REG - Ariana Resources PLC - INTERIM RESULTS
30/09/2022 07:00
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RNS Number : 2634B Ariana Resources PLC 30 September 2022
30 September 2022
AIM: AAU
INTERIM RESULTS
Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral
exploration and development company with gold mining interests in Europe, is
pleased to announce its unaudited interim results for the six months ended 30
June 2022.
Financial Highlights:
· Ariana's share of profits from the Kiziltepe Mine, of which Ariana
owns 23.5% through its investment in Zenit Madencilik San. ve Tic. A.S.
("Zenit"), in the six months to June 2022 amount to £2.5m (H1 2021: £1.3m),
reflecting improved metals prices and a doubling of capacity of the Kiziltepe
processing plant.
· Profit before tax of £2.9m recorded for the period, with operating
costs in line with expectations and the prior year.
· Payment of the second tranche of the Company's Special Dividend, of
0.175 pence per ordinary share, following the completion of the partial
divestment of its interests in Turkey.
· Approval at the Company's Annual General Meeting of the payment of
the final tranche of Special Dividend, of 0.175 pence per ordinary share, to
be made to shareholders on 3 October 2022.
Operational Highlights:
· Strategic investment of US$2.5m made into Ariana by Newmont
Corporation to support the exploration programmes of Ariana's 75%-owned
Western Tethyan Resources ("WTR") in south-eastern Europe.
· WTR has since been granted 297km(2) of highly prospective ground in
Kosovo across four licences, with a further 161km(2) of tenure currently under
application.
· Ariana's 50%-owned Venus Minerals Ltd ("Venus") has substantially
improved the project metrics for the advanced and full-permitted Apliki copper
mine in Cyprus as it continues to pursue an IPO on AIM.
· Kiziltepe Mine production for H1 2022 achieved 13,378 ounces of gold
(H1 2021: 7,941 oz Au) with annual guidance of 25,000 ounces of gold expected
to be met by year-end.
· Further extended exploration and resource drilling campaigns are
underway at Kiziltepe and Salinbas.
Post-Period End Highlights:
· Construction of the Tavsan gold mine, intended to be Zenit's second
producing mine, has been underway since late July 2022 and scheduled for
completion in H2 2023.
Dr. Kerim Sener, Managing Director, commented:
"The last half year has reflected a period of consolidation on the strategy of
the Company following the transformative developments of 2021, which included
the payment of the second tranche of our £7.74m Special Dividend in March
2022. The third and final tranche of this Special Dividend, amounting to
£2.0m, is due to be paid to shareholders on 3 October 2022. This marks the
end of one era for Ariana and the beginning of an exciting second era. This
new era involves a much broader spread of project interests, from the
developing Project Leopard strategy in Turkey to our significant regional
investments in Western Tethyan and Venus, and to our minority interests in
several discovery-stage opportunities, held through the Asgard Metals Fund.
"Such a broadening of interests is underpinned by our 23.5% holding in Zenit,
which has been successfully producing gold and silver for the past five years
from the Kiziltepe Mine in Turkey. An extensive drilling programme, completed
in late 2021, resulted in the definition of a revised Resource and Reserve
estimate, announced in early 2022, which provided a further 2.5 years of
production from the mine. With a new two-rig drilling programme currently
underway, we are expecting to enhance the life of mine further still.
"Zenit now has production from its second gold and silver mine at Tavsan in
its sights, targeting a production rate of circa 30,000 ounces of gold per
annum over eight years. Post-period end, Zenit commenced the construction
phase of the mine, with completion currently targeted during H2 2023.
Meanwhile, drilling remains underway at the Salinbas Project in north-eastern
Turkey, drawing on the enhanced financial resources of US$8m injected into the
project company by Ozaltin Holding A.S.
"Our 75% investment in Western Tethyan Resources, completed in late 2021, was
clearly well-timed, with Newmont Corporation taking a strategic position in
Ariana to support our exploration activities across south-eastern Europe.
Since then, WTR has secured 297km(2) of highly prospective ground in Kosovo
across four licences, with a further 161km(2) under application. Among the
exploration licences granted during the period, the Hertica Project contains a
large 6km(2) zone of advanced argillic alteration containing several
quartz-diorite porphyry intrusions displaying copper, gold and antimony
mineralisation up to 0.4 g/t Au and 0.5% Cu from rock-chip samples.
Post-period end, WTR entered into an option to acquire the high-grade Slivova
gold project in Kosovo from Avrupa Minerals, representing an advanced project
development opportunity.
"We are also very pleased with the progress being made by the team at Venus;
notably the completion of a 50:50 joint venture agreement with Cyprus' leading
construction firm, the Iacovou Group, on the advanced and fully-permitted
Apliki copper project in Cyprus. This has significantly enhanced Venus'
project portfolio and, recent developments, including the completion of a
revised Mineral Resource Estimate for Apliki of 17Mt at 0.26% to 0.69% Cu
(0.34% Cu average), have made material improvements to the metrics of its
proposed IPO. These improvements are in the process of being integrated into
the IPO documentation ahead of further market soundings which will be
completed in Q4 2022.
"Meanwhile, in Australia, the Asgard Metals Fund is continuing to evaluate
several investment opportunities beyond those completed to date. Significant
investments completed during the past year have included Panther Metals Ltd,
Pallas Resources Ltd and Annamite Resources Holdings Pte. Ltd. Panther is
exploring a largely Western Australian portfolio of gold and nickel-cobalt
assets, upon which a maiden JORC Resource of 70.6Mt at 0.7% Ni and 460ppm Co
(Inferred) was established in June 2022. Pallas Resources commenced an
extensive exploration programme across its highly prospective portfolio of
copper-gold assets in Kazakhstan, involving soil geochemistry and airborne
geophysics, among other work. Annamite Resources commenced a drilling
programme on its Namthom copper-gold porphyry project in Laos.
"We look forward to providing further updates from our exciting pipeline of
projects and investments, representing a full spectrum of opportunities across
commodities and jurisdictions, yet maintaining a continued focus on advanced
projects in gold and copper, particularly in south-eastern Europe."
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").
Ariana Resources Plc
Unaudited Condensed Consolidated Interim Financial Statements
For the six months ended 30 June 2022
Condensed consolidated statement of comprehensive income
6 months to 6 months to 12 months to
30 June 30 June 31 December
2022 2021 2021
Note £'000 £'000 £'000
Administrative costs (net of exchange gains) (3) 611 (657) (2,917)
General exploration expenditure (57) - (67)
Operating profit/(loss) 554 (657) (2,984)
Profit on restructuring of group activities (4) - 6,423 6,423
Share of profit of associate accounted for using the equity method (5a) 2,500 1,265 4,260
Share of loss of associate accounted for using the equity method (5c) (143) - (213)
Investment Income 26 80 202
Profit before tax 2,937 7,111 7,688
Taxation (7) (498) (2,073) (3,832)
Profit for the period from continuing operations 2,439 5,038 3,856
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations (1,875) (1,503) (2,948)
Other comprehensive (loss)/ for the period
net of income tax (1,875) (1,503) (2,948)
Total comprehensive profit for the period 564 3,535 908
Earnings per share (pence)
Basic (8) 0.22 0.47 0.36
Fully diluted 0.22 0.47 0.36
Ariana Resources Plc
Unaudited Condensed Consolidated Interim Financial Statements
For the six months ended 30 June 2022
Condensed consolidated interim statement of financial position
30 June 30 June 31 December
2022 2021 2021
Note £'000 £'000 £'000
ASSETS
Non-current assets
Trade and other receivables 661 1,002 815
Financial assets at fair value through profit or loss (9) 567 - 461
Intangible assets 140 159 149
Land, property, plant and equipment 491 193 238
Earn-in advances - 1,731 -
Investment in associates accounted for using the equity method (5)
13,111 9,646 11,402
Total non-current assets 14,970 12,731 13,065
Current assets
Trade and other receivables (10) 984 1,029 1,136
Cash and cash equivalents 14,024 22,434 16,389
Total current assets 15,008 23,463 17,525
Total assets 29,978 36,194 30,590
EQUITY
Called up share capital (11) 1,143 6,079 1,097
Share premium (11) 2,157 12,184 305
Capital reduction reserve (11) - - 7,222
Other reserves 720 720 720
Share based payments 173 230 173
Translation reserve (10,053) (6,733) (8,178)
Retained earnings 34,902 22,279 27,160
Total equity attributable to equity holders of the parent 29,042 34,759 28,499
Non-controlling interest 30 - 30
Total equity 29,072 34,759 28,529
LIABILITIES
Current liabilities
Trade and other payables 906 1,435 2,061
Total liabilities 906 1,435 2,061
Total equity and liabilities 29,978 36,194 30,590
Ariana Resources Plc
Unaudited Condensed Consolidated Interim Financial Statements
For the six months ended 30 June 2022
Condensed consolidated interim statement of changes in equity
Total
attributable
Capital Trans- Non-controlling interest to equity
Share Share Other Share Reduction lation Retained holder of
capital Premium reserves Options reserve reserve Earnings parent
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £`000 £'000
Balance at 1 January 2021 6,070 12,053 720 307 - (9,617) 17,164 - 26,697
Changes in equity to 30 June 2021
Profit for the period - - - - - - 5,038 - 5,038
Other comprehensive income
- - - - - (1,503) - - (1,503)
Total comprehensive income
- - - - - (1,503) 5,038 - 3,535
Issue of ordinary shares 9 131 - - - - - - 140
Translation losses
recycled on part disposal of group activities - - - - - 4,387 - - 4,387
Transfer between reserves - - - (77) - - 77 - -
Transactions with owners 9 131 - (77) - 4,387 77 - 4,527
Balance at 30 June 2021 6,079 12,184 720 230 - (6,733) 22,279 - 34,759
Changes in equity
to 31 December 2021
Loss for the period
- - - - - - (1,182) - (1,182)
Other comprehensive income
- - - - - (1,445) - - (1,445)
Total comprehensive income
- - - - - (1,445) (1,182) - (2,627)
Issue of ordinary shares 13 174 - - - - - - 187
Court order - reduction in capital (4,995) (12,053) - - 7,222 - 9,826 - -
Dividend paid to shareholders
- - - - - - (3,820) - (3,820)
Transfer between reserves
- - - (57) - - 57 - -
Transaction between shareholders
- - - - - - - 30 30
Transactions with owners
(4,982) (11,879) - (57) 7,222 - 6,063 30 (3,603)
Balance at 31 December 2021
1,097 305 720 173 7,222 (8,178) 27,160 30 28,529
Ariana Resources Plc
Unaudited Condensed Consolidated Interim Financial Statements
For the six months ended 30 June 2022
Condensed consolidated interim statement of changes in equity (continued)
Total
attributable
Capital Trans- Non-controlling interest to equity
Share Share Other Share Reduction lation Retained holder of
capital Premium reserves Options reserve reserve Earnings parent
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £`000 £'000
Changes in equity
to 30 June 2022
Profit for the period - - - - - - 2,439 - 2,439
Other comprehensive income
- - - - - (1,875) - - (1,875)
Total comprehensive income
- - - - - (1,875) 2,439 - 564
Issue of ordinary shares 46 1,852 - - - - - - 1,898
Transfer between reserves
- - - - (7,222) - 7,222 - -
Dividend paid to shareholders
- - - - - - (1,919) - (1,919)
Transactions with owners
46 1,852 ]- - (7,222) - 5,303 - (21)
Balance at 30 June 2022
1,143 2,157 720 173 - (10,053) 34,902 30 29,072
Ariana Resources Plc
Unaudited Condensed Consolidated Interim Financial Statements
For the six months ended 30 June 2022
Condensed consolidated Interim statement of cash flows
6 months to 6 months to 12 months to
30 June 30 June 31 December
2022 2021 2021
Cash flows from operating activities £`000 £`000 £`000
Profit for the year 2,439 5,038 3,856
Adjustments for:
Depreciation of non-current assets 46 10 44
Profit on restructuring of group activities - (6,423) (6,423)
Share of profit in equity accounted associate (2,500) (1,265) (4,260)
Share of loss in equity accounted associate 143 - 213
Investment income (26) (80) (202)
Income tax expense 498 2,073 3832
Movement in working capital 600 (647) (2,940)
(Increase)/decrease in trade and other receivables (657) (1,643) 62
(Decrease) in trade and other payables (355) (1,402) (271)
Cash (outflow)/inflow from operating activities (412) (3,692) (3,149)
Taxation paid (1,154) (1,496) (2,923)
Net cash from operating activities (1,566) (5,188) (6,072)
Cash flows from investing activities
Earn-In Advances - (525) (1,406)
Purchase of land, property, plant and equipment (314) (161) (241)
Proceeds from restructuring of group activities - 25,468 28,951
Purchase of associate investment - - (4,139)
Purchase of financial assets at fair value through profit or loss (81) - (461)
Dividend from associate 348 - 705
Investment income 26 80 202
Net cash generated/(used) in investing activities (21) 24,862 23,611
Cash flows from financing activities
Issue of share capital 1,898 140 326
Proceeds from non-controlling interest - - 30
Payment of shareholder dividend (excluding uncashed) (2,037) - (3,689)
Net cash generated from/ (used in) investing activities (139) 140 (3,333)
Net increase in cash and cash equivalents (1,726) 19,814 14,206
Cash and cash equivalents at beginning of period 16,389 2,978 2,978
Exchange adjustment on cash and cash equivalents (639) (358) (795)
Cash and cash equivalents at end of period 14,024 22,434 16,389
Ariana Resources Plc
Unaudited Condensed Consolidated Interim Financial Statements
For the six months ended 30 June 2022
Notes to the interim financial statements for the six months ended 30 June
2022
1. General information
Ariana Resources Plc (the "Company") is a public limited company incorporated,
domiciled and registered in the U.K. The registration number is 05403426 and
the registered address is 2(nd) Floor, Regis House, 45 King William Street
London EC4R 9AN.
The Company`s shares are listed on the AIM Market of the London Stock
Exchange. The principal activities of the Company and its subsidiaries
(together the "Group") are related to the exploration for and development of
gold, copper and technology-metals, primarily in south-eastern Europe, with an
interest in mining operations in Turkey.
2 (a). Basis of preparation
The condensed interim financial statements have been prepared using accounting
policies consistent with International Financial Reporting Standards and in
accordance with International Accounting Standard 34 Interim Financial
Reporting. The condensed interim financial statements should be read in
conjunction with the annual financial statements for the year ended 31
December 2021, which have been prepared in accordance with UK-adopted
international accounting standards.
The condensed interim financial statements set out above do not constitute
statutory accounts within the meaning of the Companies Act 2006. They have
been prepared on a going concern basis in accordance with the recognition and
measurement criteria of International Financial Reporting Standards (IFRS) as
adopted by the UK. Statutory financial statements for the year ended 31
December 2021 were approved by the Board of Directors on 28 June 2022.The
financial information for the periods ended 30 June 2022 and 30 June 2021 are
unaudited.
2 (b). Significant accounting policies
The same accounting policies have been followed in these condensed interim
financial statements as were applied in the preparation of the Group's
financial statements for the year ended 31 December 2021.
These financial statements have been prepared on a going concern basis. The
Directors are mindful that there is an ongoing need to monitor overheads and
costs associated with delivering on its strategy and certain exploration
programmes being undertaken across its portfolio.
3. Administrative costs
During the period, exchange gains on holding US bank deposits resulted in a
net credit arising on the charge for administrative costs.
4. Profit on restructuring of group`s activities
During the prior period, the Group concluded its restructuring programme. This
comprised the part-disposal of its interest in Zenit Madencilik San.ve Tic.
A.S ("Zenit") and Pontid Madencilik San.ve Tic. A.S. ("Pontid") to Ozaltin
Insaat, Ticaret and Sanayi A.S. ("Ozaltin") and Proccea Construction Co
("Proccea") for a total consideration of US$ 35.75m.
30 June &
30 June 31 December
2022 2021
£'000 £'000
Disposal proceeds receivable (net of group transactions) - 26,976
Less: -
Cost of Investment and other incidental costs incurred on disposal - (4,684)
Reversal of fair value transactions associated with the Salinbas acquisition - (9,446)
Increase in valuation of associate following acquisition - 2,197
Reduction in valuation of JV following part disposal (excluding translation - (4,234)
losses)
Recycled translation losses - (4,336)
Profit on restructuring of group`s activities - 6,423
5. Equity accounted Investments
The Group investments comprise the following:
Note 30 June 30 June 31 December
2022 2021 2021
Associate companies Group Group Group
Associate Interest in Zenit Madencilik San. ve Tic. A.S. ("Zenit") 5a 6,725 5,507 4,864
Associate Interest in Pontid Madencilik San. ve Tic. A.S. ("Pontid") 5b 4,139 4,139 4,139
Associate Interest in Venus Minerals Ltd ("Venus") 5c 2,247 - 2,399
Earn-in advances - 1,731 -
Carrying amount of investment 13,111 11,377 11,402
5 ( a). Investment in Zenit
The Group accounts for its associated interest in Zenit using the equity
method. During February 2021, the Group sold 26.5% of its existing 50%
shareholding in Zenit to Ozaltin for a total consideration of US$25m. As at 30
June 2022 the Group retained a 23.5% interest in Zenit. Prior to the
part-disposal, the Group`s interest in Zenit was accounted for as an equally
controlled joint venture.
Summarised financial information, based on Zenit`s translated financial
statements, and reconciliations with the carrying amount of the investment in
the consolidated financial statements are set out below:
30 June 30 June 31 December
2022 2021 2021
Summary statement of comprehensive income £'000 £'000 £'000
Revenue 22,792 11,860 32,784
Cost of sales (9,208) (5,885) (14,586)
Gross Profit 13,584 5,975 18,198
Administrative expenses (1,346) (938) (2,344)
Operating profit 12,238 5,037 15,854
Other income 30 - 124
Finance expenses including foreign exchange losses (630) (811) (1,171)
Finance income including foreign exchange gains 2,005 1,281 5,213
5,507 20,020
Profit for the period before tax 13,643
Taxation (3,003) (124) (1,890)
Profit for the period 10,640 5,383 18,130
Proportion of Group's profit share 23.5% 23.5% 23.5%
Group`s share of profit for the period 2,500 1,265 4,260
6 months to 6 months to 12 months to
30 June 30 June 31 December
2022 2021 2021
Summary statement of financial position £'000 £'000 £'000
Non-current assets (including Kiziltepe Gold Mine) 19,193 21,493 16,169
Current assets 18,756 10,760 11,884
Current liabilities (8,784) (6,866) (5,961)
Non-current liabilities (548) (1,955) (1,395)
Equity 28,617 23,432 20,697
Proportion of Group's ownership 23.5% 23.5% 23.5%
Carrying amount of Investment 6,725 5,507 4,864
5 (b). Investment in Pontid
Following the disposal in the prior period by Greater Pontides Exploration
B.V. (holding company) of its entire interest in Pontid Madencilik San.ve Tic.
A.S. ("Pontid") to Ozaltin and Proccea, the Group reinvested US$ 5.75m for a
23.5% shareholding in Pontid. This investment continues to be valued at
£4.139m as at 30 June 2022.
5 (c). Investment in Venus
The Group acquired 50% of Venus Minerals Ltd through an earn-in agreement on 5
November 2021. The Group`s share of loss for the period to 30 June 2022
amounted to £143,000 (2021:loss: £213,000 - since significant influence on 5
November 2021).
6. Segmental analysis
Management currently identifies one division as an operating segment - mineral
exploration. This operating segment is monitored and strategic decisions are
made based upon this and other non-financial data collated from exploration
activities.
Principal activities for this operating segment are as follows:
Mining - incorporates the acquisition, exploration and development of gold
resources.
Other reconciling items include non-mineral exploration costs and transactions
between Group and associate companies.
30 June 2022 30 June 2021 31 December 2021
Other Other Other
reconciling Reconciling reconciling
Mining items Group Mining Items Group Mining Items Group
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Administrative costs(net of exchange gains)
- 611 611 - (657) (657) - (2,917) (2,917)
General exploration expenditure
(57) - (57) - - - (67) - (67)
Profit on restructuring - - - 6,423 - 6,423 6,423 - 6,423
Share of profit in associate 2,500 - 2,500 1,265 - 1,265 4,260 - 4,260
Share of loss in associate (143) - (143) - - - (213) - (213)
Investment income - 26 26 - 80 80 - 202 202
Profit/(loss) before taxation
2300 637 2,937 7,688 (577) 7,111 10,403 (2,715) 7,688
Taxation charge (498) - (498) (2,073) - (2,073) (3,832) - (3,832)
Profit/(loss) after tax 1,802 637 2,439 5,615 (577) 5,038 6,571 (2,715) 3,856
Geographical segments
The Group's mining assets and liabilities are located primarily in Turkey.
30 June 2022 30 June 2021 31 December 2021
United United United
Turkey Kingdom Group Turkey Kingdom Group Turkey Kingdom Group
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Carrying amount of segment non-current assets
12,218 2,752 14,970 10,840 1,891 12,731 10,304 2,761 13,065
7. Taxation
The Group had taxable profits for the period and a corporation tax charge is
anticipated during the year to 31 December 2022.
The charge reflected in these interim accounts is based on the following
transactions:
30 June 2022 30 June 2021 31 December 2021
£'000
£'000 £'000
Taxation on disposal of part interest in Zenit JV - 1,725 2,931
Withholding tax suffered on subsidiary dividends - 348 901
Taxation on subsidiary profits and exchange gains 498 - -
Tax charge for the period 498 2,073 3,832
8. Earnings per share on continuing operations
The calculation of basic profit per share is based on the profit attributable
to ordinary shareholders of £2,439,000 divided by the weighted average number
of shares in issue during the period, being 1,121,823,310.
9. Financial assets at fair value through profit or loss £'000
Six months ended 31 December 2021
Addition in Panther Metals Ltd (listed) 188
Addition in Pallas Resources Ltd 273
Closing net book value at 30 December 2021 461
Six months ended 30 June 2022
Opening net book value at 1 January 2022 461
80
Addition in Annamite Resources Holdings Pte. Ltd.
Exchange movement 26
Closing net book value at 30 June 2022 567
All the above investments are owned by the Group`s wholly-owned subsidiary
Asgard Metals Pty. Ltd.
10. Trade and other receivables 30 June 30 June 31 December
2022 2021 2021
£'000 £'000 £'000
Amounts owed by associate interest 496 696 792
Other receivables 396 225 219
Prepayments 92 108 125
984 1,029 1,136
The fair value of trade and other receivables is not materially different to
the carrying values presented.
11. Called up share capital, share premium and capital reduction reserve
Number Share Deferred Share Capital reduction
of shares Capital Shares Premium
Scheme
Allotted, issued and fully paid 0.1p shares £'000 £'000 £'000 £`000
In issue at 1 January 2021 1,075,677,943 1,075 4,995 12,053 -
Share capital reduction reserve - - (4,995) (12,053) 17,048
Retained losses utilised - - - - (9,826)
Share options exercised 21,000,000 22 - 305 -
In Issue at 31 December 2021 1,096,677,943 1,097 - 305 7,222
Issue of shares 46,185,387 46 - 1,852 -
Transfer of reserve to retained earnings - - - - (7,222)
In issue at 30 June 2022 1,142,863,330 1,143 - 2,157 -
At 30 June 2022 the Company had 27,000,000 options and nil warrants
outstanding for the issue of ordinary shares.
12. Dividend distributions
During July 2021 the Company was granted permission by the Court to reduce its
share capital by the cancellation of its share premium account and its
sub-divided deferred shares. This allowed the Company to extinguish retained
losses amounting to £9,826,000 to pave the way for the following dividend
distributions:
(a) The Company paid the first part of its inaugural interim dividend of 0.35
pence per ordinary share on 24 September 2021.
(b) The second part of the inaugural interim dividend of 0.175 pence per
ordinary share was paid on 31 March 2022.
(c) A third and final payment of the inaugural dividend of 0.175 pence per
ordinary share is to be paid on 3 October 2022.
13. Approval of interim financial statements
The interim financial statements were approved by the Board of Directors on 29
September 2022.
Ariana Resources plc Tel: +44 (0) 20 3476 2080
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
John Prior / Hugh Rich / Atholl Tweedie
Yellow Jersey PR Limited Tel: +44 (0) 20 3004 9512
Dominic Barretto / Henry Wilkinson / Laurie Gellhorn arianaresources@yellowjerseypr.com (mailto:arianaresources@yellowjerseypr.com)
Editors' Note:
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 gold production in Turkey and copper-gold
exploration and development projects in Cyprus and Kosovo.
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 Turkey which
contains a depleted total of c. 2.1 million ounces of gold and other metals
(as at February 2022). The joint venture comprises the Kiziltepe Mine and the
Tavsan and Salinbas projects.
The Kiziltepe Gold-Silver Mine is located in western Turkey and contains a
depleted JORC Measured, Indicated and Inferred Resource of 222,000 ounces gold
and 3.8 million ounces silver (as at February 2022). The mine has been in
profitable production since 2017 and is expected to produce at a rate of
c.20,000 ounces of gold per annum to at least the mid-2020s. 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 Turkey and contains a JORC
Measured, Indicated and Inferred Resource of 253,000 ounces gold and 0.7
million ounces silver (as at June 2020). Following the approval of its
Environmental Impact Assessment and associated permitting, Tavsan is being
developed as the second gold mining operation in Turkey. A NSR royalty of up
to 2% on future production is payable to Sandstorm Gold.
The Salinbas Gold Project is located in north-eastern Turkey 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 100% of Australia-registered Asgard Metals Fund ("Asgard"), as
part of the Company's proprietary Project Catalyst Strategy. The Fund is
focused on investments 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, Turkey and the UK.
Ariana owns 75% 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 Corporation
(www.newmont.com (http://www.newmont.com) ).
Ariana owns 50% of UK-registered Venus Minerals Ltd ("Venus") which is focused
on the exploration and development of copper-gold assets in Cyprus which
contain a combined JORC Indicated and Inferred Resource of 17Mt @ 0.45% to
1.10% copper (excluding additional gold, silver and zinc), in addition to
pursuing a separate 50:50 JV on Hellenic Apliki Mines, which owns the Hellenic
SX-EW processing plant and the 17Mt @ 0.26% to 0.69% Cu Apliki mine
development project.
Panmure Gordon (UK) Limited is broker to the Company and Beaumont Cornish
Limited is the Company's Nominated Adviser and Broker.
For further information on Ariana you are invited to visit the Company's
website at www.arianaresources.com (http://www.arianaresources.com) .
Ends.
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