REG - Ajax Resources PLC - Company Update & Completion of Licence Acquisition

Bezant ResourcesAnnouncement

27/08/2025 08:00

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RNS Number : 7546W  Ajax Resources PLC  27 August 2025

27 August 2025

AJAX RESOURCES PLC

 

("Ajax" or the "Company")

 

Company Update

Completion of the Acquisition of the La Norteña Licence Area

Issue of Warrants

Change of Registered Office

 

Ajax, the natural resources investment company (AQSE: AJAX), provides the
following update.

 

Company Update

The Company's Chief Executive Officer, Mr Ippolito Ingo Cattaneo, visited the
Province of Jujuy, Argentina, in August 2025 to review progress ahead of the
planned commencement of operational activities in the autumn of 2025 following
submission of its Environmental Impact Study for the Eureka copper and gold
project (see announcement of 11 July 2025).

During the visit, Mr Cattaneo met with the Governor of the Province, Carlos
Sadir, together with senior representatives of the local mining authorities.
The meetings underscored a shared commitment: the Province of Jujuy welcomed
the Company as a new strategic investor advancing the delineation of gold and
copper deposits in Jujuy, while the Company confirmed its commitment to
building lasting partnerships with local communities and creating sustainable
employment through long-term investment across the mining cycle, from advanced
exploration to production.

Additional Acquisitions

The Company has applied for mineral subsurface rights over three areas of
land. Two of these applications relate to mineral exploration licences
("Cateo"), covering a combined area of approximately 118 hectares, while the
third concerns a mining licence called La Piqueta, which covers approximately
216 hectares (together, the "Applications").

In aggregate, the Applications comprise approximately 335 hectares of land and
are all contiguous with the Company's Eureka Project in the Province of Jujuy,
Republic of Argentina.

 

Completion of the Acquisition of the La Norteña Licence Area

 

Further to the announcement of 19 June 2025, the Company confirms the
completion of the acquisition of 100% the La Norteña Licence Area ("La
Norteña"), which neighbours the Company's Eureka Project to the north, for
US$22,500 from a local investor (the "Acquisition"). La Norteña covers an
area of 6,300 hectares.

 

Under the terms of the Acquisition, the vendor and Puna Metals S.A. ("Puna"),
the Company's fully owned subsidiary in the Republic of Argentina, intend to
enter into an agreement to exploit alluvial gold extraction (limited to gold
located within 6m of the surface) at La Norteña.  The vendor will receive
20% of the profits generated from this activity. After 24 months from the
start of this activity, which will be subject to local approvals, Puna will
have the option to purchase the vendor's profit share for US$115,000. The
costs of establishing the alluvial gold extraction activity will be met by
Puna.

 

Ajax also announces the acquisition, for a nominal consideration of US$100, of
the share capital of Eureka Mining & Exploration S.A., the Argentinian
service company subsidiary of Bezant Resources plc, the previous owner of
Puna. This acquisition will assist with the local management of the Company's
operational activities in the Republic of Argentina.

 

Appointment of Investor Relations Consultant and Issue of Warrants

 

The Company has engaged the services of an investor relations consultant,
under which the Company yesterday issued 1,725,559 warrants to subscribe
ordinary shares of 1 pence each ("Ordinary Shares"), equivalent to 2.0% of the
fully diluted issued share capital of the Company at the time of issue (the
"Warrants"). The Warrants are exercisable at 8 pence per Ordinary Share, shall
not be exercisable for three months from the date of issue, and shall expire
on the second anniversary of the date from which they become exercisable (26
November 2027).

 

Change of Registered Office

 

Ajax announces that with effect from 29 September 2025, its registered office
address will change to:

 

6th Floor, 99 Gresham Street

London EC2V 7NG

UK

Ippolito Ingo Cattaneo, Chief Executive of Ajax, commented:

"I was delighted to meet with Governor Carlos Sadir, who warmly welcomed Ajax
to the Province of Jujuy as a new investor.

I was equally pleased to meet with the Minister of Production, Minister Juan
Carlos Abud, the Secretary of Mining and Hydrocarbons, Ing. José Gómez, the
Mining Judge for the Province of Jujuy, Dr. Pablo Read, and the Provincial
Director of Mining, Dr. Álvaro Buitrago.

These productive meetings, which also included the participation of our
operational team and consultants in Jujuy, gave clear demonstration of the
supportive and collaborative spirit of the local authorities towards our
establishment as new investors in the Province of Jujuy.

During the meetings, we presented Ajax's long-term development strategy,
centred on confirming the significant potential of Eureka, with a particular
emphasis on:

·      ensuring full compliance with local regulations, and

·      fostering a collaborative, win-win approach with all
stakeholders.

We are committed to building strong relationships in the Province to achieve
the successful implementation of our fully funded exploration programme. A
sine qua non of our strategy is to ensure that Ajax's presence always delivers
meaningful, positive contributions to the communities in which we operate.

As a natural resources investment company, we will continue to evaluate
value-accretive acquisition opportunities, while maintaining undiminished
attention to our primary focus: publishing a maiden JORC-compliant Mineral
Resource Estimate for Eureka.

We look forward with great optimism to commencing operational activities later
this year, most notably undertaking the first-ever drilling at the Eureka
project. Despite a long production history dating back to the Incan period and
significant evidence of high-grade copper mineralisation, Eureka has never
been drilled, making this a particularly significant milestone for Ajax."

 

- ENDS -

 

For further information:

 

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

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

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

                                              d.dearden-williams@allenbycapital.com

 

 

 

 

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