Ajax Resources — Reveille awakens

Ajax Resources (AQSE: AJAX)

Last close As at 07/10/2026

GBP0.06

▲ −0.25 (−4.00%)

Market capitalisation

GBP8m

More on this equity

Research: Metals & Mining

Ajax Resources — Reveille awakens

On Tuesday, Ajax announced that it had acquired an additional 2.0m shares and an additional 2.0m warrants in Reveille (a group associate company) for a consideration of £102,500 (effective price: 5.125p per ‘unit’) from a former director. Following the acquisition, Ajax has an interest of 14.0m shares (17.52%) in Reveille, as well as 5.8725m warrants exercisable at 5p/share (ie in the money) and a further 6.0m warrants exercisable at 10p/share (including 2.0m from the acquisition). The purchase proved a shot in the arm for the share prices of both companies, with Ajax closing up 4.2% and Reveille closing up 34.5% on the day.

Written by

Lord Ashbourne

Director of Content, Mining

Metals and mining

Increased Reveille investment and surprise new chairman

8 October 2026

Price 6.00p
Market cap £7m

US$1.3283/£

Net cash as at end-February 2026

£3.1m

Shares in issue

120.1m
Free float 57.1%
Code AJAX
Primary exchange AQSE
Secondary exchange N/A
% 1m 3m 12m
Abs
52-week high/low 7.8p 3.3p

Business description

Ajax Resources acquires and develops assets with historical production, unexploited reserves and exploration upside. Its principal assets are the Pereira Velho project in Brazil, the Macacha and Rachaite projects in Argentina and the Paguanta project in Chile. Subject to due diligence etc, it has agreed to exchange its Eureka and La Escondida interests for the Rachaite and El Salto projects in Argentina.

Next events

Euronext Growth Oslo listing target (see text)

October 2026

H127 results

November 2026

FY27 results

July 2027

AGM

August/September 2027

Analyst

Lord Ashbourne
+44 (0)20 3077 5700

Ajax Resources Plc is a research client of Edison Investment Research Limited

Note: PBT and EPS are normalised, excluding amortisation of acquired intangibles and exceptional items.

Year end Revenue (£m) PBT (£m) EPS (p) DPS (p) P/E (x) Yield (%)
2/25 0.0 (0.1) (0.27) 0.00 N/A N/A
2/26 0.0 (0.8) (1.20) 0.00 N/A N/A
2/27e 0.0 (0.8) (0.69) 0.00 N/A N/A
2/28e 0.0 (0.9) (0.69) 0.00 N/A N/A

Appointment of Mike Pompeo to Reveille chair

Simultaneously, Reveille announced the appointment of former US secretary of state and CIA director, Mike Pompeo, as non-executive chairman. With Italian heritage and family roots in Abruzzo, Pompeo will provide strategic leadership and will be able to advise on energy security, critical minerals and nuclear fuel supply chains, while supporting engagement with the Italian government, North American investors and potential strategic partners.

Reveille valuation to Ajax

At Reveille’s closing share price last night (8.625p), Ajax’s shareholding is worth £1.2m ( US$1.6m). However, including the intrinsic value of its ‘in-the-money’ warrants adds a further £0.2m ( US$0.3m) to this, to take its total interest to £1.4m ( US$1.9m). Based on historical, non-JORC-compliant uranium estimates disclosed in respect of Reveille’s Italian areas of interest and applying an in-situ valuation multiple of US$1.49/lb uranium oxide, we calculate a value for Ajax’s interest of US$3.1m (cf US$2.6m previously – see our August 2026 note).

Valuation: Potentially 91.3p/share

Taking minimum valuations for each of its assets, we calculate a conservative sum-of-the-parts valuation for Ajax, as at 8 October 2026, of £14.3m (cf £13.4m previously), or 11.5p/share. That is a 91.7% premium to the current share price, or, alternatively, Ajax’s shares can be said to be trading at a 47.8% discount to fair value. However, all of Ajax’s assets have blue-sky exploration upside and/or historical resource estimates that may be significantly in excess of the more recent ones. If full value for this potential can be realised (and implicitly brought up to current JORC or NI 43-101 standards), then we believe that Ajax’s sum-of-the-parts valuation could increase to as much as 91.3p (cf 90.2p previously), representing an increase on the current share price of 15.2 times. Between these two extremes, we calculate a mean sum-of-the-parts valuation of Ajax of 38.9p/share (cf 38.2p/share previously), which is 6.5x the current share price.

Italy’s evolving nuclear energy policy

Reveille’s advancement comes at a potentially historic moment for Italy. The country is undergoing an epoch-defining shift in its approach to nuclear energy, with parliament having approved a framework for the government to develop legislation relating to sustainable nuclear energy. While the timing and practical implementation of the resulting measures remain uncertain, this renewed policy direction provides an ideal backdrop for Reveille as it advances its historic uranium areas of interest in northern Italy, subject to the relevant environmental and permitting processes.

Near-term newsflow and catalysts

Ajax has a number of potentially material near-term catalysts across its portfolio. These include:

  • the outcome of the environmental approval process for the proposed up to 5,000m drilling programme at Macacha in Salta;
  • commencement of the planned c 3,000m drilling programme at Pereira Velho in Brazil;
  • progress towards completion of the Paguanta acquisition in Chile; and
  • the proposed Euronext Growth Oslo admission, subject to completion of the associated financing and satisfaction of Euronext admission requirements.

At the same time, Reveille is progressing its environmental assessment applications in respect of the historic Novazza and Val Vedello uranium areas of interest in northern Italy. These developments, together with the appointment of Pompeo as non-executive chairman, may further raise the profile of Ajax’s strategic investment in Reveille.

General disclaimer and copyright

This report has been commissioned by Ajax Resources Plc and prepared and issued by Edison, in consideration of a fee payable by Ajax Resources Plc. Edison Investment Research standard fees are £60,000 pa for the production and broad dissemination of a detailed note (Outlook) following by regular (typically quarterly) update notes. Fees are paid upfront in cash without recourse. Edison may seek additional fees for the provision of roadshows and related IR services for the client but does not get remunerated for any investment banking services. We never take payment in stock, options or warrants for any of our services.

Accuracy of content: All information used in the publication of this report has been compiled from publicly available sources that are believed to be reliable, however we do not guarantee the accuracy or completeness of this report and have not sought for this information to be independently verified. Opinions contained in this report represent those of the research department of Edison at the time of publication. Forward-looking information or statements in this report contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of their subject matter to be materially different from current expectations.

Exclusion of Liability: To the fullest extent allowed by law, Edison shall not be liable for any direct, indirect or consequential losses, loss of profits, damages, costs or expenses incurred or suffered by you arising out or in connection with the access to, use of or reliance on any information contained on this note.

No personalised advice: The information that we provide should not be construed in any manner whatsoever as, personalised advice. Also, the information provided by us should not be construed by any subscriber or prospective subscriber as Edison’s solicitation to effect, or attempt to effect, any transaction in a security. The securities described in the report may not be eligible for sale in all jurisdictions or to certain categories of investors.

Investment in securities mentioned: Edison has a restrictive policy relating to personal dealing and conflicts of interest. Edison Group does not conduct any investment business and, accordingly, does not itself hold any positions in the securities mentioned in this report. However, the respective directors, officers, employees and contractors of Edison may have a position in any or related securities mentioned in this report, subject to Edison's policies on personal dealing and conflicts of interest.

Copyright 2026 Edison Investment Research Limited (Edison).

Australia

Edison Investment Research Pty Ltd (Edison AU) is the Australian subsidiary of Edison. Edison AU is a Corporate Authorised Representative (1252501) of Crown Wealth Group Pty Ltd who holds an Australian Financial Services Licence (Number: 494274). This research is issued in Australia by Edison AU and any access to it, is intended only for "wholesale clients" within the meaning of the Corporations Act 2001 of Australia. Any advice given by Edison AU is general advice only and does not take into account your personal circumstances, needs or objectives. You should, before acting on this advice, consider the appropriateness of the advice, having regard to your objectives, financial situation and needs. If our advice relates to the acquisition, or possible acquisition, of a particular financial product you should read any relevant Product Disclosure Statement or like instrument.

New Zealand

The research in this document is intended for New Zealand resident professional financial advisers or brokers (for use in their roles as financial advisers or brokers) and habitual investors who are “wholesale clients” for the purpose of the Financial Advisers Act 2008 (FAA) (as described in sections 5(c) (1)(a), (b) and (c) of the FAA). This is not a solicitation or inducement to buy, sell, subscribe, or underwrite any securities mentioned or in the topic of this document. For the purpose of the FAA, the content of this report is of a general nature, is intended as a source of general information only and is not intended to constitute a recommendation or opinion in relation to acquiring or disposing (including refraining from acquiring or disposing) of securities. The distribution of this document is not a “personalised service” and, to the extent that it contains any financial advice, is intended only as a “class service” provided by Edison within the meaning of the FAA (i.e. without taking into account the particular financial situation or goals of any person). As such, it should not be relied upon in making an investment decision.

United Kingdom

This document is prepared and provided by Edison for information purposes only and should not be construed as an offer or sol icitation for investment in any securities mentioned or in the topic of this document. A marketing communication under FCA Rules, this document has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

This Communication is being distributed in the United Kingdom and is directed only at (i) persons having professional experience in matters relating to investments, i.e. investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "FPO") (ii) high net-worth companies, unincorporated associations or other bodies within the meaning of Article 49 of the FPO and (iii) persons to whom it is otherwise lawful to distribute it. The investment or investment activity to which this document relates is available only to such persons. It is not intended that this document be distributed or passed on, directly or indirectly, to any other class of persons and in any event and under no circumstances should persons of any other description rely on or act upon the contents of this document.

This Communication is being supplied to you solely for your information and may not be reproduced by, further distributed to or published in whole or in part by, any other person.

United States

Edison relies upon the "publishers' exclusion" from the definition of investment adviser under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws. This report is a bona fide publication of general and regular circulation offering impersonal investment-related advice, not tailored to a specific investment portfolio or the needs of current and/or prospective subscribers. As such, Edison does not offer or provide personal advice and the research provided is for informational purposes only. No mention of a particular security in this report constitutes a recommendation to buy, sell or hold that or any security, or that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person.

London │ New York │ Frankfurt

20 Red Lion Street

London, WC1R 4PS

United Kingdom

More on Ajax Resources

View All

Metals & Mining

Ajax Resources — Reveille awakens

Metals & Mining

Ajax Resources — On the Appian Way to El Dorado

Ajax Resources — Second only to Achilles

Metals & Mining

Ajax Resources — Second only to Achilles

Latest from the Metals & Mining sector

View All Metals & Mining content
Ajax Resources — Second only to Achilles

Metals & Mining

Ajax Resources — Reveille awakens

Metals & Mining

Abcourt Mines — Production ramp-up latest

Metals & Mining

Alkane Resources — All round resourcefulness

Research: Metals & Mining

Abcourt Mines — Production ramp-up latest

Abcourt Mines is ramping up its Sleeping Giant mine in the Abitibi region of Quebec. Until the summer, the ramp up had been focused on room-and-pillar stopes. However, Abcourt commissioned its first long-hole stope in April, after which the pace of ramp up has begun to accelerate towards its target throughput rate of 127.7ktpa (in line with the June 2023 PEA) and target production rate of c 30koz gold per year.

Continue Reading
Cookie Policy Overview
Edison Group

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping us understand which section of the website you find more interesting and useful. See our Cookie Policy for more information.

Strictly necessary and functional

These cookies are used to deliver our website and content. Strictly necessary cookies relate to our hosting environment, and functional cookies are used to facilitate social logins, social sharing and rich-media content embeds.

Advertising

Advertising Cookies collect information about your browsing habits such as the pages you visit and links you follow. These audience insights are used to make our website more relevant.

Performance

Performance Cookies collect anonymous information designed to help us improve the site and respond to the needs of our audiences. We use this information to make our site faster, more relevant and improve the navigation for all users.