(Alliance News) - Ajax Resources PLC on Thursday said it has decided to incorporate two subsidiaries, one in each of the US and Canada, to pursue potential acquisition opportunities within these jurisdictions.
The special purpose acquisition company with a focus on natural resources said it intends to build a "well-balanced" portfolio of production and exploration assets targeting critical metals and "certain key resources required for the ongoing transition to a low-carbon economy".
These include copper, nickel, cobalt, gold, tin, lithium and rare earth elements, it said.
Ajax Resources said it is currently reviewing various acquisition opportunities, ranging from early exploration to near-term productions, in locations such as the US and Canada, but also in southern Africa, specifically in Zambia, Namibia and Botswana.
These assessments remain strictly at the review stage, it said.
"Over recent months we have achieved considerable progress in reviewing a selection of highly prospective natural resource production and development opportunities in relatively low-risk operating environments," said Chief Executive Officer Ippolito Ingo Cattaneo.
"In view of the ongoing energy transition, we wish to position Ajax as a forward-looking business with a results-driven commercial vision aimed towards the production of globally significant critical metals and natural resources.
"Our strategy has the objective of creating shareholder value by developing a portfolio of assets that can generate revenue within 12 to 18 months of acquisition, as well as holding exploration opportunities with long-term mineral potential."
Shares in Ajax Resources were quoted at 9.00 pence on Thursday afternoon, having last traded on Tuesday at 8.50p. Over the last 12 months, the shares have climbed 79%.
By Greg Rosenvinge, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Ajax Resources (AJAX)