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

28 November 2025

AJAX RESOURCES PLC

("Ajax" or the "Company")

Half Yearly Report for the 6 months to 31 August 2025

Ajax [AQSE: AJAX], the natural resources investment company, is pleased to announce its half yearly results for the 6 months to 31 August 2025 (the "Interim Results").

A full copy of the Company's unaudited consolidated interim financial statements for the 6 months ended 31 August 2024 can be viewed at:

http://www.rns-pdf.londonstockexchange.com/rns/5329J_1-2025-11-28.pdf

Key elements of the Interim Results can also be viewed below.

- ENDS -

For further information: 

Chief Executive Officer's Statement

The period ended 31 August 2025 has been one of significant progress and activity for the Company. During the period, we completed the acquisition of the Eureka Project in the Province of Jujuy, Argentina, from AIM-quoted Bezant Resources Plc. We also secured several surrounding strategic licences, including Escondida 1 and 2, La Norteña, and additional contiguous exploration properties. Collectively, these acquisitions have more than doubled the size of the Eureka Project, measured by mining rights, since the original transaction.

Against the backdrop of strong gold and copper prices and considering Eureka's long and well-established history of production - most notably from the historic Mina Eureka, first exploited during the Incan period-the terms achieved represent a highly favourable outcome. The entire project was acquired for US$170,000, with no deferred consideration or royalty, a notable comparison to the approximately US$8 million paid by the previous owner in 2010.

We have continued to benefit from constructive market support, allowing us to supplement our existing cash reserves held since our IPO on the Main Market of the London Stock Exchange in April 2022, when we listed as a Special Purpose Acquisition Company. In keeping with our commitments in the Prospectus, the Board did not draw remuneration until completion of the Eureka transaction. From that point, remuneration commenced, with two of the three Directors electing to receive modest compensation fully in equity, underscoring the Board's alignment with shareholders.

A defining element of our corporate culture is the entrepreneurial commitment to minimise overheads and direct the maximum proportion of available capital into the ground, thereby prioritising value creation through disciplined and efficient deployment of funds.

Advancing Our Dealmaking Strategy

Aligned with our strategy of acquiring historical mining projects with past production and substantial untested exploration potential on advantageous terms, we have agreed to conditionally acquire a 74.81% interest in the Paguanta Project in Chile. This transaction diversifies our geographical exposure and positions the Company in a globally significant metallogenic setting: the project lies on the northern extension of the West Fissure, the world's largest known concentration of major porphyry copper-molybdenum deposits.

Paguanta is a historic silver-zinc-lead project with more than US$35 million of historical expenditure, including 46,700 metres of drilling (diamond and reverse circulation), a feasibility study by Golder Associates, and a Measured, Indicated, and Inferred Mineral Resource at the Patricia prospect of:

·      2.4 Mt at 88 g/t silver, 5.0% zinc, 1.4% lead, and 0.3 g/t gold

·      18.2 Moz at 236 g/t silver equivalent

·      514 Mlb at 9.7% zinc equivalent

The acquisition has been secured on favourable terms, which have, since the first agreement, have subsequently been revised downwards to reflect the work required to reactivate a project that has been on care and maintenance for an extended period of time. Notwithstanding this, the project offers considerable value potential. The Patricia target presents significant upside supported by geological, geophysical, structural, and geochemical evidence, and is regarded as drill-ready with the potential to materially expand the existing resource.

The earlier feasibility study outlined three years of open-pit mining (processing c.400 ktpa of sulphide and mixed ore with high silver content), followed by 5.5 years of underground operations at c.460 ktpa. The study also identified several opportunities to increase both throughput and mine life through further shallow drilling. Additionally, two priority porphyry targets-La Rosa and Doris-offer further exploration potential beyond the established silver-zinc-lead mineralisation.

Eureka - A Near-Term Value Catalyst

Our most immediate catalyst for value creation is the commencement of the first-ever drilling campaign at the Eureka Project. Despite its long mining history, Eureka has never been drill-tested, and the Company is fully funded to complete all work required to deliver a JORC 2012-compliant Mineral Resource Estimate.

While non-JORC historical assessments have indicated a potential mineralized system of up to 62 million tonnes at 1% copper with approximately 52,000 ounces of associated gold credits, our focus is to validate and define this potential through systematic exploration.

Our presence in the Province of Jujuy has received strong institutional and governmental support. I have had the privilege of meeting the Governor of Jujuy, the Secretary of Mining, and other senior officials, all of whom have welcomed our investment and expressed clear support for the project's advancement. We are committed to initiating drilling, defining the mineralized footprint, and contributing to local employment and community development. Our objective is to build a long-term, mutually beneficial partnership with local stakeholders, ensuring that all activities meet environmental regulations and international best practice.

Argentina and Chile are globally recognised mining jurisdictions, and with the economic reforms currently under way in Argentina, we believe the Company is positioned at an opportune moment in both jurisdictions.

Ongoing Portfolio Development and Near-Term Cash Flow Opportunities

As a proactive natural resources investment company, we continue to review additional opportunities that may further strengthen and diversify our portfolio. We remain prepared to complete new transactions where they are commercially compelling and can be secured on favourable terms.

A key element of our strategy is to acquire assets with near-term production potential, reducing long-term reliance on dilutive fundraising and enabling the development of organic revenue streams to support operational growth.

In this context, we are assessing the potential to commence an alluvial gold operation in Argentina. We expect to provide shareholders with further updates on this initiative in the new year, subject to receipt of the required regulatory approvals.

Conclusion

I thank all fellow shareholders for their continued support and confidence. We believe the Company is entering a period with substantial potential for value creation, dependent on the effective implementation of our strategy and the geological merits of our assets being demonstrated through the exploration and development programmes now under way.

As 2025 draws to a close, our intention is to complete two to three initial drillholes at the Eureka Project before year-end, enabling us to provide the market with early indications from our maiden drilling campaign ahead of the festive period. Looking into 2026, our goal is to advance Eureka towards the delineation of a commercially viable deposit, supported by a planned drilling programme of approximately 5,000 metres, subject to Phase 1 results. Alongside this, we intend to strengthen and expand our portfolio through targeted, complementary acquisitions.

Entering the new year well-funded and operationally prepared, we approach 2026 with a grounded optimism to realise the significant value potential across our portfolio, with the intention to complete further acquisitions that align with our strategy.

Principal Financial Statements

The notes to the financial statements form an integral part of these financial statements and can be viewed through the link above.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

CONSOLIDATED STATEMENT OF CASH FLOWS