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Zak Mir talks to Ippolito Cattaneo, Chief Executive Officer of Ajax Resources Plc
Thursday, 28 August, 2025

Zak Mir talks to Ippolito Cattaneo, CEO of Ajax Resources, in the wake of this week's announcements of the completion of the acquisition of the La Norteña Licence area and the agreed terms to conditionally acquire a 74.75% interest in the Paguanta Project, a copper-gold project. Ajax Resources PLC (AQSE: AJAX) has entered into a conditional agreement to acquire a 74.75% interest in the Paguanta Project (“Paguanta”), a copper-gold project located in the Tarapacá Region of northern Chile, from Asara Resources Ltd, an ASX-listed company. Paguanta is an advanced exploration-stage polymetallic project historically recognised for its silver production. It hosts substantial mineral resources in silver, zinc and lead, with further identified potential for copper and gold. The project area comprises 14 exploitation concessions and 14 pending exploration concession applications, together covering approximately 7,800 hectares. Under the terms of the Acquisition: · The parties have until 25 November 2025 to negotiate final contractual terms of the contract and complete ("Completion"). · Ajax will undertake its due diligence prior to Completion. · Ajax may terminate the Agreement prior to Completion at no cost if the results of the due diligence are unsatisfactory. · The Acquisition will consist of the purchase of 100% of the share capital of Paguanta Resources (Chile) SpA, which in turn owns 74.75% of the share capital of Compania Minera Paguanta SA, which owns the Paguanta Project. Both companies are incorporated in Chile. · On Acquisition, both companies will be free of outstanding debt, other than debts novated to Ajax by the Vendor. The consideration for the Acquisition, should it proceed, will be: · Within 15 days of Completion: o US$50,000 in cash; and o US$100,000 in Ajax ordinary shares of 1 pence each ("Ordinary Shares"), calculated at the 7-day Volume Weighted Average Price (VWAP) prior to issue. · A further US$500,000 to be payable upon the definition of a proved reserve exceeding 25 million tonnes at ≥5% zinc equivalent. · A further US $500,000 to be payable upon the definition of a proved reserve exceeding 5 million tonnes of copper. · The vendor will retain a 1% net smelter royalty, commencing on the first anniversary of production operations at Paguanta, capped at a maximum amount of US$850,000 and subject to the average zinc price during the preceding two quarters exceeding US$2,600 per metric tonne. The principal zone of value within Paguanta is the Patricia Prospect, which has been the subject of the most extensive exploration to date. Patricia contains a JORC-compliant Mineral Resource of 6.8 million ounces of silver, 265 million pounds of zinc, and 74 million pounds of lead. Importantly, these resources remain open at depth and along strike, providing significant potential for further expansion. At present, the Vendor maintains Paguanta on a care and maintenance basis, while its operational focus remains directed toward its West African portfolio.