Ajax Resources PLC - Final Results for the year to 28 February 2026

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

6 July 2026

AJAX RESOURCES PLC

("Ajax" or the "Company")

Final results for the year to 28 February 2026

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 2026 (the "Annual Report"). A copy of the Annual Report will shortly be available for download on the Company's website, www.ajaxresources.com, and can also be viewed here:

http://www.rns-pdf.londonstockexchange.com/rns/1316L_1-2026-7-5.pdf   

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

- ENDS -

For further information: 

Extract from Directors' strategic report

The year ended 28 February 2026 has been one of significant progress and transformation for the Company, marking its transition from a Special Purpose Acquisition Company into an active natural resources investment and development company.

The defining corporate achievement of the year was the execution of the agreement relating to the acquisition of the Pereira Velho Gold Project in Brazil from Appian Capital Advisory. As part of the transaction, Appian agreed to become a strategic shareholder in the Company, representing a significant endorsement from one of the world's leading mining-focused private equity investment groups, with approximately US$5 billion of assets under management.

In announcing its investment, Appian expressed confidence in the Company's management team and strategy, noting that Ajax's approach to identifying, acquiring and developing underappreciated mining assets closely aligns with its own long-term investment philosophy. The Board believes that Appian's decision to accept equity in the Company as a substantial component of the transaction consideration provides strong independent validation of both the quality of the Pereira Velho Gold Project and the Company's broader strategy for creating shareholder value. To the best of the Board's knowledge, Ajax is the only UK-listed natural resources company in which Appian currently holds a strategic equity investment. The agreement was executed during the financial year, with completion occurring subsequent to the year end.

The successful completion of the Company's qualifying transaction during the year marked its transition from a Special Purpose Acquisition Company into an operating natural resources company. This was achieved through the acquisition of the Eureka Gold-Copper Project in Jujuy Province, Argentina, from Bezant Resources Plc. Following completion, we expanded our land position through the acquisition of the contiguous Minas La Escondida licences and additional strategic exploration ground surrounding Eureka, secured Environmental Impact Assessment approval covering a material portion of the project area, and completed the first drilling programme in the project's history, representing the commencement of modern systematic exploration on a property with a long history of mining activity. Following the successful completion of these objectives and subsequent expressions of interest from third parties, the Company announced its intention to pursue a strategic divestment of the Eureka Project on advantageous terms. A successful transaction would validate the Company's acquisition and value creation strategy of identifying underexplored assets with significant upside potential, advancing them through targeted technical and permitting milestones, and crystallising value where appropriate, while allowing an even greater concentration of management and technical resources on the advancement of the Macacha Copper Project and the evaluation of further value-accretive opportunities in the region.

The period also saw the Company actively evaluate and advance a number of additional opportunities across the natural resources sector. Significant technical, legal and commercial work undertaken during the year resulted in the successful completion of the acquisition of the Macacha Copper Project in Argentina and the execution of the agreement relating to the acquisition of the Pereira Velho Gold Project in Brazil. The Company also entered into advanced negotiations in relation to the proposed acquisition of the Paguanta Copper-Silver Project in Chile. Collectively, these developments reflect the Company's strategy of building a diversified portfolio of highly prospective natural resource assets across multiple jurisdictions and commodities.

The Company also strengthened its technical capabilities during the year through the appointment of Elton Pereira as Geological Advisor. Mr Pereira is the former Head of Exploration for Brazil at Appian Capital Advisory and is one of Brazil's most accomplished exploration geologists, with more than 30 years' experience in mineral exploration and project development. During his tenure at Appian, Mr Pereira led the exploration team responsible for the discovery of the Pereira Velho Gold Project, overseeing the geological interpretation, exploration strategy and execution that defined an initial internal resource estimate of approximately 110,000 ounces of gold. He has also played a leading role in the discovery and advancement of several major Brazilian gold projects, including G Mining Ventures' now-producing Tocantinzinho Gold Mine and TriStar Gold's Castelo de Sonhos Project. Based on the results achieved to date and the scale of the mineralised system, Mr Pereira has publicly stated his belief that Pereira Velho has the potential to support a gold inventory of up to one million ounces. His appointment provides the Company with exceptional technical expertise and an unrivalled understanding of the project as Ajax advances Pereira Velho towards a maiden JORC-compliant Mineral Resource Estimate.

The Board is particularly excited by the quality and scale of the opportunities being assembled within the portfolio. A common theme across these acquisitions is the opportunity to secure projects that have benefited from substantial historic investment and technical work, often at a fraction of replacement value.

Macacha, formerly known as the Leon Project, is an advanced copper-silver asset in Salta Province, Argentina, where previous owners invested approximately US$25 million in drilling, metallurgical studies, engineering work and mine development activities. Historical work defined a resource of 44.7 million tonnes grading 0.8% copper and 21.8 g/t silver, while a subsequent JORC (2004) resource estimate outlined 6.6 million tonnes of Indicated and Inferred resources at 0.62% copper and 18 g/t silver relating only to the near-surface oxide horizon. Importantly, this estimate excludes the deeper sulphide mineralisation, which remains largely untested.

The Board believes there is significant scope to expand the known resource base through the application of modern exploration techniques and a systematic evaluation of the substantial historical dataset. Similarly, Paguanta is an advanced-stage silver, zinc and lead project in northern Chile with an established mineral resource and a history of more than US$35 million of investment and exploration expenditure. Historical work includes approximately 46,700 metres of diamond and reverse circulation drilling and the completion of a feasibility study by Golder Associates. The Patricia deposit hosts a Measured, Indicated and Inferred Mineral Resource of 2.4 million tonnes grading 88 g/t silver, 5.0% zinc, 1.4% lead and 0.3 g/t gold, containing approximately 18.2 million ounces of silver equivalent. In addition to the established silver-zinc-lead resource, the project hosts a number of highly prospective exploration targets, including the La Rosa and Doris porphyry prospects, which offer further upside potential.

Pereira Velho provides exposure to a highly prospective gold project in Brazil that has already benefited from approximately US$5 million of historical exploration expenditure, including 6,363 metres of diamond drilling. Historical work has defined an in-house resource estimate of approximately 110,000 ounces of gold, while only around 10% of the project area has been systematically explored. The Company's initial objective is to define a JORC-compliant mineral resource in excess of 350,000 ounces. Based on the scale of the mineralised system identified to date, and supported by the views of our Geological Advisor, Elton Pereira, we believe Pereira Velho has the potential to host a substantially larger gold inventory, with exploration upside extending towards one million ounces of gold.

These projects provide the Company with exposure to a broad range of commodities, multiple avenues for value creation and a pipeline of opportunities at varying stages of development.

Another important development during the year was the Company's transition from the Main Market of the London Stock Exchange, where it had originally listed as a Special Purpose Acquisition Company in 2022, to the Aquis Growth Market following the successful completion of its qualifying transaction. The transition marked the Company's evolution into an operational natural resources business and provides a platform more closely aligned with its strategy of acquiring and developing highly prospective exploration and development projects.

The Aquis Growth Market has proven to be a highly supportive platform for the Company's development. Since admission, the Company has attracted a growing shareholder base, completed a series of successful fundraisings and established itself as one of the more actively traded natural resources companies on the market. We believe the increased liquidity in the Company's shares and the strong share price performance since admission reflect growing investor awareness of the Company's strategy and progress.

The Company has continued to receive strong support from both existing and new shareholders throughout the year. During the period, the Company successfully completed a number of equity fundraisings, resulting in a strong cash position at the year end and providing the financial flexibility to pursue strategic growth opportunities as they arose.

Each successive fundraising was completed at a premium to the price of the Company's preceding equity issuance. This enabled the Company to raise additional capital while issuing proportionately fewer new shares, thereby reducing dilution for existing shareholders over time. We believe this consistent progression in fundraising valuations reflects increasing investor confidence in the Company's strategy, management team and ability to execute on its stated objectives.

In keeping with the commitments made at the time of our IPO, the Board did not draw remuneration until completion of the Eureka acquisition. Thereafter, remuneration commenced, with two of the three Directors electing to receive modest compensation entirely in equity, demonstrating continued alignment with shareholder interests.

A defining feature of our culture remains an entrepreneurial approach to identifying opportunities and allocating capital. We continue to operate with a lean overhead structure and focus our resources on activities capable of generating value for shareholders. This philosophy has enabled the Company to build and advance a growing portfolio of opportunities while maintaining an efficient corporate structure.

Since the year end, the Company has continued to execute on the opportunities developed during the financial year, including signing an option to acquire a 100% interest in the Macacha Copper Project in Argentina, completing the acquisition of the Pereira Velho Gold Project in Brazil, and continuing to advance the proposed acquisition of the Paguanta Project in Chile.

The Company has also made a strategic investment in Reveille Resources Plc as part of its pre-IPO fundraising. Reveille is a UK-incorporated uranium exploration company focused on the development of Italy's two largest historical uranium deposits, Novazza and Val Vedello in Lombardy. The projects comprise two historical uranium exploration projects developed by AGIP Nucleare, a subsidiary of ENI, as part of Italy's civil nuclear programme and benefited from historical exploration and underground development expenditure estimated to exceed the equivalent of €200 million. Upon Reveille's admission to trading on the Aquis Growth Market, Ajax is expected to hold approximately 15% of the Company's issued share capital, providing shareholders with exposure to one of Europe's most significant historical uranium exploration opportunities.

In addition, Ajax also announced that it had secured an exclusive option to acquire 100% of Minerva Metals S.r.l., a private Italian company advancing the high-grade Sèbera tungsten, antimony and gold project in Sardinia. The option provides Ajax with a low-cost pathway to expand its exposure to European critical raw materials, while retaining full flexibility to proceed following the completion of due diligence, the granting of the exploration licence and the satisfaction of the remaining conditions precedent.

The Company has also continued to evaluate opportunities to realise value from assets within its portfolio where appropriate, while maintaining its disciplined focus on identifying, acquiring and advancing new opportunities capable of generating attractive long-term returns for shareholders.

The progress achieved during the year reflects the significant amount of work undertaken by the Company since completing its qualifying transaction. We have established a diversified portfolio of resource projects, attracted the support of leading sector investors, including Appian, broadened our shareholder base and strengthened the Company's financial position through a series of increasingly higher-priced fundraisings.

The Company has a number of significant near-term milestones ahead. These include the commencement of the fully funded drilling programme at the Macacha Copper Project, targeting both the expansion of the existing oxide resource and the first drill testing of the largely untested underlying copper sulphide system, together with the advancement of the Pereira Velho Gold Project towards a maiden JORC-compliant Mineral Resource Estimate through systematic drilling designed to validate and expand the existing gold inventory. The Company also intends to complete the proposed acquisition of the Paguanta Copper-Silver Project, which would add an advanced-stage polymetallic project with a substantial JORC Mineral Resource to the portfolio, continue evaluating opportunities to crystallise value from existing assets where appropriate, including Eureka, progress its strategic investment in Reveille Resources Plc, and pursue the proposed admission of its shares to Euronext Growth Oslo.

It is our view that these opportunities have the potential to significantly enhance the Company's asset base, broaden its investor base, improve market visibility and liquidity, and support the continued creation of long-term shareholder value.

I thank shareholders for their continued support throughout the year and look forward to reporting further progress as the Company continues to execute its strategy.

Ongoing Portfolio Development and Near-Term Cash Flow Opportunities

As a proactive natural resources company, we continue to evaluate opportunities that may complement and strengthen our existing portfolio. The Board remains focused on advancing the Company's current projects while assessing selective acquisition and investment opportunities that have the potential to create long-term value for shareholders.

Since the year end, the Company has commenced a process to evaluate the potential divestment of the Eureka Gold and Copper Project. On 4 March 2026, the Company announced that it had entered into negotiations with potential purchasers and, subsequently, on 16 April 2026, confirmed that it had entered into exclusive negotiations with a single potential acquirer. The potential divestment forms part of the Company's ongoing portfolio management strategy, under which the Board regularly evaluates opportunities to realise value from existing assets where doing so is considered to be in the best interests of shareholders.

Funding and Development

To support its acquisition and development strategy and strengthen its working capital position, the Company completed a number of equity fundraisings during the year ended 28 February 2026.

·    17 June 2025: The Company raised gross proceeds of £1,000,000 through the issue of 25,000,000 new Ordinary Shares at a price of 4 pence per share. The proceeds, together with the Company's existing cash resources, were utilised to advance the Company's exploration and development activities, including the commencement of the first drilling programme ever undertaken at the Eureka Gold and Copper Project.

·   28 July 2025: The Company raised gross proceeds of £200,000 through the issue of 4,444,444 new Ordinary Shares at a price of 4.5 pence per share. The proceeds were utilised to support the continued advancement of the Company's projects and for general working capital purposes.

·  16 December 2025: The Company completed an equity fundraising, raising gross proceeds of £1,200,000 through the issue of 21,818,182 new Ordinary Shares at a price of 5.5 pence per share. The proceeds were utilised to support the Company's acquisition strategy, the advancement of its portfolio of mineral assets and general working capital requirements. In addition, various geological consultants, investor relations advisers, introducers and two Executive Directors, who elected to receive remuneration solely in equity, agreed to settle amounts due to them totalling £110,195 through the issue of 2,003,548 new Ordinary Shares at the fundraising pric

·  27 January 2026: The Company completed a further equity fundraising, raising gross proceeds of £1,000,000through the issue of 12,500,000 new Ordinary Shares at a price of 8 pence per share. The proceeds were utilised, together with the Company's existing cash resources, to support the Company's acquisition strategy, including the transactions announced on 10 December 2025, 11 December 2025 and 19 January 2026, and to provide additional working capital. Certain suppliers also agreed to settle amounts due to them totalling £40,776 through the issue of 509,700 new Ordinary Shares at the fundraising price.

·   Investors participating in the fundraising received one warrant for every Ordinary Share subscribed, exercisable at 16 pence per share for a period of two years from the date of issue. The warrants are subject to an acceleration mechanism whereby, if the volume-weighted average price of the Company's Ordinary Shares equals or exceeds 25 pence over a continuous period of not less than ten trading days, the Company may require the warrants to be exercised within a specified notice period.

Throughout the year, the Board maintained a strong focus on preserving capital and minimising overhead expenditure. In accordance with the commitments made at the time of the Company's IPO, no Director received cash remuneration prior to the completion of the Company's first acquisition. Thereafter, two Directors elected to receive remuneration solely in equity, further aligning their interests with those of shareholders.

The Company's acquisition and exploration activities during the year were funded through a combination of its existing cash resources and the proceeds of the equity fundraisings completed during the financial year. The Board remains committed to maintaining a prudent approach to capital allocation while continuing to advance the Company's portfolio and pursue opportunities to create long-term shareholder value.

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 28 FEBRUARY 2026

STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 28 FEBRUARY 2026

STATEMENT OF CASH FLOW

FOR THE YEAR ENDED 28 FEBRUARY 2026

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.