Western Metallica Resources Corp. has granted Ajax Resources PLC the exclusive right to acquire its wholly owned subsidiary, which controls the Nueva Celti Copper Project located in Andalusia, Spain. The transaction is part of a strategic agreement finalized recently.
Deal structure and terms
According to the signed agreement, Ajax will pay a total of US$300,000 for the subsidiary. The payment structure includes a non-refundable option fee of US$10,000, which was submitted on August 6, 2026. An additional US$90,000 will be paid in cash once the transaction is finalized. The remaining amount of US$200,000 will be covered through the issuance of new Ajax ordinary shares, with their value based on the ten-day average closing price of the stock immediately before the deal closes.
Other projects and timelines
In addition to the Nueva Celti Copper Project, Western Metallica also holds the Penedela Gold Project in Northern Spain. The current operating permit for this project is scheduled to expire on August 17, 2026. The company is actively working to renew the permit to ensure the continuity of operations.
Another key asset is the Valledor project, an early-stage gold exploration site in Northern Spain. The license for this project is set to expire on November 19, 2026. The company must complete the renewal process to maintain its stake in the area.
Previously, in September 2025, there was a letter of intent regarding the Nueva Celti project. However, this agreement expired at the end of December 2025 and was not extended. The current deal supersedes the earlier terms and provides a clear path for the acquisition.
Western Metallica Resources Corp., based in Ontario with its headquarters in Toronto, operates in the mineral exploration and development sector. The company’s primary focus is its 100% owned Penedela Gold Property located in the Navelgas Gold Belt in Asturias, Spain.
In addition to the Penedela Gold Property, Western Metallica holds interests in two other gold projects in the same Navelgas Gold Belt: Valledor and Sierra Alta. The company also maintains a project in Andalucia, the Nueva Celti. These assets form the foundation of its operations in the region.
More information about Western Metallica can be obtained through its official website at www.westernmetallica.com. For inquiries, the company’s Chief Executive Officer, Gregory Duras, can be contacted via email.