Ajax Resources PLC on Friday said its loss stretched in its first year as a London listing, but added that it has been actively reviewing acquisition opportunities and is ‘encouraged’ by stabilising energy prices.

The London-headquartered special purpose acquisition company, focused on natural resources, said its pretax loss for the year ended February 28 was £859,717, widening from £79,625.

Shares in Ajax were untraded at 7.05p on Friday afternoon in London. They last traded on Thursday morning.

The company recorded no revenue for financial 2023 or 2022. Administrative expenses increased more than tenfold to £876,022 from £79,625.

The period saw Ajax listed on the London Stock Exchange in early April 2022, having raised £1.3 million in its initial public offering, at which point the company started researching asset acquisition opportunities.

‘Since this time, the company has been active in reviewing several opportunities in the natural resources sector focusing on production and development assets in low-risk jurisdictions,’ said Chair Michael Hutchinson.

Looking ahead, Hutchinson said Ajax was ‘encouraged’ by the current energy pricing environment, ‘and the many opportunities we believe this has created for experienced and well-connected management teams’. The company is currently focused on completing an acquisition with ‘transformative value creation potential’.

‘The demand for energy, specifically that to be provided through the use of battery metals including lithium, nickel, and cobalt, is expected to increase exponentially in the years ahead,’ Hutchinson commented. ‘To this end, the company is looking to position itself at the forefront of the ongoing energy transition away from fossil fuels to a low-carbon economy.’

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