Kaiser Royalty

Ajax retains the right to receive a 2% Net Smelter Return (NSR) royalty with the usual deductions for some off-site costs, on all minerals produced from EL6209 which covers the Kaiser Deposit. The company also retains the right of reversion over EL6209.

Ajax has reviewed the results of Alkane’s Boda-Kaiser Project Scoping Study 2024. The Kaiser royalty payments can be estimated for the 17 years life of the open pit mineable indicated resource as presently known. Under the favoured 20Mt per annum ore treatment proposal, Ajax would receive an estimated total of A$154M, in 2024 dollars, based upon a gold price of A$3,500 per ounce and copper price of A$15,000 per tonne.

By June 2025, the gold price had increased to A$4,950 per ounce and the copper price was A$14,600. The estimated value of Ajax’s Kaiser royalty will be revised, in the future. Royalty payments could commence as early as 2030.