Introductory Investment Overview
In May 2025, Ajax completed the acquisition of the Eureka Gold and Copper Project through the purchase of Puna Metals S.A., the fully owned Argentine subsidiary of AIM-quoted Bezant Resources Plc, for a cash consideration of US$170,000.
Bezant had originally acquired Eureka in 2010 for approximately US$8 million in cash and equity, although the cash component was subsequently reduced following an accelerated payment schedule in 2012. The project remained undeveloped under Bezant due to internal management changes, shifting strategic priorities, and broader macroeconomic challenges.
The Eureka mine has a long history dating back to Incan times and subsequently the Jesuits in the 16th century who recovered alluvial gold from a number of shallow surface pits as well as one underground drift with almost 2,000m of workings.
Located 230km north of Provincial Capital, San Salvador de Jujuy, Eureka is accessible by way of good quality asphalt and gravel roads. It is comprised of 11 licences, located within gently rolling sparsely populated terrain at an elevation of approximately 4,000 metres.
With mineralisation close to the surface containing a low carbonate content it’s ideally suited for heap leaching, a cost-effective hydrometallurgical process used to extract valuable metals from low-grade ores, particularly copper, gold, and uranium.
Licences, Tenure and Environmental Status
In July 2025, Puna Metals submitted a new Environmental Impact Study for the Eureka Project. The property comprises twelve prospective mining licences, nine of which have already been granted, with three pending approval. Together these licences cover approximately 7,200 hectares and include the historic Eureka gold–copper mine. Ajax retains full operational control of the project through its wholly owned Argentine subsidiary, Puna Metals S.A.
Geology and Historic Workings
Eureka has an extensive mining history that begins with the Incas and continues through significant Jesuit activity in the seventeenth century, during which an artificial dam was constructed to wash gold recovered from the mine. Industrial-style gold mining began in 1885, including work at La Perdida (now El Torno) and San Francisco. Copper extraction commenced in 1949 and continued intermittently until 1975.
The principal Eureka Mine contains a three-level underground drift system totalling roughly 2,000 metres of workings. Portions of the system are now flooded, although the upper level remains accessible. Despite this long history of mining, the Eureka Project has never been drilled, and no subsurface exploration has ever been conducted. Nevertheless, the project repeatedly attracted interest from major mining companies—including Mantos Blancos, Paramount Ventures & Finance, Minera Peñoles and Codelco—because of the scale and continuity of its mineralised zones and the potential for significant copper and gold resources. Their exploration programmes from 1980 to 2001 involved trenching, sampling, geological mapping and geophysical surveys, all of which confirmed widespread mineralisation and defined several strong drilling targets.
Location and Access
The Eureka Project is located in the northwest corner of Jujuy Province, northern Argentina, near the Bolivian border. The property spans elevations of between 3,600 and 4,386 metres above sea level and lies roughly 230 kilometres north of San Salvador de Jujuy.
Access is excellent, provided by a combination of asphalt and well-maintained gravel roads. San Salvador de Jujuy offers an international airport with regular flights to Buenos Aires and other major cities, as well as comprehensive supplies, mining services and logistics infrastructure. The region’s high-altitude temperate climate, characterised by minimal snowfall, allows for continuous year-round operations.
Geological Setting
Eureka is situated within the highly prospective Puna–Altiplano metallogenic belt. Two principal metallogenic associations are present. The Ordovician basement contains gold-bearing quartz veins which, when eroded, form placer-style alluvial gold deposits; these contributed to much of the early mining activity in the district.
The Miocene fluvial auriferous conglomerates exhibit extensive copper mineralisation, likely produced by hydrothermal fluid circulation during Miocene volcanism. This style of mineralisation bears strong similarities to the well-documented Coro-Coro Red Bed copper deposit in Bolivia. The near-surface material at Eureka has low carbonate content, meaning it is particularly suitable for heap leaching, a widely used and cost-effective extraction method for copper and gold.
History of Production and Exploration
Historical accounts indicate that approximately 70,000 tonnes of material were mined, yielding an estimated 9,000 ounces of gold based on recorded average grades, along with around 2,000 tonnes of copper extracted during the mid-twentieth century. In the 1980s, Mantos Blancos established a non-NI 43-101-compliant gold resource of 600,000 tonnes at 2.7 g/t gold.
During the late 1990s, Minera Peñoles carried out extensive surface exploration and geophysical work, which resulted in non-JORC copper resource estimates of 26 million tonnes at 2% copper, as well as a broader estimate of 62 million tonnes at 1% copper containing roughly 620,000 tonnes of copper and approximately 52,000 ounces of gold. Although non-compliant by modern reporting standards, these results demonstrate the remarkable scale and continuity of mineralisation within the project area.
Valuation and Resource Potential
A 2010 valuation by Edison Investment Research, commissioned by Bezant Resources, assessed the Eureka Project’s upside potential at up to US$81 million. This assessment was made using copper and gold prices materially lower than those seen today, implying that the project’s potential economics would likely be stronger under current market conditions. When considered alongside the historical work of Minera Peñoles, the project presents a compelling opportunity for modern exploration and resource definition.
Deposit Type
Eureka exhibits geological features consistent with Red Bed–type copper systems, Miocene hydrothermal-influenced conglomerates and basement-hosted gold vein systems. The polymetallic nature of the mineralisation presents multiple exploration targets and strong potential for both copper and gold discoveries.
Eureka Development Under Ajax
Ajax will be the first operator to carry out modern drilling at Eureka. With multiple geological anomalies already identified from decades of mapping, sampling and geophysics, the project is considered drill-ready. Ajax plans to launch its initial exploration phase in the fourth quarter of 2025, continuing into the first quarter of 2026. This programme will include trenching and pit sampling, geochemical and stream-sediment surveys, IP and microseismic geophysics, and approximately 2,500 metres of drilling, alongside metallurgical assessment of both primary mineralisation and historic tailings.
A second phase of drilling, planned for the second quarter of 2026, will include approximately 3,000 metres of combined reverse-circulation and diamond drilling, supported by further metallurgical test work. The results from both phases will be integrated into the project’s first JORC-compliant Mineral Resource Estimate, marking a major milestone in Eureka’s development.
Minas La Escondida & La Norteña
Ajax has completed the acquisition of Minas La Escondida, two licences located in the immediate vicinity of the historical ‘Mina Eureka’ in Argentina, and exercised an option to fully acquire La Norteña, a 6,300 hectare exploration licence to the north of the Eureka Project.