Ajax Resources PLC - Update on Macacha and Application for Licences

18 June 2026

AJAX RESOURCES PLC

("Ajax" or the "Company")

Update on Macacha

Application for Additional Licences

Total Voting Rights

Ajax [AQSE: AJAX], the natural resources investment company, is pleased to provide an update on activities at the Macacha Copper and Silver Project located in the Province of Salta, northern Argentina ("Macacha" or the "Project").

Environmental Impact Assessment and Exploration Programme Update

The Company has worked closely with the Salta mining authorities throughout the review of the Environmental Impact Assessment ("EIA") for the Macacha Project. As the Project has seen limited activity since 2006, the review process has required additional technical work and clarifications in certain areas to ensure the EIA reflects current environmental, operational and regulatory requirements.

All requests for additional information and technical clarification have now been addressed and submitted by the Company's local subsidiary. Based on ongoing engagement with the relevant authorities and the progress of the review process, the Company anticipates receipt of EIA approval during July 2026.

In anticipation of EIA approval, the Company has continued its geological logging and project preparation activities and has now initiated a tender exercise for a 5,000-metre drilling campaign. The programme is designed to expand the existing near-surface oxide mineralisation while systematically evaluating the underlying copper sulphide mineralisation, which has not previously been quantified and remains one of the key exploration targets at the Project.

The sulphide potential at Macacha has not previously been comprehensively assessed despite similar styles of sulphide mineralisation having been identified and successfully intersected at a geologically analogous nearby project. The Company believes that evaluating this largely untested sulphide potential, alongside expanding the existing oxide mineralisation, will be a key objective of the forthcoming drilling programme and could provide a significant opportunity to increase the historical oxide Mineral Resource Estimate of 6.6 million tonnes grading 0.62% copper and 18 g/t silver ("Historical Mineral Resource"), while further demonstrating the broader scale potential of the Project.

Field personnel are being mobilised to undertake preparatory works ahead of the drilling campaign, including drill pad clearance, access preparation and logistical planning. These activities are expected to commence during the first week of July, enabling drilling operations to commence shortly following receipt of the EIA approval.

The Company has also secured a dedicated storage facility for the Project's historical drill core and has completed the transfer and re-logging of the available core inventory. This work has enhanced the Company's geological database and is being incorporated into an updated geological model to support drill targeting and the planning of the forthcoming exploration programme.

The Company is fully funded to undertake the planned exploration programme.

Expansion of the Macacha Project

As part of its ongoing evaluation of the broader Macacha district, the Company has identified a number of prospective areas adjacent to the existing Project that are considered strategically important to its long-term exploration and development plans.

The Company has submitted applications to obtain mining rights over two areas adjacent to the Macacha Project:

• Macacha II - 2,004 hectares

• Macacha III - 3,004 hectares

Together covering 5,008 hectares, the applications are expected, upon granting, to materially expand the Company's footprint in the district, establishing a broader strategic buffer around the existing project area while securing additional prospective ground with the potential to support future resource growth and exploration success.

All administrative requirements have been completed, including payment of the applicable government fees, and the supporting documentation has been submitted electronically to the Salta Mining Court.

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

"We are encouraged by the progress being made across all aspects of the Macacha Project. Following extensive engagement with the Salta mining authorities, all additional technical clarifications requested as part of the EIA review process have now been addressed and submitted, and we anticipate receipt of EIA approval during July 2026.

In parallel, we have continued to advance preparations for the next phase of exploration. The tender process for the planned 5,000-metre drilling programme has commenced, field personnel are being mobilised and preparatory works, including drill pad and access clearance, are expected to begin during the first week of July, positioning us to commence drilling shortly following EIA approval.

We have also completed the transfer and re-logging of the Project's historical drill core, materially enhancing our geological database and improving our understanding of the controls on mineralisation. This work, together with our review of historical drilling data, has strengthened our confidence in the exploration potential of the Project.

The submission of the Macacha II and Macacha III licence applications represents an important strategic step in expanding our footprint around the Project. Covering approximately 5,000 hectares, these applications are intended to secure prospective ground adjacent to the existing project area, establish a broader strategic buffer and support the Company's long-term objective of growing the scale of Macacha.

The forthcoming drilling programme will represent the first exploration campaign at Macacha in almost two decades and will focus on validating and expanding the historical oxide Mineral Resource Estimate while testing and quantifying the underlying copper sulphide mineralisation, which remains almost entirely untested. The expansion of the existing oxide mineralisation and the sulphide potential at depth represent significant opportunities to increase the historical Mineral Resource Estimate and further demonstrate the broader production scale potential of the Project.

Our internal exploration objective is to assess the potential to increase the historical Mineral Resource Estimate by up to five times, although any increase will depend on the results of future drilling and technical evaluation."

Total Voting Rights

The Company has issued 456 ordinary shares of 1 pence each ("Ordinary Shares") at 5.5 pence per Ordinary Share in relation to the fundraising completed on 16 December 2025 due to an administrative oversight.  The Company received an additional £25.09 in proceeds.

An application will be made for the admission to trading on the Aquis Growth Market of the new Ordinary Shares, with admission anticipated on or around 24 June 2026 ("Admission").

On Admission, the Company will have 120,109,292 Ordinary Shares in issue, each with one voting right. The Company does not hold any shares in treasury and therefore the total number of voting rights in the Company is 120,109,292. This figure should be used by shareholders from Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

- 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.

Historical Mineral Resource Estimate

The Company is not treating the Historical Mineral Resource as a current Mineral Resource. The planned exploration programme, including the proposed drilling campaign and re-evaluation of historical geological data, is intended to support the validation of the Historical Mineral Resource and the preparation of an updated Mineral Resource Estimate in compliance with the JORC Code (2012).