·      Reverse circulation (RC) chips were collected at 1 m intervals and in some cases over 0.5 m intervals over the mineralised zone.  The chips were collected into plastic sample bags from a cyclone to ensure maximum recovery.  The samples were split using a standard riffle-splitter to around 0.25 to 0.5 kg per sample.

·      Diamond drillcore is cut using a diamond rock saw, and half-core samples are taken in lithologically appropriate intervals, ranging from 0.5 m to 3 m in length, with additional sampling extending before and after mineralisation. Diamond core void of mineralisation was not a priority for the company and therefore not all core has been sampled once mineralisation controls were established. Core recovery is recorded into the database. For diamond core duplicate sample analysis, half core samples were cut into two quarter core samples, one as the primary sample and the other for duplicate analysis.

·      Samples were sent to an ISO accredited ALS Chemex in Vancouver, British Columbia for Au and Ag analysis by fire assay and latterly to a similar ALS laboratory in Izmir, which is still used as an external laboratory for QA/QC purposes.

·      Samples are now prepared and analysed at Zenit's laboratory at Kiziltepe Mine, for Au (fire assay), Ag (AAS), and 4-acid digest for several other elements.

·      Under normal Company operational procedures, sampling undertaken during early-stage exploration or reconnaissance is submitted to the laboratory for 30g fire assay analysis. However, sampling undertaken on more advanced or resource stage projects are submitted for 50 g fire assay analysis, where it is expected that the larger sample mass will provide marginally more representative results.

·      Through 2021, the Kiziltepe Mine Laboratory, while undergoing various enhancements, was able to analyse samples at a 30 g fire assay sample shot capacity. Therefore, check samples sent to ALS in Izmir for external review have been, and will continue to be sent as a mixture of both 30 g and 50 g assay shot capacities, so that the various teams involved can appropriately reconcile the minor variation in the compared datasets.

·        As of January 2022, the Kiziltepe Mine Laboratory houses two ICP-OES (PerkinElmer Avio 550 and PerkinElmer Optima 8000) instruments, two Atomic Absorption Spectrometers (PerkinElmer's PinAAcle 900F), three drying ovens, three crushers, three pulverisers and seven furnaces. In addition, since October 2022 the Kiziltepe Mine Laboratory has been accredited by the Turkish Accreditation Agency (TÜRKAK) with "TS EN ISO/IEC 17025:2017 General Requirements for the Competence of Experimental and Calibration Laboratories".

·      Portable X-ray Fluorescence (pXRF) analysis is typically used on 1m intervals on all drill core not sampled for assaying. This is primarily for geological modelling purposes.

·      Pulp rejects from all assayed samples are also analysed using pXRF analysis. This data is not used for mineral resource estimation purposes, but rather for internal evaluations conducted by the exploration team. pXRF certified reference standards are used on a regular basis in line with company procedures.

·      Rock-saw channel sampling was completed in early 2020 over 60 outcrops of mapped mineralised jasperoid to support the resource.  A petrol powered dual bladed diamond saw was used to cut 35 millimetre (mm) thick channels to represent halved HQ core.

·      Historic drilling and sampling procedures (pre-2000) were not available, but work undertaken was completed by reputable exploration companies.  This data amounts to 25% of the drilling database to date.  In 2008 Ariana Resources successfully completed check assaying of 42 coarse reject material samples to test historical drilling to provide additional confidence to historical Quality Assurance and Quality Control (QA/QC) procedures.

·      In total 10,324.3 m of drilling across 287 drill holes has been completed across the Tavsan deposit. Additionally 1,169 m has been completed across 156 rocksaw channels.

·      Diamond drillholes comprise a combination of PQ and HQ diameter (standard tube).  Drilling on the project can be summarised as follows:

o  2022 - 41 DD holes for 2,181.1 m

o  2021 - 71 DD holes for 2,173.7 m

o  2019 - 4 DD holes for 90.5 m (Tavsan Far North)

o  2006 - 87 RC (13.3 centimetre) holes for 1,611 m

o  2004 - 35 PQ DD holes for 1,419 m

o  1997 - 8 DD holes for 341m, 7 RC holes for 543 m

o  1988 - 34 RC holes for 1,965 m

·      All historic holes were drilled by Ranger (1988), Teck Cominco (1997) and, Pusula Madencilik (Odyssey's 100% Turkish subsidiary) and their various contractors prior to the acquisition of the project by Ariana Resources plc and latterly Zenit Madencilik San. ve. Tic. A.Ş.

·      Diamond drillcore recoveries were monitored and recorded into the sampling database.  No recovery was calculated for RC drilling conducted at Tavsan.

·      Select historic drill holes were examined for core recovery at the site, which was deemed to be satisfactory.

·      Overall core recovery for 2021/2022 diamond drilling is 88% for 2,854 measurements, with 95% of drilling showing over 70% recovery.

·      There is no bias between sample recovery and grade.

·      Core was logged geologically by company geologists using a company standard logging protocol. Logging intervals are based on lithologies. All logging used a coded logging system for rock type, grain size, colour, alteration and any other relevant observations. All drilled metres were logged regardless of presence of mineralisation.

·      The core was photographed before logging to provide a permanent record of all DD core.

·      Mineralised zones were identified from the observation of mineralogy and lithological characteristics.  Portable XRF (pXRF) analysis was conducted post-drilling, to provide supporting geochemical data for non-sampled regions.  Areas identified as geochemically anomalous by pXRF were further sampled.  The pXRF was checked by use of certified referenced standards to ensure good quality data was produced.

·      Logging of RC samples was carried out on washed samples with geological characteristics recorded into a database.

·      Core samples were cut using an electric circular diamond saw with water supply for dust suppression. Half core remains in the core tray for reference.

·      RC sampling:  Samples were collected at 1 m intervals and split using a two-stage riffle splitter, running each sample through the splitter twice.  Wet intervals were sub-sampled with scoop or spear. Samples were oven-dried at the laboratory if necessary. Although every metre was sampled from top to bottom of each hole, metres which were clearly unmineralised were not assayed.

·      Sample preparation technique is appropriate to the mineralisation style.

·      Splitting and sample preparation conducted on samples at the Kiziltepe Mine Laboratory:

o  Drying at 105^OC

o  Crushing whole sample to ≤2 mm

o  Splitting of crushed sample to analyse

o  Pulverising sub-sample to 80% passing ≤75 μm

·      Splitting and sample preparation conducted on samples at the ALS laboratory:

·      During Odyssey's drilling campaigns, a quality control (QC) programme was instituted at the beginning of the drill programmes, which consisted of inserting a field duplicate and uncertified/certified reference material samples into the sample stream.  No field blanks were inserted. Uncertified standards were typically inserted (1:16 to 1:20 samples).  These were determined to not be reliable enough to measure accuracy at the laboratory. Odyssey's own QA/QC programme has significant shortcomings, but the lab performance is adequate to support a mineral resource estimation. Standard and duplicate samples for QA/QC were taken by ALS Izmir and performance was noted as good. Reporting of ALS's internal QA/QC samples have found the results to fall within the 95% confidence interval assigned to them, as per the lab's internal monitoring standards.

·      All suitable measures were taken to ensure that samples were suitably representative.

·      QC procedures employed in all drill programmes prior to 2019 included the insertion of certified reference standards (1:22), blank samples (1:22), pulp and crush duplicates (2:22) to monitor the accuracy and precision of laboratory data when samples were submitted to ALS Global, Izmir. Insertion rate of 18%.

·      In drill programmes since 2019, samples have been submitted in batches of 35 to ALS Global, Izmir, to include 1 blank, 1 CRM, 1 field duplicate and 1 pulp duplicate. Insertion rate of 11%.

·      In the 2021/2022 drilling programme, samples submitted to Kiziltepe Mine Laboratory are in batches of 20 to include 1 field blank, 1 CRM, 1 field duplicate. The Kiziltepe Mine Laboratory adds an additional duplicate sample which is a split of the 19^th sample of each batch. Further to this the laboratory adds 4 internal standards for their own instrumental QA/QC checks.

·      In addition to routine QA/QC procedures, 59% of all Tavsan drill samples from the 2021/2022 programme were duplicated to submit to ALS Global, Izmir, as check samples at an external laboratory to confirm internal Kiziltepe Mine Laboratory results, whilst the laboratory expansion was taking place and while laboratory procedures and instrumentation was being checked internally.

·      The overall quality of QA/QC procedures is considered adequate to ensure the validity of the data used for resource estimation purposes.

·      The handheld XRF is an Olympus Vanta. A series of 10 blank and certified reference material samples are used to check the quality of the pXRF data. These are scanned at a rate of 1 blank and 1 CRM for every 100 samples. The device does not require further calibration.

·      Significant intercepts were inspected by Mr. Joe Hirst (Tetra Tech Competent Person) during the site inspection in 2018. Data input has been completed in accordance with company procedures, which have been reviewed by Tetra Tech during their MRE in 2018 and 2020.

·      Data verification was also independently completed in 2006 by Mr. Antoine Yassa of P & E Mining Consultants Inc. during an earlier phase of exploration. 12 check samples were taken. Results were deemed satisfactory and demonstrated that the grade of gold is very similar in most instances, to what was originally reported by Odyssey.

·      Prior to resource estimation, below detection limit assay results have been replaced with values of zero.

·      Primary data, data entry procedures, data verification and data storage protocols are in line with industry best-practice.

·      All samples (30 g or 50 g) are analysed using fire assay with AAS (Au-AA23) and aqua regia with ICP-AES (ME-ICP41).

·      All samples before 2019 were submitted to the internationally accredited laboratory of ALS Global in Izmir, Turkey (ISO 9001:2008 accredited).

·      Samples taken in 2019, 2020 and 2021 have been submitted to Kiziltepe Mine Laboratory (TS EN ISO/IEC 17025:2017 accredited since October 2022), with at least 10% also selected for check assays at ALS Global in Izmir throughout the sampling programme. Samples are chosen from areas suspected to be mineralised. During the Kiziltepe Mine Laboratory expansion, 59% of Tavsan samples from the 2021/2022 programme were checked at ALS.

·      Since early 2021 the Kiziltepe Mine Laboratory has been undergoing expansion to deal with substantially increased sample analysis requirements. Initial verification of assay results from newly installed laboratory instruments is still undergoing internal review. To date, 1,663 samples were assayed at both Kiziltepe Mine Laboratory and the external laboratory (ALS Izmir). Results have been received and reviewed. Initial checks have demonstrated that received assay data and associated QA/QC samples fall within expected levels. Evaluations of incoming check data for the Zenit and ALS laboratories will continue to be assessed through 2022 until results conclusively prove that all new instruments are appropriately calibrated and operating as intended.

·      All collar positions were located initially by hand-held GPS (Garmin Etrex 10 and 30) and later surveyed by a professional surveyor using DGPS equipment. All coordinates are recorded in UTM ED50 35N.

·      Down hole surveys were not completed at Tavsan as holes were typically drilled vertically.  However, drill holes were surveyed, where possible, by open hole methods at 20 m intervals from surface, during a project review in 2015; using a Flexit down hole multi-shot survey device.

·      All holes were surveyed in the 2021/2022 drilling programme using a standard Electronic Multi-shot Magnetic survey deviation tool (Devico PeeWee).

·      Topographic data is collected by DGPS. Additionally, 5 m and 25 m contours were generated from ortho-rectified WorldView satellite imagery.

·      The Resource area has been drilled as access allows, resulting in an irregular data spacing, typically between 25 m and 100 m between collars (average collar spacing between all zones is 45 m).

·      Samples were composited to 1 m prior to estimation.

·      159 diamond drill holes (6,205.3 m), 128 RC drill holes (4,119 m) and 156 rock-saw channels (1,169 m) were used to model the mineralisation. 

·      Sample compositing has not been applied at the sampling stage.

·      Sample spacing and distribution is sufficient to establish the geological and grade continuity required for modelling and resource estimation.

·      The mineralisation is primarily outcropping at surface and has been drilled primarily vertically, with full intersections.  Some inclined holes have been drilled between -80 and -40 degrees of dip, primarily stepped off from the mineralisation to delineate the edges of the mineralisation at depth.

·      No sampling bias is observed from the orientation of drilling with regards to the mineralised structures. True thickness with respect to apparent thickness is well understood as most intersections are normal to the mineralisation.

·      No biases are expected from the drilling direction.

·      Samples are stored in a secure location (Balikoy Depot) in a clean area free of any contamination.  Full chain of custody documentation is used when transferring the samples to the laboratory and has been overseen by the responsible company geologist.

·      In drilling programmes pre-2019 the measures taken to ensure sample security for samples used for analysis and QA/QC include the following:

o  Chain of Custody is demonstrated by both Company and ALS Global or Kiziltepe Mine Laboratory in the delivery and receipt of sample materials.

o  Upon receipt of samples, ALS Global delivers by email to the Company's designated QC Manager, confirmation that each batch of samples has arrived, with its tamper-proof seal intact, at the allocated sample preparation facility.

o  Any damage to or loss of samples within each batch (e.g., total loss, spillage or obvious contamination), must also be reported to the Company in the form of a list of samples affected and detailing the nature of the problem(s).

·      In all drilling programmes since 2020, the majority of samples have been analysed by the Kiziltepe Mine Laboratory. Samples are delivered securely from the drill site to the laboratory by the exploration team and are securely held at the laboratory in the fenced off and guarded mine site, with no unauthorised access. 

·      In 2020 Tetra Tech reviewed the protocols and procedures adopted and found the various aspects sufficient to support mineral resource estimation. Tetra Tech completed an independent analysis of the QA/QC data completed by Odyssey, and whilst there are shortcomings, the ALS lab QA/QC programme was robust.  The data is deemed appropriate for resource estimation.

·      Ariana has implemented QA/QC programmes covering all aspects of sample location and collection that meets or exceeds the currently accepted industry standards.

·      Ariana implemented a QA/QC programme based on international best practice during the initial exploration work and subsequent drilling programmes.  The company has continued to review and refine the QA/QC programme as these exploration campaigns have progressed.

·      The Tavsan Property consists of four operating licenses owned by Zenit Madencilik San. ve Tic. A.S. ("Zenit") Joint Venture ("JV") with Proccea Construction Co. and Ozaltin Holding A.S. (23.5% owned by Ariana). Licence numbers:

o  Örencik license no: 12743, due date of 11.06.2029.

o  Kavaklı license no: 59770, due date of 11.06.2029.

o  Dağardı license no: 70484, due date of 10.01.2030.

o  Evciler license no: 72400, due date of 26.01.2025.

·      In 2008, Ariana acquired the Project for US $500,000 in cash and 3 million shares in the Company at 5 pence per share from Odyssey Resources Limited and a retained royalty of up to 2% on future gold production payable to Teck Resources Limited. This royalty has since been transferred to Sandstorm Gold Ltd.

·      There are no known impediments to current operations.

A summary of exploration activities at Tavsan:

·      1980s - Initially discovered by Australian company Ranger.

·      1988 - Ranger drilled 34 RC holes totalling 1960.5 m in the primary mineralisation zone.  Ranger completed no further work.

·      1995 - The MTA (Turkish government exploration agency) sampled the primary ore zone.

·      1996 - Cominco acquired the property and conducted several systematic surface sampling programmes yielding an average grade 2.3 g/t Au at surface.

·      1997 - Cominco initiated a 341 m DD programme for 8 holes.  265 samples were sent for Inductively Coupled Plasma (ICP) and fire assay using a 30-gram aliquot.  A RC programme totalling 543 m for 7 holes was run concurrently with the DD programme. 362 RC chip samples were analysed for gold using fire assay on a 30-gram aliquot.

·      2003 - Pusula Madencilik, Odyssey's 100% owned subsidiary company in Turkey acquired the Tavsan property from Cominco.

·      2004 - Odyssey completed the first of a 3-phase drilling programme. Phase 1 totalled 1,067.7 m and consisted of 20 DD holes (OD1 - OD20). Phase 2 consisted of 15 DD holes (OD21 - OD35), totalling 350 m.

·      2005 - Odyssey undertook a surface sampling programme on 11 surface-exposed gold mineralised jasperoid zones.

·      2006 - Odyssey completed Phase 3 of drilling with the addition of 87 RC holes (ODX36-ODX131) totalling 1,611 m.

·      2008 - Ariana Resources acquired the Tavsan project.

·      The property is located in the Izmir-Ankara suture zone in north-western Anatolia.  The formations present span from Jurassic to Tertiary and typically comprise metamorphosed sedimentary sequences, displaying intense compressional tectonic features.

·      The Property includes an upper thrust plate of Late Cretaceous ophiolitic rocks (Dagardi Melange), jasperoid gold-bearing silicification along the thrust surface and a footwall of Jurassic-Cretaceous Budagan Formation massive, a massive micritic limestone.

·      Through the summer of 2022, the Ariana team completed remapping of the Tavsan license area to 1:2,000 and 1:5,000 scale. 

·      No new exploration data is included in this report.  All relevant data has been reported in press releases. 

·      The purpose of the 2019 to 2020 rock-saw channel sampling programme was to provide a further increase in the confidence of the resource classification, and to reduce planned infill drilling meters for future resource development work.  The sampling included areas that are were classified as part of the JORC Exploration Target and Inferred Resource, with a view to improving confidence in the resource estimate and an improvement in the resource classification.  A total of 751 samples (including 118 QA/QC samples), averaging a length of 1.8 m were extracted during the sampling activities.  Of these samples, 676 were sent to the Kiziltepe Mine Laboratory for gold and silver fire assay only.  A further 76 samples were sent to ALS in Izmir for gold and silver fire assay and multi-element ICP analysis. The channel sampling makes up only 10% of the drilling database.

·      Infill resource drilling and exploration drilling was completed in 2021/2022. Details of this latest drilling programme are given below.

·     Metal equivalents have not been used in this estimate.

·     No aggregation has been applied beyond the standard 1 m sampling interval honouring lithological changes down to 30 cm.

·     Significant down-hole intercepts calculated for the Tavsan 2021/2022 drilling programme, using a 1.0 g/t Au minimum cut-off and allowing for 0.5 m internal dilution:

·     The majority of the drillholes were advanced vertically.  Some holes were advanced at between -80 and -40 degrees from horizontal to intersect dipping structures, or to delineate at depth.  The mineralised horizons are commonly flat-lying to gently dipping.  As such, the true width is generally represented by the intersection length.  However, recorded intercept widths are down hole length and should not be regarded as true widths.

·     Three-dimensional wireframe models have been generated for sample selection to constrain the resource estimate.  This process eliminates any bias imparted by oblique intercepts.

Tavsan Overview

·     Full balanced reporting of exploration results has been undertaken and is disclosed within the technical report and press releases.

·     Intercepts depths stated in the drill hole information but not stated in the data aggregation methods section are lower grade intersections. Widths of intercepts are stated.

·     In 2022 Ariana completed a 41km² geological mapping project across the Tavsan licenses. This work included pXRF analysis of lithological units, petrography analysis, thin section and magnetic susceptibility studies.

·     In 2017 Ariana completed an extensive high-resolution (25 m by 25 m) portable X-ray Fluorescence (pXRF) soil survey.  This work was completed in order to better define and characterise targets for a second phase of resource-development and to improve confidence in targeting for further resource drilling.

·     Sixteen target areas were highlighted by the 8,265 soil samples collected, covering an area of approximately 5 square kilometres (km²).

Zenit have planned the following drilling for the Tavsan Main, North, South and West Zones, scheduled for 2023-2024:

·      3,610 metres for resource infill

·      5,915 meters for resource step-out

·      5,200 metres for exploration  

·      Further surface sampling and drilling work will also be scheduled for Tavsan East Zone.

·      The Tavsan resource data was stored in a MS Access database and managed using MS Access and Excel software. Data has now been transferred to MX Deposit, the database management system used by the company, which started in Q3 2021.

·      Data was logged onto field sheets which were then entered into the data system by data capture technicians.

·      Data was validated on entry into the database, or on upload from the earlier MS Access databases, by a variety of means including the enforcement of coding standards, constraints and triggers. These are features built into the data model that ensure data meets essential standards of validity and consistency.

·      Laboratory data has been received in digital format and uploaded directly to the database.

·      Original data sheets and files have been retained and are used to validate the contents of the database against the original logging.

·      Zenit Madencilik and independent consultants such as Tetra Tech and Odessa Resources Pty Ltd performed a visual validation by reviewing drill holes on section and by subjecting drill hole data to data auditing processes in specialised mining software (e.g. checks for sample overlaps etc.).

·      Independent consultants Tetra Tech performed a visual validation by reviewing drill holes on section in Datamine Studio RM mining software.

·      Archived reports have been used to evaluate potential errors and liability of historical data.

·      Ariana Resources performed validation checks in Leapfrog GEO and EDGE v. 6.0.5.

·      Ariana staff have visited the site on numerous occasions, and supervised all drilling, sampling and other operations at all times in order to introduce appropriate logging, sampling and drilling protocols.

·      Zack van Coller (BSc) of Ariana Resources has been involved in all work on the project since 2010. Mr van Coller last visited the project in July 2022.

·      Ruth Bektas (BSc, CGeol, EurGeol) of Ariana Resources is acting as the Competent Person for this study, and has been on site during exploration programmes. Ms Bektas is a Resource Geologist and Competent Person as defined by the JORC code.  Ms Bektas last visited the project in June 2018 and has verified aspects of the data collection and handling for the project. 

·      Ariana Resources (Galata Madencilik) and Zenit Madencilik field staff are permanently on site.

·      Geological interpretation used a combination of surface mapping data, geophysics and geological and geochemical boundaries from the drill holes across the Tavsan deposit. Interpretations of geological surfaces are derived from 3D modelling of drill hole data in Leapfrog GEO and EDGE v. 6.0.5.

·      Geological Domains were interpreted for the deposit according to geology, grade and geotechnical structures.  Five main mineralised lodes have been identified, two of which have been subdivided into higher grade and lower grade domains.

·      The mineralisation is well understood, typically defined as a single identifiable unit, and geologically constrained. 

·      Grade continuity analysis within the interpreted mineralised zones is robust.

·      The confidence in geological interpretation is appropriately reflected in the classification of the Resources.

·      Interpolation and wireframe modelling of the mineralised zones in Leapfrog EDGE was completed using a 0.5 g/t and 1.5 g/t Au modelling cut-off grade (CoG) for low grade and high grade domains, respectively. Where continuity was not established between sections, the strike extrapolation was limited both manually (wireframes) and statistically (interpolations).

·      The mineralisation follows a SW-NE trend where outcrop occurs along the jasperoid unit contact.  The mineralisation is generally present at surface. The mineralised zone is approximately 4.5 km long across the SW-NE trend, and covers an area of approximately 2 km².

·      The mineralisation has an approximate true thickness of 4.5 m, ranging between 1 m and 30 m thick.

·      Drill hole sample data was constrained within:

o  3D mineralisation models based on manually isolated economic drill intercepts, where all the Tavsan mineralisation was modelled using Seequent's "vein" model tool to define grade driven domains. Economic intercepts were defined by nominal 0.5 g/t Au and 1.5 g/t Au modelling cut offs.

·      Compositing was completed in Leapfrog EDGE using a 1 m best fit routine. Hard domain boundaries were applied to both deposit models, which forced all samples to be included in one of the composites by adjusting the composite length, while keeping it as close as possible to the selected intervals of 1m.

·      Top cuts were applied to the assay results at 10 g/t Au. Silver did not require a top cut.

·      Isotropic search ellipses and ranges were used.  The variable orientation function (Dynamic anisotropy) was used in Leapfrog to better represent the grade distribution.

·      The block models were constructed using a 10 mE by 10 mN by 5 mRL parent block size. 

·      The block model is a non-rotated conventional block model with no sub-blocking used.

·      Estimation was carried out using inverse distance weighted squared (IDWS) at the parent block scale using a three-pass estimation using all available composites within the hard boundary. The Inverse Distance Weighted Squared (IDWS) method was selected as the most suitable method of interpolation in this deposit, as there is not sufficient nugget affect to warrant an IDWC method.  Ordinary Kriging was not used as satisfactory variograms were not obtainable.

·      Check estimates were carried out and the final estimate was compared to previous estimates.

·      Gold and silver have been estimated as mining products. No by-products or deleterious elements have been modelled. In general, gold and silver show a positive correlation with each other.

·      Density was assigned to each zone based on the values in the density database.

·      A visual validation between drillhole data, composite data and block model data is carried out.

·      Tonnage is estimated on a dry basis in accordance with the specific gravity determination.

·      Low grade domains have been modelled above a 0.5 g/t Au cut-off grade and reported above a 0.7 g/t Au cut-off grade. High grade domains were modelled and reported above a 1.5 g/t Au cut-off grade.

·      Cut-off grade calculated from assumptions on mining and processing cost, metallurgical recovery and metals prices.

·      No mining factors (i.e., dilution, ore loss, recoverable resources at selective mining block size) have been applied to the original resource.

·      The deposit is expected to be mined as an open pit heap-leach operation.

·      Bench face angle 65°

·      Largest operating bench width 40 meters (Main Zone)

·      Bench width changes due to mineralization shape in general

o  Bench width = 8 meters if bench height = 10 meters

o  Bench width = 5 meters if bench height = 5 meters

·      No metallurgical assumptions have been built into the resources.

·      Basic metallurgical assumptions were made with regards to expected processing methods, recoveries from test work and expected throughputs.

·      In April 2005, 42 samples of coarse reject material from drill core and 47 pulp samples (mostly from the same drill core samples as the coarse rejects) were sent to ALS Chemex in Vancouver, Canada for cyanide soluble testing.  The purpose of this test was to substantiate Cominco's 1997 cyanide soluble tests attesting to the fact that cyanide leach is an appropriate beneficiation method for extraction of gold.

·      Results of the tests indicated that the average gold recovery after one hour for the coarse reject material was 55.6%, and for the pulp samples was 91.6%, which indicate that cyanide remains a potentially viable method for the recovery of gold at Tavsan.

·      In 2019, a series of metallurgical test works were conducted at Zenit's Kiziltepe Mine Laboratory to obtain and optimise the basic parameters for leaching such as sodium cyanide (NaCN) consumption, particle size, flux (application) rate, agglomeration, and lime consumption rates.  Bottle roll and mixing in two litres flask tests showed higher recoveries hence increasing the exposed surface area of the ore with the solution.

·      The optimum recovery conditions, which resulted 76% Au recovery in column tests were:

o    Particle size:  P100:12.5 mm.

o    Flux rate:  10-12 litres per hour per square metre (L/hr/m2).

o    Sodium Cyanide:  1.3 - 1.5 kg/ton dry ore.

o    Lime:  2 kg/ton dry ore.

o    Leach cycle:  45 - 60 days.

·      The Competent Person (CP or QP) is not aware of any known environmental or permitting issues on the projects.

·      Statutory forestry permits have been approved by the Prime Ministry and issued by the Department of Forestry for the Tavsan Sector.

·      Zenit has carried out a comprehensive Environmental Impact Assessment.  Under this; a Flora and Fauna study has been completed and reported by Balıkesir University. 

·      Acid Rock Drainage and Hydrogeological studies have also been completed.

·      Density modelling at Tavsan was evaluated from 896 drill core measurements taken from diamond drilling in 2021/2022. The data was domained according to the various model volumes. Statistical averages within each domain were used as a representative value of density. Further work is needed to code the density to each model to better show density variations to depth and along strike, rather than applying statistical averages.

·      For modelling purposes, average specific gravity values ranging from 2.60 to 2.64 g/cm³ were used based on specific gravity measurements on core samples.

·      The Mineral Resource is classified and reported in accordance with the 2012 JORC code as Measured, Indicated and Inferred. The classification is determined based on search pass spacing, with increasing confidence with proximity to drill holes. These are given in more detail under section "Estimation and modelling techniques".

·      Measured Mineral Resources have been defined by Pass 1 (up to 45 m x 30 m x 10 m) depending on the mineralisation characteristics and drill hole spacing.

·      Indicated Mineral Resources have been defined by Pass 2 (up to 90 m x 60 m x 20 m) depending on the mineralisation characteristics and drill hole spacing.

·      Inferred Mineral Resources have been defined in areas beyond the Indicated search radius to the limits of the resource wireframes in Pass 3 (up to 180 m x 120 m x 40 m).

·      The Inverse Distance Weighting Squared (IDWS) model was validated against the input drill hole composites for each vein model by visual comparisons carried out against the composited drill hole samples and against the modelled block grade.

·      The Zenit Mining team conducted their own internal MRE estimation of Tavsan, using both their own and Ariana's input parameters and domain models, but using different software (Datamine Studio RM). Results between the Ariana and Zenit estimations were peer-reviewed and discussed until a level of agreement was met between both parties in terms of correct data interpretations. 

·      The Mineral Resource estimate at the global level for the Measured and Indicated Resources based on the estimation technique and data quality and distribution is considered to be adequate for the classification.  Inferred Resources have a lower level of confidence outside of this range, and the Exploration Target is categorised separately from Mineral Resources.

·      The composition of the mineralisation, and the grade of the block model accurately reflects bulk samples taken at the property for test work.