London, July 6, 2026, 15:01 BST
- Ajax Resources PLC shares moved up 13.89% to 5.125p on Aquis by mid-afternoon, giving it a market cap of £6.16 million. Aquis reported £16,714.32 in volume.
- Ajax put another £200,000 into Reveille Resources PLC, bringing its planned stake to 12 million shares, or 15.02%. Reveille is set to start trading on Aquis on July 7.
- Ajax said it finished FY26 with £3.13 million cash and posted a loss before tax of £847,397. After factoring in the Reveille top-up investment, cash as of Feb. 28 works out to about £2.93 million, not counting other post-year-end spending.
Ajax Resources PLC AQSE:AJAX traded higher Monday after a pair of RNS releases that brought investors back to the company’s numbers: final audited results for the year and a new uranium-related investment. The AQSE market was open at the time; its usual UK hours are 0800 to 1630 on business days, with July 6 not listed as a 2026 holiday.
Ajax was quoted on Aquis on a 5.125p mid, with the bid at 4.75p and the ask at 5.50p. Market cap stood at £6.16 million. Volume showed 338,177 shares traded over nine deals. The latest trade was 125,000 shares at 5.18p at 13:56 BST.
A less discussed angle is the Reveille numbers. Ajax put in another £200,000, pushing its Reveille spend to £400,000 total. With Reveille set at 5p a share, Ajax holds 12 million shares with a notional value of £600,000 before public trading. That’s not counting warrant value or the one-year lock-in.
Ajax CEO Ippolito Ingo Cattaneo said the company was “pleased to increase” the Reveille stake and wanted to back it as it “begins trading on Aquis”. The RNS said Ajax will get 5.8725 million warrants at 5p with set terms, and 4 million warrants at 10p for 12 months. Investegate
This table is based on Ajax’s £6.16 million market cap, cash as of Feb. 28 minus the most recent Reveille top-up, and 12 million Reveille shares. It’s a sensitivity, not guidance or an analyst estimate.
| Reveille price case | Value of Ajax’s 12 mln Reveille shares | Cash after top-up plus Reveille stake | Share of Ajax market value |
|---|---|---|---|
| 5p admission price | £0.60 mln | £3.53 mln | 57.3% |
| 7.5p scenario | £0.90 mln | £3.83 mln | 62.2% |
| 10p warrant-test reference | £1.20 mln | £4.13 mln | 67.0% |
The 10p case is key since Ajax’s 5p Reveille warrants depend partly on Reveille hitting a 10p mid-market close for at least 10 days in a row, as well as meeting permit or asset hurdles. The ordinary shares are under a one-year lock-up from admission, so Ajax can’t treat the reference value as cash.
Ajax is still in the funding and asset-conversion phase, with the latest results showing revenue at zero. Admin costs jumped to £865,285 from £250,734. The operating loss and loss before tax both widened to £847,397 from £127,145. Cash increased to £3.13 million, up from £798,473 after net share issue proceeds of £3.55 million.
On this base, Ajax figures post-top-up cash at £2.93 million, or about 2.44p a share. That’s 47.5% of Monday’s market cap. Adding Reveille shares priced at 5p, the cash plus shares total £3.53 million. That still leaves roughly £2.63 million of value linked to the rest of the portfolio, plus warrants and pipeline.
| Operating cash-use forecast | Annual operating cash use assumed | Implied runway from £2.93 mln cash |
|---|---|---|
| 25% lower than FY26 rate | £0.79 mln | 44 months |
| Same as FY26 rate | £1.05 mln | 33 months |
| 25% higher than FY26 rate | £1.32 mln | 27 months |
The runway table leaves out acquisitions, any exploration spending after Feb. 28, and any new funding. It’s based on FY26 net cash used in ops of £1.05 million, flexed up or down by 25%.
Liquidity didn’t stack up on Monday. By mid-afternoon, only £16,714.32 worth of shares had changed hands, about 0.27% of the company’s market cap. Share volume ran to roughly 0.28% of the 120.1 million tradable shares listed by Aquis.
Next up are practical tests: Reveille’s first quoted price after it lists, expected July 7, the outlook on Italian uranium permits, and Ajax’s project timelines. Ajax listed near-term targets as Macacha drilling, a first JORC resource at Pereira Velho, the Paguanta buy, a possible sale of Eureka, and a planned Euronext Growth Oslo listing.
