Member Info for TB500

Https://www.bloomberg.com/news/articles/2025-06-30/zijin-to-acquire-kazakhstan-gold-mine-project-for-1-2-billion

Chinese don’t mess about with gold projects…..let’s see what they offer

We are actively evaluating additional exploration and potential production opportunities within the Province of Jujuy. It our intention to continue establishing a meaningful and long-term presence in Jujuy, which has proven to be a highly supportive and attractive jurisdiction for exploration and development activities.

The potential divestment of Eureka will allow us to focus our capital and attention on the more advanced Macacha Project in the nearby Province of Salta, which already hosts a historical resource delineated in accordance with JORC (2004) of 6.6 million tonnes at 0.62% copper and 18 g/t silver from the copper oxide formation, together with potentially highly significant untested copper sulphide mineralisation which we believe has the potential to multiply the magnitude of the resource.

Achieving this level of value realisation within approximately ten months of acquiring Eureka would represent an important strategic and financial achievement for the Company and its shareholders."

The Company also confirms that the previously untested and solely hypothetical copper sulphide target, which had no historical data and had never been assessed or estimated, has not been encountered by way of the recent drilling activities.

In consideration of the Potential Divestment, drilling activities at the Eureka Project have been suspended.

Assay results are expected to be received during the next 45 days.

Surface Sampling Programme and Exploration Potential

Following a systematic geological review, the Company initiated a surface rock chip sampling campaign covering certain previously unexplored areas of the Eureka Project that demonstrated potentially highly prospective near-surface gold oxide characteristics.

Assay results from the sampling programme are pending and will be reported once available.

It is estimated that only approximately 5 per cent. of the Eureka Project area has been explored to date. Accordingly, the Company believes that there may exist significant additional exploration potential for gold and copper mineralisation across the wider licence area.

Environmental Impact Study - Alluvial Gold Exploitation

The Company has engaged Wicz Mining Services to prepare an alluvial gold exploitation Environmental Impact Study ("EIA") for submission to the relevant provincial authorities.

The purpose of the EIA is to obtain all necessary local authorisations required for the potential commencement of alluvial gold production activities at the Eureka Project.

Submission of the EIA is expected to take place during the next 30 days, with approval expected within 180 days from the date of submission.

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

"As a natural resources investment company, our primary strategic goal is to maximise value from our investments. The Potential Divestment of Eureka would represent a highly value-accretive opportunity for shareholders.

Subject to completion of the Potential Divestment, a transaction on the terms currently under discussion, including a cash consideration and a retained gold royalty, would be expected to significantly strengthen the Company's balance sheet and enhance our financial position.

The Company continues to maintain full operational flexibility in respect of the Eureka Project. Should the Potential Divestment not proceed, the Board intends to accelerate the advancement of alluvial gold extraction while significantly expanding its exploration programme across the wider licence area. With only a small proportion of Eureka explored to date, the Board believes Eureka hosts substantial untapped gold and copper potential. Future work will focus on systematically delineating and expanding known mineralisation, testing additional high-priority targets, and unlocking the broader scale opportunity that Eureka presents.

AJAX RESOURCES PLC

("Ajax" or the "Company")

Potential Divestment of the Eureka Project & Operational Update

Ajax [AQSE: AJAX], the natural resources investment company, is pleased to announce that it has commenced negotiations with two potential buyers (the "Potential Buyers") for the divestment of the Company's entire interest in the Eureka Gold and Copper Project (the "Eureka Project").

The Board is also delighted to provide an update on its exploration programme at the Eureka Project.

Overview of the Potential Divestment

The proposed transaction would comprise the sale of the Company's entire interest in the Eureka Project, including Mina Escondida 1 and Mina Escondida 2, but excluding La Norteña. Any transaction for the sale of the Eureka Project would only be considered if it provided a material level of return to Ajax.

The Potential Buyers include a large Chinese mining exploration and production group with an established presence across Argentina and a leading Argentine investor specialising in gold and base metals extraction.

Under the terms currently under discussion, Ajax is seeking:

· A cash consideration

· A retained life-of-mine royalty over copper and gold mineralisation; and

· Disposal of the Company's entire interest in the Eureka Project (excluding La Norteña).

There can be no certainty that the Potential Divestment will result in a binding transaction. The Company will provide further updates as appropriate and, in the event of a binding offer, present the terms to shareholders for approval.

Strategic Rationale for the Potential Divestment

The Company has a strong cash position of approximately £3.4 million (equivalent to approximately US$4.65million) and no debt. Ajax is structured as a natural resources investment company with the primary objective of maximising value across its investments, becoming a cash-generative business through organic revenue growth and taking its investments to the production stage, thereby progressively minimising the need for equity financing resulting in shareholder dilution.

Completion of the Potential Divestment will validate Ajax's acquisition methodology and value realisation strategy. The Potential Divestment would provide the Company with material additional financial resources to accelerate the development of other projects within its portfolio in Argentina, including the Macacha Copper and Silver Project, which is at a more advanced stage of development, already hosting a historical resource delineated in accordance with JORC (2004).

Eureka Project - Drilling Update

To date, the Company has completed five (5) drillholes at the Eureka Project for a total of approximately 500 metres for a cost of approximately US$130,000.

Preliminary geological logging indicates that three of the five drillholes appear to have encountered visually significant copper mineralisation and potential near-surface gold mineralisation. These

I forgot we could even get royalties after we get a huge cash payment…price will bounce further up into close

$400m https://energynews.oedigital.com/mining/2025/08/14/barrick-and-shandong-gold-to-invest-400-million-in-argentine-mine

Think we will get about $30m for Eureka….imo

My project valuations give or take

Project valuations

Eureka

Copper: 620,000 tonnes × ~$13,300/t = $8.246bn

Gold: 52,000 oz × $5,000/oz = $260m

Eureka total: ~$8.51bn

Paguanta

Silver: 6.8m oz × ~$74/oz = $503m

Zinc: 265m lbs × ~$1.40/lb = $371m

Lead: 74m lbs × ~$0.90/lb = $66.6m

Paguanta total: ~$0.94bn

León

Copper: 40,920 tonnes × ~$13,300/t = $544m

Silver: 3.82m oz × ~$74/oz = $283m

León total: ~$0.83bn

Pereira Velho (current ounces shown)

Gold: 110,000 oz × $5,000/oz = $550m

Pereira Velho base: ~$0.55bn

Rachaite

Silver: 32m oz × ~$74/oz = $2.368bn

Zinc: 75,000 tonnes × ~$3,085/t = $231m

Lead: 35,000 tonnes × ~$2,000/t = $70m

Rachaite total: ~$2.67bn

Total in-ground value (updated)

Eureka: $8.51bn

Paguanta: $0.94bn

León: $0.83bn

Pereira Velho: $0.55bn

Rachaite: $2.67bn

Total in-ground asset value ≈ $13.5 billion

(Previous ~$13.4bn models used lower gold prices; increase comes purely from gold repricing.)

Pereira Velho upside scenario (also shown in investor models)

350,000 oz × $5,000/oz = $1.75bn

If achieved, total in-ground value adjusts to approximately:

~$14.7 billion

Great summary Tom

Excellent 350,000 at $49000 an ounce is crazy money!

Yep taking a breather before attack at 12p again.

US$350,000 in Ajax ordinary shares of 1 pence each ("Ordinary Shares"), issued at a set price of 25 pence per Ordinary Share.

https://www.lse.co.uk/rns/AJAX.PL/new-conditional-acquisition-of-paguanta-project-z8v4yqyncmczgp3.html

Great analysis TF I also believe 11p will be broken, I wouldn’t be surprised if we get an rns next week also :D

Lol I bet you Monday you will be kicking yourself ;)

On that note we have now approached 8.5-9.5 and up 32%. I will not be surprised if we hit 10p by close looking at the charts.

Price now 8.5–9p, confirming strength. This is a clean continuation from the 6p breakout, not a spike. Intraday chart shows stepped buying and higher highs, indicating demand in control.

Above 9p, there is very little resistance until the low-to-mid teens. Momentum + volume + structure all align. On current price action, 15–20p remains a very realistic target rather than an aspirational one.

Trend is firmly intact. Pullbacks, if any, are likely to be shallow and bought.

TF have you seen on x the photo figures of Ajax cost of recovery of its metals ? Someone put around $3bn after recovery looks good. What’s your thoughts?

Someone has already done a fair bit of work pulling together the underlying metal quantities across Ajax’s asset base. I’ve taken those figures and cross-referenced them directly against the relevant RNS releases to sanity-check the numbers and apply consistent spot pricing.

Based on that cross-check, the in-ground gross metal values across the Ajax portfolio come out as follows.

Eureka contains approximately 620,000 tonnes of copper and 52,000 ounces of gold, giving a combined gross metal value of around $8.48 billion.

Paguanta holds roughly 6.8 million ounces of silver, 265 million pounds of zinc and 74 million pounds of lead, equating to an estimated gross value of $941 million.

Leon contributes approximately 40,920 tonnes of copper and 3.82 million ounces of silver, with a combined gross metal value of about $827 million.

Pereira-Velho contains around 110,000 ounces of gold, giving an estimated gross value of $492 million.

Raachite is another major asset, with roughly 32 million ounces of silver, 75,000 tonnes of zinc and 35,000 tonnes of lead, implying a gross metal value of approximately $2.67 billion.

In total, using RNS-stated resource figures and current spot prices, the aggregate estimated in-ground gross metal value across the Ajax portfolio is approximately $13.4 billion.

This is obviously not a company valuation and takes no account of recovery rates, capex, opex, timelines or jurisdictional risk, but it does put some perspective on the scale of the underlying asset base relative to the current market capitalisation.

Thanks for that, Tom. I agree with your assessment that the mobilisation of the rig marks a clear shift for Ajax from speculation to execution, with a drill programme that is technically coherent and grounded in genuine geological logic rather than promotional hype. A copper–gold system with centuries of production history, surface copper oxides up to 6.1% Cu, untested sulphide potential at depth, and multiple gold targets that have never been systematically drilled is exactly the kind of asymmetric setup investors look for at this stage.

Using the live gold price I’m seeing at £3,296.87 per ounce, the conservative non-JORC figure of roughly 52,000 ounces equates to around £171 million of gross value, before assigning any value to the copper system, deeper sulphide potential, or the wider placer and hard-rock gold upside. With drilling now underway, this programme looks set to be the defining catalyst in establishing Ajax’s true underlying value.

Https://www.bbc.com/news/articles/crrnw08qvg7o.amp