Western Metallica Resources Corp. Announces Exclusivity and Binding Option Agreement for Nueva Celti Copper Project

Western Metallica Resources Corp. (TSXV: WMS) announced an Exclusivity and Binding Option Agreement with AJAX Resources PLC (AQSE: AJAX). Under the terms of the deal, AJAX has secured an exclusive, irrevocable option to acquire 100% of Western Metallica, S.L., the Spanish subsidiary holding the Nueva Celti Copper Project in Andalusia.

The total transaction consideration is US$300,000, structured as US$10,000 already received as an option fee, US$90,000 payable in cash upon completion, and US$200,000 payable via the issuance of AJAX ordinary shares. The share pricing for the equity component will be based on the ten-day average closing price of AJAX shares immediately preceding completion. Completion is subject to standard conditions, including TSX Venture Exchange approval.

This agreement follows the expiration of a non-binding LOI with Emerita Resources Corp. in April 2026, which had previously lapsed without extension.

Western Metallica Resources Corp. (WMS) completed a transaction that provides a minor cash infusion of US$90,000 upon completion. This amount is insufficient to resolve the company's severe working capital deficit of approximately $911,786 as of Q1 2026. The equity component, consisting of US$200,000 in AJAX shares, introduces speculative value tied to a different, likely illiquid, penny stock, offering no immediate liquidity relief.

The deal monetizes a non-core asset but does not materially alter the company's financial trajectory or solve its underlying liquidity crisis. The news is incremental and follows the previously expired Emerita LOI, making it an expected corporate action rather than a market-moving event.

Western Metallica Resources Corp. is an exploration-stage company focused on mineral properties in Spain. Its flagship asset is the Nueva Celti Copper Project in Andalusia, which is now the subject of the AJAX option agreement. The company also holds other assets, including the Penedela gold project in Asturias, where a permit renewal is pending, the early-stage Valledor project, and the Sierra Alta project. Western Metallica Resources Corp. has no identified mineral resources or reserves across any of its properties. Previously, the company held a Peru option for the Caña Brava project, which was terminated in June 2025.