Date: 11 December 2025
In a significant development for the natural resources sector, Ajax Resources PLC has announced a proposed acquisition that could reshape its future. The company has signed a Heads of Terms to acquire 100% of the issued share capital of Pereira Velho Exploração S.A. (PVESA), a Brazilian company that owns the promising Pereira Velho Gold Project located in Alagoas State, Brazil. This strategic move aligns with Ajax’s vision of securing high-quality assets with substantial untapped potential.
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The Proposed Acquisition: Key Highlights
Strategic Partnership with Appian Capital Advisory
Appian Capital Advisory Limited, a leading private equity group with approximately US$5 billion in assets under management, will become a significant shareholder in Ajax upon completion of the acquisition. This partnership not only brings financial backing but also strategic expertise in mining operations, enhancing Ajax’s capability to advance the Pereira Velho project.
Financial Structure of the Acquisition
The total consideration for the acquisition is structured as follows:
Upfront Payment: US$400,000 in shares and US$200,000 in cash upon completion.
Milestone Payment: An additional US$1,500,000 in shares contingent upon the publication of a JORC-compliant resource statement confirming a minimum of 350,000 ounces of gold.
Royalty Agreement: A 2.5% Net Smelter Return (NSR) royalty, payable only when gold prices exceed US$2,500 per ounce for two consecutive fiscal quarters.
This structured approach not only mitigates risk but also aligns the interests of both parties towards achieving significant milestones.
Exploration Potential
The Pereira Velho Gold Project covers an extensive area of 14,596 hectares and boasts a gold-in-soil anomaly extending over 2.5 km. Historical drilling has confirmed widespread, near-surface oxidized gold mineralization, indicating a promising low-cost, open-pit heap-leach development pathway. Notably, only about 10% of the project has been drilled, leaving substantial exploration upside.
Fundraising Initiatives
To support the acquisition and further development of the Pereira Velho project, Ajax plans to undertake a fundraising initiative aiming to raise up to £1 million. The company has already secured commitments from existing investors totaling £600,000, with an additional £60,000 from the Board. This financial backing, combined with Appian’s investment, ensures that the fundraising is well-supported.
Allocation of Funds
Proceeds from the fundraising will be allocated to:
Advancing the Pereira Velho Project.
Exploring other acquisition opportunities.
Providing general working capital.
Development Strategy for Pereira Velho
Following the acquisition, Ajax plans to implement a two-phase work program:
Phase 1: A committed exploration program with a minimum spend of US$80,000, focusing on validating historical drilling and expanding soil sampling.
Phase 2: A conditional resource-definition program with a minimum spend of US$1,000,000 aimed at delivering a maiden Mineral Resource Estimate compliant with the JORC Code.
This structured approach ensures that Ajax is well-positioned to maximize the potential of the Pereira Velho project.
Strategic Rationale
Ajax’s core strategy revolves around acquiring undervalued assets with significant unrealized potential. The Pereira Velho project, with its extensive near-surface mineralization and strong geological prospectivity, fits perfectly within this framework. The project is located approximately 20 km from Appian’s former Serrote operation, which underscores the region’s mining potential and operational viability.
Comments from Leadership
Ippolito Ingo Cattaneo, CEO of Ajax, expressed enthusiasm about the acquisition, stating, “The Proposed Acquisition of Pereira Velho is a compelling, scalable gold production opportunity fully aligned with our strategy of acquiring assets with significant unrealized potential on advantageous terms.” He emphasized the project’s strong geological foundation and the potential for rapid advancement towards production.
Appian’s representatives echoed this sentiment, highlighting their confidence in Ajax’s management and the project’s exploration potential. The collaboration is expected to unlock significant value for both parties.
Conclusion
The proposed acquisition of Pereira Velho by Ajax Resources PLC marks a pivotal moment in the company’s growth trajectory. With strong financial backing from Appian Capital Advisory and a clear development strategy, Ajax is poised to capitalize on the burgeoning gold market. As the company embarks on this exciting journey, stakeholders can anticipate further updates on the fundraising and project developments in the near future.
For more information, stakeholders can reach out to Ajax Resources PLC or visit their official website. This acquisition not only represents a strategic alignment but also a commitment to long-term value creation in the natural resources sector.
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