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Great move by Ippolito to take Ajax to the next level in terms of market cap and exposure.

A Euronext Growth Oslo listing opens the door to a much deeper pool of capital compared to where they are now. It’s a market that really understands natural resources and tends to reward growth stories in that sector far better than smaller exchanges. Liquidity alone should improve materially if they execute this properly.

The bigger point for me though is the investor base shift. Euronext brings in a different class of investors – more institutions, more specialist funds, and a broader international audience that simply wouldn’t look at Ajax in its current setup.

Also worth noting the potential crossover interest from investors already active in other Euronext-listed energy/resource plays. Zenith Energy comes to mind here – huge liquidity, very active shareholder base, and already familiar with the management ecosystem. With Andrea Cattaneo (CEO of Zenith and Ippolito’s father), there’s already a strong, established presence on Euronext, which could naturally help put Ajax on the radar of investors active in that space. I’d also expect a fair number of investors already in Zenith to at least take a look at Ajax as a potential play once it’s listed on the same exchange.

On top of that, the network effect shouldn’t be underestimated. Having those existing relationships and contacts in Norway and across institutional investors could make a real difference in terms of visibility, introductions, and ultimately attracting the right long-term shareholders.

If Ajax can position itself correctly post-listing and communicate the growth story well, this could be a significant step up in visibility, valuation, and daily trading volume. I fully expect Ajax to take the price to the next level in the coming weeks from here.

Adding to the huge portfolio worth billions, Ajax has signed another very interesting asset under Ippolito and this one feels like a smart step into the European critical minerals space.

The project sits across roughly 50km² in the Gerrei district of Sardinia, an area with deep mining history and well understood geology. It already hosts the old Su Suergiu mine along with associated tailings, so there’s a clear starting point with known mineralisation rather than a blank canvas. That kind of footprint gives a bit more confidence around what could be defined as work progresses.

The mix of antimony, tungsten and gold is a strong one. Antimony and tungsten are both firmly on Europe’s critical list, with tungsten also considered strategic, so there’s strong underlying demand tied to industrial and defence use. Gold being present within the same system adds a useful layer of value on top, especially in a polymetallic setting like this.

What makes it more interesting is the plan to go after both fresh mineralisation and the historic tailings. The Su Suergiu material could offer a near term angle if grades and volumes stack up, while also addressing legacy waste at the same time. It’s a practical route that fits with the wider push in Europe towards reprocessing and domestic supply of key materials.

There’s also a clear pathway laid out. Initial work under the current licence, followed by applying for a full exploration permit to allow drilling, and then moving toward a mining concession if results justify it. On top of that, aiming for recognition under the EU Critical Raw Materials framework could help speed things up and open access to funding, which is a big advantage in this space.

The deal itself looks well structured. Ajax has secured an exclusive option to acquire 100 percent of Minerva for a relatively small upfront cost, while taking the time to complete full technical, legal and financial due diligence. It keeps risk controlled but leaves the door open to move quickly if everything lines up.

On the wider picture, this sits right in line with Europe’s push to secure its own supply chains for critical materials. With funding pools, policy support and a more streamlined permitting environment developing, projects like this are getting more attention for good reason.

Overall, it feels like a well placed move with solid fundamentals behind it and a clear strategy from early stage work through to potential production. Definitely one to keep an eye on as things develop alongside the sale of Eureka as he builds a broader portfolio across Argentina.

Just came across this article on Argentina’s record mining potential and it does put things into context a bit.

https://vocal.media/chapters/the-largest-gold-silver-and-copper-deposit-discovered-in-the-last-thirty-years-might-alter-international-markets

The discovery they’re talking about sits in the Andes on the Argentina–Chile border, and the scale is obviously huge — one of the biggest copper, gold and silver finds in decades. You’re looking at a system that could take years and serious capital to develop, but it reinforces one key point: that belt is still delivering at the very top end.

That’s where the comparison to Ajax becomes relevant. Not in terms of size, because this is tier-one territory, but in terms of positioning. Ajax has been building exposure in South America, including Argentina, targeting copper and gold systems in regions that already have a track record. This kind of discovery doesn’t come out of nowhere — it comes from established geology, and that’s exactly what Ajax is trying to align itself with.

It also highlights the copper angle more than anything. Gold gets the headlines, but copper is what’s driving the long-term interest in these projects. That’s where demand is heading, and any company with credible exposure there is at least pointed in the right direction. Ajax leaning into copper alongside gold fits that broader trend.

At the same time, worth keeping expectations realistic. A discovery like the one in the article is the result of years of work and backing from major players. Ajax is still early stage, building out its assets and progressing exploration. There’s a big gap between having prospective ground and proving up something meaningful.

Where it does matter is sentiment and direction of travel. When a discovery of this scale comes out of the Andes, it tends to draw attention and capital back into the region. That can lift interest across the board, especially for smaller companies operating in similar geological settings.

So for me it’s less about comparing Ajax directly to a find like this, and more about what it confirms. The right metals, the right region, and a belt that’s still capable of producing world-class deposits. Ajax is positioned in that environment — now it comes down to whether they can execute and demonstrate value from what they hold.

This update comes across as a steady and well-managed progression of the proposed acquisition rather than anything rushed, which is encouraging to see. Extending exclusivity to mid-May gives both parties the time needed to work through the remaining details properly, and it implies continued alignment without creating unnecessary pressure around timing.

Paguanta itself appears to offer a compelling mix of established value and forward potential. The combination of historical production, a defined JORC-compliant resource, and extensive prior drilling places it firmly beyond the early-stage category. That foundation helps reduce some of the usual uncertainties, particularly when compared with more conceptual exploration assets.

The resource at Patricia forms a solid base, with silver as the dominant component supported by zinc and lead credits. Mineralisation remaining open along strike and at depth adds a clear exploration dimension, and the grades encountered in deeper drilling suggest there is still meaningful scope for expansion. This balance between an existing resource and upside potential is often where projects begin to differentiate themselves.

The regional setting adds further context. Northern Chile is well established as a major mining jurisdiction, and proximity to significant copper operations reinforces the broader geological potential. The presence of underexplored copper targets on the licences introduces an additional layer of optionality that has yet to be fully tested.

Existing infrastructure and the level of historical investment are also important factors. Prior expenditure, established access, and on-site facilities can materially influence development timelines and capital requirements, particularly if the project advances toward production scenarios.

With yesterday’s and today’s move taking the price up toward 9p and approaching a test of 10p, the market does appear to be responding positively to the broader direction of travel. If momentum continues and alongside ongoing strategic progress, it would not be unreasonable to think further corporate developments could follow; a potential outcome such as a Eureka sale in due course, if it materialises on strong terms, would add another layer of value to the story.

Overall, the update supports the view that Ajax is advancing a transaction built around a credible and relatively mature asset, while still retaining exploration upside. The approach taken so far appears measured and disciplined, and completion on these terms would represent a meaningful step in building out the company’s portfolio.

Ajax Resources is increasingly beginning to look like one of those rare small-cap situations where strategy, timing, and counterpart quality converge before the market fully catches up. The latest update on the potential divestment of the Eureka Project is not just incremental progress—it is a clear signal of external validation.

The move into exclusive negotiations with a large, established Chinese mining group fundamentally elevates the narrative. This is not casual interest; it follows a positive preliminary technical review, which in itself suggests that Eureka has already cleared an important credibility hurdle. In the mining space, serious operators do not advance assets without conviction. The fact that this group, with an existing footprint in Argentina, is committing to a site visit within days adds a layer of immediacy that the market often underestimates.

That site visit is the critical near-term catalyst. If it confirms what early diligence has indicated, the pathway toward binding terms becomes far more defined. While management is rightly cautious in stating that no deal is guaranteed, the structure of the process—exclusivity, technical validation, and imminent on-the-ground inspection—points to momentum that is difficult to ignore.

What stands out just as much is Ajax’s discipline. The company has been explicit: any transaction must deliver a material return. That is not the posture of a distressed seller; it is the stance of a company that understands the intrinsic value of its asset base and is prepared to wait for the market—or a strategic buyer—to recognise it properly. In a sector where premature deals often destroy value, this restraint is telling.

The decision to terminate the La Norteña acquisition only reinforces that point. Walking away from a breached agreement with no capital lost, and redirecting focus toward higher-priority opportunities, reflects a level of governance and capital discipline that is often missing at this end of the market. It suggests management is selective, pragmatic, and aligned with shareholders.

Beyond Eureka, the broader portfolio across Chile, Brazil, and Argentina adds further depth. With near-term operational activity expected at Macacha and ongoing evaluation of producing assets, Ajax is clearly not standing still. There is a deliberate shift underway—from pure exploration optionality toward a more balanced model that includes resource definition, development, and ultimately production. The emphasis on JORC-compliant resource definition underscores a clear understanding of what is required to unlock institutional interest and meaningful re-rating.

Taken together, this is a company actively shaping its future rather than passively holding assets. External validation is emerging, internal discipline is evident, and multiple catalysts are lining up across the portfolio. These are precisely the conditions under which small-cap resource names tend to reprice—often quickly and with

AJAX RESOURCES PLC

("Ajax" or the "Company")

Submission of EIA: Macacha Copper & Silver Project

Ajax Resources Plc (AQUIS: AJAX), the natural resources investment company, is pleased to announce that an Environmental Impact Assessment ("EIA") has been formally submitted to the mining authorities for the Macacha Copper and Silver Project located in the Province of Salta, northern Argentina ("Macacha" or the "Project").

The EIA provides a comprehensive summary of the environmental, social, community relations, and technical/geological aspects of the Project, together with details of the work programme proposed by the Company's wholly owned local subsidiary, Ajax Salta S.A. ("Ajax Salta"). As previously announced on 2 March 2026, Ajax Salta holds an exclusive option-to-purchase agreement to acquire 100% of the Project (the "Option").

The Company anticipates receiving formal approval of the EIA within approximately 60 to 90 days from the date of submission.

Exploration Programme

Subject to EIA approval, the proposed exploration programme will comprise up to 5,000 metres of drilling. The programme is designed to expand the existing near-surface oxide resource and to test the deeper, previously untested, copper sulphide horizon.

The exploration programme includes diamond-sawn channel sampling of the most significant rock outcrops, along with an extensive IP (Induced Polarisation) pole-dipole survey across the El Cobre and El Plomo sectors, including their northern and southern extensions. The objective of this work is to define the extent of sulphide-rich zones and support the final planning of drill holes.

The results of this work are expected to support the preparation and publication of an updated Mineral Resource Estimate in accordance with the JORC Code (2012).

The Company confirms that it is fully funded to undertake the planned exploration programme at Macacha.

Project Preparation and Geological Work

The Company is pleased to confirm that full access road rehabilitation works have been completed by a local contractor, significantly improving access to the Macacha campsite, where cores from previous drilling campaigns are stored, and facilitating the planned near-term mobilisation of drilling equipment following EIA approval.

The Company's geological team has commenced detailed logging and re-evaluation of historical drilling data to support the development of an updated geological model and database for the Project. This work is expected to play a key role in informing the next phase of confirmatory and expansion drilling, targeting both near-surface copper oxide mineralisation and deeper, previously untested sulphide mineralisation.

More good news from the young Ippolito as Ajax delivers a major milestone with the formal submission of the Environmental Impact Assessment for the Macacha Copper and Silver Project in Salta. This is exactly the kind of progress that signals a company moving with intent, discipline, and a clear understanding of how to unlock value.

The submission itself is comprehensive and reflects serious technical work across environmental, social, geological, and operational areas. Hitting the targeted timeline is important, but what stands out more is the quality and completeness of what has been delivered. This is how credible projects advance.

What makes this particularly compelling is the alignment between groundwork and forward planning. Ajax is not waiting around. The company is fully funded and ready to move straight into a well designed exploration programme upon approval, with up to 5000 metres of drilling aimed at both expanding the known oxide resource and testing the deeper sulphide potential that previous operators left untouched.

That deeper sulphide horizon is where the real excitement lies. Existing estimates already point to meaningful copper and silver endowment, supported by extensive historical drilling, metallurgical work, and around 25 million dollars of prior investment. Yet despite all of that, a large part of the system remains untested. In this sector, that combination of established resource and genuine exploration upside is rare.

Operational execution on the ground has also been strong. Access roads are in place, infrastructure exists, and the geological team is actively reworking historical data to build a more refined and modern understanding of the system. This is not just about drilling more holes, it is about drilling smarter.

There is also a clear pathway to value realisation. The planned work is expected to support a JORC compliant resource update, which is a critical step in bringing the project in line with modern reporting standards and making its true scale more visible to the market.

Perhaps most notable is the level of ambition being communicated. Targeting a potential multi fold increase in the resource base is a bold statement, but it is grounded in geological evidence and supported by a structured and funded plan. That combination carries weight.

All things considered, Ajax is executing exactly as you would want to see at this stage. Strong technical delivery, operational readiness, and a clear strategy to expand and upgrade the resource position Macacha as a project with the potential to become significantly more valuable than it is today.

Argentina’s growth is starting to show a clear shift and mining is playing a bigger role than it has in years. The latest numbers back that up with mining contributing alongside agriculture rather than sitting in the background.

What’s more interesting is the scale of what’s emerging. Discoveries coming out of the country are not small incremental finds, they are globally significant deposits. When you see reports of one of the largest copper gold and silver discoveries in decades, that tends to mark the early stages of a much broader development cycle rather than a one off headline.

From a sector perspective this is usually where things start to re rate. Capital follows geology, and Argentina is beginning to demonstrate it has both the resource base and improving conditions to support long term development.

That’s why I keep coming back to Ajax. I’ve mentioned it here before and nothing has really changed in the underlying case. It sits in the right place at the right time, with exposure to a region that is clearly gaining traction. Not a story stock in my view, more a positioning one as the wider Argentine mining theme builds.

Markets tend to price these shifts late. By the time the bigger names are moving, a lot of the early value has already gone. That’s usually where smaller names like Ajax come into their own if they execute.

Very undervalued at 6.25p and I expect a run back towards 10p in the near term, particularly with gold strengthening again.

https://buenosairesherald.com/economics/argentinas-economy-grows-by-1-9-in-january-driven-by-agriculture-and-mining

Bit of a brutal session this morning, UK markets down and everything getting dragged with it. Feels like one of those days where people just sell first and think later. It’s all macro noise, not really about individual stories, which is why smaller resource names tend to get hit harder than they should.

But zoom out a bit and the bigger picture is actually getting stronger, not weaker. That Andes discovery is exactly what you want to see if you’re looking at this space properly. You’re talking about one of the largest finds in decades—around 13 million tonnes of copper plus huge amounts of gold and silver . That’s not just a big project, it’s confirmation that these systems still have serious scale left in them and that the market hasn’t fully tapped into it yet.

And more importantly, look at who’s involved. You’ve got majors like BHP stepping in and putting real money to work. That tells you everything about how the smart capital sees this—these aren’t chasing hype, they’re positioning early in assets that can become world-class over time.

That’s where Ajax starts to look cheap in comparison. You’ve got a market selling it off on a weak day, while the sector it sits in is literally being validated at the highest level. Big discoveries like this don’t exist in isolation—they lift the whole geological thesis and increase the odds that similar opportunities exist elsewhere. Smaller companies with exposure to that kind of upside are usually the last to be priced properly.

Same playbook you’ve seen with groups like Appian. They don’t wait until something is obvious, they move in when assets are still being overlooked, back them, and then benefit when the market catches up. That gap between what something is worth and what it’s trading at is where the returns come from.

So when you get a day like today, where everything is down and sentiment is poor, you’re basically being offered exposure at a discount while the long-term story is improving in the background. That’s not when you panic, that’s when you pay attention.

I added today on the weakness, looking at a medium target around 15–20p.

https://en.clickpetroleoegas.com.br/This-discovered-deposit--the-Andes-could-change-Argentina%27s-future--attract-billions--and-even-shake-up-the-global-metals-market.-flpc96/

Ajax is fundamentally a copper story, with a portfolio that gives it exposure to a significant amount of copper across the key South American belt at a time when global supply is under increasing pressure. The BNamericas article highlights how the industry is moving toward a US$130bn build-out across Chile, Peru and Argentina to meet future demand, and that shift directly frames the opportunity Ajax is sitting in.

The company’s assets are positioned within the same Andean corridor that is expected to deliver much of the world’s next generation of copper supply. Argentina in particular is becoming more prominent as Chile and Peru face structural challenges, and Ajax’s Eureka project places it inside that emerging growth engine. With known mineralisation and a pathway toward defining a compliant resource, it represents a tangible piece of that future supply pipeline rather than a distant exploration concept.

Across the portfolio, the presence of multiple projects in Argentina, Chile and Brazil reflects a deliberate alignment with where capital is flowing.

The BNamericas narrative is not just about individual mines but about building scale across a region, and Ajax’s footprint mirrors that regional strategy at an earlier stage. For a smaller listed company, having exposure across this belt creates meaningful leverage to the broader copper theme.

There is also a strong fit with how the sector is evolving. The focus is shifting toward assets that can be advanced from an existing base, where historical work and established mineralisation reduce early-stage risk. Ajax’s approach of targeting these types of projects places it in line with that trend, particularly as larger players look to secure future supply through partnerships or acquisitions.

In the context of a tightening global market, where demand continues to rise and new supply needs to be brought forward within this decade, companies holding copper in the right jurisdictions are becoming increasingly relevant. Ajax’s position is defined by that dynamic—substantial copper exposure, located within the core South American belt, and aligned with a broader industry push to expand and secure long-term supply.

https://www.bnamericas.com/en/features/global-crisis-drives-chile-peru-argentina-copper-axis-to-strengthen-portfolio-of-us130bn-by-2033

Our objective is to delineate up to 1 million ounces of gold based on the scale and nature of the mineralised system identified so far, with potentially only one-fifth of the Project Area having been explored.

We also look forward with enthusiasm to potentially exploring other opportunities in the region with Appian, and to the various value catalysts across our portfolio in South America."

CB hope you’re well, the agreement between Appian and Ajax was originally announced in December 2025. At that time it was clearly understood that Appian’s investment would be made at the same price as the December fundraise, namely 5.5p per share. The transaction has now formally completed and the shares have been issued at that previously agreed price. This is simply the execution of the terms set out in December rather than a new discounted placing.

What is actually noteworthy here is the quality of the incoming shareholder. Appian is one of the most successful mining focused private equity groups globally with approximately US$5 billion in assets under management. The fact that such a firm has chosen to take a meaningful position in Ajax, and that Ajax is currently the only UK listed junior company in which Appian holds a disclosable stake, should be viewed as a significant vote of confidence rather than a negative development.

As Ippolito Ingo Cattaneo noted, the company is pleased to welcome Appian as a major shareholder. Their involvement represents a strong institutional endorsement of Ajax and its strategy. The focus now turns to the Pereira Velho gold project where the company believes the geological potential is substantial. With the appointment of Elton Pereira, who previously worked on the project while at Appian and is regarded as one of the leading experts on the deposit, Ajax intends to pursue a systematic exploration programme aimed initially at defining a 350000 ounce resource milestone.

Beyond that first target the longer term objective is significantly larger. Based on the scale and characteristics of the mineralised system identified to date, and with only around one fifth of the project area explored so far, management believes there is credible potential to delineate up to one million ounces of gold.

Equally important is the broader strategic relationship now established with Appian. The partnership not only strengthens Ajax’s shareholder register but may also open the door to additional opportunities across the region as the company continues to advance and monetise its South American portfolio.

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

"We are delighted to welcome Appian onboard as a major shareholder in Ajax. It represents a strong endorsement for the Company to be the only UK-listed junior company in which one of the most successful mining-focused private equity groups, with approximately US$5 billion in assets under management, holds a disclosable position.

We have confidence in the significant prospectivity of Pereira Velho. Following the engagement of Elton Pereira (as announced on 23 January 2026), who formerly worked on the Project while at Appian and is considered the geologist with the foremost knowledge and expertise relating to its exploration, we intend to systematically explore the Project to achieve our first transaction milestone of 350,000 ounces of gold.

Https://www.aquis.eu/stock-exchange/announcements/5630142

And then there is the partner involved. Appian Capital is not some small exploration outfit. This is a mining focused private equity group managing roughly $5 billion. They built the nearby Serrote copper gold project which they acquired for around $30m and ultimately sold in 2025 for roughly $420m. That is a very clear example of the type of value creation possible in this exact geological region. The fact Appian is taking shares and becoming a shareholder in Ajax speaks volumes.

The work programme is also sensible and staged. Phase one is a relatively small $80k programme to validate the historical drilling and tighten up the geochemical work. Phase two then steps up to around $1m with further drilling, geophysics and engineering work aimed at delivering the maiden JORC resource. That is the key milestone which unlocks the major share based payment and moves the project toward a defined deposit.

What I like most here is that Ajax continues to build optionality across its portfolio. This is another gold asset in a strong gold price environment, acquired cheaply, with a clear pathway to a JORC resource and with one of the biggest mining investment groups in the world now sitting on the shareholder register.

If they can move Pereira Velho from the current early stage drilling into a defined 350k ounce JORC resource and then start pushing the exploration envelope toward the one million ounce mark management are talking about, the valuation uplift from here could be very significant.

For the amount of capital being deployed this looks like an extremely asymmetric opportunity. Very limited upfront cost, proven mineralisation already present, huge exploration upside, and Appian effectively validating the geology by coming in as a shareholder.

Deals like this are exactly how small resource companies create massive value over time. If management execute properly on the drilling and resource definition, Pereira Velho could end up being one of the most important assets in the Ajax portfolio.

Another great RNS from the young Ippolito this morning. The man is sending them out like buses at the moment and this one is actually very interesting once you go through the details properly.

Just read through the Pereira Velho announcement and when you break down the structure of the deal and who they are partnering with it becomes clear management are executing a very smart strategy here.

First thing that jumps out immediately is the price. Ajax is effectively securing 100 percent of a drilled gold project for up to $2.1m total consideration. That is extremely cheap in today’s gold environment, particularly for an asset that already has over 6,300 metres of diamond drilling completed across 47 holes and around $5m historically spent on exploration. You are not buying early stage grassroots ground here, you are buying a project that already has serious exploration work behind it.

The structure of the payment is also very shareholder friendly. Only $200k cash upfront which means minimal balance sheet pressure. A portion is satisfied through shares and the largest part only becomes payable once a JORC compliant resource of at least 350k ounces is delivered. In other words the majority of the consideration is success based. If the project delivers Ajax pays. If not the risk is limited. That is exactly the type of deal structure you want to see from a junior.

Then you look at the geology and it gets even more interesting. The drilling has already confirmed widespread near surface oxidised gold mineralisation in fractured quartzite and gneiss. Oxide material near surface usually points toward lower stripping ratios and potentially simpler open pit economics. For a junior explorer that is exactly the type of deposit style you want to see because it can be developed far more cheaply than deep refractory systems

The current internal estimate from Appian sits around 110,000 ounces already identified across measured indicated and inferred categories. But what is particularly striking is that only around 10 percent of the project area has actually been explored so far. That leaves enormous room for expansion drilling and new targets. The company itself is talking about the potential for up to one million ounces across the system based on the scale of mineralisation already identified.

At the same time exploration work at Eureka continues to strengthen the story with early drilling encountering visually significant copper mineralisation alongside potential near surface gold mineralisation. In other words the asset being discussed is actively being de risked while negotiations are ongoing which obviously strengthens the company’s position in any potential transaction.

Then you have Macacha which is arguably the more important long term asset. Ajax has already executed the option agreement to secure the project which hosts a historical copper and silver resource and has had tens of millions previously spent on exploration. If Eureka is monetised it provides exactly the sort of capital that could accelerate development there without needing constant equity dilution.

What makes the setup particularly interesting right now is the timing. In a normal commodity cycle this would already be a compelling small cap resource story. But we are not in a normal environment anymore. We are entering a period where governments are openly talking about strategic metal supply, global conflict is pushing investors into safe haven assets and the long term demand outlook for copper in particular is becoming increasingly powerful because of electrification, infrastructure and defence technology.

Against that backdrop a £10m company with exposure to gold and copper assets, active negotiations to monetise one of them and a clean balance sheet with around £3.4m cash and no debt starts to look like one of the most asymmetric opportunities on the market.

The market tends to wake up very quickly when a small resources company moves from simply exploring to actually realising value through asset transactions. If a deal emerges for Eureka that includes cash and a retained royalty while the company focuses on developing Macacha, the valuation gap between the current market cap and the underlying asset potential could close extremely fast.

For me the bigger picture is simple. In a world where geopolitical instability is rising and governments are scrambling for strategic metals, companies with exposure to gold and copper are exactly where capital tends to flow. Ajax just happens to be sitting there with both while still trading at a valuation that barely reflects the assets already on the table.

The way I see it the market is still completely asleep to how well positioned Ajax actually is for the current global environment. Everyone is staring at day to day price moves while the macro backdrop for metals has shifted dramatically over the past week.

You have a rapidly escalating geopolitical crisis in the Middle East with direct US and Israeli strikes on Iran, oil prices moving higher and global markets reacting exactly the way they always do when serious conflict starts. Money flows into hard assets. Gold demand increases sharply and investors start looking for exposure to physical resources rather than financial assets. At the same time governments begin worrying about supply chains for strategic metals because modern defence systems, electronics and infrastructure all depend heavily on them.

The US Defence Department is already moving to expand metal stockpiles which tells you exactly how serious this is becoming. When the Pentagon starts actively securing supply of critical minerals it is not a short term trade, it is a structural shift in how governments view resource security. Copper in particular becomes incredibly important because it is essential for power systems, electronics, communications and military technology. Gold meanwhile remains the ultimate safe haven asset whenever geopolitical risk spikes.

Now put that macro picture next to a company like Ajax. You have a tiny market cap natural resources company sitting on gold and copper assets in Argentina at exactly the moment the world is scrambling for exposure to those metals. The market cap is still around the £10m range which frankly looks absurd when you consider the potential value sitting in the ground and the corporate activity already underway.

The latest RNS made it very clear the company is in negotiations with two potential buyers for the Eureka project including a large Chinese mining group already operating in Argentina. Importantly the structure being discussed is not just a simple asset sale. Ajax is seeking cash plus a retained life of mine royalty on copper and gold production. That is exactly the sort of deal you want to see because it allows the company to crystallise value today while keeping long term leverage to the metals themselves.

But the big headline here for me is the speed of value creation. Ajax acquired Eureka less than a year ago and they are already discussing a potential divestment with serious buyers. If they manage to monetise the asset for a large cash figure within roughly ten months of acquisition, that would be an exceptional outcome and a clear validation of management’s strategy.

Once the market starts to digest that a sale could be worth many multiples of the current market cap, I suspect sentiment could change very quickly. This feels like one of those moments where the fundamentals have moved ahead of the share price and the rerating only happens once investors fully connect the dots.

Expecting this to break 10p.

This is huge news in my opinion and the market hasn’t even started to price it properly yet.

Ajax have just confirmed they are already in negotiations with two potential buyers for the Eureka project, one being a large Chinese mining exploration and production group already active in Argentina and the other a major Argentine investor in gold and base metals. That alone tells you the asset is attracting serious attention.

The really important part is the structure Ajax are discussing. They are not talking about a small farm-out or minor stake sale. They are negotiating the sale of their entire interest for cash plus a retained life-of-mine royalty on copper and gold. That means immediate cash to the company while still keeping exposure to the upside if the project becomes a producing mine.

If you step back and think about it logically, a Chinese mining group or a major Argentine investor is not going to spend time negotiating unless they see real value in the ground. Large resource groups typically think in terms of tens of millions for projects like this, sometimes much more depending on the scale of the system and exploration upside.

Now look at that in the context of Ajax’s current valuation. The entire company is only valued at a small fraction of what a potential Eureka sale could be worth. If a deal ends up being in the tens of millions of pounds, which is entirely possible for a gold and copper asset of this size and exploration potential, that would be multiple times the current market cap before you even start valuing the rest of the portfolio.

What makes this even better is that Ajax are negotiating from strength. They already have around £3.4 million in cash and zero debt, so there is no pressure to sell cheaply. The RNS literally states they will only proceed if the transaction delivers a material return to shareholders.

The exploration update itself is also quietly very positive. Out of just five drill holes, three encountered visually significant copper mineralisation with potential near-surface gold. That is a strong hit rate for such an early programme and it reinforces the geological model the company has been talking about.

On top of that the company estimates that only about 5 percent of the Eureka licence area has actually been explored so far. In other words the vast majority of the project remains untouched.

The beauty of the situation is that Ajax wins either way. If the sale goes through they potentially realise a very large cash payment plus long term royalties and can redirect that capital straight into developing Macacha, which already hosts a JORC resource of 6.6 million tonnes at 0.62 percent copper and 18 g/t silver with the possibility of much larger sulphide mineralisation underneath.

If the sale does not happen they still move forward with alluvial gold production and expanded exploration at Eureka, which could generate cash flow in its own right.

Demonstrated the oxide material works with open-pit and heap-leach processing, which keeps capital intensity and technical risk down.

Ajax is moving quickly. A new EIA is being prepared and is expected to be submitted in April. The planned programme includes up to 5,000 metres of drilling, aimed at expanding the oxide resource and finally testing the sulphide system properly. Management has been clear that, subject to drilling results, their internal objective is to materially grow the current resource base, potentially by several multiples.

Bottom line, this is a clean, low-risk option on a serious copper project with real history and real upside. Limited upfront cost, no forced acquisition, and a clear path to value creation if the drill bit delivers. For a company of Ajax’s size, this is exactly the kind of deal you want to see.