US stock futures edge lower after S&P 500 hits record high; PCE data in focus
LONDON - Ajax Resources Plc (AQSE:AJAX) has conditionally agreed to acquire a 74.75% interest in the Paguanta Project, a copper-gold project in northern Chile’s Tarapacá Region, the company announced Thursday.
The project, currently owned by ASX-listed Asara Resources Ltd, is an advanced exploration-stage polymetallic deposit with a history of silver production. Paguanta consists of 14 exploitation concessions and 14 pending exploration concession applications covering approximately 7,800 hectares.
According to the announcement, the Patricia Prospect within Paguanta contains a JORC-compliant mineral resource of 6.8 million ounces of silver, 265 million pounds of zinc, and 74 million pounds of lead. The company noted these resources remain open at depth and along strike.
Under the agreement terms, Ajax has until November 25, 2025, to negotiate final contractual terms and complete the acquisition. The company retains the right to terminate the agreement at no cost if due diligence results are unsatisfactory.
The acquisition consideration includes an initial payment of $50,000 in cash and $100,000 in Ajax ordinary shares within 15 days of completion. Additional payments of $500,000 each will be triggered upon definition of specific reserves: one for exceeding 25 million tonnes at ≥5% zinc equivalent, and another for exceeding 5 million tonnes of copper.
Asara Resources will retain a 1% net smelter royalty capped at $850,000, which would commence on the first anniversary of production operations, subject to zinc price conditions.
The Paguanta Project is currently maintained on a care and maintenance basis as Asara Resources focuses on its West African assets, according to the press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.