Ajax Resources PLC on Monday said its loss narrowed in the first half as it continues to screen ‘production and development opportunities’.
The London-headquartered special purpose acquisition company focused on natural resources launched its initial public offering on the London Stock Exchange in April 2022.
Its pretax loss for the six months that ended August 31 narrowed to £84,005 from £96,008 last year.
Interest received rose 40% to £42,259 from £28,120 a year prior, though administrative expenses increased 1.7% to £126,264 from £124,128.
It reported no revenue, unchanged from the year before.
Chief Executive Officer Ippolito Cattaneo said: ‘During the period, Ajax has continued to perform its opportunity identification exercise for production and development opportunities in the natural resource 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. The board is fully confident in the company’s future.’
Shares in Ajax Resources were down 13% at 2.60 pence each in London on Monday afternoon.
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