REG - Ajax Resources PLC - Final Results for the year to 28 February 2025

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RNS Number : 5354R  Ajax Resources PLC  17 July 2025

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

 

17 July 2025

AJAX RESOURCES PLC

 

("Ajax" or the "Company")

 

Final results for the year to 28 February 2025

Notice of Annual General Meeting

 

Ajax [AQSE: AJAX] the natural resources investment company, is pleased to
publish its audited financial statements and annual report for the year to 28
February 2025 (the "Annual Report"). A copy of the Annual Report will shortly
be available for download on the Company's website, www.ajaxresources.com
(http://www.ajaxresources.com) , and can also be viewed here:

 

http://www.rns-pdf.londonstockexchange.com/rns/5354R_1-2025-7-17.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/5354R_1-2025-7-17.pdf)

 

Key elements from the Annual Report have been extracted and can be viewed
below.

 

The Company also announces that the Ajax annual general meeting ("AGM") for
the year to 28 February 2025 will be held at 10.30 am BST on 26 August 2025 at
the offices of Allenby Capital Limited, the Company's Financial Adviser, at 5
St Helen's Place, London, EC3A 6AB.  A copy of the Notice of AGM and Form of
Proxy will be mailed to shareholders in due course and will, once published,
be made available to view on the Company's website at:

 

https://www.ajaxresources.com/investors/key-documents/
(https://www.ajaxresources.com/investors/key-documents/)

 

 

- 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

 

 

 

 

CEO Statement

Dear Shareholder,

I am pleased to present the audited financial statements to shareholders for
the year ended 28 February 2025.

During the reporting period, Ajax identified an advanced gold and copper
project in the Republic of Argentina. On 25 February 2025, the Company signed
a Heads of Terms agreement with Bezant Resources Plc ("Bezant") to acquire
Puna Metals S.A. ("Puna"), a wholly owned Argentine subsidiary of Bezant. Puna
holds the mining rights for the Eureka Project, which consists of 12 licences
located in the north-western Province of Jujuy, northern Argentina ("Eureka"
or the "Project").

In line with our strategy of identifying assets with a history of production
and significant prospectivity, the Eureka Project is highly attractive
advanced exploration project. It hosts the historical "Eureka Mine", where
gold and copper extraction activities date back to Incan times, with records
of production ongoing during the 16(th),17(th) and 20(th) centuries.

On 21 May 2025, Ajax completed the acquisition of Puna from Bezant, marking a
significant milestone in the Company's journey from a listed cash shell to an
active natural resources investment company.

Eureka is drill-ready and has the potential to develop into a low-cost gold
and copper mine within approximately 3 to 4 years, subject to permitting and
other development factors.

Under the share purchase agreement, Ajax acquired 100% of Puna for a total
cash consideration of US$170,000. The deferred equity consideration of
US$100,000, initially announced on 25 February 2025, was replaced with an
additional cash payment of US$50,000. As part of the acquisition, all
intra-group loans made by Bezant and its affiliates to Puna have been novated
to Ajax.

For the sake of historical record, it is to be highlighted that Bezant
acquired Eureka in 2010 for a cumulative consideration of approximately US$8
million, payable in cash (US$3.9 million, by way of a schedule of payments,
with the balance payable in equity securities in Bezant. In 2012, the cash
component was reduced to US$2.6 by accelerating the pre-existing schedule of
payments.

Bezant ultimately did not proceed with the development of Eureka due to a
combination of factors. These included internal changes within its board, a
strategic shift in direction by Bezant towards African opportunities,
macroeconomic instability in Argentina at the time, and, more recently, the
global disruptions caused by the COVID-19 pandemic.

Option to Acquire Minas La Escondida

Further advancing our strategy, on 19 June 2025, Puna exercised its option to
acquire Minas La Escondida ("La Escondida"), a mining project also located in
Jujuy Province, from a local investor for US$80,000. La Escondida comprises
two contiguous licences covering 2,500 hectares and lies adjacent to the
historical Eureka Mine.

Conditional Acquisition of La Norteña Licence Area

Additionally, the Company has agreed terms for Puna to conditionally acquire
100% of the La Norteña Licence Area ("La Norteña") for US$22,500. This
licence area neighbours the Eureka Project to the north and spans 6,300
hectares.

Funding and Development

To fund the development of Eureka and provide additional working capital, the
Company completed a fundraise on 17 June 2025. Ajax raised £1,000,000 through
the issue of 25,000,000 new Ordinary Shares at a price of 4 pence per share.
The proceeds, along with the Company's existing cash reserves, will finance
exploration activities, most notably, the first-ever drilling campaign at
Eureka, to achieve the publication of a maiden JORC-compliant Mineral Resource
Estimate.

Throughout the year, as reflected in these financial statements, your Board
has maintained a disciplined focus on minimising expenditure and no Board
member has received any form of remuneration.

The acquisition of Puna was funded by way of the Company's existing financial
resources.

Outlook

Looking ahead, we are encouraged by the significant resource potential of
Eureka, the improving political and investment climate in Argentina, and the
favourable global outlook for gold and copper prices.

We are especially optimistic about the unexploited potential of the Eureka
Project. Prior studies of Eureka, though not in compliance with
internationally accredited standards, indicate the presence of approximately
620,000 tonnes of copper and 52,000 ounces of gold.

Eureka has never been drilled. Our immediate goal is to conduct a drilling
campaign, with the aim of delivering a JORC-compliant Mineral Resource
Estimate to determine the scale and significance of its potential.

It is to be underlined that the Board has demonstrated its unwavering and
continued confidence in the Company by investing an additional £330,000 in
the most recent fundraise.

We thank all shareholders for their continued support since the Company's
listing in April 2022. It is our view that the Eureka Project, acquired on
highly advantageous terms, has the potential to be transformative.

We look forward with enthusiasm to the next phase in Ajax's development.

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 28 FEBRUARY 2025

                                                            Notes  Page  Year to  28 February 2025   Year to  29 February 2024
                                                                         £                           £

 Revenues                                                                -                           -
 Cost of sales
 Gross profit                                                            -                           -

 Other interest receivable                                               123,589                     138,295
 Administrative expenses                                                 (250,734)                   (316,523)
 Operating loss and loss before income tax                  4      40    (127,145)                   (178,228)
 Taxation                                                   5      41                                -
 Loss and total comprehensive loss for the period                        (127,145)                   (178,228)

 Loss per share attributable to the equity holders (pence)  6      41
 Basic                                                                   (0.27)                      (0.38)
 Diluted                                                                 (0.27)                      (0.38)

 

STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 28 FEBRUARY 2025

                               Notes  Page  Year to  28 February 2025       Year to  29 February 2024
                                            £                               £

 Current assets
 Other receivables             8      42    -                                     8,200
 Promissory Notes granted      8      42    -                                                   -
 Cash and cash equivalents     9      43    798,473                                    974,141

 Total assets                               798,473                                     982,341

 Equity

 Ordinary shares               10     43                468,625                         468,125
 Share Premium Reserve         10     43             1,019,035                       1,019,035
 Options & Warrants            10     43    289,804                                     297,639
 Retained earnings/(loss)                   (1,024,155)                     (897,010)

 Total equity                               753,309                               887,789

 Current Liability
 Other payables                11     46    45,164                          85,456
 Directors loan account        15     48    -                               9,096

 Total Liabilities                          45,164                               94,552
                                                                            ,
 Total equity and liabilities               798,473                         982,341

 

STATEMENT OF CASH FLOW

FOR THE YEAR ENDED 28 FEBRUARY 2025

                                                                  Year to 28 February 2025                            Year to 29 February 2024
                                                                  £                                                   £
 Cash flows from operating activities
 Loss before tax                                                  (127,145)                                           (178,228)
 Interest received from Promissory Notes                          (103,080)                                           (103,648)
 Interest received from Money Market Bank Accounts                (20,509)                                            (34,647)
 Decrease / (Increase) in receivables                             (8,200)                                             (95)
 Increase / (Decrease) in payables                                (48,523)                                                            49,596
 Share Based Payments                                                                    -                                                   -
 Net cash used in operating activities                            (307,457)                                           (267,022)

 Cash flows from investing activities
 Promissory Notes                                                                        -                                          337,508
 Interest received from Promissory Notes                                        103,080                                             103,648
 Interest received from Money Market Bank Accounts                                20,509                                                      34,647
 Decrease / (Increase) in receivables                                               8,200                                               8,200
 Net cash used in investing activities                                         131,789                                              484,003

 Cash flows from financing activities
 Proceeds from the issue of ordinary shares (net of issue costs)                         -                                                   -
 Net cash from financing activities                                                      -                                                   -
 Net increase / (decrease) in cash and cash equivalents           (175,668)                                                         216,981
 Cash and cash equivalents at the start of the period                           974,141                                             757,160
 Cash and cash equivalents at the end of the period                            798,473                                              974,141

 

All references to Notes and Pages in the financial statements above refer to
the Annual Report which can be accessed via the link set out above.

 

 

 

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