Aug 18, 2026 · 20 min
Ajax advances Chile deal while lining up exploration catalysts
S11 Ep97: Midweek Takeaway with Ippolito Cattaneo, CEO of Ajax Resources plc (AQSE:AJAX) #AJAX
Ajax’s proposed Pogwanta acquisition and planned drilling could reshape how investors assess its South American exploration portfolio, but progress depends on permitting and execution.
- 1Ajax is pursuing a 75% Pogwanta acquisition, adding gold potential to a portfolio spanning silver, lead, zinc and copper.
- 2Macacha drilling awaits environmental approvals, while Ajax plans activity across multiple projects and aims to complete the Pogwanta purchase.
- 3The company may develop some assets independently and joint-venture others after completing the highest-risk exploration work.
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The brief
Ippolito Cattaneo joins Kevin Hornsby to explain Ajax Resources’ proposed 75% acquisition of Pogwanta, including the negotiation history, gold potential and share-based valuation.
The conversation frames Pogwanta within a wider South American portfolio containing silver, lead, zinc, copper and gold exposure, with silver central to the next drilling campaign.
Macacha is ready for drilling once environmental approvals arrive, making permitting a near-term test alongside planned work across several other projects.
Ajax’s strategy separates assets that could move toward production independently from those better suited to joint ventures after initial exploration reduces geological risk.
Cattaneo’s purchase bringing his holding to 20 million shares becomes a visible confidence signal as Ajax targets Pogwanta completion, the Novoselty option and an Oslo listing.
The episode’s central tension is whether a crowded schedule of deals, approvals, drilling and market catalysts can convert exploration potential into investor confidence.
What was said on this episode
21 statements · 20 positive · 1 neutral
Ajax’s Brazilian asset contains approximately one million ounces of gold.
“we believe has a million ounces in the ground”
Listen at 1:12
Ajax aims to increase its Argentine copper project resource to 10 million tons.
“our goal there is to take that up to 10 million tons”
Listen at 1:30
Peguanta is nearly ready for production, subject to further work and permitting.
“it's almost production ready”
Listen at 1:58
Peguanta has substantial additional copper exploration potential.
“there's a lot of upside in terms of copper”
Listen at 2:25
Ajax can reasonably advance Peguanta toward production.
“this is a project that we can... reasonably advanced to production”
Listen at 9:07
Silver has significant future growth potential after historical investor neglect.
“silver is one of those metals that was previously ignored and we think has a significant growth trajectory”
Listen at 9:37
Ajax expects Macacha’s environmental approvals imminently.
“we expect these approvals to be received imminently”
Listen at 10:07
Ajax will begin drilling Macacha immediately after receiving approvals.
“as soon as we have them, we'll start drilling immediately”
Listen at 10:12
Ajax expects to drill PV by year-end.
“by the end of the year, we will have... hopefully drilled PV”
Listen at 10:26
Ajax expects to drill Macacha by year-end.
“we will have drilled Macacha”
Listen at 10:30
Ajax expects to list on Euronext Oslo by year-end.
“we will have listed on the Euronex Oslo”
Listen at 10:50
Ajax expects to demonstrate significant value and uplift across its projects by year-end.
“we will have proven that all the projects we have have significant value and deliver that uplift”
Listen at 11:34
Ajax intends to advance some projects independently toward production.
“some of the projects we want to take to production”
Listen at 12:11
Ajax expects to joint venture some other projects with larger operators.
“other projects will be JV'd”
Listen at 12:37
Ajax aims to delineate more than 10 million tons at Macacha.
“the goal with Macacha will be to delineate the resource to, you know, 10 million tons plus”
Listen at 13:08
Ajax targets reaching a valuation of 100 million.
“when we hopefully reach 100 million valuation, which is, of course, our goal”
Listen at 14:42
Ippolito expects the current commodities supercycle to benefit Ajax.
“we're in a super cycle, so I see this going places”
Listen at 15:32
Italy’s nuclear-policy backdrop is highly favorable for the Revali uranium project.
“the backdrop is extremely positive for a uranium project”
Listen at 17:31
Ajax’s diversified portfolio gives it favorable odds of success.
“the odds are very much in our favor”
Listen at 18:12
The current gold and copper market backdrop is extremely strong.
“the backdrop of the market in gold and copper is extremely strong”
Listen at 18:15
Ajax focuses on projects with known mineralization rather than greenfield exploration.
“we focus on projects where we know there's mineralization”
Listen at 18:23
Statements are attributed to the speaker as said on the episode and reflect their view at the time, not PodLume's. They are not advice.
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