REG - Ariana Resources PLC - Quarterly Activities Report 31 March 2026
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RNS Number : 5606C Ariana Resources PLC 30 April 2026
30 April 2026
AIM: AAU
ASX: AA2
Quarterly Activities Report For the Quarter Ended 31 March 2026
Ariana Resources plc (AIM: AAU, ASX: AA2, "Ariana" or the "Company"), the
mineral exploration and development company with gold project interests in
Africa and Europe, is pleased to report on the activities for the three months
ending 31 March 2026 ("the Period").
Highlights:
o 31-hole reverse-circulation ("RC") drilling programme completed for
5,659m, targeting resource expansion at the Dokwe Gold Project.
o Key intercepts from the programme included:
§ 4m @ 16.90 g/t Au from 69m (DRC25)
§ 10m @ 7.67 g/t Au from 110m (DRC23)
§ 10m @ 4.91 g/t Au from 156m (DRC22)
o Assay results from the remaining drill holes are pending, with assays
expected to be announced imminently.
o Diamond drilling programme underway at Dokwe, focusing on Dokwe Central,
for geotechnical purposes.
o Preparations underway for the metallurgical sampling and testwork
programme being undertaken as part of the Xinhai Strategic Investment to
progress the Definitive Feasibility Study.
o Resource and exploration RC drilling programme continued at the Tavşan
Gold Mine in Türkiye, with results reported during the period from the Main
and South zones.
o 4,533 ounces of gold and 10,305 ounces of silver were produced from the
Zenit Mining Operations in Türkiye, with heap-leach operations at Tavşan
Gold Mine remaining in ramp-up.
o Settlement of the outstanding loan balance due under the RiverFort
Facility Agreement.
o General meeting approval obtained for the issue of CDIs and CDI Options to
Hongkong Xinhai Mining Services Ltd as part of the A$8 million equity funding,
and for the provision of technical services up to A$3 million in value at the
Dokwe Gold project in Zimbabwe.
Dr Kerim Sener, Managing Director, commented:
"The past quarter has marked a period of consolidation of our focused strategy
to deliver on the Dokwe Gold Project in Zimbabwe. Our RC drilling programme
was not only extended during the period but also continued to provide
compelling results, particularly along the strike extension of Dokwe North
towards the north-east. We are confident that this will lead to further oxide
mineralisation being defined in due course.
"Meanwhile, work progressed on the Dokwe Feasibility Study, including a
Pre-Feasibility Study update following work completed last year on revised
optimisations and economic inputs. We are expecting to announce the results of
the updated PFS in the coming weeks. Most significantly, we had the
opportunity as a Board to meet with the Xinhai team on site at Dokwe in
February and to visit other processing plants which they have built in
Zimbabwe. These operations were very impressive, and the confidence that this
inspires was further reinforced following a visit to meet with the Xinhai
management and technical team in China during March.
"In Türkiye, mining and processing operations for Zenit Mining Operations
continued primarily at Tavşan during the period. Ramp-up of the heap-leach
operation has been progressing very well, and the mine recorded gold and
silver production results in line with expectations. Tavşan remains on track
to deliver most of the gold and silver production during the year, with
approximately 75% of the gold having been derived from this mine in the period
from total production of 4,533 ounces."
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 (see Table 1) with a robust grade profile
and hosts significant exploration upside across the broader licence area.
RC Drilling Programme
During the quarter, the Company completed a reverse circulation drilling
programme of 5,659 metres across 31 holes.
The programme commenced in November 2025 and was originally planned as a
26-hole 4,000m RC drilling programme designed to test four target areas within
the Dokwe Gold Project. On 12 December 2025, Ariana announced an update on the
programme and outlined several geological interpretations of holes drilled
within the Dokwe Central area.
The results from drillholes DRC19 to DRC25 were announced on AIM on 11 March
2026
(https://www.londonstockexchange.com/news-article/AAU/high-grade-intercepts-identified-at-dokwe-north/17496973)
.
Key intercepts included the following:
· 23m @ 1.69g/t Au from 84m (DRC19)
· 3m @ 6.65g/t Au from 92m (DRC20)
· 3m @ 9.27g/t Au from 63m, 4m @ 11.00g/t Au from 113m and 10m @ 4.91g/t
Au from 156m (DRC22)
· 10m @ 7.67g/t Au from 110m and 16m @ 3.70g/t Au from 147m (DRC23)
· 7m @ 1.29g/t Au from 95m (DRC24)
· 4m @ 16.90g/t Au from 69m (DRC25)
These high-grade intercepts confirm continuity within and beyond the principal
shear zone at Dokwe North and potential for near-surface oxide resource
growth, up to 150 metres beyond the current resource envelope to the
north-east.
The intercept from 69m in DRC25 (4m @ 16.90g/t Au from 69m) represents one of
the highest-grade RC intersections drilled during the 2025-2026 programme and
occurs within the Inferred part of the current resource model.
The mineralisation geometry remains consistent with a NE-SW trending
shear-hosted gold system, characterised by strong structural control, intense
foliation and mylonitisation. Occasional visible gold has been documented in
association with quartz veins and sulphide micro-fractures.
Assay results from the other drill holes are pending, with assays expected to
be announced imminently.
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)
, 23 December 2025
(https://www.londonstockexchange.com/news-article/AAU/initial-drilling-results-dokwe-gold-project/17385851)
and 11 March 2026
(https://www.londonstockexchange.com/news-article/AAU/high-grade-intercepts-identified-at-dokwe-north/17496973)
.
Figure 1: Summary map showing locations of all RC drill holes completed in the
2025-2026 programme. High-grade outline (in red) of the block model is shown.
Diamond Drilling Programme
Following these positive results from the RC Drilling Programme, the Company
has commenced a targeted diamond drilling programme at Dokwe in the same area
to:
o Confirm structural interpretations
o Test depth extension of mineralisation
o Conduct further step-out drilling to define potential strike extensions
o Assess opportunities to expand and upgrade the existing Mineral Resource
o Further review and revise optimisation parameters
This latest programme aims to confirm the structural interpretation, test
further extensions of the system and support future resource growth at Dokwe.
At the completion of this programme, the Company plans to undertake a review
of the existing mineral resource estimates in the second half of 2026.
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 Q1 2026, Zenit produced and sold 4,533 ounces of gold and 10,305 ounces of
silver for US$23.5 million in revenue from its combined Tavşan and Kiziltepe
operations, the latter of which remained in ramp-up during the period.
Quarterly revenue continues at record levels, as a result of the higher gold
price environment, and Tavşan remains on track for completion of ramp-up
during Q2 2026. Average production costs for the Zenit combined operations
were US$1,696/oz for 2025.
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 associated Mineral Reserve,
underpinning an expected total eight-year mine life (see Tables 2 and 3).
Tavşan has been operational since early 2024.
Drilling Programme
A resource and exploration diamond drilling programme is ongoing, having
completed 15,692m for 316 holes by the end of Q1 2026, of a drilling programme
originally planned for 15,000m, which was subsequently extended during the
period to test additional targets and potential resource extensions in the
vicinity of the planned open-pits. This drilling programme remains ongoing and
is expected to conclude during Q2 2026 at c.17,500m.
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 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 drilling programme
at Tavşan and is currently expected in Q2 2026.
For further information, please refer to the AIM announcement on 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
Run of Mine ore being stockpiled at the Tavşan Mine site, in preparation for
the commencement of heap-leaching operations. Trucking operations of
high-grade ore were continued to the Kiziltepe CIL processing plant through Q1
2026 to benefit from the higher gold recovery inherent to the CIL plant.
The heap-leach processing of Run of Mine ore commenced at the Tavşan mine
site in October 2025 following the receipt of the final permitting for
commercial operations. During Q1 2026, 3,408 ounces of gold and 5,908 ounces
of silver, as doré, had been produced on-site at the Tavşan Mine.
Zenit spent two years mining and stockpiling Run of Mine ore at Tavşan from
2024 through 2025; the operation remains on schedule for its ramp-up to
commercial operation through Q2 2026. The heap-leach pad is currently loaded
with c.250,000 tonnes of ore, with a further c.750,000 tonnes of stockpiled
ore scheduled 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)
.
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. Preparations also continued for the development of 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.
Salinbaş Gold-Silver Project
The Salinbaş Gold-Silver Project is in north-eastern Türkiye and comprises
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 that commenced in late 2021 is currently
paused, with a restart expected in due course. The Company continues to
maintain the tenements in good standing.
South-east European Projects
The Company has several projects in Cyprus through its 61% interest in Venus
Minerals Limited ("Venus"). 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.
Corporate
General Meeting Approval of Xinhai Securities Issues
The Company announced on 22 December 2025 that it had entered into a binding
Definitive Agreement with Hongkong Xinhai Mining Services Ltd ("Xinhai"). The
Company, on receipt of the subscription amount of A$8 million subsequently
issued 26,666,667 Tranche 1 CDI's to Xinhai on December 30, 2025.
A general meeting of shareholders was held in London on 25 February 2026 where
the Company received approval to:
§ Ratify the prior issue of 26,666,667 Tranche 1 CDIs to Xinhai;
§ Issue 13,333,333 Tranche 1 CDI Options to Xinhai;
§ Issue 3,333,333 CDIs and 1,666,667 CDI Options to Xinhai upon the
completion of the Tranche 2 work; and
§ Issue up to 6,666,667 CDIs and 3,333,333 CDI Options to Xinhai upon the
completion of the Tranche 3 work.
Settlement of RiverFort Debt Facility Loan Balances
The Company announced on 4 February 2026
(https://www.londonstockexchange.com/news-article/AAU/settlement-of-outstanding-debt-to-riverfort-tvr/17445123)
that it had received a Conversion Notice from RiverFort Global Opportunities
PCC Limited ("RiverFort") to discharge all outstanding loan balances due under
the Facility Agreement with RiverFort.
The Conversion Notice provided for the settlement of the outstanding loan
balance of US$782,575.08 through the issue of 40,435,311 ordinary shares in
accordance with the loan terms and pricing under the Facility Agreement. The
shares were subsequently issued in the UK on 5 February 2026.
The Company, however, retains access to the remaining undrawn US$3 million of
the original US$5 million under the Facility Agreement, should it require
additional loan financing during the next 3 years as it continues to advance
the Dokwe Gold Project in Zimbabwe.
Board and Management Changes
Chief Financial Officer: The Company announced on 31 March 2026
(https://www.londonstockexchange.com/news-article/AAU/appointment-of-chief-financial-officer/17528229)
the appointment of Mr Simon Acomb as Chief Financial Officer ("CFO"). Simon is
a Chartered Accountant and qualified Governance Professional with over 11
years' experience in the areas of accounting, external audit and corporate
governance.
Mr William Payne, who previously held the position of CFO, will continue in
his position as Non-Executive Director.
Non-Executive Chairman: In the post Period, the Company announced on 14 April
2026
(https://www.londonstockexchange.com/news-article/AAU/appointment-of-new-non-executive-chairman/17544770)
the appointment of Mr Michael Atkins as Non-Executive Chairman.
Mr Michael de Villiers has stepped down as Non-Executive Chairman and taken on
the role of Non-Executive Deputy Chairman, whilst continuing his duties as
Company Secretary.
Listing Rule Disclosures
Exploration Expenditure
In accordance with ASX Listing Rule 5.3.1, the Company spent £620,000 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 March 2026 are set out
in the table overleaf;
(3) There were no new farm-in or farm-out agreements entered 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
(Jan-Mar 2026) (since listing)
$A ('000,000) £ ('000,000)(1) £ ('000,000) £ ('000,000)
Feasibility Study: Dokwe Project 1.0 0.5 0.1 0.1
Drilling Programme: Dokwe Project 2.5 1.2 0.5 1.1
Slivova Gold-Silver Project 0.4 0.2 0.0 0.0
Funding of Western Tethyan Alliance 0.4 0.2 0.0 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 0.0 0.9
Admission
Part repayment of RiverFort Facility in the 12 months following Admission 1.5 0.7 0.1 0.4
Working capital and corporate administration costs 2.0 1.0 0.7 1.9
Expenses of the Public Offer 1.5 0.7 0.0 0.8
TOTAL 11.4 5.5 1.4 5.3
(1) Exchange rate used on date of Pre-Quotation Disclosure announcement on 8
September 2025 A$1: £0.4865.
Since listing, there have been additional corporate administration costs
incurred, largely due to the Xinhai placement, associated capital raising
costs and general meeting expenses.
There are no other material variances in relation to the allocation of funds,
as outlined in the Pre-Quotation Disclosure, requiring further explanation.
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 March 2026, were £317,000 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 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 that relates to Exploration Results at
Tavsan 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
Michael Atkins, Non-Executive Chairman info@arianaresources.com
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 and development 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.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
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. END DRLAKKBNPBKKKQN
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