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.

In September 2024, Ajax 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 is 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 2026, the gold price had increased to A$5,800 per ounce and the copper price was A$20,200 per tonne. The estimated value of Ajax’s Kaiser royalty will be revised in the future. Royalty payments could commence as early as 2030.