Western Metallica Resources Corp. Extends Exclusivity Period With Ajax Resources on the Exclusivity and Binding Option Agreement for the Nueva Celti Copper Project
Western Metallica extends options for its AJAX project, securing additional time to advance the development deal while maintaining critical liquidity levels.
Western Metallica Resources Corp. (WMS) announced an extension of the exclusivity period for its binding option agreement with AJAX Resources PLC to November 30, 2026. The transaction grants AJAX an exclusive and irrevocable option to acquire 100% of Western Metallica's Spanish subsidiary, which holds the Nueva Celti Copper Project.
The TSX Venture Exchange has already granted conditional approval for the transaction. Closing is subject to standard conditions, including final shareholder approval. This update follows previous extensions on August 7, 2026, and September 23, 2026, as the parties continue due diligence and negotiate definitive documentation.
Western Metallica Resources Corp. (WMS) has secured an extension to finalize its acquisition, a development that provides additional time for the company to complete the deal amid severe liquidity constraints. The transaction structure remains unchanged, with total consideration set at $300,000 USD. This amount comprises a $10,000 option fee already received, $90,000 in cash, and $200,000 in AJAX equity.
The update serves as a procedural step that maintains the status quo and keeps the potential capital injection on track. It does not introduce new terms, unexpected catalysts, or changes to the strategic rationale. By preserving the path to the capital injection, which is crucial for the company's survival, the extension provides positive value without altering the fundamental risk profile or introducing a market-moving surprise.
Western Metallica Resources Corp. (WMS) is a pre-revenue junior exploration company focused on mineral properties in Spain and Peru. Its flagship asset is the Nueva Celti Copper Project located in Andalusia, Spain, which is the subject of an ongoing acquisition by AJAX Resources PLC. The company also holds the Penedela gold project in northern Spain and the early-stage Valledor project. Western Metallica Resources Corp. has no mineral resources or reserves identified and relies entirely on external financing to continue exploration activities.