Asara Resources Limited has entered into a binding Share Purchase Agreement with Ajax Resources PLC to divest its 74.79% interest in the Paguanta copper and silver-lead-zinc project in northern Chile for a total consideration of US$1,400,000.

The transaction transfers ownership of the project, which has remained on care and maintenance since 2018. Under the terms of the binding agreement, the consideration comprises an initial US$50,000 in cash alongside US$350,000 in ordinary shares payable upon completion.

Completion remains subject to several conditions precedent, including the issue and registration of 2,525,675 ordinary shares in the capital of Compania Minera Paguanta SpA in favour of Asara's subsidiary within 180 days of signing. The arrangement also includes deferred consideration consisting of two separate US$500,000 cash payments linked to future JORC Code-compliant reserve milestones. Ajax must make the first deferred payment upon announcing an Ore Reserve exceeding 25 million metric tonnes at a grade of 5% or greater zinc equivalent, and the second upon declaring an Ore Reserve containing not less than 5 million metric tonnes of copper.

The divestment aligns with the company’s portfolio rationalisation strategy, following its April 2025 sale of the non-core Kouri and Babonga gold assets in Burkina Faso for US$2.2 million. Asara previously initiated a formal divestment process for Paguanta in April 2024 before securing the current binding terms with Ajax.

“The divestment of the Paguanta Project is consistent with our clear strategy of focusing on the advancement of Kada." 

"The transaction provides a pathway for Paguanta to be advanced by a new owner, while allowing Asara shareholders to retain exposure to its future success through our shareholding in Ajax and deferred milestone payments linked to the Project's advancement. This acquisition complements Ajax's existing portfolio of assets, and we look forward to sharing in their future exploration success.” 

— Matthew Sharples, MD & CEO of Asara

Proceeds and corporate focus are being directed toward the flagship Kada Gold Project in Guinea, where Asara is required to fund a Definitive Feasibility Study to increase its project stake from 51% to 75%.

Read the full announcement: Asara divests non-core Paguanta Project, Chile