Ajax Resources PLC has agreed revised conditional terms to acquire the Paguanta Project in Chile, replacing its previous acquisition agreements.
Under the new terms, initial consideration comprises US$50,000 in cash and US$350,000 satisfied through the issue of Ajax ordinary shares at 25p per share. No net smelter return royalty will be retained by the vendor.
Deferred consideration includes a further US$500,000 in cash upon the delineation of a proved reserve exceeding 25 million tonnes at a minimum grade of 5% zinc equivalent, and/or an additional US$500,000 in cash upon defining a proved copper reserve in excess of 5 million tonnes.
Paguanta hosts a JORC-compliant mineral resource of 6.8 million ounces of silver, 265 million pounds of zinc and 74 million pounds of lead, alongside notable copper exploration upside. Historical expenditure on the project is estimated at approximately US$31.5m. Completion of the transaction is expected by 5 March 2026.
Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented:
“We are pleased to have negotiated new acquisition terms, which fully replace all previously announced conditional proposals relating to Paguanta.
Paguanta is a former silver mine with a substantial, silver-dominant polymetallic JORC-compliant resource of 6.8 million ounces of silver, which at prevailing silver prices equates to a gross in-situ metal value of approximately US$630 million, before consideration of recoveries, operating costs, capital expenditure and other factors. Silver represents the principal economic driver of the project and underpins its status as a near-term development opportunity.
In addition to silver, Paguanta hosts 265 million pounds of zinc and 74 million pounds of lead, providing further polymetallic exposure alongside the core silver resource. Beyond the defined resource base, Paguanta also demonstrates significant copper prospectivity, supported by regional geology and the presence of major copper projects in close proximity, including the Loreto Project operated by Teck.
Chile is recognised as one of the leading mining jurisdictions, with a long history of responsible mineral development, clear regulatory frameworks and established infrastructure.
The valuation at which the equity consideration has been agreed with Asara reflects the value trajectory of Ajax while aligning the interests of both parties.
The decision to advance the Acquisition towards production will involve the transition to exploitation concessions and would be undertaken in full cooperation with local communities and in compliance with Chile’s environmental permitting requirements.”
