On the Appian Way to El Dorado

In what has been a transformative 20 weeks since our last note, Ajax has accelerated its strategic evolution through the advancement of the Pereira Velho transaction – bringing onto its register Appian Capital Advisory, the natural resources-focused private equity group with c US$5bn in assets under management, in what we believe is a uniquely significant endorsement for a UK-listed junior mining company. To our knowledge, Ajax is the only UK-listed junior to have attracted investment participation from Appian, underscoring both the quality of its asset base and management’s strategic credibility. Simultaneously, the company has progressed initiatives to acquire the Macacha (formerly Leon), Paguanta and Minerva projects and invest in new...