REG - Ajax Resources PLC - Half-year Report for the 6 months to 31 Aug 2024

Ajax ResourcesAnnouncement

25/11/2024 07:00

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RNS Number : 4111N  Ajax Resources PLC  25 November 2024

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

 

25 November 2024

AJAX RESOURCES PLC

 

("Ajax" or the "Company")

 

Half Yearly Report for the 6 months to 31 August 2024

 

The board of directors of Ajax (the "Board"), the UK listed special purpose
acquisition company with a focus on natural resources [LSE: AJAX], announces
its half yearly results for the 6 months to 31 August 2024 (the "Interim
Results").

 

A full copy of the Company's unaudited interim financial statements for the 6
months ended 31 August 2024 can be viewed at:

 

http://www.rns-pdf.londonstockexchange.com/rns/4111N_1-2024-11-22.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4111N_1-2024-11-22.pdf)

 

A copy can also be viewed on the National Storage Mechanism and on the
Company's website:

 

(https://www.ajaxresources.com/investors/key-documents/#tabs-financial-statements
(https://www.ajaxresources.com/investors/key-documents/#tabs-financial-statements)
)

 

Key elements of the Interim Results can also be viewed below.

 

- ENDS -

 

For further information:

 

 Ajax Resources Plc                           Tel: + 44 (0) 208 146 6345

 Ippolito Cattaneo, Chief Executive Officer   info@ajaxresources.com
 Allenby Capital Limited (Financial Adviser)  Tel: + 44 (0) 203 328 5656

 Nick Harriss / Daniel Dearden-Williams       n.harriss@allenbycapital.com

                                              d.dearden-williams@allenbycapital.com

 

 

Chief Executive's Statement

 

I am pleased to report to shareholders the unaudited financial statements for
the six months ended 31 August 2024.

 

During the period, Ajax has continued to perform its opportunity
identification exercise for production and development opportunities in the
natural resources sector. The Board has concentrated primary efforts towards
evaluating gold, copper and uranium production and exploration assets located
in the Republic of Argentina, Europe, and the Republic of Uganda.

 

It is expected that there will be progress to report in due course surrounding
these evaluations.

 

As has been the case throughout the Company's history, every possible action
has been taken to minimise expenditure and conserve the Company's financial
resources.

 

We are pleased to have welcomed Richard Heywood to the Board of the Company as
an Executive Director. He will contribute skill, commitment and
entrepreneurial energy towards Ajax's development.

 

We thank Luca Benedetto for his service to the Company since the Company's
inception and look forward to continued work with him on a part-time basis.

 

Finally, I wish to thank all shareholders for their support and patience since
the Company's IPO.

 

The Board is fully confident in the Company's future.

 

Principal Financial Statements

 

The notes to the financial statements form an integral part of these financial
statements and can be viewed through the link above.

 

 

STATEMENT OF COMPREHENSIVE INCOME

                                                            Notes  31/08/2024                      31/08/2023

                                                                   Unaudited 6 months     £        Unaudited 6 months     £

 Revenues                                                          -                               -
 Cost of sales
 Gross profit                                                      -                               -

 Other interest receivable                                         42,259                          28,120
 Administrative expenses                                           (126,264)                       (124,128)
 Operating loss and loss before income tax                  4

                                                                   (84,005)                        (96,008)

 Taxation                                                   5      -                               -
 Loss and total comprehensive loss for the period

                                                                   (84,005)                        (96,008)

 Loss per share attributable to the equity holders (pence)  6

 Basic

 Diluted                                                           (0.20)                          (0.20)

                                                                   (0.20)                          (0.20)

 

STATEMENT OF FINANCIAL POSITION

                                   Notes  31/08/2024              31/08/2023

                                          Unaudited 6 months      Unaudited 6 months

                                               £                       £

 Current assets
 Other receivables                 8      18,971                  44,425
 Promissory Notes granted          8      372,276                 170,413
 VAT Credit                        8      -                       -
 Cash and cash equivalents         9      456,359                 818,124
                                          847,606                 1,032,962

 Total assets                             847,606                 1,032,962

 Equity

 Ordinary shares                   10     468,125                 468,125
 Share Premium Reserve             10     1,019,035               1,019,035
 Options & Warrants                10     289,804                 518,200
 Retained earnings/(loss)

                                          (981,014)               (1,035,350)
 Total equity                             795,950                 970,010

 Current Liability
 Other payables                    11     51,656                  62,952

 Total equity and liabilities             847,606                 1,032,962

 

 

STATEMENT OF CASH FLOWS

 

                                                                  31/08/2024                                       31/08/2023
                                                                  Unaudited 6 months                               Unaudited 6 months
                                                                  £                                                  £
 Cash flows from operating activities

 Loss before tax                                                  (84,005)                                         (96,008)
 Increase/(decrease) in receivables                               25,454                                           18,581
 Decrease/(Increase) in payables                                                      (11,296)                                         46,681
 Change in working capital                                                       (90,055)                                         (256,125)
 Net cash used in operating activities                            (159,902)                                        (261,027)

 Promissory Notes                                                 (201,863)                                        (170,413)
 Cash flows from investing activities                             (201,863)                                        (170,413)
 Net cash used in investing activities                            (201,863)                                        (170,413)

 Cash flows from financing activities
 Shares Prepayment
 Proceeds from the issue of ordinary shares (net of issue costs)                 -                                                -
 Net cash from financing activities                                                  -                                                -
 Net increase / (decrease) in cash and cash equivalents                            (361,765)                                        (431,422)
 Cash and cash equivalents at the start of the period                               818,124                                          1,249,546
 Cash and cash equivalents at the end of the period                                 456,359                                           818,124

 

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