AAU Ariana Resources Plc

31 January 2024

AIM: AAU

ASGARD PORTFOLIO UPDATE

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold mining interests in Europe, is pleased to provide an update on the 100% owned Asgard Metals Fund ("Asgard"), highlighting some of its associated investments. Please visit www.asgardmetals.com.au for more information.

Highlights:

·    Due diligence drilling programme on the Dokwe Gold Project in Zimbabwe is ongoing, with the Company increasing the current investment in Rockover Holdings to circa 2.1% by investing a further US$150,000. 

·    Increased investment in Panther Metals to circa 5.5%, following an agreement to extend the consulting input of Asgard by a further year to the end of 2024.

·    Pallas Resources agrees an option and joint venture agreement with First Quantum Minerals, whilst securing BHP funding through their Xplor programme.

Dr. Kerim Sener, Managing Director, commented:

"We are pleased we are able to report significant developments within the Asgard portfolio in such a short period of time since our last year-end update in November 2023.

"We have elected to increase our position in Rockover Holdings as we conclude the Dokwe Gold Project due diligence drilling programme. The initial technical results of this programme achieved, as expected, a positive outcome; although assays remain for completion in due course. We are now evaluating further involvement in the feasibility-stage project that contains 1.3Moz gold in JORC Resources and we are in discussions with Rockover Holdings with respect to the company and its assets.

"We reached an agreement to extend our consulting arrangement with Panther Metals by a further year, which has resulted in the issue of circa 2.1 million additional shares in the company, increasing our holding to circa 5.5%. This comes at an important time for Panther Metals as it advances towards a revised mineral resource estimate and an associated scoping study for the Coglia nickel-cobalt project in Western Australia, following a drilling programme completion in 2023. 

"Two significant milestones were achieved in regard to Pallas Resources since the last update to the market:

"Firstly, we are delighted to announce that Pallas Resources has partnered with First Quantum Minerals, one of the world's largest copper producers. This option and joint-venture agreement will target major porphyry and sediment-hosted copper systems within predefined areas of interest in Kazakhstan's world-class mineral belts. The agreement initially covers the newly acquired Aktogay West (377km²) Copper Project.

"Finally, Pallas Resources has also been selected as one of only six companies representing the 2024 BHP Xplor cohort in a process which involved over 500 applicants. Pallas Resources will receive up to US$500,000 in non-dilutive funding from BHP, which is earmarked for the acceleration of exploration over a defined area of interest for significant copper systems in Kazakhstan. Under the agreement, BHP does not acquire an equity interest in Pallas Resources, or any project owned by the company. The Company looks forward to reporting future progress made in the Asgard portfolio later in 2024."

Contacts:

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 gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo.

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 Turkey which contains a depleted total of c. 2.1 million ounces of gold and other metals (as at February 2022). The joint venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects.

The Kiziltepe Gold-Silver Mine is located in western Turkey and contains a depleted JORC Measured, Indicated and Inferred Resource of 222,000 ounces gold and 3.8 million ounces silver (as at February 2022). The mine has been in profitable production since 2017 and is expected to produce at a rate of c.20,000 ounces of gold per annum to at least the mid-2020s. 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 Turkey and contains a JORC Measured, Indicated and Inferred Resource of 307,000 ounces gold and 1.1 million ounces silver (as at November 2022). Following the approval of its Environmental Impact Assessment and associated permitting, Tavsan is being developed as the second gold mining operation in Turkey 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 Turkey 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 100% of Australia-registered Asgard Metals Fund ("Asgard"), as part of the Company's proprietary Project Catalyst Strategy. The Fund is focused on investments 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, Turkey, UK and Zimbabwe.

Ariana owns 75% 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 Mining Corporation (www.newmont.com) and is separately earning-in to up to 85% of the Slivova Gold Project.

Ariana owns 58% of UK-registered Venus Minerals PLC ("Venus") which is focused on the exploration and development of copper-gold assets in Cyprus which contain a combined JORC Indicated and Inferred Resource of 16.6Mt @ 0.45% to 0.80% copper (excluding additional gold, silver and zinc.

Panmure Gordon (UK) Limited and WH Ireland 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.