Final Results for the year to 28 February 2025

Ajax Resources PLC

17 July 2025

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310

17 July 2025

AJAX RESOURCES PLC

("Ajax" or the "Company")

Final results for the year to 28 February 2025

Notice of Annual General Meeting

Ajax [AQSE: AJAX] the natural resources investment company, is pleased to publish its audited financial statements and annual report for the year to 28 February 2025 (the "Annual Report"). A copy of the Annual Report will shortly be available for download on the Company's website, www.ajaxresources.com, and can also be viewed here:

http://www.rns-pdf.londonstockexchange.com/rns/5354R_1-2025-7-17.pdf

Key elements from the Annual Report have been extracted and can be viewed below.

The Company also announces that the Ajax annual general meeting ("AGM") for the year to 28 February 2025 will be held at 10.30 am BST on 26 August 2025 at the offices of Allenby Capital Limited, the Company's Financial Adviser, at 5 St Helen's Place, London, EC3A 6AB.  A copy of the Notice of AGM and Form of Proxy will be mailed to shareholders in due course and will, once published, be made available to view on the Company's website at:

https://www.ajaxresources.com/investors/key-documents/    

- ENDS -

For further information: 

Ajax Resources Plc Ippolito Cattaneo, Chief Executive Officer	Tel: + 44 (0) 208 146 6345 [e-mail]
Allenby Capital Limited (Financial Adviser) Nick Harriss / Daniel Dearden-Williams	Tel: + 44 (0) 203 328 5656 [e-mail] [e-mail]

CEO Statement

Dear Shareholder,

I am pleased to present the audited financial statements to shareholders for the year ended 28 February 2025.

During the reporting period, Ajax identified an advanced gold and copper project in the Republic of Argentina. On 25 February 2025, the Company signed a Heads of Terms agreement with Bezant Resources Plc ("Bezant") to acquire Puna Metals S.A. ("Puna"), a wholly owned Argentine subsidiary of Bezant. Puna holds the mining rights for the Eureka Project, which consists of 12 licences located in the north-western Province of Jujuy, northern Argentina ("Eureka" or the "Project").

In line with our strategy of identifying assets with a history of production and significant prospectivity, the Eureka Project is highly attractive advanced exploration project. It hosts the historical "Eureka Mine", where gold and copper extraction activities date back to Incan times, with records of production ongoing during the 16^th,17^th and 20^th centuries.

On 21 May 2025, Ajax completed the acquisition of Puna from Bezant, marking a significant milestone in the Company's journey from a listed cash shell to an active natural resources investment company.

Eureka is drill-ready and has the potential to develop into a low-cost gold and copper mine within approximately 3 to 4 years, subject to permitting and other development factors.

Under the share purchase agreement, Ajax acquired 100% of Puna for a total cash consideration of US$170,000. The deferred equity consideration of US$100,000, initially announced on 25 February 2025, was replaced with an additional cash payment of US$50,000. As part of the acquisition, all intra-group loans made by Bezant and its affiliates to Puna have been novated to Ajax.

For the sake of historical record, it is to be highlighted that Bezant acquired Eureka in 2010 for a cumulative consideration of approximately US$8 million, payable in cash (US$3.9 million, by way of a schedule of payments, with the balance payable in equity securities in Bezant. In 2012, the cash component was reduced to US$2.6 by accelerating the pre-existing schedule of payments.

Bezant ultimately did not proceed with the development of Eureka due to a combination of factors. These included internal changes within its board, a strategic shift in direction by Bezant towards African opportunities, macroeconomic instability in Argentina at the time, and, more recently, the global disruptions caused by the COVID-19 pandemic.

Option to Acquire Minas La Escondida

Further advancing our strategy, on 19 June 2025, Puna exercised its option to acquire Minas La Escondida ("La Escondida"), a mining project also located in Jujuy Province, from a local investor for US$80,000. La Escondida comprises two contiguous licences covering 2,500 hectares and lies adjacent to the historical Eureka Mine.

Conditional Acquisition of La Norteña Licence Area

Additionally, the Company has agreed terms for Puna to conditionally acquire 100% of the La Norteña Licence Area ("La Norteña") for US$22,500. This licence area neighbours the Eureka Project to the north and spans 6,300 hectares.

Funding and Development

To fund the development of Eureka and provide additional working capital, the Company completed a fundraise on 17 June 2025. Ajax raised £1,000,000 through the issue of 25,000,000 new Ordinary Shares at a price of 4 pence per share. The proceeds, along with the Company's existing cash reserves, will finance exploration activities, most notably, the first-ever drilling campaign at Eureka, to achieve the publication of a maiden JORC-compliant Mineral Resource Estimate.

Throughout the year, as reflected in these financial statements, your Board has maintained a disciplined focus on minimising expenditure and no Board member has received any form of remuneration.

The acquisition of Puna was funded by way of the Company's existing financial resources.

Outlook

Looking ahead, we are encouraged by the significant resource potential of Eureka, the improving political and investment climate in Argentina, and the favourable global outlook for gold and copper prices.

We are especially optimistic about the unexploited potential of the Eureka Project. Prior studies of Eureka, though not in compliance with internationally accredited standards, indicate the presence of approximately 620,000 tonnes of copper and 52,000 ounces of gold.

Eureka has never been drilled. Our immediate goal is to conduct a drilling campaign, with the aim of delivering a JORC-compliant Mineral Resource Estimate to determine the scale and significance of its potential.

It is to be underlined that the Board has demonstrated its unwavering and continued confidence in the Company by investing an additional £330,000 in the most recent fundraise.

We thank all shareholders for their continued support since the Company's listing in April 2022. It is our view that the Eureka Project, acquired on highly advantageous terms, has the potential to be transformative.

We look forward with enthusiasm to the next phase in Ajax's development.

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 28 FEBRUARY 2025

	Notes	Page	Year to  28 February 2025	Year to  29 February 2024
			£	£
Revenues			-	-
Cost of sales
Gross profit			-	-
Other interest receivable			123,589	138,295
Administrative expenses			(250,734)	(316,523)
Operating loss and loss before income tax	4	40	(127,145)	(178,228)
Taxation	5	41		-
Loss and total comprehensive loss for the period			(127,145)	(178,228)
Loss per share attributable to the equity holders (pence)	6	41
Basic			(0.27)	(0.38)
Diluted			(0.27)	(0.38)

STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 28 FEBRUARY 2025

	Notes	Page	Year to  28 February 2025	Year to  29 February 2024
			£	£
Current assets
Other receivables	8	42	-	8,200
Promissory Notes granted	8	42	-	-
Cash and cash equivalents	9	43	798,473	974,141
Total assets			798,473	982,341
Equity
Ordinary shares	10	43	468,625	468,125
Share Premium Reserve	10	43	1,019,035	1,019,035
Options & Warrants	10	43	289,804	297,639
Retained earnings/(loss)			(1,024,155)	(897,010)
Total equity			753,309	887,789
Current Liability
Other payables	11	46	45,164	85,456
Directors loan account	15	48	-	9,096
Total Liabilities			45,164	94,552
				,
Total equity and liabilities			798,473	982,341

STATEMENT OF CASH FLOW

FOR THE YEAR ENDED 28 FEBRUARY 2025

	Year to 28 February 2025	Year to 29 February 2024
	£	£
Cash flows from operating activities
Loss before tax	(127,145)	(178,228)
Interest received from Promissory Notes	(103,080)	(103,648)
Interest received from Money Market Bank Accounts	(20,509)	(34,647)
Decrease / (Increase) in receivables	(8,200)	(95)
Increase / (Decrease) in payables	(48,523)	49,596
Share Based Payments	-	-
Net cash used in operating activities	(307,457)	(267,022)
Cash flows from investing activities
Promissory Notes	-	337,508
Interest received from Promissory Notes	103,080	103,648
Interest received from Money Market Bank Accounts	20,509	34,647
Decrease / (Increase) in receivables	8,200	8,200
Net cash used in investing activities	131,789	484,003
Cash flows from financing activities
Proceeds from the issue of ordinary shares (net of issue costs)	-	-
Net cash from financing activities	-	-
Net increase / (decrease) in cash and cash equivalents	(175,668)	216,981
Cash and cash equivalents at the start of the period	974,141	757,160
Cash and cash equivalents at the end of the period	798,473	974,141

All references to Notes and Pages in the financial statements above refer to the Annual Report which can be accessed via the link set out above.

 

END