REG - Ariana Resources PLC - Cold-Commissioning Underway at Tavsan

Ariana ResourcesAnnouncement

05/06/2025 07:00

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RNS Number : 4531L  Ariana Resources PLC  05 June 2025

5 June 2025

AIM: AAU

COLD-COMMISSIONING UNDERWAY AT TAVSAN

 

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral
exploration and development company with gold project interests in Africa and
Europe, is pleased to announce the cold-commissioning of the processing plant
at the Tavsan Mine ("Tavsan" or "the Project") in Türkiye. The Project is
operated by Zenit Madencilik San. ve Tic. A.S. ("Zenit"), in partnership with
Proccea Construction Co. and Ozaltin Holding A.S., and is 23.5% owned by
Ariana.

 

Highlights:

 

·    Cold-commissioning of the processing plant at Tavsan has commenced
and will be completed in stages through June 2025, following recent connection
to grid power.

 

·    Heap-leach pads are nearing completion, with first ore loading
expected from late June; approximately a year of full ore production remains
stockpiled ready for loading.

 

·    Tavsan processing plant is expected to be fully operational from
July, with gold production from the heap-leach underway.

 

·    Auxiliary solar power project was recently approved for a 2,555kW
system, final planning and installation of which will commence immediately.

 

·    Resource and exploration drilling programme ongoing, having completed
3,700m of an up to 15,000m programme and testing the potential for increases
in the life of mine.

 

Dr. Kerim Sener, Managing Director, commented:

 

"After several months of a monumental effort from the Zenit team and its
contractors, the latest developments at Tavsan are exceptional. The connection
to grid power remained outstanding until recently, which has now enabled the
commissioning of the processing plant to commence. Work on the heap-leach
pads, which had been impeded due to inclement weather conditions, has
accelerated rapidly since the onset of warmer and somewhat drier conditions
from April and is currently on track for completion later in June.

 

"A notable new development has been the recent approval of a significant solar
power project for the mine. This will not only help reduce operational costs
over the life of mine but will also contribute to reducing the power demand
from the grid, enhancing the environmental credentials of the operation. Even
longer term, it will make a sustainable contribution to the development of the
area.

 

"This will be our first heap-leach operation in Türkiye, which, by operating
in parallel with the Kiziltepe CIL processing plant, provides Zenit with a
large degree of operational flexibility. Our biggest advantage is that Zenit
has about a year's worth of ore production ready for loading on the heap-leach
pads at grades ranging from 1.2 to 0.7 g/t Au. Accordingly, we look forward to
achieving the first gold pour from the Tavsan processing plant this summer."

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the
European Union (Withdrawal) Act 2018 ("UK MAR").

Figure 1: Main Zone open-pit at the Tavsan Mine, showing the current status of
open-pit development. Due to the shallow-dipping nature of the mineralisation,
the stripping ratio has not exceeded 2:1 to date. Photograph taken in mid-May
2025.

Figure 2: General site view at Tavsan encompassing the latest status of the
crushing and screening, agglomeration, conveyors and Phase 1 heap-leach areas.
Photograph taken in mid-May 2025.

Enquiries:

 

 Ariana Resources plc                           Tel: +44 (0) 20 7407 3616

 Michael de Villiers, Chairman

 Kerim Sener, Managing Director

 Beaumont Cornish Limited                       Tel: +44 (0) 20 7628 3396

 (Nominated Adviser)

 Roland Cornish / Felicity Geidt

 Zeus Capital (Joint Broker)                    Tel: +44 (0) 203 829 5000

 Harry Ansell / Katy Mitchell

 Fortified Securities (Joint Broker)            Tel: +44 (0) 203 411 7773

 Guy Wheatley

 Shaw and Partners (Lead Manager - ASX)         Tel: +61 (0)2 9238 1268

 Damien Gullone

 Yellow Jersey PR Limited (Financial PR)        Tel: +44 (0) 7983 521 488

 Dom Barretto / Shivantha Thambirajah /         arianaresources@yellowjerseypr.com

 Bessie Elliot

 

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.

 

About Ariana Resources:

Ariana is an AIM-listed mineral exploration and development company with an
exceptional track-record of creating value for its shareholders through its
interests in active mining projects and investments in exploration companies.
Its current interests include a major gold development project in Zimbabwe,
gold production in Türkiye and copper-gold exploration and development
projects in Cyprus and Kosovo.

 

Ariana owns 100% of the Dokwe Gold Project ("Dokwe") in Zimbabwe. Dokwe is
made up of the Dokwe North and Dokwe Central gold deposits which are located
in the Tsholotsho District near the city of Bulawayo. The deposits have a
combined in-pit JORC Measured, Indicated and Inferred Resource of over 1.42
million ounces of gold (as at March 2025) and the project represents the
largest undeveloped gold project in Zimbabwe.

 

The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a
joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in
Türkiye which contains a depleted total of c. 2.2 million ounces gold
equivalent (as at March 2024, using a price ratio of 90 Ag to 1 Au). The joint
venture comprises the Kiziltepe and Tavsan mines and the Salinbas project.

 

The Kiziltepe Gold-Silver Mine is located in western Türkiye and contains a
depleted JORC Measured, Indicated and Inferred Resource of 171,700 ounces gold
and 3.3 million ounces silver (as at March 2024). The mine has been in
profitable production since 2017 and has been producing at an average rate of
c.22,000 ounces of gold per annum. A Net Smelter Return ("NSR") royalty of
2.5% on production is being paid to Franco-Nevada Corporation.

 

The Tavsan Gold Mine is located in western Türkiye and contains a JORC
Measured, Indicated and Inferred Resource of 311,000 ounces gold and 1.1
million ounces silver (as at March 2024). Following the approval of its
Environmental Impact Assessment and associated permitting, Tavsan is being
developed as the second gold mining operation in Türkiye and is currently in
construction. A NSR royalty of up to 2% on future production is payable to
Sandstorm Gold.

 

The Salinbas Gold Project is located in north-eastern Türkiye and contains
a JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold
(as at July 2020). It is located within the multi-million ounce Artvin
Goldfield, which contains the "Hot Gold Corridor" comprising several
significant gold- copper projects including the 4 million ounce Hot Maden
project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2%
on future production is payable to Eldorado Gold Corporation.

 

Ariana owns 76% of UK-registered Western Tethyan Resources Ltd ("WTR"),
which operates across south-eastern Europe and is based in
Pristina, Republic of Kosovo. The company is targeting its exploration on
major copper-gold deposits across the porphyry-epithermal transition. WTR is
being funded through a five-year Alliance Agreement with Newmont Ventures
Limited (www.newmont.com) and is separately earning-in to up to 85% of the
Slivova Gold Project.

 

Ariana owns 61% of UK-registered Venus Minerals PLC ("Venus") which is
focused on the exploration and development of copper-gold projects in Cyprus,
some of which are in application, containing a combined JORC Indicated and
Inferred Resource of 16.6Mt @ 0.45% to 0.80% copper (excluding additional
gold, silver and zinc).

 

Ariana owns several investments in listed and private companies via its
Australian subsidiary Asgard Metals Pty. Ltd. ("Asgard"), which also
provides technical input into the various investee company exploration
programmes. Investments have been made in high-value potential,
discovery-stage mineral exploration companies located across the Eastern
Hemisphere and within easy reach of Ariana's operational hubs in Australia,
Türkiye, UK and Zimbabwe. Its most advanced interest is through a 4.1%
holding of Panther Metals Limited (ASX: PNT).

 

Zeus Capital Limited, Fortified Securities and Shaw and Partners are the
brokers to the Company and Beaumont Cornish Limited is the Company's Nominated
Adviser.

 

For further information on Ariana, you are invited to visit the Company's
website at www.arianaresources.com.

 

Ends.

 

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