REG - Ariana Resources PLC - Interim Results
30/09/2024 07:00
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RNS Number : 1261G Ariana Resources PLC 30 September 2024
30 September 2024
AIM: AAU
INTERIM RESULTS
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 its unaudited interim results for the six
months ended 30 June 2024.
Financial Highlights:
· Profit after tax of £0.7m (H1 2023: £0.1m) was recorded for the
period, with 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 2024 amounting to £2m (H1 2023: £0.7m).
· During the period, Zenit continued to finance the Tavsan mine
construction from its internal funds and, prior to period-end, entered a US$20
million loan facility with Türkiye Cumhuriyeti Ziraat Bankasi A.S. to
complete the Tavsan mine build prior to year-end 2024.
· Following shareholder approval at a General Meeting on 26 June 2024,
the all-share merger of the Company and Rockover Holdings Limited ("Rockover")
was completed to secure a 100% interest in the Dokwe Gold Project in Zimbabwe.
· Accordingly, exploration assets included in the Statement of
Financial Position have increased to £17.6m (H1 2023: £0.5m), with a
commensurate increase in share capital and share premium, reflecting the
all-share acquisition of Rockover.
Operational Highlights:
· Revised Pre-Feasibility Study ("PFS") financial model on the Reserves
at Dokwe North provide a post-tax NPV(10) of US$160 million and IRR of 41% at
a gold price of US$2,000/oz.
· Ore Reserves (JORC 2012) total 18.3Mt @ 1.36 g/t Au for 795,800 oz
gold at Dokwe North (of which Ariana holds 100%).
· Ore Reserves (JORC 2012) total 5.3Mt @ 1.46 g/t Au + 9.81 g/t Ag for
249,000 oz gold and 1.67Moz of silver at the Kiziltepe and Tavsan mine sites
(of which Ariana owns 23.5%).
· Drilling was extended at the Salinbas project, with several highly
significant results announced from the prior programme within the period,
including the results of a 115-hole drilling programme at Salinbas and a
10-hole drilling programme along with geophysics at the Hizarliyayla prospect.
Strategic Highlights:
· Ariana intends to seek a dual-listing on the Australian Securities
Exchange ("ASX") to promote the opportunity to a broader range of potential
investors; the Company appointed Ord Minnett Limited in Sydney to act as the
Lead Manager for its proposed listing on the ASX, post-period end.
· The Company continued with a broader advisory team as WH Ireland's
capital markets division was bought by Zeus Capital Limited.
Significant Post-Period End Highlights:
· Recent Mineral Resource Estimate ("MRE") and pit optimisations for
the Dokwe Gold Project allow for the examination of an expanded mining
scenario of 75,000 to 100,000 ounces of production over 10 to 15 years as part
of the Definitive Feasibility Study.
· Zenit acquired 100% of the shares of Pontid Madencilik San. ve Tic.
A.S. ("Pontid") through an all-share merger (Pontid owned the Salinbas
Project); this rationalisation has ensured all advanced mines and projects in
Türkiye, specifically Kiziltepe, Tavsan and Salinbas are now held directly
through Zenit with Ariana continuing to hold a 23.5% interest in the projects
through its ongoing 23.5% of the enlarged Zenit.
· 1,390 metres of diamond drilling have been completed at the Western
Tethyan Resources-owned Hertica Project in Kosovo as part of the partnership
with Newmont Mining Corporation. The drilling has identified a new
porphyry-style copper-gold-molybdenum alteration system.
Dr. Kerim Sener, Managing Director, commented:
"Reflecting on the same period a year ago demonstrates just how far Ariana has
progressed in a short period of time. Back then, we alluded to the importance
of our accelerator strategy and that we were looking very seriously at a
"project on a new continent which has the capacity to become a significant
opportunity for the Company". In the space of 12 months, and prior to the
period-end, we secured our target, the 1.8Moz Dokwe Gold Project in Zimbabwe,
through an all-share merger with Rockover. This is down to the dedication and
hard work of our team and the team of Rockover, for which I wish to
congratulate them wholeheartedly.
"As a result, we are witnessing the emergence of Ariana v2.0, representing a
marked upgrade of our previous incarnation. This metamorphosis would not have
been possible without our successful exploration and development over the past
two decades and the experience that comes with the development of operating
mines in emerging jurisdictions. Likewise, our team has now absorbed the
multi-decades of expertise and knowledge base of our new colleagues in
Zimbabwe, most notably Nick Graham and Andrew du Toit, who have joined our
Board of Directors.
"Over the last few years in particular, we have developed an enviable pipeline
of project opportunities for the Company, mostly at relatively advanced stages
of progress and which contain an attributable total of >2.3Moz of gold in
Mineral Resources and c.0.9Moz in Reserves. Our 23.5% interest in Zenit
Madencilik in Türkiye remains an operational cornerstone, with the Kiziltepe
Mine continuing to perform exceptionally well despite its age and the upcoming
Tavsan Mine, which will progressively replace gold production as Kiziltepe is
wound down over the coming years.
"The staging of our mine development pipeline could not have been better
timed, especially considering the marked positive upswing in commodity prices.
Likewise, our acquisition of the Dokwe Gold Project occurred when the
commodities market was outperforming the gold-equities market by a substantial
amount, and which was concluded during a valuation trough. We stand to do
exceptionally well in the coming months and years as gold continues to
strengthen, and we expect the gold equities market to respond accordingly.
"We are planning to list the Company on the Australian Securities Exchange in
the coming months and, over the last several months, a large body of work has
been underway to support this effort. We look forward to engaging with
existing and potential new investors in the Company across a new market that
particularly supports junior and mid-tier gold exploration and development
companies. We remain firmly focused on transforming Ariana into a mid-tier
gold company and now have the asset base and the experience to achieve this
outcome."
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 2024
Note 6 months to 6 months to 12 months to
30 June 2024 30 June 31 December 2023
£'000 Unaudited 2023 £'000
£`000 Unaudited Audited
Administrative costs (net of exchange gains) (3a) (1,263) (666) (1,828)
General exploration expenditure (94) (124) (218)
Operating loss (1,357) (790) (2,046)
Fair value gain and profit on disposal of gold bullion backed bank accounts (3b) 103 379 343
Fair value loss on listed investments through profit or loss (74) - (165)
Share of profit of associate accounted for using the equity method (6a) 2,002 737 2,080
Share of loss of associate accounted for using the equity method (6c) (148) (91) (513)
Other Income 42 69 128
Investment Income 112 33 232
Profit before tax 680 337 59
Taxation (8) (19) (218) (277)
Profit/(loss) for the period from continuing operations 661 119 (218)
Earnings per share (pence)
Basic (9) 0.06 0.01 (0.02)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations (2,185) (4,606) (5,466)
Other comprehensive (loss) for the period (2,185) (4,606) (5,466)
net of income tax
Total comprehensive (loss) for the period (1,524) (4,487) (5,684)
Condensed Consolidated Interim Statement of Financial Position
For the six months ended 30 June 2024
Note As at As at As at
30 June 2024 30 June 31 December
£'000 2023 2023
Unaudited £`000 £'000
Unaudited Audited
ASSETS
Non-current assets
Trade and other receivables 666 197 666
Financial assets at fair value through profit or loss (10) 658 825 883
Intangible assets 102 122 112
Land, property, plant and equipment 281 367 331
Exploration assets (5a) 17,624 498 1,085
Earn-in advances (5b) 508 227 416
Investment in associates accounted for using the equity method (6) 13,837 13,602 13,479
Total non-current assets 33,676 15,838 16,972
Current assets
Trade and other receivables (11) 514 812 854
Gold bullion backed bank accounts 665 1,761 1,590
Cash and cash equivalents 1,227 4,464 2,517
Total current assets 2,406 7,037 4,961
Total assets 36,082 22,875 21,933
EQUITY
Called up share capital (12) 1,834 1,147 1,147
Share premium (12) 16,995 2,207 2,207
Other reserves 720 720 720
Translation reserve (19,333) (16,288) (17,148)
Retained earnings 35,109 34,785 34,448
Total equity attributable to equity holders of the parent 35,325 22,571 21,374
Non-controlling interest 140 30 140
Total equity 35,465 22,601 21,514
LIABILITIES
Current liabilities
Trade and other payables 617 274 419
Total liabilities 617 274 419
Total equity and liabilities 36,082 22,875 21,933
Condensed Consolidated Interim Statement of Changes in Equity
For the six months ended 30 June 2024
Share Capital Share Other Reserves Translation Retained earnings. Total attributable to equity holder of parent Non-controlling Interest Total
£`000 Premium £`000 Reserve £`000 £`000 £`000 £`000
£`000 £`000
Balance at 1 January 2023 1,147 2,207 720 (11,682) 34,666 27,058 30 27,088
Changes in equity to July 2023
Profit for the period - - - - 119 119 - 119
Other comprehensive Income - - - (4,606) - - - (4,606)
Total Comprehensive income - - - (4,606) 119 (4,487) - (4,487)
Balance at 30 June 2023 1,147 2,207 720 (16,288) 34,785 22,571 30 22,601
Changes in equity to December 2023
Loss for the period - - - - (337) (337) - (337)
Other comprehensive income - - - (860) - (860) - (860)
Total comprehensive income - - - (860) (337) (1,197) - (1,197)
Transactions between shareholders - - - - - - 110 110
Transactions with owners - - - - - - 110 110
Balance at 31 December 2023 1,147 2,207 720 (17,148) 34,448 21,374 140 21,514
Changes in equity to June 2024
Profit for the period - - - - 661 661 - 661
Other comprehensive income - - - (2,185) - (2,185) - (2,185)
Total comprehensive income - - - (2,185) 661 (1,524) - (1,524)
Issue of ordinary shares 687 14,788 - - - 15,475 - 15,475
Transactions with owners 687 14,788 - - - 15,475 - 15,475
Balance at 30 June 2024 1,834 16,995 720 (19,333) 35,109 35,325 140 35,465
Condensed Consolidated Interim Statement of Cash Flows
For the six months ended 30 June 2024
6 months to 6 months to 12 months to
30 June 2024 30 June 2023 31 December 2023
£'000 £'000 £'000
Unaudited Unaudited Unaudited
Cash flows from operating activities
Profit/(loss) for the period 661 119 (218)
Adjustments for:
Depreciation of non-current assets 54 35 74
Other income paid in shares (37) - -
Share of profit in equity accounted associate (2,002) (737) (2,080)
Share of loss in equity accounted associate 148 91 513
Fair value loss on listed investments 74 - 165
Fair value gain and profit on disposal in gold bullion backed bank accounts (103) (379) (343)
Expenditure settled in shares for non-controlling shareholders - - 60
Investment income (113) (33) (232)
Income tax expense 19 218 277
Movement in working capital (1,299) (686) (1,784)
Change in trade and other receivables 211 (820) (842)
Change in trade and other payables (115) (406) (263)
Cash (outflow)/inflow from operating activities (1,203) (1,914) (2,889)
Taxation paid (57) (234) (256)
Net cash (used in) operating activities (1,260) (2,148) (3,145)
Cash flows from investing activities
Earn-In Advances (92) (140) (330)
Purchase of land, property, plant and equipment (14) (66) (94)
Payments for intangible and exploration assets (640) (311) (896)
Proceeds on disposal and (purchase) of gold bullion 1,027 (1,382) (1,245)
Purchase of associate investment (75) - (200)
Purchase of financial assets at fair value through profit or loss (130) (231) (443)
Loan granted to associate (140) (300) (350)
Investment income 113 33 232
Net cash generated/(used in) investing activities 49 (2,397) (3,326)
Issue of share capital - excluding non-cash issues - - -
Proceeds from non-controlling interest - - 50
Payment of shareholder dividend (excluding uncashed) - - (8)
Net cash (used in) investing activities - - (42)
Net (decrease)/ increase in cash and cash equivalents (1,211) (4,545) (6,429)
Cash and cash equivalents at beginning of period 2,517 9,375 9,375
Exchange adjustment on cash and cash equivalents (79) (366) (429)
Cash and cash equivalents at end of period 1,227 4,464 2,517
Liquid funds available to the Group 6 months to 6 months to 12 months to
30 June 2024 30 June 2023 31 December 2023
£'000 £'000 £'000
Cash and cash equivalents 1,227 4,464 2,517
Gold bullion backed bank accounts held at year end at market value 665 1,761 1,590
Total 1,892 6,225 4,107
Notes to the interim financial statements
For the six months ended 30 June 2024
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, copper 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 2023, 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 2023 were approved by the Board of Directors on 21 June 2024. The
financial information for the periods ended 30 June 2024 and 30 June 2023 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 2023.
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 (a). Administrative costs net of exchange gains
Administrative costs are stated after exchange gains amounting to £112,000
compared to an exchange gain of £712,000 for the prior year. Since the start
of 2024 and with the stabilisation of the Turkish Lira, compared to prior
periods, the Group has experienced a significant reduction in exchange rate
volatility and its associated impact on transactions and balances during the
period.
3 (b).Fair value gain and profit on disposal of gold bullion backed bank accounts.
Gold bullion originally acquired during March 2023 through the Group`s
wholly-owned subsidiary company Galata Madencilik San. ve Tic A.S. is included
at its market valuation at the reporting date. Any resulting gain or loss on
revaluation and disposal are recognised through the profit or loss in the
statement of comprehensive income. This investment is separately shown under
current assets in the financial statements. Whilst the gold bullion-backed
bank accounts are convertible into cash on demand, they do not meet the
definition of cash and cash equivalents under IAS 7 as they are not subject to
an insignificant risk of change in value.
4. Business combination
On the 26 June 2024, the Company completed a merger with Rockover Holdings
Ltd. Based on the merger ratio, the Company issued 687,817,998 new ordinary
shares to acquire the Rockover shares, not already owned by its wholly-owned
subsidiary, Asgard Metals Pty Ltd. The merger enabled the acquisition of 100%
of the Dokwe Gold Project in the Republic of Zimbabwe.
The resulting goodwill arising on the business combination is set out below:-
30 June
2024
£`000
Consideration on business combination
Consideration paid in shares by Company 15,475
Reclassification of interest held by Asgard - pre merger 317
Professional fees and associated costs 327
Total cost of consideration incurred by Group 16,119
Assets and liabilities acquired
Non-current assets acquired
Property, plant and equipment 7
Exploration asset 15,445
Current assets/(liabilities) acquired
Other receivables 17
Cash at bank 169
Other creditors (336)
Total net assets acquired 15,302
Goodwill arising on business combination - capitalised under exploration asset 817
5a. Exploration assets
The Group, through its subsidiary and associate companies and its merger with
Rockover Holdings hold several exploration licences or mining claims in
Zimbabwe, Türkiye, Cyprus and Kosovo.
Expenditure including a proportion of staff costs capitalised during the
period is as follows: -
Deferred Exploration Expenditure Note 30 June
2024
Group
£`000
Cost or valuation at 1 January 2023 199
Additions 311
Exchange movement (12)
Cost or valuation at 30 June 2023 498
Additions 587
Cost or valuation at 31 December 2023 1,085
Additions 312
Acquired through business combination 4 16,262
Exchange movement (35)
Cost or valuation at 30 June 2024 17,624
5b Earn In advances.
The Group's 76.36% (previously 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 2024 amounted to £508,000.
6. Equity accounted Investments
The Group investments comprise the following:
Associate companies Note 30 June 2024 30 June 2023 31 December 2023
Group Group Group
£'000 £'000 £'000
Associate Interest in Zenit Madencilik San. ve Tic. A.S. ("Zenit") 6a 7,386 7,005 7,305
Associate Interest in Pontid Madencilik San. ve Tic. A.S. ("Pontid") 6b 4,139 4,139 4,139
Associate Interest in Venus Minerals Ltd ("Venus") 6c 2,312 2,458 2,035
Carrying amount of investment 13,837 13,602 13,479
6 (a). Investment in Zenit
The Group accounts for its associated interest in Zenit using the equity
method. As at 30 June 2024 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 2024 30 June 2023 31 December 2023
Group Group Group
£'000 £'000 £'000
Revenue 16,214 15,386 31,247
Cost of sales (9,427) (12,362) (21,355)
Gross Profit 6,787 3,024 9,892
Administrative, general exploration and other expenditure (3,315) (1,974) (2,265)
Operating profit 3,472 1,050 7,627
Other income 36 44 -
Finance expenses including foreign exchange losses (430) (619) (944)
Finance income including foreign exchange gains 1,136 3,130 6,629
Profit for the period before tax 4,214 3,605 13,312
Taxation credit/(charge) 4,309 (467) (4,459)
Profit for the period 8,523 3,138 8,853
Proportion of Group's profit share 23.5% 23.5% 23.5%
Group's share of profit for the period 2,002 737 2,080
Summary statement of financial position 30 June 2024 30 June 2023 31 December 2023
Group Group Group
£'000 £'000 £'000
Non-current assets (including Kiziltepe Gold Mine and Tavsan Mine in 29,874 19,748 23,145
construction)
Current assets including cash and cash equivalents 26,220 15,727 16,963
Current liabilities (including proportion of bank loan) (12,592) (5,191) (8,606)
Non-current liabilities (including bank loan) (12,070) (476) (417)
Equity 31,432 29,808 31,085
Proportion of Group's ownership 23.5% 23.5% 23.5%
Carrying amount of Investment 7,386 7,005 7,305
6 (b). Investment in Pontid
The Group accounts for its associated interest in Pontid using the equity
method. As at 30 June 2024 the Group retained a 23.5% interest in Pontid. This
investment continues to be valued at £4.139m as at 30 June 2024.
6 (c). Investment in Venus
The Group increased its shareholding in Venus Minerals Ltd to 61% from 58%
during January 2024 at a cost of £425,000. The Ariana Board recognises that
this additional support is solely to assist with the short term funding of
Venus and has no direct impact on its operational control. On this basis, the
Ariana Board believes it appropriate to continue to use the equity method of
accounting for its investment in Venus. The Group`s share of loss for the
period to 30 June 2024 amounted to £148,000.
7. 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 2024 30 June 2023 31 December 2023
Mineral exploration Other reconciling items Group Mineral exploration Other reconciling items Group Mineral exploration Other reconciling items Group
£`000 £`000 £`000 £`000 £`000 £`000 £`000 £`000 £`000
Administrative costs (net of exchange gains) - (1,263) (1,263) - (666) (666) - (1,828) (1,828)
General and specific exploration expenditure (94) - (94) (124) - (124) (218) - (218)
Fair value gain and profit on disposal of gold bullion backed bank accounts 103 - 103 379 - 379 343 - 343
Fair value adjustments on listed investments (74) (74) - - - - (165) (165)
Share of profit in associate - Zenit 2,002 - 2,002 737 - 737 2,080 - 2,080
Share of loss in associate - Venus (148) - (148) (91) - (91) (513) - (513)
Investment and other income - 154 154 - 102 102 - 360 360
Profit/(loss) before taxation 1,863 (1,183) 680 901 (564) 337 1,692 (1,633) 59
Taxation (19) - (19) (218) - (218) (277) - (277)
Profit/(loss) after tax 1,844 (1,183) 661 683 (564) 119 1,415 (1,633) (218)
Geographical segments
The Group's mineral assets and liabilities are located primarily in Zimbabwe
and Türkiye.
30 June 2024 30 June 2023 31 December 2023
Zimbabwe & Türkiye United Kingdom Group Türkiye United Kingdom Group United Kingdom Group
£'000 & other territories £'000 £'000 & other £'000 Türkiye & other territories £'000
£'000 territories £`000 £'000
£'000
Carrying amount of segment non-current assets 30,753 2,923 33,676 13,549 3,423 16,972
12,177 3,661 15,838
8. Taxation
The Group had taxable profits for the period and a corporation tax charge is
anticipated during the year to 31 December 2024.
The charge reflected in these interim accounts is based on the following
transactions:
30 June 2024 30 June 2023 31 December 2023
Group Group Group
£'000 £'000 £'000
Withholding tax suffered on subsidiary dividends 19 218 218
Taxation on subsidiary profits and exchange gains - - 59
Tax charge for the period 19 218 277
9. Earnings per share on continuing operations
The calculation of basic profit per share is based on the profit
attributable to ordinary shareholders of £661,000 divided by the
weighted average number of shares in issue during the period, being
1,161,563,728.
10. Financial assets at fair value through profit or loss
Group
2024
£'000
At 1 January 2023 639
Additions 231
Exchange movement (45)
At 30 June 2023 825
Additions 212
Fair value adjustment (165)
Exchange movement 11
At 31 December 2023 883
Additions 195
Fair value adjustment (74)
Reclassification to cost of investment following business combination (316)
Exchange movement (30)
At 30 June 2024 658
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.
11. Trade and other receivables
30 June 2024 30 June 2023 31 December 2023
Group Group Group
£'000 £'000 £'000
Amounts owed by associate interest - 472 -
Other receivables 257 140 370
Loan to associate interest 140 100 350
Prepayments 117 100 134
514 812 854
The fair value of trade and other receivables is not materially different to
the carrying values presented.
12. Called up share capital and share premium
Allotted, issued and fully paid 0.1p shares Number of shares Share Capital Share Premium
£'000 £`000
In issue at 1 January & 31 December 2023 1,146,363,330 1,147 2,207
Issue of merger shares 687,817,998 687 14,788
In issue at 30 June 2024 1,834,180,328 1,834 16,995
At 30 June 2024 the Company had no outstanding options and warrants for the
issue of ordinary shares.
13. Approval of interim financial statements
The interim financial statements were approved by the Board of Directors on 27
September 2024.
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
Ord Minnett Limited (Lead Manager - Australia) Tel: +61 2 8916 0124
Damien Gullone / Robbie Dowling / Joe Hansen
Panmure Liberum (Joint Broker) Tel: +44 (0) 20 7886 2500
Kieron Hodgson / Atholl Tweedie / Rauf Munir
Zeus Capital Limited (Joint Broker) Tel: +44 (0) 203 829 5000
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
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.
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 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 JORC Measured, Indicated and Inferred Resource of over 1.83 million
ounces of gold (as at June 2024) 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 Mine and the Tavsan and Salinbas projects.
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 Mining Corporation
(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 assets in Cyprus
which contain 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 2% holding of Panther Metals Limited
(ASX: PNT).
Panmure Liberum Limited and Zeus Capital 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.
Ends.
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