Member Info for ThomasFoulser

Botham your calculations look spot on imo

I’m on the same page with you here. Anyone thinking of averaging down—especially after buying during the sharp move up from the 40s to the 50s—should really think it through.

It’s hard enough dealing with a loss, and trying to lower the average can sometimes dig the hole deeper. That strategy might make sense for large-cap, income-generating stocks where time is on your side, but this kind of play is far less predictable.

Yes, we could see a sharp rebound—but there’s also a real risk of further downside. I like the concept and potential here, but it’s still early days, and there are a lot of unknowns ahead.

That said, if it does turn and anyone who bought higher manages to come out ahead, I’ll be glad to see it. Nobody wants to be sitting on a paper loss—been there myself.

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?

From an investment perspective, the recent share price decline may present a compelling entry point, especially with the stock now rebounding from the long-term 61.8% Fib retracement level.

The recent contract loss appears to be an isolated event tied to structural changes at a single client (NRS), which doesn’t impact other revenue streams.

Management continues to execute on its strategic shift toward a more scalable SaaS model, with an emphasis on cost discipline and operational efficiency.

Revenue visibility remains strong—83% of income from the top 10 clients is contracted through FY27, highlighting a high degree of customer stickiness.

Despite the short-term revenue impact, the company still targets double-digit EBITDA margins in FY26.

Its long-term goal of reaching £100m in revenue and 30%+ adjusted EBITDA margins by FY27 and beyond remains unchanged.

Progress on the global OEM partnership is encouraging, with initial revenue contributions anticipated in H1 FY26. If this scales as expected, it could be a major growth driver.

Financially, the company is well-capitalised, with £12.5m in net cash and an additional £20m in undrawn credit facilities as of April 2025.

Cambay PSC Update

Synergia Energy Ltd ("Synergia Energy" or the "Company") announces the following update with respect to its Cambay PSC (WI: 50%), onshore India.

Further to the Company's 4 April 2025 announcement, Synergia's joint venture partner, Selan Exploration ("Selan"), has now secured a drilling rig and related drilling services from DEEP Industries Limited to drill the first of three new wells under the $20 million work program on the Cambay PSC, where Synergia is fully carried by Selan in exchange for a 50% working interest in the Cambay PSC. Selan anticipates the drilling will commence in September 2025.

Additionally, Selan has now contracted a 50 tonne workover rig and workover operations on existing legacy wells will re-commence during June 2025. Production has been intermittent from these legacy wells since production recommenced in April 2022.

Like many others, I found today's RNS lacking in clarity and conviction. While the core fundamentals may not have changed materially since yesterday, the market perception — and certainly my own expectations — have. The update raises several red flags: uncertainty around funding, underwhelming flow rate progress in H1, and unclear production prospects from H2. There's still no mention of Sunsteppe, and no concrete update on JV discussions — concerns that are widely shared across the investor base.

Frankly, I struggle to understand the strategic logic behind this communication. Beyond my own position, we represent a larger interest, and it may now be necessary to seek direct engagement with MB to reassess our investment stance. While we remain long-term investors and believe in the underlying potential, today’s RNS has unquestionably altered the risk-reward balance — possibly due to poor wording or lack of market alignment.

I would strongly advise MB to prioritise a more effective investor relations strategy — including a stronger PR presence, better news flow, and a proactive approach to social media — to communicate the company’s story with clarity and confidence.

This could mark a major breakthrough for Apta. Unilever has been running trials for an extended period, and the transition into human testing strongly suggests that prior results have been encouraging.

While it’s hard to assign a definitive valuation at this stage, the current share price seems disconnected from the potential upside, in my view.

Should the right commercial agreement materialise, we could be looking at a significant multi-million pound opportunity.

Even a return to levels above 1p would seem entirely reasonable given the progress made so far.

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.

Terrible performance

I share your assessment of the situation. While transparency from Fodere remains limited, it’s reasonable to assume Brian and NVS have greater visibility—though regulatory and strategic considerations likely restrict their ability to communicate details publicly.

The alignment of incentives is clear: with 20%+ stakes each, Brian and Luis have significant skin in the game. Their focus will inevitably be on unlocking value, even if shareholder frustrations aren’t always addressed proactively. That said, the lack of progress updates—whether due to minor delays or deeper issues—only fuels uncertainty, which benefits no one.

Your point about Fodere’s ownership structure is critical. With directors (including Quinn) heavily invested, the motivation to deliver exists—but the repeated delays raise valid concerns about execution risk. While maintaining a collaborative relationship is necessary, shareholders deserve clearer timelines or milestones to gauge progress.

Diversification into a parallel project seems prudent. Replicating even a fraction of Luis’s Bravo success would mitigate the overreliance on Fodere’s timelines. Given Jangada’s track record in asset acquisition, pursuing such an opportunity could restore confidence while this plays out.

The company is well-positioned to perform strongly moving forward.

The market is responding positively to the clear strategic direction.

With a solid cash position, the business is now poised for growth.

A more focused approach has been adopted, eliminating previous overextension.

Significant upside potential exists from this point—a claim made with high confidence.

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?

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 -

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!

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.

Received notice of our AGM but was also expecting our Ops report today or in the next few days. However today DNO reported local oil price holding up well on the Kurdistan Tawke license (DNO 75% and operator, GENL 25% )

DNO’s share of oil production was sold at its Fish Khabur terminal to local buyers at USD 35 per barrel with payments made in advance. Tawke license sales averaged USD 20 million net to DNO per month, generating around USD 10 million of free cash flow.

“In Kurdistan we are doing a remarkable job keeping up production with minimal investment,”

said DNO Executive Chairman Bijan Mossavar-Rahmani.

https://uk.finance.yahoo.com/news/dno-reports-solid-first-quarter-050000930.html

May go up in the short term

Big volume today