Update on proposed Euronext Growth Oslo Admission

Ajax Resources PLC

12 October 2026

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.12 October 2026

12 October 2026

AJAX RESOURCES PLC

("Ajax" or the "Company") 

Update on proposed Euronext Growth Oslo Admission and Proposed Financing

Ajax Resources Plc (AQSE: AJAX) is pleased to provide a further update on its previously announced intention to seek admission of its ordinary shares of 1 pence each (“Ordinary Shares”) to trading on Euronext Growth Oslo.

The Company is progressing towards final approval for the proposed admission. As announced on 28 April 2026, Ajax appointed Bowsprit Partners Limited as its Euronext Growth Advisor. The Company has now completed financial and legal due diligence performed by independent Norwegian accounting and legal firms. The proposed admission remains subject to final approval by Euronext Growth Oslo (“Admission”) and completion of the proposed financing described below.

Ajax intends to undertake a private placement of new Ordinary Shares to raise a minimum of EUR 2.5 million, in order to meet the applicable Euronext Growth Oslo admission requirements, which require a minimum fundraising of that amount and a minimum price of NOK 1.00 per New Ordinary Share (the “Financing”). NOK 1.00 is currently equivalent to approximately 8 pence per share, representing a premium of approximately 25.5% to Ajax’s closing mid-market share price of 6.375 pence on Aquis on 9 October 2026. The 8 pence figure is an indicative sterling equivalent of the NOK 1.00 minimum, not a fixed sterling issue price or confirmation of the final price for the Financing. For comparison, the Company’s £1.0 million equity subscription completed on 27 January 2026 was priced at 8 pence per Ordinary Share. The final size, price and terms of the Financing will be determined by the Board having regard to market conditions and investor demand.

The Financing is expected to introduce a broader base of Nordic and European institutional, natural-resources and sophisticated investor shareholders. In accordance with Euronext Growth Oslo’s shareholder-spread requirements, Ajax intends to ensure that its Ordinary Shares are held by at least 30 qualifying shareholders, each holding shares with a value of at least NOK 5,000 (approximately GBP 400) at the time of Admission. The Company expects this requirement to be satisfied through the proposed Financing.

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;
• If the Company exercises 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 potential acquisition opportunities; and
• Costs associated with the Admission and Financing, including market, advisory and transaction costs.

Ajax intends to retain its Aquis Growth Market quotation following Admission. The Board believes that the proposed dual-market structure will significantly expand the Company’s reach across Norway, the Nordic region and the wider Euronext European market network, while maintaining access to its established UK shareholder base.

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 regarding the timetable of events, final terms of the Financing and, subject to approval, the anticipated date of Admission.

Any invitation to participate will be made only to persons to whom it may lawfully be communicated. Investors who consider that they may be eligible to participate may contact the Company for further information. This announcement does not constitute an offer or invitation to subscribe for Ordinary Shares.

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]
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