REG - Ariana Resources PLC - 2024 Production Results and General Update

Ariana ResourcesAnnouncement

22/01/2025 07:00

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RNS Number : 1715U  Ariana Resources PLC  22 January 2025

 

22 January 2025

AIM: AAU

2024 PRODUCTION RESULTS AND GENERAL UPDATE

OVER 20,000 OUNCES OF GOLD PRODUCED

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral
exploration and development company with gold mining interests in Africa and
Europe, is pleased to announce the full-year production results for the year
ended 31 December 2024 for the Zenit Mining Operations ("Zenit" or "the
Project") in Türkiye. Zenit is 23.5% owned by Ariana through its shareholding
in Zenit Madencilik San. ve Tic. A.S.

Production Update*:

·    Zenit produced and sold 20,866 ounces of gold during the year,
exceeding full-year production guidance of 20,000 ounces of gold for 2024.

·    Mining operations are continuing at both Kiziltepe and Tavsan, with
the Arzu South pit at Kiziltepe due to re-commence production shortly.

·    Gross full-year revenue of US$54.7 million at an average revenue per
gold ounce of US$2,621 (due to silver credit)*.

·    As of the end of 2024, the mine had produced a total of 171,907
ounces of gold (planned circa 100,000 ounces of gold) and, including silver
credits, recorded over US$328 million in revenue since operations commenced in
early 2017.

* All figures are given gross with respect to Zenit.

Dr. Kerim Sener, Managing Director, commented:

"Zenit has now recorded eight years of guidance-beating production and, since
the beginning of last year, has been actively mining across its two
operations: Kiziltepe and Tavsan. With the strong gold and silver price
environment of 2024, Zenit recorded the second-highest annual revenue ever,
completing the year with US$54.7 million.

"Operations at Tavsan continued to accelerate during the year and ore
production increased from the Main Pit. The construction of the Tavsan
processing plant is largely complete and testing is due to commence (Figures 1
and 2). Completion of the Phase 1 heap-leach pad is also largely complete,
subject to final certification and bonding of geotextile liners. Above-average
temperature wet weather conditions are currently impeding the completion of
the heap-leach pad due to excess water retention in the underlying clay liner.
A new drilling programme has recently been permitted for up to 15,000m of
largely resource expansion drilling which commenced last week.

"Mining at Kiziltepe in the latter half of 2024 continued largely in the area
around Arzu South. This involved the stripping waste to expose ore for Q1
2025, which is now being produced (Figure 3). Mining will continue at Arzu
South during 2025 while rehabilitation operations continue in the remaining
pits. We look forward to updating the market with further news on our
operations in due course."

Other Significant Developments:

·     New results from diamond drilling and other exploration results are
expected from the Dokwe Project in Zimbabwe, which will support revised
Resource and Reserve Estimates.

·     Diamond drilling in Türkiye is currently paused at the Salinbas
Project due to local weather conditions, while a new drilling programme of up
to 15,000m has commenced at Tavsan.

·      Western Tethyan Resources, of which Ariana currently owns 76%, is
in the process of completing its earn-in to 51% of the Slivova Project in
Kosovo following a recent diamond drilling programme.

Figure 1: View of the largely completed Adsorption-Desorption-Recovery plant
at Tavsan. Major component installation is complete, with building cladding
due to be installed. Photograph taken in January 2025.

Figure 2: View of the substantially completed crushers and screens buildings
at Tavsan. Major components are installed and ready for testing. Building
cladding remains underway. Photograph taken in January 2025.

Figure 3: Exposed top of the ore zone within the newly extended Arzu South
open pit at the Kiziltepe Mine. Staff members are standing at the margins of
the ore zone within which are located the stockwork veins characteristic of
the upper part of the Arzu South vein. Photograph taken in January 2025.

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 7407 3616
 Michael de Villiers, Chairman
 Kerim Sener, Managing Director
 Beaumont Cornish Limited (Nominated Adviser)   Tel: +44 (0) 20 7628 3396
 Roland Cornish / Felicity Geidt
 Panmure Liberum (Joint Broker)                 Tel: +44 (0) 20 7886 2500
 Kieron Hodgson / Atholl Tweedie / Rauf Munir
 Zeus Capital Limited (Joint Broker)            Tel: +44 (0) 203 829 5000

 Harry Ansell / Katy Mitchell / George Krokos

 Yellow Jersey PR Limited (Financial PR)        Tel: +44 (0) 7983 521 488
 Dom Barretto / Shivantha Thambirajah /         arianaresources@yellowjerseypr.com (mailto:arianaresources@yellowjerseypr.com)

Bessie Elliot

 

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.

 

Editors' Note:

 

About Ariana Resources:

Ariana is an AIM-listed mineral exploration and development company 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 production in Türkiye and copper-gold exploration and development
projects in Cyprus and Kosovo.

 

Ariana owns 100% of the Dokwe Gold Project ("Dokwe") in Zimbabwe. Dokwe is
made up of the Dokwe North and Dokwe Central gold deposits which are located
in the Tsholotsho District near the city of Bulawayo. The deposits have a
combined JORC Measured, Indicated and Inferred Resource of over 1.83 million
ounces of gold (as at June 2024) and the project represents the largest
undeveloped gold project in Zimbabwe.

 

The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a
joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in
Türkiye which contains a depleted total of c. 2.2 million ounces gold
equivalent (as at March 2024, using a price ratio of 90 Ag to 1 Au). The joint
venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects.

 

The Kiziltepe Gold-Silver Mine is located in western Türkiye and contains a
depleted JORC Measured, Indicated and Inferred Resource of 171,700 ounces gold
and 3.3 million ounces silver (as at March 2024). The mine has been in
profitable production since 2017 and has been producing at an average rate of
c.22,000 ounces of gold per annum. A Net Smelter Return ("NSR") royalty of
2.5% on production is being paid to Franco-Nevada Corporation.

 

The Tavsan Gold Mine is located in western Türkiye and contains a JORC
Measured, Indicated and Inferred Resource of 311,000 ounces gold and 1.1
million ounces silver (as at March 2024). Following the approval of its
Environmental Impact Assessment and associated permitting, Tavsan is being
developed as the second gold mining operation in Türkiye and is currently in
construction. A NSR royalty of up to 2% on future production is payable to
Sandstorm Gold.

 

The Salinbas Gold Project is located in north-eastern Türkiye and contains
a JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold
(as at July 2020). It is located within the multi-million ounce Artvin
Goldfield, which contains the "Hot Gold Corridor" comprising several
significant gold- copper projects including the 4 million ounce Hot Maden
project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2%
on future production is payable to Eldorado Gold Corporation.

 

Ariana owns 76% of UK-registered Western Tethyan Resources Ltd ("WTR"), which
operates across south-eastern Europe and is based in Pristina, Republic of
Kosovo. The company is targeting its exploration on major copper-gold deposits
across the porphyry-epithermal transition. WTR is being funded through a
five-year Alliance Agreement with Newmont Ventures Limited (www.newmont.com)
and is separately earning-in to up to 85% of the Slivova Gold Project.

 

Ariana owns 61% of UK-registered Venus Minerals PLC ("Venus") which is focused
on the exploration and development of copper-gold projects in Cyprus, some of
which are in application, containing a combined JORC Indicated and Inferred
Resource of 16.6Mt @ 0.45% to 0.80% copper (excluding additional gold, silver
and zinc).

 

Ariana owns several investments in listed and private companies via its
Australian subsidiary Asgard Metals Pty. Ltd. ("Asgard"), which also provides
technical input into the various investee company exploration programmes.
Investments have been made in high-value potential, discovery-stage mineral
exploration companies located across the Eastern Hemisphere and within easy
reach of Ariana's operational hubs in Australia, Türkiye, UK and Zimbabwe.
Its most advanced interest is through a 2% holding of Panther Metals Limited
(ASX: PNT).

 

Panmure Liberum Limited and Zeus Capital Limited are brokers to the Company
and Beaumont Cornish Limited is the Company's Nominated Adviser.

 

For further information on Ariana, you are invited to visit the Company's
website at www.arianaresources.com.

 

Ends.

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