Member Info for ThomasFoulser

Another excellent RNS by the young Ippolito, who has delivered once again.

Ajax Resources PLC has now formally executed the option-to-purchase on Macacha, and it’s worth being precise about what this actually is. This is an advanced copper and silver project with a long technical history, not early-stage exploration. Between the late 1990s and 2010, the project saw just over 20,000 metres of drilling in total, extensive metallurgical work, trial mining, heap leach testing and onsite electrowinning that successfully produced copper cathode. Around US$25m was historically spent advancing it by Alexander Mining when it was AIM-listed.

There are two key resource numbers people need to keep straight. First, an older 1997 estimate pointed to a much larger tonnage of 44.7 million tonnes at 0.8% copper and 21.8 g/t silver, based on early drilling. Second, and more relevant today, is the later JORC (2004) estimate prepared by ACA Howe, which only covers the near-surface oxide horizon. That comes in at 6.6 million tonnes at 0.62% copper and 18 g/t silver, equating to roughly 40,900 tonnes of contained copper and 3.8 million ounces of silver. At current prices that’s around US$900m of in-ground metal before recoveries, costs or development.

What’s worth noting, and often overlooked, is the scale implied by that earlier, much larger non-JORC tonnage. If those older figures prove directionally correct once modern drilling is applied across the system, the in-situ metal endowment could be an order of magnitude larger than the oxide-only figure being discussed today. In that scenario, the US$900m referenced in the RNS would represent only about 11% of the potential metal value across the project as a whole, so we are talking about something that has as much value in Copper and silver as Eureka has in Copper and gold.

Crucially, that JORC figure excludes the deeper sulphide system entirely. Previous operators focused almost exclusively on the oxide material. The sulphides have not been systematically drilled and represent the main exploration upside. That’s exactly where Ajax is planning to focus once the new EIA is approved.

The deal structure is very shareholder-friendly. Ajax pays US$100k in shares to secure the option, with no obligation to proceed. The US$3m purchase price only becomes payable after EIA approval and can be paid any time from 36 months after that, with the ability to extend out to 48 months if needed. If the project doesn’t deliver, Ajax can walk away having capped its exposure. If it does, they acquire 100% ownership on sensible terms.

There’s no heavy royalty drag. The NSR is just 0.5% and can be bought out for US$450k, which is negligible in the context of a copper operation.

On the ground, this is a solid jurisdiction. Salta is a well-established mining province with good access, nearby water from the Juramento River, paved roads most of the way in, and plenty of contractors and services. Trial mining already demon

Https://discoveryalert.com.au/major-mining-companies-reinvest-south-america-2026/

The renewed focus on major miners reinvesting in South America highlights a clear industry preference for assets with substance. Large producers are directing capital toward projects they already understand, favouring known geology, established infrastructure and operating history over high-risk greenfield exploration. As the article notes, this trend reflects tighter capital discipline, higher development costs and a desire to extend mine life in regions where geology and market fundamentals remain compelling. With sustained demand for gold, copper and other strategic metals, South America continues to attract long-term investment from groups that can take a multi-cycle view.

That context is particularly relevant when looking at how smaller Aquis-listed companies such as Ajax are positioned. Ajax’s focus on the Eureka project in northern Argentina aligns with the same characteristics the majors are prioritising: historical work, a well-understood geological setting and a location within a region that continues to attract capital from global miners. Rather than relying on concept-level exploration, Ajax is advancing a project with an existing technical foundation, which potentially lowers exploration risk and shortens the path to defining economic resources.

The article also highlights how major miners are increasingly building optionality by consolidating prospective ground around existing assets and maintaining exposure to regions with proven endowment. Ajax’s strategy of combining Eureka with selective additional interests in South America reflects a similar logic, scaled to a junior company’s balance sheet. Recent RNS announcements showing drilling activity, ongoing fieldwork and portfolio development suggest the company is focused on converting regional opportunity into tangible progress.

The difference, of course, lies in scale and risk tolerance. Large mining groups can commit hundreds of millions to established operations, supported by diversified cash flows and robust balance sheets. Ajax, by contrast, is still in the de-risking phase and remains dependent on funding, exploration success and disciplined execution. However, both are responding to the same macro drivers highlighted in the article: strong long-term metal demand, the value of predictable jurisdictions and the importance of known geology in capital allocation decisions.

Viewed through that lens, major miners committing fresh capital to South America provides a supportive backdrop for junior companies like Ajax. It does not guarantee success, but it reinforces confidence in the region’s underlying geology and economics. For Ajax, the opportunity lies in delivering results at Eureka, advancing resources and managing capital carefully. More broadly, the article underlines that there is a spectrum of opportunity in the region — from majors extending the life of existing mines to smaller listed companies working to unlock the next generation of assets.

A few days on, the broader context around Vicuña has become clearer, and it reinforces the original point rather than changing it. The latest BNAmericas coverage frames Vicuña not as a standalone project but as the backbone of what is shaping into a US$182bn mining district spanning copper, gold and silver, with multiple tier-one systems feeding into a long-life, infrastructure-led development model. Districts of this scale do not emerge unless geology, capital discipline and sovereign alignment are all moving in the same direction over decades, not cycles.

What stands out is that the capital being committed is explicitly district-logic capital. Shared infrastructure, coordinated permitting, export corridors and long-dated investment horizons are being planned from the outset. This is no longer about proving a single orebody. It is about locking in a regional supply basin for the next phase of global electrification. Once that happens, the market question shifts from whether Argentina can host mines to how much credible ground within that system remains underexplored.

That is the environment in which Ajax Resources on Aquis makes sense. Ajax is not being positioned as a near-term producer or a construction story, and it does not need to be. It is early, geological and operating in a country that has now been implicitly re-endorsed by the very top end of the industry. The Vicuña build-out compresses Argentina’s jurisdictional risk premium, and that re-rating does not require Ajax to sit beside a flagship asset or mirror a major’s development timeline. It requires credible geology, a clean structure and the ability to advance targets within a belt that has already been validated at scale.

This is the part many still miss. Mining capital does not move in isolation. When tier-one money commits at district scale, it lowers the cost of capital and shifts risk perception for everyone operating with discipline in that jurisdiction. For juniors like Ajax, upside is not simply a function of copper prices. It is driven by technical progress, discovery confirmation and operating within a region that has crossed the line from speculative to strategic. Vicuña has crossed that line. Ajax benefits from the shift without having to spend billions to prove the country story itself.

https://www.bnamericas.com/en/features/the-pillars-of-the-giant-us182bn-mining-district-that-vicuna-is-shaping-from-argentin

The Vicuna announcement from BHP and Lundin Mining is a big tell for anyone watching Argentina properly. You don’t commit $18bn unless the geology is world-class and you’re comfortable with the political and fiscal trajectory over decades. This isn’t promotional spend, it’s long-cycle capital locking in copper supply for the electrification trade.

That backdrop is exactly why Ajax makes sense here. It’s not trying to be a producer or sell a construction story. It’s early, it’s geological, and it’s operating in a country that’s just been re-rated by the very top end of the industry. Eureka sits in a proven belt with historic workings and very limited modern drilling. That’s the kind of ground majors like to see juniors hold before systems are properly tested at depth.

People miss how mining capital actually works. When tier-one money moves in size, it drags the whole jurisdiction’s risk premium down. Juniors don’t need to be next door to benefit; they need credible geology, clean structure, and the ability to prove something. Ajax ticks those boxes. The upside isn’t tied to copper prices alone, it’s tied to technical progress and confirmation. Vicuna changes perception. Ajax benefits from that shift without having to spend billions to prove it.

https://www.mining.com/web/bhps-vicuna-unveils-18-billion-copper-investment-in-argentina/

The Reuters article on BHP and Lundin potentially doubling investment into the Vicuña copper projects highlights how aggressively major miners are moving to secure large scale copper in Argentina. Billions are being committed not for near term output but for long life copper systems that can support demand decades ahead. That framing is important because it shifts the conversation away from production timing and squarely onto contained copper and strategic scale.

Viewed through that lens, Ajax fits naturally into the same narrative. The investor infographic shared on the forums helps quantify why. At the Eureka project alone, Ajax is associated with approximately 620000 tonnes of copper. That is already a meaningful copper position by any standard and it sits alongside additional copper at Leon of roughly 40920 tonnes. Combined, that is more than 660000 tonnes of copper across just two assets, before even factoring in the broader portfolio.

When majors like BHP are evaluating projects such as Vicuña, they are effectively underwriting future copper scarcity. Contained metal is the currency that matters. The figures attributed to Ajax start to look highly relevant in that context. A consolidated copper position of this size within a single listed company in Argentina is exactly the sort of exposure larger players look for when considering inorganic growth. Buying an entire company can be a far more efficient way to secure long term copper than competing for individual projects in an increasingly crowded landscape.

The Reuters article reinforces that Argentina is back at the centre of global copper strategy. Capital is flowing to scale and to jurisdictions capable of hosting world class systems. With a copper inventory measured in hundreds of thousands of tonnes and clearly laid out in the forum infographic, Ajax aligns closely with the same strategic logic driving multi billion dollar investment elsewhere in the country. From that perspective, the idea of a larger group eventually looking at Ajax as a buyout candidate is a natural extension of where the copper market is heading rather than a stretch.

https://www.reuters.com/business/bhps-vicua-could-double-investment-argentina-copper-project-800-mln-2026-2026-02-09/

You’re mixing up grade, scale and mining context, which is why your conclusion is wrong.

0.6 g/t is not “high grade” and nobody serious is claiming it is. What it is, is entirely normal for near-surface, bulk-tonnage oxide gold systems, which are designed to be mined at scale, not cherry-picked for spectacular intercepts. Open-pit oxide operations around the world routinely operate economically at 0.4–0.6 g/t, and in some jurisdictions even lower, depending on strip ratio, metallurgy and throughput. At current gold prices, the economics are stronger than they have ever been.

Quoting a single 1,500 g/t drill intercept from an unrelated company shows a basic misunderstanding of mining economics. Ultra-high-grade intercepts are typically narrow, discontinuous and underground-only. They tell you nothing about whether a project can support a long-life mine. A few metres of bonanza grade does not pay for infrastructure, processing plants, permitting or sustaining capital. Scale does. And above ground open pit mining the scale is always much greater.

At Pereira Velho, the historic drilling covers only around 10–20 per cent of the licence area. That limited work already outlined a shallow oxide system and led the discovery geologist to state, on record, that the structure has potential to support up to one million ounces. That opinion is not forum hype; it comes from the geologist who found the system. The current transaction explicitly requires a minimum 350,000-ounce JORC resource before most of the consideration is paid. If this were a “low-grade turd”, that milestone would never be achievable and Appian would not have agreed to it.

Your claim that the geologist “failed to make something of it” ignores the obvious point that only a fraction of the system has been drilled and no modern resource work has yet been completed. Discovering a system and proving it at development scale are different phases. Ajax is paying only after the second phase succeeds. That is the opposite of a naive deal.

As for Appian “unloading rubbish”, they have sold for shares, remain a shareholder and have publicly backed Ajax’s strategy. Appian’s model has always included recycling assets at earlier stages while retaining upside through equity. They have done exactly this before in Brazil with outcomes that turned tens of millions into hundreds of millions through disciplined de-risking. That behaviour is not consistent with dumping something worthless.

So the answer to your question is simple. 0.6 g/t is low if you’re talking about narrow underground veins. It is perfectly normal, and often very profitable, for large, shallow oxide systems. The entire deal structure is built around proving scale first, not asking investors to take it on faith. Dismissing that by waving around a 1,500 g/t headline intercept is not analysis, it’s comparing apples to asteroids.

Appian’s role further undermines the low-grade narrative. Appian has disclosed that part of its strategy involves monetising assets that may fall below its preferred scale thresholds at an early stage, while retaining exposure through equity participation. This approach is consistent with its wider track record in Brazil, including the Serrote project, acquired for roughly US$30 million in 2018 and sold in 2025 for approximately US$420 million after systematic technical de-risking. Appian is not simply a vendor in the Ajax transaction; it is also a shareholder backing Ajax’s strategy of acquiring under-explored, technically credible assets and advancing them through disciplined, milestone-driven exploration.

Against this backdrop, the US$1.5 million milestone payment is economically trivial relative to the value created by defining a development-scale deposit. A 350,000-ounce resource already represents critical mass and, at current gold prices, carries an in-situ metal value measured in billions of dollars. If the project ultimately approaches the one-million-ounce potential described by the discovery geologist, the milestone consideration becomes negligible, payable only after that value has been demonstrated.

Viewed in full, Pereira Velho is a near-surface oxide gold project with meaningful historic drilling, commercially credible grades in today’s gold price environment, and substantial untested upside. Assertions that it is a “low-grade” asset ignore the geological opinions on record, the scale implied by historic work, and the deliberately asymmetric structure of Ajax’s transaction, which ties payment to demonstrated ounces rather than hope.

Ajax’s agreement is constructed very differently. The maximum consideration is capped at US$2.1 million, of which only US$600,000 is payable on completion. The remaining US$1.5 million in shares is conditional on the publication of a JORC-compliant mineral resource of at least 350,000 ounces of gold at a 0.20 g/t cut-off grade. This milestone fundamentally alters the risk profile of the transaction. Ajax does not pay the majority of the consideration unless and until meaningful scale has been demonstrated. That condition did not exist in the Pacific Bay agreement.

The geological rationale for this structure is reinforced by the appointment of Elton L. S. Pereira, the discovery geologist at Pereira Velho, as senior geological consultant. In Ajax’s regulatory disclosures, Pereira states that the historic shallow oxide resource of approximately 110,000 ounces was defined from only a small part of the mineralised system and that, based on results to date and the scale of the controlling structures, the project has the potential to support a gold inventory of up to one million ounces. Ajax’s strategy is explicitly to first deliver a maiden JORC resource of around 350,000 ounces and then systematically pursue the broader one-million-ounce upside through further drilling.

The reference to one million ounces is not marketing language; it is a geological opinion from the individual who discovered the system, grounded in observed continuity, geometry and scale. That figure is also consistent with the decision to engage a Brazilian-qualified consultant to validate and formalise historic data. Geologists do not put their name to projects where grades are known to be marginal and upside is illusory.

The claim that Pereira Velho is a low-grade gold project does not withstand scrutiny when the geological record, transaction structure, and stated professional opinions are examined together.

Pereira Velho, located in Alagoas State, Brazil, is a large and still largely under-explored gold system that has been evaluated and marketed by Appian Capital Advisory and, at different times, agreed with both Pacific Bay Minerals and Ajax Resources. Although the same 14,596-hectare asset underpins both transactions, the economic logic and risk allocation are materially different.

Historic work at the project between 2018 and 2022 comprised approximately 6,363 metres of diamond drilling across 47 holes, supported by an estimated US$5 million of expenditure. Despite this, Ajax has disclosed that only around 10–20 per cent of the licence area has been systematically explored. This limited coverage is central to the investment case, as multiple extensions and targets remain untested and the existing drilling represents only a small window into a much larger mineralised system.

Pacific Bay’s public disclosures referenced an in-house Brazilian regulatory estimate and reported oxide gold grades of roughly 0.6–0.66 grams per tonne across measured, indicated and inferred categories, together with the presence of free gold and near-surface oxidised mineralisation. Grades of this nature are entirely consistent with bulk-tonnage, open-pit oxide gold deposits. In the current gold price environment, a 0.5–0.6 g/t open-pit oxide system is clearly commercial in principle, subject to standard technical variables such as metallurgy, strip ratio, operating costs and permitting. The issue with Pacific Bay’s proposed transaction was not grade, but structure: it offered consideration without first requiring any formal demonstration of scale.

This is a sensible and broadly positive update.

The exclusivity extension to 6 March 2026 is clearly driven by local administrative requirements, not by any breakdown in commercial terms. That distinction matters. Jurisdictional processes in Brazil are rarely fast, and allowing proper time reduces execution risk rather than increasing it.

The other key takeaway is Appian’s continued commitment. They have agreed to remain exclusive and are expected to emerge as a significant shareholder on completion. That level of alignment suggests ongoing confidence in the asset and the structure of the deal. Appian is not known for lingering in transactions they don’t believe will close.

From a strategic standpoint, Pereira Velho would materially upgrade Ajax’s asset base, and Appian’s involvement provides a degree of technical and commercial validation that smaller explorers typically lack.

Gold is clearly being re-rated on a structural basis. Central banks are adding to reserves, confidence in fiat is weakening and geopolitical risk isn’t going away. As the Al Jazeera piece points out, gold is increasingly being treated as a strategic reserve rather than a short-term trade.

That matters for Ajax. When the gold price floor moves higher for structural reasons, the real leverage isn’t in established producers but in companies sitting on historically worked or underexplored ground that was previously marginal. A higher and more durable gold price improves future economics and increases the value of in-ground ounces well before production is even on the table.

Central bank buying is driven by scarcity and neutrality, and those same factors underpin the value of undeveloped assets. Ajax’s focus on historic projects being advanced with modern exploration fits well with a market that is starting to favour real assets again.

If gold remains supported by reserve accumulation and hedging against currencies, Ajax doesn’t need heroic assumptions for a re-rating. The macro backdrop alone lifts the baseline valuation, with exploration success providing the upside.

https://www.aljazeera.com/amp/economy/2026/2/8/understanding-the-value-of-gold-prices-global-reserves-and-market-trends

Today’s US–Argentina critical minerals agreement is exactly the kind of macro catalyst that small-cap resource investors wait years for, and it lands squarely in Ajax’s wheelhouse. This is not generic diplomacy. This is a clear statement that Argentina is being elevated into a strategic supplier role for metals that underpin electrification, defence, renewables and industrial growth. Capital follows policy, always.

Anyone who has followed Ajax’s RNS history will see how well this lines up. The company has deliberately focused on Argentina and on metals that matter copper, gold and associated base metals with projects that already have geological credibility. That positioning now looks increasingly prescient. While many juniors are still chasing fashionable jurisdictions or over-crowded basins, Ajax already sits inside a country that has just been formally endorsed by the US as a critical minerals partner.

This matters because it changes perception and funding dynamics. Argentina is no longer just a mining country with potential, it is now part of a western-aligned supply chain strategy. That raises the strategic value of quality projects overnight. Governments do not sign these agreements unless they intend to unlock capital, streamline development and encourage serious investment. Over time, projects in the right commodities and the right locations get re-rated, not because of hype, but because the risk discount narrows.

Ajax’s assets are in provinces with proven mineral endowment and long mining histories. This is not blue-sky punt geology. It is exactly the sort of ground that benefits when attention, capital and strategic urgency converge. The upside leverage for juniors in this position is asymmetric. If sentiment toward Argentine critical minerals turns, the valuation gap between where companies like Ajax trade now and where they can trade becomes very large, very quickly.

Yes, execution still matters. Exploration results, permitting and funding will always be the drivers. But the backdrop has just shifted materially in Ajax’s favour. Investors often underestimate how powerful these geopolitical tailwinds can be at an early stage. When the market finally connects policy direction with asset positioning, the re-rating rarely happens slowly.

For me, this news reinforces why Ajax is one of the more interesting under-the-radar plays in the sector. The story is no longer just about individual projects, it is about strategic relevance. And right now, Ajax is sitting in exactly the right place, with exactly the right metals, at exactly the right time.

https://www.mining.com/web/argentina-signs-critical-minerals-deal-with-us-foreign-ministry-says/

Argentina’s mining export figures for 2025 are straightforward evidence that the sector is functioning well. Reaching US$6 billion in mineral exports means projects are moving through permitting, being financed, and producing at scale. That is not theory; it is hard data showing commodities are being extracted, processed and sold on the global market.

This matters for Ajax. The company holds a permitted project in Jujuy Province, in a country that is now clearly delivering mining output rather than just talking about it. Getting environmental approval in Argentina is a real milestone — it allows drilling and resource definition to begin. In a jurisdiction where mining is contributing materially to export earnings, permitting risk is lower than the market currently assumes.

Ajax secured its ground at a low cost relative to what similar assets have historically commanded. It also has a funded work programme through mid-2026, meaning the company can generate drill results without needing to dilute shareholders immediately. These are the structural advantages that get revealed in share price performance as technical newsflow unfolds.

The market’s current valuation seems anchored to outdated perceptions of Argentina as a high-risk jurisdiction. The export data contradicts that. When a country’s mining sector moves from promise to delivery, explorers with permitted, funded, drill-ready projects are the first beneficiaries. Ajax is exactly in that position.

Once drilling converts historical indications into a modern resource estimate, the disconnect between Argentina’s export performance and the company’s modest valuation should narrow. The current share price reflects unresolved jurisdictional concerns, not the operational reality the export figures now confirm. From an investor’s perspective, that creates a risk-adjusted opportunity that appears under-priced relative to both the macro environment and Ajax’s developmental status.

https://www.mining.com/web/argentinas-mining-exports-hit-record-6-billion-in-2025/

This is an exceptionally strong RNS from Ajax Resources PLC and one that materially de-risks the story while significantly enhancing upside.

Raising £1,000,000 at 8p with virtually no discount to the prevailing market price is a clear vote of confidence in both the Board and the strategy. In the current small-cap environment, achieving a near-market raise is rare and speaks volumes about the quality of the assets, the credibility of management, and the appetite from sophisticated capital. The fact that the raise attracted strong participation from existing significant shareholders, the Board itself, and new institutional investors is particularly telling — this is aligned money backing a defined growth plan.

The warrant structure is equally compelling. A 1:1 warrant at 16p, combined with a well-designed acceleration mechanism at a 25p VWAP, signals confidence in meaningful share price appreciation while also incentivising rapid value creation. This is shareholder-friendly structuring that aligns long-term holders with future upside rather than short-term dilution.

Importantly, Ajax now moves into a position of strength. With fresh capital alongside existing cash resources, the Company is fully funded to execute its conditional acquisitions announced in December 2025 and January 2026, at a time when the metal pricing backdrop is highly supportive. The ability to settle supplier balances via equity further demonstrates balance sheet discipline and cash preservation, ensuring maximum firepower is directed toward growth assets.

The CEO’s commentary underlines the key takeaway: this raise is not defensive — it is offensive. Ajax is now well-capitalised, strategically backed, and positioned to convert its pipeline into tangible value creation. For investors, this RNS materially strengthens the investment case and reinforces the view that Ajax is transitioning from opportunity to execution, with the market beginning to recognise it.

Https://www.lse.co.uk/rns/AJAX.PL/appointment-of-geological-consultant-brazil-97ih3oh1uc12121.html

A very welcomed surprise this morning, the significance of this appointment lies in the calibre and relevance of this individual. Elton Pereira is not an external advisor brought in speculatively; he is the geologist who discovered Pereira Velho and led the exploration work that confirmed it as a large-scale orogenic gold system. Re-engaging the original architect of the asset at the point of reactivation gives Ajax exceptional geological continuity and meaningfully reduces early-stage technical risk as the project moves toward drilling.

Pereira’s wider track record further underlines the importance of this move. He led the discovery and development of Tocantinzinho, later sold to Eldorado Gold and now operating under G Mining Ventures, and subsequently advanced Castelo de Sonhos into one of Brazil’s most significant undeveloped multi-million-ounce gold assets. This is a geologist who has repeatedly taken projects from discovery through to resource definition and development.

From a technical perspective, the numbers disclosed at Pereira Velho are particularly encouraging. An internal shallow oxide estimate of approximately 110,000 ounces has already been outlined from work covering only around one-fifth of the mineralised system. With roughly 80% of the project area still systematically unexplored, the upside potential is substantial. Against this backdrop, Ajax’s stated objective of delineating a JORC-compliant maiden Mineral Resource Estimate, targeting an initial resource of approximately 350,000 ounces of gold, appears both realistic and deliberately conservative.

In value terms, it helps to sanity-check what 350koz represents at today’s gold price assumption of ~US$4,900/oz. On a simple gross metal basis that is about US$1.7bn (350,000 × 4,900). To move from “in-ground ounces” to a rougher economic feel, you can haircut for recovery and operating costs. If one assumes an open-pit style recovery of ~85–92% and an all-in sustaining cost range of ~US$1,400–2,000/oz (purely illustrative), the implied operating margin becomes roughly US$0.85bn to US$1.25bn on the initial 350koz inventory. That is not an NPV and it excludes capex, taxes, royalties/NSR, working capital, timelines, and financing structure, but it does frame the scale of what Ajax is explicitly aiming to delineate as a first milestone.

The structured sequencing of near-term activities is also reassuring. The focus on re-establishing local operations, reviewing historical data, permitting, and stakeholder engagement before drilling begins reflects a disciplined, Brazil-appropriate approach to project advancement. The vendor relationship with Appian and the reference to Serrote’s value creation (US$30m to US$420m) reinforces the point that methodical execution can compound outcomes meaningfully in this jurisdiction.

I’ve seen a number of these valuation graphics doing the rounds recently and, while they should always be treated with caution, they do help frame the scale of what is being discussed here.

At current metal prices, the combined in-situ value across Ajax’s portfolio is often quoted at around US$13.4bn. That figure on its own is not the point, because in-ground value is not recoverable value and certainly not profit. Where it becomes useful is when you apply standard industry assumptions. Even using broadly conservative recovery rates across the five metals, the implied recoverable revenue is often modelled at around US$10.8bn, with potential profit outcomes in the US$2.1–3.2bn range depending on margin assumptions in the 20–30% band.

Set that against a current market capitalisation of only a few million pounds and it is clear why some investors are starting to look more closely, particularly now that gold is trading at record levels. Gold prices materially above historical assumptions widen the margin for error, especially for projects that already demonstrate scale rather than conceptual targets.

What also tends to be overlooked is that Ajax Resources is not a single-asset story. Eureka is the flagship, but Pagunta, León, Pereira-Velho and Rachaite together provide exposure to gold, silver, copper, zinc and lead. That diversification adds optionality and reduces reliance on a single commodity or development pathway.

None of this removes the need for hard data. The valuation gap exists largely because the assets are still pre-JORC. That is why the current drilling programme at Eureka, and the targeted maiden JORC resource in the first half of 2026, is so important. That will be the point at which uncertainty starts to be replaced by defined tonnes and grades.

No experienced investor is assuming perfect recovery, flawless execution or immediate monetisation. Capex, operating costs and timelines will ultimately determine value. However, with gold now trading at levels that were not contemplated in many earlier models, the asymmetry between current valuation and even conservative economic scenarios is becoming harder to ignore.

As ever in this sector, the drill bit will be decisive. The numbers simply explain why the next phase of work is attracting growing attention.

https://www.reuters.com/business/finance/goldman-sachs-raises-2026-end-gold-price-forecast-5400oz-2026-01-22/

The copper optionality here feels like a free call option. A 3km by 1km alteration zone, copper oxides at surface grading 1–5% Cu, and shallow intercepts already hitting 1.3% to 2.5% Cu. None of this has been systematically drilled yet, but it’s sitting in one of the most prolific copper belts on the planet.

Some seem hung up on the concession reset, but that reads like sensible housekeeping post-DD. The structure has been cleaned up, flexibility retained, and the route back to exploitation concessions is clearly laid out once studies and permitting are in place. That’s a far more controlled way to advance a project like this in Chile.

Stepping back, Ajax is acquiring 100% of the project companies, debt-free on completion, for an upfront outlay that’s tiny relative to the defined metal inventory and historic spend. A silver-dominant asset with a stated in-situ value north of $600m, meaningful base-metal credits, copper upside, no royalty drag, and deferred payments that only trigger on genuine success.

On that basis alone, I wouldn’t be surprised to see serious share price movement this morning as the market digests the detail, with a real chance of pushing through recent highs once liquidity picks up. Not hype — just what tends to happen when a deal like this starts to be properly understood.

This is one of those RNSs where the detail matters. If you actually sit with it for a few minutes, the numbers start to speak very clearly. Ajax is effectively securing a former silver mine with a defined JORC resource for an upfront cost that barely registers in mining terms, while simultaneously removing the biggest economic drag from the original structure.

Upfront consideration is just $50k in cash and $350k in shares at a fixed 25p. That’s it. Crucially, there’s now no NSR royalty attached to the project. That’s a major change to the economics if this ever moves back into production. The vendor has consciously swapped a royalty for equity, which tells you they see more value in Ajax’s upside than in clipping revenue early. That sort of alignment usually isn’t accidental.

When you look at what’s actually in the ground, it puts the entry price into perspective. The Patricia Prospect alone hosts 6.8 million ounces of silver on a JORC basis. The company itself references a gross in-situ silver value of around $630m at current prices, and that’s before you factor in zinc, lead, copper, or any resource expansion. On top of the silver you’ve already got 265 million pounds of zinc and 74 million pounds of lead defined. This isn’t blue-sky geology, it’s compliant, drilled and historically mined.

The deferred payments are also very intelligently structured. An extra $500k only becomes payable if they define more than 25 million tonnes at 5% zinc equivalent, and another $500k only if they prove over 5 million tonnes of copper. If Ajax is writing those cheques, the asset will already be in a completely different valuation bracket. Until then, downside is tightly controlled.

The amount of historic work here is being underestimated as well. Nearly 47,000 metres of drilling, over $31.5m already spent by previous operators, established access, infrastructure, and a purpose-built exploration camp on site. This isn’t an early-stage concept, it’s a project that stalled for non-geological reasons and is now being picked up at a fraction of sunk cost.

Location-wise, it’s hard to ignore. Northern Chile, on the extension of the West Fissure, within reach of BHP’s Cerro Colorado and not far from Collahuasi and Quebrada Blanca. Next door, Teck is prepared to spend $17m to earn into the Loreto copper project. That doesn’t make Paguanta a copper mine tomorrow, but it absolutely validates the regional setting.