Update on Euronext Growth Oslo Admission

Ajax Resources PLC

20 October 2026

 

20 October 2026

AJAX RESOURCES PLC

("Ajax" or the "Company") 

Update on Euronext Growth Oslo Admission

Conditional Equity Fundraising of €2.5m

Ajax [AQSE: AJAX], the natural resources investment company, announces that it has conditionally raised €2.5m through a subscription for new ordinary shares of 1 pence each (“Ordinary Shares”) in connection with its application for admission to trading on Euronext Growth Oslo (the “Subscription”), as previously announced 12 October 2026.  The Subscription is for a total of 26,560,000 new Ordinary Shares at an issue price of NOK 1.0 (approximately 8 pence) per Ordinary Share (the “Subscription Shares”), raising the equivalent of approximately £2.11m at current exchange rates.

In addition, the Company has made available up to a further 2,656,000 new Ordinary Shares at a subscription price of NOK 1.00 per share to eligible private investors in connection with its proposed admission to Euronext Growth Oslo (the “Private Investor Subscription Shares”). The Subscription, which is being conducted in reliance on applicable exemptions from Norwegian prospectus requirements, is expected to close on the evening of Wednesday, 21 October 2026 and, if fully subscribed, would raise gross proceeds of NOK 2,656,000, equivalent to approximately €250,000 (£211,000) at current exchange rates (the “Private Investor Subscription”). The Company will provide a further update on the Private Investor Subscription following its closing.

Both the Subscription and the Private Investor Subscription (together, the “Financing”) are being undertaken in connection with the Company's proposed admission to trading on Euronext Growth Oslo, which is expected to occur on 26 October 2026 (“Admission”), subject to the satisfaction of the applicable admission requirements and receipt of the necessary regulatory approvals.

Admission remains conditional upon the Company having at least 30 qualifying shareholders registered in the Norwegian central securities depository (VPS), each holding Ordinary Shares with a value of at least NOK 5,000 (approximately £400), and the Ordinary Shares having an open market price on the Aquis Stock Exchange equivalent to at least NOK 1.00 per share on 23 October 2026, together with the satisfaction of all other applicable admission requirements.

The net proceeds of the Financing are intended to support:

• further drilling and development work at the Macacha Copper and Silver Project, Argentina, beyond the fully funded initial 5,000-metre exploration programme, following receipt of the relevant environmental approval;
• additional drilling and development work at Pereira Velho Gold Project, Brazil, beyond the fully funded initial 3,000-metre programme, subject to positive results;
• exploration, resource-definition and development work at Silver, Copper, Lead, Zinc Paguanta Project, Chile, following completion of the proposed acquisition;
• subject to the Company exercising its option to acquire Nueva Celti Copper Project, Spain, a 3,000-metre drilling programme budgeted at approximately €500,000, with the objective of supporting the publication of a maiden JORC-compliant Mineral Resource;
• the evaluation, execution and completion of additional potential acquisition opportunities; and
• the costs associated with the Admission and the Financing, including market, advisory and transaction costs.

Application will be made for the Subscription Shares and Private Investor Subscription Shares to be admitted to trading on the Aquis Growth Market, with admission expected to become effective on 26 October 2026.

Orca Capital Ag, who currently hold 10.00% of the current issued Ordinary Shares have subscribed for 2,517,980 Subscription Shares (the “Orca Subscription”). The Directors of Ajax, confirm that, having exercised reasonable care, skill and diligence, the Orca Subscription is fair and reasonable as far as Ajax shareholders are concerned.

Euronext Growth Oslo offers access to a recognised capital-markets platform with a strong natural-resources investor community. The Board believes that Admission, alongside Ajax’s continued Aquis Growth Market quotation, will broaden the Company’s investor base and support liquidity, visibility and valuation discovery as Ajax advances its exploration and resource-definition programmes in Argentina, Brazil, Chile and Spain.

A further announcement will be made in due course.

Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax Resources Plc, commented:

"We are very pleased to have secured this level of investor support as Ajax prepares to enter a particularly active period of exploration and development across its portfolio. The Financing represents an important milestone for the Company as we progress towards our proposed admission to Euronext Growth Oslo and seek to broaden our institutional and international shareholder base.

This comes against the backdrop of the strong performance of our investment in Reveille Resources Plc, which has demonstrated the value of our investment strategy and our ability to identify and secure opportunities with significant potential for value creation.

We are now looking ahead to several important operational milestones, including the anticipated approvals for our Macacha project in Argentina, the final preparations for drilling at Pereira Velho in Brazil, and the potential completion of our proposed acquisition of the drill-ready Nueva Celti copper project in Spain.

With our initial exploration programmes already funded, the additional capital will allow us to accelerate our activities, pursue further value-accretive opportunities and build upon the substantial historical investment made across our portfolio. We greatly look forward to an exciting period ahead and thank our existing and incoming shareholders for their confidence and support."

-  ENDS -

For further information: 

Ajax Resources Plc Ippolito Ingo Cattaneo, Chief Executive Officer	Tel: + 44 (0) 208 146 6345 [e-mail]
Allenby Capital Limited (Aquis Corporate Adviser) Nick Harriss / Nick Naylor / Ashur Joseph	Tel: + 44 (0) 203 328 5656 [e-mail]
Bowsprit Partners (Euronext Growth Oslo Adviser) John Treacy / Francesco Cicconi	Tel: [phone]

About Ajax Resources Plc

Ajax Resources Plc is a UK natural resources investment company listed on the Aquis Stock Exchange (AQSE: AJAX). The Company was previously listed on the FCA Official List of the Main Market of the London Stock Exchange as a Special Purpose Acquisition Company (SPAC) before transitioning to its current strategy as an operational natural resources investment vehicle.

Ajax is focused on identifying, acquiring and advancing assets containing copper, gold, silver, zinc, uranium and lead - commodities supported by strong long-term demand fundamentals. The Company's strategy centres on the acquisition and development of assets with historical production, significant untapped or latent potential, and substantial exploration upside, typically secured on highly advantageous terms. Ajax aims to progress these assets through development and into production, with the objective of generating revenue and long-term shareholder value.

 

END