Ajax Resources (AJAX) H1 2025 earnings summary

Executive summary

• Completed acquisition of the Eureka Project in Argentina, doubling project size through additional strategic licences.

• Secured conditional agreement to acquire a 74.81% interest in the Paguanta Project in Chile, diversifying geographical exposure.

• Focused on acquiring assets with near-term production potential to reduce reliance on dilutive fundraising.

• Initiated first-ever drilling campaign at Eureka, aiming for a JORC 2012-compliant Mineral Resource Estimate.

• Entering 2026 well-funded and operationally prepared, with plans for further acquisitions.

Financial highlights

• Loss for the period increased to £301,663 from £84,005 year-over-year for the six months ended 31 August 2025.

• Administrative expenses rose to £304,556 from £126,264 year-over-year.

• Cash and cash equivalents increased to £1,372,444 from £456,359 year-over-year.

• Net cash from financing activities totaled £1,212,326, supporting operational and acquisition activities.

Outlook and guidance

• Plans to complete two to three initial drillholes at Eureka before year-end 2025, with a 5,000-metre drilling program planned for 2026.

• Intends to advance Eureka towards delineation of a commercially viable deposit and pursue further targeted acquisitions.

• Assessing potential for an alluvial gold operation in Argentina, pending regulatory approval.