Western Metallica Resources Corp. Provides Update on Exclusivity and Binding Option Agreement for Nueva Celti Copper Project

Western Metallica Resources Corp. provided a status update on its binding option agreement with AJAX Resources PLC, noting that the exclusivity period for the option to acquire 100% of the Spanish subsidiary, the Nueva Celti Copper Project, has been extended to October 30, 2026. The TSX Venture Exchange has granted conditional approval for the transaction, though closing remains subject to standard conditions, primarily shareholder approval. Management anticipates closing the transaction before the new deadline.

Western Metallica Resources Corp. (WMS) issued a routine follow-up on August 7, 2026, regarding its $300,000 USD option agreement. The market was already aware of the transaction structure, which included a $10,000 option fee received, $90,000 in cash, and $200,000 in equity in AJAX shares. The extension is standard for M&A due diligence and does not alter the fundamental economics of the deal.

No material change to the company's financial position or operational outlook is introduced by this update. The primary risk remains execution risk: if shareholder or regulatory approval is not obtained, the company loses a critical cash infusion and faces immediate liquidity pressure.

Western Metallica Resources Corp. is a pre-revenue junior exploration company focused on mineral properties in Spain and Peru. Its flagship asset is the Nueva Celti Copper Project in Andalusia, Spain, where the exploration permit was successfully extended for three years until February 27, 2029. The company also holds other assets, including the Penedela gold project in northern Spain, with a permit renewal currently in process, and the Valledor project, which is in early-stage exploration with a license expiring November 19, 2026. The company has not yet identified any mineral resources or reserves, and exploration activities are highly speculative and contingent on securing financing.