Ajax makes strategic uranium investments in Italy

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

30 April 2026

AJAX RESOURCES PLC

("Ajax" or the "Company") 

Ajax unlocks European energy opportunity with strategic uranium investments in Italy

Investment in Reveille Resources Limited

Ajax [AQSE: AJAX], the natural resources investment company, is pleased to announce that it has agreed to invest a total of £200,000 in Reveille Resources Limited ("Reveille"), a European-focused investment company,  intending to list on the Aquis Stock Exchange Growth Market (the "AQSE Growth Market").

The investment will result in Ajax becoming a majority shareholder in Reveille, and will be made in two equal tranches, with the first tranche being invested immediately for an initial 25% of the issued share capital. Reveille intends to use these funds to pursue the admission of its shares to trading on the AQSE Growth Market.

Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented:

"We are delighted to become a major shareholder in Reveille at a formative stage in its development. The company's focus on undervalued historical mineral deposits aligns with our investment strategy, where prior exploration and infrastructure provide a strong foundation for value creation.

The Lombardy Project, comprising the Novazza and Val Vedello uranium deposits, represents a compelling opportunity. These assets were the subject of extensive historical exploration, including approximately 80,000 metres of drilling, yet have not been evaluated to modern standards, offering clear potential for re-assessment and advancement.

This investment is an extension of our strategy into Europe, where we see a broad pipeline of opportunities across past-producing mines with significant exploration and development potential.

The evolving European energy landscape, shaped by the Russian invasion of Ukraine, ongoing geopolitical tensions in the Middle East, and the accelerating drive toward decarbonisation, has reinforced the importance of secure, domestically sourced energy. Energy autonomy is becoming an increasingly critical priority for European countries, and in this context nuclear power, and by extension uranium, is regaining strategic relevance. This is reflected in Italy, where the Government under Giorgia Meloni has signalled renewed support for nuclear energy. Against this backdrop, uranium market fundamentals and pricing have remained positive.

Reveille is expected to be one of the only UK-listed, European-focused uranium exploration companies, offering investors a differentiated opportunity to gain exposure to this strategically important sector.

We believe Reveille is well positioned to capitalise on these supportive macroeconomic and policy trends, and we look forward to supporting the company as it progresses towards its planned admission to the Aquis Growth Market and advances the Lombardy Project."

Investment Background on Reveille

Reveille has been established to pursue a strategy focused on identifying undervalued historical mineral deposits with significant exploration potential across Europe. The company aims to capitalize on opportunities associated with deposits that were previously explored and benefit from existing infrastructure, but which, for geopolitical, technological, financial, or historical reasons, may not have achieved full value realisation.

Reveille was founded by Ippolito Cattaneo, Chief Executive Officer and Founder of Ajax and Andrea Cattaneo, Chief Executive Officer and Founder of Zenith Energy Ltd (LSE: ZEN; OSE: ZENA; XSAT: ZENA SDR) ("Zenith"). Zenith has also invested £200,000 in Reveille.

Reveille's flagship project will comprise two historical uranium deposits in Lombardy, northern Italy named Novazza and Val Vedello, for which licence applications were submitted by a subsidiary of Zenith in 2025 (as announced by Zenith Energy on 11 November 2025), with a view to spinning them out into a separate entity (the "Lombardy Project").

Background on the Lombardy Project

Italy invested heavily in nuclear power during the Cold War period before reversing this policy following the Chernobyl disaster.

Evidence of uranium mineralisation in north-west Italy was first identified as early as 1912. A more concerted exploration effort began in 1957, led by AGIP Nucleare, a subsidiary of Eni (Ente Nazionale Idrocarburi), as part of Italy's national nuclear energy programme and concurrent with the construction of the country's first nuclear power plants. The Novazza deposit was identified in 1959, with development commencing in the 1970s, while the Val Vedello deposit was discovered in 1975. Underground mine development took place at both sites during the late 1970s before ceasing in 1979, with exploration activities continuing into the 1980s.

The Russian invasion of Ukraine and its significant impact on European natural gas markets prompted a reassessment of Italian energy policy. By 2020, natural gas accounted for approximately half of Italy's electricity generation, with over 90% of supply imported-around half of which was sourced from Russia via pipeline. Russian gas imports have since fallen to negligible levels and are expected to be fully phased out by 2027. In the near term, supplies have been diversified toward Algeria, Azerbaijan, and Qatar. However, the Italian Government has renewed its interest in nuclear power as a reliable, low-carbon energy source. Ongoing geopolitical tensions in the Middle East, affecting shipments of Qatari liquefied natural gas, are likely to reinforce this shift.

The current Italian Government, led by Giorgia Meloni, has proposed reintroducing nuclear power through small modular reactors, rather than traditional large-scale plants. In parallel, Italy adopted the EU's Critical Raw Materials Act into domestic law in June 2025, streamlining permitting processes for the exploration and extraction of critical raw materials. Although uranium is not specifically covered by this legislation, the broader regulatory framework, together with the Government's updated National Integrated Energy and Climate Plan submitted to the EU in 2024, which envisages nuclear providing between 11% and 22% of Italy's electricity by 2050, is, in Reveille's view, supportive of the potential redevelopment of the Lombardy Project.

Historical Development and Resource Potential 

The historical exploration described above defined estimated resources of approximately 1,000 tonnes of metallic uranium at Novazza and around 6,000 tonnes of uranium oxide (U₃O₈) at Val Vedello, with average grades of up to 0.1% U₃O₈.

At Novazza, underground development reached four levels, supported by more than 100 diamond drill holes and over 6 km of underground workings. Mineralisation is associated with pitchblende hosted within Permian volcanic rocks, alongside disseminated sulphides including sphalerite, chalcopyrite and galena. Historical studies outlined an Exploration Target of approximately 2.5-3.0 million lbs of U₃O₈ at grades of 0.1-0.2%.

The Val Vedello deposit, located approximately 15 km north of Novazza at a higher altitude, is considered the larger of the two systems. Mineralisation is structurally controlled and occurs at the contact between the crystalline basement and Lower Permian volcaniclastic units, comprising pitchblende, uraninite and brannerite. Historical estimates indicate approximately 6,000 tonnes of U₃O₈ at an average grade of approximately 0.08% U₃O₈. Exploration included approximately 10.5 km of underground development and more than 60,000 metres of drilling, including extensive underground drilling campaigns. 

Val Vedello and Novazza together constitute Italy's largest known uranium resource base. The projects are distinguished by an extensive, well-engineered underground mining network comprising multi-level, vehicle-accessible workings that remain in place and accessible for modern exploration activities.

This legacy infrastructure provides a significant advantage, enabling exploration programmes to be conducted rapidly and at comparatively low cost, without the need for substantial new underground development. In addition, planned modern exploration programmes, including over 30,000 metres of underground drilling across both deposits, are designed to validate historical data and define mineral resources in accordance with current international reporting standards.

For further information: 

About Ajax Resources Plc

Ajax Resources Plc is a UK natural resources investment company listed on the Aquis Stock Exchange (AQSE: AJAX). The Company was previously listed on the FCA Official List of the Main Market of the London Stock Exchange as a Special Purpose Acquisition Company (SPAC) before transitioning to its current strategy as an operational natural resources investment vehicle.

Ajax is focused on identifying, acquiring and advancing assets containing copper, gold, silver, zinc, uranium and lead - commodities supported by strong long-term demand fundamentals. The Company's strategy centres on the acquisition and development of assets with historical production, significant untapped or latent potential, and substantial exploration upside, typically secured on highly advantageous terms. Ajax aims to progress these assets through development and into production, with the objective of generating revenue and long-term shareholder value.