Ajax Resources PLC Half-year Report for the 6 months to 31 Aug 2024

RNS Number : 4111N

Ajax Resources PLC

25 November 2024

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310.

 

25 November 2024

AJAX RESOURCES PLC

 

("Ajax" or the "Company")

 

Half Yearly Report for the 6 months to 31 August 2024

 

The board of directors of Ajax (the "Board"), the UK listed special purpose acquisition company with a focus on natural resources [LSE: AJAX], announces its half yearly results for the 6 months to 31 August 2024 (the "Interim Results").

 

A full copy of the Company's unaudited interim financial statements for the 6 months ended 31 August 2024 can be viewed at:

 

http://www.rns-pdf.londonstockexchange.com/rns/4111N_1-2024-11-22.pdf 

 

A copy can also be viewed on the National Storage Mechanism and on the Company's website:

 

(https://www.ajaxresources.com/investors/key-documents/#tabs-financial-statements)

 

Key elements of the Interim Results can also be viewed below.

 

- ENDS -

 

For further information: 

 

Ajax Resources Plc Ippolito Cattaneo, Chief Executive Officer	Tel: + 44 (0) 208 146 6345 [e-mail]
Allenby Capital Limited (Financial Adviser) Nick Harriss / Daniel Dearden-Williams	Tel: + 44 (0) 203 328 5656 [e-mail] [e-mail]

 

 

Chief Executive's Statement

 

I am pleased to report to shareholders the unaudited financial statements for the six months ended 31 August 2024.

 

During the period, Ajax has continued to perform its opportunity identification exercise for production and development opportunities in the natural resources sector. The Board has concentrated primary efforts towards evaluating gold, copper and uranium production and exploration assets located in the Republic of Argentina, Europe, and the Republic of Uganda.

 

It is expected that there will be progress to report in due course surrounding these evaluations.

 

As has been the case throughout the Company's history, every possible action has been taken to minimise expenditure and conserve the Company's financial resources.

 

We are pleased to have welcomed Richard Heywood to the Board of the Company as an Executive Director. He will contribute skill, commitment and entrepreneurial energy towards Ajax's development.

 

We thank Luca Benedetto for his service to the Company since the Company's inception and look forward to continued work with him on a part-time basis.

 

Finally, I wish to thank all shareholders for their support and patience since the Company's IPO.

 

The Board is fully confident in the Company's future. 

 

Principal Financial Statements

 

The notes to the financial statements form an integral part of these financial statements and can be viewed through the link above.

 

 

STATEMENT OF COMPREHENSIVE INCOME

	Notes	31/08/2024 Unaudited 6 months     £	31/08/2023 Unaudited 6 months     £
Revenues		-	-
Cost of sales
Gross profit		-	-
Other interest receivable		42,259	28,120
Administrative expenses		(126,264)	(124,128)
Operating loss and loss before income tax	4	(84,005)	(96,008)
Taxation	5	-	-
Loss and total comprehensive loss for the period		(84,005)	(96,008)
Loss per share attributable to the equity holders (pence) Basic Diluted	6	(0.20) (0.20)	(0.20) (0.20)

 

STATEMENT OF FINANCIAL POSITION

		Notes	31/08/2024 Unaudited 6 months      £		31/08/2023 Unaudited 6 months      £
Current assets
Other receivables		8	18,971		44,425
Promissory Notes granted		8	372,276		170,413
VAT Credit		8	-		-
Cash and cash equivalents		9	456,359		818,124
			847,606		1,032,962
Total assets			847,606		1,032,962
Equity
Ordinary shares		10	468,125		468,125
Share Premium Reserve		10	1,019,035		1,019,035
Options & Warrants		10	289,804		518,200
Retained earnings/(loss)			(981,014)		(1,035,350)
Total equity			795,950		970,010
Current Liability
Other payables		11	51,656		62,952
Total equity and liabilities			847,606		1,032,962

 

 

STATEMENT OF CASH FLOWS

 

	31/08/2024	31/08/2023
	Unaudited 6 months	Unaudited 6 months
	£	£
Cash flows from operating activities
Loss before tax	(84,005)	(96,008)
Increase/(decrease) in receivables	25,454	18,581
Decrease/(Increase) in payables	(11,296)	46,681
Change in working capital	(90,055)	(256,125)
Net cash used in operating activities	(159,902)	(261,027)
Promissory Notes	(201,863)	(170,413)
Cash flows from investing activities	(201,863)	(170,413)
Net cash used in investing activities	(201,863)	(170,413)
Cash flows from financing activities
Shares Prepayment
Proceeds from the issue of ordinary shares (net of issue costs)	-	-
Net cash from financing activities	-	-
Net increase / (decrease) in cash and cash equivalents	(361,765)	(431,422)
Cash and cash equivalents at the start of the period	818,124	1,249,546
Cash and cash equivalents at the end of the period	456,359	818,124

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

IR BRBDBCUDDGSD