Ajax Resources (AJAX) H2 2026 earnings summary

Executive summary

• Transitioned from a SPAC to an operational natural resources company, acquiring key assets in Argentina and Brazil and executing a major gold project deal with Appian Capital Advisory, which became a strategic shareholder.

• Expanded portfolio with the Macacha Copper Project, Pereira Velho Gold Project, and advanced negotiations for the Paguanta Copper-Silver Project in Chile.

• Strengthened technical team with the appointment of a leading exploration geologist and completed multiple equity fundraisings at increasing valuations.

• Initiated strategic divestment of the Eureka Project and made a significant investment in Reveille Resources Plc, gaining exposure to European uranium assets.

Financial highlights

• Reported a loss of £847,397 for the year ended 28 February 2026, compared to a loss of £127,145 for the prior year.

• No operating revenue generated as the company remains in the exploration and development phase.

• Cash and cash equivalents increased to £3,128,993 at year-end, up from £798,473, driven by successful equity fundraisings.

• Total equity rose to £3,488,924 from £753,309 year-over-year.

• Working capital and liquidity ratios improved significantly, with a current ratio of 23.22 and quick ratio of 21.05.

Outlook and guidance

• Plans to commence fully funded drilling at Macacha Copper Project and advance Pereira Velho Gold Project toward a maiden JORC-compliant resource.

• Intends to complete the Paguanta Project acquisition, pursue value crystallization from existing assets, and seek a dual listing on Euronext Growth Oslo.

• Focused on expanding the asset base, improving market visibility, and creating long-term shareholder value.