20 January 2023

AIM: AAU

2022 PRODUCTION RESULTS AND GENERAL UPDATE

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 the full-year production results for the year ended 31 December 2022 for the Kiziltepe Mine ("Kiziltepe" or "the Project") in Turkey.  Kiziltepe is 23.5% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. ("Zenit").

Production Update*:

·    Kiziltepe produced a record total of 28,421 ounces of gold during the year, exceeding its full-year production guidance by c.14%, following record mill throughput of well over 400,000 tpa.

·    Mining operations are continuing at Arzu North and Derya, and have recommenced at the Arzu South pit as it is expanded to the final design limits.

·   Record gross full-year revenue of US$58 million at an average realised gold price of US$1,858 per ounce, against an average revenue per gold ounce of US$2,041 (due to silver credit)*.

·    As at end 2022, the mine had produced a total of 133,358 ounces of gold and 1,481,011 ounces of silver, recording US$235 million in revenue since operations commenced in early 2017.

* All figures are given gross with respect to Zenit.

Dr. Kerim Sener, Managing Director, commented:

"As expected, 2022 was an operationally very strong year for the Company.  Kiziltepe has now completed six highly productive years of operation, performing consistently above guidance and having now produced significantly more gold than modelled in our feasibility study.  We look forward to seeing further expansion of the near-mine Resources and Reserves in due course, as we develop plans to keep the mine operational over the coming years.

"During 2022, Zenit has reinvested significantly into its operations, including funding the construction of the Tavsan mine and the exploration and development of demonstrably expanded resources both at Kiziltepe and at Tavsan.  This has been possible due to the substantial revenue recorded by the business over recent years, particularly following the plant expansion completed during 2021, which has resulted in record throughput during 2022.  In parallel, Zenit has focused on maintaining the lowest possible cash costs, with its long-term average running at c. US$650 per ounce up to June 2022.  The higher gold price environment of recent years, coupled with these operational efficiencies together continue to enable substantial operational margins.

"In addition to the strong performance of the Kiziltepe Mine we are also very encouraged by the work being undertaken by the team across our other project interests at Tavsan and Salinbas in particular.  At Tavsan, this work led to a Resource Estimate containing over 307,000 ounces of gold and also identified opportunities to further expand this resource through a further drilling programme which commenced in late 2022.  At Salinbas, drilling is continuing and has now started at the Hizarliyayla Prospect, which is located in the vicinity of the >4Moz Hot Maden deposit to the south and with which it shares several geological features."

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").

Other Developments:

·    Mine construction at Tavsan is advancing on schedule, with earthworks progressing well and concrete for the Adsorption-Desorption-Recovery ("ADR") plant due to be poured in February; drilling is also underway to provide for a further revision to the Resource Estimate.

·    Two diamond drilling rigs are operating across the Salinbas Project, with results from the initial phase of drilling due to be announced soon.

·    Venus Minerals, of which Ariana owns 50%, delayed its IPO in 2022 due to adverse market conditions and is currently reviewing its plans following an improvement in market sentiment.  In addition, the option to acquire an interest in the Apliki Mine lapsed at the end of December and is the subject of further dialogue with the Iacovou Group; further announcements concerning Venus will be made in due course.

·    Western Tethyan Resources, of which Ariana owns 75%, is actively exploring in SE Europe with the support of funding through Newmont Mining Corporation and continuing with due diligence on the Slivova Project in Kosovo.

·    The Asgard Metals Fund, of which Ariana owns 100%, has completed three investments since late 2021 and there are a number of other potential investments in the pipeline.