AJAX Resources Plc is a 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 into its current strategy as an operational natural resources investment vehicle.
Strategy Overview
Ajax Resources is focused on identifying, acquiring, and advancing assets with exposure to copper, gold, zinc, uranium, and lead – commodities with strong long-term demand fundamentals. The Company completed its first acquisition on 21 May 2025, with the purchase of Puna Metals S.A., which holds the mining rights for 12 licences collectively forming the Eureka Gold and Copper Project in the north-west of the Province of Jujuy, Argentina.
Ajax’s strategy is centred on the acquisition and development of assets with historical production, significant untapped reserves, and material exploration prospectivity. This also includes a focus on opportunistic acquisitions, where the Company can secure high-quality projects at favourable valuations due to underinvestment, legacy ownership structures, or operational stagnation.
By combining strategic land consolidation, near-surface gold production potential, and value-driven acquisition opportunities, Ajax aims to build a diversified portfolio of long-life mineral assets with both near-term cash flow pathways and substantial long-term exploration upside.
With the Board and connected parties holding approximately 30% of the Company’s equity securities, our interests are fully aligned with those of all shareholders. Ajax maintains a lean corporate structure, is debt free, and exercises rigorous cost control, with two Directors being fully remunerated in equity in the Company.
Our development strategy enables us to move quickly and focus on assets that have been carefully evaluated and selected for their attractive, and potentially very significant, unrealised resource potential. These assets typically benefit from a history of production and substantial historical investment, and are secured on advantageous acquisition terms.
It is my view that our market capitalisation does not reflect the scale of the resource potential we are bringing together, particularly when our cash position alone represents a significant proportion of our market capitalisation.
We have recently agreed conditional terms for Appian Capital Advisory Limited, one of the world’s largest mining-focused private equity groups with approximately US$5 billion in assets under management, to become a significant shareholder in Ajax. This reflects Appian’s confidence in our management team, our disciplined strategy, and our focus on advancing high-quality, underappreciated gold and multi-commodity opportunities with meaningful unrealised potential, aligned with a shared commitment to long-term value creation.
Our strategy is binary in nature, centred on building a near-term cash-producing business through near-term producing assets, with the objective of generating early cash flow and minimising equity dilution, while simultaneously pursuing high-impact exploration and discovery opportunities with significant value-multiplying potential. This balanced approach is designed to deliver both financial resilience and transformational upside.
This is an entrepreneurial Board, driven by a desire to aggressively grow the Company while exercising the necessary caution and discipline. As a high-growth company listed in the United Kingdom on the Aquis Stock Exchange, which was recently acquired by SIX Group, our focus remains firmly on creating meaningful value for shareholders as we continue to expand and strengthen our portfolio.
Ippolito Ingo Cattaneo
Chief Executive Officer and Founder
December 2025
Board & Management
Our Board of Directors and executive team bring decades of combined experience in energy, finance, and operations.