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Good to see new investors, and good buy definitely got in at the bottom mate!

My view is Argentina is proving just how powerful the copper story can be. With 75 million tonnes of reserves and global demand set to surge on the back of electric vehicles, renewables and electrification, the country is finally moving to unlock its potential. Majors like Glencore, BHP and Rio Tinto are already moving in, and the clear message is that copper is the metal of the decade.

This is exactly why Ajax Resources looks so exciting to me. While still a junior, Ajax is exposed to the same powerful macro forces that are pulling billions into Argentina. The market is waking up to the fact that copper supply is lagging badly behind demand, and those positioned early are the ones who stand to benefit most. Ajax is building its story at precisely the right time, and even modest progress could trigger a significant re-rating as investors search for credible copper plays outside the big caps.

Ajax may not yet have the scale of the majors, but the demand backdrop, structural supply deficit and investor appetite for copper exploration create the perfect setup. With the share price still at a relatively low base, the upside if momentum continues is hard to ignore especially after our JORC Is released.

In my view, Ajax is sitting in the sweet spot — small enough for transformational growth, but in the right sector at the right time. If copper really is the story of the decade, then Ajax has every chance of being one of the standout performers in 2026.

The Americas analyst at Verisk Maplecroft, Mariano Machado, said that Argentina is highly promising in terms of its copper potential, but "policy consistency and social licence will determine whether this is Argentina's mining moment or another mirage." Machado added, "The country's policy swings have kept investment below potential levels, and the government's failure to persuade lawmakers from the opposition Union for the Homeland (UP) to vote for the RIGI means there is a risk that less private sector-friendly sectors will dispute its provisions if they make a comeback."

There is significant potential for Argentina to rapidly expand its copper mining sector at a time when the global demand for the critical metal is expected to soar. Copper could contribute a major source of revenue for the coming decades if developed, providing greater economic stability for the South American country; however, to achieve this, the government must introduce favourable mining policies and reassurances to investors.

Several government officials have voiced support for the development of Argentina's copper industry as a major source of revenue. A government analysis suggested that eight copper projects across the country could together contribute a total mining export value of $15.4 billion by 2030, more than triple the 2024 export value, with copper accounting for $5.2 billion of this revenue if Argentina can achieve its goal of 521,000 metric tonnes a year of production.

In August, the mining company Glencore announced aims to produce almost 1 million tonnes a year of copperat its planned El Pachon and Agua Rica projects over the next 10 to 15 years. The firm recently applied for the government's Large Investment Incentive Regime (RIGI) and said it planned to invest $4 billion in the development of Agua Rica and $9.5 billion in El Pachon. Glencore's Argentina CEO Martin Perez de Solay said he expected copper output to total around 500,000 tonnes a year initially before expanding operations to produce more of the critical metal.

In September, President Milei said he had introduced a range of reformist measures aimed at stabilising the country's economy to "Make Argentina Great Again." One of these measures focuses on the expansion of the country's mining industry, particularly on copper and lithium.

Milei introduced the RIGI scheme to offer investors generous tax, trade, and foreign exchange benefits over 30 years. To date, the RIGI scheme has attracted over $30 billion in investment across 20 projects, with three-quarters in mining, according to the global risk intelligence firm Verisk Maplecroft. Copper is thought to account for around $16 billion of this total, showing the high level of investor interest in the industry.

The mining majors BHP, Glencore, and Rio Tinto are all betting big on Argentina's copper and lithium potential. Meanwhile, the CEO of the trade body, the International Council on Mining and Metals, Ro Dhawan, recentlysaid that Argentina was "arguably the most exciting new copper story today."

Argentina Eyes Copper Boom as Global Demand Surges

By Felicity Bradstock - Sep 21, 2025, 10:00 AM CDT

Argentina has 75 million tonnes of copper reserves, but currently produces just 4,000 tonnes annually, far behind Chile.

The government is promoting the Large Investment Incentive Regime (RIGI) to attract billions in mining investment, with majors like Glencore, BHP, and Rio Tinto already on board.

Infrastructure gaps, policy instability, and social licence challenges could determine whether Argentina becomes a major copper producer or misses its moment.

Argentina has some of the world's largest copper reserves, and with the global copper demand expected to soar over the coming decades, its government is looking to exploit the resource. Argentina produces around 4,000 tonnes per year of copper, compared to neighbouring Chile, which produces around 5.5 million tonnes a year. However, it is home to an estimated 75 million tonnes of the metal, with the world's sixth-largest reserves, giving it significant potential to develop the resource.

Argentina has a long history in mining, with a portfolio of around $30 billion and more than 100 projects, around 50 percent of which are copper. The South American state also has vast deposits of lithium, aluminium, boron, iron, molybdenum, potash, uranium, vanadium, and zinc.

The global copper demand is expected to grow by as much as 70 percent, to over 50 million tonnes a year by 2050. However, at the current rate of project development, the International Energy Agency (IEA) expects the supply of copper will fall short of the 2035 global demand by around 30 percent. In May, Fatih Birol, the executive director of the IEA, said, "This will be a major challenge. It's time to sound the alarm."

Therefore, developing Argentina's resources could provide a stable source of revenue for several decades, as the global demand for copper continues to increase in line with the green transition, the rollout of electric vehicles, and the massive technology boom being seen. However, achieving this development will require a huge investment in the country's mining and processing infrastructure.

Despite holding vast copper reserves in its mountainous north, along the border with Chile, Argentina has not developed the transmission lines and roads needed to support new project development. In addition, President Javier Milei's campaign for austerity means that Argentina has seen little investment in its infrastructure in recent years, leading companies to discuss the potential for alternative options, such as sharing infrastructure between miners or paying for it with royalties. Roberto Cacciola, president of Argentina's mining chamber, said in August, "The government said it won't provide any funding, but that doesn't mean it isn't responsible for getting things done."

Nice find TF, I also read this this morning

https://oilprice.com/Metals/Commodities/Argentina-Eyes-Copper-Boom-as-Global-Demand-Surges.amp.html

The silver bull case definitely makes Paguanta interesting, but what gives it depth is the broader metal mix. The Patricia prospect carries about 6.8 Moz silver, 265 Mlb zinc and 74 Mlb lead under JORC 2012. On today’s prices that equates to roughly 287m dollars of silver, 353m dollars of zinc and 67m dollars of lead, giving a gross in-situ metal value a little over 700m dollars. Ajax’s 74.75 percent stake lines up at around 530m dollars of that figure.

Obviously only a slice of gross metal value ever translates into reality once recoveries, capex and costs are considered. Applying typical exploration-stage multiples of 3 to 12 percent would suggest a range of 21m to 85m dollars at the project level, or 16m to 64m dollars attributable to Ajax. That’s before any contribution from copper or gold which has been flagged but not yet quantified.

With mineralisation still open at depth and along strike and the acquisition terms being light up front, the risk–reward looks well balanced. If Ajax can update the resource and bring the copper/gold story into play the numbers have clear room to move higher, all against the backdrop of a strengthening silver market.

I’ve emailed him several times always responds in a polite manner, will be buying more Ajax in 2 weeks add to my holding.

Thanks for the summary, TF. I genuinely believe we are among the most undervalued mining stocks in the market. If we succeed in securing a listing in Oslo, the potential liquidity could be substantial.

Https://www.lse.co.uk/rns/AJAX.PL/conditional-acquisition-of-the-paguanta-project-cljmx063227t4p2.html

Got in here for a quick gain, made some decent money, take a look at Ajax resources too worth a punt great potentially

I agree with Zak Mir — AJAX is executing smartly. Advancing Eureka in Jujuy while picking up La Norteña (6,300 ha for just $22.5k) is a steal. With extra licence applications and a modest market cap, this land grab could deliver outsized returns.

Theyknowitall great news update today one of the most undervalued stocks at the moment if we were on LSE we would have got a 50% rise today.

Anyone going rather

Is it still on? Anyone found?

I think I will send the director an email to get an idea or the near term time frames.

A bit of man on man action ?

They don’t make classics like those anymore, I liked the big g*y following lol.

Theannoyingdevil I remember those Annoying Devil skits on Balls of Steel too – proper classic. As for Ajax, I think you’re spot on… slow and steady until we get something concrete like the sampling/JORC, then the real fireworks when Euronext comes. The volume on that exchange is huge compared to LSE and definitely Aquis.

Depends which market they list on, the LSE is dead other European markets much better