REG - Ariana Resources PLC - Quarterly Activities Report
Yesterday 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251031:nRSe5620Fa&default-theme=true
RNS Number : 5620F Ariana Resources PLC 31 October 2025
31 October 2025
AIM: AAU
ASX: AA2
Quarterly Activities Report for the quarter ended 30 September 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, is pleased to announce the quarterly
activities report for the period ended 30 September 2025.
Highlights:
o Major new soil geochemical programme undertaken at the >1Moz Dokwe Gold
Project in Zimbabwe identified several areas for imminent drill-testing.
o Preparations completed for a 26-hole RC drilling campaign to test four
initial areas, targeting an expansion of the resource; post period-end the RC
rig had arrived on site.
o Tavsan Gold Mine in Türkiye was commissioned during the quarter with ore
loading commencing on the heap-leach pad shortly after the end of the period;
irrigation of the pad has recently commenced.
o Successful completion of dual-listing on the ASX with trading of CDIs
commencing on 10 September 2025.
o Dual-listing raised A$11 million through an IPO with funds to be used
primarily to advance the development of the Dokwe Gold Project.
Dr. Kerim Sener, Managing Director of Ariana Resources, commented:
"This has been a transformative quarter for the Company, following the
completion of its ASX dual-listing shortly before the end of the period. We
are very pleased to welcome a new cohort of institutional and other
shareholders to the Company and look forward to building the future with them.
Most importantly, despite our recent focus on corporate activities, we did not
skip a beat with our exploration programmes during the quarter, particularly
at the Dokwe Project.
"In particular, a major new soil geochemical programme and other geological
work continued through the period and, as a result, we have now identified a
number of new drilling targets for testing in our RC drilling programme. A
high-capacity RC drilling rig, mobilised from South Africa, has now arrived on
site and the team is fully deployed to execute this work efficiently over the
course of the next few months.
"In addition to the activities in Zimbabwe, our gold-producing operations in
Türkiye continued to go from strength to strength. Our Tavsan heap-leach
project was undergoing its final commissioning through the period, while
gold-silver production continued via the Kiziltepe CIL processing plant.
Tavsan reached operational status and then entered a final permitting phase,
which concluded shortly post-period end, before the first ore was loaded onto
the heap-leach pad ready for irrigation to commence."
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.
Post-period end, a total of 10,086 soil 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) (Figure 1). This work, in addition to an extensive
assessment and re-processing of previous geological, geophysical and
geochemical data, resulted in a much-improved understanding of the
distribution of gold mineralisation at Dokwe North and Central. During the
quarter, a significant 500m long gold-in-soil anomaly, identified 125m along
strike of the planned Dokwe North pit rim, had been determined from the
initial detectORE(TM) analyses. This anomaly is deemed to be geochemically
significant, with a near coincident and partially overlapping gold and arsenic
signature almost identical to that seen above the Dokwe North mineralisation.
Preparations were underway through the quarter for the first phase of a
c.11,000m drilling programme planned across Dokwe North and Dokwe Central and
their extensions. Four initial targets are to be tested through a 26-hole
programme, including extensions to the Dokwe North and Central deposits, among
others. Post-period end, all site preparations had been completed and a
Reverse Circulation ("RC") drilling rig had been mobilised from South Africa
to the Project.
For further information, please see the RNS announcement on 15 October 2025;
further to this announcement, the RC drilling rig is being positioned for its
first hole at the Dokwe site.
Figure 1: Sample preparation work underway at the at the PortablePPB
laboratory established within the Dokwe Site Camp. These samples, once
prepared, are then subjected to analysis via the DetectORE(TM) method using a
pXRF device, which provides gold analytical data within 24 hours on site
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.
During the September quarter, Zenit had produced and sold 5,948 ounces of gold
for US$21.5 million in revenue from its combined Kiziltepe and Tavsan
operations. Due to the extended period between the completion of construction
and the commencement of commercial operations of the Tavsan Mine, specifically
relating to the delay encountered with the receipt of operational permits from
the authorities, production from Zenit during 2025 is now expected to be in
the range of 18,000 to 20,000 ounces for the year. However, revenue for the
year to date (US$47.6 million) is substantially higher than expected, as a
result of the higher gold price environment and it is currently expected that
Zenit will achieve record revenue by the end of the year.
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
(Figure 2). 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
Tavsan ore through the period.
Figure 2: Kiziltepe gold-silver mine showing the open-pits at Arzu South, Arzu
North, Banu and Derya, the CIL processing plant (in blue), waste rock dump and
tailings dam (in the background). Photograph taken in September 2025
Tavşan Gold Mine
The Tavşan Gold Mine contains a JORC 2012 Mineral Resource of 311,000 ounces
gold and 1.1 million ounces silver and associated Mineral Reserve,
underpinning an eight-year mine life (Tables 2 and 3). A resource and
exploration drilling programme remains ongoing, having completed 9,480m for
167 holes by the end of Q3 of an up to 15,000m programme and testing the
potential for increases in the life of mine.
Mining commenced in early 2024 at Tavsan Main, 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 will continue to the Kiziltepe CIL processing plant until at least the end
of 2025 and will benefit from the higher gold recovery inherent to the CIL
plant.
Subsequent to the end of the quarter, the Company announced that it had
received the final permit from the Turkish authorities, allowing loading of
the heap-leach pad to commence (Figure 3). Ore loading has been underway since
that time and first gold production from the heap-leach is expected by year
end, once sufficient ore is loaded and leaching has commenced. Approximately
800,000 tonnes of ore remains stockpiled, awaiting crushing and loading, with
crushing having been underway since August. An auxiliary solar power project
for Tavsan was also approved for a 2,555kW system.
For further information, please see the RNS announcement on 8 October 2025.
Figure 3: Tavsan heap-leach processing plant and processing water ponds.
Photograph taken in October 2025
Salinbaş Gold-Silver Project
The Salinbaş Gold-Silver Project is located 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 commenced at the Salinbaş
gold-silver deposit, the Ardala Zone and at Hizarliyayla during late 2021 and
is currently paused with a re-start 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 three 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 be advanced 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
Dual Listing on the ASX
In September Ariana successfully completed a dual listing on the Australian
Securities Exchange ("ASX") raising a total of A$11 million through an Initial
Public Offer (IPO). The completion of the IPO resulted in a capitalising of
the Company at around A$72.5 million.
Ariana commenced trading on the ASX on 10 September 2025, and Ariana shares
were settled in the form of CHESS Depositary Interests ("CDIs") at a ratio of
1 CDI to 10 fully paid common shares. A total of 39,285,715 CDIs were issued
at a price of A$0.28 per CDI.
With the funds raised, Ariana will now seek to accelerate its exploration and
development efforts at the Dokwe Gold Project, targeting the expansion the
Project's Resources and Reserves, in addition to continuing its work towards a
Feasibility Study for the Project.
Listing Rule Disclosures
Exploration Expenditure
In accordance with ASX Listing Rule 5.3.1, the Company spent £359,000 on
exploration work during the quarter, which largely comprised a major soil
geochemical programme and preparation for the drilling campaign 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 the Company there were no tenements applied for but
the following non-material exploration licences were relinquished in Türkiye:
202300571, 202300573, 202300572;
(2) The mining tenements held by the Company as of 30 September 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
(since listing) (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 0.1 0.1
Slivova Gold-Silver Project 0.4 0.2 - -
Funding of Western Tethyan Alliance 0.4 0.2 0.0 0.0
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 0.9
Admission
Part repayment of RiverFort Facility in the 12 months following Admission 1.5 0.7 - -
Working capital and corporate administration costs 2.0 1.0 0.4 0.4
Expenses of the Public Offer 1.5 0.7 0.5 0.5
TOTAL 11.4 5.5 1.9 1.9
(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 on 10 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 30 September 2025 was £232,000 was
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 Paruci Application Exploration Pending 76
Kosovo NE 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.
Dokwe Mineral Resource Estimate
Table 1: In-pit Mineral Resource Estimate for the Dokwe Gold Project.
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.
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
(https://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 Statement
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 Company confirms that the form and context in which the Competent Persons'
findings are presented have not been materially modified from the Previous
Market Announcement.
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.
The Board of Ariana has approved this announcement and authorised its release.
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").
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
Bessie Elliot
MC 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 plc:
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.
Ends.
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Ariana Resources plc
ABN Quarter ended ("current quarter")
32 681 342 334 30 September 2025
Consolidated statement of cash flows Current quarter Year to date
£'000
(9 months)
£'000
1. Cash flows from operating activities
1.1 Receipts from customers
1.2 Payments for (85) (85)
(a) exploration & evaluation
(b) development - -
(c) production - -
(d) staff costs (185) (771)
(e) administration and corporate costs (350) (794)
1.3 Dividends received (see note 3) - -
1.4 Interest received 2 8
1.5 Interest and other costs of finance paid (105) (160)
1.6 Income taxes paid/refunded 71 71
1.7 Government grants and tax incentives - -
1.8 Other (provide details if material) - -
1.9 Net cash from / (used in) operating activities (652) (1,731)
2. Cash flows from investing activities - -
2.1 Payments to acquire or for:
(a) entities
(b) tenements - -
(c) property, plant and equipment - (26)
(d) exploration & evaluation (274) (1,068)
(e) investments - (38)
(f) other non-current assets - -
2.2 Proceeds from the disposal of: - -
(a) entities
(b) tenements - -
(c) property, plant and equipment - -
(d) investments - -
(e) other non-current assets - -
2.3 Cash flows from loans to other entities (36) (91)
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - -
2.6 Net cash from / (used in) investing activities (310) (1,223)
3. Cash flows from financing activities 5,314 7,007
3.1 Proceeds from issues of equity securities (excluding convertible debt
securities)
3.2 Proceeds from issue of convertible debt securities - -
3.3 Proceeds from exercise of options - -
3.4 Transaction costs related to issues of equity securities or convertible debt (477) (538)
securities
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings (651) (742)
3.7 Transaction costs related to loans and borrowings (186) (186)
3.8 Dividends paid - -
3.9 Other (provide details if material) - -
3.10 Net cash from / (used in) financing activities 4,000 5,541
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 424 913
4.2 Net cash from / (used in) operating activities (item 1.9 above) (652) (1,731)
4.3 Net cash from / (used in) investing activities (item 2.6 above) (310) (1,223)
4.4 Net cash from / (used in) financing activities (item 3.10 above) 4,000 5,541
4.5 Effect of movement in exchange rates on cash held 6 (32)
4.6 Cash and cash equivalents at end of period 3,468 3,468
5. Reconciliation of cash and cash equivalents Current quarter Previous quarter
at the end of the quarter (as shown in the consolidated statement of cash £'000 £'000
flows) to the related items in the accounts
5.1 Bank balances 3,468 424
5.2 Call deposits - -
5.3 Bank overdrafts - -
5.4 Other (provide details) - -
5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above) 3,468 424
6. Payments to related parties of the entity and their associates Current quarter
£'000
6.1 Aggregate amount of payments to related parties and their associates included 145
in item 1
6.2 Aggregate amount of payments to related parties and their associates included 87
in item 2
Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity
report must include a description of, and an explanation for, such payments.
7. Financing facilities Total facility amount at quarter end Amount drawn at quarter end
Note: the term "facility' includes all forms of financing arrangements £'000 £'000
available to the entity.
Add notes as necessary for an understanding of the sources of finance
available to the entity.
7.1 Loan facilities 744 744
7.2 Credit standby arrangements - -
7.3 Other (please specify) - -
7.4 Total financing facilities 744 744
7.5 Unused financing facilities available at quarter end -
7.6 Include in the box below a description of each facility above, including the
lender, interest rate, maturity date and whether it is secured or unsecured.
If any additional financing facilities have been entered into or are proposed
to be entered into after quarter end, include a note providing details of
those facilities as well.
Len
der
:
Riv
erF
ort
Glo
bal
Opp
ort
uni
tie
s
PCC
Lim
ite
d
Int
ere
st
Rat
e:
15%
Mat
uri
ty
Dat
e:
8
Nov
emb
er
202
6
The
loa
n
fac
ili
ty
is
sec
ure
d
and
den
omi
nat
ed
in
USD
.
The
out
sta
ndi
ng
bal
anc
e
of
US$
1,0
00,
000
at
30
Sep
tem
ber
202
5
tha
t
has
bee
n
tra
nsl
ate
d
at
a
rat
e
of
0.7
44
USD
/GB
P.
8. Estimated cash available for future operating activities £'000
8.1 Net cash from / (used in) operating activities (item 1.9) (652)
8.2 (Payments for exploration & evaluation classified as investing activities) (274)
(item 2.1(d))
8.3 Total relevant outgoings (item 8.1 + item 8.2) (926)
8.4 Cash and cash equivalents at quarter end (item 4.6) 3,468
8.5 Unused finance facilities available at quarter end (item 7.5) -
8.6 Total available funding (item 8.4 + item 8.5) 3,468
8.7 Estimated quarters of funding available (item 8.6 divided by item 8.3) 3.75
No
te
:
if
th
e
en
ti
ty
ha
s
re
po
rt
ed
po
si
ti
ve
re
le
va
nt
ou
tg
oi
ng
s
(i
e
a
ne
t
ca
sh
in
fl
ow
)
in
it
em
8
.3
,
an
sw
er
it
em
8
.7
as
"N
/A
".
Ot
he
rw
is
e,
a
fi
gu
re
fo
r
th
e
es
ti
ma
te
d
qu
ar
te
rs
of
fu
nd
in
g
av
ai
la
bl
e
mu
st
be
in
cl
ud
ed
in
it
em
8.
7.
8.8 If item 8.7 is less than 2 quarters, please provide answers to the following
questions:
8.8.1 Does the entity expect that it will continue to have the current
level of net operating cash flows for the time being and, if not, why not?
Answer: N/A
8.8.2 Has the entity taken any steps, or does it propose to take any
steps, to raise further cash to fund its operations and, if so, what are those
steps and how likely does it believe that they will be successful?
Answer: N/A
8.8.3 Does the entity expect to be able to continue its operations and
to meet its business objectives and, if so, on what basis?
Answer: N/A
Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2
and 8.8.3 above must be answered.
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters
disclosed.
Date: 31 October 2025
Authorised by: By the Board of Ariana Resources plc
(Name of body or officer authorising release - see note 4)
Notes
1. This quarterly cash flow report and the accompanying
activity report provide a basis for informing the market about the entity's
activities for the past quarter, how they have been financed and the effect
this has had on its cash position. An entity that wishes to disclose
additional information over and above the minimum required under the Listing
Rules is encouraged to do so.
2. If this quarterly cash flow report has been prepared in
accordance with Australian Accounting Standards, the definitions in, and
provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash
flow report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent
standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities, depending
on the accounting policy of the entity.
4. If this report has been authorised for release to the
market by your board of directors, you can insert here: "By the board". If it
has been authorised for release to the market by a committee of your board of
directors, you can insert here: "By the [name of board committee - eg Audit
and Risk Committee]". If it has been authorised for release to the market by a
disclosure committee, you can insert here: "By the Disclosure Committee".
5. If this report has been authorised for release to the
market by your board of directors and you wish to hold yourself out as
complying with recommendation 4.2 of the ASX Corporate Governance Council's
Corporate Governance Principles and Recommendations, the board should have
received a declaration from its CEO and CFO that, in their opinion, the
financial records of the entity have been properly maintained, that this
report complies with the appropriate accounting standards and gives a true and
fair view of the cash flows of the entity, and that their opinion has been
formed on the basis of a sound system of risk management and internal control
which is operating effectively.
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/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DRLWPGPAUUPAGCU
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Ariana Resources
See all newsREG - Ariana Resources PLC - Quarterly Activities Report
AnnouncementREG - Ariana Resources PLC - Significant Dokwe Exploration Update
AnnouncementREG - Ariana Resources PLC - Rig Mobilisation for Drilling Programme at Dokwe
AnnouncementRCS - Ariana Resources PLC - Presentation at Marketopen's Investor Sundowner
AnnouncementREG - Ariana Resources PLC - Tavşan Mine is now Fully Operational
Announcement