Ajax Resources (AJAX) H2 2024 earnings summary

Executive summary

• Completed acquisition of Puna Metals S.A., securing the Eureka Project in Argentina, an advanced gold and copper exploration asset.

• Exercised option to acquire Minas La Escondida and agreed to acquire La Norteña Licence Area, expanding the resource base in Jujuy Province.

• Raised £1,000,000 through a share issue to fund exploration and working capital, with additional board investment of £330,000.

• Board maintained strict cost discipline; no remuneration paid to directors during the year.

Financial highlights

• Reported a comprehensive loss of £127,145 for the year to 28 February 2025, an improvement from £178,228 loss in the prior year.

• Administrative expenses decreased to £250,734 from £316,523 year-over-year.

• Cash and cash equivalents at year-end were £798,473, down from £974,141 the previous year.

• Net cash used in operating activities was £307,457; net cash from investing activities was £131,789.

• Loss per share was 0.27 pence, improved from 0.38 pence year-over-year.

Outlook and guidance

• Anticipates a positive outlook due to the resource potential at Eureka and improving conditions in Argentina.

• Plans to launch the first drilling campaign at Eureka to establish a JORC-compliant Mineral Resource Estimate.

• Expects the Eureka Project to potentially become a low-cost gold and copper mine within 3–4 years, subject to permitting.