TIDMAAU
RNS Number : 1607O
Ariana Resources PLC
29 September 2023
29 September 2023
AIM: AAU
INTERIM RESULTS
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 its unaudited interim
results for the six months ended 30 June 2023.
Financial Highlights:
-- Ariana's share of profits from the Kiziltepe Mine, of which
Ariana owns 23.5% through its investment in Zenit Madencilik San.
ve Tic. A.S. ("Zenit"), in the six months to June 2023 amount to
GBP0.7m (H1 2022: GBP2.5m), largely reflecting the increase in
administrative and other project costs associated with the
development of the Tavsan Mine.
-- Zenit has fully repaid all bank loans within the period and
continues to finance the Tavsan mine construction from its own
internal funds. Zenit also absorbed the additional cost of the
Tavsan site operational and administrative functions.
-- Profit before tax of GBP0.3m was recorded for the period,
with operating costs in line with expectations and the prior year,
though the decline (38% at the reporting date) in Turkish Lira
facilitated a large foreign exchange charges and a corresponding
reduction in other comprehensive income.
Operational Highlights:
-- Drilling continues at the Salinbas project with two drill
rigs, with several highly significant results announced within the
period, including the first discovery holes drilled at the
Hizarliyayla prospect.
-- New geophysical survey results from Kiziltepe and Kepez
highlighted several new drilling targets in the proximity of known
veins systems, which are the subject of further investigation
through drilling.
-- Western Tethyan completes agreement to acquire the Slivova
Gold Project in Kosovo, and post-period end provided a resource
update (0.18Moz) and a positive Preliminary Economic
Assessment.
-- Kiziltepe Mine production for H1 2023 achieved 9,646 ounces
of gold (H1 2022: 13,378 ounces of gold) with annual guidance of
c.18,000 ounces of gold expected to be met by year-end.
-- Construction of the Tavsan Mine was temporarily halted in
March 2023 following a local court decision, which was reversed
shortly after the period end to enable construction to
recommence.
-- Three new 100%-owned licences were acquired as part of our
Project Leopard greenfield exploration initiative in eastern
Turkey.
Strategic Highlights:
-- WH Ireland was appointed as joint broker to the Company alongside Panmure Gordon.
Significant Post-Period End Highlights:
-- Venus Minerals has advanced well during Q3 2023 and the
planned IPO is currently scheduled for Q4 2023.
-- Positive results were announced from an airborne magnetic
survey and the commencement of drilling at Kizilcukur, with the
utilisation of the Geotek BoxScan technology in building the
revised 3D model.
Dr. Kerim Sener, Managing Director, commented:
"Looking back over the past six months, we have conducted
significant operational activity, as highlighted above, which
underscores the huge amount of work being undertaken across our
projects. We have remained committed to our strategy to pursue
targeted exploration and development programmes across our
portfolio, systematically de-risking our pipeline of robust assets,
and propelling them up the value curve. Some of our assets will
continue to be held in significant partnerships, while others are
intended in the long-term to be developed largely independently of
Ariana, such as Venus Minerals and Western Tethyan Resources. In
addition, new project opportunities are being assessed via our
Asgard Metals Fund, which may contribute markedly to the upscaling
of our overall portfolio.
Our own team and Zenit have been working exceptionally hard to
advance the projects in Turkey through multiple drilling
programmes, geophysics, surface sampling and geological mapping.
Specifically, these efforts culminated in a series of highly
encouraging drilling results from the Salinbas Project, including
the longest mineralised intercept ever recorded within the Ardala
Cu-Au-Mo Porphyry of 461.8m @ 0.22% Cu + 0.23g/t Au and 155ppm Mo.
In addition, the team successfully drilled the first three holes
into the Hizarliyayla prospect, located 9km to the south of
Salinbas, and identified an intermediate sulphidation epithermal
base-metal-rich gold system. Although the prospective economic
target is likely to be deep, from 600m below surface, the
mineralisation lies along strike of the Hot Maden deposit and
within the same structural corridor. This is an exciting
development, as the area represents the most technically and
operationally complex exploration ever undertaken by our team and
is the subject of further deep drilling for which assay results
will be available in due course.
Meanwhile, our operations in western Turkey continue to advance
as planned, albeit having suffered somewhat from a five-month
temporary suspension of construction activities at the Tavsan Mine
following a local court decision. This delay was unfortunate as our
local partnership had to maintain a construction team on stand-by
and incur the associated continuing administrative costs on the
Tavsan mine build. We were appreciative of the relatively swift
resolution in our favour, allowing the team to immediately
recommence construction early post-period end. Supporting all this
activity was our operating Kiziltepe Mine, which continued to
perform exceptionally throughout the period. Recent drilling
activities at Kiziltepe and surrounding prospects remain, with a
further round of drilling planned to follow the results of a new
geophysical survey, which has identified several untested targets
in the vicinity of known veins. We are hopeful that additional
mineable ounces will be discovered to enable Kiziltepe to remain
operational as we transition into full-scale operations at Tavsan
in the forthcoming year. Kiziltepe remains an important operational
base, with its commercial laboratory and metallurgical testwork
facilities which will continue to support the activities of Zenit
in the years ahead as the partnership continues to develop its
projects in Turkey.
Further afield, our broader exploration activities remain
focused on the discovery of new multi-million-ounce gold and copper
projects, among other project types. Our strategic exploration
alliance with Newmont Mining Corporation is going from strength to
strength as activities with Western Tethyan Resources in Kosovo are
accelerating markedly. This has created the impetus to recommence
our own greenfield exploration in eastern Turkey after a hiatus of
over 10 years, a strategy which crystallised following the grant of
our first new exploration licences within an area we have
designated "Project Leopard". In support of this project, we have
engaged with technical experts in the geology and mineral
prospectivity of this region through various academic institutions,
including Middle East Technical University and the Centre for
Exploration Targeting at the University of Western Australia, who
are assisting with the generation of target areas for follow-up
regional exploration through the application of some innovative
ideas and techniques.
It is particularly interesting to note the development of BHP
Xplor, a project accelerator fund, established by the world's
leading mining company, to diversify its interests across
commodities and jurisdictions with a particular focus on
discovery-stage opportunities. This development is a response to
the conundrum of ever-increasing demand for commodities,
particularly those that support the growth of renewable energy
technologies, set against the dearth of exploration success over
the last few decades. As ever, Ariana has shown itself to be ahead
of the curve, having established its own accelerator fund, in the
form of Asgard Metals, a year ahead of this much-needed initiative
by BHP. Our activities in this area have been undertaken in the
background compared to our other projects, but significant effort
has been placed into this division of the business, largely going
underneath the radar. The team is currently working on a potential
project which has the capacity to become a significant opportunity
for the Company, for which details will be provided as soon as we
are able.
We look forward to providing Company updates for the second half
of the financial year, as we continue to operate an exciting
pipeline of projects in gold and copper within Southeast Europe and
as we look to grow our portfolio further afield."
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").
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2023
Note 6 months 6 months 12 months
to to to
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP`000 GBP'000
-------------------------------------- ----- --------- --------- -------------
Administrative costs (net of
exchange gains) (3) (666) 611 (555)
General exploration expenditure (124) (57) (181)
-------------------------------------- ----- --------- --------- -------------
Operating profit/(loss) (790) 554 (736)
-------------------------------------- ----- --------- --------- -------------
Share of profit of associate
accounted for using the equity
method (5a) 737 2,500 6,010
Share of loss of associate accounted
for using the equity method (5c) (91) (143) (551)
Other gains (3) 379 - -
Other Income 69 - 159
Investment Income 33 26 135
-------------------------------------- ----- --------- --------- -------------
Profit before tax 337 2,937 5,017
-------------------------------------- ----- --------- --------- -------------
Taxation (7) (218) (498) (987)
-------------------------------------- ----- --------- --------- -------------
Profit for the period from
continuing operations 119 2,439 4,030
Earnings per share (pence)
Basic (8) 0.01 0.22 0.36
Fully diluted 0.01 0.22 0.36
Other comprehensive income
Items that may be reclassified
subsequently to profit or loss:
Exchange differences on translating
foreign operations (4,606) (1,875) (3,504)
Other comprehensive (loss)/
for the period
net of income tax (4,606) (1,875) (3,504)
-------------------------------------- ----- --------- --------- -------------
Total comprehensive profit/(loss)
for the period (4,487) 564 526
-------------------------------------- ----- --------- --------- -------------
Condensed Consolidated Interim Statement of Financial
Position
For the six months ended 30 June 2023
Note As at As at As at
30 June 30 June 31 December
2023 2022 2022
GBP'000 GBP`000 GBP'000
------------------------------------- ----- --------- --------- -------------
ASSETS
Non-current assets
Trade and other receivables 197 661 414
Financial assets at fair value
through profit or loss (9) 825 567 639
Intangible assets 122 140 130
Land, property, plant and equipment 367 491 461
Exploration expenditure (4a) 498 - 199
Earn-in advances (4b) 227 - 87
Investment in associates accounted
for using the equity method (5) 13,602 13,111 15,317
Total non-current assets 15,838 14,970 17,247
------------------------------------- ----- --------- --------- -------------
Current assets
Trade and other receivables (10) 812 984 1,280
Gold bullion (3) 1,761 - -
Cash and cash equivalents 4,464 14,024 9,375
------------------------------------- ----- --------- --------- -------------
Total current assets 7,037 15,008 10,655
------------------------------------- ----- --------- --------- -------------
Total assets 22,875 29,978 27,902
------------------------------------- ----- --------- --------- -------------
EQUITY
Called up share capital (11) 1,147 1,143 1,147
Share premium (11) 2,207 2,157 2,207
Other reserves 720 720 720
Share based payments - 173 -
Translation reserve (16,288) (10,053) (11,682)
Retained earnings 34,785 34,902 34,666
------------------------------------- ----- --------- --------- -------------
Total equity attributable to
equity holders of the parent 22,571 29,042 27,058
------------------------------------- ----- --------- --------- -------------
Non-controlling interest 30 30 30
------------------------------------- ----- --------- --------- -------------
Total equity 22,601 29,072 27,088
------------------------------------- ----- --------- --------- -------------
LIABILITIES
Current liabilities
Trade and other payables 274 906 814
------------------------------------- ----- --------- --------- -------------
Total liabilities 274 906 814
------------------------------------- ----- --------- --------- -------------
Total equity and liabilities 22,875 29,978 27,902
------------------------------------- ----- --------- --------- -------------
Condensed Consolidated Interim Statement of Changes in
Equity
For the six months ended 30 June 2023
Total
attributable
Share to equity
Based Capital Trans- holder
Share Share Other Payments Reduction lation Retained of Non-controlling
Capital Premium Reserves Reserve Reserve Reserve Earnings parent interest Total
GBP`000 GBP`000 GBP`000 GBP`000 GBP`000 GBP`000 GBP`000 GBP`000 GBP`000 GBP`000
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Balance
at 1 January
2022 1,097 305 720 173 7,222 (8,178) 27,160 28,499 30 28,529
Changes
in equity
to 30 June
2022
Profit for
the period - - - - - - 2,439 2,439 - 2,439
Other
comprehensive
income - - - - - (1,875) - (1,875) - (1,875)
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Total
comprehensive
income - - - - - (1,875) 2,439 564 - 564
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Issue of
ordinary
shares 46 1,852 - - - - - 1,898 - 1,898
Dividend
paid to
shareholders - - - - - - (1,919) (1,919) - (1,919)
Transfer
between
reserves - - - -- (7,222) - 7,222 - - -
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Transactions
with owners 46 1,852 - - (7,222) - 5,303 (21) - (21)
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Balance
at 30 June
2022 1,143 2,157 720 173 - (10,053) 34,902 29,042 30 29,072
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Changes
in equity
to 31 December
2022
Profit for
the period - - - - - - 1,591 1,591 - 1,591
Other
comprehensive
Income - - - - - (1,629) - (1,629) - (1,629)
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Total
comprehensive
income - - - - - (1,629) 1,591 (38) - (38)
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Issue of
ordinary
shares 4 50 - - - - - 54 - 54
Dividend
paid to
shareholders - - - - - - (2,000) (2,000) - (2,000)
Transfer
between
reserves - - - (173) - - 173 - - -
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Transactions
with owners 4 50 - (173) - - 3,476 (1,946) - (1,946)
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Balance
at 31 December
2022 1,147 2,207 720 - - (11,682) 34,666 27,058 30 27,088
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Changes
in equity
to 30 June
2023
Profit for
the period - - - - - - 119 119 - 119
Other
comprehensive
income - - - - - (4,606) - (4,606) - (4,606)
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Total
comprehensive
income - - - - - (4,606) 119 (4,487) - (4,487)
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Transactions - - - - - - - - - -
with owners
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Balance
at 30 June
2023 1,147 2,207 720 - - (16,288) 34,785 22,571 30 22,601
---------------- -------- -------- --------- --------- ---------- ---------- --------- ------------- ---------------- ----------
Condensed Consolidated Interim Statement of Cash Flows
For the six months ended 30 June 2023
6 months 6 months 12 months
to to to
30 June 30 June 2022 31 December
2023 GBP'000 2022
GBP'000 GBP'000
----------------------------------------- ---------- -------------- -------------
Cash flows from operating activities
Profit for the period 119 2,439 4,030
Adjustments for:
Depreciation of non-current assets 35 46 93
Share of profit in equity accounted
associate (737) (2,500) (6,010)
Share of loss in equity accounted
associate 91 143 551
Other gains (379) - -
Investment income (33) (26) (135)
Income tax expense 218 498 987
----------------------------------------- ---------- -------------- -------------
(686) 600 (484)
Movement in working capital
Change in trade and other receivables (820) (657) (361)
Change in trade and other payables (408) (355) 46
----------------------------------------- ---------- -------------- -------------
Cash (outflow)/inflow from operating
activities (1,914) (412) (799)
Taxation paid (234) (1,154) (1,882)
----------------------------------------- ---------- -------------- -------------
Net cash from operating activities (2,148) (1,566) (2,681)
----------------------------------------- ---------- -------------- -------------
Cash flows from investing activities
Purchase of gold bullion (1,382) - -
Earn-In Advances (140) - (87)
Purchase of land, property, plant
and equipment (66) (314) (333)
Payments for intangible and exploration
assets (311) - (199)
Purchase of financial assets at
fair value through profit or loss (231) (81) (155)
Loan granted to associate (300) - (500)
Dividend from associate - 348 -
Investment income 33 26 135
----------------------------------------- ---------- -------------- -------------
Net cash generated/(used) in
investing activities (2,397) (21) (1,139)
----------------------------------------- ---------- -------------- -------------
Cash flows from financing activities
Issue of share capital - 1,898 1,952
Payment of shareholder dividend
(excluding uncashed) - (2,037) (4,022)
----------------------------------------- ---------- -------------- -------------
Net cash generated from/ (used
in) investing activities - (139) (2,070)
Net (decrease)/ increase in cash
and cash equivalents (4,545) (1,726) (5,890)
Cash and cash equivalents at beginning
of period 9.375 16,389 16,389
Exchange adjustment on cash and
cash equivalents (366) (639) (1,124)
----------------------------------------- ---------- -------------- -------------
Cash and cash equivalents at
end of period 4,464 14,024 9,375
----------------------------------------- ---------- -------------- -------------
Notes to the interim financial statements
For the six months ended 30 June 2023
1. General information
Ariana Resources Plc (the "Company") is a public limited company
incorporated, domiciled and registered in the U.K. The registration
number is 05403426 and the registered address is 2(nd) Floor, Regis
House, 45 King William Street, London, EC4R 9AN.
The Company's shares are listed on the Alternative Investment
Market of the London Stock Exchange. The principal activities of
the Company and its subsidiaries (together the "Group") are related
to the exploration for and development of gold, and
technology-metals.
2 (a). Basis of preparation
The condensed interim financial statements have been prepared
using accounting policies consistent with International Financial
Reporting Standards and in accordance with International Accounting
Standard 34 Interim Financial Reporting. The condensed interim
financial statements should be read in conjunction with the annual
financial statements for the year ended 31 December 2022, which
have been prepared in accordance with UK-adopted international
accounting standards.
The condensed interim financial statements set out above do not
constitute statutory accounts within the meaning of the Companies
Act 2006. They have been prepared on a going concern basis in
accordance with the recognition and measurement criteria of
International Financial Reporting Standards (IFRS) as adopted by
the UK. Statutory financial statements for the year ended 31
December 2022 were approved by the Board of Directors on 5 June
2023. The financial information for the periods ended 30 June 2023
and 30 June 2022 are unaudited.
2 (b). Significant accounting policies
The same accounting policies have been followed in these
condensed interim financial statements as were applied in the
preparation of the Group's financial statements for the year ended
31 December 2022.
These financial statements have been prepared on a going concern
basis. The Directors are mindful that there is an ongoing need to
monitor overheads and costs associated with delivering on its
strategy and certain exploration programmes being undertaken across
its portfolio.
3. Administrative costs and other gains
During the period, exchange gains on holding US Dollars are
disclosed within the charge for administrative costs.
Gold bullion acquired during the period is included under
current assets at its market valuation. Any resulting gain or loss
on revaluation is recognised through the profit or loss in the
statement of comprehensive income.
4a. Exploration assets
The Group, through its two subsidiary companies hold several
exploration licences in Kosovo and Türkiye.
Expenditure including a proportion of staff costs capitalised
during the period is as follows: -
Deferred
exploration
expenditure
GBP`000
Cost or valuation at 1 January -
and 30 June 2022
Additions 199
---------------------------------------------------- -------------
Cost or valuation at 30 December
2022 199
---------------------------------------------------- -------------
Additions 311
Exchange movement (12)
---------------------------------------------------- -------------
Cost or valuation at 30 June
2023 498
---------------------------------------------------- -------------
4b Earn In advances
The Group's 75% owned subsidiary Western Tethyan Resources
Limited ("WTR"), entered into an Earn-in Agreement with Avrupa
Minerals Limited, for the right to acquire up to an 85% interest in
the Slivova Gold Project in Kosovo. The agreement requires WTR to
provide funding and complete a series of exploration and
development milestones, ahead of reaching its agreed ownership
target. Staged payments and development expenditure incurred
following inception of the option to the 30 June 2023 amounted to
GBP227,000.
5. Equity accounted Investments
The Group investments comprise the following:
Associate companies Note 30 June 30 June 31 December
2023 2022 2022
Group Group Group
GBP'000 GBP'000 GBP'000
----------------------------------------- ----- --------- --------- ------------
Associate Interest in Zenit Madencilik
San. ve Tic. A.S. ("Zenit") 5a 7,005 6,725 9,330
Associate Interest in Pontid Madencilik
San. ve Tic. A.S. ("Pontid") 5b 4,139 4,139 4,139
Associate Interest in Venus Minerals
Ltd ("Venus") 5c 2,458 2,247 1,848
Carrying amount of investment 13,602 13,111 15,317
----------------------------------------- ----- --------- --------- ------------
5 (a). Investment in Zenit
The Group accounts for its associated interest in Zenit using
the equity method. As at 30 June 2023 the Group retained a 23.5%
interest in Zenit.
Summarised financial information, based on Zenit's translated
financial statements, and reconciliations with the carrying amount
of the investment in the consolidated financial statements are set
out below:
Summary statement of comprehensive income 30 June 30 June 31 December
2023 2022 2022
Group Group Group
GBP'000 GBP'000 GBP'000
--------------------------------------------- --------- --------- ------------
Revenue 15,386 22,792 47,489
Cost of sales (12,362) (9,208) (26,244)
Gross Profit 3,024 13,584 21,245
Administrative and other expenses (1,974) (1,346) (555)
--------------------------------------------- --------- --------- ------------
Operating profit 1,050 12,238 20,690
--------------------------------------------- --------- --------- ------------
Other income 44 30 -
Finance expenses including foreign exchange
losses (619) (630) (1,102)
Finance income including foreign exchange
gains 3,130 2,005 4,728
--------------------------------------------- --------- --------- ------------
Profit for the period before tax 3,605 13,643 24,316
Taxation (467) (3,003) 1,259
--------------------------------------------- --------- --------- ------------
Profit for the period 3,138 10,640 25,575
Proportion of Group's profit share 23.5% 23.5% 23.5%
--------------------------------------------- --------- --------- ------------
Group's share of profit for the period 737 2,500 6,010
--------------------------------------------- --------- --------- ------------
Summary statement of financial position 30 June 30 June 31 December
2023 2022 2022
Group Group Group
GBP'000 GBP'000 GBP'000
----------------------------------------- --------- --------- ------------
Non-current assets (including Kiziltepe
Gold Mine) 19,748 19,193 23,935
Current assets 15,727 18,756 24,470
Current liabilities (5,191) (8,784) (8,121)
Non-current liabilities (476) (548) (582)
----------------------------------------- --------- --------- ------------
Equity 29,808 28,617 39,702
----------------------------------------- --------- --------- ------------
Proportion of Group's ownership 23.5% 23.5% 23.5%
Carrying amount of Investment 7,005 6,725 9,330
----------------------------------------- --------- --------- ------------
5 (b). Investment in Pontid
The Group accounts for its associated interest in Pontid using
the equity method. As at 30 June 2023 the Group retained a 23.5%
interest in Pontid. This investment continues to be valued at
GBP4.139m as at 30 June 2023.
5 (c). Investment in Venus
The Group increased its shareholding in Venus Minerals Ltd to
58% from 50% during May 2023. The Group continues to account for
its increased interest using the equity method. The Group`s share
of loss for the period to 30 June 2023 amounted to GBP91,000.
6. Segmental analysis
Management currently identifies one division as an operating
segment - mineral exploration. This operating segment is monitored
and strategic decisions are made based upon this and other
non-financial data collated from exploration activities.
Principal activities for this operating segment are as
follows:
- Mineral exploration - incorporates the acquisition,
exploration and development of gold resources.
- Other reconciling items include non-mineral exploration costs
and transactions between Group and associate companies.
30 June 2023 30 June 2022 31 December 2022
Mining Other Group Mining Other Group Mining Other Group
GBP'000 reconciling GBP'000 GBP'000 reconciling GBP'000 GBP'000 reconciling GBP'000
items items items
GBP'000 GBP'000 GBP'000
---------------- -------- ------------ -------- -------- ------------ -------- -------- ------------ ---------
Administrative
costs (net of
exchange
gains) - (666) (666) - 611 611 - (555) (555)
General
exploration
expenditure (124) - (124) (57) - (57) (181) - (181)
Share of profit
in associate
- Zenit 737 - 737 2,500 - 2,500 6,010 - 6,010
Share of loss
in associate
- Venus (91) - (91) (143) - (143) (551) - (551)
Investment and
other income - 481 481 - 26 26 - 294 294
---------------- -------- ------------ -------- -------- ------------ -------- -------- ------------ ---------
Profit/(loss)
before
taxation 522 (185) 337 2300 637 2,937 5,278 (261) 5,017
Taxation (218) - (218) (498) - (498) (987) - (987)
---------------- -------- ------------ -------- -------- ------------ -------- -------- ------------ ---------
Profit/(loss)
after tax 304 (185) 119 1,802 637 2,439 4,291 (261) 4,030
---------------- -------- ------------ -------- -------- ------------ -------- -------- ------------ ---------
Geographical segments
The Group's mining assets and liabilities are located primarily
in Türkiye.
30 June 2023 30 June 2022 31 December 2022
Türkiye United Group Türkiye United Group United Group
GBP'000 Kingdom GBP'000 Kingdom GBP'000 Türkiye Kingdom GBP'000
& other GBP'000 & other GBP`000 & other
territories territories territories
GBP'000 GBP'000 GBP'000
------------- ------------- ------------ -------- ------------- ------------ --------- -------------- ------------ ---------
Carrying
amount of
segment
non-current
assets 12,177 3,661 15,838 12,218 2,752 14,970 14,418 2,829 17,247
------------- ------------- ------------ -------- ------------- ------------ --------- -------------- ------------ ---------
7. Taxation
The Group had taxable profits for the period and a corporation
tax charge is anticipated during the year to 31 December 2023. The
charge reflected in these interim accounts is based on the
following transactions:
30 June 30 June 31 December
2023 2022 2022
Group Group Group
GBP'000 GBP'000 GBP'000
--------------------------------------------- --------- --------- ------------
Withholding tax suffered on subsidiary
dividends 218 - 323
Taxation on subsidiary profits and exchange
gains - 498 664
--------------------------------------------- --------- --------- ------------
Tax charge for the period 218 498 987
--------------------------------------------- --------- --------- ------------
8. Earnings per share on continuing operations
The calculation of basic profit per share is based on the profit
attributable to ordinary shareholders of GBP119,000 divided by the
weighted average number of shares in issue during the period, being
1,146,363,330.
9. Financial assets at fair value through profit or loss
Group
2022
GBP'000
-------------------------------------------------------------------- ---------
At 1 January 2022 461
Addition 80
Exchange movement 26
-------------------------------------------------------------------- ---------
At 30 June 2022 567
Addition 75
Exchange movement (3)
-------------------------------------------------------------------- ---------
At 31 December 2022 639
-------------------------------------------------------------------- ---------
Addition 231
Exchange movement (45)
-------------------------------------------------------------------- ---------
At 30 June 2023 825
-------------------------------------------------------------------- ---------
All the above investments are owned by the Group's wholly-owned
subsidiary Asgard Metals Pty. Ltd. During the period it continued
with its investment strategy by acquiring additional shares
in listed and unlisted securities.
10. Trade and other receivables
30 June 30 June 31 December
2023 2022 2022
Group Group Group
GBP'000 GBP'000 GBP'000
------------------------------------ --------- --------- ------------
Amounts owed by associate interest 472 496 497
Other receivables 140 396 155
Loan to associate interest 100 - 500
Prepayments 100 92 128
------------------------------------ --------- --------- ------------
812 984 1,280
------------------------------------ --------- --------- ------------
The fair value of trade and other receivables is not materially
different to the carrying values presented.
11. Called up share capital, share premium and capital reduction
reserve
Allotted, issued and fully Number Share Share Capital
paid 0.1p shares of shares Capital Premium Reduction
GBP'000 GBP'000
GBP'000
---------------------------- ---------------- --------- --------- -----------
In issue at 1 January
2022 1,096,677,943 1,097 305 7,222
Issue of shares 46,185,387 46 1,852 -
Transfer of reserve to
retained earnings - - - (7,222)
In issue at 30 June 2022 1,142,863,320 1,143 2,157 -
Share options exercised 3,500,000 4 50 -
In issue at 31 December
& 30 June 2023 1,146,363,330 1,147 2,207 -
---------------------------- ---------------- --------- --------- -----------
At 30 June 2023 the Company had no outstanding options and
warrants for the issue of ordinary shares.
12. Approval of interim financial statements
The interim financial statements were approved by the Board of
Directors on 29 September 2023.
Contacts:
Ariana Resources plc Tel: +44 (0) 20 7407 3616
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited (Nominated Tel: +44 (0) 20 7628 3396
Adviser)
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited (Joint Tel: +44 (0) 20 7886 2500
Broker)
John Prior / Hugh Rich / Atholl
Tweedie
WHIreland Limited (Joint Broker) Tel: +44 (0) 207 2201666
Harry Ansell / Katy Mitchell / George
Krokos Tel: +44 (0) 7983 521 488
Yellow Jersey PR Limited (Financial
PR)
Dom Barretto / Shivantha Thambirajah arianaresources@yellowjerseypr.com
/
Bessie Elliot
Editors' Note:
About Ariana Resources:
Ariana is an AIM-listed mineral exploration and development
company with an exceptional track-record of creating value for its
shareholders through its interests in active mining projects and
investments in exploration companies. Its current interests include
gold production in Turkey and copper-gold exploration and
development projects in Cyprus and Kosovo.
The Company holds 23.5% interest in Zenit Madencilik San. ve
Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea
Construction Co. in Turkey which contains a depleted total of c.
2.1 million ounces of gold and other metals (as at February 2022).
The joint venture comprises the Kiziltepe Mine and the Tavsan and
Salinbas projects.
The Kiziltepe Gold-Silver Mine is located in western Turkey and
contains a depleted JORC Measured, Indicated and Inferred Resource
of 222,000 ounces gold and 3.8 million ounces silver (as at
February 2022). The mine has been in pro table production since
2017 and is expected to produce at a rate of c.20,000 ounces of
gold per annum to at least the mid-2020s. A Net Smelter Return
("NSR") royalty of 2.5% on production is being paid to
Franco-Nevada Corporation.
The Tavsan Gold Mine is located in western Turkey and contains a
JORC Measured, Indicated and Inferred Resource of 307,000 ounces
gold and 1.1 million ounces silver (as at November 2022). Following
the approval of its Environmental Impact Assessment and associated
permitting, Tavsan is being developed as the second gold mining
operation in Turkey. 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 Gold eld, which contains the "Hot Gold
Corridor" comprising several signi cant gold- copper projects
including the 4 million ounce Hot Maden project, which lies 16km to
the south of Salinbas. A NSR royalty of up to 2% on future
production is payable to Eldorado Gold Corporation.
Ariana owns 100% of Australia-registered Asgard Metals Fund
("Asgard"), as part of the Company's proprietary Project Catalyst
Strategy. The Fund is focused on investments in high-value
potential, discovery-stage mineral exploration companies located
across the Eastern Hemisphere and within easy reach of Ariana's
operational hubs in Australia, Turkey and the UK.
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
ve-year Alliance Agreement with Newmont Mining Corporation
(www.newmont.com) and is separately earning-in to 85% of the
Slivova Gold Project.
Ariana owns 58% 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 17Mt @ 0.45% to 1.10% 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
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END
IR DKLBLXKLZBBV
(END) Dow Jones Newswires
September 29, 2023 04:00 ET (08:00 GMT)
Ariana (AQSE:AAU.GB)
過去 株価チャート
から 4 2024 まで 5 2024
Ariana (AQSE:AAU.GB)
過去 株価チャート
から 5 2023 まで 5 2024
