Mr. Gregory Duras reports

WESTERN METALLICA RESOURCES CORP. ANNOUNCES EXCLUSIVITY AND BINDING OPTION AGREEMENT FOR NUEVA CELTI COPPER PROJECT

Western Metallica Resources Corp. has entered into an exclusivity and binding option agreement with Ajax Resources PLC, pursuant to which Ajax has secured an exclusive and irrevocable option to acquire 100 per cent of the issued share capital of Western Metallica SL, a fully owned Spanish subsidiary of Western Metallica, which owns the Nueva Celti copper project located in Andalusia, Spain.

The option agreement was signed on July 25, 2026, and the option fee was received on Aug. 6, 2026. There were no finders' fees paid or payable with regard to the transaction.

Completion of the proposed acquisition remains subject to the terms and conditions of the option agreement, including the approval of the TSX Venture Exchange.

Transaction summary

Under the agreed commercial terms, Ajax would acquire 100 per cent of Western Metallica for total consideration of $300,000 (U.S.), comprising:

• A $10,000 (U.S.) non-refundable option payment, payable in accordance with the option agreement and credited against the cash consideration upon completion;
• A further $90,000 (U.S.) payable in cash on completion; and
• $200,000 (U.S.) to be satisfied through the issue of new Ajax ordinary shares, priced using the 10-day average closing price immediately preceding completion.

The company's principal project is the Penedela gold project located in northern Spain. The permit for the Penedela project expires on Aug. 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 licence expiring Nov. 19, 2026.

The previous letter of intent regarding the Nueva Celti announced in September, 2025, expired on Dec. 31, 2025, and was not extended.

About Western Metallica Resources Corp.

Western Metallica is an Ontario company with its head office in Toronto, Ont. Western Metallica is in the business of mineral resource exploration and development, and its principal asset is its 100-per-cent-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).