Edison Issues Report on Ajax Resources (AJAX)

Although until recently a SPAC listed on the Main Market of the LSE, Ajax has wasted no time in becoming a natural resources company listed on Aquis and executing its strategy to acquire orphaned assets at fire sale prices and bringing them to account rapidly. Its flagship asset, Eureka in north-western Argentina, has never been the subject of modern drilling. However, it has been estimated by major mining firms Codelco and Peñoles to contain up to 616,000t of contained copper (albeit neither NI 43-101 nor JORC-compliant). Having approximately doubled its land package from 7,000ha to 14,000ha by acquiring ground contiguous to Eureka, Ajax now plans to drill the project and to declare a JORC-compliant resource in H1 CY26 to crystallise the value of the asset. At the same time it is in the process of buying three other assets in the region (Pereira Velho in Brazil, Leon in Argentina and Paguanta in Chile).

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