Ajax’s strategy is to build a complementary portfolio of projects that combine advanced near-term production opportunities with highly prospective exploration assets. The Company seeks to advance projects with a proven history of production, significant untapped resources, and strong exploration potential.
Argentina
Macacha Copper & Silver Project – Salta Province
The Macacha Copper & Silver Project is emerging as Ajax’s flagship project in Argentina and represents one of the Company’s most advanced development opportunities.
Located in Salta Province in north-west Argentina, Macacha sits within a highly prospective Andean metallogenic belt known for hosting large-scale copper systems. The project, formerly known as the Leon Project, was renamed in honour of Macacha Güemes, a revered heroine of Salta Province who played a significant role in Argentina’s War of Independence. Macacha benefits from substantial historical investment and exploration work undertaken by previous operators, including AIM-listed Alexander Mining plc, which reportedly invested approximately US$25 million into the project between 2005 and 2010.
Project highlights include:
- Historical JORC (2004) Mineral Resource Estimate of:
- 6.6 million tonnes at 0.62% copper and 18 g/t silver
- Approximately 40,900 tonnes of contained copper
- Approximately 3.8 million ounces of silver
- Historical exploration estimate by Paramount Ventures & Finance of:
- 44.7 million tonnes at 0.8% copper and 21.8 g/t silver
- More than 20,000 metres of historical drilling completed across the project
- Significant historical infrastructure and technical studies completed
- Near-surface oxide mineralisation already delineated
- Untested deeper sulphide mineralisation providing substantial exploration upside
- Environmental Impact Assessment formally submitted to provincial authorities in 2026
- Ajax believes Macacha has the potential to evolve into a significant copper-silver development project and intends to undertake further drilling with the objective of expanding the historical resource base and advancing the project toward a modern JORC-compliant resource estimate.
Eureka Gold & Copper Project – Jujuy Province
The Eureka Project is located in Jujuy Province, north-west Argentina, within a historically productive gold and copper district where mining activity dates back several centuries.
The project includes the Eureka Mine together with the Mina Escondida licence areas and hosts multiple historical workings, near-surface copper oxide mineralisation, and gold exploration targets.
Recent drilling and geological work completed by Ajax identified visually significant copper mineralisation and potential near-surface gold mineralisation across several drillholes, while additional surface sampling programmes highlighted further exploration potential across the broader licence area.r
Ajax has also stated that only a limited portion of the broader project area has been systematically explored to date, indicating additional district-scale exploration potential. In 2026, the Company entered into negotiations regarding a potential divestment of Eureka, including exclusive discussions with a large Chinese mining exploration and production group with an established presence in Argentina.
The proposed transaction contemplates a cash consideration together with a retained life-of-mine royalty over copper and gold production. There can, however, be no certainty that the ongoing negotiations will result in a binding transaction.
Minas La Escondida – Jujuy Province
Ajax has also announced the conditional acquisition of Minas La Escondida, comprising two licences contiguous to Eureka and sharing the same geological prospectivity and mineralisation style. The licences strengthen the Company’s position within the district and provide additional regional exploration upside.
Chile
Paguanta Project – Tarapacá Region
Ajax has announced the conditional acquisition of the Paguanta Project in northern Chile, an advanced-stage silver-zinc-lead project with additional copper exploration potential.
Paguanta is located within the northern extension of Chile’s West Fissure belt, one of the world’s most prolific mining regions.
The project comprises 14 granted exploration licences covering approximately 7,800 hectares and hosts historical mining operations alongside extensive modern exploration work.
Project highlights include:
- Former silver-producing mine with established infrastructure and exploration camp
- JORC-compliant Mineral Resource containing approximately:
- 6.8 million ounces of silver
- 265 million pounds of zinc
- 74 million pounds of lead
- Historical drilling of approximately 46,700 metres
- Mineralisation remains open at depth and along strike
- Additional underexplored copper porphyry targets identified across the project area
- Located near major mining operations including Collahuasi, Quebrada Blanca, and Cerro Colorado
Ajax believes Paguanta has the potential to become a significant development and exploration asset within its growing South American portfolio.
Brazil
Pereira Velho Gold Project – Alagoas State
Ajax has acquired 100% of Pereira Velho Exploração S.A., owner of the Pereira Velho Gold Project in Alagoas State, Brazil, from entities affiliated with Appian Capital Advisory Limited, one of the world’s leading mining-focused private equity groups.
As part of the transaction, Appian became a major shareholder in Ajax, further strengthening the Company’s strategic relationship with a globally recognised mining investment group with approximately US$5 billion in assets under management.
Pereira Velho is a near-surface gold project located within a proven mining district and benefits from extensive historical exploration work, excellent infrastructure access, and substantial exploration upside.
Project highlights include:
- Approximately 6,363 metres of diamond drilling completed across 47 holes
- Historical exploration expenditure of approximately US$5 million
- Historical non-JORC compliant gold resource estimate of approximately 110,000 ounces
- Multiple drill-ready exploration targets identified across the broader district
- Widespread oxidised near-surface mineralisation supporting potential open-pit development
- Located approximately 20km from the Serrote copper-gold operation
Based on historical exploration data and the scale of the mineralised system identified to date, Ajax believes the Pereira Velho district may have the potential to host up to 1 million ounces of gold, although no current JORC-compliant Mineral Resource Estimate has yet been published to support this exploration target.
Ajax intends to advance Pereira Velho through further drilling and resource definition work with the objective of publishing a JORC-compliant Mineral Resource Estimate and expanding the known mineralised footprint.
Investments Portfolio
Ajax’s strategy is to build a complementary portfolio of projects that combine advanced near-term production opportunities with highly prospective exploration assets. The Company seeks to advance projects with a proven history of production, significant untapped resources, and strong exploration potential.