REG - Ariana Resources PLC - Interim Results
29/09/2023 09:00
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RNS Number : 1607O Ariana Resources PLC 29 September 2023
29 September 2023
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 2023.
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 2023 amount to £0.7m (H1 2022: £2.5m),
largely reflecting the increase in administrative and other project costs
associated with the development of the Tavsan Mine.
· Zenit has fully repaid all bank loans within the period and continues
to finance the Tavsan mine construction from its own internal funds. Zenit
also absorbed the additional cost of the Tavsan site operational and
administrative functions.
· Profit before tax of £0.3m was recorded for the period, with
operating costs in line with expectations and the prior year, though the
decline (38% at the reporting date) in Turkish Lira facilitated a large
foreign exchange charges and a corresponding reduction in other comprehensive
income.
Operational Highlights:
· Drilling continues at the Salinbas project with two drill rigs, with
several highly significant results announced within the period, including the
first discovery holes drilled at the Hizarliyayla prospect.
· New geophysical survey results from Kiziltepe and Kepez highlighted
several new drilling targets in the proximity of known veins systems, which
are the subject of further investigation through drilling.
· Western Tethyan completes agreement to acquire the Slivova Gold
Project in Kosovo, and post-period end provided a resource update (0.18Moz)
and a positive Preliminary Economic Assessment.
· Kiziltepe Mine production for H1 2023 achieved 9,646 ounces of gold
(H1 2022: 13,378 ounces of gold) with annual guidance of c.18,000 ounces of
gold expected to be met by year-end.
· Construction of the Tavsan Mine was temporarily halted in March 2023
following a local court decision, which was reversed shortly after the period
end to enable construction to recommence.
· Three new 100%-owned licences were acquired as part of our Project
Leopard greenfield exploration initiative in eastern Turkey.
Strategic Highlights:
· WH Ireland was appointed as joint broker to the Company alongside
Panmure Gordon.
Significant Post-Period End Highlights:
· Venus Minerals has advanced well during Q3 2023 and the planned IPO
is currently scheduled for Q4 2023.
· Positive results were announced from an airborne magnetic survey and
the commencement of drilling at Kizilcukur, with the utilisation of the Geotek
BoxScan technology in building the revised 3D model.
Dr. Kerim Sener, Managing Director, commented:
"Looking back over the past six months, we have conducted significant
operational activity, as highlighted above, which underscores the huge amount
of work being undertaken across our projects. We have remained committed to
our strategy to pursue targeted exploration and development programmes across
our portfolio, systematically de-risking our pipeline of robust assets, and
propelling them up the value curve. Some of our assets will continue to be
held in significant partnerships, while others are intended in the long-term
to be developed largely independently of Ariana, such as Venus Minerals and
Western Tethyan Resources. In addition, new project opportunities are being
assessed via our Asgard Metals Fund, which may contribute markedly to the
upscaling of our overall portfolio.
Our own team and Zenit have been working exceptionally hard to advance the
projects in Turkey through multiple drilling programmes, geophysics, surface
sampling and geological mapping. Specifically, these efforts culminated in a
series of highly encouraging drilling results from the Salinbas Project,
including the longest mineralised intercept ever recorded within the Ardala
Cu-Au-Mo Porphyry of 461.8m @ 0.22% Cu + 0.23g/t Au and 155ppm Mo. In
addition, the team successfully drilled the first three holes into the
Hizarliyayla prospect, located 9km to the south of Salinbas, and identified an
intermediate sulphidation epithermal base-metal-rich gold system. Although the
prospective economic target is likely to be deep, from 600m below surface, the
mineralisation lies along strike of the Hot Maden deposit and within the same
structural corridor. This is an exciting development, as the area represents
the most technically and operationally complex exploration ever undertaken by
our team and is the subject of further deep drilling for which assay results
will be available in due course.
Meanwhile, our operations in western Turkey continue to advance as planned,
albeit having suffered somewhat from a five-month temporary suspension of
construction activities at the Tavsan Mine following a local court decision.
This delay was unfortunate as our local partnership had to maintain a
construction team on stand-by and incur the associated continuing
administrative costs on the Tavsan mine build. We were appreciative of the
relatively swift resolution in our favour, allowing the team to immediately
recommence construction early post-period end. Supporting all this activity
was our operating Kiziltepe Mine, which continued to perform exceptionally
throughout the period. Recent drilling activities at Kiziltepe and surrounding
prospects remain, with a further round of drilling planned to follow the
results of a new geophysical survey, which has identified several untested
targets in the vicinity of known veins. We are hopeful that additional
mineable ounces will be discovered to enable Kiziltepe to remain operational
as we transition into full-scale operations at Tavsan in the forthcoming year.
Kiziltepe remains an important operational base, with its commercial
laboratory and metallurgical testwork facilities which will continue to
support the activities of Zenit in the years ahead as the partnership
continues to develop its projects in Turkey.
Further afield, our broader exploration activities remain focused on the
discovery of new multi-million-ounce gold and copper projects, among other
project types. Our strategic exploration alliance with Newmont Mining
Corporation is going from strength to strength as activities with Western
Tethyan Resources in Kosovo are accelerating markedly. This has created the
impetus to recommence our own greenfield exploration in eastern Turkey after a
hiatus of over 10 years, a strategy which crystallised following the grant of
our first new exploration licences within an area we have designated "Project
Leopard". In support of this project, we have engaged with technical experts
in the geology and mineral prospectivity of this region through various
academic institutions, including Middle East Technical University and the
Centre for Exploration Targeting at the University of Western Australia, who
are assisting with the generation of target areas for follow-up regional
exploration through the application of some innovative ideas and techniques.
It is particularly interesting to note the development of BHP Xplor, a project
accelerator fund, established by the world's leading mining company, to
diversify its interests across commodities and jurisdictions with a particular
focus on discovery-stage opportunities. This development is a response to the
conundrum of ever-increasing demand for commodities, particularly those that
support the growth of renewable energy technologies, set against the dearth of
exploration success over the last few decades. As ever, Ariana has shown
itself to be ahead of the curve, having established its own accelerator fund,
in the form of Asgard Metals, a year ahead of this much-needed initiative by
BHP. Our activities in this area have been undertaken in the background
compared to our other projects, but significant effort has been placed into
this division of the business, largely going underneath the radar. The team
is currently working on a potential project which has the capacity to become a
significant opportunity for the Company, for which details will be provided as
soon as we are able.
We look forward to providing Company updates for the second half of the
financial year, as we continue to operate an exciting pipeline of projects in
gold and copper within Southeast Europe and as we look to grow our portfolio
further afield."
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").
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2023
Note 6 months to 6 months to 12 months to
30 June 2023 30 June 31 December 2022
£'000 2022 £'000
£`000
Administrative costs (net of exchange gains) (3) (666) 611 (555)
General exploration expenditure (124) (57) (181)
Operating profit/(loss) (790) 554 (736)
Share of profit of associate accounted for using the equity method (5a) 737 2,500 6,010
Share of loss of associate accounted for using the equity method (5c) (91) (143) (551)
Other gains (3) 379 - -
Other Income 69 - 159
Investment Income 33 26 135
Profit before tax 337 2,937 5,017
Taxation (7) (218) (498) (987)
Profit for the period from continuing operations 119 2,439 4,030
Earnings per share (pence)
Basic (8) 0.01 0.22 0.36
Fully diluted 0.01 0.22 0.36
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations (4,606) (1,875) (3,504)
Other comprehensive (loss)/ for the period (4,606) (1,875) (3,504)
net of income tax
Total comprehensive profit/(loss) for the period (4,487) 564 526
Condensed Consolidated Interim Statement of Financial Position
For the six months ended 30 June 2023
Note As at As at As at
30 June 2023 30 June 31 December 2022
£'000 2022 £'000
£`000
ASSETS
Non-current assets
Trade and other receivables 197 661 414
Financial assets at fair value through profit or loss (9) 825 567 639
Intangible assets 122 140 130
Land, property, plant and equipment 367 491 461
Exploration expenditure (4a) 498 - 199
Earn-in advances (4b) 227 - 87
Investment in associates accounted for using the equity method (5) 13,602 13,111 15,317
Total non-current assets 15,838 14,970 17,247
Current assets
Trade and other receivables (10) 812 984 1,280
Gold bullion (3) 1,761 - -
Cash and cash equivalents 4,464 14,024 9,375
Total current assets 7,037 15,008 10,655
Total assets 22,875 29,978 27,902
EQUITY
Called up share capital (11) 1,147 1,143 1,147
Share premium (11) 2,207 2,157 2,207
Other reserves 720 720 720
Share based payments - 173 -
Translation reserve (16,288) (10,053) (11,682)
Retained earnings 34,785 34,902 34,666
Total equity attributable to equity holders of the parent 22,571 29,042 27,058
Non-controlling interest 30 30 30
Total equity 22,601 29,072 27,088
LIABILITIES
Current liabilities
Trade and other payables 274 906 814
Total liabilities 274 906 814
Total equity and liabilities 22,875 29,978 27,902
Condensed Consolidated Interim Statement of Changes in Equity
For the six months ended 30 June 2023
Share Share Other Share Capital Reduction Trans- Retained Total Non-controlling interest
Capital Premium £`000 Reserves £`000 Based Payments Reserve £`000 Reserve lation Earnings attributable £`000
£`000 £`000 Reserve £`000 to equity
£`000 holder of
parent
£`000 Total
£`000
Balance at 1 January 2022 1,097 305 720 173 7,222 (8,178) 27,160 28,499 30 28,529
Changes in equity to 30 June 2022
Profit for the period - - - - - - 2,439 2,439 - 2,439
Other comprehensive income -
- - - - - (1,875) - (1,875) (1,875)
Total comprehensive income - - - - - (1,875) 2,439 564 -
564
Issue of ordinary shares 46 1,852 - - - - - 1,898 - 1,898
- - - - - - (1,919) (1,919) -
Dividend paid to shareholders (1,919)
Transfer between reserves - - - -- (7,222) - 7,222 - - -
Transactions with owners 46 1,852 - - (7,222) - 5,303 (21) - (21)
Balance at 30 June 2022 1,143 2,157 720 173 - (10,053) 34,902 29,042 30 29,072
Changes in equity to 31 December 2022
Profit for the period - - - - - - 1,591 1,591 -
1,591
- - - - - (1,629) - (1,629) -
Other comprehensive Income (1,629)
Total comprehensive income - - - - - (1,629) 1,591 (38) -
(38)
Issue of ordinary shares 4 50 - - - - - 54 -
54
Dividend paid to shareholders - - - - - - (2,000) (2,000) -
(2,000)
Transfer between reserves - - - (173) - - 173 -
- -
Transactions with owners 4 50 - (173) - - 3,476 (1,946) - (1,946)
Balance at 31 December 2022 1,147 2,207 720 - - (11,682) 34,666 27,058 30 27,088
Changes in equity to 30 June 2023
Profit for the period - - - - - - 119 119 119
-
Other comprehensive income - - - - - (4,606) - (4,606) - (4,606)
- - - - - (4,606) 119 (4,487) (4,487)
Total comprehensive income -
Transactions with owners - - - - - - - - - -
Balance at 30 June 2023 1,147 2,207 720 - - (16,288) 34,785 22,571 30 22,601
Condensed Consolidated Interim Statement of Cash Flows
For the six months ended 30 June 2023
6 months to 6 months to 12 months to
30 June 2023 30 June 2022 31 December 2022
£'000 £'000 £'000
Cash flows from operating activities
Profit for the period 119 2,439 4,030
Adjustments for:
Depreciation of non-current assets 35 46 93
Share of profit in equity accounted associate (737) (2,500) (6,010)
Share of loss in equity accounted associate 91 143 551
Other gains (379) - -
Investment income (33) (26) (135)
Income tax expense 218 498 987
(686) 600 (484)
Movement in working capital
Change in trade and other receivables (820) (657) (361)
Change in trade and other payables (408) (355) 46
Cash (outflow)/inflow from operating activities (1,914) (412) (799)
Taxation paid (234) (1,154) (1,882)
Net cash from operating activities (2,148) (1,566) (2,681)
Cash flows from investing activities
Purchase of gold bullion (1,382) - -
Earn-In Advances (140) - (87)
Purchase of land, property, plant and equipment (66) (314) (333)
Payments for intangible and exploration assets (311) - (199)
Purchase of financial assets at fair value through profit or loss (231) (81) (155)
Loan granted to associate (300) - (500)
Dividend from associate - 348 -
Investment income 33 26 135
Net cash generated/(used) in investing activities (2,397) (21) (1,139)
Cash flows from financing activities
Issue of share capital - 1,898 1,952
Payment of shareholder dividend (excluding uncashed) - (2,037) (4,022)
Net cash generated from/ (used in) investing activities - (139) (2,070)
Net (decrease)/ increase in cash and cash equivalents (4,545) (1,726) (5,890)
Cash and cash equivalents at beginning of period 9.375 16,389 16,389
Exchange adjustment on cash and cash equivalents (366) (639) (1,124)
Cash and cash equivalents at end of period 4,464 14,024 9,375
Notes to the interim financial statements
For the six months ended 30 June 2023
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 Alternative Investment 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, and technology-metals.
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 2022, 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 2022 were approved by the Board of Directors on 5 June 2023. The
financial information for the periods ended 30 June 2023 and 30 June 2022 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 2022.
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 and other gains
During the period, exchange gains on holding US Dollars are disclosed within
the charge for administrative costs.
Gold bullion acquired during the period is included under current assets at
its market valuation. Any resulting gain or loss on revaluation is recognised
through the profit or loss in the statement of comprehensive income.
4a. Exploration assets
The Group, through its two subsidiary companies hold several exploration
licences in Kosovo and Türkiye.
Expenditure including a proportion of staff costs capitalised during the
period is as follows: -
Deferred exploration expenditure
£`000
Cost or valuation at 1 January and 30 June 2022 -
Additions 199
Cost or valuation at 30 December 2022 199
Additions 311
Exchange movement (12)
Cost or valuation at 30 June 2023 498
4b Earn In advances
The Group's 75% owned subsidiary Western Tethyan Resources Limited ("WTR"),
entered into an Earn-in Agreement with Avrupa Minerals Limited, for the right
to acquire up to an 85% interest in the Slivova Gold Project in Kosovo. The
agreement requires WTR to provide funding and complete a series of exploration
and development milestones, ahead of reaching its agreed ownership target.
Staged payments and development expenditure incurred following inception of
the option to the 30 June 2023 amounted to £227,000.
5. Equity accounted Investments
The Group investments comprise the following:
Associate companies Note 30 June 2023 30 June 2022 31 December 2022
Group Group Group
£'000 £'000 £'000
Associate Interest in Zenit Madencilik San. ve Tic. A.S. ("Zenit") 5a 7,005 6,725 9,330
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 2,458 2,247 1,848
Carrying amount of investment 13,602 13,111 15,317
5 (a). Investment in Zenit
The Group accounts for its associated interest in Zenit using the equity
method. As at 30 June 2023 the Group retained a 23.5% interest in Zenit.
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:
Summary statement of comprehensive income 30 June 2023 30 June 2022 31 December 2022
Group Group Group
£'000 £'000 £'000
Revenue 15,386 22,792 47,489
Cost of sales (12,362) (9,208) (26,244)
Gross Profit 3,024 13,584 21,245
Administrative and other expenses (1,974) (1,346) (555)
Operating profit 1,050 12,238 20,690
Other income 44 30 -
Finance expenses including foreign exchange losses (619) (630) (1,102)
Finance income including foreign exchange gains 3,130 2,005 4,728
Profit for the period before tax 3,605 13,643 24,316
Taxation (467) (3,003) 1,259
Profit for the period 3,138 10,640 25,575
Proportion of Group's profit share 23.5% 23.5% 23.5%
Group's share of profit for the period 737 2,500 6,010
Summary statement of financial position 30 June 2023 30 June 2022 31 December 2022
Group Group Group
£'000 £'000 £'000
Non-current assets (including Kiziltepe Gold Mine) 19,748 19,193 23,935
Current assets 15,727 18,756 24,470
Current liabilities (5,191) (8,784) (8,121)
Non-current liabilities (476) (548) (582)
Equity 29,808 28,617 39,702
Proportion of Group's ownership 23.5% 23.5% 23.5%
Carrying amount of Investment 7,005 6,725 9,330
5 (b). Investment in Pontid
The Group accounts for its associated interest in Pontid using the equity
method. As at 30 June 2023 the Group retained a 23.5% interest in Pontid. This
investment continues to be valued at £4.139m as at 30 June 2023.
5 (c). Investment in Venus
The Group increased its shareholding in Venus Minerals Ltd to 58% from 50%
during May 2023. The Group continues to account for its increased interest
using the equity method. The Group`s share of loss for the period to 30 June
2023 amounted to £91,000.
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:
- Mineral exploration - 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 2023 30 June 2022 31 December 2022
Mining Other reconciling items Group Mining Other reconciling items Group Mining Other reconciling items Group
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Administrative costs (net of exchange gains) - (666) (666) - 611 611 - (555) (555)
General exploration expenditure (124) - (124) (57) - (57) (181) - (181)
Share of profit in associate - Zenit 737 - 737 2,500 - 2,500 6,010 - 6,010
Share of loss in associate - Venus (91) - (91) (143) - (143) (551) - (551)
Investment and other income - 481 481 - 26 26 - 294 294
Profit/(loss) before taxation 522 (185) 337 2300 637 2,937 5,278 (261) 5,017
Taxation (218) - (218) (498) - (498) (987) - (987)
Profit/(loss) after tax 304 (185) 119 1,802 637 2,439 4,291 (261) 4,030
Geographical segments
The Group's mining assets and liabilities are located primarily in Türkiye.
30 June 2023 30 June 2022 31 December 2022
Türkiye United Kingdom Group Türkiye United Kingdom Group United Kingdom Group
£'000 & other territories £'000 & other £'000 Türkiye & other territories £'000
£'000 £'000 territories £`000 £'000
£'000
Carrying amount of segment non-current assets 12,177 3,661 15,838 14,418 2,829 17,247
12,218 2,752 14,970
7. Taxation
The Group had taxable profits for the period and a corporation tax charge is
anticipated during the year to 31 December 2023. The charge reflected in these
interim accounts is based on the following transactions:
30 June 2023 30 June 2022 31 December 2022
Group Group Group
£'000 £'000 £'000
Withholding tax suffered on subsidiary dividends 218 - 323
Taxation on subsidiary profits and exchange gains - 498 664
Tax charge for the period 218 498 987
8. Earnings per share on continuing operations
The calculation of basic profit per share is based on the profit attributable
to ordinary shareholders of £119,000 divided by the weighted average number
of shares in issue during the period, being 1,146,363,330.
9. Financial assets at fair value through profit or loss
Group
2022
£'000
At 1 January 2022 461
Addition 80
Exchange movement 26
At 30 June 2022 567
Addition 75
Exchange movement (3)
At 31 December 2022 639
Addition 231
Exchange movement (45)
At 30 June 2023 825
All the above investments are owned by the Group's wholly-owned subsidiary
Asgard Metals Pty. Ltd. During the period it continued with its investment
strategy by acquiring additional shares in listed and unlisted securities.
10. Trade and other receivables
30 June 2023 30 June 2022 31 December 2022
Group Group Group
£'000 £'000 £'000
Amounts owed by associate interest 472 496 497
Other receivables 140 396 155
Loan to associate interest 100 - 500
Prepayments 100 92 128
812 984 1,280
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
Allotted, issued and fully paid 0.1p shares Number of shares Share Capital £'000 Share Premium Capital Reduction
£'000
£'000
In issue at 1 January 2022 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 1,142,863,320 1,143 2,157 -
Share options exercised 3,500,000 4 50 -
In issue at 31 December & 30 June 2023 1,146,363,330 1,147 2,207 -
At 30 June 2023 the Company had no outstanding options and warrants for the
issue of ordinary shares.
12. Approval of interim financial statements
The interim financial statements were approved by the Board of Directors on 29
September 2023.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407 3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited (Nominated Adviser) Tel: +44 (0) 20 7628 3396
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited (Joint Broker) Tel: +44 (0) 20 7886 2500
John Prior / Hugh Rich / Atholl Tweedie
WHIreland Limited (Joint Broker) Tel: +44 (0) 207 2201666
Harry Ansell / Katy Mitchell / George Krokos
Yellow Jersey PR Limited (Financial PR) Tel: +44 (0) 7983 521 488
Dom Barretto / Shivantha Thambirajah / arianaresources@yellowjerseypr.com (mailto:arianaresources@yellowjerseypr.com)
Bessie Elliot
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 307,000 ounces gold and 1.1
million ounces silver (as at November 2022). 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 Mining Corporation
(www.newmont.com) and is separately earning-in to 85% of the Slivova Gold
Project.
Ariana owns 58% 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.
Panmure Gordon (UK) Limited and WH Ireland Limited are 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 (http://www.arianaresources.com) .
Ends
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