Ariana Resources Share Discussion Threads

[zangdook] 29/9/2023 14:26

yet 99% of results RNSs come out at 7am.

[bigglesbingham] 29/9/2023 14:24

I've raised this before about timing and it's usually down to the nomad.

[jaf1948] 29/9/2023 14:14

I am prepared to give the company the benefit of the doubt and will assume they have done something that is or will be productive with the 'missing' money.

What I am not prepared to overlook is the sheer amateurishness of today - RNS not out at 7:00 a.m., an interim report that generates more new questions than it answers and the overall impression that the company is happy running itself like a private one.

All these points have come up before and other people have mentioned them again today. Ariana just doesn't seem to care.

[xow98] 29/9/2023 14:12

Why speculate on the price of gold?

[zangdook] 29/9/2023 14:02

perhaps they bought the bullion out of the JV in order to make gewgaws to sell to numpty shareholders at inflated prices.

[actonovator] 29/9/2023 14:01

Given the accounts are date 30 Jun, it may already be gone

[xow98] 29/9/2023 13:51

AAU is effectively a holding company so it is odd to see it holding bullion on its balance sheet. Given the fall in gold price the timing would appear to be less than fortuitous.

[dixi] 29/9/2023 13:30

What price for Panther (should you be correct)?

[bigglesbingham] 29/9/2023 13:30

Bullion was classed as acquired but I'd suspect it was more a trade for convenience or timing rather than an investment trade designed to make money. The level of bullion would not in my eyes warrant explanation and forms part of day to day operational decisions.

[bigglesbingham] 29/9/2023 13:26

Not how I intended the format but I see less than £1.5m spent on working capital. Rest is investing or bullion loan to associate etc . Seems pretty straightforward. Profit from Kizeltepe have been limited to £700k ie mostly used to fund tarsvan. Am I missing some of the confusion here. Seems fine to me. Big investment round corner, (Panther :-)) then Tarsvan. Bottom line is someone dumped 650k shares at 2.43 to create the fall.

[dixi] 29/9/2023 13:20

I feel that they are being evasive, again operating as if a private company, not a listed entity. Shareholders offer zero benefit to AAU as things stand, so we are just a pain in the ar*se.I think cash was used to acquire gold bullion (why/what purpose), the rest was working capital due to no funds coming our way from Zenit. That balance should be restored given time when Tavasn is online.

[bigglesbingham] 29/9/2023 13:20

(686)600(484)Movement in working capitalChange in trade and other receivables(820)(657)(361)Change in trade and other payables(408)(355)46Cash (outflow)/inflow from operating activities(1,914)(412)(799)Taxation paid(234)(1,154)(1,882)

[xow98] 29/9/2023 13:17

Cash flows from investing activities

Purchase of gold bullion (1,382)
Earn-In Advances (140)
Purchase of land, property, plant and equipment (66)
Payments for intangible and exploration assets (311)
Purchase of financial assets (231)
Loan granted to associate (300)
Investment income 33

Net cash (used) in investing activities (2,397)

[soulsauce] 29/9/2023 12:50

That we are all guessing legitimises my complexity post earlier and the fact that we often seem to need further explanation from Kerim with regards to RNS which is annoying.

[backmarker] 29/9/2023 12:48

Shouldn't there be some sort of Flow of Funds statement which sheds light on why the drop in cash ?

[jaynesdad] 29/9/2023 12:48

Its probably not worth too much speculation, the company needs to answer this. There will be ongoing wages and costs. Plus progress on wholly owned assets. There will be no appreciable net cash into the JV until Tavsan is in full production. How long before AAU needs funds at this rate of cash burn? We need a platform to ask this question.

[shortarm] 29/9/2023 12:44

Not positive but I thought all satellite deposits were sold into the JV meaning exploration funding paid by JV. If not they can sell it in at 3 times costs..

[soulsauce] 29/9/2023 12:39

Yep Shortarm nothing should have gone on Salinbas.
Tavsan funded by production income within Zenit so the only other expenditure AFAIK is drilling around Kiz, however I still wouldn't have expected such a fall 🤔

[xow98] 29/9/2023 12:33

Cash is the big question. 8m of funding from Ozaltin and share of income in JV should be sufficient for ongoing work. Where has AAU cash gone as they shouldn't be putting funds into the JV?

Costs related to wholly owned properties?

[jaynesdad] 29/9/2023 12:25

I agree with that Soul.
Is Tavsan being funded from undistributed profits sitting within the JV, or are the 3 partners adding cash from their own resources to fund Tavsan? My understanding, or at least what I saw as the implication, was that the JV was funding from funds it already held. If that is the case then I would like to know about the drop in the cash position with AAU.

[shortarm] 29/9/2023 12:21

Salinbas drilling is paid for by the 8 million dollar spend from Ozaltin.Other drill costs shares I would imagine.

[soulsauce] 29/9/2023 12:10

The problem here as always is costs for doing what between the partners and what is receivable are too opaque and complex and that has only become more complex now another partner is added in to the mix as if the whole Proccea/Zenit/Ariana wasn't bad enough for shareholders to get a grip on.
As far as we are led to believe Zenit has been picking up the cheque for everything Tavsan related hence the huge drop in income.
But who has been on the tab for all the drilling at Kiz and the satellites? Hopefully pro rata but 🤷‍a94;️

[soulsauce] 29/9/2023 12:00

Listen at Pettigrew lol. Him and his other avatar slagging anyone off for questioning the company and at the first hurdle he runs for the hills after claiming this was going to 10p+ in short order, oh dear.
Like dixi says the results are not shocking but do need clarification.

[shortarm] 29/9/2023 11:48

Yes, hopefully it will be explained by Kerim in the next interview.
In the meantime Tavsan was originally quoted as going to produce 30k ounces per year and final processing done at Kiziltepe. Since then the JORC has increased and will again and processing will be completed at Tavsan - sounds like they have a higher target in mind. Production will be 50 000 ounces or more with no debt. (Including Kiziltepe)