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LONDON - Ajax Resources Plc (AQSE:AJAX) has signed an agreement to acquire Puna Metals S.A., a wholly owned Argentine subsidiary of Bezant Resources Plc, according to the company’s annual report released Thursday.
The acquisition, completed on May 21, 2025, gives Ajax control of the Eureka Project, which consists of 12 licenses in Jujuy Province, northern Argentina. The company paid a total cash consideration of US$170,000 for the purchase.
The Eureka Project hosts a historical mine with gold and copper extraction activities dating back to Incan times, with records of production during the 16th, 17th, and 20th centuries. The site has never been drilled, according to the company’s statement.
Ajax also exercised an option on June 19 to acquire Minas La Escondida, a mining project adjacent to Eureka, for US$80,000. Additionally, the company agreed to conditionally acquire the La Norteña License Area for US$22,500.
To fund development activities, Ajax raised £1,000,000 through the issue of 25,000,000 new ordinary shares at 4 pence per share on June 17. The proceeds will finance exploration activities, including the first drilling campaign at Eureka.
For the fiscal year ended February 28, 2025, Ajax reported a loss of £127,145, compared to a loss of £178,228 in the previous year. The company had cash and cash equivalents of £798,473 at the end of the period.
Ajax will hold its annual general meeting on August 26, 2025, at the offices of Allenby Capital Limited in London.
The information in this article is based on a press release statement from the company.
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