Ajax Resources PLC - Submission of EIA: Macacha Copper & Silver Project

14 April 2026

AJAX RESOURCES PLC 

("Ajax" or the "Company")

Submission of EIA: Macacha Copper & Silver Project

Ajax Resources Plc (AQUIS: AJAX), the natural resources investment company, is pleased to announce that an Environmental Impact Assessment ("EIA") has been formally submitted to the mining authorities for the Macacha Copper and Silver Project located in the Province of Salta, northern Argentina ("Macacha" or the "Project").

The EIA provides a comprehensive summary of the environmental, social, community relations, and technical/geological aspects of the Project, together with details of the work programme proposed by the Company's wholly owned local subsidiary, Ajax Salta S.A. ("Ajax Salta"). As previously announced on 2 March 2026, Ajax Salta holds an exclusive option-to-purchase agreement to acquire 100% of the Project (the "Option").

The Company anticipates receiving formal approval of the EIA within approximately 60 to 90 days from the date of submission.

Exploration Programme

Subject to EIA approval, the proposed exploration programme will comprise up to 5,000 metres of drilling. The programme is designed to expand the existing near-surface oxide resource and to test the deeper, previously untested, copper sulphide horizon.

The exploration programme includes diamond-sawn channel sampling of the most significant rock outcrops, along with an extensive IP (Induced Polarisation) pole-dipole survey across the El Cobre and El Plomo sectors, including their northern and southern extensions. The objective of this work is to define the extent of sulphide-rich zones and support the final planning of drill holes.

The results of this work are expected to support the preparation and publication of an updated Mineral Resource Estimate in accordance with the JORC Code (2012).

The Company confirms that it is fully funded to undertake the planned exploration programme at Macacha.

Project Preparation and Geological Work

The Company is pleased to confirm that full access road rehabilitation works have been completed by a local contractor, significantly improving access to the Macacha campsite, where cores from previous drilling campaigns are stored, and facilitating the planned near-term mobilisation of drilling equipment following EIA approval.

The Company's geological team has commenced detailed logging and re-evaluation of historical drilling data to support the development of an updated geological model and database for the Project. This work is expected to play a key role in informing the next phase of confirmatory and expansion drilling, targeting both near-surface copper oxide mineralisation and deeper, previously untested sulphide mineralisation.

Macacha 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 17,000 metres of additional diamond drilling was 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 Indicated and Inferred resources at 0.62% copper and 18 g/t silver, relating solely to the near-surface copper oxide horizon. This equates to approximately 40,900 tonnes of contained copper and 3.8 million ounces of silver, representing an in-situ gross metal value of approximately US$900 million at prevailing market prices, prior to recoveries, costs or further development.

·      The deeper copper sulphide mineralisation has not been tested by previous operators and is not included in the current estimate, representing potentially highly significant exploration upside.

·      The Company notes that the Mineral Resource Estimate was prepared in accordance with the JORC Code (2004) and is therefore historical in nature. While Ajax considers the estimate to be relevant, it has not yet completed sufficient work to classify the resource under the current JORC Code (2012), and accordingly the estimate should not be regarded as a current Mineral Resource.

·      The Company intends to undertake further drilling during the Option period with the objective of expanding the overall resource base, including systematic testing of the unexplored sulphide horizon, and to publish an updated Mineral Resource Estimate in compliance with the JORC Code (2012).

·      Macacha 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 the Project.

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

·      Macacha 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 Macacha 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 good availability of drilling contractors and exploration and mining service providers.

·      In 2006, Alexander Mining completed trial mining and associated processing activities at Macacha, 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).

·      Macacha 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 materially increase the grade and tonnage of the existing oxide resource.

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

"We are pleased to have met our targeted timeline for submission of the EIA for the Macacha Project in April 2026, following a comprehensive multi-disciplinary effort by specialist consultants. This represents a significant milestone for a project that has not seen drilling or operational activity for nearly 20 years.

In parallel, we have made strong operational progress on site, including the completion of access road rehabilitation works. These upgrades materially improve site accessibility and position us for the near-term mobilisation of drilling equipment, subject to EIA approval.

Our geological team has commenced detailed logging and re-evaluation of historical drilling data, recognising the value of legacy datasets and their potential to optimise targeting and maximise the effectiveness of upcoming resource definition and expansion drilling.

Based on mineralisation identified to date, together with significant untested sulphide potential at depth, we see considerable scope for systematic exploration to expand the existing resource. While any increase will depend on drilling results and detailed technical evaluation, our internal exploration objective is to target a resource increase of up to five times the current estimate.

We thank the local mining authorities of the Province of Salta for their continued support and look forward to commencing drilling within the next 90 days, subject to EIA approval."

- ENDS -

For further information: 

About Ajax Resources Plc

Ajax Resources Plc is a UK natural resources investment company listed on the Aquis Stock Exchange (AQUIS: 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 on highly advantageous terms. Ajax aims to progress these assets through development and into production, with the objective of generating revenue and long-term shareholder value.

Forward-Looking Statements

This announcement contains forward-looking statements that are based on current expectations and assumptions of the Directors. Such statements are subject to a number of risks and uncertainties, including exploration, regulatory, permitting, financing, commodity price and operational risks, which may cause actual results to differ materially from those expressed or implied. There can be no assurance that the Option will be exercised, that further exploration will result in an increase in resources, or that the Project will be advanced to development or production.

The Mineral Resource Estimate referred to in this announcement was prepared in accordance with the JORC Code (2004) and is considered historical in nature. The Company has not yet completed sufficient work to verify or reclassify the estimate in accordance with the JORC Code (2012) and accordingly it should not be relied upon as a current Mineral Resource.

Any reference to in-situ metal value is provided for illustrative purposes only and does not represent recoverable value. In-situ valuations do not take into account mining dilution, metallurgical recovery, capital or operating costs, royalties, taxes or other factors necessary to determine economic viability.