Ajax Resources Share Chat (AJAX)

So these new investors get 1:1 warrants free. We holders at the same price do not. Why no open offer?

A lot of chat but on ajax.pl not ajax

No chat since June? Drilling soon?

9 June 2025

AJAX RESOURCES PLC

("Ajax" or the "Company")

Update on the Acquisition of Minas La Escondida

Conditional Acquisition of the La Norteña Licence Area

Proposed Second Closing of Subscription

Ajax [AQSE: AJAX], the natural resources investment company provides an update on progress with developments as it continues to expand its investments in Argentina.

Update on Minas La Escondida

As announced on 15 May 2025, the Company has an option to acquire the Minas La Escondida ("La Escondida"), a mining project located in the Province of Jujuy, Argentina from a local investor, for US$80,000. The two licences that make up La Escondida cover 2,500 hectares and are contiguous to the Company's Eureka Project, specifically in respect of the historical Eureka Mine.

The Company confirms that its wholly owned Argentine subsidiary, Puna Metals SA ("Puna"), will exercise this option today.

Conditional Acquisition of the La Norteña Licence Area

The Company has agreed terms for Puna to conditionally acquire 100% the La Norteña Licence Area ("La Norteña"), which neighbours the Company's Eureka Project to the north, for US$22,500 from a local investor (the "Acquisition"). La Norteña covers an area of 6,300 hectares.

Under the terms of the Acquisition:

· The parties have until 15 August 2025 to negotiate final contractual terms of the contract and complete ("Completion").

· Ajax will undertake its due diligence prior to Completion.

· Ajax may terminate the Agreement prior to Completion at no cost if the results of the due diligence are unsatisfactory.

· The vendor and Puna intend to enter into an agreement to exploit alluvial gold extraction (limited to gold located within 6m of the surface) at La Norteña. The vendor will receive 20% of the profits generated from this activity. After 24 months from the start of this activity, which will be subject to local approvals, Puna will have the option to purchase the vendor's profit share for US$115,000. The costs of establishing the alluvial gold extraction activity will be met by Puna.

Second Closing of Subscription

With the anticipated acquisitions of La Escondida and La Norteña, it is the Company's intention to undertake a second closing of the Subscription announced on 23 May 2025 for the balance of the £0.5m, following the successful first closing to raise £1.0m announced on 17 June 2025. This second closing will be at 5 pence per ordinary share of 1 pence each ("Ordinary Shares"). It is expected that this second closing of the Subscription will be made on or before July 11, 2025. The Company will provide further updates as appropriate.

Holding in the Company

The Company has been notified that Mr Garry Watts now holds 2,250,000 Ordinary Shares, equivalent to 3.13% of the current Ordinary Shares admitted to trading, and to 3.11% when the new i

Https://www.lse.co.uk/SharePrice.html?shareprice=AJAX.PL&share=Ajax-Resources-Plc

That’s the new forum page for Ajax

Botham whwre? LSE?

Still saying suspended when it's been lifted

Typo is my previous post it should have said raising £1 million not £1.5 million. Sorry

But it actually makes sense. The main market now requires a minimum £30M market cap, which Ajax didn’t want to dilute shareholders (and presumably board control) to meet. Instead, they’re focused on building that valuation organically by delivering results—particularly the upcoming MRE. AQUIS is ok for growth-focused small caps and should give them the flexibility they need to scale properly. However, I would expect them to look to move to, or at least dual list with, a larger market as soon as the jorc report is out. If my estimation of a value of £30 million is right then there is every probability that they may just move straight back to the main market.

Finally, the team behind Ajax is strong. The board includes Michael Hutchinson, a former director of the London Metals Exchange, and both executive directors are hands-on, with plans to oversee operations on the ground in Argentina. This isn’t a passive team—they're actively pushing the project forward.

All things considered, Ajax has acquired a historically rich asset with major upside potential, in a revitalising jurisdiction, for pennies on the dollar. They’re fully funded through the next 12 months, have a tight share structure, and a clear plan to deliver value. For those looking at the junior mining space, this could be one to watch closely.

As always, DYOR—but I’m definitely in.

Just finished going through the recent video on the Ajax website, and I have to say—this company looks like a seriously undervalued opportunity in the copper-gold junior space.

Their acquisition of the Eureka project in Argentina could be transformational. They secured the asset for just $170,000, despite it previously costing the former owner between $2.6M and $4M.

The purchase price was very cheap but even more striking, is that Eureka was once valued at up to $81M in an Edison Investment Research report back in 2010—based on lower commodity prices than today. The resource estimates, while not yet JORC-compliant, suggest 620,000 tonnes of copper (worth over $5 billion) and 52,000 ounces of gold (around $150 million at current prices).

Eureka isn’t some hypothetical project either—it’s a historically producing mine, that has easy road access and mineralisation close to surface, meaning Ajax can pursue open-pit mining rather than more complex underground methods. That dramatically shortens the timeline to production and lowers upfront costs.

What’s particularly encouraging is Ajax’s plan to confirm the resource with a full JORC-compliant Mineral Resource Estimate by early 2026. They’ve already mapped out a 5,500m drill program, with Phase 1 (3,000m) starting later this year. On top of that, they’ve conditionally acquired two additional licences—Mina Las Econdida 1 and 2—which expand their landholding by 30% and could increase the resource size further.

Obviously, once they get a full Jorc report done then the value of the project, and the shares, will increase exponentially – and this is going to be over less than a years time. By my reckoning the value should go up to at least £30 million just on the jorc report which is a massive return from the 3p it is today.

The jurisdiction is also worth noting. Argentina under Javier Milei has taken a pro-mining turn, making it a far more attractive location for exploration than it was even a few years ago. Ajax seems to have timed their entry perfectly—while other companies are still cautious, they’ve moved early and secured a high-potential project at a fraction of its true value.

Financially, they appear to be in good shape. After listing in 2022 with £1.2M raised, they’ve remained lean, still holding around £600K post-acquisition. They’re now raising £1.5M at a 33% premium (4p/share) to fund the Eureka drill program, with 15% of that raise coming from the board. Insiders and family already control around 40% of the company, which is a great sign of alignment.

Interestingly, they’ve moved their listing from the Main Market to AQUIS. That might sound like a downgrade at first glance, but it actually makes sense. The main market now requires a minimum £30M market cap, which Ajax didn’t want to dilute shareholders (and presumably board control) to meet. Instead, they’re focused on building that valuation organically by delivering results

Thanks Botham I thought I missed something, looks like they got the full amount and the interest in the stock.

Proofed not to be incorrect, my broker told me yesterday they had only raised £700k and were closing the book. Positive they have had a late influx of investors.

AJAX RESOURCES PLC

("Ajax" or the "Company")

Successful Closing of Fundraising

Update on the Admission to the AQSE Growth Market &

Cancellation of Listing

Total Voting Rights

Ajax, the natural resources investment company [LSE: AJAX] is pleased to announce the successful closing of the subscription announced on 23 May 2023 (the "Announcement") and the prospective admission to trading of its ordinary shares of 1 pence each ("Ordinary Shares") to the Aquis Stock Exchange Growth Market Access Category ("AQSE")

Successful Closing of Fundraising

The Company has raised a total of £1,000,000 through the issue of 25,000,000 new Ordinary Shares at a price of 4 pence per Ordinary Share ("Subscription Shares") by way of subscriptions (the "Subscription"). The net funds raised through the Subscription will be utilised, alongside the Company's existing cash resources to conduct the necessary exploration work, including drilling activities, to publish a JORC compliant Mineral Resource Estimate for the Company's newly acquired Eureka Project, the acquisition of additional projects and for general working capital purposes, as set out previously in the Announcement.

Admission to AQSE and Cancellation of Listing

The Company's existing 46,862,500 Ordinary Shares and the new 25,000,000 Subscription Shares will be admitted to trading on AQSE at 08:00 BST on 18 June 2025 ("Admission").

The Board is of the opinion, having made due and careful enquiry, that the working capital available to the Company is sufficient for a period of at least twelve months following Admission.

The cancellation of the admission of its existing Ordinary Shares from the Equity Shares (Shell Companies) category of the Official List and to trading on the Main Market of the London Stock Exchange under Rule 21.2.17 of the FCA's UK Listing Rules will take place at 08:00 BST on 18 June 2025.

Https://www.ajaxresources.com/

The video interview up on their main page fyi

My sentiments also I will build a gradual position here as I see some significant value here before the mainstream these reaches the markets radar. The director seems very pleasant and motivated too.

Yeah thomas...your spot on there..gl

Precisely Troajan. Unfortunately for Bezant, they exited at the least opportune moment, allowing us to acquire a high-quality asset at a compelling valuation. Once this stock gains broader market visibility—particularly following the release of the JORC report—it has the potential to deliver significant multiples from current levels.

Worth noting thomas,back in 2010,the commodity sector,especially gold and oil,was in a very high bull trend,since that burst a year or two later.

those comps back then,came back to earth with a bang.

bad luck for bzt,brill luck to ajax.

I've been reviewing the original RNS issued by Bezant Resources on 7th December 2010 regarding their acquisition of the Eureka Project — definitely worth revisiting:

https://www.investegate.co.uk/announcement/rns/bezant-resources--bzt/acquisition/2320476

From my analysis, the total consideration agreed appears materially higher than the $2.6 million figure that’s been cited recently. Per the RNS, the deal comprised:

$200,000 upfront in cash

$3.9 million in staged cash payments over two years

4 million shares issued immediately (valued at 36p at the time — approx. $2 million)

A further 4 million shares due by 30 April 2011

Aggregating both the cash and equity components, the total headline consideration was circa $8.1 million.

According to the RNS that Bezant released on 19th April 2011 https://www.investegate.co.uk/announcement/rns/bezant-resources--bzt/issue-of-equity/2445895 they definitely issued both sets of shares as they confirm that “Winetime is now interested, in aggregate, in 8,000,000 ordinary shares representing approximately 12.31 per cent. of Bezant's enlarged issued share capital. “

Then in the 4th January 2012 RNS they announced that they have reduced the cash payment down from $3.9 million to $2.6 million. https://www.investegate.co.uk/announcement/rns/bezant-resources--bzt/update-re-eureka-project-argentina/2732130

So in total they paid

$200k upfront payment

$2 million in shares up front (4 million shares at 34p) on 7th December 2010

$2 million in shares (4 million at 38p) on 19th April 2011

$2.6 million cash payment

So in total $6.8 million for the project – and we got it for $170,000.

Launching on Aquis appears to be a strategically sound move, offering an ideal entry point for early investors. In a recent interview, the director mentioned that a key milestone for re-listing on the LSE is reaching a market cap of $30 million. Given that the current valuation is around $3m, this implies a potential 10x upside before the company even returns to the main market. Achieving that target would not only provide significantly increased visibility and liquidity, but also position us well ahead of broader market participation. From my perspective, this is an excellent time to begin building a position. Of course time will tell!

Botham your calculations look spot on imo

Sometimes very few trades and wide spread. Is my calculation correct on valuation after money raised?

I’ve been digging into a few stocks listed on the Aquis Stock Exchange recently, and honestly, the more I research, the more I think there’s some real opportunity here for those willing to look beyond the usual LSE/AIM names. I just happened to own stock in Ajax before the halt so be interesting how it trades after.

Yes, liquidity is thinner and spreads can be wider—but that’s exactly what keeps these plays under the radar. For patient investors, AQSE gives early access to high-growth companies that aren’t yet on the broader market’s radar. I think the director said they want to take it up to £30m+ before they list on the LSE again.

One of the key advantages I’ve noticed is tight insider ownership. In many AQSE stocks like Ajax, the board and their families own sizeable chunks (often 30–50%), meaning management is genuinely aligned with shareholders and incentivised to create value. You don’t always get that kind of alignment in larger listed companies.

There are also some attractive tax benefits—many AQSE stocks qualify for EIS, SEIS, and Business Relief, which can be a huge plus for UK investors.

Admittedly, trading isn’t always as smooth as on AIM or the main market, but if you’re buying to hold and not flipping in and out, that’s often a minor issue. Plus, if you get in before the crowd and the company delivers, the upside potential can be huge as the story unfolds and visibility improves.

With the right due diligence, I think smaller companies like Ajax can be a goldmine for those who know good early companies before they’re more mainstream. Some of these companies might be tomorrow’s success stories—and we’re getting a front-row seat while they’re still overlooked.

Botham why do you think liquidity will be an issue?

Thanks tb500 just watched it.

I’m more convinced than ever that Ajax Resources is one of the most undervalued plays in the junior mining space right now. This isn’t just another speculative explorer—it’s a company with a clear path to revenue, a strategic copper-gold asset, and management that knows exactly what it’s doing.

Ajax’s acquisition of the Eureka Project in Argentina is nothing short of a steal. For just $170,000, they secured a historic mining asset estimated to hold 620,000 tonnes of copper ($150M). These are non-JORC figures, yes—but Ajax’s plan to drill and formalise them by Q2 2026 gives this company a tangible, high-potential development story.

The kicker? The project’s never been drilled. That means zero modern exploration and maximum upside. It’s near-surface, low-capex, and located in Argentina’s most mining-friendly province. The groundwork is being laid now, with a two-phase drill program kicking off in October. We could see a JORC-compliant Mineral Resource Estimate within 12 months.

With energy transition driving unprecedented demand for copper, Eureka is perfectly positioned. Add gold into the mix—an inflation hedge and store of value—and Ajax becomes a smart dual-metal play. The company has stayed disciplined, focusing only on assets with near-term revenue potential. That’s rare.

Ajax also just acquired Mina Lescondida—two licenses adjacent to Eureka—expanding their footprint by 30%. They did this before announcing their MRE, locking in value early. Their capital strategy is equally impressive: they’ve stretched £1.2M from 2022, still have £600K left, and are only raising a modest £1.5M to fund drilling and development. No unnecessary dilution.

LSE’s post-RTO listing rules required a £30M market cap. Ajax refused to “fake it to make it,” opting for AQUIS to build real value through operational progress—not hype. It’s a smart move that shows integrity and confidence.

Ajax Resources is not a story stock—it’s a value unlock waiting to happen. With disciplined leadership, a copper asset aligned with global trends, and a drill program starting in months, I believe this is the kind of early-stage company that can deliver multi-bagger returns.

Just noticed an interview by Ajax Resources — I’ll watch it this afternoon and share my thoughts afterward.

https://www.lse.co.uk/media/ajax-resources-transformation-from-spac-to-copper-gold-producer-in-argentina-and-aquis-listing-dlakm4nnhm5ffqj.html

I do wonder when we come out of the halt, I have money on the sidelines ready to increase my position.

TB500

Good spot — I saw the RNS too and was actually surprised how quietly it landed considering the significance. Ajax now holding 100% of Eureka definitely gives them something to build around.

I agree it's early stage, but isn't that where some of the best value often hides? The polymetallic angle is interesting — especially with copper demand still looking strong long-term. If they hit anything decent early on, that could shift sentiment pretty quickly.

Curious what others think about Bezant offloading it though — do we reckon it’s more a case of them being overstretched, or does it raise red flags? Sometimes juniors just can't justify pushing all projects forward, so I'm leaning toward the former, but open to thoughts.

Also, on funding — do we think Ajax has something lined up already? Wouldn’t be shocked to see a JV or some kind of strategic investor step in rather than straight dilution, especially if the asset has decent drill targets.

Feels like one of those sleeper plays that could surprise on the upside if they manage the next steps well. Anyone digging into historical drill data or previous work done on Eureka?

Just seen the RNS confirming Ajax has completed the acquisition of Puna Metals S.A., giving them full control of the Eureka Project in Argentina. This was first announced back in April, and now it’s official.

A few thoughts for anyone looking at this:

Ajax now has a real asset – no longer just an investment shell. Eureka is a polymetallic project (copper, gold, silver), so there’s upside if they start drilling and results are positive.

They picked this up from Bezant on what looks like favourable terms – could be a bargain if the geology stacks up.

Argentina is attracting more interest from big mining firms lately. Despite the risks, it's still underexplored.

Argentina isn’t the easiest jurisdiction – inflation, political instability, and a history of changing mining rules could cause issues.

Eureka is early stage – no confirmed resource or feasibility yet, so it’s very speculative at this point.

Ajax will need funding to explore the project. That probably means dilution unless they’ve got something else up their sleeve.

Worth noting Bezant sold this – begs the question why they didn’t move it forward themselves.

Bottom Line:

Interesting move from Ajax and one that could pay off long-term if they execute well. But definitely early stage, high risk/high reward territory. I’ll be watching to see what their next steps are – especially around exploration plans and how they’ll fund it. Don’t seem much interest as the moment so might be worth a punt once trading resumes.

Https://x.com/zakstraderscafe/status/1925168995478421847?s=48&t=2N7MsxFFwnsNn7D40DrtLw

Just noticed this has been released on Zak’s x haven’t watched it yet will watch when back from work and gather my thoughts then

21 May 2025

AJAX RESOURCES PLC

("Ajax" or the "Company")

Update on the Acquisition of the Eureka Project

Ajax, the natural resources investment company [LSE: AJAX], is pleased to confirm the completion of the acquisition of Puna Metals S.A., a company holding the mining rights for the Eureka Project located in the Republic of Argentina ("Eureka"), from Bezant Resources plc. For further information on Eureka, please refer to the Company's announcement of 16 April 2025.

- ENDS -

Just seen the RNS this morning and had to post – Ajax Resources has officially completed the acquisition of the Eureka Project in Argentina. They’ve now fully acquired Puna Metals S.A., which holds the mining rights to Eureka.

This is really positive news and a big step forward in de-risking the investment case. The deal was first announced back in April, and it’s great to see it now confirmed and completed. Argentina has been gaining traction lately for its mineral potential, and this project could be a valuable asset if Ajax plays it right.

From what I’ve read so far, the Eureka Project has massive exploration upside – and now that Ajax has full control, we should start seeing some proper development progress. Hopefully, this means more news soon on next steps, whether that’s early drilling, JV talks, or updated resource data.

This feels like a solid move by management and adds some real substance to the portfolio. Personally, I’m holding and quite encouraged by how they’re executing. Nice to see a small-cap actually follow through.

Would be interested to hear what others think – anyone else holding or planning to get in on this?

Great post — really appreciate you laying out the context so clearly.

I’ve been watching Ajax quietly for a while too, and this Eureka acquisition finally feels like the meaningful step forward we’ve all been waiting for. Picking it up for $170k, given Bezant paid $2.6M back when gold and copper were significantly lower, is eye-catching to say the least. At current commodity prices, the in-ground value here could be multiples higher than what’s on the books.

Couple of things I’d love to dig into further before the halt lifts:

Have Ajax provided any technical updates or exploration plans yet? If there’s a clear roadmap to re-rate the asset or firm up a JORC resource, it could really help investors gauge the upside.

Any idea how they plan to fund the work program? A raise seems likely, but with such a tight share structure, even modest buying can have a big impact. That could work in our favour, assuming the raise is structured sensibly.

Do you know if there’s been any strengthening of the team to help execute this? Getting the right geo or project leads involved would give a lot of confidence, especially if this is more than a one-off land grab.

I’ve got a starter position already but am definitely watching closely for the right moment to top up. If the details are sound and they lay out a clear plan post-halt, this could re-rate quickly. One to keep firmly on the radar.

Thanks again for the write-up — very helpful!

I've been waiting for some time for Ajax to make a meaningful acquisition, especially as the share price has been drifting downward in the absence of clear progress. However, the news that they’ve acquired the Eureka project—and expanded its footprint—is encouraging. Once the suspension is lifted, this could trigger a sharp move upward in the share price, particularly given the limited number of shares in issue, which tends to amplify buying pressure.

At first glance, the deal looks highly attractive. Bezant Resources originally acquired Eureka in 2012 for $2.6 million, at a time when gold was around $1,600/oz and copper at $7,652/tonne. Today, gold trades at $3,200/oz (a 100% increase) and copper at $9,180/tonne (a ~20% increase), significantly enhancing the in-ground value of the asset.

Ajax has picked up the project for just $170,000—less than 7% of what Bezant paid. Given the favourable shift in commodity prices and the low entry cost, this appears to be a very strong deal on the surface.

As ever with these things, the devil is in the detail, but I would definitely say that this has the potential to move swiftly upwards after the carry out the inevitable raising. I already have a mid-size investment here but will be looking to top up once I deem the moment correct.

One to keep an eye on IMO.

Hmm, looks like this could be a project with quite interesting potential. I will do some research into it and come back with my thoughts.

AJAX Resources – Solid Entry Opportunity on the Horizon?

Been following Ajax Resources (LSE: AJAX) for a while now and thought I’d share a few thoughts for anyone looking at potential plays in the natural resources SPAC space.

The company recently announced (Feb 25 RNS) a major step forward – they've entered into an agreement to acquire Puna Metals S.A., which owns the Eureka Project in northern Argentina. This isn’t some speculative greenfield – it’s a drill-ready, advanced-stage exploration asset with serious historical pedigree (Eureka Mine dates back to 16th/17th century copper and gold mining). The project consists of 12 licenses and has the potential to become a low-cost gold/copper mine within 3–4 years, subject to permitting etc.

Ajax will pay US$120k upfront, and another US$100k in deferred equity once the enlarged company is listed on a recognized exchange. This is a relatively small outlay for access to a potentially valuable asset, and shares will be issued to Bezant Resources as part of the deal.

In line with the acquisition, trading was temporarily suspended on the LSE from 07:30 on Feb 25. Last price before the halt was 3.00p with a market cap of ~£1.4M. No revenue yet, and last reported loss was ~$178k for the year ending Feb 2024, which is expected given it's a SPAC structure still in pre-revenue.

Despite the suspension, I think this acquisition aligns well with Ajax’s stated strategy – they’re targeting projects with short paths to cashflow (12–18 months post-acquisition) in low-risk jurisdictions. Argentina’s Salta province fits that bill, and the historic mining data + exploration-readiness of the Eureka Project gives this move real credibility.

The Return on Capital Employed (ROCE) was -23.53% as of Aug 2024, but that reflects their SPAC phase and isn’t unexpected. That could pivot sharply if this deal starts to deliver.

Bottom line: I’ve been watching Ajax for some time and think this could be a solid early-stage opportunity once it resumes trading. Based on the jurisdiction, deal structure, and near-term development potential, I view it as a medium to low risk entry for a natural resources play at this valuation.

Would love to hear others’ thoughts or any information I have put incorrectly.

Wow, Ajax really scored a deal here! They're picking up the Eureka Project for just $220,000, which is a steal compared to the $2.6 million Bezant shelled out back in 2012. Bezant did some testing but didn't extract any minerals, and with copper and gold prices soaring over the past decade, this seems like a bargain.

Given that Bezant's share price has plummeted to just 10% of its 2021 value and their market cap is a mere £3 million, it's clear they're in need of cash. Looks like Ajax is capitalizing on the opportunity!

Seriously undervalued I had shares from here before which I kept, would have liked to add to my holding before we went into suspension.

As of October 2022, Bezant Resources has been seeking joint venture partners to advance the Eureka Project, especially following the easing of travel restrictions that previously hindered potential investors from visiting Argentina. The company's strategy includes securing partnerships or conducting further exploration to realize the project's full potential.

Information on the Eureka Project from Bezant Resources website

The Eureka Project is a copper-gold exploration venture wholly owned by Bezant Resources, located in the northwest corner of Jujuy Province, Argentina, near the Bolivian border. Spanning over 10,000 hectares at altitudes between 3,600 and 4,400 meters above sea level, the project area offers excellent road access from the provincial capital, San Salvador de Jujuy, approximately a five-hour drive south.

Geologically, the Eureka Property lies within the Argentinean segment of the Bolivian-Argentinean Tertiary Belt (Puna-Altiplano high plateau). This region hosts two primary metallogenic associations:

1.Ordovician Basement: Characterized by gold-bearing quartz veins, which, upon erosion, can form placer deposits in alluvial environments.

2.Miocene Fluvial Auriferous Conglomerates: These exhibit extensive copper mineralization, likely linked to hydrothermal activity during Miocene volcanism. This mineralization is akin to the Red Bed copper deposits, such as the notable Corocoro deposit in southwest Bolivia.

Historically, the property encompasses the "Eureka Mine," initially operated by Jesuits in the 17th century for gold extraction. Industrial-scale mining commenced around 1885, extending to nearby mines like "La Perdida" (now "El Torno") and "San Francisco." Copper extraction began circa 1949 and continued intermittently until 1975. Exploration activities from 1980 to 2001 were conducted by companies including Mantos Blancos, Paramount Ventures and Finances, Minera Penoles, and Codelco.

Previous exploration efforts have yielded non-compliant resource estimates, suggesting approximately 62 million tonnes of material with an average copper grade of 1% (totaling about 620,000 tonnes of copper) and 600,000 tonnes with an average gold grade of 2.7 g/t (totaling around 52,000 ounces of gold).

At todays prices:

Copper:

Quantity: 62,000 tonnes / Current Price: Approximately $9,463.82 per tonne

= Total Value: 62,000 tonnes × $9,463.82/tonne = $586,756,840

Gold:

Quantity: 52,000 ounces / Current Price: Approximately $2,942.90 per ounce

= Total Value: 52,000 ounces × $2,942.90/ounce = $152,030,800

In January 2012, Bezant Resources accelerated its acquisition to secure 100% ownership of the Eureka Project, providing full control over exploration activities. The company completed Phase I of its exploration program, which involved evaluating historical data and developing a geographic information system (GIS) database. This phase identified promising geophysical anomalies, including zones of high electrical chargeability and resistivity, which are slated for further investigation in ongoing exploration efforts.

In May 2019, the Government of Jujuy's Directorate of Mining and Energy Resources approved an updated Environmental Impact Assessment (EIA) for the Eureka Project. This approval permits additional exploration activities, including topography,

Time to get a deal done Ippolito. Markets look ready...

Looking like a 50% close

Where’s the acquisition ??

No stopping this stock

Acquisition news incoming

Looks like a breakout coming, 8p next stop intellect

Must be close to getting signed

Sea of blue

Any news will just surge this up

I have that at about 400k shares purchased on market today.

So yes about £30,000 shares brought on market out of nowhere. bodes well for the future

News imminent should be the title. With the amount of buying today I wouldn’t be surprised if we get an asset update

What a crazy down, at one stage we were -8% down and we finished +17%. Agreed with plant power the short term target is an easy guaranteed 11p minimum if 15p breaks straight to 20p. Watching my stock here very closely!

12p next stop

Must be a TR1 update soon someone is desperate to buy stock at these levels on market

Few buys and it starts to pop.

Difficult to build position without moving price.

11p target 🎯 technically per below:

https://x.com/zakstraderscafe/status/1694276371726446736?s=52

Even a £1000 sell dropped this 4% now imagine what a £100k buy will do. This is one of the most liquid stocks in the uk market.

Will be topping up perfect buying opportunity as we speak

Https://www.goldmansachs.com/intelligence/pages/direct-lithium-extraction-poised-to-boost-production-for-batteries.html

Amroq minerals is an interesting analogy from where Ajax could end up. They are a Greenland focused mineral company that have a focus on gold in Greenland. Obviously, the point that Ajax have two very experienced Greenland operators on their board in the form of the ex-Bluejay mining pair Michael Hutchinson and Eric Sondergaard will not be lost on astute observers.

The interesting part about the Amroq portfolio is that they have followed a fairly similar strategy to that which has been set out by Ajax. Or perhaps it would be more accurate to say that Ajax are following a fairly similar strategy to that which has been set out by Amroq.

Amroq have acquired a past-producing gold mine in Greenland and are developing this alongside the acquisition of high-impact exploration assets that could have a major impact on their future share-price. It is a sensible strategy and one that has served them well to get their market cap up to the current level of over £100 million.

Amroq also state in their latest presentation that they are aiming to feed into the global green transition and that they intend to use the cashflow from the Nalunaq gold mine to develop their exploration assets in Greenland. Again, this is very similar to the strategy set out by Ajax in their recent interviews.

Although Ajax announced the other month that they were likely to focus on North America, their reasons for this were cited as: positive rule of law, regional stability and that safeguarded the rights of foreign investors. All of these criteria could easily be applied to Greenland also.

Obviously it depends on what assets Ajax are able to acquire but their strategy seems to be similar to that of Amroq which has been a proven success.

I met the CEO Ippolito Cattaneo at an investor conference last month and I was very impressed by talking to him about his vision for the company. He seems like a very dynamic and determined man. He would not give any information on when an acquisition would be coming but he said that they were working hard on a number of opportunities in various locations and they were making very good progress.

I got the feeling from his refusal to discuss timelines that we should probably expect news sooner rather than later, but this is just a feeling based on how keen he was to not discuss timelines despite me pressing.

Do you have any more information on AMRQ?

Https://www.lse.co.uk/rns/AJAX/holdings-in-company-ab5m1faw5z8mzdf.html

Interesting movements here in the last few days. It could be that we are getting closer to an acquisition or it could be that we have somebody accumulating shares and a new TR1 notice may be imminent. Either way, it demonstrates what we already knew, which is that the price on AJAX can really shift on relatively minor buying.

I am a big fan of what the CEO has said that they intend to deliver here. Minerals for the energy transition and specifically lithium and copper are hot now and are only going to get hotter as the EV market continues to grow, so this is a perfect space for the company to be in. I think that the sector is also only going to get more interesting as new technologies come in to make extraction processes more efficient. In short, I think that the green minerals sector will move forward and become as powerful a force in the markets as the oil sector over the forthcoming years.

I have been looking at the potential that Ajax could have and it seems as if it could be very large. If anyone else is interested in this then have a look at Amroq minerals (AMRQ). I am not suggesting that you buy AMRQ and I don’t hold there, btu they are a £100 million + market cap company and I think that they provide a good example of what Ajax could grow into if the right acquisitions are made. Let me know what you think.

Really encouraging to see a TR1 holder adding considerably - hopefully news isn't too far away!