AAU Ariana Resources Plc

3 December 2024

AIM: AAU

EXPLORATION UPDATES: TÜRKIYE, KOSOVO, CYPRUS

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold project interests in Africa and Europe, is pleased to provide an exploration update on its projects in Türkiye, Kosovo and Cyprus.

Highlights:

·    Kosovo: Initial earn-in up to 51%* of the Slivova Project is underway, through the completion of trenching and a separate 1,000m drilling programme; other generative exploration is in progress via the Exploration Alliance Agreement with Newmont.

·    Cyprus: Over 9,000m of drilling is planned to increase confidence in currently defined resources and to test other targets. Discussions are underway to potentially advance the projects in partnership with other groups.

·    Türkiye: Three contiguous exploration licences are being explored in the Project Leopard area in eastern Türkiye, with broader generative exploration also underway.

* Earn-in agreement on Slivova is via Western Tethyan Resources Ltd, of which Ariana owns 76%.

Dr. Kerim Sener, Managing Director, commented:

"We are pleased with the consistent progress being maintained across all our exploration areas during the past year. In Kosovo, our subsidiary is now in the process of committing to completing its initial earn-in to take control of the Slivova Gold Project, which contains a global NI43-101 Mineral Resource of 176,000oz of gold and 646,000oz of silver, largely in Measured and Indicated categories. A diamond drilling programme of approximately 1,000m will commence imminently, testing the extensions of the current resource and a couple of additional targets in its periphery.

"In Cyprus, work continues to demonstrate the potential for discovery of new volcanic massive sulphide deposits based on a revised geological model. We consider the potential for major 'Mavrovouni-style' deposits to remain high, given the lack of deeper modern exploration across the island. Venus Minerals has acquired and continues to acquire licences that have some of the very best geological, geophysical and geochemical targets for future testing. Venus is also investigating opportunities to partner its projects with like-minded exploration companies to develop its assets.

"In Türkiye, our generative exploration work across the Project Leopard area in the eastern part of the country is identifying longer-term opportunities to acquire prospective ground either through government auction or via direct application. Our current exploration licences in this region have seen initial stream and rock-chip sampling programmes completed and existing geochemical anomalies partly followed up.

"We continue to streamline our portfolio and consider these projects as significant to the longer-term growth of the Company, and we will notify the market as these opportunities develop."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Kosovo

Ariana owns 76% of UK-registered Western Tethyan Resources Ltd ("WTR"), which operates across south-eastern Europe and is primarily focused on Kosovo. WTR is targeting its exploration for major copper-gold deposits across the porphyry-epithermal transition. WTR completed its first phase of drilling at the Hertica Project this year, with encouraging results suggesting a porphyry-style copper-gold-molybdenum bearing alteration system (AIM: 31 July 2024). This programme of work was undertaken with funding secured through the Exploration Alliance Agreement with Newmont Mining Corporation, along with other generative exploration across South East Europe.

In recent months, the WTR team has been working on a trenching programme at the Slivova Project. Over 1,800 portable X-ray Fluorescence ("pXRF") samples were collected over eight trenches spanning 1,850m. From these samples, bismuth results from the pXRF analysis strongly correlate with historic gold assay analyses. Arsenic in the pXRF data also shows significant associations with gold mineralised zones but generally outlines areas of altered host rocks and wider mineralised zones. This pXRF data has been instrumental in determining samples for gold assay analysis, which is pending.

Within the trenching programme, six trenches were completed over the Dzemajl Target, where the objective was to identify and measure structures related to mineralisation defined in historic trenching. The seventh trench was excavated directly over the central Slivova deposit area to expose outcropping mineralisation and better map the structural controls of the deposit. A final trench was excavated over the Vajileviste Target; an area defined by a weak soil gold anomaly, some historic trenching, and a weak-to-moderate Induced Polarisation ("IP") chargeability target.

In the coming weeks, the WTR team is finalising logistics to initiate a 1,000-metre diamond drill programme for four holes (Figure 1). The programme has three technical objectives:

·    Complete two infill resource holes (PL04 and PL25), which are critical for testing an area where the Slivova resource is "open". The estimated blocks in the resource model here are currently classified as Inferred.

·    Complete an exploration hole approximately 120m west of Slivova to test a significant IP chargeability target which shows characteristics suggestive of a concealed intrusive body.

·    Test the Vajileviste target area to understand better the relationships between anomalous soil samples, historic trenching results, and a weak-to-moderate IP chargeability anomaly.

On completion of this drilling programme, WTR will have satisfied the requirements of its initial 51% earn-in on the Slivova Project from Avrupa Minerals Ltd (TSX-V: AVU). WTR will then commence work towards its earn-in to 75% of the Slivova Project, which will require a further €1,000,000 of expenditure for the preparation of a JORC Code-compliant Mineral Resource Estimate and the commencement of an Environmental Impact Assessment ("EIA").

Figure 1: Summary of work completed and pending for the Slivova deposit, showing the locations of recently completed trenching and planned drill collars.

Cyprus

Ariana owns 61% of UK-registered Venus Minerals PLC ("Venus") which is focused on the exploration and development of copper-gold assets in Cyprus containing a combined JORC Indicated and Inferred Resource of 16.6Mt @ 0.45% to 0.80% copper (excluding additional gold, silver and zinc). Kokkinoyia, the largest component of the combined Resource (12.3Mt @ 0.45% Cu and 0.28g/t Au), is currently under a new application, along with two other exploration licences.

Venus holds 17 licences in prospective regions, with licence areas selected following the review of an island-wide proprietary database, detailed field mapping and soil sampling. The next phase of exploration work for Venus will include targeting 'Mavrovouni-style' deposits, with 5,350m of percussion drilling planned across four licences to test identified targets. In addition to this, 3,700m of step-out and infill diamond drilling is planned for advanced-stage projects. This planned phase of drilling will also provide the material needed for metallurgical test work for these projects.

Discussions are underway with several third parties to fund all or part of the proposed exploration programmes via joint venture, earn-in or other commercial arrangements. Since April 2024, the ongoing funding requirements of Venus have been met by both Ariana and its partner, Semarang Enterprises Ltd, on a pro-rata basis.

Türkiye

Project Leopard is 100% Ariana-owned, focusing on greenfield exploration across eastern Türkiye (Figure 2). As part of Project Leopard, Ariana has been identifying multiple prospective locations across eastern Türkiye using our proprietary exploration datasets coupled with the use of the Newmont 2D Database under licence. This work has also involved extensive new satellite remote-sensing and geophysical data processing and interpretation, which is being conducted in-house. Ariana remains poised to make applications for ground across the region in the future, intending to initiate a major greenfield exploration effort targeting the discovery of significant new copper-gold deposits.

Ariana currently holds three contiguous licences within the Project Leopard area, covering approximately 6,000 hectares. This project, known as the Güllüce Project, is located to the north of the Güllüce village, about 50km northwest of Erzurum, eastern Türkiye. Stream sediment and rock-chip sampling were completed on the Güllüce Project, in addition to geological mapping. Massive limestone in the centre of the license area, conglomerate, mudstone, and sandstone alternations in the south and younger volcanics were observed. In regions close to the southern contact of volcanic and sedimentary rocks, volcanic breccias containing volcanic and sedimentary clasts in a limonitic matrix were observed and sampled. Previous surface geochemistry was followed up by this sampling programme and demonstrated low-level gold anomalism along an NE-SW trending zone across the licences.

Ariana is also conducting brownfield exploration in Türkiye through its 23.5% share in Zenit Madencilik as part of its partnership with Ozaltin Holding A.S. and Proccea Construction Co. Alongside this, the Ariana team are continuing to review all projects held with Zenit, to determine the potential expansion of resources near the Kiziltepe and Tavsan mine sites following extensive drilling and other exploration programmes during the past few years.

Figure 2: The three metallogenic arcs in eastern Türkiye, the focus of Project Leopard. The three licences of the Güllüce Project held by Ariana are shown as a single red box.

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:

The information that relates to Mineral Resources is based upon information compiled by Mr. Zack van Coller BSc (Hons), Targeting Group Leader, Ariana Resources plc. Mr. van Coller is a Fellow of The Geological Society of London, and has sufficient experience which is relevant to the style of mineralisation and type of deposits under consideration and to the activity which he is undertaking 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). Mr. van Coller has over 10 years of relevant experience in the Technical Assessments of Mineral Properties. Mr. van Coller consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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 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 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 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.

Glossary of Technical Terms:

"Au" chemical symbol for gold;

"g/t" grams per tonne;

"Inferred Mineral Resource" is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration;

"Indicated Mineral Resource" is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Ore Reserve;

"JORC" Joint Ore Reserves Committee;

"k" thousand

"km" Kilometres;

"m" Metres;

"Measured Mineral Resource" is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to confirm geological and grade (or quality) continuity between points of observation where data and samples are gathered. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve;

"MRE" Mineral Resource Estimate;

"M" million

"oz" Troy ounces;

"t" tonnes;

Ends.