Business
Conditional Acquisition of the Leon Project
Ajax Resources PLC has entered into a conditional Option-to-Purchase Agreement for the Leon Project, an advanced copper and silver asset in Argentina. The project boasts a historical resource estimate of 44.7 million tonnes at 0.8% Cu and 21.8 g/t Ag, with a JORC (2004) estimate of 6.6 million tonnes of Inferred and Indicated resources at 0.62% Cu and 18 g/t Ag for the near-surface oxide horizon, leaving deeper sulphide mineralization untested. Previous owners, including Alexander Mining plc, invested approximately US$25 million between 2005 and 2010, demonstrating suitability for open-pit extraction and heap-leach recovery. Ajax will pay US$100,000 in shares for the option, with a US$3 million cash purchase price payable upon exercising the option, which can be extended for an additional year with further payments. The acquisition is subject to a 90-day due diligence period, and if exercised, will include a 0.5% Net Smelter Return royalty for the vendor, extinguishable for US$450,000. Disclaimer*
About this update from Ajax Resources Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.\n \n10 December 2025\nAJAX RESOURCES PLC\n \n(\"Ajax\" or the \"Company\")\n \nConditional Acquisition of the Leon Project\n \nAjax [AQSE: AJAX], the natural resources investment company, is pleased to announce that it's fully owned Argentine subsidiary, Puna Metals S.A. (\"Puna\") has signed a conditional Option-to-Purchase Agreement for 100% of the Leon Project (\"Leon\" or the \"Project\" ), an advanced copper and silver project located in north-western Argentina (the \"Proposed Acquisition\") with an established local mining company (the \"Vendor\").\n \nProposed Acquisition Highlights\n \n· 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.\n· Approximately 10,000 metres of additional diamond drilling was subsequently 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 Inferred and Indicated resources at 0.62% Cu and 18 g/t Ag, relating solely to the near-surface copper oxide horizon. This estimate does not include the deeper sulphide mineralisation, which remains untested.\n· Leon 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 Leon.\n· The earliest known activity in Leon dates to the Jesuits in the 17th century.\n· Leon is a sediment-hosted copper and silver project comprising of two deposits: El Plomo and El Cobre.\n· 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.\n· Access to Leon is favourable, with paved national highways situated app...