AJN Resources
Primary tickers: CSE:AJN, Frankfurt:5AT
Stage of development: Exploration
Primary minerals: Gold & Lithium
Project to promote: DRC: Nizi, Moku, Kabunda Projects, Manono NE, Kenya: Dabe.
Project location: Democratic Republic of Congo & Kenya
Website: www.ajnresources.com
AJN has signed an agreement to acquire a 70% interest in the Dabel gold Project, Marsabit County, in northern Kenya and has had advanced discussions with Congo Resources SAU (CRS) (State owned subsidiary) in which AJN will acquire a 60% interest in the Moku-Beverendi and Nizi Gold Exploration Permits in the Kilo-Moto Belt, East-Central DRC in place of the 21 gold permits included in the initial MOU signed with CRS. The Company has also signed agreements for the acquisition of 75% interests in PR 15383 and PR 15623 (Kabunda South Project) & 70% interests in PR 15282 (Manono NE Project) with potential to host significant lithium mineralisation.
Due to the current world wide oversupply of lithium resources, AJN will now focus its activities on finalising agreements on its gold projects currently under discussion and plans to become a substantial gold player in the well-endowed Democratic Republic of Congo and relatively unexplored northern Kenya.
AJN is run by a strong, highly credentialed Management team and Board, with an extensive network and significant experience operating in the DRC.
Cash: CAD$0.5M
Debt: NIL
Major shareholder:
Terra Capital Natural Resources Fund: 17.6%
Amani Gold Ltd: 3.66%
Lone Drift Investments: 3.52%
Ridgeback Holdings: 3.52%
Panex Resources Inc: 2.11%
Management ownership: 11%
Financials
Management Profile
Klaus Eckhof – President and CEO
Mr. Eckhof is a geologist with more than 30 years of experience developing mineral deposits throughout the globe including more than 20 years in the Democratic Republic of Congo. Mr Eckhof worked for Mount EdonGold Mines Ltd as Business Development Manager before it was acquired by Canadian mining company Teck. In 1994, he founded Spinifex Gold Ltd and Lafayette Mining Ltd, both of which successfully delineated gold and base metal deposits. In late 2003, Mr. Eckhof founded Moto Goldmines which acquired the Moto Gold Project in the Democratic Republic of the Congo. There, Mr. Eckhof and his team delineated more than 20 million ounces of gold and delivered a feasibility study within four years from the commencement of exploration. Moto Goldmines was subsequently acquired by Randgold Resources (NASD: GOLD) (LSE: RRS) who poured first gold in September 2013 (600,000 ozs per year producer). Mr. Eckhof was the Executive Chairman of AVZ Minerals Ltd (ASX: AVZ). AVZ is a mineral exploration company focused on developing the Manono Project, potentially one of the world’s largest lithium-rich LCT (lithium, caesium, tantalum) pegmatite deposits. Manono is located in the southeast of the DRC in central Africa.
Mark Gasson – Director & CFO
Mark Gasson is a geologist with 37 years of experience in South Africa, Tanzania and the DRC since 1986 in gold and base metals exploration and resource development. Mr Gasson served on the Boards of Tiger Resources, Erongo Energy, Alphamin Resources and Taruga Minerals. He was instrumental in the discovery of Tiger Resources’ 1 million tonnes of copper at Kipoi , 250,000 tonnes of tin at 3.5% tin at Alphamin’s Bisie tin project, and 3Moz of gold at Amani’s Giro deposits, all of which are located in the DRC. Mr Gasson currently serves on the BoD of Pathfinder Minerals. He is a member of the Australasian Institute of Mining and Metallurgy (AusIMM).
What is your rationale for taking part in 121 Mining Investment?
To provide further information to the wider market about AJN, specifically to update current and potential shareholders on the Company’s activities in the DRC, the current situation of its partnership with the DRC Government and a potential dual listing in Australia or elsewhere.
We are looking for risk averse investors, of which have a long term view.
What recent news would you like to highlight to investors attending?
19 November 2024: Closes $741,700 Private Placement
18 October 2024: Provides Operational Update on its Manono Northeast Lithium Project
2 October 2024: Sign agreement on highly prospective 672sqkm Dabel Gold Project in Marsabit County, Northern Kenya
3 July 2024: Intersects an 80-100m wide pegmatitic zone with visual lithium minerals at its Manono Northeast Project
What are your key goals for the next 3, 6 and 12 months?
3 Months:
Finalise acquisition agreements in DRC and conclude its due diligence on the Dabel Gold Project in Kenya
6 Months:
Conduct soil geochemistry and drilling programmes, as soon as permitted, on both projects in Kenya and DRC.
12 Months:
Commence resource drilling on defined drill targets.
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Exploration and acquisition risk. Exploration risk is minimised by signing agreements on projects with known lithium or gold mineralisation. Acquisition risk is minimised by signing agreements with private companies or individuals without historic legacies usually associated with State owned companies and by maintaining good relations with the owners.
What do you think makes your company such a compelling investment?
Management has more than 20 years experience in the DRC and has successfully delivered 3 world class deposits including AVZ’s world class lithium deposit at Manono. Furthermore management has developed excellent relations with mining and Congolese authorities which is key in mitigating any unforeseen issues.
Partnering up with the DRC Government and local communities in Kenya in a way which will add significant benefit to all stakeholders and will benefit both countries greatly.
What are the top 3 key investor takeaways?
1. Exploring in a country that is well endowed
2. Management has more than 20 years experience in the DRC and has successfully delivered on 3 world class deposits.
3. A uniquely structured deal with the DRC Government.