Ajax Resources (AQSE:AJAX) has been granted an exclusive and irrevocable option to buy 100% of Minerva Metals for €30,000, giving it rights over the Sèbera Autorizzazione di Indagine in the Gerrei district of southeastern Sardinia.
The option is exercisable at Ajax's sole discretion and is conditional on unanimous Minerva shareholder approval, satisfactory technical, legal and financial due diligence, and the granting of the exploration authorisation by local authorities, and remains valid for the duration of the licence.
"Through the Option, we have secured a clear and low-cost pathway to acquire 100% of Minerva Metals, subject to due diligence and shareholder approvals, while maintaining full flexibility on execution," said Ippolito Ingo Cattaneo, Chief Executive Officer.
The agreed consideration is a nominal €30,000 for the entire issued share capital, Minerva must provide full access for due diligence and is bound by exclusivity obligations preventing competing transactions while the licence is active.
The Sèbera licence covers roughly 50 km², includes the historic Su Suergiu mine and tailings, and targets polymetallic antimony‑tungsten systems with associated gold and potential tailings recovery.
Ajax says the deal fits its strategy to gain near‑term European exposure to critical raw materials and, if it exercises the Option, intends to spin Minerva into a publicly traded vehicle to advance production opportunities. The company will pursue designation as a "CRM Strategic Project" under the EU framework to accelerate permitting and access funding.
Ajax will now undertake detailed technical evaluation and due diligence and retains full discretion on whether to exercise the option.
