Member Info for ThomasFoulser

Good exchange of info guys, like I said this continues to build quiet momentum as Ajax starts to develop the implementation of a South American development strategy by buying up undervalued assets in the same geographic location.

The company’s agreement to acquire 74.75% of the Paguanta Project in northern Chile, an established polymetallic deposit with silver, zinc, lead, copper and gold potential, arrives just as gold breaks through $4,000 per ounce and copper enters what looks like a structural supply squeeze. It shows they are on the right path.

Paguanta sits in Chile’s Tarapacá Region, one of the world’s premier mining belts. The Patricia Prospect alone carries a JORC compliant resource of 6.8 million ounces of silver, 265 million pounds of zinc and 74 million pounds of lead, with mineralisation still open at depth and along strike, leaving plenty of room to grow through new drilling. Early geological data hint at underexplored copper and gold zones that could add serious upside once work begins.

The acquisition terms look smart, with staged payments tied to project milestones and an option to withdraw if due diligence turns up anything material. That protects capital while locking in control of a large scale asset in a Tier 1 jurisdiction. It is the sort of structure that limits risk but leaves plenty of upside if the geology delivers.

And while they are busy acquiring new assets, they are also developing the ones they already have. At Eureka, drilling is expected to kick off next month, which puts Ajax right on the edge of its first major exploration campaign. So the news is going to start coming thick and fast.

At the same time, the company’s Argentine footprint is getting bigger and bigger. The Eureka copper gold project in Jujuy, plus the new La Norteña licence area and adjacent applications, now give Ajax more than 6,000 hectares in a proven mining province. CEO Ippolito Ingo Cattaneo has been on the ground meeting local and provincial officials, setting up the kind of long term relationships that smooth permitting and community engagement, which are crucial for future development.

With gold at record highs and copper in tight supply, attention is swinging back to exploration stories positioned at the start of the next resource cycle. Ajax offers direct exposure to both markets at once, across a mix of gold, copper, silver, zinc and lead. Two high potential regions, staged deal terms and near term drilling make the setup look unusually well timed.

The rigs are likely to show up next month, finally drilling a never previously drilled asset that hosts a historic gold and copper mine at a time of record prices for both metals. All of this was acquired for just 170,000 US dollars, compared to the 8 million US dollars that Bezant once paid for the same ground. The momentum is building fast, and with results on the horizon, Ajax could soon attract serious attention from investors looking for genuine growth stor

As you know, I’m heavily invested here, and I’ve been following Ajax Resources closely from the very start. The latest developments only reinforce why I believe this is one of the most mispriced and overlooked plays currently listed on Aquis. The company’s move into Argentina through the Eureka project in Jujuy Province is, in my view, a masterstroke — twelve licences across a proven mineral belt with historic workings and strong geological indicators, all sitting in a region that’s rapidly becoming the focus of serious international mining interest.

Ajax didn’t waste any time either. The project is already drill-ready, which means they’re not years away from activity — they’re positioned to start unlocking value relatively quickly. On top of that, the option they’ve secured over Minas La Escondida next door effectively doubles their exposure to the same mineralised system. That level of strategic foresight this early in the company’s life says a lot about how management is thinking. They’re not chasing a single small asset; they’re building a platform that could develop into something substantial.

What makes this situation even more remarkable is the valuation. The entire market cap is still only a few million, which, when you weigh it against the land position, the mineral potential, and the regional context, looks absurdly low. Everywhere you look right now, major players are acquiring or investing in Argentine mining assets — copper, gold, lithium, you name it — and Ajax has quietly positioned itself right in the middle of that wave. The market just hasn’t woken up to it yet.

This is exactly the kind of quiet accumulation phase I’ve seen time and again before a proper re-rate. Those who understand early-stage resource stories will recognise how rare it is to find a company with this combination of asset quality, jurisdictional momentum, and timing — all while trading at a fraction of what it could eventually be worth. Once drilling begins and the first results start coming through, the shift in perception tends to happen quickly, and by that stage the easy entry levels are long gone.

For me, it’s simple. The foundations are in place, the story is clean, and the upside from here could be multiples of where it’s sitting today. Argentina’s mining sector is heating up fast, and Ajax is sitting on the right ground at exactly the right time. I’ve added on every dip because I see where this is heading — a genuine undervalued growth story in a market that’s just starting to catch on. The earlier you’re positioned, the better you do, and I think we’re still ahead of that curve.

The recent approval of McEwen Mining’s $2.7 billion Los Azules copper project offers a timely backdrop for evaluating Ajax Resources’ potential. Argentina’s decision to grant the project RIGI status – providing 30 years of fiscal and regulatory stability – removes a key barrier for international capital and highlights how quickly sentiment can shift once policy risk is reduced. The uplift in Los Azules’ net present value, from $2.9bn to $3.8bn, underscores how stability alone can materially re-rate assets.

For Ajax, two implications stand out. First, Argentina’s explicit prioritisation of copper projects enhances the investment case across the sector, creating a policy tailwind for developers. Ajax’s portfolio could, in time, benefit from the same RIGI protections, materially strengthening its ability to attract funding. Second, the prospect of a Los Azules IPO in 2025 demonstrates that international markets are now receptive to Argentine mining stories. That establishes a valuation benchmark which smaller, earlier-stage players on Aquis could leverage, especially as investors look for speculative exposure ahead of larger project financings.

McEwen’s progress validates the pathway for Ajax: de-risk exploration, secure permits, align with incentive regimes, and tap a market that is actively re-pricing Argentina’s copper potential. With structural demand from electrification, supportive policy momentum, and clear IPO precedents, Ajax’s listing is positioned within an increasingly attractive investment cycle. If more investors knew of the potential here we should be easily valued 2-3 times our current market cap with the potential of this company, with no debt.

Https://finimize.com/content/argentina-gives-green-light-to-mcewen-minings-27-billion-copper-project

From this article you can see copper’s latest rally really highlights the themes we’re focusing on at Ajax. When London futures broke through key resistance this week, it was a direct response to the force majeure at Grasberg in Indonesia, one of the biggest copper mines in the world. With production halted after the mudslide, supply suddenly looks much tighter and the market reacted immediately. Freeport’s shares fell sharply, but mining equities as a whole pushed higher as investors priced in stronger copper prices.

Supply disruptions keep stacking up, whether it’s Grasberg, Codelco’s extended difficulties in Chile, or political unrest in Peru. At the same time, demand continues to accelerate. Electrification, electric vehicles, renewable energy, and the rapid buildout of AI data centers all rely heavily on copper, meaning the market is increasingly driven by structural shifts rather than short-term cycles.

For Ajax, this reinforces our conviction that copper is not just another commodity trade but a core resource underpinning the future of energy and technology. We continue to see long-term value in being positioned around these themes, with miners offering leveraged exposure as margins expand and reserves get revalued. The recent surge is another reminder of how sensitive the market is to supply shocks, and why copper is likely to stay well supported for years to come.

I’m a little surprised there hasn’t been more buying interest at Ajax so far, but I expect that to change once we release the reports and sampling results.

Https://www.home.saxo/en-gb/content/articles/commodities/copper-grasberg-disruption-adds-fuel-to-robust-demand-outlook-25092025

Looks like Argentina is becoming the hotspot mining spot, we may be brought out before we even start work over there

India is clearly moving aggressively to secure future access to critical minerals, with particular emphasis on lithium and copper from Latin America. This is part of a wider strategy to reduce supply chain vulnerability and guarantee feedstock for energy transition industries.

In that context, smaller listed resource companies start to look increasingly relevant. Ajax Resources is an example where scale may be modest but the positioning is timely. Juniors often struggle to finance development beyond exploration, but a state-aligned buyer or large strategic investor can shortcut that process.

For India, picking up a vehicle like Ajax would provide exposure to proven assets while signalling that they are not simply buying offtake but embedding themselves in the upstream. It also gives them a listed structure in London, adding credibility in international markets.

The idea of an outright buyout should not be dismissed. If Delhi’s policy drive continues at pace, opportunistic acquisitions of juniors with critical mineral potential may become part of the playbook. Ajax sits exactly in that sweet spot where the valuation is accessible and the leverage to the right commodities is clear.

Https://timesofindia.indiatimes.com/business/india-business/critical-mineral-push-india-eyes-lithium-and-copper-from-peru-chile-and-argentina-ftas-pushed-amid-supply-chain-turmoil/amp_articleshow/124053391.cms

Https://www.mining.com/bhp-lundin-mining-bet-400m-on-argentina-copper-hub/

Only 300 miles away from us

Think we’ll have a bigger rise in Ajax resources but great to see here the rise

Nice rise today guys has this on my watchlist but didn’t invest.

Very promising !

Dear Mr. Foulser,

Thank you for your e-mail.

The commencement of operational activities will commence following the receipt of approval for the EIA, as per our July 11, 2025 RNS announcement.

All timelines will be communicated once we have the necessary approvals by way of regulatory news. It would be misguided to give timelines prior to these approvals being received.

Our intention is to execute our exploration programme in two phases, with phase 1 (to include sampling and trenching, followed by drilling) to commence following the receipt of approval from the local mining authorities.

Thank you for your confidence in Ajax.

We are very optimistic about our future progress.

Kind regards,

Ippolito Cattaneo

Added here to my portfolio, my main holding is Ajax resources on Aquis but this is my second holding

Just noticed they are updated their website

https://www.ajaxresources.com/

Https://zakstraderscafe.com/interview-ajax-resources-2/12850/

There’s the link if you fancy a listen

On the corporate side, the company has strengthened its position with a fully funded Eureka programme, a solid cash base, and a planned secondary listing in Oslo designed to broaden investor access and improve liquidity. Warrants were also issued to an investor-relations consultant, aligning incentives as the story builds.

In short, the interview didn’t deliver anything new, but it reinforced the trajectory. Ajax now has Eureka fully funded and about to be drilled for the first time, a materially larger land position through La Norteña and additional applications, a supportive provincial backdrop in Argentina, and the prospect of adding a second, more advanced project in Chile. With all of this happening at a market capitalisation of only around £3 million, there is a clear disconnect between current valuation and the scale of potential catalysts ahead

Just watched the recent Zak Mir interview with Ippolito Cattaneo, CEO of Ajax Resources, and it pulled together a lot of what has been outlined in the company’s recent announcements. The takeaway is that Ajax is quietly but effectively building momentum, positioning itself for what looks like a decisive few months ahead.

The focus remains squarely on the Eureka copper-gold project in Jujuy, Argentina. Following the submission of the Environmental Impact Study in July, the company is preparing to start its first-ever drilling campaign this autumn. That in itself is remarkable. Despite centuries of production history dating back to the Incan period and widespread evidence of high-grade mineralisation, Eureka has never been drilled. The forthcoming programme will therefore be a genuine moment of truth, with the potential to define the project’s true scale and move it from historical curiosity to modern resource.

At the same time, Ajax has been steadily consolidating and expanding its position on the ground. The acquisition of the La Norteña licence area has now been completed, adding 6,300 hectares directly north of Eureka. Not only does this effectively double the project’s footprint, it also comes with an agreement to trial small-scale alluvial gold extraction through Ajax’s local subsidiary Puna Metals, with the option to buy out the vendor’s profit share after 24 months. On top of that, the company has applied for a further 335 hectares of contiguous ground, securing additional exploration and mining rights. These moves are low-cost, high-impact steps that both protect and expand the potential resource base.

What struck me in the interview, and in the accompanying RNS detail, is the emphasis on building strong local engagement. During his August visit, Cattaneo met with Governor Carlos Sadir and senior mining officials, who made it clear that the province sees Ajax as a welcome new investor. The company also took over Bezant’s local service company to manage operations more effectively on the ground. This demonstrates a deliberate effort to establish Ajax as a long-term partner in Jujuy, ensuring regulatory alignment and community support as activity scales up.

Alongside Eureka, the conditional acquisition of the Paguanta Project in Chile adds a different dimension. Paguanta is more advanced, with a JORC-compliant resource already in place: 6.8 million ounces of silver, 265 million pounds of zinc and 74 million pounds of lead at the Patricia Prospect, with scope for copper and gold upside. It has seen significant past investment and is currently on care and maintenance. The terms Ajax has agreed look disciplined, with limited upfront commitments, performance-based payments tied to future reserves, and the ability to walk away if due diligence doesn’t support the case. If completed, it provides Ajax with near-term optionality alongside Eureka’s exploration upside.

I have to say it feels like a very significant step forward for the company. The conditional acquisition of a 74.75% interest in the Paguanta Project in northern Chile strikes me as a bold yet well-structured move, given the scale and potential of the asset.

Paguanta has a long-standing reputation as a polymetallic deposit, historically known for silver, but the real excitement here lies in the diversification across silver, zinc, lead, copper, and gold. That spread of resources gives the project multiple levers for value creation, not just in terms of production but also resilience against commodity price cycles. What particularly stands out is the Patricia Prospect, where there is already a JORC-compliant Mineral Resource of 6.8 million ounces of silver, 265 million pounds of zinc, and 74 million pounds of lead. Importantly, the resources remain open at depth and along strike, which means the potential for expansion through further exploration is still very much alive.

It also reads very well that the deal has been carefully structured. Ajax is not throwing money blindly but has a window until November 2025 to complete due diligence and negotiate the final terms. That kind of approach suggests a disciplined management team that wants to secure growth while protecting shareholder value. Another encouraging element is that the acquisition will be free of debt, with only novated obligations, which should help ensure a clean start for Ajax in Chile.

The financial commitments seem modest at the front end, with only US$150,000 split between cash and shares due within 15 days of completion, which shows Ajax isn’t overextending itself. The larger milestone payments are sensibly linked to the definition of major reserves: one for zinc equivalent above 25 million tonnes at over 5%, and another for copper reserves above 5 million tonnes. This type of milestone-based structure aligns cost with success and reduces early-stage risk.

As for the vendor’s retained 1% net smelter royalty, it is capped at US$850,000 and only kicks in under certain zinc pricing conditions. Compared to some deals in the sector, this looks like a fair and measured arrangement that won’t burden the project unnecessarily.

Overall, my takeaway is that Ajax is positioning itself very cleverly here. With commodities like copper and zinc being central to future industrial demand, including green technologies and infrastructure, exposure to an asset of this scale in a mining-friendly jurisdiction like Chile could be transformational. It’s still early days, and everything rests on due diligence and eventual development plans, but this RNS signals ambition backed by prudence. It’s the sort of acquisition that could provide the foundation for Ajax to become a more serious player in the resource sector.

Spot on Dave – thanks for pulling all of that together. The disconnect between the asset base and the current £14M market cap really is staggering when you run the numbers as you’ve laid out. Even on conservative in-ground valuations, the risk/reward here is heavily skewed to the upside.

What stands out is the combination of JORC-verified ounces, proven exploration upside, and JV validation from a major like Managem – that’s not something you often see at this stage with such a low cap. The comparison to Wishbone really highlights the inefficiency in the market pricing.

Feels like a classic case of the market taking time to catch up, but when it does, the re-rate could be sharp. Great post – appreciate the detail.