Ajax Resources Plc · AQUIS:AJAX
Ajax Resources — IPO Roadshow (October 2026)
39 slides from Ajax Resources's IPO roadshow presentation, October 2026
Slide 1: Euronext Growth Oslo IPO Presentation, October 2026
AQSE: AJAX Euronext Growth Oslo IPO Presentation | October 2026 OSE: AJAXR (Reserved1Ticker) ACQUIRE → VALIDATE → ESTABLISH SCALE → MONETISE → REINVEST Copper | Gold | Silver | Zinc | Lead | Uranium
Slide 2: Important Information
IMPORTANT INFORMATION 2 This presentation has been prepared by Ajax Resources Plc (the “Company”) for general information. It may be made available on the Company’s website and to prospective investors. It is not confidential. Information status. As at the date of this presentation, the Company has
Slide 3: The Ajax Resources Investment Opportunity
The Ajax Resources 3 Investment Opportunity MACACHA PEREIRA VELHO PAGUANTA NUEVA CELTI REVEILLE ARGENTINA BRAZIL CHILE SPAIN ITALY Cu-Ag Au Au-Zn-Pb-Cu Cu U₃O₈ Ajax Resources is building a portfolio not reflected in its current valuation. Ajax has assembled direct exposure to copper, gold, silver, z
Slide 4: Capital Structure & Significant Shareholders
Capital Structure 4 & Significant Shareholders To the best of the Company’s knowledge, its significant shareholders and AQSE : AJAX Director holdings are currently as follows: Exchange AQSE Growth Name Shares % Capital Type Ticker AJAX Shares Ippolito ~120 million Ingo Cattaneo * 20,200,000 16.82% D
Slide 5: Euronext Growth Oslo IPO: Minimum €2.5 Million Use of Proceeds
Euronext Growth Oslo IPO 5 Minimum €2.5 Million: Use of Proceeds PROPOSED OSLO IPO The net proceeds are intended to support: €2.5m+ Further drilling at the Macacha Copper and Silver Project, Argentina, beyond the fully funded initial 5,000-metre exploration programme, following receipt of the releva
Slide 6: Euronext Growth Oslo admission approaching final approval
Ajax strategy: Euronext Growth Oslo admission 6 approaching final approval EURONEXT GROWTH OSLO A complementary route into the wider Why Oslo? Euronext investor community Euronext Growth Oslo offers a mining-literate investor Ajax has engaged Bowsprit Partners Limited as its Euronext base, enhanced
Slide 7: Edison Research: valuation highlights
Edison Research: 7 valuation highlights Ajax has engaged Edison Investment Research to provide ongoing equity research coverage. Edison’s research supports investor awareness of Ajax’s strategy, expanding portfolio and value proposition as the Company advances its South American exploration and deve
Slide 8: Ajax Resources: value catalysts
Ajax Resources: 8 value catalysts Indicative operational, financing and corporate milestones through Q1 2027 October 2026 November 2026 Q4 2026 to Q1 2027 Funding and portfolio Three drill programmes Reveille and corporate development Oslo IPO expected Macacha | Argentina Novazza EIA approval Minimu
Slide 9: A clear strategy to minimise risk at all stages
A clear strategy 9 to minimise risk at all stages Early-stage exploration can require substantial capital before the scale of a deposit is clear. Ajax mitigates this risk by acquiring Acquire historically worked or technically historically worked or technically advanced assets where previous 1 advan
Slide 10: Why these opportunities exist
Why these opportunities exist 10 High-quality assets can be overlooked for reasons Further investment must be earned by results unrelated to their underlying potential Ajax does not assume that every acquired asset will become • Mining projects can be sold or deprioritised following a a major mine.
Slide 11: Drill or Kill: The Value Creation Methodology
Drill or Kill: The Value Creation 11 Methodology Acquire Validate Target assets where historical work has already Consolidate the inherited technical information demonstrated mineralisation and reduced fundamental Acquire Mine and establish a modern, independently supported exploration risk. underst
Slide 12: The strategy does not depend on every project succeeding
The strategy does not depend on 12 every project succeeding Ajax’s strategy is not predicated on every acquired project Eureka: Ajax’s “Drill or Kill” Strategy in Practice being advanced through every stage of development. Instead, the portfolio is managed through a staged evaluation process • The E
Slide 13: Appian gives Ajax an advantage far beyond its shareholding
Appian gives Ajax an advantage far 13 beyond its shareholding Ajax is the only UK-listed junior company in which Appian holds a disclosed shareholding. below Appian’s current scale thresholds or at an earlier stage of development. Ajax can apply focused exploration capital and technical work to esta
Slide 14: Why is Ajax focusing on South American Assets?
Why is Ajax focusing on South 14 American Assets? South America offers the highest-quality, most de-risked entry point into global base and precious metals Proven geology, low acquisition cost Stable, democratic and mining-friendly jurisdictions • The Andean and Brazilian shield systems host some of
Slide 15: Why is Ajax focusing on Copper, Silver and Gold
Why is Ajax focusing on Copper, Silver 15 and Gold A commodity mix built for the current cycle, not the last one Copper: the critical metal of the energy transition - electrification Silver: increasingly an industrial metal as much as a monetary of transport, grid build-out and renewables all draw o
Slide 16: Gold, silver and copper: price environment
Gold, silver and copper: 16 price environment Annual average prices 2020 to 2025, and indicative spot / futures pricing at 12 October 2026 GOL D S I LVER COPPE R US$4,130/oz US$61.17/oz US$14,470/t Spot price, 7 Oct 2026 COMEX futures, 6 Oct 2026 COMEX equivalent, 7 Oct 2026 +133% vs 2020 annual ave
Slide 17: Gold, silver and copper: published bank forecasts
Gold, silver and copper: 17 published bank forecasts Forecasts are not directly comparable: some are point targets, others quarterly or annual averages G OL D S I LVER COPPE R PU B L IS H ED FORECA ST R A N G E PUBLI SH ED FO RECA ST RA N G E PUBLISHE D FORECAST RANGE US$4,375–5,000/oz US$63–75/oz U
Slide 18: Ajax has investment in five mineral projects across South America and Europe
Ajax currently has investment in five mineral 18 projects across South America and Europe REVEILLE NUEVA CELTI PEREIRA VELHO PAGUANTA MACACHA PAGUANTA | CHILE | Au-Zn-Pb-Cu NUEVA CELTI* | SPAIN | Cu MACACHA | ARGENTINA | Cu-Ag REVEILLE | ITALY | U₃O₈ PEREIRA VELHO | BRAZIL | Au *Nueva Celti is subje
Slide 19: The portfolio strategy
The portfolio strategy 19 The assets are at different stages, but they are governed by the same commercial model Macacha is the flagship copper-silver opportunity, where Ajax intends to validate the historical foundation and establish whether the project is materially larger. Pereira Velho offers a
Slide 20: Macacha: Why Ajax acquired Macacha
Macacha: 20 Why Ajax acquired Macacha Macacha was the former flagship asset of Alexander Mining PLC who spent approximately US$25 million on exploration and development. Alexander Mining, completed extensive drilling, metallurgical testing, trial mining and processing at Macacha. Their pilot plant d
Slide 21: Macacha: What the previous owners left unresolved
Macacha: 21 What the previous owners left unresolved The historical oxide estimate was prepared in 2006, when copper and silver prices were materially below current levels. Silver’s potential contribution was also not fully reflected in the historic assessment, despite its presence within the known
Slide 22: Macacha: The potential commercial outcome
Macacha: 22 The potential commercial outcome Ajax intends to create an asset capable of attracting larger mining Potential Drilling Upside and financial partners The immediate objective is to define sufficient near-surface copper +7% Low Case oxide scale to support an open-pit development and comple
Slide 23: Pereira Velho: Why Ajax acquired Pereira Velho
Pereira Velho: 23 Why Ajax acquired Pereira Velho Pereira Velho combines known near-surface gold with a much larger untested footprint Historical work at Pereira Velho comprises 6,363 metres of diamond drilling across 47 holes, undertaken at an estimated cost of approximately US$5 million. This work
Slide 24: Pereira Velho: Why it could become materially larger
Pereira Velho: 24 Why Pereira Velho could become materially larger The historical estimate covers only a limited part of the identified opportunity Gold fertile unit extends for more than 10 km along a shear zone containing Ajax’s initial objective is to validate and expand the known mineralised foo
Slide 25: Pereira Velho: Advancing an underexplored gold system with potential for 1 Moz
Pereira Velho: Advancing an underexplored gold 25 system with potential for 1 Moz Near-surface mineralisation and historical column testing support potential for a scalable, low-complexity gold project Historical SGS column testing achieved 79.2% gold extraction at a relatively coarse 12.7 mm crush
Slide 26: Pereira Velho: The route to value
Pereira Velho: 26 The route to value at Pereira Velho Ajax will establish scale first and determine the commercial route second A proposed three-month programme of approximately 3,000 metres across 24 holes is intended to extend the known mineralisation and move the project towards an initial modern
Slide 27: Paguanta: Why Paguanta fits the Ajax strategy
Paguanta: 27 Why Paguanta fits the Ajax strategy Former silver mine with an established JORC (2012) resource and substantial historical investment Paguanta is a former silver mine centred on the Patricia Prospect, where historical workings include approximately 1,800 metres of underground galleries.
Slide 28: Paguanta: The opportunity extends beyond the existing resource
Paguanta: The opportunity extends beyond the 28 existing resource Adjacent to Teck Loreto copper project Ajax’s opportunity is to bring these elements together and determine whether Paguanta should be viewed Immediately contiguous with Paguanta, Loreto was as a single historical deposit or a broader
Slide 29: Paguanta: 2.4 Mt JORC 2012 Mineral Resource Estimate
Paguanta: 2.4 Mt JORC 2012 Mineral Resource 29 Estimate at 9.7% ZnEq Category Tonnes Zn% Pb% Ag g/t Au g/t ZnEq % AgEq g/t Measured 490,000 5.5 1.8 88 0.3 Indicated 610,000 5.1 1.8 120 0.3 M+I 1,100,000 5.3 1.8 100 0.3 Inferred 1,300,000 4.8 1.1 75 0.3 TOTAL 2,400,000 5.0 1.4 88 0.3 9.7 236 High-gra
Slide 30: Paguanta: Multiple value pathways from a high-grade core
Paguanta: 30 Multiple value pathways from a high-grade core A defined polymetallic resource, existing underground access and district-scale copper potential Advance the established resource The 2017 JORC 2012 Mineral Resource Estimate comprises 2.4 Mt at 9.7% ZnEq, including 1.1 Mt Measured + Indica
Slide 31: Nueva Celti: Drill-ready copper opportunity in Spain
Nueva Celti: 31 Drill-ready copper opportunity in Spain Subject to Completion, Ajax has secured a low-cost route into a high-grade historical copper mine with immediate drilling potential. Nueva Celti comprises historical underground copper workings with five levels and two shafts. Previous work ide
Slide 32: Nueva Celti: The value-creation opportunity
Nueva Celti: 32 The value-creation opportunity at Nueva Celti Ajax intends to convert historical mine evidence into a modern, marketable asset The immediate opportunity is not to restart the historical mine. It is to demonstrate the size and continuity of the remaining copper system and determine wh
Slide 33: Reveille: A listed uranium company chaired by Mike Pompeo
Reveille: A listed uranium exploration and 33 development company chaired by Mike Pompeo Reveille provides a separately listed route to unlock Italy’s largest historical uranium resource base Reveille is advancing the Novazza and Val Vedello uranium projects in Lombardy, together representing Italy’
Slide 34: Reveille: Why the Reveille structure matters to Ajax
Reveille: 34 Why the Reveille structure matters to Ajax Ajax retains meaningful uranium exposure without Modern resource work could materially change how the funding the entire programme itself market values the company Placing the uranium assets within a separately listed Reveille’s immediate task
Slide 35: Ajax: A proven AQSE funding and liquidity record
Ajax: A proven AQSE funding 35 and liquidity record AQSE has provided Ajax with an effective platform for capital Month Shares traded Value traded Trades formation, secondary-market liquidity and shareholder growth Dec 2025 19.8m £1.31m 345 Ajax joined AQSE in June 2025 and has since raised approxim
Slide 36: Three highly experienced technical leaders guiding Ajax's exploration
Ajax: Three highly experienced technical 36 leaders guiding Ajax’s exploration Elton Pereira Leandro Sastre Rodrigo Mello Country Manager JORC Competent Person — FAusIMM VP Exploration Macacha Qualified Person — Pereira Vice President, Exploration, Velho GoldQuest Mining • Brazilian exploration geol
Slide 37: Ajax strategy: standing on the shoulders of giants
Ajax strategy: standing on the shoulders 37 of giants Transforming decades of historical work, investment and geological knowledge into modern mineral resources and development opportunities 1 2 3 4 5 Advance Advance Advance Exercise and Indirect Macacha Pereira Velho Paguanta drill Nueva exposure t
Slide 38: Directors
Directors 38 Ippolito Ingo Cattaneo Michael Hutchinson Richard Heywood Chief Executive Officer Non-Executive Chairman Executive Director Shareholding: 16.82% Shareholding: 3.85%* Shareholding: 2.41% Ippolito Ingo Cattaneo is the Founder and Chief Executive Michael Hutchinson is a highly experienced
Slide 39: Contact Details
Contact Details 39 Ajax Resources Plc Ippolito Ingo Cattaneo Chief Executive Officer info@ajaxresources.com Tel: +44 (0) 208 146 6345 AQSE: AJAX @ajax_plc www.ajaxresources.com