TORONTO--(BUSINESS WIRE)--Aug. 7, 2026-- Western Metallica Resources Corp. (TSXV: WMS)(“Western Metallica” or the “Company”) is pleased to announce that it has entered into an Exclusivity and Binding Option Agreement (the "Option Agreement") with AJAX Resources PLC. (AQSE: AJAX) ("AJAX"), pursuant to which Ajax has secured an exclusive and irrevocable option to acquire 100% of the issued share capital of Western Metallica, S.L., a fully owned Spanish subsidiary of Western Metallica which owns the Nueva Celti Copper Project located in Andalusia, Spain (the “Proposed Acquisition”).

The option agreement was signed on July 25, 2026 and the option fee was received on August 6, 2026. There were no finder’s fees paid or payable with regards to the transaction.

Completion of the Proposed Acquisition ("Completion") remains subject to the terms and conditions of the Option Agreement, including the approval of the TSX Venture Exchange ("TSXV").

Transaction Summary

Under the agreed commercial terms, Ajax would acquire 100% of Western Metallica, S.L. for total consideration of US$300,000, comprising:

• a US$10,000 non-refundable option payment, payable in accordance with the Option Agreement and credited against the cash consideration upon Completion;
• a further US$90,000 payable in cash on Completion; and
• US$200,000 to be satisfied through the issue of new Ajax ordinary shares, priced using the ten-day average closing price immediately preceding Completion (the “Consideration Shares”).

The Company’s principal project is the Penedela gold project located in Northern Spain. The permit for the Penedela project expires on August 17, 2026 and is in the process of being renewed. The Company also has the Valledor project which is an early-stage exploration project located in Northern Spain with the license expiring November 19, 2026.

The previous LOI regarding the Nueva Celti announced in September 2025 expired on December 31, 2025 and was not extended.

About Western Metallica Resources Corp.

Western Metallica is an Ontario company with its head office in Toronto, Ontario. Western Metallica is in the business of mineral resource exploration and development, its principal asset is its 100% owned Penedela Gold Property in the “Navelgas Gold Belt” in Asturias, Spain. Western Metallica also has an interest in two other Spanish gold projects in the “Navelgas Gold Belt” in Asturias (Valledor and Sierra Alta) and one project located in Andalucia (Nueva Celti).

Further information of the Company can be found at: www.westernmetallica.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260807667846/en/

Western Metallica Resources Corp.
Gregory Duras
Chief Executive Officer
Email: gduras@westernmetallica.com

Investor Relations
Email: info@westernmetallica.com

Source: Western Metallica Resources Corp.