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Ajax Resources PLC on Friday said it has applied for admission to the Aquis Stock Exchange Growth Market, alongside a planned subscription to raise up to £1.5 million to support its exploration strategy in Argentina. The London-headquartered special purpose acquisition company focused on natural resources said its admission and fundraising aim to advance its Eureka gold and copper project in Jujuy, northwest Argentina, acquired on May 21 from Bezant Resources PLC. Eureka comprises 12 licences with a historical mine last worked in the 1980s. Ajax said the Eureka project is at an advanced exploration stage and is ‘drill-ready’, with the potential to become a low-cost producing mine within three to four years. A historical, non-compliant resource estimate in the 1990s suggested around 620,000 tonnes of copper and 52,000 ounces of gold, the company added. The company has also conditionally agreed to acquire a second project - Minas La Escondida - which lies adjacent to Eureka and shares similar mineralisation. The subscription, at 4 pence per share, is expected to close on June 5 and is subject to a minimum raise of £400,000. Ajax said directors have committed to contributing at least 15% of the fundraising. Admission to AQSE is planned for 8 am on June 9. Ajax said the net proceeds will fund exploration and drilling work at Eureka, support the acquisition of additional projects, and provide general working capital. Following admission, Ajax will retain its current ticker ‘AJAX’. Ajax shares were untraded in London on Friday afternoon and last quoted at 3.30 pence. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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