Update on Eureka Copper & Gold Project

Ajax Resources PLC

11 July 2025

 

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

11 July 2025

AJAX RESOURCES PLC

("Ajax" or the "Company")

Update on Eureka Copper & Gold Project, Argentina

Second Closing of Subscription  

Intention to list on Euronext Growth Oslo

Ajax Resources Plc (AQSE: AJAX) the natural resources investment company, provides an update on various corporate and operational developments.

Highlights:

·      Environmental Impact Study ("EIS") for the Eureka copper and gold project in Argentina ("Eureka")

·      Second closing of Subscription anticipated to occur on or around 25 July 2025

·      Intention to list on Euronext Growth Oslo

Submission of EIS for Eureka

The Company announces the submission of the EIS in respect of the Company's 100% owned Eureka project in northern Argentina (see Company announcement dated 16 April 2025). Eureka is an advanced exploration project located in the Province of Jujuy, comprising of nine mining licences (including a historic gold and copper mine) and three further mining licence applications, covering a cumulative area of approximately 7,200 hectares (72km²).

Ajax is the sole operator of Eureka through Puna Metals S.A. ("Puna"), its wholly owned Argentine subsidiary. Puna engaged WICZ Mining Consulting, a consultancy recognised for its expertise in environmental regulatory compliance, to complete the EIS. The study encompasses ten of the twelve licences currently held by Puna and has now been formally submitted to the Director of Mines and Energy Resources for the Province of Jujuy.

Subject to the EIS being approved, the Company will commence its exploration programme, consisting of mapping, trenching and later drilling, as well as underground sampling once the existing adit has been fully dewatered. The submission of the EIS is an important first step as the Company advances Eureka, with the objective of publishing a maiden JORC-compliant Mineral Resource Estimate during the first half of 2026.

Ajax's exploration budget for Eureka to 30 June 2026 is approximately £1.4m. This, in turn, is the first stage of a 5-year plan to progress Eureka towards commercial production, subject to a positive independent feasibility study. 

Second Closing of Subscription

The Company intends to undertake a second closing of the Subscription, announced on 23 May 2025, for additional gross proceeds of £0.5m, following the successful first closing raising gross proceeds of £1.0m, as announced on 17 June 2025. This second closing will be at 5 pence per ordinary share of 1 pence each ("Ordinary Shares").  It is now expected that the second closing will complete on or around 25 July 2025.

Application for listing on Euronext Growth Oslo

The Company announces that it has engaged Schjødt AS, a leading Norwegian law firm, as legal advisers and Cleaves Securities AS, a boutique investment bank with a 40-year history, as Euronext Growth (Oslo) Advisor, to prepare an application for listing of the Company's Ordinary Shares on the Euronext Growth Market of the Oslo Stock Exchange. Subject to regulatory approvals, the Company expects to complete the listing during the current financial year.

Ippolito Ingo Cattaneo, Chief Executive of Ajax, commented:

" It has been a transformational six months for Ajax. We have completed the acquisition of Eureka, a potentially very significant copper and gold project in northern Argentina, admitted our share capital to the Aquis Stock Exchange, and successfully completed a fundraise to fully fund all the work necessary for a maiden JORC-compliant Mineral Resource Estimate with strong participation from the Board.  

We have also potentially doubled the size of Eureka by exercising a binding agreement to acquire Minas La Escondida, a project comprised of two licences contiguous to the historic Eureka copper and gold mine, as well as signing a conditional option to acquire La Norteña, neighbouring the north of Eureka.

I am delighted to already report on strong progress at Eureka, with the submission of the EIS.

The EIS provides local authorities and communities confirmation that Ajax is fully committed to operating in strict compliance with the highest environmental regulations and standards, specifically in respect of our intended resource development exploration activities in the Province of Jujuy.

We wish to work closely with the local mining authorities, fostering a collaborative relationship, to allow the commencement of our fully funded exploration programme. Our primary goal will always be to ensure that Ajax's presence delivers meaningful, positive contributions to the communities in which we operate.

In parallel, the Company has now appointed key advisors in support of its application for listing its share capital on the Euronext Growth Oslo. This will enable the Company to further expand its international investor base, enhancing liquidity and enabling greater exposure for the value of our Company.

On behalf of the Board, I take the opportunity to thank all shareholders for their support. We are very optimistic about our future progress, and we look forward to providing further updates in due course."  

- 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]

 

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