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Ajax Resources PLC and Zenith Energy Ltd on Monday announced further investments in Reveille Resources PLC, which is about to complete its initial public offering in London. Ajax also reported a widened loss for its latest financial year, which it called ‘one of significant progress and transformation’. Ajax shares were 11% higher at 5.00 pence in London on Monday. Zenith shares were up 3.1%, also at 5.00p. Reveille Resources, a London-based natural resources investor focused on uranium, expects to launch on the Aquis Growth Market with effect from Tuesday. Ajax has invested a further £200,000 in Reveille, having previously invested the same amount back in April. The latest investment makes Ajax Reveille’s second-largest shareholder with 12.0 million shares or a 15.02% stake. Ajax also said it has entered into a one-year lock-in agreement for its entire Reveille shareholding, and that it will hold 5.9 million warrants with an exercise price of 5 pence per Reveille share, exercisable over a five-year period from admission, plus another 4.0 million with an exercise price of 10p for a 12-month period. Reveille’s largest shareholder is Zenith Energy, which announced that it is investing a further £259,000 on top of its previous £200,000 contribution. It will be issued with 5.2 million shares at 5p each. The Aberdeen, Scotland-based energy producer, explorer and developer also said it has completed the sale of special purpose vehicle Futuro Energetico Italiano Srl, the holder and developer of the Val Vedello and Novazza uranium licence applications, to Reveille ‘for a nominal consideration.’ Reveille will issue Zenith with 7.0 million shares at 5p to reflect the £350,000 in costs that Zenith accrued in progressing the licence applications, which are collectively known as the Lombardy Project. As a result, Zenith holds 20.2 million Reveille shares in total, representing an approximate 25.26% stake, for whcih it has entered a 12-month lock-in. It will also receive 5.9 million warrants exerciseable at 5p each for a five-year period, and 12.2 million ‘loyalty warrants’ exerciseable at 10p for one year from admission. ‘Reveille is now well positioned to progress the Novazza and Val Vedello exploration licence applications and, subject to the necessary regulatory approvals, advance towards delineating a modern mineral resource at one of Europe’s most significant historical uranium districts,’ commented Zenith Chief Executive Officer Andrea Cattaneo. ‘We are pleased that Reveille’s IPO has attracted the support of high-quality institutional investors, including YA II PN, Ltd, an investment fund managed by Yorkville Advisors, a global investment manager with approximately $1 billion of assets under management, alongside a number of experienced strategic investors who share our long-term vision for the company. ‘This provides strong validation of both the quality of the Lombardy Project and Reveille’s strategy.’ Ajax, meanwhile, also reported a loss of £847,397 for the year ended February 28, widened from £127,145 the year before. It generated no revenue, unchanged year-on-year, while administrative expenses multiplied to £865,285 from £250,734. ‘The year...has been one of significant progress and transformation for the company, marking its transition from a special purpose acquisition company into an active natural resources investment and development company,’ the South America-focused natural resources investor said. It noted that its ‘defining corporate achievement of the year’ involved the acquisition of the Pereira Velho Gold Project in Brazil from Appian Capital Advisory, which became a strategic shareholder in Ajax. Looking ahead, Ajax believes its projects provide ‘exposure to a broad range of commodities, multiple avenues for value creation and a pipeline of opportunities at varying stages of development.’ Copyright 2026 Alliance News Ltd. All Rights Reserved.
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