Ajax Resources (AQSE: AJAX) led the gainers on the AQUIS exchange this week after the Ajax Resources and Reveille Resources flotation brought fresh momentum to its share price, which rose 2.78% to 4.625p.
Ajax Resources and Reveille Resources: The Numbers Behind the Move
Ajax Resources invested a further £200,000 in Reveille Resources (LON: REV) at the flotation price of 5p per share. Following the transaction, Alliance News reported that Ajax holds a 15.02% stake in Reveille, represented by 12 million shares, with a further 5.2 million shares to be issued at 5p each.
Ajax also holds 5.87 million warrants exercisable at 5p each and 10 million warrants at 10p each. Reveille’s shares closed the week at 11.5p, more than double the flotation price.
At end of February 2026, Ajax held cash of £3.13m. The company describes itself as focused on building a portfolio of copper, gold, and critical minerals assets across South America, with projects in Argentina, Brazil, and Chile. Its issued share capital stands at 120,108,836 shares, of which approximately 25% is held by the board and closely connected persons. Ajax is backed by Appian Capital Advisory, a mining-focused private equity group with approximately US$5 billion in assets under management. As of 22 July 2026, Ajax carried a market capitalisation of £5.71 million on the AQUIS exchange.
Other Movers on AQUIS This Week
Bitcoin investor B HODL (LON: HODL) launched a share buyback, citing a discount to net asset value. Some 23,500 shares have been acquired at 4.57p each. The share price rebounded 14.6% to 4.625p.
BWA Group (LON: BWAP) saw director buying from both sides of the executive team. Chief executive Peter Taylor purchased 471,500 shares at 0.424p each and managing director James Butterfield acquired 350,000 shares at 0.44p each. The share price gained 7.14% to 0.375p.
IntelliAM AI (LON: INT), which provides AI-based manufacturing software, raised an aggregate £500,000 via a placing of approximately £220,000 and £280,000 of unsecured convertible loan notes, disclosed on 7 July 2026. The placing price was 70p per share. Funds are earmarked for US expansion. In the first quarter, Chivas Brothers, Yeo Valley, and Valeo Confectionery joined the customer list, with total orders worth £200,000. Alliance News reported the company called 2026 ‘a year of strong growth and deliberate investment,’ with 2026 turnover rising. The share price fell 3.03% to 80p.
Emissions reduction developer Sulnox Group (LON: SNOX) disclosed that customer Spring Marine Management received a bronze Industry Partnership Leader award at the 2026 ESG Shipping Awards. The share price dipped 8.33% to 55p.
Valereum (LON: VLRM) updated shareholders on its digital asset and liquidity infrastructure project with Quorium Global Photonics. VCORE+ tokens have been issued and are undergoing liquidity testing, but operational deliverables were not completed within the agreed timeframe. Valereum said it reserves its rights under the agreement. The share price slid 6.02% to 2.5p.
Residential developer Zentra (LON: ZNT) agreed an extension to its secured loan facility for the New Islington development in Manchester until 9 January 2027, with construction expected to begin in the first quarter of 2027. The share price declined 4.76% to 2.5p.
Alvar Financial Services reduced its voting rights in Vaultz Capital (LON: V3TC) from 8.45% to 6.97%. The share price slipped 2.04% to 2.4p.
For Ajax Resources, the key near-term variable is whether Reveille’s share price holds above the 10p warrant strike level, which would determine whether Ajax’s deeper warrant position moves into the money.
