Picture of Aquis Exchange logo

AQX Aquis Exchange News Story

0.000.00%
gb flag iconLast trade - 00:00
FinancialsHighly SpeculativeSmall CapHigh Flyer

REG - Ajax Resources PLC - Update on Eureka Copper & Gold Project

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250711:nRSK7146Qa&default-theme=true

RNS Number : 7146Q  Ajax Resources PLC  11 July 2025

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

 

11 July 2025

AJAX RESOURCES PLC

 

("Ajax" or the "Company")

 

Update on Eureka Copper & Gold Project, Argentina

Second Closing of Subscription

Intention to list on Euronext Growth Oslo

 

 

Ajax Resources Plc (AQSE: AJAX) the natural resources investment company,
provides an update on various corporate and operational developments.

 

Highlights:

·      Environmental Impact Study ("EIS") for the Eureka copper and gold
project in Argentina ("Eureka")

·      Second closing of Subscription anticipated to occur on or around
25 July 2025

·      Intention to list on Euronext Growth Oslo

 

Submission of EIS for Eureka

 

The Company announces the submission of the EIS in respect of the Company's
100% owned Eureka project in northern Argentina (see Company announcement
dated 16 April 2025). Eureka is an advanced exploration project located in the
Province of Jujuy, comprising of nine mining licences (including a historic
gold and copper mine) and three further mining licence applications, covering
a cumulative area of approximately 7,200 hectares (72km(2)).

 

Ajax is the sole operator of Eureka through Puna Metals S.A. ("Puna"), its
wholly owned Argentine subsidiary. Puna engaged WICZ Mining Consulting, a
consultancy recognised for its expertise in environmental regulatory
compliance, to complete the EIS. The study encompasses ten of the twelve
licences currently held by Puna and has now been formally submitted to the
Director of Mines and Energy Resources for the Province of Jujuy.

 

Subject to the EIS being approved, the Company will commence its exploration
programme, consisting of mapping, trenching and later drilling, as well as
underground sampling once the existing adit has been fully dewatered. The
submission of the EIS is an important first step as the Company advances
Eureka, with the objective of publishing a maiden JORC-compliant Mineral
Resource Estimate during the first half of 2026.

 

Ajax's exploration budget for Eureka to 30 June 2026 is approximately £1.4m.
This, in turn, is the first stage of a 5-year plan to progress Eureka towards
commercial production, subject to a positive independent feasibility study.

 

Second Closing of Subscription

 

The Company intends to undertake a second closing of the Subscription,
announced on 23 May 2025, for additional gross proceeds of £0.5m, following
the successful first closing raising gross proceeds of £1.0m, as announced on
17 June 2025. This second closing will be at 5 pence per ordinary share of 1
pence each ("Ordinary Shares").  It is now expected that the second closing
will complete on or around 25 July 2025.

 

Application for listing on Euronext Growth Oslo

 

The Company announces that it has engaged Schjødt AS, a leading Norwegian law
firm, as legal advisers and Cleaves Securities AS, a boutique investment bank
with a 40-year history, as Euronext Growth (Oslo) Advisor, to prepare an
application for listing of the Company's Ordinary Shares on the Euronext
Growth Market of the Oslo Stock Exchange. Subject to regulatory approvals, the
Company expects to complete the listing during the current financial year.

Ippolito Ingo Cattaneo, Chief Executive of Ajax, commented:

 

" It has been a transformational six months for Ajax. We have completed the
acquisition of Eureka, a potentially very significant copper and gold project
in northern Argentina, admitted our share capital to the Aquis Stock Exchange,
and successfully completed a fundraise to fully fund all the work necessary
for a maiden JORC-compliant Mineral Resource Estimate with strong
participation from the Board.

 

We have also potentially doubled the size of Eureka by exercising a binding
agreement to acquire Minas La Escondida, a project comprised of two licences
contiguous to the historic Eureka copper and gold mine, as well as signing a
conditional option to acquire La Norteña, neighbouring the north of Eureka.

 

I am delighted to already report on strong progress at Eureka, with the
submission of the EIS.

The EIS provides local authorities and communities confirmation that Ajax is
fully committed to operating in strict compliance with the highest
environmental regulations and standards, specifically in respect of our
intended resource development exploration activities in the Province of Jujuy.

 

We wish to work closely with the local mining authorities, fostering a
collaborative relationship, to allow the commencement of our fully funded
exploration programme. Our primary goal will always be to ensure that Ajax's
presence delivers meaningful, positive contributions to the communities in
which we operate.

 

In parallel, the Company has now appointed key advisors in support of its
application for listing its share capital on the Euronext Growth Oslo. This
will enable the Company to further expand its international investor base,
enhancing liquidity and enabling greater exposure for the value of our
Company.

 

On behalf of the Board, I take the opportunity to thank all shareholders for
their support. We are very optimistic about our future progress, and we look
forward to providing further updates in due course."

 

 

- 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

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NEXDZGMNKMZGKZG

Recent news on Aquis Exchange

See all news