IN BRIEF: Ajax Resources confirms Chile acquisition but ends Italy one

Ajax Resources PLC - natural resources sector investor focused on South America - Moves ahead with the acquisition of a copper project in Chile, while cancelling its option to buy a company prospecting in Italy. Both potential acquisitions were announced earlier this year. In January, Ajax had said it signed an exclusivity agreement to buy a 74.8% interest in the Paguanta project in Chile from Sydney-listed Asara Resources Ltd. On Monday, Ajax says it now has signed a share purchase agreement for Paguanta. Ajax will pay Asara USD50,000 in cash, plus USD350,000 in Ajax shares issued at 25 pence each, well above its current market price of 5.75p. Deferred consideration is two milestone payments of USD500,000 upon reserve statements for zinc and copper. Paguanta is a silver-zinc-lead project in the Tarapaca region of northern Chile, which Ajax says has significant unexplored copper potential.

Ajax also on Monday says it has terminated its option to buy Minerva Metals Srl, an Italian company exploring in the Sebera area in southeastern Sardinia. Back in late April, Ajax had entered a letter of intent to buy all of Minerva Metals, saying at the time that the agreement reflected its "intention to have exposure to near-term production opportunities for critical raw materials within Europe", with "strong alignment with European policy priorities around supply chain security and sustainability". Ajax doesn't on Monday provide a reason for cancelling the option.

Current stock price on AQSE: 5.75p

12-month change: up 31% from 4.38p

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