Ajax Resources — Completion of Paguanta Project Acquisition

(LSE:AJAX) Ajax has completed the acquisition of a 74.79% interest in the Paguanta Project. The initial consideration for the acquisition consisted of US$50,000 in cash and the issuance of 1,046,729 new ordinary shares at 25p per share, which is approximately US$350,000. There are two deferred cash milestone payments of US$500,000 each, which are contingent upon future JORC reserve announcements. The Paguanta Project hosts a historical JORC (2012) Mineral Resource of 2.4 million tonnes at 5.0% zinc, 1.4% lead, 88 grams per tonne silver, and 0.3 grams per tonne gold. The resource equates to 9.7% zinc equivalent and 236 grams per tonne silver equivalent. The contained metals in the resource are approximately 6.8 million ounces of silver, 265 million pounds of zinc, and 74 million pounds of lead. The project has benefited from prior investment of approximately US$31.5–32 million. There are extensive untested copper targets at the Paguanta Project. Following the share issuance, the company's post-issue share capital will be 151,613,927 shares. Admission of the new shares is expected on or around 11 November 2026. The acquisition increases Ajax's exposure to polymetallic resources. The transaction structure includes both upfront and milestone-based payments. The historical resource is based on a 2012 JORC estimate. The project has seen significant prior exploration and capital investment. The deferred milestone payments are specifically tied to the announcement of JORC reserves. The share issuance price was set at 25p per share. The acquisition is expected to enhance Ajax's project portfolio.

Admission to Euronext Growth Oslo Confirmed

(AQSE:AJAX) Ajax Resources PLC announced that its application for admission of its ordinary shares of 1 pence each to trading on Euronext Growth Oslo has been approved. Trading in the Ordinary Shares on Euronext Growth Oslo is expected to commence at 9:00 a.m. (CET) on 26 October 2026 under the ticker “AJAXR”. The number of Ordinary Shares admitted to trading is 149,325,292. The ISIN/Euronext Code for the shares is GB00BLNBD412, and the trading currency is NOK. The central securities depository is Euronext Securities Oslo (VPS). Bowsprit Partners Limited acts as the Euronext Growth Advisor. Following Admission, the Ordinary Shares will continue to be quoted on the Aquis Growth Market under the ticker AJAX. The Board believes that the dual-market structure will expand the Company's reach across Norway, the Nordic region, and the wider Euronext European market network, while maintaining access to its established UK shareholder base. Ippolito Ingo Cattaneo is the Chief Executive Officer of Ajax Resources Plc. Cattaneo stated that joining Euronext Growth Oslo strengthens access to Nordic and international investors and builds on the company's growth on the Aquis Stock Exchange. He thanked shareholders for their support through the Financing and acknowledged the role of Euronext and advisers in completing the admission process. Cattaneo also commented on Ajax's positioning in a commodities supercycle, highlighting the importance of copper, gold, and silver, and expressed intent to advance exploration programmes across South America and Europe. The Company corrected a previous announcement regarding Elmlea Properties Limited’s holding, stating that Elmlea (together with any other Ordinary Shares in which Michael Hutchinson is connected) holds 47,47,500 Ordinary Shares, equivalent to 3.95% of the Ordinary Shares currently in issue and admitted to trading on the Aquis Growth market. The Company’s website will be updated to reflect this correction.

Update on proposed Euronext Growth Oslo Admission

(AQSE:AJAX) Ajax Resources Plc has provided an update on its proposed admission of ordinary shares to trading on Euronext Growth Oslo. The company is progressing towards final approval for the admission, having completed financial and legal due diligence by independent Norwegian accounting and legal firms. The admission remains subject to final approval by Euronext Growth Oslo and completion of a proposed financing. Ajax intends to undertake a private placement of new Ordinary Shares to raise a minimum of EUR 2.5 million, as required by Euronext Growth Oslo admission rules. The minimum price for new shares in the financing will be NOK 1.00 per share, which is approximately 8 pence, representing a premium of about 25.5% to Ajax’s closing mid-market share price of 6.375 pence on Aquis as of 9 October 2026. For comparison, the company’s £1.0 million equity subscription completed on 27 January 2026 was priced at 8 pence per Ordinary Share. The final size, price, and terms of the financing will be determined by the Board based on market conditions and investor demand. The financing is expected to introduce a broader base of Nordic and European institutional, natural-resources, and sophisticated investor shareholders. Ajax intends to ensure that its Ordinary Shares are held by at least 30 qualifying shareholders, each holding shares with a value of at least NOK 5,000 (approximately GBP 400) at the time of admission, in accordance with Euronext Growth Oslo’s shareholder-spread requirements. The net proceeds of the financing are intended to support further drilling and development at the Macacha Copper and Silver Project in Argentina beyond the fully funded initial 5,000-metre exploration programme, following receipt of environmental approval. Additional drilling and development at the Pereira Velho Gold Project in Brazil will be supported beyond the fully funded initial 3,000-metre programme, subject to positive results. Exploration, resource-definition, and development work at the Silver, Copper, Lead, Zinc Paguanta Project in Chile will proceed following completion of the proposed acquisition. If Ajax exercises its option to acquire the Nueva Celti Copper Project in Spain, a 3,000-metre drilling programme budgeted at approximately €500,000 will be conducted to support publication of a maiden JORC-compliant Mineral Resource. The financing will also support the evaluation, execution, and completion of potential acquisition opportunities, as well as costs associated with the admission and financing, including market, advisory, and transaction costs. Ajax intends to retain its Aquis Growth Market quotation following admission. The Board believes the dual-market structure will expand the company’s reach across Norway, the Nordic region, and the wider Euronext European market network, while maintaining access to its UK shareholder base. Euronext Growth Oslo is described as offering access to a recognized capital-markets platform with a strong natural-resources investor community. The Board believes that admission, alongside the continued Aquis Growth Market quotation, will broaden the investor base and support liquidity, visibility, and valuation discovery as Ajax advances its exploration and resource-definition programmes in Argentina, Brazil, Chile, and Spain. A further announcement will be made regarding the timetable of events, final terms of the financing, and, subject to approval, the anticipated date of admission.

Increased Investment in Reveille Resources PLC

(AQSE:AJAX) Ajax Resources PLC announced an increase in its investment in Reveille Resources PLC, a UK uranium exploration and development company focused on Italy's largest uranium deposits. Ajax acquired 2,000,000 ordinary shares of 1 pence each in Reveille and 2,000,000 warrants to subscribe for Reveille Shares from Santa Devota S.r.l., for a total consideration of £102,500. Following this acquisition, Ajax now holds 14,000,000 Reveille Shares, representing 17.52% of Reveille’s currently issued share capital. Ippolito Ingo Cattaneo, an Executive Director and shareholder of both Ajax and Reveille, recused himself from Ajax’s Board deliberations and decision regarding the acquisition. The 14,000,000 Reveille Shares held by Ajax are valued at £1,015,000, based on Reveille’s closing mid-market share price of 7.25 pence on 5 October 2026. The acquisition was funded from Ajax’s existing cash resources. Reveille’s main focus is on its Novazza and Val Vedello uranium exploration licence applications in Lombardy, Italy, both of which are progressing through the Italian environmental impact assessment (VIA) process. Ajax has agreed to a one-year lock-in from Admission over its entire Reveille shareholding, including those acquired in this transaction. In addition to the 14,000,000 Reveille Shares, Ajax holds 5,872,500 warrants exercisable at 5 pence per Reveille share for five years from Admission, subject to certain conditions, and 6,000,000 warrants exercisable at 10 pence per Reveille share for 12 months from Admission, including 2,000,000 resulting from the acquisition. Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax Resources, stated that Ajax’s holding in Reveille is now valued at approximately £1.015 million, more than double the approximately £500,000 Ajax has invested in Reveille, not including the value of the warrants. He highlighted the historical exploration and development at Reveille’s Novazza and Val Vedello projects and noted that, subject to environmental approvals, Reveille will be able to test the significant potential of both projects. He expressed confidence that Ajax’s investment will be worth considerably more as Reveille delivers on its objectives.

Update on Pereira Velho & Appointment of QP

(LSE:AJAX) Ajax Resources PLC has appointed RBM Consultoria Mineral, represented by Mr Rodrigo Mello, FAusIMM, as Qualified Person for its Pereira Velho Gold Oxide Project in Alagoas, Brazil. Mr Mello is a Brazilian geologist with over 40 years' experience in mineral exploration, mineral resource evaluation, and project development, and has previously prepared an NI 43-101 Technical Report for the project. He will lead the validation of the historical exploration database, refinement of the geological model, and technical work required to support a Mineral Resource Estimate in accordance with the JORC Code (2012 Edition). Ajax has submitted environmental and permit requests to the Institute of Environment of the State of Alagoas on 2 September 2026 and has met with both the Institute and the National Mining Agency regarding regulatory approvals and review of the Final Exploration Report for a priority tenement. The company has received constructive feedback from both authorities and understands that the relevant reviews are progressing. Subject to receipt of the required approvals, Ajax expects to commence an approximately 3,000 metre diamond drilling programme during November 2026. The exploration and resource-definition programme is fully funded with an estimated budget of approximately US$1.5 million. This programme builds upon approximately US$5 million in prior exploration, including 6,363 metres of diamond drilling across 47 holes. The principal objective is to deliver a maiden Mineral Resource Estimate in accordance with the JORC Code (2012 Edition) and to further delineate and expand the known gold mineralisation. Historic exploration has identified widespread, near-surface oxidised gold mineralisation hosted within fractured quartzite and gneiss units with relatively modest clay content. An in-house mineral resource estimate of approximately 110,000 ounces of gold, classified as Measured, Indicated and Inferred, was previously prepared and filed with the Brazilian National Mining Agency, but is historical in nature and not reported in accordance with the JORC Code. Exploration completed to date has covered only approximately 20% of the project area, leaving scope for significant resource growth and the testing of multiple untested targets. The company's medium-term objective is to define approximately 500,000 ounces of gold at Pereira Velho.

Termination of Option

(LSE:AJAX) Ajax Resources PLC announces that it has terminated its option to acquire Minerva Metals S.r.l., an Italian company which had submitted an application for an Autorizzazione di Indagine covering the Sèbera area in southeastern Sardinia. The Option was originally announced by the Company on 27 April 2026.

Acquisition of the Paguanta Project, Chile

(LSE:AJAX) Ajax Resources PLC has signed a share purchase agreement to acquire a 74.79% interest in the Paguanta Project in Chile from Asara Resources Limited. The consideration for the acquisition includes an initial payment of US$50,000 in cash and US$350,000 in Ajax ordinary shares at a set price of 25 pence per share, with deferred consideration of up to US$1,000,000 in cash contingent on future resource statements. The Paguanta Project is an advanced-stage silver-zinc-lead project with approximately US$32 million of historical expenditure and a JORC (2012) Mineral Resource Estimate. The Patricia Prospect at Paguanta hosts a historical JORC (2012) Mineral Resource Estimate of 2.4 million tonnes grading 5.0% Zn, 1.4% Pb, 88 g/t Ag, and 0.3 g/t Au, containing approximately 6.8 million ounces of silver, 265 million pounds of zinc, and 74 million pounds of lead. Historical drilling at Patricia includes a hole intercepting 0.8 m grading 1,765 g/t Ag, 12% Zn, 7.5% Pb, and 1.7 g/t Au. The project comprises 14 granted exploration licences covering approximately 7,800 hectares and has seen approximately 46,700 metres of historical drilling. Ajax intends to engage proactively with local stakeholders and maintain constructive relationships with the communities surrounding Paguanta.

Ajax Resources — Update on Pereira Velho Gold Project, Brazil

(LSE:AJAX) Ajax Resources PLC announced an update on the Pereira Velho Gold project in Alagoas, Brazil, which was acquired from an affiliate of Appian Capital Advisory in March 2026. The company has commenced the environmental permitting process for its planned maiden drilling campaign by appointing a specialist environmental consultancy to prepare and submit the required environmental studies. The initial permitting programme will focus on two priority exploration licences, covering approximately 2,950 hectares, and is expected to require approximately three months. Ajax is preparing a fully funded exploration and resource-definition programme with an estimated budget of approximately US$1.5 million, including approximately 3,000 metres of diamond drilling and building upon a historic exploration database that includes 6,363 metres of diamond drilling across 47 holes completed at an estimated cost of approximately US$5 million. An in-house mineral resource estimate of approximately 110,000 ounces of gold, classified as Measured, Indicated and Inferred, was previously prepared and filed with the Brazilian National Mining Agency (ANM), but is not reported in accordance with the JORC Code (2012 Edition). The company projects to deliver a maiden Mineral Resource Estimate prepared in accordance with the JORC Code (2012 Edition) and aims to at least double the existing non-compliant resource. Exploration completed to date has covered only approximately 20% of the Project area, leaving scope for significant resource growth and the testing of multiple untested targets.

Exchange of Eureka for Rachaite and El Salto

(LSE/AIM:AJAX) Ajax Resources PLC announced that its wholly owned Argentine subsidiary, Ajax Salta S.A., has entered into a binding preliminary agreement with Madero Minerals S.A. for the proposed exchange of the Company's Puna Metals S.A. portfolio, including the Eureka Project and the recently expanded La Escondida 1 and La Escondida 2 exploration licences, for the Rachaite Prospect in the Province of Jujuy and the El Salto Project in the Province of Salta, Argentina. The Proposed Transaction involves no immediate cash consideration, allowing the parties to complete a reciprocal exchange of mining assets while preserving the Company's capital for exploration, resource definition and project advancement. The agreement includes a 90-day mutual due diligence period and a 120-day binding exclusivity period, which is extendable by mutual agreement. Historical technical reports for El Salto identified surface copper-silver mineralisation with rock-chip assay results of up to 3.53% Cu and 33.2 g/t Ag, and outlined an initial 750-metre diamond drilling programme. The original transaction for Rachaite contemplated the issue of US$20,000 of ordinary shares for the option, US$380,000 in cash upon exercise, a minimum exploration commitment of US$200,000, and a 1% Net Smelter Return royalty, which could be repurchased for US$250,000, representing an aggregate potential financial commitment of up to US$850,000. The Company has secured environmental approvals for Eureka, drilled the property for the first time in its history, expanded the licence package, and commenced permitting for a proposed alluvial gold operation. The Company projects that the Proposed Transaction may allow a greater proportion of available capital to be directed toward drilling, geophysics, geological modelling, resource definition, metallurgy, permitting and other value-generating technical programmes.

Update on the acquisition of the Paguanta Project

Ajax Resources PLC has provided an update on its proposed acquisition of the Paguanta Project in Chile from Asara Resources Ltd, with the exclusivity period extended until 14 August 2026. The Paguanta Project is a former silver mine and advanced-stage exploration project with significant silver, zinc, and lead mineralisation, and additional copper prospectivity. The Patricia Prospect within 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. Historical drilling totals 46,700 metres, and past operators have spent approximately US$31.5 million on the project. The acquisition is expected to complete in due course, subject to finalising negotiations and meeting the timeline set out in the extension.

Tungsten and Antimony Project in Sardinia, Italy

Ajax Resources PLC announced it has entered into a Letter of Intent with Minerva Metals S.r.l. for a potential acquisition of 100% of Minerva, which holds the Sèbera Exploration Licence in Sardinia, Italy. The licence area covers approximately 50 km² and includes the historic Su Suergiu mine, targeting antimony, tungsten, and gold. The agreed consideration for the acquisition is €30,000, subject to due diligence and shareholder approval. The project aims to leverage strong EU policy and funding support for critical raw materials, with potential access to €700 million from the Innovation Fund, €593 million from Horizon Europe, and €3 billion from the RESourceEU Plan. This development is significant for investors as it positions Ajax for exposure to critical and strategic metals in Europe, supported by regulatory and funding frameworks.