Successful Closing of Fundraising.

17 June 2025

AJAX RESOURCES PLC

("Ajax" or the "Company")

Successful Closing of Fundraising

Update on the Admission to the AQSE Growth Market &

Cancellation of Listing

Total Voting Rights

Ajax, the natural resources investment company [LSE: AJAX] is pleased to announce the successful closing of the subscription announced on 23 May 2023 (the "Announcement") and the prospective admission to trading of its ordinary shares of 1 pence each ("Ordinary Shares") to the Aquis Stock Exchange Growth Market Access Category ("AQSE")

Successful Closing of Fundraising

The Company has raised a total of £1,000,000 through the issue of 25,000,000 new Ordinary Shares at a price of 4 pence per Ordinary Share ("Subscription Shares") by way of subscriptions (the "Subscription").  The net funds raised through the Subscription will be utilised, alongside the Company's existing cash resources to conduct the necessary exploration work, including drilling activities, to publish a JORC compliant Mineral Resource Estimate for the Company's newly acquired Eureka Project, the acquisition of additional projects and for general working capital purposes, as set out previously in the Announcement.

Admission to AQSE and Cancellation of Listing

The Company's existing 46,862,500 Ordinary Shares and the new 25,000,000 Subscription Shares will be admitted to trading on AQSE at 08:00 BST on 18 June 2025 ("Admission").

The Board is of the opinion, having made due and careful enquiry, that the working capital available to the Company is sufficient for a period of at least twelve months following Admission.

The cancellation of the admission of its existing Ordinary Shares from the Equity Shares (Shell Companies) category of the Official List and to trading on the Main Market of the London Stock Exchange under Rule 21.2.17 of the FCA's UK Listing Rules will take place at 08:00 BST on 18 June 2025.

Total Voting Rights

On Admission, the Company will have 71,862,500 Ordinary Shares in issue, each with one voting right. The Company does not hold any shares in treasury and therefore the total number of voting rights in the Company is 71,862,500. This figure should be used by shareholders from Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.

For further information: 

Risk Factors

As previously disclosed in the Announcement, the risk factors associated with the Company from Admission are set out below.  The additional risks around the Company's acquisition of Eureka (see details in the Announcement) that are set out below should be read alongside the Risk Factors contained in the Company's previous prospectus:

https://www.ajaxresources.com/investors/key-documents/#tabs-admission-documents

Early-stage exploration and evaluation risk

Ajax's development of early-stage operations and the continuing success of the Company will depend on Ajax's ability to manage the Project in Argentina, maintain its licences, and to take advantage of further opportunities which may arise. Initially, the Company will have no properties producing positive cash flow and its ultimate success will depend on its ability to generate cash flow from active mining operations in the future and its ability to access equity markets for its development requirements. Losses are likely to occur in the near future and there can be no assurance that Ajax will be profitable in the future.

No recent history of production

Ajax's properties are at early exploration stage only. Ajax has never had any material interest in any producing properties. There can no assurance given that commercial quantities of Gold, Copper and other mineralised resources will be discovered at any of the Ajax properties or any future properties, nor can there be any assurance that the exploration or development programs of Ajax thereon will yield any positive results. Even if commercial quantities of Gold, Copper and other mineralised resources are discovered, there can be no assurance that any property of the Company will ever be brought to a stage where such resources can profitably be produced. Factors which may limit the ability of Ajax to produce Gold, Copper and other mineralised resources from its properties include, but are not limited to, commodity prices, availability of additional capital and financing and the nature of any mineralisation deposits.

Dependence on third party approvals and consents

Ajax's exploration activities are and will be subject to the issue and conditions of various governmental or third-party approvals, consents and licences, including, but not limited to, the grant of exploration or production licences and consent to the approval of changes of control of entities which the Company may acquire or acquire an interest. There can be no assurance that the necessary approvals, consents or licences would be forthcoming at all, or on terms and conditions which would be commercially acceptable or practicable for the Company.

Drilling

Ajax may encounter hazards inherent in drilling activities. Examples of such hazards include unusual or unexpected formations, abnormal pressures or rock properties, adverse weather conditions, mechanical difficulties, conditions which could result in damage to plant or equipment or shortages or delays in delivery of rigs and/or other equipment.

While Ajax intends to take adequate precautions to minimise risks associated with drilling activities, there can be no guarantee that the Company will not experience one or more material incidents during drilling activities that may have an adverse impact on the operating and financial performances of Ajax, including costs associated with control of drilling operation, recovery of plant and equipment, environmental rectification and compensation along with delays and other impacts on anticipated results.

Risk of negative impact on the local community

Ajax's operations may affect the ongoing activities and tranquillity of the local communities with noise disturbances, crop destructions, increased traffic, or others. The activities of Ajax will be regulated by the laws and regulations relating to mining activities that are current within Argentina and at the Jujuy provincial level and the Company will ensure its practices also respect common living principles and traditions.

Environmental risks

Ajax's operations and projects are subject to the laws and regulations of all jurisdictions in which it has interests and carries on business, regarding environmental compliance and relevant hazards. With respect to Eureka, these are the laws and regulations of Argentina and the Province of Jujuy.

These laws and regulations set standards regulating certain aspects of health and environmental quality and provide for penalties and other liabilities for the violation of such standards. They also establish, in certain circumstances, obligations to rehabilitate current and former facilities and locations where operations are or were conducted.

Environmental legislation is evolving in a manner which will require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects and a heightened degree of responsibility for companies and their officers, directors and employees. There is no assurance that future changes in environmental regulation, if any, will not adversely affect the Company's operations. Environmental hazards may exist on the properties in which the Company holds interests that are unknown to Ajax at present.

As with most exploration projects operations, the Company's activities are expected to have an impact on the environment. Significant liability could be imposed on Ajax for damages, clean-up costs, or penalties in the event of certain discharges into the environment. It is Ajax's intention to minimise this risk by conducting its activities to the highest standard of environmental obligation, including compliance with all environmental laws and where possible, by carrying appropriate insurance coverage.

Failure to comply with applicable laws, regulations and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in the exploration or development of natural resource properties may be required to compensate those suffering loss or damage by reason of the exploration and development activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations.

There is also a risk that the environmental laws and regulations may become more onerous, making the Company's operations more expensive. Amendments to current laws, regulations and permits governing operations and activities of resource companies, or more stringent implementation thereof, could have a material adverse impact on Ajax and cause increases in exploration expenses, capital expenditures or production costs or reduction in levels of production at producing properties or require abandonment or delays in development of new properties.

This announcement, together with any documents incorporated by reference, shall be deemed to constitute an admission document for the purposes of the AQSE Growth Market Rules for Issuers - Access. It has not been approved or reviewed by the Aquis Stock Exchange or the Financial Conduct Authority.