REG - Ariana Resources PLC - Tavşan Mine is now Fully Operational

Ariana ResourcesAnnouncement

08/10/2025 07:00

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RNS Number : 4122C  Ariana Resources PLC  08 October 2025

8 October 2025

AIM: AAU

ASX: AA2

Tavşan Mine is now Fully Operational

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 that final operational
permitting for the Tavşan Heap-leach Project in Türkiye is complete and
loading of ore onto the heap-leach pads has commenced.

Highlights:

o The Tavşan Heap-leach Project in Türkiye has received the final permit
from the Turkish authorities, allowing loading of the heap-leach pad to
commence.

 

o  Gold production from the heap-leach is expected to start in the current
quarter, once sufficient ore is loaded and leaching has commenced.

 

o  Approximately 800,000 tonnes of ore is currently stockpiled and awaiting
loading, with crushing having been underway since August.

 

o  Trucking operations of high-grade ore will continue to the Kiziltepe CIL
processing plant and will benefit from the higher gold recovery inherent to
the CIL plant.

 

o  Tavşan Mine has been built by Zenit Madencilik San. ve Tic. A.S.
("Zenit"), of which Ariana owns 23.5%.

Dr. Kerim Sener, Managing Director of Ariana Resources, commented:

"The start of heap-leaching operations at Tavşan is an important milestone
for the Company, paving the way for sustained gold production from our
interests in Türkiye, augmenting the existing production via the Kiziltepe
CIL processing plant. With the gold and silver price continuing their
relentless upward trajectory, the timing of the start-up of heap-leach
operations at Tavsan could not have been better.

"We commend the Zenit operational team, our partners Proccea Construction Co.
and Ozaltin Holding A.S., for their hard work and perseverance in overcoming a
complex range of technical, logistical and operational challenges, and
anticipate many years of a successful operation at Tavşan, building on the
strong track record we have established at Kiziltepe.

"We look forward to first gold production from the Tavşan heap-leach and a
renewed dividend flow from Zenit during 2026."

Tavşan Gold Mine Overview

The Tavşan Gold Mine is in western Türkiye (Figure 1) 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 (Table 1 and 2),
with potential for further enhancement through continued resource growth.

Tavşan is owned by Zenit Madencilik San. ve Tic. A.S., which is a three-way
partnership operating in Türkiye between Ariana (23.5%), Proccea Construction
Co. (23.5%) and Ozaltin Holding A.S. (53%). A net smelter royalty of up to 2%
on production is payable to Sandstorm Gold.

Mining commenced in 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 the heap-leach pad, which is now
permitted for commercial operations. Ore loading operations have commenced in
the Phase 1 heap-leach pad area (Figures 2 and 3).

For further information, please refer to section 5.5.2 of the Replacement
Prospectus, available on the Company website
(https://www.arianaresources.com/) .

 

  Figure 1: Western Türkiye project location map

 

Figure 2: Coarse ore loading underway from the conveyor, in the Phase 1
heap-leach area. Photograph taken in early October 2025

Figure 3: Coarse ore loading underway from the conveyor, in the vicinity of
the recovery ponds. Photograph taken in early October 2025

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.

 

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.

 

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 (Financial PR)        Tel: +44 (0) 7983 521 488

 Dom Barretto / Shivantha Thambirajah /         arianaresources@yellowjerseypr.com

 Bessie Elliot

 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.

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