28 January 2025

AIM: AAU

FURTHER NEWMONT INVESTMENT

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 announce a further investment by Newmont Ventures Limited ("Newmont") under the terms of our Exploration Alliance Agreement (the "Alliance") regarding exploration in south-eastern Europe, announced on 24 March 2022.

Highlights:

·    Newmont to invest a further US$871k in Ariana based on a 30-day volume-weighted average price ("VWAP") calculated to the 18 December 2024, for 28,880,000 ordinary shares at a price of 2.375p per share.

·    Exploration across the Alliance region will continue to be directed by Western Tethyan Resources Ltd ("WTR") which is currently 76% owned by Ariana.

·    The Alliance between Newmont, Ariana and WTR is in its third year of an initial period of five years; such period being mutually extendable with future funding requirements of the Alliance to be met by Newmont.

Dr. Kerim Sener, Managing Director, commented:

"This further investment by Newmont Corporation into the Company represents a further commitment to our exploration programmes in south-eastern Europe under the Alliance Agreement. Our exploration programmes to date have encompassed project generative work across Kosovo and North Macedonia, with several other projects across the Alliance region having been reviewed and assessed. On the back of the results of these programmes, we are now positioned to undertake further work across some of the priority targets generated and we look forward to providing further updates on these programmes as they advance. Furthermore, we are expecting Newmont to provide additional technical support to the Alliance aligned to this further investment so that we can advance the planned exploration programmes across the region."

Mentor Demi, Managing Director of WTR, added:

"We are very pleased with the progress and success of our Exploration Alliance with the world's largest gold producer, Newmont Corporation. During the first two years of the Alliance, through the collection of regional baseline data (geological, geochemical and geophysical), we have generated multiple priority targets and for which we have applied for new exploration licenses. We have also drill tested our first project area, Hertica, and successfully outlined the presence of a Cu-Au-Mo mineralised system.

"Through this financing and the associated technical support from Newmont, as well as financial and technical support from Ariana as well, we plan to further develop these targets while continuing regional exploration work, generating new targets and advancing our existing project pipeline."

Summary of Alliance

·    In the event the Alliance is successful in identifying a project of sufficient merit for further development by Newmont, such project will be transferred to a dedicated "Mining Company", which will initially be held 100% by WTR.

o  Newmont has the option to invest a further US$1 million in the Mining Company over a further period of two years, enabling it to earn-in to 60% in such Mining Company.

o  Expenditure of a further US$15 million on a pre-feasibility study, which establishes a JORC or NI43-101 resource of over two million ounces of gold, will enable Newmont to earn-in to 75%.

o  Should Newmont decide to develop a mining project, funding will be on a pro-rata basis unless WTR elects not to contribute, in which case Newmont will earn-in to a maximum of 85%.

o  If either party withdraws from the Mining Company or dilutes below 10%, such party will relinquish its interest in return for a 2% NSR. 

·    Upon conclusion of the Alliance term, and in the event that no Mining Company is established, Ariana, WTR and Newmont will each retain a copy of the Alliance Database, with Ariana granting a 1% NSR and WTR granting a 0.75% NSR to Newmont.

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

Contacts:

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

Editors' Note:

About Ariana Resources:

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

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

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

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

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

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

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

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

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

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

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

Ends.