REG - Ariana Resources PLC - Quarterly Activities Report 31 December 2025
30/01/2026 11:00
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RNS Number : 1181R Ariana Resources PLC 30 January 2026
30 January 2026
AIM: AAU
Quarterly Activities Report for the quarter ended 31 December 2025
Ariana Resources plc (AIM: AAU, ASX: AA2, "Ariana" or the "Company"), the
mineral exploration, development and production company with gold project
interests in Africa and Europe, provides the quarterly activities report for
the quarter ended 31 December 2025.
Highlights:
· Binding Definitive Agreement was signed with Hongkong Xinhai Mining
Services Ltd. ("Xinhai") to provide A$8 million in immediate funding, and up
to a further A$3 million (payable in equity) for a metallurgical sampling and
testwork programme and to progress the Definitive Feasibility Study at the
Dokwe Gold project in Zimbabwe; cash balance of the Company at year end was
c.£5.4 million.
· Initial 26-hole reverse circulation ("RC") drilling campaign for
c.4,000m targeting resource expansion currently underway at Dokwe. Key
intercepts (from DRC9) include:
§ 4m @ 1.98g/t Au from 188m
§ 9m @ 1.33g/t Au from 194m
§ 11m @ 1.37g/t Au from 206m
§ 14m @ 2.17g/t Au from 220m, including 6m @ 4.15g/t Au from 220m
o Heap-leach operations at the Tavşan Gold Mine in Türkiye commenced with
the first doré pour of 13.4kg of gold-silver produced in early December, with
record total revenue from Zenit Mining (Kiziltepe and Tavşan), achieving
US$71.8 million from 19,517 oz gold (plus silver).
· Resource and exploration diamond drilling programme continued at the
Tavşan Gold Mine in Türkiye, with 12,206m completed of an overall c.15,000m
drill programme, with a revised Mineral Resource Estimate expected in Q2 2026.
· 71 holes for 5,345m at the Tavşan North Zone completed. Key
intercepts include:
§ 5.10m @ 7.23g/t Au + 3.61g/t Ag from 76.0m
(TAV-D002-25)
§ 8.50m @ 3.70g/t Au + 2.09g/t Ag from 50.7m
(TAV-D138B-25)
§ 7.30m @ 4.02g/t Au + 4.81g/t Ag from 35.8m
(TAV-D045-25)
including 1.00m @ 21.54g/t Au + 8.31g/t Ag from 41.5m
· 85 holes for 3,887m at the Tavşan Main and South Zones also
completed. Key intercepts include:
§ 15.7m @ 1.51g/t Au + 7.82g/t Ag from surface (TAV-D014-25)
§ 7.4m @ 2.76g/t Au + 3.10g/t Ag from 16.9m
(TAV-D030A-25)
§ 9.7m @ 1.91g/t Au + 3.27g/t Ag from 0.8m
(TAV-D079-25)
· Diamond drilling programme of 31 holes for 2,769m completed at the
Kizilcukur deposit in Türkiye for infill drilling, and to test for potential
extension zones. The best intercepts include:
§ 4.90m @ 4.53g/t Au + 118.3g/t Ag from 24.4m (KCR-D07-25)
§ 3.60m @ 2.89g/t Au + 77.5g/t Ag from 59.3m (KCR-D19-25)
§ 1.90m @ 5.39g/t Au + 70.6g/t Ag from 66.1m (KCR-D21-25)
Dr. Kerim Sener, Managing Director, commented:
"The last quarter has seen tremendous activity for the Company across its
flagship Dokwe Gold Project in Zimbabwe and its other project interests in
Türkiye. Notably, we commenced our RC exploration drilling programme at Dokwe
and continued to receive excellent drilling results from the ongoing diamond
drilling programme at the Tavşan Mine and Kizilcukur Deposit in Türkiye.
"Furthermore, the period marked the commencement of commercial operations at
the Tavşan Mine following the completion of the heap-leach pads and the
loading of the first ore. Recording the first gold-silver pour from the
Tavşan Mine was yet another major milestone achieved for the period and
indeed for what has been an extraordinary year of progress for the Company. In
addition, production revenue from the Kiziltepe and Tavşan mines achieved a
record of US$71.8 million as a result of the increasing gold and silver price
environment.
"The nature and scope of these activities have not gone unnoticed by the
broader market, and during the period, we continued to receive significant
strategic investor interest in the Company and our flagship Dokwe Project
specifically. This ultimately culminated in the completion of our agreement
with the Xinhai Group to help drive the Dokwe Project through to the
completion of its Definitive Feasibility Study, scheduled for later this year.
The speed and efficiency with which we completed this deal bodes well for our
ongoing relationship with Xinhai and the delivery of further project
milestones."
Dokwe Gold Project, Zimbabwe
The Company holds a 100% interest in the Dokwe Project, which represents one
of the most significant gold projects in Zimbabwe and is Ariana's flagship
growth project. The project hosts a substantial in-pit JORC-compliant mineral
resource estimate of 1.4Moz of gold (Table 1) with a robust grade profile and
hosts significant exploration upside across the broader licence area.
Soil Sampling Programme
In early October, the Company completed a soil geochemical programme
comprising a total of 10,086 soil samples. The samples had been collected for
multi-element portable XRF ("pXRF") on a 50m by 100m grid across the entire
project area, totalling 44km(2), and of these, a selection was analysed for
gold using detectORE(TM). This work, in addition to an extensive assessment
and re-processing of the previous geological, geophysical and geochemical
data, has resulted in a much-improved understanding of the distribution of
gold mineralisation at Dokwe North and Central.
A review of the samples has led to several new target areas being defined or
known target areas further refined. An RC drilling programme has been planned
to test some of the highest priority targets. These include near-mine
extensional targets and several regional exploration targets.
For further information, please see the AIM announcement on 23 October 2025
(https://www.londonstockexchange.com/news-article/AAU/significant-dokwe-exploration-update/17291506)
and an addendum on the ASX on 27 October 2025
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03013920-6A1293048&v=undefined)
.
Drilling Programme
During the quarter, the Company commenced the first phase of an overall
c.11,000m drilling programme planned across Dokwe North and Dokwe Central and
their extensions.
Four initial target areas are being tested in an initial 26-hole, c.4,000m RC
drilling campaign designed to identify potential areas for future resource
expansion (Figure 1). These four targets comprise:
§ Dokwe Northeast extension target - where the soil sampling programme had
identified a coincident gold and arsenic anomaly to the north east of the
Dokwe deposit.
§ Dokwe Central Western extension target - where a reinterpretation of
historical drilling indicates that the Central Shear Zone and the
mineralisation appear to have been faulted southwards at the western end of
the resource.
§ Sinkwe Prospect - located approximately 750m eastwards from Dokwe Central
along the Central Shear Zone, where a historical drill hole, DPD4, intercepted
7.3m @ 6.63g/t (mailto:7m@7.63g/t) Au from 32.2m depth.
§ Siduli Pan Prospect - located approximately ~2.5km southeast of Dokwe
Central, where a historical hole, DSD02, intercepted 0.5m @ 81.09g/t Au from
243m depth.
Figure 1: Summary map showing locations of all RC drill holes completed to
date and the additional drilling positions expected to be utilised as the
programme continues
By the year-end camp closure, the Company had completed 3,317 metres of RC
drilling across 18 holes.
The results from drill hole DRC9 were prioritised in the laboratory, with the
results of the other holes still pending as of year-end. DRC9 was drilled
southwards through the Dokwe Central Resource, testing for continuity of
mineralisation between the North Zone and the South Zone (Figure 2), and now
confirms the South Zone remains open further to the south.
The key intercepts from DRC9 were:
o 4m @ 1.98g/t Au from 188m
o 9m @ 1.33g/t Au from 194m
o 11m @ 1.37g/t Au from 206m
o 14m @ 2.17g/t Au from 220m, including 6m @ 4.15g/t Au from 220m
Figure 2: Plan view of the Dokwe Central deposit, highlighting the faulted
offset of the geology. The drilling target areas occur along the southern
continuation of the South Zone on the east side of the fault, and the
displaced geology on the west side (Note: 'py' refers to pyrite)
The scale and grade of the intercepts from the first hole drilled beyond the
current resource in this area provide encouragement that the resource can be
increased, and Ariana looks forward to following up on these results in early
2026.
For further information, please see the AIM announcements on 23 October 2025
(https://www.londonstockexchange.com/news-article/AAU/significant-dokwe-exploration-update/17291506)
, 4 November 2025
(https://www.londonstockexchange.com/news-article/AAU/exploration-drilling-commences-at-1moz-dokwe/17309387)
, 12 December 2025
(https://www.londonstockexchange.com/news-article/AAU/dokwe-drilling-update/17370569)
and 23 December 2025
(https://www.londonstockexchange.com/news-article/AAU/initial-drilling-results-dokwe-gold-project/17385851)
, as well as the addendum on the ASX on 27 October 2025
(https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-03013920-6A1293048&v=undefined)
.
Türkiye Projects
Ariana has a 23.5% interest in the Kiziltepe Gold-Silver Mine, the Tavşan
Gold Mine and the Salinbaş-Ardala Project located in Türkiye through its
holding in Zenit Mining Operations ("Zenit"). Ariana's partners, Proccea
Construction Co. (23.5%), manage the operations, with the remaining 53% held
by Özaltin Holding A.Ş.
In Q4 2025, Zenit had produced and sold 6,560 ounces of gold and 20,205 ounces
of silver for US$28.2 million in revenue from its combined Kiziltepe and
Tavşan operations. Revenue for the year reached a record (US$71.8 million),
as a result of the higher gold price environment from production, which
achieved 19,517 ounces of gold and 70,673 ounces of silver for 2025. This
production represents the upper end of the range provided in Q4 2025.
Kiziltepe Gold-Silver Mine
The Kiziltepe Gold-Silver Mine commenced operations in 2017 and has delivered
multiple years of profitable production from its CIL plant, including the
payment of dividends to its shareholders from 2018 through to early 2021.
Since then, cash flow from the mine has largely funded the development of a
second operation for Zenit at the Tavşan Gold Mine. Operations at Kiziltepe
continued with the processing of both Kiziltepe and Tavşan ore throughout the
period.
During the quarter, the Company completed a diamond drilling ("DD") programme
at the Kizilcukur Deposit, located 22km northeast of the Kiziltepe mine.
Kizilcukur is being advanced towards providing satellite ore feed to the
producing Kiziltepe Gold-Silver Mine.
The DD programme at Kizilcukur comprised 31 drill holes for a total of 2,769
metres and was primarily designed to provide step-out drilling along the
north-western and south-eastern extents of the existing resource areas, and to
test identified potential extension zones.
The best intercepts from the programme were:
o 4.90m @ 4.53g/t Au + 118.3g/t Ag from 24.4m (KCR-D07-25)
o 3.60m @ 2.89g/t Au + 77.5g/t Ag from 59.3m (KCR-D19-25)
o 1.90m @ 5.39g/t Au + 70.6g/t Ag from 66.1m (KCR-D21-25)
For further information, please see the AIM announcement on 27 November 2025
(https://www.londonstockexchange.com/news-article/AAU/kizilcukur-drilling-identifies-potential-extension/17346662)
.
Tavşan Gold Mine
The Tavşan Gold Mine contains a JORC 2012 Mineral Resource of 311,000 ounces
of gold and 1.1 million ounces of silver and an associated Mineral Reserve,
underpinning a potential eight-year total mine life (Tables 2 and 3).
Drilling Programme
A resource and exploration diamond drilling programme is ongoing, having
completed 12,206m for 207 holes by the end of Q4 2025, of an up to 15,000m
programme and testing the potential for increases in the life of mine.
The programme includes infill holes to aid mine planning but also drilling
around the periphery of the currently defined resources, with mineralisation
now confirmed to extend beyond the current resource outlines, both at depth
and along strike.
During the quarter, the Company released the assay results for the 71-hole
drilling programme at the Tavşan North Zone. The results from this 5,345m
programme included the following best intercepts:
o 5.10m @ 7.23g/t Au + 3.61g/t Ag from 76.0m (TAV-D002-25)
o 8.50m @ 3.70g/t Au + 2.09g/t Ag from 50.7m (TAV-D138B-25)
o 7.30m @ 4.02g/t Au + 4.81g/t Ag from 35.8m (TAV-D045-25)
including 1.00m @ 21.54g/t Au + 8.31g/t Ag from 41.5m
The infill drilling in the North Zone has confirmed the continuity of the
high-grade domain, as previously modelled. Gaps in the previous model have
also been drilled and have intercepted mineralisation at the expected depths.
Subsequent to the end of the quarter, the Company released the results of
3,887m of drilling across 85 holes at the Tavşan Main and South Zones. The
results included the following key intercepts:
o 15.7m @ 1.51g/t Au + 7.82g/t Ag from surface (TAV-D014-25)
o 7.4m @ 2.76g/t Au + 3.10g/t Ag from 16.9m (TAV-D030A-25)
o 9.7m @ 1.91g/t Au + 3.27g/t Ag from 0.8m (TAV-D079-25)
The infill drilling in the Main Zone has also confirmed the continuity of the
high-grade domain, as previously modelled, whilst the results from the South
Zone indicate significant potential to extend mineralisation and expand the
resource.
A JORC Resource update will be completed at the end of the 15,000m programme
at Tavşan and is currently expected in Q2 2026.
For further information, please refer to the AIM announcements on 13 November
2025
(https://www.londonstockexchange.com/news-article/AAU/high-grade-gold-in-drilling-results-at-tavsan-mine/17324598)
and 21 January 2026
(https://www.londonstockexchange.com/news-article/AAU/drilling-results-from-main-south-zones-at-tavsan/17422579)
.
Mining Operations
Mining commenced in early 2024 at the Tavşan Main Zone, with high-grade ore
being trucked to the Kiziltepe Mine for processing through the CIL plant and
lower-grade ore being stockpiled at the Tavşan Mine site, in preparation for
the commencement of heap-leaching operations. Trucking operations of
high-grade ore have continued to the Kiziltepe CIL processing plant until Q1
2026 to benefit from the higher gold recovery inherent to the CIL plant.
The heap-leach processing of lower-grade ore commenced at the Tavşan mine
site in early October following the receipt of the final permitting for
commercial operations. In early December, the Company reported that the first
doré pour of 13.4kg of gold-silver had been produced on-site at the Tavşan
Mine.
Zenit has already spent two years mining and stockpiling run-of-mine ore at
Tavşan; the operation is in excellent shape to ramp up to full-scale
operations through the Spring. The heap-leach pad is currently loaded with
c.135,000 tonnes of ore, with a further c.750,000 tonnes of stockpiled ore
being prepared for loading over the next year.
For further information, please see the AIM announcements on 8 October 2025
(https://www.londonstockexchange.com/news-article/AAU/tavsan-mine-is-now-fully-operational/17268026)
and 3 December 2025
(https://www.londonstockexchange.com/news-article/AAU/tavsan-first-pour/17356629)
.
Salinbaş Gold-Silver Project
The Salinbaş Gold-Silver Project is in north-eastern Türkiye, comprising two
primary areas of differing, although related mineralisation, Salinbaş and
Ardala, located across two adjacent licences held by Zenit. A third contiguous
licence, located further to the south, contains the Hizarliyayla Gold
Prospect.
A drilling programme commenced at the Salinbaş gold-silver deposit, the
Ardala Zone and at Hizarliyayla during late 2021 and is currently paused with
a restart expected in due course. On completion of the drilling programme, the
Company expects to revise its Mineral Resource Estimate.
South-east European Projects
The Company has several projects in Cyprus through its 61% interest in Venus
Minerals Limited ("Venus"). The most advanced of these is the Magellan
Project. Magellan represents a cluster of copper-gold-silver-zinc volcanogenic
massive sulphide deposits, with scoping and pit-optimisation studies
previously completed. Outside of this project area, Venus holds various other
tenements, including those at its Mariner Project, which represents a series
of walk-up drill targets with visible copper mineralisation at surface.
During the quarter, Venus continued to maintain its tenements in good standing
through the completion of the appropriate geological work and periodic
reporting to the Mines Service of Cyprus.
The Company has several licence applications in process in Kosovo through its
76% interest in Western Tethyan Resources ("WTR"). WTR in turn owns 51% of the
Slivova Project*, which is a gold-silver deposit located in central Kosovo,
within an underexplored but well-mineralised belt with proven endowment.
Slivova is expecting to advance through further technical studies, with the
project showing strong potential to become a near-term development
opportunity.
The Company also has an Exploration Alliance with Newmont Mining Corporation,
with Newmont having committed US$3.3 million in capital to date to the
exploration programmes of WTR via its investment in Ariana.
* WTR applied for a new exploration licence over the Slivova Project in May
2025, which remains pending with the Independent Commission for Mines and
Minerals in Kosovo. Refer to the Company's replacement prospectus dated 5
August 2025 for further details.
Corporate
Xinhai Funding Agreement
The Company announced on 22 December 2025
(https://www.londonstockexchange.com/news-article/AAU/binding-definitive-agreement-for-xinhai-investment/17383586)
that it had entered into a binding Definitive Agreement with Hongkong Xinhai
Mining Services Ltd (part of Shandong Xinhai Mining Technology & Equipment
Inc.) to provide A$8 million in immediate funding and to conduct a
Metallurgical Sampling and Testwork Programme and to progress the Definitive
Feasibility Study ("DFS") at the Dokwe Gold Project in Zimbabwe.
The key terms of the investment are:
§ Xinhai to make an A$8 million equity investment to be completed in Ariana
CDIs at a price of A$0.30 per CDIs ("Tranche 1").
§ Xinhai will also provide technical services in relation to a Metallurgical
Sampling and Testwork Programme for A$1 million ("Tranche 2") and for a DFS at
Dokwe, under the management of Ariana, for up to A$2 million ("Tranche 3") to
be paid in CDIs at the Issue Price.
§ Xinhai to be granted up to 18,333,333 options to acquire CDIs on a 1 option
per 2 CDI issued basis with each option having an exercise price of A$0.50 per
CDI, exercisable until 31 December 2027, as follows:
- upon completion of Tranche 1 of the Investment, 13,333,333 CDI
Options;
- upon completion of Tranche 2 of the Investment, 1,666,667 CDI
Options; and
- upon completion of Tranche 3 of the Investment, up to 3,333,333
CDI Options.
§ Xinhai to nominate one member to the Ariana board on satisfaction of
certain conditions in the Definitive Agreement.
The Company subsequently issued 26,666,667 Tranche 1 CDIs on 30 December 2025
using the available placement capacity under Listing Rule 7.1.
Shareholder approval, however, is required for the issue of the Tranche 2 CDIs
(3,333,333), the Tranche 3 CDIs (6,666,667) and for each of the three tranches
of the CDI Options.
A general meeting of shareholders will be held in London on 25 February 2026.
For further information, please see the AIM announcement on 22 December 2025
(https://www.londonstockexchange.com/news-article/AAU/binding-definitive-agreement-for-xinhai-investment/17383586)
.
Listing Rule Disclosures
Exploration Expenditure
In accordance with ASX Listing Rule 5.3.1, the Company spent £571,000 on
exploration work during the quarter, which largely comprised the drilling
campaign and associated costs at the Dokwe Gold Project, Zimbabwe.
Mining Production and Development Expenditure
In accordance with ASX Listing Rule 5.3.2, there were no substantive mining
production and development activities or expenditure during the quarter. The
Company notes that production and development expenditure incurred by Zenit in
relation to the Türkiye Projects are not included within the Appendix 5B Cash
Flows, as Zenit is not considered to be a subsidiary of the Group.
Tenement Information
In accordance with ASX Listing Rule 5.3.3, the Company advises the following:
(1) During the quarter, there were no tenements acquired or disposed of;
(2) The mining tenements held by the Company as of 31 December 2025 are set
out in the table overleaf;
(3) There were no new farm-in or farm-out agreements entered into during the
quarter; and
(4) The Company held no beneficial percentage interests in farm-in or
farm-out agreements as at the end of the quarter.
Use of Funds
In accordance with ASX Listing Rule 5.3.4, a comparison of the Company's
actual cash expenditure since listing against the "use of funds" statement
outlined in the Pre-Quotation Disclosure is included below:
Allocation of Funds One Year Use of Funds, per Pre-Quotation Disclosure dated 8 September 2025 Current Quarter Expenditure Year to Date Expenditure
(Oct-Dec 2025) (since listing)
$A ('000,000) £ ('000,000)(1) £ ('000,000) £ ('000,000)
Feasibility Study: Dokwe Project 1.0 0.5 0.0 0.0
Drilling Programme: Dokwe Project 2.5 1.2 0.5 0.6
Slivova Gold-Silver Project 0.4 0.2 - -
Funding of Western Tethyan Alliance 0.4 0.2 0.1 0.1
Funding of Venus Minerals 0.2 0.1 0.0 0.0
Part repayment of RiverFort Facility (including reprofiling fee) prior to 1.9 0.9 - 0.9
Admission
Part repayment of RiverFort Facility in the 12 months following Admission 1.5 0.7 0.3 0.3
Working capital and corporate administration costs 2.0 1.0 0.8 1.2
Expenses of the Public Offer 1.5 0.7 0.3 0.8
TOTAL 11.4 5.5 2.0 3.9
(1) Exchange rate used on date of Pre-Quotation Disclosure announcement on 8
September 2025 A$1:£0.4865
During the quarter, there were no material variances requiring explanation,
noting that the Company was listed in September 2025.
Payments to Related Parties
In accordance with ASX Listing Rule 5.3.5, the Company advises that the
payments to related parties of the Company and their associates, as advised in
the Appendix 5B, for the quarter ended 31 December 2025 were £239,000 for
related Directors' fees, accounting and company secretarial related services.
Schedule of Tenements
Country District Company/Holder License Name License ID Type Status Ariana Ownership %
Zimbabwe Bulawayo Canister Resources Dokwe 81 contiguous gold claims Mining Rights Granted 100
Zimbabwe Bulawayo Canister Resources Dokwe 22 copper-base metal claims Mining Rights Granted 100
Kosovo NE Kosovo Western Tethyan Resources Hertica Re-application Exploration Pending 76
Kosovo NE Kosovo Western Tethyan Resources Orllan Application Exploration Pending 76
Kosovo NW Kosovo Western Tethyan Resources Paruci Application Exploration Pending 76
Kosovo North Kosovo Western Tethyan Resources Bistrica Application Exploration Pending 76
Kosovo Central Kosovo Western Tethyan Resources Gjilan Application Exploration Pending 76
Kosovo Central Kosovo Western Tethyan Resources Slivova Re-application Exploration Pending 39
Cyprus North Troodos Venus Minerals New Sha PP4715 Exploration Granted 61
Cyprus North Troodos Venus Minerals Pitharochoma PP4793 Exploration Granted 61
Cyprus North Troodos Venus Minerals Kalo Chorio South PP4846 Exploration Granted 61
Cyprus North Troodos Venus Minerals Kokkinoyia East PP4850 Exploration Granted 61
Cyprus North Troodos Venus Minerals Avdellero PP4704 Exploration Granted 61
Cyprus North Troodos Venus Minerals Ayios Theodoros West PP4851 Exploration Granted 61
Cyprus North Troodos Venus Minerals Ayia Marina PP4784 Exploration Granted 61
Cyprus North Troodos Venus Minerals West Skouriotissa PP4783 Exploration Granted 61
Cyprus North Troodos Venus Minerals Klirou West PP4789 Exploration Granted 61
Cyprus North Troodos Venus Minerals Klimata PP4787 Exploration Granted 61
Cyprus North Troodos Venus Minerals Troulli South PP4786 Exploration Granted 61
Cyprus North Troodos Venus Minerals Klirou PP4794 Exploration Granted 61
Cyprus North Troodos Venus Minerals West Nikitari PP4795 Exploration Granted 61
Cyprus North Troodos Venus Minerals Margi PP4828 Exploration Granted 61
Cyprus North Troodos Venus Minerals Troulli East PP4893 Exploration Granted 61
Cyprus North Troodos Venus Minerals Klirou Far East PP4891 Exploration Granted 61
Cyprus North Troodos Red Metals North Klirou AE4940 Exploration Granted 0 *
Cyprus North Troodos Red Metals Kokkinoyia AE4938 Exploration Granted 0 *
Cyprus North Troodos Red Metals North Alestos AE4939 Exploration Granted 0 *
Turkiye Kutahya Zenit Orencik 12743 Production Granted 23.5
Turkiye Kutahya Zenit Evciler 72400 Production Granted 23.5
Turkiye Kutahya Zenit Kavakli 59770 Production Granted 23.5
Turkiye Kutahya Zenit Simav 70484 Production Granted 23.5
Turkiye Balikesir Zenit Umurlar 44828 Production Granted 23.5
Turkiye Balikesir Zenit Yolcupinar 44830 Production Granted 23.5
Turkiye Balikesir Zenit Coturtepe 20065879 Production Granted 23.5
Turkiye Balikesir Zenit Ivrindi 68474 Production Granted 23.5
Turkiye Balikesir Zenit Kizilcukur 200700970 Production Granted 23.5
Turkiye Bilecik Zenit Bilecik 202001342 Exploration Granted 23.5
Turkiye Artvin Zenit Ardala 65842 Production Granted 23.5
Turkiye Artvin Zenit Salinbas 201300658 Production Granted 23.5
Turkiye Artvin Zenit Hizarliyayla 201300659 Production Granted 23.5
* Access Agreement between Venus Minerals and Red Metals - it is anticipated
that the beneficial interest may match Ariana's 61% ownership of Venus
Minerals if certain future agreements are completed
Table 1 - Dokwe Mineral Resource Estimate
PROJECT CLASSIFICATION TONNAGE GRADE CONTAINED GOLD (oz)
(t)
(g/t Au)
(REPORTING CUT-OFF GRADE 0.3g/t Au)
Dokwe North Measured 17,309,000 1.06 592,000
Indicated 18,562,000 0.90 537,000
Inferred 7,095,000 0.82 187,000
Total 42,966,000 0.95 1,316,000
Dokwe Central Indicated 1,811,000 1.60 93,000
Inferred 120,000 1.69 7,000
Total 1,931,000 1.61 100,000
Total Measured 17,309,000 1.06 592,000
Indicated 20,373,000 0.96 631,000
Inferred 7,214,000 0.83 193,000
TOTAL 44,896,000 0.98 1,416,000
PROJECT CLASSIFICATION TONNAGE GRADE CONTAINED GOLD (oz)
(t)
(g/t Au)
(REPORTING CUT-OFF GRADE 0.6g/t Au)
Dokwe North Measured 10,220,000 1.50 493,000
Indicated 8,260,000 1.50 399,000
Inferred 3,123,000 1.33 134,000
Total 21,604,000 1.48 1,025,000
Dokwe Central Indicated 1,207,000 2.19 85,000
Inferred 98,000 1.98 6,000
Total 1,306,000 2.18 91,000
Total Measured 10,220,000 1.50 493,000
Indicated 9,468,000 1.59 484,000
Inferred 3,222,000 1.35 140,000
TOTAL 22,909,000 1.52 1,116,000
Notes:
1. The Dokwe Mineral Resource Estimate is reported in accordance with the
JORC Code. Reported using cut-offs grades of 0.3g/t Au and 0.6g/t Au As at 4
March 2025
2. Refer to sections 4.8.5 and 4.8.6 of the IGR for further information
regarding the Dokwe Mineral Resource Estimate including information required
by ASX Listing Rule 5.8
3. The Dokwe Mineral Resource Estimate is inclusive of Reserves
Table 2 - Tavşan Mineral Resource Estimate
MINERAL DOMAIN CLASSIFICATION TONNAGE GRADE CONTAINED METAL
(TONNES)
Au (g/t) Ag (g/t) Au (oz) Ag (oz)
High-grade Domain Measured 781,800 2.53 4.32 63,600 108,600
Cut-off: 1.5g/t Au
Indicated 286,700 2.46 5.72 22,700 52,700
Inferred 94,600 2.35 5.74 7,100 17,400
TOTAL 1,163,000 2.50 4.78 93,400 178,700
Low-grade Domain Measured 2,981,600 1.04 4.86 99,900 466,300
Cut-off: 0.5g/t Au
Indicated 2,131,600 1.04 3.89 71,300 266,400
Inferred 1,373,900 1.05 4.37 46,300 192,900
TOTAL 6,487,100 1.04 4.44 217,600 925,700
TOTAL Measured 3,763,300 1.35 4.75 163,500 574,900
Indicated 2,418,300 1.21 4.10 94,000 319,100
Inferred 1,468,500 1.13 4.46 53,400 210,400
TOTAL 7,650,100 1.26 4.49 311,000 1,104,400
Notes:
1. The Tavşan Mineral Resource Estimate is reported in accordance with the
JORC Code. Reported using variable cut-off grades of low domain of 0.5g/t Au
and high domain of 1.5g/t Au
2. The Tavşan Mineral Resource Estimate is reported inclusive of Reserves
3. Refer to sections 5.6.6 and 5.6.7 of the Independent Geologist's Report
(IGR) for further information regarding the Tavşan Mineral Resource Estimate
including the information required by ASX Listing Rule 5.8
Table 3 - Tavşan Ore Reserve Estimate
CATEGORY TONNAGE GRADE CONTAINED METAL
(MT)
Au (g/t) Ag (g/t) Au (oz) Ag (oz)
Proven 2.5 1.46 5.02 116,400 401,100
Probable 2.0 1.32 4.15 84,600 266,200
TOTAL 4.5 1.40 4.63 200,900 667,300
Notes:
1. The Tavşan Ore Reserves are reported in accordance with the JORC Code.
Reported using variable cut-off grades of low domain of 0.5g/t Au and high
domain of 1.5g/t Au
2. Refer to section 5.6.8 of the IGR for further information regarding the
Tavşan Ore Reserves including the information required by ASX Listing Rule
5.9
Compliance Statements
The information in this announcement relating to Mineral Resources and Ore
Reserves has been reported by the Company in accordance with the 2012 Edition
of the 'Australasian Code for Reporting of Exploration results, Mineral
Resources and Ore Reserves' (JORC Code) previously (refer to the Company's
replacement prospectus which was released to the ASX market platform on 8
September 2025 (Prospectus) and is available on the Company website at
http://www.arianaresources.com/ (http://www.arianaresources.com/) ) (Previous
Market Announcement).
The Company confirms that it is not aware of any new information or data that
materially affects the information included in the Previous Market
Announcement and, in the case of estimates of Mineral Resources and Ore
Reserves, that all material assumptions and technical parameters underpinning
the estimates in the Previous Market Announcement continue to apply and have
not materially changed.
The information in this announcement that relates to the Dokwe PFS production
target, or the forecast financial information derived from that production
target was first reported on the ASX in the Previous Market Announcement. The
Company confirms that all the material assumptions underpinning the production
target, and the forecast financial information derived from the production
target, in the Previous Market Announcement continue to apply and have not
materially changed.
Competent Persons Statements
The information in the Investment Overview Section of the prospectus (included
at Section 3), the Company and Projects Overview (included at Section 5), and
the Independent Geologist's Report (included at Annexure A of the prospectus),
which relate to exploration targets, exploration results, mineral resources,
Ore Reserves and forward looking financial information is based on, and fairly
represents, information and supporting documentation prepared by Alfred
Gillman, Ruth Woodcock, Izak van Coller, Hovhannes Hovhannisyan (together, the
JORC Competent People), and Richard John Siddle, Andrew Bamber and Daniel Van
Heerdan (together, the Qualified People). Refer to the Independent Geologist's
Report for further information in relation to the information compiled by each
of the JORC Competent People and the Qualified People, their professional
memberships, their relevant qualifications and experience and their
relationship with the Company.
The information in this announcement relating to Exploration Results at the
Dokwe Gold Project is based on, and fairly represents, information and
supporting documentation prepared by Mr Zack van Coller BSc (Hons). Mr van
Coller is a full-time employee of Ariana Resources plc. Mr van Coller is a
Member of the Australian Institute of Mining and Metallurgy, a Fellow of the
Geological Society London (a Registered Overseas Professional Organisation as
defined in the ASX Listing Rules), and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which has been undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the
JORC Code 2012). Mr van Coller consents to the inclusion in this report of the
matters based on the information compiled by him, in the form and context in
which it appears.
The information in this announcement relating to Exploration Results at the
Dokwe Gold Project is also based on, and fairly represents, information and
supporting documentation prepared by Ms. Ruth Woodcock, Exploration Group
Leader, Ariana Resources plc. Ms. Woodcock is a member of Recognised
Professional Organisations as defined by JORC 2012: a Chartered Geologist
(CGeol, Geological Society of London) and European Geologist (EurGeol,
European Federation of Geologists) and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity upon which she is reporting as a Competent
Person as defined in the 2012 Edition of "The Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves." Ms. Woodcock
consents to the inclusion in this report of the matters based on the
information compiled by her, in the form and context in which it appears.
The information in this announcement relating to Exploration Results at the
Kizilcukur Project is based on, and fairly represents, information and
supporting documentation prepared by Mr Zack van Coller BSc (Hons). Mr van
Coller is a full-time employee of Ariana Resources plc. Mr van Coller is a
Member of the Australian Institute of Mining and Metallurgy, a Fellow of the
Geological Society London (a Registered Overseas Professional Organisation as
defined in the ASX Listing Rules), and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity which has been undertaken to qualify as a
Competent Person as defined in the 2012 Edition of the 'Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the
JORC Code 2012). Mr van Coller consents to the inclusion in this report of the
matters based on the information compiled by him, in the form and context in
which it appears.
The information in this announcement that relates to Exploration Results at
Tavşan is based upon information compiled by Ms. Ruth Woodcock, Exploration
Group Leader, Ariana Resources plc. Ms. Woodcock is a member of Recognised
Professional Organisations as defined by JORC 2012: a Chartered Geologist
(CGeol, Geological Society of London) and European Geologist (EurGeol,
European Federation of Geologists) and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity upon which she is reporting as a Competent
Person as defined in the 2012 Edition of "The Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves." Ms. Woodcock
consents to the inclusion in this report of the matters based on the
information compiled by her, in the form and context in which it appears.
The Company confirms that the form and context in which the Competent Persons'
findings are presented have not been materially modified from the Previous
Market Announcements.
Forward-looking statements and disclaimer
This announcement contains certain "forward-looking statements".
Forward-looking statements can generally be identified by the use of forward
looking words such as "forecast", "likely", "believe", "future", "project",
"opinion", "guidance", "should", "could", "target", "propose", "to be",
"foresee", "aim", "may", "will", "expect", "intend", "plan", "estimate",
"anticipate", "continue", "indicative" and "guidance", and other similar words
and expressions, which may include, without limitation, statements regarding
plans, strategies and objectives of management, anticipated production dates,
expected costs or production outputs for the Company, based on (among other
things) its estimates of future production of the Projects.
To the extent that this document contains forward-looking information
(including forward-looking statements, opinions or estimates), the
forward-looking information is subject to a number of risk factors, including
those generally associated with the gold exploration, mining and production
businesses. Any such forward-looking statement also inherently involves known
and unknown risks, uncertainties and other factors that may cause actual
results, performance and achievements to be materially greater or less than
estimated. These factors may include, but are not limited to, changes in
commodity prices, foreign exchange fluctuations, general economic and share
market conditions, increased costs and demand for production inputs, the
speculative nature of exploration and project development (including the risks
of obtaining necessary licenses and permits and diminishing quantities or
grades of reserves), changes to the regulatory framework within which the
Company operates or may in the future operate, environmental conditions
including extreme weather conditions, geological and geotechnical events, and
environmental issues, and the recruitment and retention of key personnel.
- ENDS -
The Board of Ariana Resources plc has approved this announcement and
authorised its release.
For further information on the Company, please visit the website, or please
contact the following:
Contacts:
Ariana Resources plc Tel: +44 (0) 20 3476 2080
Michael de Villiers, Chairman
Dr. 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
Yellow Jersey PR Limited (UK Financial PR) Tel: +44 (0) 7983 521 488
Dom Barretto / Shivantha Thambirajah arianaresources@yellowjerseypr.com
M&C Partners (Aus Financial PR) Tel: +61 438 227 286
Christina Granger / Ben Henri christina.granger@mcpartners.com.au
Shaw and Partners Limited Tel: +61 (0)2 9238 1268
(Lead Manager - ASX)
Damien Gullone
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 a mineral exploration, development and production company dual
listed on AIM (AIM: AAU) and ASX (ASX: AA2), 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-silver
production in Türkiye and copper-gold-silver exploration and development
projects in Kosovo and Cyprus.
For further information on the vested interests Ariana has, please visit the
Company's website at www.arianaresources.com (http://www.arianaresources.com)
.
Zeus Capital Limited, Fortified Securities and Shaw and Partners Limited are
the brokers to the Company, and Beaumont Cornish Limited is the Company's
Nominated Adviser.
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. END DRLBBLFXQFLEBBB
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