Ajax (AQSE: AJAX), the natural resources investment company, announced that its fully owned Argentine subsidiary, Puna Metals S.A. has signed a conditional Option-to-Purchase Agreement for 100% of the Leon Project, an advanced copper and silver project located in north-western Argentina with an established local mining company.
AJAX said “We are very pleased to have signed a binding term sheet for a highly compelling, near-term copper and silver production asset in the Province of Salta, Argentina. The Project is strategically located close to the Eureka Project in Jujuy and benefits from a significant amount of historical work and investment by previous owners, exceeding US$30 million.”
Comment: This is another giant killing / goal hanging deal from AJAX, something where it has picked up a project after someone else has done all the dirty work in this case to the tune of $30. It is easy to see why shares of AJAX have risen 50% in the past month, and promise to do much more.
Oracle Power PLC (ORCP), an international project developer, announced assay results from a further six drillholes at the Northern Zone Gold Project, located just 25km east of Kalgoorlie in Western Australia. Results from a further nine grade control drillholes are anticipated to be received shortly. Samples from 28 air core drillholes from the recently completed program have been submitted for assay, with results from all 37 drillholes expected to be received in batches over the next six weeks.
Comment: Northern Zone looked like a much needed winner for ORCP from the get go, something that the company seriously needed. Now as things have progressed newsflow such as today’s suggests that the project is up to being the gift that keeps on giving status.
Bluebird Mining Ventures (BMV), the gold streaming and treasury company, provided an update on the progress it is making on its gold-streaming and treasury platform, BTC-linked opportunities, institutional-infrastructure build-out, and the advancement of legacy assets. Workstreams covering treasury governance, execution protocols, reporting standards and digital infrastructure are being finalised ahead of increased deployment activity expected from January 2026. This includes institutional-grade controls designed to support both gold-streaming flows and the Company’s broader treasury objectives.
Comment: Obviously in the summer one just had to mention the T word (treasury) and the share price would hit the ceiling. Now companies like BMV very much have to regroup, albeit that there is a novelty here in the gold / treasury mix which seems better than most.
Made Tech (MTEC), a leading provider of digital, data and technology services to the UK public sector, announced a trading update for the 6 months ended 30 November 2025. Revenue for H1 FY26 was c.£27.7 million (H1 FY25: £21.8 million), representing a year-on-year increase of c.27% following good Sales Bookings1 momentum in the second half of FY25. Adjusted EBITDA for H1 is expected to be c.£2.4 million (H1 FY25: £1.8 million), c.33% up on the equivalent prior year period. This represents an increase in margin from 8.2% to c.8.7%, a result of operational efficiencies, offset by a higher than target contractor base.
Comment: Although shares of MTEC have already been factoring in recovery, they were up 134% last year, this is still a company delivering a strong turnaround. Perhaps in 2026 there will be a better rise for the stock that the 20% or so we have seen this year?
ProCook Group plc (PROC), the UK’s leading direct-to-consumer specialist kitchenware brand, today announced its interim results for the first half of FY26 (the 28 weeks ended 12 October 2025). Outperformed the UK kitchenware market (including kitchen electricals)5 by +16%pts, as we continue to invest in growing our share of the £5bn market. Gross profit margin increased by +130bps reflecting strong promotional discipline and pricing optimisation, supported by product sourcing cost improvements. EBITDA of £2.3m more than doubled YoY (H1 FY25: Underlying EBITDA £1.0m). Operating loss of £1.5m as expected, 17.8% better than the underlying operating loss in the prior year.
Comment: Apart from the better than previous operating loss at PROC, it would appear from all the other metrics that PROC is buzzing like a bee in a sector that in current consumer conditions must be very hard to negotiate.
First Class Metals PLC (FCM) the UK listed company focused on the discovery of economic metal deposits across its exploration properties in Ontario, Canada, announced that the drilling on the North Hemlo property, whilst currently paused, will recommence next week. Nine drillholes completed across the Dead Otter trend, marking strong progress in the Company’s maiden programme on this property.. Four priority target areas tested along the 3.5 km trend, providing early geological coverage across multiple prospective zones. Approximately 200 core samples dispatched to the Thunder Bay laboratory for assay analysis.
Comment: Given the decent newsflow from the company, and the prospect of the results of the forthcoming / latest drilling, one might have expected shares of FCM to be rather higher in the 1.6p – 3p range than they currently are.
Disclaimer & Declaration of Interest:
The information, investment views, and recommendations in this Zaks Traders Cafe interview are provided for general information purposes only. Nothing in this interview should be construed as a promotion or solicitation to buy or sell any financial product relating to any companies under discussion or referred to or to engage in or refrain from doing so or engage in any other transaction. Any opinions or comments are made to the best of the knowledge and belief of the commentator but no responsibility is accepted for actions based on such opinions or comments. The commentators may or may not hold investments in the companies under discussion.
