25 April 2024
AIM: AAU
CONDITIONAL TERMS AGREED FOR
ACQUISITION BY MERGER WITH ROCKOVER
INTENTION TO DUAL-LIST THE
COMPANY ON ASX DURING 2024
Ariana Resources plc ("Ariana" or
"the Company"), the AIM-listed mineral exploration and development
company with gold mining interests in Europe, is pleased to
announce that it has entered into a conditional merger agreement to
acquire 100% of Rockover Holdings Limited ("Rockover") in which
Ariana (through its wholly-owned subsidiary Asgard
Metals Pty. Ltd. ("Asgard")) currently holds circa
2.1%. Rockover owns 100% of the c.1.3Moz Dokwe Gold Project in
Zimbabwe ("Dokwe").
Highlights:
·
Ariana has entered into a conditional Merger
Implementation Agreement ("MIA") to effect an all-share merger of
Ariana and Rockover, based on a merger ratio in the enlarged entity
of 62.5% Ariana existing shareholders and 37.5% Rockover existing
shareholders (other than the 2.1% Ariana currently holds in
Rockover); the enlarged Company will continue to be known as Ariana
Resources Plc ("Merger").
·
Based on the merger ratio, Ariana would issue
687,817,998 new ordinary shares of 0.1p each ("Merger Shares") to
acquire the shares in Rockover not already owned.
·
Dokwe North contains 1.21Moz in JORC 2012 (AIM
compliant reporting standard) Measured, Indicated and Inferred
Resources, including 0.8Moz in Proven and Probable Reserves; Dokwe
Central contains 80,000oz in JORC 2004 Indicated and Inferred
Resources (non-compliant with AIM reporting standards and hence
should be treated with caution).
·
Pre-Feasibility Study (2022) economic results on
the Reserves provide for a mine life of 13 years at a post-tax
NPV10 of US$72 million and an IRR of 25% at a gold price
of US$1,650/oz; economic model currently being revised and will be
announced in due course.
· Due-diligence
diamond drilling programme providing several significant initial
intercepts, including higher grade intercepts of 45m @ 2.75 g/t Au,
containing higher grade zones of 15m @ 4.53 g/t Au and 12.1m @ 4.15
g/t Au; results conform with historical data and further assays are
underway.
·
The MIA is subject to material conditions
including technical, financial and legal due diligence, Ariana and
Rockover Shareholder approval and compliance with the requirements
of The Takeover Code and the AIM Rules.
·
The new ordinary Shares to be issued by Ariana in
connection with the Merger will be subject to lock-in and/or
orderly market arrangements in accordance with the Material Terms
of the MIA summarised below.
· It is envisaged that the Merger will be implemented by 28 June
2024 and further announcements will be made in due
course.
· Ariana intends to
seek a dual-listing on the Australian Securities Exchange ("ASX")
to promote the opportunity to a broader range of potential
investors.
To
read a pdf version of the release, please click here: http://www.rns-pdf.londonstockexchange.com/rns/9327L_1-2024-4-24.pdf
Dr.
Kerim Sener, Managing Director, commented:
"We are thrilled to announce a significant milestone in
Ariana's history through securing this opportunity to acquire a
major new gold development project and embarking on a new chapter
by expanding beyond our well-established Turkish operations. Our
team has achieved a huge amount in the successful delivery of this
opportunity to our shareholders after many months of focused effort
undertaken in the background to our other
activities.
"The planned addition of the c.1.3Moz Dokwe Gold Project to
our portfolio as a wholly-owned asset marks a substantial step
toward our stated aim of establishing a global resource base of
approximately 5Moz by 2025*. This transaction, based on a
substantially derisked, feasibility stage project, which contains
>95% of its JORC Compliant Mineral Resources in the Measured and
Indicated categories aligns closely with our strategic objectives.
Furthermore, the acquisition metrics of this project are very
similar to our historic discovery cost, demonstrating that Dokwe
represents an excellent value proposition.
"As part of the proposed Merger, we are pleased to announce
the planned addition of two highly experienced and successful
Zimbabwe-based directors from the Rockover team to the enlarged
company board, bringing with them valuable in-country and project
expertise and ensuring continuity. Details of these appointments
will be made in due course.
"Based on a Pre-Feasibility Study completed for Dokwe in 2022,
we anticipate advancing the Dokwe project towards production within
the next three years, at a proposed annual production rate of
60,000oz increasing to potentially 100,000oz of gold over
approximately ten years based on current Resources and Reserves. We
already see opportunities to considerably grow the resource base at
Dokwe at the defined deposit and more regionally across the Mining
Claims. We are currently engaging with contractors and project
consultants to commence the required feasibility work and
associated resource expansion drilling as soon as the merger
proceeds.
"Our team's technical due-diligence of the Dokwe project has
already been underway for over a year, with the initial site visit
conducted in July 2023 and detailed in-country work in progress
from November 2023 following the commencement of a due-diligence
diamond drilling programme. Our team remains on site as we draw to
a close our technical due-diligence work on the project and while
we await the final assay results.
"Our confidence in this project has developed in parallel with
the positive jurisdictional improvements witnessed in Zimbabwe
since late 2017, particularly the dollarisation of their economy,
support of a government which recognises the value of its mining
industry (accounting for 12% of a GDP of c.US$30 billion) and which
encourages foreign investment in the sector for the benefit of its
people.
"Over the past two decades, our team has demonstrated a
substantial track record of success in the exploration and
development of gold mining operations and is highly encouraged by
the significant value-accretive opportunity presented to the
Company by the Dokwe project. Strategically, we look forward to
developing our collaboration with our existing partners to advance
the Dokwe project in the years ahead towards becoming one of the
largest modern gold mines in Zimbabwe, as we continue to build
Ariana Resources into a mid-tier gold producer. As part of this
strategy, the Company is also planning to dual-list on the ASX
during 2024 to broaden its institutional investor base and tap into
a significantly mining-orientated market and enhance its market
visibility.
"The Company will be seeking shareholder approval for the
transaction (subject to completion of satisfactory due diligence)
at a General Meeting on a date to be announced. Further details
will be provided in due course and we look forward to the ongoing
support of our shareholders in the development of our next
chapter."
*Total resources discovered
irrespective of percentage of ownership in subsidiary or associate
companies across the Group.
Material Terms of the MIA:
Structure
|
The Merger will be effected through
the merger of Galvanic Metals Limited, a newly incorporated
wholly-owned BVI subsidiary of Ariana, and Rockover, where Rockover
will be the surviving company and all issued shares in Rockover
(other than those held by Ariana) shall be converted automatically
into the right to receive 43.0302 shares in Ariana ("Merger
Shares") per Rockover share.
|
Board Composition of Ariana post Merger
|
On completion of the Merger (subject
to satisfactory completion of stock market (including Nominated
Adviser) due diligence which is a standard procedure prior to the
appointment of directors onto the board of an AIM company) Nicholas
Gore Graham (with Matthew Randall as his alternate) will join
Ariana's board as a non-executive director and Andrew du Toit will
join Ariana's board as an operations director.
|
Rockover Funding
|
· Ariana
has agreed to fund Rockover moving forwards, including by way of
loans in the sum of up to US$300,000 between now and completion of
the Merger ("Ariana Loans").
·
If the Merger does not proceed, the Ariana Loans
will be converted into Rockover shares at a deemed issue price of
US$1.25 per Rockover share.
·
Ariana will also reimburse Rockover for technical
assistance in connection with Ariana's due diligence on Rockover
(subject to Ariana's prior approval of work undertaken and costs)
up until the closing date of the Merger (these costs will not be
required to be paid by Rockover using funds advances under the
Ariana Loans).
|
Dissenting Shareholders
|
Up until and immediately prior to
Rockover's shareholder meeting to consider and vote on the Merger,
Rockover shareholders have the opportunity to dissent from the
Merger. Rockover shareholders who validly exercise and have not
effectively withdrawn or lost their right to demand payment of the
fair value of their Rockover shares will be dealt with in
accordance with the relevant provisions of the BVI Business
Companies Act (as revised) of the British Virgin Islands ("BVI
Companies Act") and the MIA ("Dissenting Shareholders"). The Merger
is conditional on RHL shareholders holding no more than 5% of
Rockover shares on issue exercising their rights to be Dissenting
Shareholders.
|
Lock-in
|
·
The Rockover shareholders holding 5% or more of
the Rockover shares immediately prior to the Merger will be subject
to a 12 month lock-in followed by a 12 month orderly market period
in respect of their shares in Ariana.
·
All other shareholders of Rockover will be subject
to a 12 month orderly market arrangement in respect of their shares
in Ariana.
|
Representations and warranties
|
Rockover and Ariana have given
customary warranties and representations to each other.
|
Conditions
|
The Merger is conditional on (inter
alia) the following matters:
·
approval of the shareholders of each of Ariana and
Rockover
·
admission to AIM of the Merger Shares (and CDIs to
be issued in lieu being admitted to trading on ASX, if
applicable)
·
Ariana receiving Rockover's audited consolidated
financial statements for the financial year ended 31 December
2023
·
Rockover receiving Ariana's audited consolidated
financial statements for the financial year ended 31 December
2023
·
completion of due diligence by both Ariana and
Rockover
·
compliance with the AIM Rules and Takeover
Code
·
To the extent that Rockover has received notices
from Dissenting Shareholders pursuant to, and in accordance with
the time frame prescribed by, Section 179(5) of the BVI Companies
Act, Dissenting Shareholders representing less than 5% of the
Rockover Shares in issue.
·
delivery of signed agreements in relation to the
lock-in arrangements from the larger Rockover
Shareholders
|
Termination
|
The MIA may be terminated in certain
circumstances, including in the event that the conditions have not
been satisfied by the 28 June 2024 or such other date as Rockover
and Ariana may agree.
|
Indicative Timetable
Event
|
Date
|
Execution of the MIA
|
24 April 2024
|
Ariana announces the Proposed
Merger
|
25 April 2024
|
RHL Shareholders Meeting
|
15 May 2024
|
Estimated completion of RHL Due
Diligence
|
17 June 2024
|
Estimated completion of Ariana Due
Diligence
|
17 June 2024
|
Ariana Shareholders
Meeting
|
18 June 2024
|
Closing
|
21 June 2024
|
Execution of the BVI Plan of
Merger
|
21 June 2024
|
Filing or recording of the
Merger
|
21 June 2024
|
Effective Time
|
21 June 2024
|
About the Dokwe Project
The Dokwe North and Dokwe Central
gold deposits are located 2km apart ("Dokwe" or "Dokwe Project")
and are situated in the Tsholotsho Communal Land 110km WNW of
Bulawayo, Zimbabwe (Figure 1). Bulawayo is the second largest city
in Zimbabwe (population 660,000) with excellent road, rail and air
links to the rest of the country and internationally, and
represents a significant mining services and educational centre,
hosting both the Zimbabwe School of Mines and the National
University of Science and Technology.
The Dokwe Project was discovered by
Rockover in 2002, utilising innovative soil geochemical exploration
methods capable of detecting mineralisation beneath cover,
subsequently drill-tested for the first time in 2004.
It represents the largest undeveloped gold project
in Zimbabwe and is currently 100% owned by Rockover Holdings
Limited ("Rockover").
Figure 1: Summary map of Dokwe
North and Central showing the outline of the designed
pre-feasibility pit for Dokwe North and the optimised pit (not
included in the pre-feasibility) for Dokwe Central. Certain
previous drill intercepts are also identified, with details
provided in Table 1 below. The 2023-2024 due diligence drilling
collars are also shown in magenta.
Tenure
Dokwe is held by Rockover through 81
blocks of gold claims and a further 22 copper base metal claims
totalling 4,040 hectares ("Mining Claims", Figure 2). A private Net
Smelter Return ("NSR") royalty of 0.5% applies to the
aforementioned claims. An application has been made to convert the
claims into a single Mining Lease for gold and base metals covering
6,622 hectares (Figure 2). In addition, seven Exclusive Prospecting
Orders ("EPOs") have been applied for in the vicinity of the Dokwe
Project extending towards Bulawayo.
Figure 2: Dokwe Project tenure
map, showing the Mining Claims covering the main prospect
areas.
Summary of Geology
Dokwe is located within a covered
Archaean Greenstone Belt, extending from the border with Botswana
(Maitengwe greenstone belt) and linking up with the Bulawayo-Bubi
Greenstone Belt to the east. The Archaean greenstone units are
overlain by Karoo and Kalahari sedimentary units of up to 25-40m in
thickness. The east-northeast striking greenstone belt has been
complexly folded and thrust-faulted and is dissected by a series of
major sub-parallel sinistral shear zones.
At the Dokwe Gold Project area, the
barren sedimentary cover is dominated by calcrete, with a few
metres of sand at the surface, and mudstone and sandstone located
towards the base. The basement Archaean volcanic sequence comprises
a series of quartz-rich volcaniclastic units, tuffs, and
agglomerates, that grade into felsic irregular rhyolitic flows;
intermediate vesicular dacite; agglomerates and andesites. The
volcanic sequence has undergone greenschist facies metamorphism and
deformation. The sequence appears intruded by near syn-depositional
quartz porphyries and later by dolerite. While brittle-ductile
deformation occurs throughout the deposit, somewhat more brittle
deformation, characterised by fracturing, is common in felsic tuff
and porphyry units whilst rather more ductile deformation
characterises the dacitic and andesitic units.
Dokwe North is characterised as a
large low-grade deposit containing relatively few quartz veins,
with several very high-grade zones including visible gold (Table 1,
Figure 3). Due diligence drilling is confirming this understanding
of the grade distribution within the deposit (Table 2). Dokwe
Central is a smaller higher-grade pipe-like deposit containing
abundant quartz veins and several steeply plunging high-grade
zones. The two deposits appear to be strongly structurally
controlled, occupying two distinct structural domains within a
broad ENE trending shear zone. Gold mineralisation at Dokwe North
is associated with silicified zones containing thin
quartz-carbonate pyrite veins and narrow shears. There is also an
association with strongly disseminated, fine-grained pyrite in the
host rocks. Much of the economic gold mineralisation occurs in the
dacitic unit and in the overlying felsic tuff, with lesser
mineralisation in the quartz porphyry and andesitic
units.
Table 1: Significant historic
intercepts marked on the map in Figure 1 (representing down-hole
widths).
Map Ref
|
Hole ID
|
From (m)
|
To (m)
|
Interval
(m)
|
Au g/t
|
|
Dokwe North
|
1
|
DPD123
|
229.0
|
237.0
|
8
|
197.22
|
2
|
DPD32
|
199.9
|
213.9
|
14
|
54.75
|
3
|
DPD77
|
174.6
|
259.6
|
85
|
5.23
|
|
incl.
|
174.6
|
189.6
|
15
|
13.64
|
|
Dokwe
Central
|
4
|
DPD67
|
74.4
|
123.4
|
49
|
4.42
|
5
|
DPD35
|
43.0
|
70.0
|
27
|
6.53
|
6
|
DPD73
|
366.3
|
423.3
|
57
|
2.72
|
|
incl.
|
405.3
|
422.3
|
17
|
5.91
|
Table 2: Intercepts from
2023-2024 due-diligence drilling, from DPD129, calculated using a
0.2 g/t Au cut-off (representing down-hole widths). Allowing up to
6m of internal dilution provides for a total mineralised intercept
of 93.2m @ 1.80 g/t Au (from 86.0m to 179.2m).
Hole ID
|
From (m)
|
To (m)
|
Interval
(m)
|
Au g/t
|
DPD129
|
86.0
|
131.0
|
45.0
|
2.75
|
incl.
|
86.0
|
101.0
|
15.0
|
4.55
|
incl.
|
104.9
|
117.0
|
12.1
|
4.15
|
DPD129
|
136.0
|
158.0
|
22
|
1.57
|
Figure 3: Photograph showing
mineralisation and alteration characteristic of Dokwe North, but
showing a singular example of extremely high-grade core obtained
from DPD060 at Dokwe North and exhibiting
significant visible gold developed along structural foliation (core
taken from an interval at 105.62-106.63m down hole). Sample
not sent for assay due to the significant quantity of gold in the
intercept. (NB: Visual estimates of mineral abundance should never
be considered a proxy or substitute for laboratory analyses where
concentrations or grades are the factor of principal economic
interest. Visual estimates also potentially provide no information
regarding impurities or deleterious physical properties relevant to
valuations).
Mineral Resources and Reserves
Dokwe North has a JORC (2012)
Compliant Measured, Indicated and Inferred Resource of 35.7Mt @
1.05g/t Au for 1,210,000 oz gold (Table 4). Dokwe Central, which is
located approximately 2km to the SSE of Dokwe North, has a JORC
(2004) non-AIM compliant Indicated and Inferred Resource of 1.14Mt
@ 2.17g/t Au for 80,000 oz gold (Figure 4). The Dokwe Central
resource is treated here as a historical estimate as it is not in
accordance with an AIM reporting standard and should be treated
with caution. From the initial reviews, both project areas have
significant scope for further exploration upside. Ore Reserves have
only been estimated for Dokwe North as part of the PFS (dated 1
September 2022), with a total of 18.25Mt at 1.36g/t Au for
795,800oz gold (Table 5).
Table 4: Mineral Resources for
Dokwe North as at 1 September 2021. The Mineral Resource is
declared within an optimised pit using a cut-off grade of 0.3 g/t
Au. Mineral Resources are inclusive of Ore Reserves. Figures may
not sum due to rounding applied.
Mineral Resource Classification
|
Tonnage
(Mt)
|
Gold (g/t)
|
Gold (oz)
|
Measured
|
12.79
|
1.04
|
428,000
|
Indicated
|
22.92
|
1.05
|
774,000
|
Inferred
|
0.93
|
0.76
|
23,000
|
Measured & Indicated
|
35.71
|
1.05
|
1,210,000
|
Source: Minxcon (Pty) Ltd (2022) reported under JORC
2012
Notes:
Presented above are both gross and net attributable to
Rockover.
Canister Resources (Private) Limited, a wholly-owned
subsidiary of Rockover, is the Operator.
Table 5: Mineral Reserves for
Dokwe North as at 1 March 2022. The Mineral Reserve includes
diluted Measured and Indicated Mineral Resources only. Ore Reserve
estimate is stated as dry metric tonnes, with 5% ore losses and 5%
mining dilution applied, completed using a gold price of
US$1,650/oz over the Life of Mine. Figures may not sum due to
rounding applied.
Ore
Reserve Category
|
Tonnage
(Mt)
|
Gold (g/t)
|
Gold (oz)
|
Proven
|
7.21
|
1.33
|
307,900
|
Probable
|
11.04
|
1.37
|
487,900
|
Total
|
18.25
|
1.36
|
795,800
|
Source: Minxcon (Pty) Ltd (2022) reported under JORC
2012
Notes:
Presented above are gross and net attributable to
Rockover.
Canister Resources (Private) Limited, a wholly-owned
subsidiary of Rockover, is the Operator.
Figure 4: Summary cross
sections through Dokwe North (X-Y, Figure 1) and Dokwe Central
(XX-YY, Figure 1) showing grade block models (based on prior
drilling) and the surveyed positions of the due diligence drill
holes (in blue). Swath width at Dokwe North is significantly wider
than at Dokwe Central, causing more overlap of colours within a
semi-transparent block model.
Pre-feasibility Study
An independent pre-feasibility study
("PFS") was commissioned by Rockover and was completed in 2022 by
Minxcon (Pty) Ltd in South Africa ("Minxcon"). A combined Proven
and Probable Ore Reserve Estimate comprising 18.25Mt grading
1.36g/t Au for 795,800 ounces of gold was declared (Table 5). Both
the Mineral Resource Estimate and Ore Reserve calculation have been
prepared in compliance with JORC 2012.
The PFS outlined a plan to develop
the project as an open pit mining operation producing 1.5Mt of ore
per annum from a single pit, at a stripping ratio of 5:1. The mine
is envisaged to be contractor operated with an owner's management
team. The pit development is staged, prioritising high-grade ore.
Ore will be processed at a treatment plant to be constructed
on-site with a treatment capacity of 125,000tpm, allowing for
production of c.60,000 ounces per annum. Both Carbon in Leach
("CIL") and Heap Leach ("HL") treatment methods were considered
viable for the purposes of the PFS, demonstrating similar
economics, and both methods will be considered further in a future
Feasibility Study.
The PFS economic results provide for
a mine life of 13 years at a post-tax NPV10 of US$73
million and an IRR of 25% at a gold price of US$1,650/oz. This is
based on a CIL processing route. The HL processing route was not
significantly different, providing an NPV10 of US$72
million and an IRR of 25% at a gold price of US$1,650/oz. The
Company is revising the PFS using a US$2,000 base-case run with
appropriate CPI cost increases applied to capital and operating
costs among other updates and at various sensitivities.
Information on Rockover
Rockover is a private minerals
exploration company which has operated in Africa since 2000 using
modern and innovative exploration techniques to discover previously
unknown mineralisation in remote areas of Zimbabwe. Its flagship
project is Dokwe Gold Project ("Dokwe"), a
significant gold discovery in the concealed extension of a
Zimbabwean greenstone belt. Rockover has one wholly-owned
Zimbabwean subsidiary, Canister Resources (Private) Limited
("Canister"), which holds 100% interest in and title to the Dokwe
Project. A private Net Smelter Return royalty of 0.5% will be
payable in the event the project enters production. Rockover's
current focus is to continue to advance Dokwe towards
construction.
Rockover's registered office address
is at Trident Chambers, Wickham's Cay, P O Box 146, Road Town,
Tortola, VG 1110, British Virgin Islands. For the year ended 31 December 2023, Rockover's unaudited
management accounts showed a loss before taxation of US$142,567 and
total assets of US$19,311,586. As set out in the Material Terms of
the MIA above, it is a condition precedent of the Merger that
Rockover delivers to Ariana its audited consolidated financial
statements for the financial year ended 31 December 2023. Ariana
confirms that it will make a separate announcement regarding
Rockover's audited accounts for the financial year ended 31
December 2023 once they have been received and reviewed.
The full consideration for the
acquisition will be satisfied by issuance of the Merger Shares by
Ariana to the RHL Shareholders (other than to Asgard). It is
expected that 687,817,998 Merger Shares will be issued, which at
Ariana's closing price of 2.825p on 24 April 2024, being the last
closing price before publication of this announcement, would value
the transaction at £19,430,858. Ariana, through Asgard
subscriptions, has already invested US$400,000 into Rockover and as
per the Material Terms of the MIA above it will be making further
loans of up to US$300,000 between now and completion of the
Merger.
Also, as mentioned above, it is
expected that on completion of the Merger Nicholas Gore Graham
(with Matthew Randall as his alternate) will join Ariana's board as
a non-executive director and Andrew du Toit will join Ariana's
board as an operations director. Details of the terms of the
appointments will be disclosed in due course as and when
agreed.
Ariana Shareholder Approval and Takeover
Code
Following completion of its due
diligence, Ariana will be seeking shareholder approval for the
issue of the Merger Shares and the Merger generally.
The Company will also consider
providing existing shareholders of Ariana with the opportunity to
participate in any fundraise undertaken in association with the
Merger. The Takeover Panel will be consulted regarding the
requirement or otherwise for the Company to seek a Rule 9 Waiver
pursuant to Appendix 1 of the Takeover Code in respect of the
vendors of Rockover holding 30% or more as a result of the Merger
and associated matters such as financing arrangements.
Proposed Ariana ASX Dual-Listing and Update on Venus Minerals
plc
Ariana's board has determined, in
association with the Merger, to pursue a dual-listing on the ASX.
Ariana believes that the dual-listing will promote Ariana to a
broader range of potential investors in the Australian market which
has many well-established resource companies.
Ariana may undertake a capital
raising as part of the dual-listing process to fund further studies
on the Dokwe project, and would do so through the issue of CHESS
Depository Interests ("CDIs"), which will be quoted on the ASX.
CDIs are a type of depositary receipt that allows investors to
obtain all the economic benefits of foreign financial products (in
this instance, Ariana Shares), without actually holding legal title
to them.
The ASX dual listing is subject to
Ariana satisfying the listing conditions of the ASX. Accordingly,
there is no guarantee that Ariana will be granted approval to list
on the ASX at this stage.
Ariana has also determined that it
will indefinitely suspend its listing of Venus Minerals plc on AIM
to ensure maximum value may be achieved for the Company's proposed
ASX dual-listing later in 2024.
The
information contained within this announcement is deemed by the
Company to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK
Domestic Law by virtue of the European Union (Withdrawal) Act 2018
("UK MAR").
Contacts:
Ariana Resources plc
|
Tel: +44 (0) 20 7407 3616
|
Michael de Villiers,
Chairman
|
|
Kerim Sener, Managing
Director
|
|
Beaumont Cornish Limited (Nominated Adviser)
|
Tel: +44 (0) 20 7628 3396
|
Roland Cornish / Felicity
Geidt
|
|
Panmure Gordon (UK) Limited (Joint Broker)
|
Tel: +44 (0) 20 7886 2500
|
Hugh Rich / Atholl Tweedie / Rauf
Munir
|
|
WHIreland Limited (Joint Broker)
Harry Ansell / Katy Mitchell /
George Krokos
Yellow Jersey PR Limited (Financial PR)
|
Tel: +44 (0) 207 2201666
Tel: +44 (0) 7983 521 488
|
Dom Barretto / Shivantha Thambirajah
/
Bessie Elliot
|
arianaresources@yellowjerseypr.com
|
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's
Nominated Adviser and is authorised and regulated by the FCA.
Beaumont Cornish's responsibilities as the Company's Nominated
Adviser, including a responsibility to advise and guide the Company
on its responsibilities under the AIM Rules for Companies and AIM
Rules for Nominated Advisers, are owed solely to the London Stock
Exchange. Beaumont Cornish is not acting for and will not be
responsible to any other persons for providing protections afforded
to customers of Beaumont Cornish nor for advising them in relation
to the proposed arrangements described in this announcement or any
matter referred to in it.
Editors' Note:
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 this announcement of the matters based on his
information in the form and context in which it appears.
Uwe Engelmann, a Director of
Minxcon (Pty) Ltd, is the
Competent Person for the Dokwe North Mineral Resource and has read
and understood the requirements for the 2012 Edition of the
Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code, 2012 Edition). Uwe is a
Competent Person as defined by the JORC Code 2012 Edition, having
five years' experience that is relevant to the style of
mineralisation and type of deposit comprising the Dokwe North
project, and to the activity for which he is accepting
responsibility. Uwe consents to the
inclusion in this announcement of the matters based on his
information in the form and context in which it appears.
Daniel van Heerden, a Director
of Minxcon (Pty) Ltd, is the Competent Person for the Dokwe North Ore Reserve and
has read and understood the requirements for the 2012 Edition of
the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves (JORC Code, 2012 Edition). Daniel is a
Competent Person as defined by the JORC Code 2012 Edition, having
five years' experience that is relevant to the style of
mineralisation and type of deposit comprising the Dokwe North
project, and to the activity for which he is accepting
responsibility. Daniel consents to the
inclusion in this announcement 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 Türkiye
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
Türkiye which contains a depleted total of c. 2.2 million ounces
gold equivalent (as at March 2024, using a price ratio of 90 Ag to
1 Au). The joint venture comprises the Kiziltepe Mine and Tavsan
mines and the Salinbas projects.
The Kiziltepe Gold-Silver
Mine is located in western Türkiye
and contains a depleted JORC Measured, Indicated and Inferred
Resource of 171,700 ounces gold and 3.3 million ounces silver (as
at March 2024). The mine has been in profitable production since
2017 and has been producing at an average rate of c.22,000 ounces
of gold per annum. A Net Smelter Return ("NSR") royalty of 2.5% on
production is being paid to Franco-Nevada Corporation.
The Tavsan Gold
Mine is located in western Türkiye
and contains a JORC Measured, Indicated and Inferred Resource of
311,000 ounces gold and 1.1 million ounces silver (as at March
2024). Following the approval of its Environmental Impact
Assessment and associated permitting, Tavsan is being developed as
the second gold mining operation in Türkiye and is currently in
construction. A NSR royalty of up to 2% on future production is
payable to Sandstorm Gold.
The Salinbas Gold
Project is located in north-eastern
Türkiye and contains a JORC Measured, Indicated and Inferred
Resource of 1.5 million ounces of gold (as at July 2020). It is
located within the multi-million ounce Artvin Goldfield, which
contains the "Hot Gold Corridor" comprising several significant
gold- copper projects including the 4 million ounce Hot Maden
project, which lies 16km to the south of Salinbas. A NSR royalty of
up to 2% on future production is payable to Eldorado Gold
Corporation.
Ariana owns 100% of
Australia-registered Asgard Metals
Fund ("Asgard"), as part of the
Company's proprietary Project Catalyst Strategy. The Fund is
focused on investments in high-value potential, discovery-stage
mineral exploration companies located across the Eastern Hemisphere
and within easy reach of Ariana's operational hubs in Australia,
Türkiye, UK and Zimbabwe.
Ariana owns 75% of
UK-registered Western Tethyan Resources Ltd ("WTR"), which operates across south-eastern Europe and is
based in Pristina, Republic of Kosovo. The company is targeting its
exploration on major copper-gold deposits across the
porphyry-epithermal transition. WTR is being funded through a
five-year Alliance Agreement with Newmont Mining Corporation
(www.newmont.com) and is separately earning-in to up to 85% of the
Slivova Gold Project.
Ariana owns 61% of
UK-registered Venus Minerals PLC ("Venus")
which is focused on the exploration and development of copper-gold
assets in Cyprus which contain a combined JORC Indicated and
Inferred Resource of 16.6Mt @ 0.45% to 0.80% copper (excluding
additional gold, silver and zinc.
Panmure Gordon (UK) Limited and WH
Ireland Limited are brokers to the Company and Beaumont Cornish
Limited is the Company's Nominated Adviser.
For further information on Ariana,
you are invited to visit the Company's website at
www.arianaresources.com.
Ends.