, which was acquired by Appian in 2018 for approximately US$30 million and, following development, sold in 2025 for US$420 million. I look forward to working in close partnership with local authorities and communities to seek to replicate similar outcomes at Pereira Velho.

Mining has now been a cornerstone of the economy in Alagoas State, and I firmly believe that, when developed responsibly, the Pereira Velho Project has the potential to deliver meaningful long-term benefits at both a local and national level. Based on results achieved to date and the nature and scale of the mineralised system, I believe the project has the potential to support a gold inventory of up to one million ounces. I am excited to help Ajax  in the next phase of exploration and project advancement as Ajax works toward the development of a potential open-pit gold operation.”

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

“The appointment of Elton Pereira is a significant step forward for Ajax as we move towards completion of the Pereira Velho acquisition. Elton is not only one of Brazil’s most accomplished exploration geologists, but also a proven manager with a demonstrated ability to take projects from discovery through to production.

His leadership in the discovery of the Pereira Velho Gold Project, combined with his role in delivering multi-million-ounce gold assets such as Tocantinzinho and Castelo de Sonhos, provides Ajax with a strong technical foundation as we advance PV.

With our first objective being the delineation of a JORC-compliant maiden Mineral Resource Estimate, following a drilling campaign we intend to commence as soon as possible this year, targeting an initial resource of approximately 350,000 ounces of gold, Ajax will then focus on systematically advancing the project toward the broader one-million-ounce potential that Elton believes might be present within the Pereira Velho mineralised system.

We are confident that, under Elton’s stewardship and working closely with local stakeholders, Pereira Velho can be rapidly advanced into a high-quality open-pit gold project capable of generating substantial long-term value for our shareholders and local communities.”

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