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, and can also be viewed here:

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/    

- ENDS -

For further information: 

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

STATEMENT OF FINANCIAL POSITION

FOR THE YEAR ENDED 28 FEBRUARY 2025

STATEMENT OF CASH FLOW

FOR THE YEAR ENDED 28 FEBRUARY 2025

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.