REG - Ariana Resources PLC - Tavsan First Pour

Ariana ResourcesAnnouncement

03/12/2025 11:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251203:nRSC0912Ka&default-theme=true

RNS Number : 0912K  Ariana Resources PLC  03 December 2025

 

03 December 2025

AIM: AAU

ASX: AA2

First Gold Pour at Tavsan Gold and Silver Heap-Leach

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 delighted to announce that its first
gold-silver doré pour has been completed successfully at the Tavşan Mine
("Tavşan" or "the Project") which is 23.5% owned by Ariana through its
interest in Zenit Madencilik San. ve Tic. A.S ("Zenit").

Highlights:

·      First doré pour of 13.4kg of gold-silver has been completed at
the Tavşan Mine (Figures 1 & 2).

·      Heap-leach pad currently loaded with c.30,000 tonnes of ore, with
c.800,000 tonnes of already mined and stockpiled ore being prepared for
loading over the next year.

·      1.3Mt of ore at an average grade of 1.38 g/t Au and 5.77 g/t Ag
has been mined to date from Tavşan, with high-grade continuing to be
processed via the Kiziltepe CIL plant.

·    Up until Q4 2025, 24,400 oz of gold and 83,770 oz of silver had been
produced from Tavşan processed via the Kiziltepe plant.

·      Production is expected to ramp up over the coming months and
reach steady-state production by Q2 2026.

·      Tavşan forms part of the Zenit Mining Operations, which has been
in production since 2017, averaging 22,000 oz per annum.

Dr. Kerim Sener, Managing Director, commented:

"We are delighted that Zenit has achieved its first doré pour at Tavşan,
with gold and silver production commencing from the new heap-leach operation.
Whilst our main focus is to develop the Dokwe Gold Project in Zimbabwe into a
million-ounce-plus gold mine, we remain excited by Zenit's gold and silver
mining operations in Türkiye, as Zenit pivots its gold production focus from
Kiziltepe to Tavşan in the coming year.

"By continuing to utilise the Kiziltepe CIL plant for the processing of
higher-grade ore from Tavşan, Zenit will be able to benefit from higher gold
and silver recoveries while heap-leaching operates at Tavşan. As Zenit has
already spent two years mining and stockpiling over 800,000 tonnes of
run-of-mine ore at Tavşan, the operation is in excellent shape to ramp up to
full-scale operations in the coming months.

"Looking ahead, we expect a steady-state production by Q2 2026, as Tavşan
becomes the primary gold-producing interest in Türkiye and an important
source of cash generation for Ariana."

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").

 

 

 

Figure 1: The first doré bar of 13.4kgs from the Tavşan gold-silver mine,
with Ariana and Zenit team members. Via CIL processing, there are about three
parts silver to one part gold in the Tavşan doré, although the lower silver
recovery from the heap-leach results in a more gold-rich bar.

 

 

Figure 2: In the gold room - the first doré pour from the Tavşan
gold-silver mine.

 

Summary of the Tavşan Mine:

 

The Tavşan Gold-Silver Mine is located in western Türkiye and contains a
JORC 2012 Measured, Indicated and Inferred Resource of 311,000 ounces gold and
1.1 million ounces silver underpinning an eight-year mine life, with potential
for further enhancement through continued resource growth.

 

Tavşan is owned by Zenit Madencilik San. ve Tic. A.S., which is owned by
Ariana (23.5%), Proccea Construction Co. (23.5%) and Ozaltin Holding A.S.
(53%). An NSR royalty of up to 2% on production is payable to Sandstorm Gold.

 

Mining commenced in early 2024 with high-grade ore being trucked to the
Kiziltepe Mine for processing through the CIL plant and lower-grade ore being
stockpiled at Tavşan Mine site, in preparation for loading onto the
heap-leach pad, which is now permitted for commercial operations. Ore loading
and leaching operations are underway in the Phase 1 heap-leach pad area.

 

A photo gallery and video of the Company's first doré pour and operations at
Tavşan will be made available on the Company's website in due course.

 

Figure 3: Western Türkiye project location map.

 

For further information, please refer to section 5.5.2 of the ASX Replacement
Prospectus (released on 8 September 2025).

 

Table 1 - 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.

4.    The above figures are stated gross to Zenit in which Ariana has a
23.5% net attributable interest.

 

Table 2 - Tavşan Ore Reserves

 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.

3.    The above figures are stated gross to Zenit in which Ariana has a
23.5% net attributable interest.

 

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 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.

 

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.

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

 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 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.

 

 

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  UPDUPGUCPUPAGUW



            Copyright 2019 Regulatory News Service, all rights reserved