AQSE : AJAX6.01p Gold/oz : $4,449.80 Silver/oz : $68.24 Copper/lb : $5.48
Argentina
Copper, gold and silver opportunities across Salta and Jujuy
Three projects
Two provinces
Copper · Gold · Silver
FLAGSHIP PROJECT
Macacha Copper & Silver Project
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.
Salta Province
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.
Historical investment. Andean potential.
- Formerly the Leon Project
- ~US$25m historical investment
- Andean metallogenic belt
6.6Mt
0.62% Cu
18 g/t Ag
20,000m+
Project highlights
- 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
Development focus
Expanding the historical resource base
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.
Exploration project
Eureka Gold & Copper Project
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.
Jujuy Province
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.
Exploration upside
Only a limited portion of the broader project area has been systematically explored.
TRANSACTION UPDATE
Potential divestment under discussion
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.
District expansion
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.
JUJUY PROVINCE · ARGENTINA
2 licences
Conditional acquisition
Shared geology
Regional upside
Explore the portfolio
EXPERIENCED LEADERSHIP
Board & Management
Our Board of Directors and executive team combine decades of experience across mining, finance and corporate leadership. Together, they provide the strategic direction and technical expertise to advance Ajax’s long-term growth ambitions.