Update on Ajax’s investment in Reveille Resources

Ajax Resources PLC

09 October 2026

 

9 October 2026

AJAX RESOURCES PLC

("Ajax" or the "Company") 

Update on Ajax’s investment in Reveille Resources PLC

Ajax [AQSE: AJAX], the natural resources investment company, is pleased to see the positive response to the proposed appointment of The Hon. Michael R. Pompeo as Non-Executive Chairman of Reveille Resources PLC (“Reveille”), a UK uranium exploration and development company with a primary focus on Italy's largest uranium deposits, together with the announcement of Ajax’s increased shareholding in Reveille, where Ajax is the second largest shareholder. 

Ajax’s 14,000,000 Ordinary Shares in Reveille are valued at £1,435,000, based on Reveille’s closing mid-market share price of 10.25 pence on 8 October 2026.

Reveille’s focus is its Novazza and Val Vedello uranium exploration licence applications in Lombardy, Italy (together, the “Lombardy Projects”), both of which are progressing through the Italian environmental impact assessment (VIA) process.

The Company announced its initial investment in Reveille on 30 April 2026 (the “Initial Investment”). The Initial Investment committed Ajax to invest £200,000 in Reveille for a 25% interest.

The Initial Investment was followed by a further investment of £200,000 (the “Further Investment”), announced on 6 July 2026, ahead of Reveille’s admission to trading on the Aquis Growth Market (“Aquis”) the following day (“Admission”). Following Admission, Ajax held 12,000,000 ordinary shares in Reveille, representing 15.02% of its issued share capital, subsequently increasing to 14,000,000, representing 17.52% of its issued share capital following this morning’s acquisition (the “Acquisition”). By Admission, Ajax had invested a total of £400,000 in Reveille, now increased to £502,500 by the Acquisition.

Ajax has funded all its investments into Reveille from its existing cash resources.

At the time it was made, the Initial Investment was categorised by the Company, in consultation with Allenby Capital Limited, the Company’s Aquis Corporate Adviser, as a “joint investment arrangement” and, therefore, as falling outside the definition of a related-party transaction under the Aquis Growth Market Access Rules (an “RPT”). Following further review, the Company and Allenby no longer consider this categorisation to be correct; the Initial Investment was an RPT, as Ippolito Ingo Cattaneo, Ajax’s Chief Executive Officer and a Founder, Director and current 10.41% shareholder of Reveille, invested more than one quarter of the amount invested by Ajax concurrent with the Initial Investment.

The Directors of Ajax, excluding Mr Cattaneo, confirm that, having exercised reasonable care, skill and diligence, the Initial Investment was, and remains, fair and reasonable as far as Ajax shareholders are concerned.

The Further Investment did not constitute an RPT, as Mr Cattaneo invested less than one quarter of the amount invested by Ajax concurrent with the Further Investment, qualifying a “joint investment arrangement”.

Ajax is Reveille’s second-largest shareholder and has agreed a one-year lock-in, from Admission, over its entire Reveille shareholding, including those resulting from the Acquisition. The Company notes that its 30 April 2026 announcement contained an inadvertent typographical error in referring to Ajax as becoming a “majority shareholder” of Reveille. The reference should have instead stated that Ajax was becoming a “major shareholder” in Reveille.

In addition to its 14,000,000 Reveille Shares, Ajax holds:

• 5,872,500 warrants exercisable at 5 pence per Reveille share for five years from Admission, exercisable upon either: (i) Reveille’s mid-market closing share price on Aquis reaching at least 10 pence for at least ten consecutive trading days and approval of the VIA applications for both Lombardy Projects; or (ii) Reveille acquiring other assets with an aggregate enterprise value greater than that of the Lombardy Projects; and
• 6,000,000 warrants exercisable at 10 pence per Reveille share for 12 months from Admission, including 2,000,000 resulting from the Acquisition.

Mr Cattaneo was and has remained throughout a Founding Director and shareholder of Reveille, holding 50% of its issued share capital from incorporation until the Initial Investment, 25% following the Initial Investment (at which point he ceased to be a Person with Significant Control for the purposes of the Companies Act 2006) and 10.41% on Admission. He also holds 5,872,500 options exercisable at 5 pence per Reveille share for five years from Admission, subject to the same conditions set out above, and 320,000 warrants exercisable at 10 pence per Reveille share for 12 months from Admission. Mr Cattaneo invested alongside Ajax, concurrently with both the Initial Investment and the Further Investment, at the same price and on the same terms as Ajax.

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

“We are highly encouraged by Reveille’s progress since Admission and by the opportunity its Italian uranium strategy presents for Ajax shareholders. Following the Acquisition, Ajax holds 14,000,000 Reveille Shares which, based on Reveille’s closing mid-market price of 10.25 pence on 8 October 2026, are valued at approximately £1.435 million, almost three times Ajax’s aggregate investment of approximately £500,000 in Reveille, without attributing any value to Ajax’s warrants to subscribe for further Reveille Shares.

The recent appointment of The Hon. Michael R. Pompeo, former United States Secretary of State and Director of the CIA, as Reveille’s Non-Executive Chairman further underlines the strategic relevance and international ambition of Reveille’s Italian uranium opportunity.

My own investment alongside Ajax, made at the same price and on the same terms, demonstrates my confidence in Reveille and aligns my interests directly with those of Ajax shareholders.”

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 Athanas	Tel: + 44 (0) 203 328 5656 [e-mail]

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.

 

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