Ajax Resources PLC - Update on Macacha EIA & New Exploration Permit

15 October 2026

AJAX RESOURCES PLC

("Ajax" or the "Company") 

Update on Macacha EIA, Engagement of Andes Exploration and Macacha IV

Ajax [AQUIS: AJAX], the natural resources investment company, is pleased to provide an update on the Environmental Impact Assessment ("EIA") approval process for its Macacha Copper and Silver Project in Salta Province, Argentina, including the engagement of Andes Exploration and the appointment of its Chief Executive Officer, Leandro Sastre, as Qualified Person ("QP") for the Company's planned drilling programme of up to 5,000 metres, as well as the submission of an application to expand the Macacha Project through the addition of a new licence, Macacha IV.

Update on EIA - Significant Progress Towards Approval

The Company confirms that it has submitted all additional information and technical clarifications requested by the relevant provincial authorities in connection with the EIA application for its proposed initial 5,000-metre exploration drilling programme at Macacha.

Both the Provincial Environmental Department and the Provincial Water Resources Department have now completed their respective technical reviews and issued their reports without observations. Both reports have been forwarded to the Provincial Mining Secretariat, representing the final milestone in the EIA approval process.

The Company continues to maintain regular and constructive engagement with the technical team of the Provincial Mining Secretariat, as well as with senior representatives of the provincial government, to facilitate the conclusion of the approval process.

Ajax also notes recent public comments made by Gustavo Carrizo, Secretary of Mining of Salta Province, confirming that an agreement has been reached in relation to the Macacha Project.

In light of these developments, the completion of both technical reviews without observations and the constructive engagement with the relevant authorities, the Board believes that approval of the EIA will be received shortly and anticipates receiving the necessary authorisation before the end of October 2026, although the timing of the final decision remains subject to the relevant provincial authorities an cannot be guaranteed.

The approval of the EIA will enable the Company to proceed with its planned initial exploration drilling programme.

Engagement of Andes Exploration and Appointment of its CEO as QP

The Company is pleased to announce the engagement of Andes Exploration to support the planned exploration drilling programme at Macacha. Leandro Sastre, Chief Executive Officer of Andes Exploration, will act as Qualified Person ("QP") for the Macacha Project.

Mr Sastre is a highly experienced international exploration geologist with more than 23 years of experience in mineral exploration, regional geological interpretation, mineral resource evaluation and technical services, with particular expertise in the Andean metallogenic belts of Argentina and Chile.

Mr Sastre previously served as Vice President of Exploration for Latin America and Asia-Pacific at Barrick Gold Corporation, where he oversaw exploration activities across three major mining operations and several earlier-stage projects. He also held the position of Mineral Resources and Technical Services Manager at Barrick's Veladero gold mine in Argentina.

Mr Sastre currently serves as Vice President of Exploration at GoldQuest Mining Corp. (TSXV: GQC), a Canadian-listed gold and copper exploration and development company with a market capitalisation of approximately C$290 million. GoldQuest's principal asset is the Romero gold-copper project in the Dominican Republic, which hosts an indicated mineral resource of approximately 2.27 million ounces of gold equivalent.

His experience encompasses the geological evaluation of major gold and copper mineralisation systems throughout the Andes, including the Caspiche gold-copper porphyry project in Chile's Maricunga Belt and the Veladero gold-silver mine in Argentina's El Indio Belt. His geological research has also included work relating to Bajo de la Alumbrera in Catamarca Province, historically Argentina's principal producing copper mine, which ceased production in 2018.

Mr Sastre has extensive knowledge of regional geological architecture, structural controls on mineralisation, hydrothermal alteration systems and the geological relationships between porphyry copper-gold and epithermal mineral deposits across the Andean Cordillera. His experience is particularly relevant to the interpretation of Macacha's geological setting and the evaluation of its copper and silver exploration potential.

Mr Sastre holds a degree in Geology from the National University of Salta, Argentina, and a postgraduate qualification in Mineral Economics from the University of Chile. He is a member of the Australian Institute of Geoscientists (MAIG) and is recognised as a Competent Person under the JORC Code.

The Board believes that the engagement of Andes Exploration and Mr Sastre's extensive experience in the Andean region, his understanding of major copper-gold mineralisation systems and his familiarity with the geology of northwestern Argentina will provide valuable technical expertise as Ajax advances its exploration programme at Macacha, with the objective of evaluating the project's copper and silver mineralisation and assessing the potential for a maiden mineral resource estimate.

Leandro Sastre, CEO of Andes Exploration and Qualified Person for the Macacha Project, commented:

"On behalf of Andes Exploration, I look forward to supporting Ajax Resources in the next phase of exploration at Macacha.

Macacha is a project with a substantial history of exploration and development work, including historical pilot-scale copper production and approximately US$25 million of previous investment. This extensive body of work, together with the considerable geological and technical information already available, provides a strong foundation upon which to build and distinguishes Macacha from a conventional early-stage exploration project.

Having reviewed the historical drilling results, geological models and proposed exploration programme, I am particularly encouraged by the copper and silver mineralisation identified at El Cobre and El Plomo. Historical drilling has returned significant copper grades over substantial intervals, including 49.18 metres at 1.477% copper and 47.53 metres at 1.082% copper, demonstrating the potential of the mineralised systems.

The existing geological models and interpreted extensions beyond the previously drilled areas provide targets for further drilling. The initial drilling programme has been designed to test the existing geological interpretation and these extensions, allowing us to assess the continuity, geometry and scale of the mineralisation.

Subject to the necessary approvals, the first phase will prioritise approximately 1,500 metres of drilling across eight selected holes at El Cobre and El Plomo, with subsequent drilling guided by the geological and assay results. This approach will allow Ajax to focus its investment on the areas offering the greatest potential to expand the known mineralised envelope.

Beyond the immediate drilling objectives, I am interested in Macacha's broader exploration potential, including the possibility of identifying additional near-surface copper oxide mineralisation and deeper sulphide systems. Further drilling and technical evaluation will be required to assess the scale, continuity and development potential of the mineralisation.

Macacha represents a highly compelling exploration opportunity, combining historically demonstrated copper mineralisation, substantial previous investment and an extensive technical database with significant areas that remain insufficiently explored. The combination of established mineralised zones, encouraging historical drilling results and prospective extensions provides a strong geological foundation for the forthcoming exploration programme. Macacha has the potential to host copper and silver mineralisation of significant scale, and that the planned drilling programme represents an important opportunity to demonstrate the continuity and extent of these mineralised systems, with a view to advancing the project towards a maiden mineral resource estimate.

Through Andes Exploration, I look forward to working with the Ajax team to test these targets and collect the geological and assay data needed to assess the potential for a maiden mineral resource estimate."

Expansion of the Macacha Project – Application for Macacha IV Licence

As part of its ongoing strategy to consolidate and expand its exploration footprint in the Macacha district of Salta Province, Argentina, the Company is pleased to announce that its Argentine subsidiary, Ajax Salta S.A. ("Ajax Salta"), has submitted an application for an additional exploration licence, designated Macacha IV, covering an area adjacent to the existing Macacha Project.

The application follows the previously announced submissions for the Macacha II and Macacha III licences, covering 2,004 hectares and 3,004 hectares respectively, and represents a further step in the Company's strategy to establish a larger, strategically coherent exploration position in the district.

The Macacha IV application has been identified as part of the Company's ongoing geological and regional exploration assessment, with the objective of securing additional prospective ground surrounding the existing Project and providing further opportunities for exploration and potential mineral resource growth.

The Board believes that the continued expansion of the Company's land position around Macacha is strategically important, particularly given the substantial historical exploration work undertaken at the Project, the presence of known copper and silver mineralisation and the potential for additional discoveries beyond the areas previously explored.

Subject to the granting of the application, Macacha IV would further strengthen the Company's regional exploration footprint and provide opportunities to investigate the possible continuation of favourable geological structures and mineralised horizons beyond the boundaries of the existing Project.

The application remains subject to review and approval by the relevant provincial mining authorities, and there can be no assurance that the licence will be granted.

Community Engagement and Institutional Cooperation

In parallel with the EIA approval process, Ajax Salta S.A., the Company's Argentine subsidiary, has continued to strengthen its institutional and community relationships in Salta Province, with particular emphasis on education, technical training and local economic development.

The Company has signed a Letter of Intent for a proposed Framework Cooperation Agreement with the Ministry of Education and Culture of Salta Province and the Higher Education Institute No. 6021 "Juan Carlos Dávalos" in San José de Metán, reflecting a shared intention to promote cooperation between the educational and natural resources sectors.

The proposed cooperation encompasses technical and vocational training, professional placements, educational visits to exploration sites, technical presentations and other initiatives intended to provide students with practical exposure to the mining and exploration industries, while contributing to the development of local technical capabilities and human resources.

As part of this initiative, representatives of Ajax Salta have also met with Cristina Fiore, Minister of Education and Culture of Salta Province, to discuss the Macacha Project and opportunities for students from local technical institutions to participate in practical training activities and gain firsthand experience of mineral exploration operations following receipt of the necessary environmental approvals.

The initiative forms part of Ajax's broader commitment to establishing constructive and lasting relationships with local communities and institutions, while supporting the development of a skilled local workforce capable of participating in future exploration activities.

The Board considers this institutional cooperation an important complement to the Company's ongoing exploration strategy and a positive demonstration of Ajax's commitment to responsible mineral exploration and long-term engagement with the communities surrounding Macacha.

Updated Investor Presentation and Corporate Website

The Company is pleased to announce that an updated investor presentation, reflecting recent corporate developments and progress across its portfolio of projects, will be published on the Company's existing website today, no later than 12:00 noon UK time.

The Company is also developing a new corporate website, which will be launched in due course.

- ENDS -

For further information: 

About Ajax Resources Plc

Ajax Resources Plc is a UK natural resources investment company listed on the Aquis Stock Exchange (AQSE: 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.