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Ajax Resources PLC on Thursday said it plans to launch a drilling campaign at its newly acquired Eureka project in Argentina, as it posted a narrowed annual loss and again reported no revenue. The London-based natural resources investment company said its pretax loss for the financial year ended February 28 narrowed to £127,145 from £178,228 the year before, supported by lower administrative expenses. Revenue remained at zero, unchanged from the prior year. Ajax completed the acquisition of the Eureka gold and copper project in May, having agreed the deal with Bezant Resources PLC in February. The acquisition of project owner Puna Metals SA was completed for a total of $220,000 in cash, with all existing intra-group loans novated to Ajax. The Eureka site in Jujuy province, northwest Argentina, has a history of small-scale mining but has never been drilled. Ajax plans to conduct its first drilling campaign to establish a JORC-compliant mineral resource estimate. During the year, Ajax also exercised an option to acquire the adjacent Minas La Escondida licences for $80,000 and agreed to conditionally acquire the nearby La Norteņa licence for $22,500. In June, the company raised £1.0 million in new equity to fund exploration activities, including the Eureka drilling campaign. Chief Executive Ippolito Cattaneo said Eureka could become a low-cost gold and copper mine within three to four years, subject to permitting. He described the project as ‘transformative,’ with historic estimates indicating the presence of 620,000 tonnes of copper and 52,000 ounces of gold. As of February 28, Ajax had cash and equivalents of £798,473, down from £974,141 a year before. No board member received remuneration during the period. Looking ahead, the company said it is encouraged by a more favourable investment climate in Argentina and the outlook for gold and copper prices. Shares were last quoted at 5.50 pence on the Aquis Stock Exchange. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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