{"id":133211,"title":"Ajax (AQSE: AJAX) Potential Divestment of the Eureka Project & Operational Update","publisher":"Share Talk","author":"sharetalk","published":"2026-03-04T08:08:42+00:00","modified":"2026-03-04T08:08:42+00:00","canonical_url":"https://www.share-talk.com/ajax-aqse-ajax-potential-divestment-of-the-eureka-project-operational-update/","markdown_url":"https://www.share-talk.com/ajax-aqse-ajax-potential-divestment-of-the-eureka-project-operational-update.md","json_url":"https://www.share-talk.com/ajax-aqse-ajax-potential-divestment-of-the-eureka-project-operational-update.json","category":"Mining","categories":["Mining"],"tags":["Ajax","Ajax Resources Plc","Alagoas State","Argentina","BRAZIL","COPPER","Eureka","Euronext Growth","Gold","Ippolito Ingo Cattaneo","Jujuy","M.Sc.","Mr. Elton L.S. Pereira","Oslo","Pereira Velho Exploração S.A.","Pereira Velho Gold Project"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/01/AJAX-12-JAN.webp?fit=1200%2C800&quality=80&ssl=1","format":"news","language":"en-GB","content":"**Ajax [AQSE: AJAX]**, the natural resources investment company, is pleased to announce that it has commenced negotiations with two potential buyers (the “Potential Buyers”) for the divestment of the Company’s entire interest in the Eureka Gold and Copper Project (the “Eureka Project”).\n\nThe Board is also delighted to provide an update on its exploration programme at the Eureka Project.\n\n**Overview of the Potential Divestment**\n\nThe proposed transaction would comprise the sale of the Company’s entire interest in the Eureka Project, including Mina Escondida 1 and Mina Escondida 2, but excluding La Norteña. Any transaction for the sale of the Eureka Project would only be considered if it provided a material level of return to Ajax.\n\nThe Potential Buyers include a large Chinese mining exploration and production group with an established presence across Argentina and a leading Argentine investor specialising in gold and base metals extraction.\n\n**Under the terms currently under discussion, Ajax is seeking:**\n\n·      A cash consideration\n\n·      A retained life-of-mine royalty over copper and gold mineralisation; and\n\n·      Disposal of the Company’s entire interest in the Eureka Project (excluding La Norteña).\n\nThere can be no certainty that the Potential Divestment will result in a binding transaction. The Company will provide further updates as appropriate and, in the event of a binding offer, present the terms to shareholders for approval.\n\n**Strategic Rationale for the Potential Divestment**\n\nThe Company has a strong cash position of approximately £3.4 million (equivalent to approximately US$4.65million) and no debt. Ajax is structured as a natural resources investment company with the primary objective of maximising value across its investments, becoming a cash-generative business through organic revenue growth and taking its investments to the production stage, thereby progressively minimising the need for equity financing resulting in shareholder dilution.\n\nCompletion of the Potential Divestment will validate Ajax’s acquisition methodology and value realisation strategy. The Potential Divestment would provide the Company with material additional financial resources to accelerate the development of other projects within its portfolio in Argentina, including the Macacha Copper and Silver Project, which is at a more advanced stage of development, already hosting a historical resource delineated in accordance with JORC (2004).\n\n**Eureka Project – Drilling Update**\n\nTo date, the Company has completed five (5) drillholes at the Eureka Project for a total of approximately 500 metres for a cost of approximately US$130,000.\n\nPreliminary geological logging indicates that three of the five drillholes appear to have encountered visually significant copper mineralisation and potential near-surface gold mineralisation. These observations are consistent with and supportive of the Company’s geological understanding of the near-surface copper oxide and gold placer prospectivity across the Eureka Project.\n\nThe Company also confirms that the previously untested and solely hypothetical copper sulphide target, which had no historical data and had never been assessed or estimated, has not been encountered by way of the recent drilling activities.\n\nIn consideration of the Potential Divestment, drilling activities at the Eureka Project have been suspended.\n\nAssay results are expected to be received during the next 45 days.\n\n**Surface Sampling Programme and Exploration Potential**\n\nFollowing a systematic geological review, the Company initiated a surface rock chip sampling campaign covering certain previously unexplored areas of the Eureka Project that demonstrated potentially highly prospective near-surface gold oxide characteristics.\n\nAssay results from the sampling programme are pending and will be reported once available.\n\nIt is estimated that only approximately 5 per cent. of the Eureka Project area has been explored to date. Accordingly, the Company believes that there may exist significant additional exploration potential for gold and copper mineralisation across the wider licence area.\n\n**Environmental Impact Study – Alluvial Gold Exploitation **\n\nThe Company has engaged Wicz Mining Services to prepare an alluvial gold exploitation Environmental Impact Study (“EIA”) for submission to the relevant provincial authorities.\n\nThe purpose of the EIA is to obtain all necessary local authorisations required for the potential commencement of alluvial gold production activities at the Eureka Project.\n\nSubmission of the EIA is expected to take place during the next 30 days, with approval expected within 180 days from the date of submission.\n\n**Ippolito Ingo Cattaneo, Chief Executive Officer of Ajax, commented:**\n\n“As a natural resources investment company, our primary strategic goal is to maximise value from our investments. The Potential Divestment of Eureka would represent a highly value-accretive opportunity for shareholders.\n\nSubject to completion of the Potential Divestment, a transaction on the terms currently under discussion, including a cash consideration and a retained gold royalty, would be expected to significantly strengthen the Company’s balance sheet and enhance our financial position.\n\nThe Company continues to maintain full operational flexibility in respect of the Eureka Project. Should the Potential Divestment not proceed, the Board intends to accelerate the advancement of alluvial gold extraction while significantly expanding its exploration programme across the wider licence area. With only a small proportion of Eureka explored to date, the Board believes Eureka hosts substantial untapped gold and copper potential. Future work will focus on systematically delineating and expanding known mineralisation, testing additional high-priority targets, and unlocking the broader scale opportunity that Eureka presents.\n\nThe Environmental Impact Assessment currently being prepared is intended to secure the necessary approvals for potential alluvial gold production. This work is being undertaken to ensure that, irrespective of the outcome of the ongoing negotiations, the Company retains a clear pathway to near-term production and potential cash flow generation from Eureka.\n\nWe are actively evaluating additional exploration and potential production opportunities within the Province of Jujuy. It our intention to continue establishing a meaningful and long-term presence in Jujuy, which has proven to be a highly supportive and attractive jurisdiction for exploration and development activities.\n\nThe potential divestment of Eureka will allow us to focus our capital and attention on the more advanced Macacha Project in the nearby Province of Salta, which already hosts a historical resource delineated in accordance with JORC (2004) of 6.6 million tonnes at 0.62% copper and 18 g/t silver from the copper oxide formation, together with potentially highly significant untested copper sulphide mineralisation which we believe has the potential to multiply the magnitude of the resource.\n\nAchieving this level of value realisation within approximately ten months of acquiring Eureka would represent an important strategic and financial achievement for the Company and its shareholders.”\n\nFor further information: \n\n|   |   |\n| --- | --- |\n| Ajax Resources Plc Ippolito Ingo Cattaneo, Chief Executive Officer | Tel: + 44 (0) 208 146 6345 [info@ajaxresources.com](mailto:info@ajaxresources.com) |"}