TIDMAAU

RNS Number : 2992U

Ariana Resources PLC

02 December 2021

2 December 2021

AIM: AAU

240% INCREASE IN JORC RESOURCE AT KOKKINOYIA SECTOR

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with interests in gold mining operations in Europe, is pleased to announce the results of a review of the Mineral Resource Estimate ("MRE") for the Kokkinoyia Sector of the Magellan Project. The Project is 100% owned by Venus Minerals Ltd ("Venus") which is focused on the exploration and development of copper and gold assets in Cyprus and is 50% owned by Ariana.

Highlights:

   --    JORC 2012 MRE updated internally by Ariana and Venus using new and historical drilling data. 

-- Total Indicated and Inferred Resource of c. 12.3 Mt at a grade of 0.31 to 2.25% Cu and 0.27 to 0.57 g/t Au across multiple zones of mineralisation at Kokkinoyia*.

-- Gold mineralisation occurs across several distinct zones, along with zinc and silver in places.

-- Exploration Target for gold established for an additional tonnage of 3-4Mt at a grade of 0.3-0.4 g/t Au, for an additional 30,000 to 70,000 oz of gold.

   --    Joint UK and Cypriot partnership advancing copper mining opportunities in Cyprus. 

Dr. Kerim Sener, Managing Director, commented:

"This is an exceptional result and we are very proud of the Ariana and Venus teams having successfully completed the drilling programme and in pulling together this new resource estimate for Kokkinoyia. Not only has the overall tonnage increased by 240% but we have now successfully brought a significant part of the resources into the higher confidence Indicated category.

"In addition, as we had predicted, the Kokkinoyia deposit contains a substantial amount of gold, in association with copper and zinc. The fact that the deposit contains a substantial tonnage of mineralised material across several domains beyond what was already understood from the historical work bodes well for future exploration and resource drilling. We are already well on track with not only meeting but also exceeding our management target for the project and any additional work at this site is likely to yield further upside .

"Venus will now be looking into the potential to integrate a part of the Kokkinoyia Sector with the planned Apliki Copper Mine development project as a means to fast-tracking this deposit into production."

* Further information about Venus Minerals and its projects is available on the Company's website, www.venusminerals.co .

* All Mineral Resource figures in the announcement are quoted gross with respect to Venus, of which 50% is owned by 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").

Introduction

Since 2018, the Venus and Ariana teams have worked to understand the characteristics of the Kokkinoyia Sector and, more importantly, the distribution of various major metals within the deposit. In October 2020 (see announcement date 15 Oct 2020), the first modern MRE was completed at Kokkinoyia, following an extensive review of all historical logging, assay and structural data available for the Project. The result of this work led to a detailed understanding of the style of copper mineralisation, the distribution of High Grade Copper massive sulphides, and the controls on resource domains due to structural discontinuities. However, the limited nature of the assay database only provided enough information to understand copper and pyrite distribution within the deposit, which at the time of drilling (1950's-1980s), was the primary focus for the Project.

M ining records for Kokkinoyia from the 1970s show that the copper concentrates contained on average 5g/t of gold, suggesting that gold was a major component of the mineralisation system. In following up this observation, the Venus team collected a total of 29 grab and composite samples from historic stockpiles to analyse for gold and other elements. Almost all samples returned anomalous gold values, with the best results including:

   --    5.16g/t Au + 37.6g/t Ag 
   --    3.56g/t Au + 27.8g/t Ag 
   --    2.16g/t Au + 9.6g/t Ag 
   --    1.55g/t Au + 22.9g/t Ag 
   --    1.29g/t Au + 18.0g/t Ag 

The average gold content of all 29 grab samples was 0.8g/t Au. This represented a significant pivot point for the future planning of exploration activities at Kokkinoyia. It was clear that the next phase of the Project's development would require a full suite of multi-element analysis, with a particular emphasis on gold. It was also necessary for Venus to plan several drill holes to specifically test significant historic intercepts, as this would be key to increasing confidence in the existing 41,315 meters of historic drilling at Kokkinoyia.

On 7 July 2021, the first Venus drilling results for Kokkinoyia were announced. This was later followed up with further results announced on 6 October 2021. A combination of angled PQ and HQ diamond drilling was used to test the eastern and western flanks of the historic Kokkinoyia open pit, where the holes aimed to test residual mineralisation beneath and around existing workings, primarily over the Kokkinoyia West area of the deposit. Further work on Kokkinoyia East is planned and will be scheduled in the next phase of drilling at the Project.

Key intercepts from the 2021 diamond drilling include:

   --    VMD002 (128m to 146.9m) for 18.9m @ 0.86% Cu + 1.54g/t Au + 0.55% Zn 

o Including 138m to 141m for 3m @ 4.40% Cu + 6.24g/t Au + 0.82% Zn

   --    VMD004 (90m to 132.2m) for 42.2m @ 0.55g/t Au + 0.27% Zn 
   --    VMD002 (77m to 92m) for 15m @ 0.54% Cu + 0.16g/t Au 
   --    VMD010 (55m to 64m) for 9m @ 0.72% Cu + 0.43g/t Au + 0.29% Zn 

o Including 58m to 61m for 3m @ 1.44% Cu + 0.72% Au + 0.38% Zn

These results from Venus' 2021 work provided confidence to several major historic intercepts forming the bulk of the mineralisation volume for Kokkinoyia West, and as a result, a major proportion of the Kokkinoyia West resources have been upgraded, and now classified as Indicated.

Closer inspection of historic drilling versus the new 2021 drilling has confirmed that historic grades and intercept widths are locally overstated, likely a result of the historic drilling methods (including downhole smearing) and limitations to laboratory techniques/equipment, and as such until further drilling can be completed, the majority of the Project's resources expanding beyond Kokkinoyia West will remain in the Inferred category.

In addition to confirming the copper grades of historic drilling, the 2021 drilling also identified significant extensions of new and highly anomalous copper and gold mineralisation where sections of the historic drilling appear to have not been sampled (likely due to the low content of visible sulphides), or where there was a lack of gold assay values, and/or where low copper grades (0.1-0.2% Cu) may not have been appropriately defined by historic laboratory equipment.

Portable XRF analysis was systematically undertaken on all the 2021 drill core at 1m intervals, resulting in the identification of all possible mineralisation zones before the core was cut for laboratory geochemical analysis. These newly identified zones have added a significant new understanding and additional mineralisation volume to the Kokkinoyia deposit. Notable zinc values, ranging from 0.1% to 4.06%, have also been identified within several key mineralisation intercepts. Like gold, zinc assays within the historic data are also largely absent, and the new 2021 drilling results provide insight into the potential distribution of the metal within the deposit.

A significant new development in the Kokkinoyia geological modelling for the 2021 MRE is the domaining of sulphur values as a means for capturing the full extents of the Kokkinoyia system (Figure 1 and Figure 2). Sulphur is the most abundant assay result throughout all the historic data, and represents the presence and concentration of pyrite, which is the most notable sulphide mineral associated with all (copper, gold and zinc) mineralisation zones documented at Kokkinoyia.

Previous MREs at Kokkinoyia focused on capturing and domaining the extents of copper mineralisation only, as no other assay data was available to correlate sulphur rich zones with zinc or gold, resulting in a very limited volume for resource estimation. Using the sulphur assay values to create a much larger mineral system volume has allowed the latest estimation work to build sub-domains for the various attributing metals resulting in a more comprehensive MRE. However, to date, only Kokkinoyia West has sufficient supporting multi-element data to suitably create metal subdomains. Further drilling is required to test Kokkinoyia East and all peripheral areas including the potential resources at depth.

http://www.rns-pdf.londonstockexchange.com/rns/2992U_1-2021-12-1.pdf

Figure 1: Plan view of the Kokkinoyia Project, showing the 2021 drill collar positions and historical collars. The 2020 MRE mineralisation domain is highlighted in pink and the new 2021 MRE 1% sulphur domain is outlined in yellow. Copper, gold and zinc domains were sub-domained within the extents of the sulphur parent domain.

Resource Estimation

The MRE is based on a detailed review of all available drill data acquired between 1950s-1980's, as well as nine diamond drillholes drilled in 2021. This data comprises of wireline, rotary open hole percussion, Schramm T64 and diamond drill holes for a total of 42,895 meters of drilling (all historic holes and the 2021 drilling) and covers all major areas of the Kokkinoyia project (Kokkinoyia West and Kokkinoyia East). The use of modern software with improved estimation methods and statistical analysis enables the calculation of a MRE with sufficient confidence to be classified as Indicated and Inferred. However, the drill hole spacing for the project is generally appropriate to support higher classification of resources in some areas, but this will require more confirmatory drilling to validate and increase confidence in the historic data. JORC Table 1 (Appendix 1) for Kokkinoyia provides more detail on sampling techniques and data used in this estimation.

Estimation Methodology

Ariana completed the geological modelling of all mineralised zones at Kokkinoyia in Leapfrog Geo 6.0.5 (see JORC Table 1, Appendix 1). Six mineralisation domains, representing metal zoning within the deposit, were modelled from sectional interpretations and associated interpolation, representing the most current geological data and understanding. The MRE is separated into two main areas: 1) Kokkinoyia West, and 2) Kokkinoyia East.

Parent Sulphur Domain

In excess of 85% of the Kokkinoyia deposit is identified as sulphide or sulphide transitional to oxide, with the major contributing sulphide mineral of the deposit being pyrite. Therefore, to create a representative volume of the Kokkinoyia mineralisation extents, the distribution of pyrite was modelled using composites of sulphur at a 1% modelling cut-off (CoG) across the Kokkinoyia area as a whole. This parent volume was then used to create sub-domains of copper, zinc and gold within, where enough data was available (Figure 2).

Zinc Domain

Zinc shows a generally weak association with copper and appears to primarily form in association with gold in its own zone at the upper limits of the deposit, forming an enriched "cap", with only partial overlap across lower-grade copper mineralisation which occurs directly below. The 2021 drilling has provided enough data to construct a zinc domain clipped to within the parent sulphur domain.

High Grade Copper Domain

High Grade (HG) copper (>1% Cu) in the form of massive sulphide lenses is well known and documented within the Kokkinoyia deposit. These are notably clustered within the deposit in two main areas, Kokkinoyia East and Kokkinoyia West, which are separated by a SE-NW normal fault, dissecting and compartmentalising the two areas, without significant offset. Generally, the Kokkinoyia East area is more structurally complex and contains higher grades of mineralisation. Kokkinoyia West is estimated to contain more resource tonnage than Kokkinoyia East. High Grade Copper attributed as massive sulphides were modelled or sub-domained within the sulphur parent domain using copper composites at 1% Cu (CoG). It is important to note that the mass majority of HG copper at Kokkinoyia has been mined by historic underground extraction, and where tested by the 2021 drilling, showed minimal remaining mineralisation. However, voids intersected contained backfill which mostly contained significantly anomalous zinc, gold and copper (see announcement dated 6 October 2021).

Low Grade Copper Domain

Low grade (LG) copper (<1% Cu) mostly as disseminated sulphides within highly altered pillow lavas, were remodelled within the deposit since the October 2020 MRE was announced. In this latest iteration, LG copper was modelled using calculated composites at a 0.1% Cu modelling CoG. This was done to allow better continuity between the main LG copper domain and isolated copper zones, but also to ensure suitable filling of the sulphur parent domain where lower (0.1-0.2%) copper grades were present.

Confirmed Gold Domain

Gold within Kokkinoyia is noted to exceed 0.1g/t within all metal zones throughout the system, but particularly in association with zinc. More interestingly, gold appears to also form in isolation of the other metals towards the base of the deposit, where zones of highly silicified host rocks display finely disseminated sulphides and pyritic veinlets. Further analysis of all the gold assay results from the 2021 diamond drilling identified at least two statistical populations of gold, further supporting multiple relationships or phases of gold mineralisation within the deposit. Gold in isolation was modelled using calculated composites at a 0.1g/t modelling CoG.

Extrapolated Gold - Exploration Target

Based on the domaining of gold in isolation, and where sufficient coverage from the 2021 drilling has demonstrated mineralisation continuity, it has been noted that gold at concentrations of 0.1-0.5g/t are associated with sulphur values averaging 10%. Therefore, any volume within the parent sulphur domain which has not been occupied by the zinc, copper (HG and LG) or confirmed gold subdomains and, where filtered using sulphur concentrations at 10%, would represent a likely gold target volume.

http://www.rns-pdf.londonstockexchange.com/rns/2992U_1-2021-12-1.pdf

Figure 2: 2021 MRE model domains of all Kokkinoyia mineralisation areas.

Interpolation and wireframe modelling of the mineralised zones in Leapfrog EDGE was completed using various metal cut-off grades (CoG) as stated above. High Grade Copper mineralisation lenses within the Kokkinoyia Sector were individually and separately reviewed. As a result, these zones are modelled with their own mineralisation domains using a 1% Cu modelling CoG. All models were created based upon interval selections that referenced appropriate copper, zinc and gold grades, lithological descriptions and structural interpretation, where appropriate. Where continuity was not established between sections, the strike extrapolation was limited both manually (wireframes) and statistically (interpolations). The continuity of the various structures is reflected in the MRE classification.

Specific gravity was determined using a regional statistical study of Cypriot VMS systems, detailing the variation of density with increasing sulphur content. Using this data, bulk density was filtered into each block according to its attributed average sulphur value. Densities ranged from 2.1g/cm(3) where sulphur is <5%, and up to 3.5g/cm(3) where sulphur exceeded 30%.

Compositing was completed in Leapfrog EDGE as part of a Quantitative Kriging Neighbourhood Analysis (QKNA), identifying 3m composites as statistically appropriate for the Kokkinoyia Sector. Hard domain boundaries were applied to the deposit models, which forced all samples to be included in one of the composites by adjusting the composite length, while keeping it as close as possible to the selected intervals of 3m.

Top-cut analysis was completed by viewing in three-dimensions the composite distributions according to grade within the various domains. Generally, high grade samples correlate well with logged massive sulphide lenses or are distributed in clusters. These were accordingly modelled as individual high-grade domains. Exceptions to this included the Kokkinoyia East high-grade domain, where the upper limits were fixed to 8% Cu. Other modelled domains generally did not have undue bias at higher-grades and therefore no other top-cut was applied.

Good variogram model fits were primarily achieved for the Low Grade Copper domain. Data examined for Kokkinoyia East generally contained a sufficient sample population for variography analysis, however, good variography was difficult to achieve, probably due to structural complexities which require the domain to be further sub-domained for better variography analysis. Sample populations for the High Grade Copper, Zinc and Gold domains were generally low, however, using visual checks and trend surfaces, representative variography was achieved.

A non-rotated sub-block model was established for the whole of Kokkinoyia. Block sizes were determined by the completion of a QKNA study. The optimal parent block sizes were determined to be 15m x 10m x 5m (X, Y, Z), sub-blocked to 5m x 5m x 5m (X, Y, Z). Sub-blocks received parent block grades during estimation and grades were estimated using Ordinary Kriging, adopting a multi-pass methodology.

http://www.rns-pdf.londonstockexchange.com/rns/2992U_1-2021-12-1.pdf

Figure 3: Plan and sectional view of the Kokkinoyia block model colour coded according to the metal zoning in the deposit (blue = zinc, orange = LG copper, magenta = HG copper, yellow = gold only and grey = gold target.

Resource Classification

The MRE is classified in accordance with the JORC Code (2012) as Indicated and Inferred resources (Tables 1A - 1D). The Kokkinoyia deposit has sufficient subsurface geological and geochemical data for the resource to be classified with higher confidence as Measured or Indicated resources. However, such a classification is currently limited by the historic nature of the majority of the drilling database and this data cannot be audited, as no reference samples have been archived. Further validation will be required for an upgrade in classification, using twin-holes where necessary.

The MRE for the Project (Table 1) uses a reporting cut-off of 0.2% Cu and 1% Cu for Low Grade and High Grade Copper (massive sulphide) domains, respectively, and demonstrates that there are reasonable prospects for eventual economic extraction (Table 1A - 1B). A reporting cut-off of 0.2g/t Au is used for the gold (Table 1C) and zinc (Table 1D) domains. Confidence in the MRE is sufficient to allow the results to be used in further technical and economic studies. Additional confidence in the data obtained from historic drilling is required in order to advance further understanding of the Project.

Recent drilling provides greater confidence across parts of the Kokkinoyia Project, and in such areas the resources have been classified as Indicated. However, all remaining resources have been classified as Inferred until further drilling work is completed. As well as significant classification upgrades, there is potential for an increase in resource tonnage with further drilling.

The styles of mineralisation have been identified, the controls on mineralisation are sufficiently understood and measurements and sampling completed to a reasonable degree of confidence for the mineralisation present.

Depletion of the resource in the High Grade Copper Domains by means of historical underground production has been calculated based on government production records for Kokkinoyia for over 470kt ore. The High Grade Copper Domain in the final resource was then depleted by these assumed underground production figures of 474,500 tonnes. Future studies will aim to determine the true positioning and extent of UG workings, and calculate a spatially more accurate depletion for the UG part of the resource.

Table 1: Summary of 2021 Kokkinoyia MRE, in accordance with JORC 2012, based on 210 drill holes (42,895 m) across the Kokkinoyia Sector (2 December 2021). Each domain is presented separately in detail in Table 1A-1D, below. Figures in the tables may not sum precisely due to rounding. The MRE is reported gross to Venus of which 50% are net attributable to Ariana's 50% ownership of Venus.

 
 Table    Classification    Domain                                             Average Value                   Material Content 
         ----------------  --------  ===========  ========  ==========  ===========================  ==================================== 
                                        Volume     Density     Mass       Cu     Au     Zn      S       Cu        Au      Zn        S 
         ----------------  --------  ===========  ========  ==========  =====  =====  =====  ======  ========  =======  ======  ========= 
                                         m(3)      g/cm(3)       t        %     g/t     %       %        t        oz       t        t 
         ----------------  --------  -----------  --------  ----------  -----  -----  -----  ------  --------  -------  ------  --------- 
                              HG 
   A            Inf            Cu        246,900      3.18     785,800   2.25    n/a    n/a   27.70    17,700      n/a     n/a    217,700 
-------  ----------------  --------  -----------  --------  ----------  -----  -----  -----  ------  --------  -------  ------  --------- 
                              LG 
   B            Ind            Cu      1,510,000      2.74   4,140,900   0.39   0.27    n/a   11.17    16,200   35,900     n/a    462,500 
-------  ----------------  --------  -----------  --------  ----------  -----  -----  -----  ------  --------  -------  ------  --------- 
   B                 Inf               2,321,400      2.47   5,727,500   0.31   0.27    n/a    7.47    17,500   49,700     n/a    427,600 
-------  --------------------------  -----------  --------  ----------  -----  -----  -----  ------  --------  -------  ------  --------- 
   C            Inf           Au         216,800      2.67     579,800    n/a   0.36   0.10   10.75       n/a    6,800     600     62,300 
-------  ----------------  --------  -----------  --------  ----------  -----  -----  -----  ------  --------  -------  ------  --------- 
   D            Inf           Zn         424,300      2.61   1,109,000   0.33   0.57   0.36    9.89     3,700   20,300   4,000    109,600 
-------  ----------------  --------  -----------  --------  ----------  -----  -----  -----  ------  --------  -------  ------  --------- 
 

Table 1A : Summary of the High Grade Copper Domain resources comprised of Massive Sulphide Material. Reporting is based on a 1% Cu cut-off grade. Gold is likely to be present in this Massive Sulphide material, but there is not sufficient data at present to determine this with sufficient confidence. The resource has been depleted based on historical production figures which state 474,500kt of ore was mined. The MRE is reported gross to Venus of which 50% are net attributable to Ariana's 50% ownership of Venus.

 
     Kokkinoyia                                        Average       Metal Content 
       2021 MRE                                          Value 
       DEPLETED 
      HG Copper 
       Domains 
                      ============================  =============  ================= 
                       Volume    Density    Mass      Cu      S       Cu        S 
                      ========  ========  ========  =====  ======  =======  ======== 
                        m(3)     g/cm(3)      t       %       %       t         t 
                      --------  --------  --------  -----  ------  -------  -------- 
              High 
 Inferred     Grade    246,900      3.18   785,800   2.25   27.70   17,700   217,700 
----------  --------  --------  --------  --------  -----  ------  -------  -------- 
 
 

Table 1B : Summary of the Low Grade Copper Domain resources. Reporting is based on a 0.2% Cu cut-off grade. The gold grade has been extrapolated from the Indicated resources onto the Inferred resources, as not enough data exists in the inferred resource estimation to calculate gold content. The MRE is reported gross to Venus of which 50% are net attributable to Ariana's 50% ownership of Venus.

 
   Kokkinoyia 2021 MRE                                           Average Value            Material Content 
     LG Copper Domain 
                          ===========  ========  ==========  ====================  ============================== 
                             Volume     Density     Mass       Cu     Au      S       Cu        Au          S 
                          ===========  ========  ==========  =====  =====  ======  ========  ========  ========== 
                              m(3)      g/cm(3)       t        %     g/t      %        t        oz          t 
                          -----------  --------  ----------  -----  -----  ------  --------  --------  ---------- 
 Indicated    Low Grade    1,510,000     2.74     4,140,900   0.39   0.27   11.17   16,200     35,900     462,500 
===========  ===========  ===========  ========  ==========  =====  =====  ======  ========  ========  ========== 
  Inferred    Low Grade     2,321,400    2.47     5,727,500   0.31   0.27   7.47     17,500    49,700     427,600 
-----------  -----------  -----------  --------  ----------  -----  -----  ------  --------  --------  ---------- 
  Total                     3,831,400    2.58     9,868,300   0.34   0.27   9.02     33,800    85,700     890,100 
 -----------------------  -----------  --------  ----------  -----  -----  ------  --------  --------  ---------- 
 

Table 1C : Summary of the Gold Domain resources. Reporting is based on a 0.2g/t Au cut-off grade. The MRE is reported gross to Venus of which 50% are net attributable to Ariana's 50% ownership of Venus.

 
  Kokkinoyia                                        Average Value             Material Content 
    2021 MRE 
  Gold Domain 
                ========  ========  =========  =======================  =========================== 
                 Volume    Density     Mass      Au      Zn       S         Au        Zn       S 
                ========  ========  =========  =====  =======  =======  ==========  =====  ======== 
                  m(3)     g/cm(3)      t       g/t      %        %         oz        t        t 
                --------  --------  ---------  -----  -------  -------  ----------  -----  -------- 
 Inferred        216,800      2.67    579,800   0.36     0.10    10.75       6,800    600    62,300 
--------------  --------  --------  ---------  -----  -------  -------  ----------  -----  -------- 
 

Table 1D : Summary of the Zinc Domain resources. Reporting is based on a 0.2g/t Au cut-off grade, rather than zinc, so as to better define the contained gold resources. The MRE is reported gross to Venus of which 50% are net attributable to Ariana's 50% ownership of Venus.

 
  Kokkinoyia                                           Average Value                 Material Content 
    2021 MRE 
  Zinc Domain 
                ========  ========  ==========  ==========================  ================================= 
                 Volume    Density     Mass       Cu     Au     Zn     S      Cu       Au      Zn        S 
                ========  ========  ==========  =====  =====  =====  =====  ======  =======  ======  ======== 
                  m(3)     g/cm(3)       t        %     g/t     %      %       t     t. oz      t        t 
                --------  --------  ----------  -----  -----  -----  -----  ------  -------  ------  -------- 
 Inferred        424,300    2.61     1,109,000   0.33   0.57   0.36   9.89   3,700   20,300   4,000   109,600 
--------------  --------  --------  ----------  -----  -----  -----  -----  ------  -------  ------  -------- 
 

The limited nature of assay data for gold in the database has significantly limited the extent of the gold domain to the area in which gold data is available. Data analysis has shown a strong and reliable correlation of gold with sulphur grades, for which data is available across the whole deposit. Using this correlation, an Exploration Target for gold across the Kokkinoyia project has been defined through modelling of sulphur distribution (Table 2).

Table 2: Exploration Target for Gold at Kokkinoyia, based on sulphur content of the gold domain defined in this MRE.

 
   Exploration Target for Gold 
 Tonnage             3 - 6 Mt 
==============  ================= 
 Grade           0.3 - 0.4 g/t Au 
==============  ================= 
 Metal content    30 - 70 koz Au 
--------------  ----------------- 
 

Contacts:

 
 Ariana Resources plc                      Tel: +44 (0) 20 3476 
                                            2080 
 Michael de Villiers, Chairman 
 Kerim Sener, Managing Director 
 Beaumont Cornish Limited                  Tel: +44 (0) 20 7628 
                                            3396 
 Roland Cornish / Felicity Geidt 
 Panmure Gordon (UK) Limited               Tel: +44 (0) 20 7886 
                                            2500 
 John Prior / Hugh Rich / Atholl Tweedie 
 Yellow Jersey PR Limited                  Tel: +44 (0) 20 3004 
                                            9512 
 Dominic Barretto / Henry Wilkinson        arianaresources@yellowjerseypr.com 
  / Matthew McHale 
 

Editors' Note:

The MRE was prepared by Zack van Coller BSc (Hons), Special Projects Geologist, Ariana Resources plc. Mr. van Coller is a Competent Person as defined by the JORC Code, 2012 Edition. The estimate was reviewed internally by Ruth Bektas BSc (Hons) CGeol EurGeol, Projects Analyst, Ariana Resources plc. Miss Bektas is a Competent Person as defined by the JORC Code, 2012 Edition. The results are reported in accordance with the JORC Code, under the direction of Dr. Kerim Sener BSc (Hons), MSc, PhD, Managing Director of Ariana Resources plc, and a Competent Person as defined by the JORC Code. Mr. van Coller and Dr. Sener have reviewed the technical and scientific information in this press release relating to the ME estimates and approve the use of the information contained herein.

The information in this announcement that relates to exploration results is based on information compiled by Dr. Kerim Sener BSc (Hons), MSc, PhD, Managing Director of Ariana Resources plc. Dr. Sener is a Fellow of The Geological Society of London and a Member of The Institute of Materials, Minerals and Mining and has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity that has been undertaken to qualify as a Competent Person as defined by the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies. Dr. Sener consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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 July 2020). 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 227,000 ounces gold and 3.7 million ounces silver (as at April 2020). 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 Project is located in western Turkey and contains a JORC Measured, Indicated and Inferred Resource of 253,000 ounces gold and 0.7 million ounces silver (as at June 2020). The project is being progressed through permitting and an Environmental Impact Assessment, with the intention of developing the site to become the second joint venture gold mining operation. 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 75% of UK-registered Western Tethyan Resources Ltd ("WTR"), which operates across 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.

Ariana owns 50% of UK-registered Venus Minerals Ltd ("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 1.10% copper (excluding additional gold, silver and zinc).

Ariana owns 100% of Australia-registered Asgard Metals Fund ("Asgard"), as part of the Company's proprietary Project Catalyst Strategy. The Fund will be 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 and the UK.

Panmure Gordon (UK) Limited is broker to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser and Broker.

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

Glossary of Technical Terms:

"Ag" chemical symbol for silver;

"Au" chemical symbol for gold;

"CoG" cut off grade;

" Cu " chemical symbol for copper ;

"JORC" the Joint Ore Reserves Committee;

"m" Metres;

"MRE" Mineral Resource Estimate;

"S" chemical symbol for sulphur;

"Zn" chemical symbol for zinc

Ends.

JORC Code, 2012 Edition - Table 1

Kokkinoyia, Cyprus

(data as at Oct 2021, MRE reported Nov 2021)

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

 
 
 Sampling 
 techniques      *    Nature and quality of sampling (e.g. cut channels,        *    Historic mining operations, photogrammetric surveying, 
                      random chips, or specific specialised industry                 pXRF outcrop sampling and drilling (42,895m) were 
                      standard measurement tools appropriate to the                  used to delineate areas of mineralisation. 
                      minerals under investigation, such as down hole gamma 
                      sondes, or handheld XRF instruments, etc.). These 
                      examples should not be taken as limiting the broad        *    Mineralisation consists of Cu-Au (+Zn and Ag) 
                      meaning of sampling.                                           Volcanic Massive Sulphide (VMS) mineralisation 
                                                                                     contained within two widespread volcanic basalt 
                                                                                     pillow lava sequences. 
                 *    Include reference to measures taken to ensure sample 
                      representativity and the appropriate calibration of 
                      any measurement tools or systems used.                    *    All drilling to date on the project consists of 
                                                                                     diamond, wireline, rotary open hole percussion and 
                                                                                     Schramm T64 drilling. 
                 *    Aspects of the determination of mineralisation that 
                      are Material to the Public Report. 
                                                                                *    Percussion chips in mineralised zones were collected 
                                                                                     at 1m intervals. Samples were split on the drill site 
                 *    In cases where 'industry standard' work has been done          using a 2-tier riffle splitter to a sub-sample of 
                      this would be relatively simple (e.g. 'reverse                 approximately 3-5kg. Duplicates were also split on 
                      circulation drilling was used to obtain 1 m samples            site and randomly placed in the sample stream. 
                      from which 3 kg was pulverised to produce a 30 g               Samples were transferred to the Mitsero processing 
                      charge for fire assay'). In other cases, more                  plant, where they were sun- or oven-dried before 
                      explanation may be required, such as where there is            being sub-sampled to 250g, then pulverised and then 
                      coarse gold that has inherent sampling problems.               sent to the Nicosia Chemical Laboratories, for wet 
                      Unusual commodities or mineralisation types (e.g.              chemical analysis for base metals and sulphur, and 
                      submarine nodules) may warrant disclosure of detailed          fire assay for gold (but this involved only a few 
                      information.                                                   samples). 
 
 
                                                                                *    Percussion samples were split to form composite 
                                                                                     samples ranging from 0.3m to a maximum of 14m. 
 
 
                                                                                *    No drill core or chips sample archives exist for 
                                                                                     historical drilling. 
 
 
                                                                                *    Diamond drill core was sampled as quarter core. 
 
 
                                                                                *    Drill samples void of mineralisation were not a 
                                                                                     priority for sampling and therefore not all drill 
                                                                                     holes/drill runs have been sampled once 
                                                                                     mineralisation controls were established. 
 
 
                                                                                *    Historic drilling and sampling procedures are only 
                                                                                     partly available. 
               ============================================================ 
 Drilling       Drill type (e.g. core, reverse circulation, open-hole 
 techniques     hammer, rotary air blast, auger, Bangka,                              *    In total 42,894.8 of drilling for 210 drillholes has 
                sonic, etc.) and details (e.g. core diameter, triple or                    been completed across the Kokkinoyia Project. 
                standard tube, depth of diamond tails, 
                face-sampling bit or other type, whether core is oriented 
                and if so, by what method, etc.).                                     *    Drilling on the project can be summarised as follows: 
 
 
                                                                                      *    1951-1955 initiation of first exploration and 
                                                                                           resource drilling all by Hellenic Mining Company Ltd 
                                                                                           (HMC). 
 
 
                                                                                      *    1960s to 1970s exploration and resource drilling on 
                                                                                           north-eastern extents of deposit (HMC). 
 
 
                                                                                      *    1970s to 1980s final resource and exploration 
                                                                                           drilling on known extensions of the deposit (HMC). 
 
 
                                                                                      *    2021 confirmatory resource diamond drilling with 
                                                                                           multi-element assay data. 
 
 
                                                                                      *    Drilling methods used during the HMC work described 
                                                                                           above included wireline, rotary open hole percussion 
                                                                                           and Schramm T64 drilling. 
 
 
                                                                                      *    HQ diamond drilling was used during the 2021 drilling 
                                                                                           programme. 
 Drill sample 
 recovery        *    Method of recording and assessing core and chip           *    Drill core recoveries for the diamond drilling (9 
                      sample recoveries and results assessed.                        holes) averaged 95.3%. These were manually calculated 
                                                                                     by measuring the total core recovery against the 
                                                                                     drilling runs noted by the drilling company. 
                 *    Measures taken to maximise sample recovery and ensure 
                      representative nature of the samples. 
                                                                                *    Drilling recoveries for historic drilling were not 
                                                                                     recorded. However, detailed notes regarding core loss, 
                 *    Whether a relationship exists between sample recovery          hole collapse and voids were documented on historic 
                      and grade and whether sample bias may have occurred            logging sheets. 
                      due to preferential loss/gain of fine/coarse 
                      material. 
               ============================================================ 
 Logging 
                 *    Whether core and chip samples have been geologically                 *    All historic percussion drill holes were geologically 
                      and geotechnically logged to a level of detail to                         logged in the field using rinsed chips returned after 
                      support appropriate MRE, mining studies and                               every drilled metre. Logs were then drafted post 
                      metallurgical studies.                                                    laboratory analysis to produce detailed hardcopy 
                                                                                                assay lithological logs. 
 
                 *    Whether logging is qualitative or quantitative in 
                      nature. Core (or costean, channel, etc.) photography.                *    Diamond drill core processing and logging was 
                                                                                                completed at the Mitsero core storage facilities. 
 
                 *    The total length and percentage of the relevant 
                      intersections logged.                                                *    Logging intervals are based on lithologies. 
 
 
                                                                                           *    Logging is to a standard suitable to support a MRE. 
 Sub-sampling 
 techniques      *    If core, whether cut or sawn and whether quarter,                   *    Sampling was undertaken across all mineralised zones 
 and sample           half or all core taken.                                                  and extended into un-mineralised rock. 
 preparation 
 
                 *    If non-core, whether riffled, tube sampled, rotary                  *    Some drill-run samples with no mineralisation were 
                      split, etc. and whether sampled wet or dry.                              not sampled once mineralisation controls were 
                                                                                               established. 
 
                 *    For all sample types, the nature, quality and 
                      appropriateness of the sample preparation technique.                *    Percussion samples were taken at regular 1m intervals, 
                                                                                               from the top of the hole to the bottom, however not 
                                                                                               all samples that were taken were sent for assay. 
                 *    Quality control procedures adopted for all 
                      sub-sampling stages to maximise representativeness of 
                      samples.                                                            *    For diamond drilling (9 holes): HQ size drill-core 
                                                                                               samples were cut by a diamond saw into quarter core. 
                                                                                               Quarter core is sent for analysis in batches in line 
                 *    Measures taken to ensure that the sampling is                            with the Company's quality control procedures, whilst 
                      representative of the in situ material collected,                        one quarter is held back for future metallurgical 
                      including for instance results for field duplicate/                      analysis and the remaining half core is archived. 
                      second-half sampling. 
 
                                                                                          *    Historic samples were submitted to the Nicosia 
                 *    Whether sample sizes are appropriate to the grain                        Chemical Laboratories, located within the city of 
                      size of the material being sampled.                                      Nicosia (approx. 35km from the project site). Sample 
                                                                                               preparation was completed at the Mitsero processing 
                                                                                               plant, and included crushing, milling, homogenisation 
                                                                                               and sample splitting in accordance with company 
                                                                                               standards. 
 
 
                                                                                          *    Typical sampling protocols are presented below. 
                                                                                               However, historically not all samples were assayed 
                                                                                               for gold. 
 
 
 
                                                                                         http://www.rns-pdf.londonstockexchange.com/rns/2992U_1-2021- 
                                                                                         12-1.pdf 
               ============================================================ 
 Quality of 
 assay data      *    The nature, quality and appropriateness of the                      *    HMC applied a random quality control (QC) programme 
 and                  assaying and laboratory procedures used and whether                      during its historic drilling campaigns, whereby 
 laboratory           the technique is considered partial or total.                            standards and blanks were entered into the sample 
 tests                                                                                         stream erratically and at random. 
 
                 *    For geophysical tools, spectrometers, handheld XRF 
                      instruments, etc., the parameters used in determining               *    No internal reporting of HMC's QA/QC sampling results 
                      the analysis including instrument make and model,                        was reviewed. A number of hardcopy assay documents 
                      reading times, calibrations factors applied and their                    are preserved within the Venus Minerals offices in 
                      derivation, etc.                                                         Nicosia, but no obvious records of QA/QC evaluations 
                                                                                               were found. 
 
                 *    Nature of quality control procedures adopted (e.g. 
                      standards, blanks, duplicates, external laboratory                  *    The diamond drill core was analysed at ALS Laboratory 
                      checks) and whether acceptable levels of accuracy                        Services in Ireland ("ALS Ireland") for gold using a 
                      (i.e. lack of bias) and precision have been                              50g fire assay (Au-AA23) and ME-ICP41 for copper and 
                      established.                                                             other elements. 
 
 
                                                                                          *    For drilling completed in 2021 by Venus, an industry 
                                                                                               standard QA/QC programme was employed using; 
 
 
                                                                                         o CRM gold and copper standards purchased from CDN 
                                                                                         Laboratories and Geostats, 
                                                                                         o Representative field blanks with pre-programme check 
                                                                                         analysis results 
                                                                                         o Field duplicates 
                                                                                         o Crush duplicates 
                                                                                         o Pulp duplicates 
                                                                                          *    An insertion rate of 14.29% 
 
 
                                                                                         http://www.rns-pdf.londonstockexchange.com/rns/2992U_1-2021- 
                                                                                         12-1.pdf 
 Verification 
 of sampling     *    The verification of significant intersections by          *    No drill core or representative drill samples are 
 and assaying         either independent or alternative company personnel.           available for the historic holes at the project, and 
                                                                                     therefore, it was not possible for the competent 
                                                                                     person (Mr. Zack van Coller) to conduct physical 
                 *    The use of twinned holes.                                      verification of historical logging or assaying. 
 
 
                 *    Documentation of primary data, data entry procedures,     *    Logging procedures are sufficient to meet industry 
                      data verification, data storage (physical and                  standards. However, it was not possible to 
                      electronic) protocols.                                         comprehensively evaluate historic sampling 
                                                                                     procedures. 
 
                 *    Discuss any adjustment to assay data. 
                                                                                *    Prior to resource estimation, assay results below 
                                                                                     detection limit are replaced with values of zero. 
 
 
                                                                                *    The 2021 diamond drill core archived at the Mitsero 
                                                                                     depot was inspected by Mr. Zack van Coller on 15(th) 
                                                                                     November 2021. Zones of significant mineralisation 
                                                                                     were verified and compared to copper assay results of 
                                                                                     neighbouring historic holes. 
 
 
                                                                                *    All available historic archives are stored in both 
                                                                                     hardcopy and digital formats at Venus' Cyprus offices 
                                                                                     in Nicosia. 
               ============================================================ 
 Location of 
 data points      *    Accuracy and quality of surveys used to locate drill     *    Historical collar locations were recorded in local 
                       holes (collar and down-hole surveys), trenches, mine          Cassini coordinate system, converted graphically to 
                       workings and other locations used in MREs.                    UTM European Datum 1950, Zone 36 North. Later data 
                                                                                     were collected by a professional surveyor using DGPS 
                                                                                     equipment in the local Cypriot coordinate format 
                  *    Specification of the grid system used.                        (CGRS 1993 LTM), and also converted to the ED50 36N 
                                                                                     system. 
 
                  *    Quality and adequacy of topographic control. 
                                                                                *    No down hole survey of historic holes exists due to 
                                                                                     the vertical drilling of these holes. 
 
 
                                                                                *    A 5.0cm per pixel resolution drone photogrammetry 
                                                                                     survey was completed over the entire Kokkinoyia 
                                                                                     deposit during 2018, using a DJI Phantom Advanced 3 
                                                                                     drone. 
 
 
                                                                                *    A 3D photogrammetric topographic mesh was constructed 
                                                                                     from the DJI drone data using Pix4D software, and was 
                                                                                     re-registered using DGPS ground control points for 
                                                                                     increased accuracy to within 50cm. 
 
 
                                                                                *    The 2021 diamond drill holes were surveyed from 
                                                                                     surface to end of hole using a DeviShot multi-shot 
                                                                                     downhole survey tool. Readings were taken on 25m 
                                                                                     intervals. 
 Data spacing 
 and              *    Data spacing for reporting of Exploration Results.       *    The resource area was typically drilled on a regular 
 distribution                                                                        pattern allowing for 15-30m spacing between collars. 
 
                  *    Whether the data spacing and distribution is 
                       sufficient to establish the degree of geological and     *    The Kokkinoyia Sector is currently split into five 
                       grade continuity appropriate for the MRE and Ore              main related mineralisation domains: Kokkinoyia High 
                       Reserve estimation procedure(s) and classifications           Grade East, Kokkinoyia High Grade West, Kokkinoyia 
                       applied.                                                      Low Grade, Kokkinoyia Gold and Kokkinoyia Zinc 
                                                                                     domains. A sulphur domain was created for the 
                                                                                     purposes of defining an Exploration Target. 
                  *    Whether sample compositing has been applied. 
 
                                                                                *    Average collar spacing within the core of the 
                                                                                     Kokkinoyia Sector is 13.7m (based on 18 
                                                                                     measurements). 
 
 
                                                                                *    Average collar spacing on the periphery of the 
                                                                                     Kokkinoyia core is 30.25m (based on 30 measurements). 
 
 
                                                                                *    Samples were composited to 3m prior to estimation 
                                                                                     using Leapfrog EDGE software. 
 
 
                                                                                *    The current data spacing in association with 
                                                                                     geological mapping and surface geochemistry is 
                                                                                     sufficient to establish geological continuity and 
                                                                                     grade continuity. This has been established and 
                                                                                     tested by semi-variograms and post-estimation 
                                                                                     assessment. 
               ============================================================ 
 Orientation 
 of data in      *    Whether the orientation of sampling achieves unbiased     *    The Kokkinoyia Sector is bound by two main parallel 
 relation to          sampling of possible structures and the extent to              NE-SW trending normal faults. The mineralisation has 
 geological           which this is known, considering the deposit type.             been separated into five domains. Additional less 
 structure                                                                           significant normal faulting has resulted in localised 
                                                                                     off-sets within the deposit. This is more apparent 
                 *    If the relationship between the drilling orientation           within the Kokkinoyia NE zone. 
                      and the orientation of key mineralised structures is 
                      considered to have introduced a sampling bias, this 
                      should be assessed and reported if material.              *    The Kokkinoyia SW high and low grade zones have a 
                                                                                     general trend of 45˚ (UTM azimuth) with a 
                                                                                     50˚ dip towards 75˚ (UTM azimuth). 
 
 
                                                                                *    The NE high and low grade zones are offset and 
                                                                                     rotated with a general trend of 50˚ (UTM 
                                                                                     azimuth) with a 35˚ dip towards 65˚ (UTM 
                                                                                     azimuth). 
 
 
                                                                                *    The Kokkinoyia mineralisation has been drilled 
                                                                                     vertically, with most holes achieving full 
                                                                                     intersections. 
 
 
                                                                                *    True thickness with respect to apparent thickness is 
                                                                                     well understood as most intersections are normal to 
                                                                                     the mineralisation. 
 Sample 
 security         *    The measures taken to ensure sample security.            *    Hellenic Mining Company Ltd. (HMC) was responsible 
                                                                                     for sample security between the 1950s and 1970s. The 
                                                                                     precise procedures are not fully known due to loss of 
                                                                                     historic records. However, samples were deemed 
                                                                                     appropriately analysed and representative of the 
                                                                                     mineralisation to support mining operations between 
                                                                                     1954 and 1979. 
 
 
                                                                                *    Samples were historically processed and analysed at 
                                                                                     the Nicosia Chemical Laboratories, which are no 
                                                                                     longer operational, with the chain of custody 
                                                                                     appropriately controlled. 
 
 
                                                                                *    Samples from the 2021 drilling programme were 
                                                                                     analysed at ALS Laboratory Services in Ireland ("ALS 
                                                                                     Ireland") with the chain of custody appropriately 
                                                                                     controlled. 
               ============================================================ 
 Audits or 
 reviews          *    The results of any audits or reviews of sampling         *    Venus Minerals has implemented QA/QC programmes based 
                       techniques and data.                                          on international best practice since its initial 
                                                                                     exploration and project review work since 2005. The 
                                                                                     Company has continued to review and refine the QA/QC 
                                                                                     protocols as exploration campaigns have progressed. 
 
 
                                                                                *    Audits of historic drill samples were not possible. 
                                                                                     However, representative ore samples were viewed and 
                                                                                     analysed by fire assay and ME-ICP methods from 
                                                                                     historic stockpiles, dumps and from spillages at old 
                                                                                     ore loading bays. 
=============  ============================================================  ======================================================================== 
 

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

 
 
 Mineral 
 tenement and       *    Type, reference name/ number, location and ownership                *    The Kokkinoyia Sector consists of one prospecting 
 land tenure             including agreements or material issues with third                       licence owned 100% by Venus Minerals Ltd, through its 
 status                  parties such as joint ventures, partnerships,                            Cypriot subsidiary. There are no royalties associated 
                         overriding royalties, native title interests,                            with the stated licence. 
                         historical sites, wilderness or national park and 
                         environmental settings. 
                                                                                            http://www.rns-pdf.londonstockexchange.com/rns/2992U_1-2021- 
                                                                                            12-1.pdf 
                    *    The security of the tenure held at the time of 
                         reporting along with any known impediments to 
                         obtaining a licence to operate in the area.                         *    There are no known impediments to current operations. 
                 ================================================================ 
 Exploration                                                                        A summary of exploration activities at Kokkinoyia: 
 done by other      *    Acknowledgment and appraisal of exploration by               *    1938 - Anonymous Greek Company of Chemical Products 
 parties                                                                                   and Manures explored the Kokkinoyia site for gold and 
                                                                                           silver, concentrating on an area of outcropping 
                                                                                           oxidation, which was partly covered by slag. The gold 
                                                                                           and silver ore was extracted in stages, initially by 
                                                                                           trenching and pitting or by shallow declines and 
                                                                                           adits. Reported grades reached 106g/t Au and 690g/t 
                                                                                           Ag. 
 
 
                                                                                      *    1939 - a series of 61 prospecting pits were excavated 
                                                                                           for the discovery of additional resources. This 
                                                                                           resulted in open-cut mining at four different levels, 
                                                                                           with mining lasting between April and July 1939. 
 
 
                                                                                      *    1951 - first exploration drilling for copper, 
                                                                                           conducted by Hellenic Mining Company. 
 
 
                                                                                      *    1954 to 1979 - copper mining at Kokkinoyia extracted 
                                                                                           474,562 tonnes resulting in concentrates of 285,330 
                                                                                           tonnes. 
                 ================================================================ 
 Geology 
                    *    Deposit type, geological setting and style of                    *    The Kokkinoyia deposit is located approximately 1.5km 
                         mineralisation.                                                       west of Mitsero village, within the Lower Pillow Lava 
                                                                                               sequence of the Troodos ophiolite close to its 
                                                                                               contact with the Upper Pillow Lavas. Signs of 
                                                                                               oxidation and copper staining are widely present in 
                                                                                               the area, and these attracted the attention of 
                                                                                               ancient miners, as indicated by the presence of 
                                                                                               localised slag heaps and old shallow adits. 
 
 
                                                                                         http://www.rns-pdf.londonstockexchange.com/rns/2992U_1-2021-12- 
                                                                                         1.pdf 
 
                                                                                          *    The general geology around the deposit consists of 
                                                                                               two main NNE dipping sequences of basaltic pillow 
                                                                                               lavas, with localised dykes and sheeted flows. The 
                                                                                               exposed pillow lavas are partly capped by a sequence 
                                                                                               of marls and limestones. The two pillow lava 
                                                                                               sequences are defined as the Upper Pillow Lavas and 
                                                                                               Lower Pillow Lavas, which host the defined 
                                                                                               mineralisation. 
 
 
                                                                                          *    To the south and west of the deposit are widespread 
                                                                                               signs of oxidation, representing the root zones of 
                                                                                               mineralisation whose upper levels have been removed 
                                                                                               by erosion. 
 
 
                                                                                          *    The main direction of faulting which bounds the 
                                                                                               sector has a northerly trend. 
 
 
                                                                                          *    Mineralisation within the Kokkinoyia deposit is 
                                                                                               classified as Volcanogenic Massive Sulphide (VMS) in 
                                                                                               nature and is represented at surface by widespread 
                                                                                               moderate to strong oxidation and gossans, resulting 
                                                                                               from the weathering of sulphide mineralisation. The 
                                                                                               latter is generally concentrated in zoned lenses 
                                                                                               which are structurally controlled and, post formation, 
                                                                                               offset by later faulting. 
 
 
                                                                                         http://www.rns-pdf.londonstockexchange.com/rns/2992U_1-2021-12- 
                                                                                         1.pdf 
                 ================================================================ 
 Drillhole 
 Information            *    A summary of all information material to the                       *    No new exploration data is included in this report. 
                             understanding of the exploration results including a 
                             tabulation of the following information for all 
                             Material drill holes: 
 
 
                        *    easting and northing of the drill hole collar 
 
 
                        *    elevation or RL (Reduced Level - elevation above sea 
                             level in metres) of the drill hole collar 
 
 
                        *    dip and azimuth of the hole 
 
 
                        *    down hole length and interception depth 
 
 
                        *    hole length. 
 
 
                        *    If the exclusion of this information is justified on 
                             the basis that the information is not Material and 
                             this exclusion does not detract from the 
                             understanding of the report, the Competent Person 
                             should clearly explain why this is the case. 
                 ================================================================ 
 Data 
 aggregation        *    In reporting Exploration Results, weighting averaging        *    Metal equivalents are not used in this estimate. 
 methods                 techniques, maximum and/ or minimum grade truncations 
                         (e.g. cutting of high grades) and cut-off grades are 
                         usually Material and should be stated.                       *    No aggregation has been applied beyond the standard 
                                                                                           1m sampling interval honouring lithological changes 
                                                                                           down to 20cm. 
                    *    Where aggregate intercepts incorporate short lengths 
                         of high grade results and longer lengths of low grade 
                         results, the procedure used for such aggregation             *    No metal equivalent has been applied. Metals are 
                         should be stated and some typical examples of such                reported individually. 
                         aggregations should be shown in detail. 
 
 
                    *    The assumptions used for any reporting of metal 
                         equivalent values should be clearly stated. 
                 ================================================================ 
 Relationship 
 between            *    These relationships are particularly important in the        *    All drill-holes within the Kokkinoyia Sector were 
 mineralisation          reporting of Exploration Results.                                 historically drilled vertically. Disseminated 
 widths and                                                                                mineralisation is defined as shallow dipping 
 intercept                                                                                 10-15˚ mineralisation fronts, with higher grade 
 lengths            *    If the geometry of the mineralisation with respect to             lenses of massive sulphides interpreted to have 
                         the drill hole angle is known, its nature should be               formed at the boundary between two pillow basalt 
                         reported.                                                         sequences. Therefore, mineralisation at Kokkinoyia is 
                                                                                           generally well defined. 
 
                    *    If it is not known and only the down hole lengths are 
                         reported, there should be a clear statement to this          *    The latest 2021 drilling consisted of nine angled 
                         effect (e.g. 'down hole length, true width not                    holes designed to test mineralisation continuity 
                         known').                                                          between several significant vertically drilled holes, 
                                                                                           and successfully confirmed most mineralisation, 
                                                                                           except where they intercepted undocumented historic 
                                                                                           workings. 
                 ================================================================ 
 Diagrams 
                    *    Appropriate maps and sections (with scales) and             *    Top 20 Copper intercepts from all data pre-historic 
                         tabulations of intercepts should be included for any             mining. 
                         significant discovery being reported. These should 
                         include, but not be limited to a plan view of drill 
                         hole collar locations and appropriate sectional 
                         views.                                                     http://www.rns-pdf.londonstockexchange.com/rns/2992U_1-2021-12-1.pdf 
                 ================================================================ 
 Balanced 
 reporting          *    Where comprehensive reporting of all Exploration             *    Full balanced reporting of exploration results has 
                         Results is not practicable, representative reporting              been undertaken and is disclosed within the technical 
                         of both low and high grades and/ or widths should be              reporting supporting this latest 2021 review. 
                         practiced to avoid misleading reporting of 
                         Exploration Results. 
                 ================================================================ 
 Other 
 substantive          *    Other exploration data, if meaningful and material,       *    Modern prospectors were drawn to the Kokkinoyia site 
 exploration                should be reported including (but not limited to):            by a number of slag heaps and ancient portals. 
 data                      geological observations; geophysical survey results;           Mineralisation was first confirmed by drilling during 
                           geochemical survey results; bulk samples - size and            1951. 
                          method of treatment; metallurgical test results; bulk 
                               density, groundwater, geotechnical and rock 
                                characteristics; potential deleterious or            *    In 1975, the deposit was investigated in detail by 
                                        contaminating substances.                         Christoforou (1975), in a study which involved 
                                                                                          underground mapping and mineralogical investigations. 
 
 
                                                                                     *    Surface geological mapping at 1:5,000 scale was 
                                                                                          completed by Dr. Nicos Adamides in the early 1980s. 
 
 
                                                                                     *    Between 2005 and 2015 Venus Minerals (as Eastern 
                                                                                          Mediterranean Minerals (EMM)) digitised all acquired 
                                                                                          underground and hardcopy drill log data into its 
                                                                                          digital systems. 
 
 
                                                                                     *    In 2016 detailed 1:1,000 scale mapping was completed 
                                                                                          by Venus Minerals by Dr. Nicos Adamides. 
 
 
                                                                                     *    In 2018, Venus Minerals conducted several 
                                                                                          investigations to identify potential within old 
                                                                                          historic dumps, as well as taking steps to evaluate 
                                                                                          the project for gold potential, which has 
                                                                                          historically not been widely tested for. 
 
 
                                                                                    http://www.rns-pdf.londonstockexchange.com/rns/2992U_1-2021-12-1.pdf 
                 ================================================================ 
 Further work 
                    *    The nature and scale of planned further work (e.g.                *    Additional work to be completed at the Kokkinoyia 
                         tests for lateral extensions or depth extensions or                    Project can be summarised as follows: 
                         large-scale step-out drilling). 
 
                                                                                          o 2,000-4,000 meters of twin hole drilling (10% of total 
                    *    Diagrams clearly highlighting the areas of possible              database) required to increase confidence 
                         extensions, including the main geological                        in historic drill data. 
                         interpretations and future drilling areas, provided              o Additional drilling and assaying specifically for gold rich 
                         this information is not commercially sensitive.                  zones, which could potentially 
                                                                                          be a significant contributor to the project. Almost no gold 
                                                                                          assaying was completed on any 
                                                                                          of the primary historic drilling data. Recent drilling and 
                                                                                          surface evaluations of old stockpiles 
                                                                                          showed significant potential for gold ranging from 0.2g/t Au 
                                                                                          to over 5g/t Au. 
                                                                                          o Detailed metallurgical test work. Particularly focusing on 
                                                                                          zinc and gold as potential credits. 
                                                                                          o Further shallow drill testing of historic mining dumps to 
                                                                                          evaluate potential. 
                                                                                          o Laser scanning of accessible adits as a means of calibrating 
                                                                                          current digitised underground 
                                                                                          workings. 
                                                                                          o Additional translation and digitising of historic records. 
===============  ================================================================  ===================================================================== 
 

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

 
 
 Database 
 integrity          *    Measures taken to ensure that data has not been               *    The Kokkinoyia resource data as of 2021 is securely 
                         corrupted by, for example, transcription or keying                 stored and managed externally by gDat Applied 
                         errors, between its initial collection and its use                 Solutions ('gDat') via its password-protected acQuire 
                         for MRE purposes.                                                  database system. 
 
 
                    *    Data validation procedures used.                              *    Historic data was stored and preserved by multiple MS 
                                                                                            Excel spreadsheets and hardcopy data, which have now 
                                                                                            been converted to the gDat digital archives. 
 
 
                                                                                       *    Drill data was logged onto field sheets which were 
                                                                                            then entered into the data system by data capture 
                                                                                            technicians. 
 
 
                                                                                       *    Data was validated on entry into the database, or 
                                                                                            uploaded from the earlier MS Access databases, by a 
                                                                                            variety of means including the enforcement of coding 
                                                                                            standards, constraints and triggers. These are 
                                                                                            features built into the data model that ensure data 
                                                                                            meets essential standards of validity and 
                                                                                            consistency. 
 
 
                                                                                       *    Modern laboratory data has been received in digital 
                                                                                            format and uploaded directly to the database. 
 
 
                                                                                       *    Original data sheets and files have been retained and 
                                                                                            are used to validate the contents of the database 
                                                                                            against the original logging. 
 
 
                                                                                       *    Venus Minerals and previous independent consultants 
                                                                                            of Ariana Resources plc, have performed a visual 
                                                                                            validation by reviewing drill-holes on section and by 
                                                                                            subjecting drill-hole data to data auditing processes 
                                                                                            in specialised mining software (e.g., checks for 
                                                                                            sample overlaps etc.). This work was repeated and 
                                                                                            checked by Mr. Zack van Coller (Ariana Resources 
                                                                                            Competent Person), during the resource modelling in 
                                                                                            2020. 
 
 
                                                                                       *    Archived reports have been reviewed to identify 
                                                                                            potential errors and reliability of historical data. 
===============  ================================================================= 
 Site visits 
                    *    Comment on any site visits undertaken by the                  *    The Competent Person for this project is Mr. Zack van 
                         Competent Person and the outcome of those visits.                  Coller BSc, FGS. Mr. van Coller is Ariana Resource's 
                                                                                            Special Projects Geologist and Competent Person as 
                                                                                            defined by the JORC Code. Mr. van Coller last visited 
                    *    If no site visits have been undertaken indicate why                the project in November 2021 and has worked on the 
                         this is the case.                                                  project as one of the primary exploration and 
                                                                                            development geologists since 2017. He has verified 
                                                                                            aspects of the data collection and handling for the 
                                                                                            project. 
 
 
                                                                                       *    The work has been reviewed by Ruth Bektas BSc CGeol 
                                                                                            EurGeol, Ariana Resource's Project Analyst and 
                                                                                            Competent Person as defined by the JORC Code. 
===============  ================================================================= 
 Geological 
 interpretation     *    Confidence in (or conversely, the uncertainty of) the         *    Geological interpretation used a combination of 
                         geological interpretation of the mineral deposit.                  surface geological mapping and geochemical boundaries 
                                                                                            from the drill-holes across the Kokkinoyia project. 
 
                    *    Nature of the data used and of any assumptions made. 
                                                                                       *    Interpretation was completed by Mr. Zack van Coller, 
                                                                                            creating 3D wireframe models according to geology and 
                    *    The effect, if any, of alternative interpretations on              mineralisation above a 0.10% Cu modelling cut-off for 
                         Mineral Resource estimation.                                       the low grade domain and 1% Cu for the east and west 
                                                                                            high grade domains. 
 
                    *    The use of geology in guiding and controlling Mineral 
                         Resource estimation.                                          *    Historic mining volumes were clipped or filtered from 
                                                                                            the geological models to accommodate historically 
                                                                                            mined ore. This was confirmed by government 
                    *    The factors affecting continuity both of grade and                 production records. 
                         geology. 
 
                                                                                       *    Geological domains were interpreted for the deposit 
                                                                                            according to the mineralisation grade and structural 
                                                                                            mapping as defined by the historic mining records. 
 
 
                                                                                       *    Two main mineralised zones have been defined 
                                                                                            (Kokkinoyia West and Kokkinoyia East), which are 
                                                                                            offset from each other due to northerly trending 
                                                                                            normal faults. Six metal domains have been modelled 
                                                                                            within the Kokkinoyia deposit, representing metal 
                                                                                            zoning with the Kokkinoyia VMS system. 
 
 
                                                                                       *    The Kokkinoyia disseminated mineralisation is well 
                                                                                            understood. However, additional confirmation drilling 
                                                                                            is required to establish the true extent of historic 
                                                                                            mining galleries and remaining high grade ore. 
 
 
                                                                                       *    Grade continuity analysis within the interpreted 
                                                                                            mineralised zones is generally robust. 
 
 
                                                                                       *    The confidence in geological interpretation is 
                                                                                            appropriately reflected in the classification of the 
                                                                                            Resources. 
===============  ================================================================= 
 Dimensions 
                    *    The extent and variability of the MRE expressed as                  *    The Kokkinoyia mineralisation follows a NE-SW trend, 
                         length (along strike or otherwise), plan width, and                      dipping approximately 15˚ to the NE. 
                         depth below surface to the upper and lower limits of 
                         the MRE. 
                                                                                             *    The mineralisation is partly exposed at surface, and 
                                                                                                  dips below a rising topography along strike to a 
                                                                                                  maximum known depth of approximately 300m. There are 
                                                                                                  obvious breaks in the mineralisation trend, which 
                                                                                                  likely represent faulting of the mineralisation into 
                                                                                                  two main modelled zones (east and west). 
 
 
                                                                                             *    The mineralised corridor, encompassing all modelled 
                                                                                                  resource domains is approximately 900m long and 200m 
                                                                                                  wide across the NE-SW trend, extending to over 500m 
                                                                                                  below surface. 
 
 
                                                                                             *    The dimensions of the mineralisation domains are 
                                                                                                  approximately: 
 
 
                                                                                             *    High Grade Copper East domain: 260m x 100m x 25m 
 
 
                                                                                             *    High Grade Copper West domain: 125m x 125m x 50m 
 
 
                                                                                             *    Low Grade Copper domain: 700m x 150m x 150m 
 
 
                                                                                             *    Gold domain: 275m x 75m x 90m 
 
 
                                                                                             *    Zinc domain: 200m x 100m x 175m 
 
 
                                                                                             *    Sulphur domain (exploration targeting): 900m x 120m x 
                                                                                                  180m 
===============  ================================================================= 
 Estimation and 
 modelling              *    The nature and appropriateness of the estimation                  *    Details of the estimation method, parameters and 
 techniques                  technique(s) applied and key assumptions, including                  results are contained in the related Kokkinoyia 2021 
                             treatment of extreme grade values, domaining,                        MRE Memorandum (Venus Minerals and Ariana Resources 
                             interpolation parameters and maximum distance of                                   Internal Report, 2021). 
                             extrapolation from data points. If a computer 
                             assisted estimation method was chosen include a 
                             description of computer software and parameters used.             *    The estimate was compared to previous estimates. 
 
 
                        *    The availability of check estimates, previous                      *    The MRE has been estimated into a block model 
                             estimates and/ or mine production records and whether                prepared in Leapfrog EDGE. The block model comprises 
                             the Mineral Resource estimate takes appropriate                                   the following parameters: 
                             account of such data. 
 
                                                                                          http://www.rns-pdf.londonstockexchange.com/rns/2992U_1-2021-12 
                        *    The assumptions made regarding recovery of                                               -1.pdf 
                             by-products. 
                                                                                             *    A set of copper, gold and zinc grade-based wireframe 
                                                                                                   models were created in Leapfrog EDGE to select the 
                        *    Estimation of deleterious elements or other non-grade                samples used in the estimation and to constrain the 
                             variables of economic significance (e.g. sulphur for                                    interpolation. 
                             acid mine drainage characterisation). 
 
                                                                                              *    Grade estimates were based on 3m composited assay 
                        *    In the case of block model interpolation, the block                                         data. 
                             size in relation to the average sample spacing and 
                             the search employed. 
                                                                                             *    Estimation was carried out using Ordinary Kriging at 
                                                                                                  the parent block scale using a multi-pass estimation 
                        *    Any assumptions behind modelling of selective mining                           using all available composites. 
                             units. 
 
                                                                                                            *    Estimation parameters: 
                        *    Any assumptions about correlation between variables.               http://www.rns-pdf.londonstockexchange.com/rns/2992U_1-2 
                                                                                                                   021-12-1.pdf 
 
                        *    Description of how the geological interpretation was 
                             used to control the resource estimates. 
 
 
                        *    Discussion of basis for using or not using grade               *    This resource estimation technique is appropriate for 
                             cutting or capping.                                                              the style of mineralisation. 
 
 
                        *    The process of validation, the checking process used,           *    The estimation included copper, zinc, gold, sulphur 
                             the comparison of model data to drill hole data, and                              (across separate domains). 
                             use of reconciliation data if available. 
 
                                                                                               *    Zinc assay data is related to the last phases of 
                                                                                                      drilling completed on the project, and only 
                                                                                                   represents a small area (the historic open pit) of 
                                                                                                    the deposit. Therefore, it was inappropriate to 
                                                                                                    estimate zinc values for the whole deposit, and 
                                                                                                   instead is limited to a small 'zinc only' domain. 
 
 
                                                                                               *    Gold assay data is related to the last phases of 
                                                                                                      drilling completed on the project, and only 
                                                                                                  represents a small area primarily within Kokkinoyia 
                                                                                                   West. Therefore, it was inappropriate to estimate 
                                                                                                   gold values for the whole deposit, and instead is 
                                                                                                         limited to a small 'gold only' domain. 
 
 
                                                                                             *    Sulphur assay data is present for most samples, and 
                                                                                                  the relationship and correlation between sulphur and 
                                                                                                  gold and sulphur and zinc has been used to estimate 
                                                                                                   an exploration target for gold and zinc across the 
                                                                                                  whole deposit, within the 'sulphur only' domain - a 
                                                                                                 domain which represents the values of sulphur (>7% S) 
                                                                                                        found in association with gold and zinc 
                                                                                                    mineralisation in the smaller gold and zinc only 
                                                                                                                        domains. 
 
 
                                                                                             *    Variable density, ranging from 2.1 to 3.5 grams per 
                                                                                                 cubic centimetre (g/cm(3) ), was applied to the block 
                                                                                                   model on the basis of increasing sulphur content, 
                                                                                                      which was defined from studies completed in 
                                                                                                     neighbouring VMS deposits within the district. 
 
 
                                                                                             *    Top-cuts were deemed unnecessary for most domains as 
                                                                                                 the High Grade Copper was modelled as a separate zone, 
                                                                                                  so there was no smearing of high grade copper values 
                                                                                                 into the lower grade copper domain. However, an 8% Cu 
                                                                                                 top-cut was applied to the Kokkinoyia East High Grade 
                                                                                                    Copper domain, to further constrain erratic high 
                                                                                                        grades for a better overall estimation. 
 
 
                                                                                               *    Block model validation was completed with visual 
                                                                                                  inspection on plan and section, as well as by using 
                                                                                                   swath plot analysis in the X, Y and Z directions. 
===============  ================================================================= 
 Moisture 
                    *    Whether the tonnages are estimated on a dry basis or         *    Tonnage is estimated on a dry basis in accordance 
                         with natural moisture, and the method of                          with the specific gravity determination. 
                         determination of the moisture content. 
===============  ================================================================= 
 Cut-off 
 parameters         *    The basis of the adopted cut-off grade(s) or quality                *    Reporting copper at specified cut-off grades was 
                         parameters applied.                                                      based upon costs and recoveries established from the 
                                                                                                  company's internal records. The reporting cut-off 
                                                                                                  grade varied depending on the characteristics of the 
                                                                                                  domain for the final classified resource. 
 
 
                                                                                             *    HG Cu east and west domains: 1% Cu 
 
 
                                                                                             *    LG Cu domain: 0.2% Cu 
 
 
                                                                                             *    Au only domain: 0.2g/t Au 
 
 
                                                                                             *    Zn only domain: 0.2g/t Au, not Zn, so as to better 
                                                                                                  define the contained gold resource. 
 
 
                                                                                             *    S only domain: 7% S 
===============  ================================================================= 
 Mining factors 
 or assumptions         *    Assumptions made regarding possible mining methods,       *    No mining factors (i.e. dilution, ore loss, 
                             minimum mining dimensions and internal (or, if                 recoverable resources at selective mining block size) 
                             applicable, external) mining dilution. It is always            have been applied. 
                             necessary as part of the process of determining 
                             reasonable prospects for eventual economic extraction 
                             to consider potential mining methods, but the             *    The deposit is probably amenable to open pit mining, 
                             assumptions made regarding mining methods and                  as demonstrated through an open-pit optimisation 
                             parameters when estimating MREs may not always be              study in 2019, though the potential for more 
                             rigorous. Where this is the case, this should be               selective underground mining remains a possibility . 
                             reported with an explanation of the basis of the 
                             mining assumptions made. 
                                                                                       *    The width of operating benches is considered to vary 
                                                                                            between 5m to 20m with respect to the change in the 
                                                                                            thickness and orientation of the ore zone while the 
                                                                                            bench heights were 5 metres. 
 
 
                                                                                       *    The project was previously operated as both open-pit 
                                                                                            and underground. 
===============  ================================================================= 
 Metallurgical 
 factors or         *    The basis for assumptions or predictions regarding            *    Between 1973 and 1979, underground mining commenced 
 assumptions             metallurgical amenability. It is always necessary as               at Kokkinoyia with milling and processing by 
                         part of the process of determining reasonable                      flotation being conducted at the Mitsero Processing 
                         prospects for eventual economic extraction to                      Plant approximately 3km from the deposit. It is 
                         consider potential metallurgical methods, but the                  assumed that future extraction of residual resources 
                         assumptions regarding metallurgical treatment                      will also be conducted by flotation methods. 
                         processes and parameters made when reporting MREs may              Additional scoping work is required to determine if 
                         not always be rigorous. Where this is the case, this               this will be optimal. 
                         should be reported with an explanation of the basis 
                         of the metallurgical assumptions made. 
                                                                                       *    Re-assessment of metallurgical attributes is required 
                                                                                            and is a primary objective of immediate drilling 
                                                                                            plans. 
 
 
                                                                                       *    Historic records have noted copper recoveries in 
                                                                                            concentrate to be 82% and zinc 75%. 
 
 
                                                                                       *    Significant potential exists for gold to be recovered 
                                                                                            as an additional credit from flotation. However, 
                                                                                            further metallurgical scoping work is required to 
                                                                                            verify this. 
===============  ================================================================= 
 Environmental 
 factors or         *    Assumptions made regarding possible waste and process                   *    The Competent Person is not aware of any known 
 assumptions             residue disposal options. It is always necessary as                          environmental or permitting issues on the project. 
                         part of the process of determining reasonable 
                         prospects for eventual economic extraction to 
                         consider the potential environmental impacts of the 
                         mining and processing operation. While at this stage 
                         the determination of potential environmental impacts, 
                         particularly for a greenfields project, may not 
                         always be well advanced, the status of early 
                         consideration of these potential environmental 
                         impacts should be reported. Where these aspects have 
                         not been considered this should be reported with an 
                         explanation of the environmental assumptions made. 
===============  ================================================================= 
 Bulk density 
                    *    Whether assumed or determined. If assumed, the basis              *    Variable density ranging from 2.1 to 3.5 g/cm(3) was 
                         for the assumptions. If determined, the method used,                   applied to the estimation model based on a coding 
                         whether wet or dry, the frequency of the measurements,                 calculation in Leapfrog EDGE according to sulphur 
                         the nature, size and representativeness of the                         percent content. 
                         samples. 
 
 
                    *    The bulk density for bulk material must have been                http://www.rns-pdf.londonstockexchange.com/rns/2992U_1-2021-12 
                         measured by methods that adequately account for void             -1.pdf 
                         spaces (vugs, porosity, etc.), moisture and 
                         differences between rock and alteration zones within 
                         the deposit. 
 
 
                    *    Discuss assumptions for bulk density estimates used 
                         in the evaluation process of the different materials. 
===============  ================================================================= 
 Classification 
                    *    The basis for the classification of the MRE into                   *    The resource classification at the project considers 
                         varying confidence categories.                                          the following criteria: 
 
 
                    *    Whether appropriate account has been taken of all                 o Confidence in the sampling data and geological 
                         relevant factors (i.e. relative confidence in                     interpretation. 
                         tonnage/ grade estimations, reliability of input data,            o The data distribution (based upon graphical analysis and 
                         confidence in continuity of geology and metal values,             average distance to informing composites). 
                         quality, quantity and distribution of the data).                  o Grade continuity analysis. 
                                                                                           o The quality of geological interpretation, cross-cutting 
                                                                                           relationships geological modelling 
                    *    Whether the result appropriately reflects the                     and data weighting. 
                         Competent Person's view of the deposit.                            *    Categorical classification of the Kokkinoyia 
                                                                                                 mineralisation has conservatively been restricted to 
                                                                                                 Indicated and Inferred Resources only. This is 
                                                                                                 primarily because all historic drilling data to date 
                                                                                                 cannot be appropriately audited without additional 
                                                                                                 drilling being completed. With an increase in 
                                                                                                 confidence in the historical data, the classification 
                                                                                                 of the Kokkinoyia resource can readily be upgraded to 
                                                                                                 higher classifications as appropriate. 
 
 
                                                                                            *    An exploration target has been defined for the areas 
                                                                                                 with good potential, but insufficient confidence to 
                                                                                                 be classified as a resource at this stage. 
===============  ================================================================= 
 Audits or 
 reviews            *    The results of any audits or reviews of MRE                   *    An internal peer review of the reporting was 
                         estimates.                                                         conducted for this study. No external reviews or 
                                                                                            audits have been completed. 
===============  ================================================================= 
 Discussion of 
 relative           *    Where appropriate a statement of the relative                 *    The resource estimate is deemed appropriately 
 accuracy/               accuracy and confidence level in the MRE using an                  accurate globally, based upon the informing data. The 
 confidence              approach or procedure deemed appropriate by the                    accuracy and global/local basis of the resource 
                         Competent Person. For example, the application of                  estimate is suitably accounted for in the resource 
                         statistical or geostatistical procedures to quantify               classification. 
                         the relative accuracy of the resource within stated 
                         confidence limits, or, if such an approach is not 
                         deemed appropriate, a qualitative discussion of the           *    Depletion of the resource by means of historical 
                         factors that could affect the relative accuracy and                open-pit production has been accounted for in the 
                         confidence of the estimate.                                        original resource figures as a post-mining topography 
                                                                                            has been used to limit the extent of the model. 
 
                    *    The statement should specify whether it relates to 
                         global or local estimates, and, if local, state the           *    Depletion of the resource in the High Grade Copper 
                         relevant tonnages, which should be relevant to                     Domains by means of historical underground production 
                         technical and economic evaluation. Documentation                   has been calculated based on government production 
                         should include assumptions made and the procedures                 records for Kokkinoyia for over 470kt ore. The High 
                         used.                                                              Grade Copper Domain in the final resource was then 
                                                                                            depleted by these assumed underground production 
                                                                                            figures of 474,500 tonnes. Future studies will aim to 
                    *    These statements of relative accuracy and confidence               determine the true positioning and extent of UG 
                         of the estimate should be compared with production                 workings, and calculate a spatially more accurate 
                         data, where available.                                             depletion for the UG part of the resource. 
===============  =================================================================  ==================================================================== 
 

NOTE: Sections 4 and 5 are not relevant to this work as no reserves are being estimated and there is no estimation or reporting of diamonds or other gemstones in this project.

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