AAU Ariana Resources Plc

22 January 2025

AIM: AAU

2024 PRODUCTION RESULTS AND GENERAL UPDATE

OVER 20,000 OUNCES OF GOLD PRODUCED

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

Production Update*:

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

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

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

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

* All figures are given gross with respect to Zenit.

Dr. Kerim Sener, Managing Director, commented:

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

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

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

Other Significant Developments:

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

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

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

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

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

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

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

Contacts:

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Editors' Note:

About Ariana Resources:

Ariana is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include a major gold development project in Zimbabwe, gold production in Türkiye and copper-gold exploration and development projects in Cyprus and Kosovo.

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

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

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

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

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

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

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

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

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

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

Ends.