Update on Potential Divestment of Eureka

Ajax Resources

16/04/2026 07:00

RNS Number : 7340A

Ajax Resources PLC

16 April 2026

 

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

16 April 2026

AJAX RESOURCES PLC 

("Ajax" or the "Company")

Update on Potential Divestment of Eureka

Ajax Resources Plc (AQSE: AJAX), the natural resources investment company, is pleased to provide an update on the potential divestment of the Eureka Gold and Copper Project (the "Eureka Project").

 

As previously announced on 4 March 2025, the proposed transaction involves the sale of the Company's entire interest in the Eureka Project, including Mina Escondida 1 and Mina Escondida 2, while excluding La Norteña. Any such transaction will only proceed if it delivers a material return to the Company.

 

The Company is pleased to confirm that it is now engaged in exclusive negotiations with a single potential acquirer, a large Chinese mining exploration and production group with an established presence in Argentina (the "Potential Buyer").

 

Following a positive preliminary technical due diligence review, the Potential Buyer is expected to conduct a site visit to the Eureka Project within the next ten days. Subject to the outcome of this visit, the parties intend to advance discussions toward agreeing potential binding terms.

 

There can be no certainty that the ongoing discussions will result in a binding transaction. The Company will provide further updates as appropriate.

Termination of La Norteña acquisition  

Further to the announcement of 27 August 2025, the Company has elected to terminate the acquisition of the La Norteña Licence Area ("La Norteña"), which is located to the north of the Company's Eureka Project, following a breach of contract by the vendor. The Company confirms that no funds were transferred to the vendor.

 

The Board believes that termination is in the best interests of shareholders and enables the Company to focus on higher-priority assets within its portfolio.

 

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

 

"We are pleased to continue advancing the potential divestment of the Eureka Project with a large, well-established group, which provides further evidence of its potential.

 

Eureka has significant exploration upside, only a small part of which has been realised, and we will only consider a transaction at a valuation that appropriately reflects this value for Ajax shareholders.

 

Ajax has assembled a highly prospective portfolio across Chile, Brazil, and Argentina, with near-term operational activities set to commence at the Macacha Project. At the same time, additional strategic acquisition opportunities within Argentina are being actively reviewed, with a focus on near-term producing assets.

 

It is now our objective to demonstrate the significant resource potential of these assets through JORC-compliant resource definition, followed by a pathway to production."

- ENDS -

 

 

 

 

For further information: 

 

Ajax Resources Plc
Ippolito Ingo Cattaneo, Chief Executive Officer
Tel: + 44 (0) 208 146 6345
info@ajaxresources.com
Allenby Capital Limited (Corporate Adviser)
Nick Harriss / Nick Athanas
Tel: + 44 (0) 203 328 5656
n.harriss@allenbycapital.com
n.athanas@allenbycapital.com

 

About Ajax Resources Plc

Ajax Resources Plc is a UK natural resources investment company listed on the Aquis Stock Exchange (AQUIS: AJAX). The Company was previously listed on the FCA Official List of the Main Market of the London Stock Exchange as a Special Purpose Acquisition Company (SPAC) before transitioning to its current strategy as an operational natural resources investment vehicle.

Ajax is focused on identifying, acquiring and advancing assets containing copper, gold, silver, zinc, uranium and lead - commodities supported by strong long-term demand fundamentals. The Company's strategy centres on the acquisition and development of assets with historical production, significant untapped or latent potential, and substantial exploration upside, typically secured on highly advantageous terms. Ajax aims to progress these assets through development and into production, with the objective of generating revenue and long-term shareholder value.

 

Forward-Looking Statements

 

This announcement contains forward-looking statements that are based on the current expectations and assumptions of the Directors. Such statements are subject to a number of known and unknown risks and uncertainties, including, but not limited to, the completion of the potential divestment of the Eureka Project, exploration results, regulatory approvals, permitting, financing, commodity price volatility and operational factors, which may cause actual results to differ materially from those expressed or implied.

 

There can be no assurance that the ongoing negotiations in respect of the potential divestment will result in a binding transaction, nor that any such transaction will be completed on the terms currently contemplated, or at all. In addition, there can be no assurance that the Company's assets will be successfully advanced to resource definition, development or production.

 

Any forward-looking statements speak only as of the date of this announcement, and the Company undertakes no obligation to update or revise such statements, except as required by applicable law.

 

 

 

 

 

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