[ADVERT]
Share Name Share Symbol Market Type Share ISIN Share Description
Ariana Resources Plc LSE:AAU London Ordinary Share GB00B085SD50 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 4.55 4.40 4.70 4.55 4.55 4.55 341,586 01:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 5.1 0.5 10.1 50

Ariana Resources PLC FINAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2020

14/07/2021 7:00am

UK Regulatory (RNS & others)


Ariana Resources (LSE:AAU)
Historical Stock Chart


From Jun 2021 to Sep 2021

Click Here for more Ariana Resources Charts.

TIDMAAU

RNS Number : 1362F

Ariana Resources PLC

14 July 2021

14 July 2021

AIM: AAU

FINAL AUDITED RESULTS FOR THE YEARED 31 DECEMBER 2020

NOTICE OF ANNUAL GENERAL MEETING ("AGM")

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, announces its final audited results for the year ended 31 December 2020.

The Report and Accounts will be posted to shareholders as applicable, and are available on the Company's website ( www.arianaresources.com ) , and extracts are set out below.

The AGM will be held at the East India Club, 16 St James's Square, London, SW1Y 4LH on Wednesday, 18 August 2021 at 11:00 am.

The Company also announces that Dr. Kerim Sener, Managing Director, and Michael de Villiers, Chairman, will provide an investor webinar on Tuesday, 20 July 2021 at 10:00 am.

The webinar is open to all existing and potential investors and will consist of a brief update on the final results followed by Q&A session, held on the Investor Meet Company platform.

Investors can sign up to Investor Meet Company for free and then click "Add to meet" Ariana Resources via the following link to join the webinar:

https://www.investormeetcompany.com/ariana-resources-plc/register-investor .

Investors who have already registered and clicked "Add to meet" Ariana Resources, will be automatically invited.

-- Investors are encouraged to submit questions pre-event via the Investor Meet Company Platform, once registered.

-- Questions can be submitted pre-event via the "Ask a Question" function located on your Investor Meet Company dashboard, in addition questions can be submitted during the live event.

-- Whilst the Company will not be in a position to answer every question it receives, it will address the most prominent within the confines of information already disclosed to the market through regulatory notifications.

-- Responses to the Q&A will be published at the earliest opportunity on the Investor Meet Company platform.

-- Investor feedback can also be submitted directly to management post the event to ensure the Company can understand the views of all elements of its shareholder base.

Chairman's Statement

Fellow shareholders,

I am pleased to report that Ariana has again had an outstanding year with gold production at 18,645 ounces, at an average life of mine cash cost less than US$500 per ounce, alongside a most successful ongoing exploration programme. This set the stage for a transformational transaction concluded after the year end, whereby Ariana sold a significant portion of its Turkish assets for a cash consideration, whilst still maintaining a sizeable share of the cash-generating operations, enabling Ariana to continue to implement its successful exploration and development strategy.

During the period, the Kiziltepe Mine continued to perform well above feasibility rates. This has been the case since the commencement of operations and is testament to the determination and professionalism of the operating team. Despite the challenges of the COVID-19 pandemic, they have managed to advance production, exploration drilling and plant expansion work simultaneously. The plant expansion, which is expected to be commissioned during the second half of 2021, allows for a doubling of the current level of mill throughput. This will enable a lower unit cost, as lower grade ore is brought on stream. Excellent exploration and development work has identified extensive additional mineral resources in the immediate vicinity of the plant, which have the potential to extend the life of mine significantly.

The mine continued to produce gold in the lowest cost quartile internationally. This has enabled both the repayment of the original construction loan and an ongoing profit distribution to the Joint Venture ("JV") shareholders. This quality of operation enabled the original JV partners to attract a highly regarded third JV partner, namely Özaltin Holding A.S., which bought a 53% stake in Zenit Madencilik San. ve Tic. A.S., now incorporating the Salinba Gold Project, in addition to the Kiziltepe Mine and the Tav an Gold Project. We now have a three-way partnership working on our Turkish portfolio of assets and we are looking forward to the accelerated development of these projects.

Over the last year, the delays and obstacles arising from the ongoing pandemic naturally led to the direction of available manpower predominantly to the Kiziltepe Mine. Fewer resources were physically deployed on the other Company assets, though project work continued across the portfolio, leading significantly to several important resource updates. Currently the Tav an Project is awaiting its Environmental Impact Assessment approvals and various provisional permitting applications are in process. At the present rate of progress, we are expecting production at Tav an to be achieved from late 2022. Meanwhile, further work is ongoing at the Salinba Project, with a new drilling programme scheduled to commence later in 2021.

While presenting some challenges, this new operating environment has also introduced a number of new opportunities, which, along with the successful completion of the Özaltin JV transaction, will allow Ariana to pursue more ambitious exploration programmes. This is being pursued predominantly through the use of freely available information and databases integrated with data held by Ariana. This is a highly technical process of data interpretation and target definition, which our exploration team is particularly skilled in. We use this information to develop partnerships with carefully chosen collaborators who then go on to develop assets. This approach has yielded success many times in the past.

The Ariana team has never been afraid of drilling up a "duster". Yet in my 16 years of recollection there have not been many, if any at all. When undertaking new exploration, one must allow for the occasional "miss" when aiming at a new target. It takes a lot of courage and determination to launch into a new territory and most definitely needs the support of a close team to undertake such new ventures. It seems appropriate to take inspiration from one of the most prolific goal scorers, Wayne Gretzky, whose mantra was "you missed 100% of the shots you don't take". With that in mind, I am encouraging our very talented and dedicated exploration teams to carry on with their excellent work, with the assurance that there is 100% support, and the understanding that we are all in this for the long game, for that next mega discovery which is just over the next hill.

What Ariana is particularly good at is seeing the big picture: where to look next and with whom to collaborate to achieve the best outcome. To this end, we have taken a global view of the Tethyan Metallogenic Belt ("TMB"), our area of expertise, then delved into our extensive database of potential targets and pulled in our best partners for collaboration in these areas to form a number of new exploration opportunities. This is now taking the form of Western Tethyan Resources Ltd, a company which is focused on the Eastern European end of the TMB, while we continue to support the successful work of Venus Minerals Ltd on the island of Cyprus. Meanwhile, further exploration and development will continue in Turkey via our well-established operations hub in Ankara, where Ariana is establishing a dedicated office and technical centre. This is allowing a full multidisciplinary team to work on both data and material samples under one roof. This is both an effective and efficient operation in a very well-resourced location. Via these regional partnerships, Ariana has reach over 2,500km of some of the most prospective territory for gold, silver and copper deposits in the world.

Any company's annual review would be incomplete without some discussion and comment on "the herd of elephants in the room" in our sector. To mention just a few of these: the magnitude of the pandemic has probably taken most of us by surprise and left many of us considering what are the most important things to us in our working and private lives. To that end, it is probably worth thinking of what one's core values are and what we deliver in our day-to-day work. I can honestly say that the Ariana team are focused on delivering the most professional job possible despite the challenges of the moment. The dedication and focus of our team is admirable and the Company is especially grateful.

The other elephant in the room, and an important subject undergoing continual internal review, is Environmental, Social and Governance ("ESG"). I see this subject as being largely about one's core values and how we interact with our stakeholders and the environment. In the broader sense, stakeholders are as wide ranging as the environment in which we operate, the communities located around our exploration prospects, the Kiziltepe mine community and the ultimate beneficiaries of our commercial endeavours, our staff and shareholders, in addition to local and national economies. In all areas this range of stakeholders must be treated with fairness and respect, as well as being kept informed about aspects of the Company's affairs that materially affect them. This relationship is inevitably a two-way street of communication with both sides practising active listening and respect for one another's point of view. It is through this process that I think we learn the most.

Of course, the one stakeholder which does not have a voice of its own needs special mention here. I think the environment and climate change should be discussed as a broader and integrated topic. While the extractive industries continue to get the blunt edge of media attention, it is plainly obvious that human civilisation cannot exist without incurring an impact on the Earth. All primary industries, whether it is fishing, farming, forestry or mining, leave a physical and lasting impact, altering the environment through their presence. One only has to view Google Earth to see the massive physical evidence of sea pollution, farming, forestry and the odd mining or tailings dam site. However, of all industries in my opinion, mining delivers significantly more permanent benefit relative to its physical impact on the Earth. We cannot change the fact that our industry has already had a significant impact and made many mistakes. Nevertheless, we can positively affect the future and our overall environmental impact going forwards.

With this in mind, Ariana aims to continue to explore for our natural assets in a constructive and sustainable manner, very conscious of our legacy. Mining for resources predates farming and probably followed mankind's first hunting and fishing activities. As we now try to live in closer harmony with our natural world and take steps towards living in the least polluting way, we will also need to continue to explore for the minerals that will allow for greater electrification and pollution-scrubbing of fossil fuels. Ariana will continue along this theme, to look for sizeable deposits in the copper, gold and silver space along with other elements, set against the backdrop of the requirement for a cleaner environment. The mining industry has been the leader in dealing with the ESG agenda for decades, ahead of many other industries. It has been at the top of the agenda on all the mining projects I have ever been involved with during my working life. This will continue to be the case. A lot more thought and resources should be invested in mineral exploration to deliver our ongoing needs for new minerals and the clean and effective use of remaining resources.

We cannot leave the discussion of "elephants in the room" without considering the largest destination for much of what is mined, that being Asia, in particular China. China is by far the largest consumer of coal and iron and is consequentially the largest producer of industrial pollution by some margin. China has made very clear steps towards disinvesting out of polluting industries and increasing investment in cleaner energy alternatives. It is a very well publicised fact that there are simply not enough of the required battery and electrification metals available to meet the forecast demand for a significant switch to broader electrification. This trend, along with worldwide government stimulus and post-pandemic investment, further supports the view that whilst we have been in a commodities super-cycle for some time, this is likely to continue with the help of Chinese demand, placing Ariana in the right place at the right time to continue to enjoy this growing trend.

With Ariana now looking at a wider field of potential exploration, it is appropriate that we have a wider spread of our team and partners across our theatres of operation. This currently ranges across Australia, Cyprus, Kosovo, Turkey and the UK. Our team is consequently able to cover nine time zones and a multitude of prospective geological regions simultaneously. This strategy allows for "boots on the ground" and "the eyeball mark one" to be deployed without any need for international air travel, which in itself satisfies a significant part of our ESG commitment going forward.

Last but not least, we intend to reward our shareholders who have remained invested over the long haul through the payment of dividends. Court approval of our capital reorganisation has been received and this will enable the declaration of a dividend which the Board will announce in due course. As current guidance on AGM regimes is returning to face-to-face meetings, with social distancing, it may again be possible to meet you in person to present our results and provide a company update. We would however still encourage you to exercise your proxy votes well in advance of the AGM date as you did last year. I would like to close by thanking our corporate advisors and growing clan of strategic partners for their dedication and support in helping Ariana achieve its ongoing success.

Financial Review

The Group recorded a profit before tax for the year of GBP5 million, compared to GBP7 million in the prior year. The key driver of this was the decline in profitability of our Joint Venture company, Zenit Madencilik San. ve Tic. A.S. ("Zenit"), where our share of their profit for the year reduced by GBP1.4 million, as set out in note 6 to the accounts. Despite the price of gold being strong over the period, and operationally the Company remaining very robust, the decline in performance was in part due to the lower grade ore being processed through the plant. However, the JV company remains in a very strong position, having paid off all its original capital loans, and the plant is currently being expanded to increase throughput to match the expanding resource base.

Otherwise on the Group Income Statement front, there are few surprises - costs remain broadly constant year on year, with no write downs of previously capitalised exploration expenditure. Within Other Comprehensive Income, there continues to be a large charge recorded in respect of the foreign exchange loss due to the weakening Turkish Lira. This represents the revaluation of Group assets denominated in Lira, so does not directly impact us operationally. Fortunately, our implicit revenue stream from Zenit's gold production is directly linked to the US dollar denominated price of gold.

As far as the Statement of Financial Position is concerned, our primary assets are our aforementioned investment in Zenit, which increased in value due to our share of the company's net assets increasing year on year, along with our investment in Salinba . As referenced in note 25, the Group concluded the disposal of both these assets in February 2021, and so we have transferred the cost of Salinba to current assets at the year end to reflect this. In the future we will continue to record our ongoing investment in 23.5% of the share capital of the enlarged Zenit by way of equity accounting, i.e. our share of that company's profits and net assets, in our published accounts.

The Statement of Financial Position also reflects our earn-in to our Cyprus venture - at the year end we had spent GBP1.2 million, which is being converted to share capital as we earn into our full 50% stake in due course. In cash terms the Group performed strongly with a net increase in cash of GBP2.5 million, arising mainly from repayment of loans and dividends from Zenit.

The disposal of part of our interests in Turkey for a consideration before costs and taxation of US$35.75 million (with a further US$2 million due to be paid in instalments following the transfer of the Satellite Projects), approved by shareholders prior to the year end but concluded in February of this year, together with the capital reorganisation finalised through the Courts in June of this year, has put the Group firmly on a path towards payment of dividends going forward; a suitable return for our loyal shareholders.

Outlook

With some of the difficulties of 2020 behind us, we are now looking strategically and operationally to the horizon of the next decade. Since our IPO in 2005, we have transformed the Company from a junior gold explorer to one which is sustainably self-financing, holding a diverse portfolio of mineral exploration, development and mining project investments. Most importantly of all from an investor perspective, the Company can demonstrate a robust track-record across several metrics which, among others, includes our industry-leading discovery cost per ounce of gold and our operational cash-costs which are in the lower quartile internationally. From an environmental stand-point, our joint venture operations produce gold at a CO(2) per ounce level which significantly beats the international average.

Having diligently built these solid foundations for our future business during the best part of the past two decades, we very much look forward to the new "Roaring 20s". As it was 100 years ago, with the world having emerged from a catastrophic pandemic, so will it be today. While the 1920s were marked by the development of technologies which enabled commercial flight, liquid-fuelled rockets, energy distribution and television, the 2020s will be marked by the development of commercial space-flight, renewable energy, artificial intelligence and virtual reality, amongst other technological advances. With the global population having increased by 430% over the past century, the increased requirements of these and other industries on the mining sector are unprecedented. Your Company finds itself at the dawn of this new age with the capability and financial resources to meet these demands head on.

Stated simply, our reinvigorated purpose is to discover the mineral resources needed by mankind faster, better and cheaper than our competitors. We will continue to achieve this by mitigating risks, mobilising cutting-edge technologies, minimising environmental impact and maximising partnerships with local communities. In addition, very unusually for a mineral exploration and development company, we are advancing a strategy to enable the Company to pay dividends over the long-term. This is in recognition of the important role played by our shareholders, who provided the risk-capital we required during our formative period and in the expectation of facilitating a virtuous circle of future investment in our Company.

Michael de Villiers

Chairman

13 July 2021

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2020

 
                                                           2020      2019 
Continuing operations                                Note   GBP'000   GBP'000 
---------------------------------------------------  ----  --------  ---------- 
Administrative costs                                       (1,360)   (1,242) 
General exploration expenditure                            (35)      (18) 
Intangible exploration assets - written 
 off                                                 11a   -         (364) 
Other gains                                          4     -         627 
Other income                                               -         61 
---------------------------------------------------  ----  --------  ---------- 
Operating loss                                       5     (1,395)   (936) 
---------------------------------------------------  ----  --------  -------- 
Profit/(loss) on disposal of equity securities 
 at FVOCI                                                  -         20 
Share of profit of Joint Venture accounted 
 for using the equity method                         6     6,478     7,891 
Investment income                                          7         5 
---------------------------------------------------  ----  --------  -------- 
Profit before tax                                          5,090     6,980 
---------------------------------------------------  ----  --------  -------- 
Taxation                                             8     (327)     (46) 
---------------------------------------------------  ----  --------  -------- 
Profit for the year from continuing operations             4,763     6,934 
Earnings per share (pence) attributable 
 to equity holders of the company 
---------------------------------------------------  ----  --------  -------- 
Basic and diluted                                    10    0.45      0.65 
---------------------------------------------------  ----  --------  -------- 
 
  Other comprehensive income 
Items that are or may be reclassified subsequently 
 to profit or loss: 
Exchange differences on translating foreign 
 operations                                                (3,647)   (1,774) 
Items that will not be classified subsequently 
 to profit or loss: 
Net change in fair value of equity securities 
 at FVOCI                                            13    -         49 
---------------------------------------------------  ----  --------  -------- 
Other comprehensive loss for the year net 
 of income tax                                             (3,647)   (1,725) 
---------------------------------------------------  ----  --------  -------- 
Total comprehensive profit for the year                    1,116     5,209 
---------------------------------------------------  ----  --------  -------- 
 

The accompanying notes form part of these financial statements.

Consolidated Statement of Financial Position

For the year ended 31 December 2020

 
                                                Note   2020       2019 
                                                        GBP'000    GBP'000 
---------------------------------------------  -----  ---------  --------- 
 Assets 
  Non-current assets 
 Trade and other receivables                    15     100        93 
 Intangible exploration assets                  11a    -          16,404 
 Intangible assets                              11b    168        187 
 Land, property, plant and equipment            12     41         50 
 Earn-In advances                               13     1,206      - 
 Investment in Joint Venture accounted 
  for using the equity method                   6      11,213     7,768 
---------------------------------------------  -----  ---------  --------- 
 Total non-current assets                              12,728     24,502 
---------------------------------------------  -----  ---------  --------- 
 Current assets 
 Trade and other receivables                    16     298        4,574 
 Cash and cash equivalents                             2,978      453 
 Assets classified as held for sale             18     16,002     - 
---------------------------------------------  -----  ---------  --------- 
 Total current assets                                  19,278     5,027 
---------------------------------------------  -----  ---------  --------- 
 Total assets                                          32,006     29,529 
---------------------------------------------  -----  ---------  --------- 
 Equity 
 Called up share capital                        19     6,070      6,054 
 Share premium                                  19     12,053     11,821 
 Other reserves                                        720        720 
 Share based payments                           19     307        364 
 Translation reserve                                   (9,617)    (5,970) 
 Retained earnings                                     17,164     12,298 
---------------------------------------------  -----  ---------  --------- 
 Total equity attributable to equity holders 
  of the parent                                        26,697     25,287 
---------------------------------------------  -----  ---------  --------- 
 Total equity                                          26,697     25,287 
---------------------------------------------  -----  ---------  --------- 
 Liabilities 
 Non-current liabilities 
 Deferred tax liabilities                       20     -          2,273 
 Other financial liabilities                    21     -          1,651 
---------------------------------------------  -----  ---------  --------- 
 Total non-current liabilities                         -          3,924 
---------------------------------------------  -----  ---------  --------- 
 Current liabilities 
 Trade and other payables                       17     1,385      318 
 Liabilities directly associated with 
  classified as held for resale                 18     3,924      - 
---------------------------------------------  -----  ---------  --------- 
 Total current liabilities                             5,309      318 
---------------------------------------------  -----  ---------  --------- 
 Total equity and liabilities                          32,006     29,529 
---------------------------------------------  -----  ---------  --------- 
 

The accompanying notes form part of these financial statements.

Company Statement of Financial Position

For the year ended 31 December 2020

 
                                      Note   2020       2019 
                                              GBP'000    GBP'000 
-----------------------------------  -----  ---------  --------- 
 Assets 
  Non-current assets 
 Trade and other receivables          15     7,027      8,508 
 Investments in group undertakings    14     377        365 
 Earn-In advances                     13     1,206      - 
-----------------------------------  -----  ---------  --------- 
 Total non-current assets                    8,610      8,873 
-----------------------------------  -----  ---------  --------- 
 Current assets 
 Trade and other receivables          16     -          534 
 Cash and cash equivalents                   -          - 
-----------------------------------  -----  ---------  --------- 
 Total current assets                        -          534 
-----------------------------------  -----  ---------  --------- 
 Total assets                                8,610      9,407 
-----------------------------------  -----  ---------  --------- 
 Equity 
 Called up share capital              19     6,070      6,054 
 Share premium                        19     12,053     11,821 
 Share based payments reserve         19     307        364 
 Retained earnings                           (9,826)    (8,838) 
-----------------------------------  -----  ---------  --------- 
 Total equity                                8,604      9,401 
-----------------------------------  -----  ---------  --------- 
 Liabilities 
  Current liabilities 
 Trade and other payables             17     6          6 
-----------------------------------  -----  ---------  --------- 
 Total current liabilities                   6          6 
-----------------------------------  -----  ---------  --------- 
 Total equity and liabilities                8,610      9,407 
-----------------------------------  -----  ---------  --------- 
 

The accompanying notes form part of these financial statements.

Consolidated Statement of Changes in Equity

For the year ended 31 December 2020

 
                           Share      Share       Other       Share   Translation    Retained   Total attributable 
                         capital    premium    reserves       based       reserve    earnings            to equity 
                         GBP'000    GBP'000     GBP'000    payments       GBP'000     GBP'000              holders 
                                                            reserve                                      of parent 
                                                            GBP'000                                        GBP'000 
 Changes in equity 
  to 31 December 
  2019 
 Balance at 1 
  January 2019             6,054     11,821         720         250       (4,196)       5,315               19,964 
------------------------  ------  ---------  ----------  ----------  ------------  ----------  ------------------- 
 Profit for the 
  year                         -          -           -           -             -       6,934                6,934 
 Other comprehensive 
  income                       -          -           -           -       (1,774)          49              (1,725) 
------------------------  ------  ---------  ----------  ----------  ------------  ----------  ------------------- 
 Total comprehensive 
  income                       -          -           -           -       (1,774)       6,983                5,209 
------------------------  ------  ---------  ----------  ----------  ------------  ----------  ------------------- 
 Share options                 -          -           -         114             -           -                  114 
------------------------  ------  ---------  ----------  ----------  ------------  ----------  ------------------- 
 Transactions 
  with owners                  -          -           -         114             -           -                  114 
------------------------  ------  ---------  ----------  ----------  ------------  ----------  ------------------- 
 Balance at 31 
  December 2019            6,054     11,821         720         364       (5,970)      12,298               25,287 
------------------------  ------  ---------  ----------  ----------  ------------  ----------  ------------------- 
 Changes in equity 
  to 31 December 
  2020 
 Profit for the 
  year                         -          -           -           -             -       4,763                4,763 
 Other comprehensive 
  income                       -          -           -           -       (3,647)           -              (3,647) 
------------------------  ------  ---------  ----------  ----------  ------------  ----------  ------------------- 
 Total comprehensive 
  income                       -          -           -           -       (3,647)       4,763                1,116 
------------------------  ------  ---------  ----------  ----------  ------------  ----------  ------------------- 
 Issue of ordinary 
  shares                      16        232           -           -             -           -                  248 
 Share options                 -          -           -          46             -           -                   46 
 Transfer between 
  reserves                     -          -           -       (103)             -         103                    - 
------------------------  ------  ---------  ----------  ----------  ------------  ----------  ------------------- 
 Transactions 
  with owners                 16        232           -        (57)             -         103                  294 
------------------------  ------  ---------  ----------  ----------  ------------  ----------  ------------------- 
 Balance at 31 
  December 2020            6,070     12,053         720         307       (9,617)      17,164               26,697 
------------------------  ------  ---------  ----------  ----------  ------------  ----------  ------------------- 
 
 

The accompanying notes form part of these financial statements.

Company Statement of Changes in Equity

For the year ended 31 December 2020

 
                                 Share      Share       Share    Retained      Total 
                               capital    premium       based    earnings    GBP'000 
                               GBP'000    GBP'000    payments     GBP'000 
                                                      reserve 
                                                      GBP'000 
---------------------------  ---------  ---------  ----------  ----------  --------- 
 Changes in equity to 
  31 December 2019 
 Balance at 1 January 
  2019                           6,054     11,821         250     (8,010)     10,115 
---------------------------  ---------  ---------  ----------  ----------  --------- 
 Loss for the year                   -          -           -       (828)      (828) 
 Other comprehensive                 -          -           -           -          - 
  income 
---------------------------  ---------  ---------  ----------  ----------  --------- 
 Total comprehensive 
  income                             -          -           -       (828)      (828) 
---------------------------  ---------  ---------  ----------  ----------  --------- 
 Share options                       -          -         114           -        114 
 Transactions with owners            -          -         114           -        114 
---------------------------  ---------  ---------  ----------  ----------  --------- 
 Balance at 31 December 
  2019                           6,054     11,821         364     (8,838)      9,401 
---------------------------  ---------  ---------  ----------  ----------  --------- 
 Changes in equity to 
  31 December 2020 
 Loss for the year                   -          -           -     (1.091)    (1,091) 
 Other comprehensive                 -          -           -           -          - 
  income 
---------------------------  ---------  ---------  ----------  ----------  --------- 
 Total comprehensive 
  income                             -          -           -     (1,091)    (1,091) 
---------------------------  ---------  ---------  ----------  ----------  --------- 
 Issue of ordinary shares           16        232                                248 
 Share options                       -          -          46           -         46 
 Transfer between reserves           -          -       (103)         103          - 
---------------------------  ---------  ---------  ----------  ----------  --------- 
 Transactions with owners           16        232        (57)         103        294 
---------------------------  ---------  ---------  ----------  ----------  --------- 
 Balance at 31 December 
  2020                           6,070     12,053         307     (9,826)      8,604 
---------------------------  ---------  ---------  ----------  ----------  --------- 
 

The accompanying notes form part of these financial statements.

Consolidated Statement of Cash Flows

For the year ended 31 December 2020

 
                                                             2020       2019 
                                                          GBP'000    GBP'000 
------------------------------------------------------  ---------  --------- 
 Cash flows from operating activities 
 Profit for the year                                        4,763      6,934 
 Adjustments for: 
 Profit on disposal of subsidiary undertaking, 
  net of tax                                                    -      (627) 
 (Profit)/loss on disposal of equity securities 
  at FVOCI                                                      -       (20) 
 (Profit) on disposal of equipment                              -       (53) 
 Depreciation of non-current assets                            20         20 
 Write down of intangible exploration assets                    -        364 
 Fair value adjustments                                         -       (49) 
 Share of profit in Joint Venture                         (6,478)    (7,891) 
 Share based payments charge                                   45        114 
 Investment income                                            (7)        (5) 
 Income tax expense                                           327         46 
------------------------------------------------------  ---------  --------- 
 Movement in working capital                              (1,330)    (1,167) 
 Decrease in trade and other receivables                    3,056        918 
 Increase in trade and other payables                       1,021        253 
------------------------------------------------------  ---------  --------- 
 Cash inflow from operating activities                      2,747          4 
 Taxation paid                                              (282)        (8) 
------------------------------------------------------  ---------  --------- 
 Net cash from operating activities                         2,465        (4) 
------------------------------------------------------  ---------  --------- 
 Cash flows from investing activities 
 Earn-In Advances                                           (672)          - 
 Purchase of land, property, plant and equipment              (3)       (12) 
 Payments for intangible assets                             (262)      (516) 
 Proceeds from disposal of equity securities 
  at FVOCI                                                      -        104 
 Proceeds from disposal of equipment                            -         55 
 Dividends from Joint Venture                                 776          - 
 Investment income                                              7          5 
------------------------------------------------------  ---------  --------- 
 Net cash used in investing activities                      (154)      (364) 
------------------------------------------------------  ---------  --------- 
 Cash flows from financing activities 
 Issue of share capital                                       248          - 
------------------------------------------------------  ---------  --------- 
 Net cash generated from financing activities                 248          - 
------------------------------------------------------  ---------  --------- 
 Net increase/(decrease) in cash and cash equivalents       2,559      (368) 
 Cash and cash equivalents at beginning of year               453        938 
------------------------------------------------------  ---------  --------- 
 Exchange adjustment on cash and cash equivalents            (34)      (117) 
------------------------------------------------------  ---------  --------- 
 Cash and cash equivalents at end of year                   2,978        453 
------------------------------------------------------  ---------  --------- 
 

Selected Notes to the Consolidated Financial Statements for the year ended 31 December 2020

1. General Information

Ariana Resources PLC (the "Company") is a public limited company incorporated, domiciled and registered in the UK. The registered number is 05403426 and the registered address is

2nd Floor, Regis House, 45 King William Street, London, EC4R 9AN.

The Company's shares are listed on the Alternative Investment Market of the London Stock Exchange. The principal activities of the Company and its subsidiaries (together the "Group") are related to the exploration for and development of gold and technology-metals, principally in Turkey.

The consolidated financial statements are presented in Pounds Sterling (GBP), which is the parent company's functional and presentation currency, and all values are rounded to the nearest thousand except where otherwise indicated. The financial information has been prepared on the historical cost basis modified to include revaluation to fair value of certain financial instruments and the recognition of net assets acquired including contingent liabilities assumed through business combinations at their fair value on the acquisition date modified by the revaluation of certain items, as stated in the accounting policies.

Basis of Preparation

The Group financial statements have been prepared and approved by the Directors in accordance with International Financial Reporting Standards as adopted by the EU ("Adopted IFRSs") and effective for the Group's reporting for the year ended 31 December 2020.

The separate financial statements of the Company are presented as required by the Companies Act 2006. As permitted by that Act, the separate financial statements have been prepared in accordance with IFRS. These financial statements have been prepared under the historical cost convention (except for financial assets at FVOCI) and the accounting policies have been applied consistently throughout the period.

Going Concern

These financial statements have been prepared on the going concern basis.

The Directors are mindful that there is an ongoing need to monitor overheads and costs associated with delivering on its strategy and certain exploration programmes being undertaken across its portfolio. The Group is not expecting to raise additional capital at this time, but may do so to support its strategy and specific activities on occasion. The Group has no bank facilities and has been meeting its working capital requirements from cash resources. At the year end the Group had cash and cash equivalents amounting to GBP2.953 million (2019: GBP453,000).

As set out in note 26, subsequent to the year end the Group partly disposed of its interests in Zenit Madencilik San. Ve Tic. A.S. ("Zenit") and Pontid Madencilik San. Ve Tic. Limited for a gross consideration before costs and taxation of US$37.75 million.

The Directors have prepared cash flow forecasts for the Group for the period to 31 July 2022 based on their assessment of the prospects of the Group's operations. The cash flow forecasts include expected future cash flows from our Joint Venture investment in Zenit along with the normal operating costs for the Group over the period together with the discretionary and non-discretionary exploration and development expenditure. The forecasts indicate that on the basis of existing cash and other resources, and expected future dividend payments from Zenit, the Group will have adequate resources to meet all its expected obligations in delivering its work programme for the forthcoming year.

The Group believes there should be no significant material disruption to the mining operations in Zenit from COVID-19, but the Board continues to monitor these risks and Zenit's business continuity plans.

In preparing these financial statements the Directors have given consideration to the above matters and on this basis they believe that it remains appropriate to prepare the financial statements on a going concern basis.

6. Share of profit of interest in Joint Venture

In July 2010 the Group entered into an agreement with Proccea Construction Co. ("Proccea") such that Galata Madencilik San. ve Tic. Ltd. ("Galata") would transfer its principal assets at Kiziltepe and Tav an, collectively known as the "Red Rabbit Gold Project" into a wholly owned subsidiary, Zenit Madencilik San. ve Tic. A.S. ("Zenit"). Proccea earned their 50% share in Zenit by investing US$8 million in the capital of Zenit, US$1.4 million of such funds having been spent on a Feasibility Study and an Environmental Impact Assessment ("EIA"), with the balance on initial mine construction, once the Feasibility Study and EIA were completed satisfactorily. Shareholdings in Zenit represents the ratio of 50% the Group and 50% to Proccea, with Proccea in management control, but with key decisions requiring approval from both the Group and Proccea.

Zenit entered production during March 2017, with commercial production declared from 1 July 2017. Operational revenues and costs arising from pre-commercial production were capitalised in 2017 along with any new capital expenditure incurred during 2018 including the construction of the district road diversion necessary for the full development of the Arzu South open pit. Total revenue for the year was c. US$37.5 million (2019: US$45.1 million) in gold and silver sales.

The liability of the Joint Venture includes current and non-current portions of a bank loan repayable to Turkiye Finans Katilim Bankasi A.S. and Garanti Bankasi A.S.. Management does not foresee any significant restrictions on the ability of the Joint Venture to repay these loans.

The Group accounts for its Joint Venture with Proccea in Zenit using the equity method in accordance with IAS 28 (revised). At 31 December 2020 the Group has a 50% (2019: 50%) interest in Zenit. Ultimately profits from Zenit are shared in the ratio of 50:50 between Group and Proccea.

Principal place of business for Zenit is Ankara, Turkey. Zenit was also incorporated in Ankara, Turkey.

Financial information of the Joint Venture, based on its translated financial statements, and reconciliations with the carrying amount of the investment in the consolidated financial statements are set out below:

 
 Statement of Comprehensive Income                  2020       2019 
  For the year ended 31 December 2020            GBP'000    GBP'000 
---------------------------------------------  ---------  --------- 
 Revenue                                          29,145     35,337 
 Cost of sales                                  (13,335)   (15,444) 
---------------------------------------------  ---------  --------- 
 Gross Profit                                     15,810     19,893 
 Administrative expenses                         (1,750)    (1,636) 
---------------------------------------------  ---------  --------- 
 Operating profit                                 14,060     18,257 
 Finance expenses including foreign exchange 
  losses                                         (3,143)    (4,762) 
 Finance income including foreign exchange 
  gains                                            2,262      2,667 
---------------------------------------------  ---------  --------- 
 Profit before tax                                13,179     16,162 
 Taxation charge                                   (223)      (380) 
---------------------------------------------  ---------  --------- 
 Profit for the year                              12,956     15,782 
---------------------------------------------  ---------  --------- 
 Proportion of the Group's profit share              50%        50% 
 Group's share of profit for the year              6,478      7,891 
---------------------------------------------  ---------  --------- 
 
 
 Statement of financial position                            2020       2019 
  As at 31 December 2020                                 GBP'000    GBP'000 
-----------------------------------------------------  ---------  --------- 
 Assets 
  Non-current assets 
 Other receivables and deferred tax asset                  1,244        440 
 Intangible exploration assets                               670        837 
 Kiziltepe Gold Mine (including capitalised 
  mining costs, land, property, plant and equipment)      18,817     23,275 
-----------------------------------------------------  ---------  --------- 
 Total non-current assets                                 20,731     24,552 
-----------------------------------------------------  ---------  --------- 
 Current assets 
 Cash and cash equivalents                                 8,031      7,184 
 Trade and other receivables                                 286        752 
 Inventories                                               2,598      1,745 
 Other receivables, VAT and prepayments                    2,004      2,187 
-----------------------------------------------------  ---------  --------- 
 Total current assets                                     12,919     11,868 
-----------------------------------------------------  ---------  --------- 
 Total assets                                             33,650     36,420 
-----------------------------------------------------  ---------  --------- 
 Liabilities 
 Non-current liabilities 
 Borrowings                                                2,126      3,241 
 Asset retirement obligation                                 924      1,000 
-----------------------------------------------------  ---------  --------- 
 Total non-current liabilities                             3,050      4,241 
-----------------------------------------------------  ---------  --------- 
 Current liabilities 
 Borrowings                                                4,881      5,776 
 Trade payables                                            1,544      1,883 
 Other payables                                            1,749      8,984 
-----------------------------------------------------  ---------  --------- 
 Total current liabilities                                 8,174     16,643 
-----------------------------------------------------  ---------  --------- 
 Total liabilities                                        11,224     20,884 
-----------------------------------------------------  ---------  --------- 
 Equity                                                   22,426     15,536 
 Proportion of the Group's profit share                      50%        50% 
 Carrying amount of investment in Joint Venture           11,213      7,768 
-----------------------------------------------------  ---------  --------- 
 Movement in Equity - our share 
 Opening balance                                           7,768      3,968 
 Profit for the year                                       6,478      7,891 
 Translation and other reserves                          (2,257)    (1,049) 
 Dividend receivable                                       (776)    (3,042) 
-----------------------------------------------------  ---------  --------- 
 Closing balance                                          11,213      7,768 
-----------------------------------------------------  ---------  --------- 
 

10. Earnings per share on continuing operations

The calculation of basic profit per share is based on the profit attributable to ordinary shareholders of GBP4,763,000 (2019: GBP6,934,000) divided by the weighted average number of shares in issue during the year being 1,062,538,317 shares (2019: 1,059,677,953). There is no material effect on the basic earnings per share for the dilution provided by the share options.

11a. Intangible exploration assets

 
                                           Deferred exploration expenditure 
                                                                    GBP'000 
 Cost 
----------------------------------------  --------------------------------- 
 At 1 January 2019                                                   16,975 
 Additions and capitalised depreciation                                 516 
 Reclassification of expenditure                                      (206) 
 Exchange movements                                                   (517) 
 Expenditure written off                                              (364) 
----------------------------------------  --------------------------------- 
 At 31 December 2019                                                 16,404 
----------------------------------------  --------------------------------- 
 Additions and capitalised depreciation                                 263 
 Exchange movements                                                   (665) 
 Expenditure reclassified to assets 
  held for sale (note 18)                                          (16,002) 
----------------------------------------  --------------------------------- 
 At 31 December 2020                                                      - 
----------------------------------------  --------------------------------- 
 Net book value 
 At 1 January 2019                                                   16,975 
 At 31 December 2019                                                 16,404 
----------------------------------------  --------------------------------- 
 At 31 December 2020                                                      - 
----------------------------------------  --------------------------------- 
 

None of the Group's intangible assets are owned by the Company.

The technical feasibility and commercial viability of extracting a mineral resource are not yet fully demonstrable in the above intangible exploration assets. These assets are not amortised, until technical feasibility and commercial viability is established. Intangible exploration costs written off represent costs relating to certain projects that are no longer considered economically viable or where exploration licences have been relinquished.

15. Non-current trade and other receivables

 
                                              Group                 Company 
                                       2020        2019       2020        2019 
                                        GBP'000     GBP'000    GBP'000     GBP'000 
------------------------------------  ---------  ----------  ---------  ---------- 
 Amounts owed by Group undertakings    -          -           7,027      8,508 
------------------------------------  ---------  ----------  ---------  ---------- 
 Other receivables                     100        93          -          - 
------------------------------------  ---------  ----------  ---------  ---------- 
                                       100        93          7,027      8,508 
------------------------------------  ---------  ----------  ---------  ---------- 
 

Other receivables falling due after more than one year represent amounts due from the government of Turkey in respect of VAT relating to the Group's exploration projects. The amounts owed to the Company by Group undertakings are interest free and repayable on demand.

16. Trade and other receivables

 
                                                                Group                Company 
                                                     2020        2019       2020        2019 
                                                  GBP'000     GBP'000    GBP'000     GBP'000 
----------------------------------------------  ---------  ----------  ---------  ---------- 
 Amounts owed by Joint Venture Company                  -       3,383          -           - 
 Other receivables                                    183         598          -           - 
 Earn-In advances reclassified to Non-current 
  assets                                                -         534          -         534 
 Prepayments                                          115          59          -           - 
----------------------------------------------  ---------  ----------  ---------  ---------- 
                                                      298       4,574          -         534 
----------------------------------------------  ---------  ----------  ---------  ---------- 
 

The carrying values of other receivables approximate their fair values because these balances are expected to be cash settled in the near future.

17. Trade and other payables

 
                                                        Group               Company 
                                              2020       2019       2020       2019 
                                           GBP'000    GBP'000    GBP'000    GBP'000 
---------------------------------------  ---------  ---------  ---------  --------- 
 Trade and other payables                      147        109          -          - 
 Social security and other taxes                14         66          -          - 
 Other creditors and advances                1,099          7          -          - 
 Accruals and deferred income                  125        136          6          6 
----------------------------------  --------------  ---------  ---------  --------- 
                                             1,385        318          6          6 
----------------------------------  --------------  ---------  ---------  --------- 
 
 

The above listed payables are all unsecured. Due to the short-term nature of current payables, their carrying values approximate their fair value.

18. Assets and liabilities classified as held for sale

 
                                                                Group          Company 
                                               2020       2019         2020       2019 
                                            GBP'000    GBP'000      GBP'000    GBP'000 
----------------------------------------  ---------  ---------  -----------  --------- 
 Assets classified as held for sale 
 Intangible Exploration assets               16,002          -            -          - 
-------------------------------------  ------------  ---------  -----------  --------- 
 Total assets of group held for sale         16,002          -            -          - 
-------------------------------------  ------------  ---------  -----------  --------- 
 
 Liabilities directly associated with 
  assets classified as held for sale 
    Deferred tax liabilities                  2,273          -            -          - 
    Contingent consideration payable          1,651          -            -          - 
----------------------------------------  ---------  ---------  -----------  --------- 
 Total liabilities of group held for          3,924          -            -          - 
  sale 
----------------------------------------  ---------  ---------  -----------  --------- 
 
 

The above assets and liabilities held for sale were reclassified from non-current assets and non-current liabilities due to the Group concluding the disposal, since the year end, of its interests in its Salinbas and all other exploration projects, held through its subsidiary companies based in Turkey. Further details are disclosed in note 26.

19. Called up share capital and premium

 
 Allotted, issued                  Number   Ordinary   Deferred        Called up      Share 
  and fully paid                              Shares     shares    Share capital    Premium 
  ordinary 0.1p shares                       GBP'000    GBP'000          GBP'000    GBP'000 
-------------------------  --------------  ---------  ---------  ---------------  --------- 
 In issue at 1 
  January 2020              1,059,677,943      1,059      4,995            6,054     11,821 
 Share options exercised       16,000,000         16          -               16        232 
-------------------------  --------------  ---------  ---------  ---------------  --------- 
 In issue at 31 
  December 2020             1,075,677,943      1,075      4,995            6,070     12,053 
-------------------------  --------------  ---------  ---------  ---------------  --------- 
 

During 2013 the existing ordinary shares were sub-divided into one new ordinary share of 0.1 pence ("New Ordinary Share") and one deferred share of 0.9 pence ("Deferred Share"). The New Ordinary Shares have a nominal value of 0.1 pence. The percentage of New Ordinary Shares held by each shareholder following the subdivision is the same as the percentage of existing ordinary shares held by the shareholder before the change.

Fully paid Ordinary Shares carry one vote per share and carry the right to dividends. Deferred Shares have attached to them the following rights and restrictions:

   --    they do not entitle the holders to receive any dividends and distributions; 

-- they do not entitle the holders to receive notice or to attend or vote at General Meetings of the Company;

-- on return of capital on a winding up the holders of the Deferred Shares are only entitled to receive the amount paid up on such shares after the holders of the Ordinary Shares have received the sum of 0.1p for each ordinary share held by them and do not have any other right to participate in the assets of the Company.

Potential issue of ordinary shares

Share options

The Company issued 64,000,000 new options to Directors and staff at an exercise price of 1.55 pence, vesting over 3 years, commencing on 1 January 2018. At 31 December 2020 the Company had options outstanding for the issue of ordinary shares as follows:

 
 Date options     Exercisable    Exercisable     Exercise       Number        Options      Number at 
  granted                from             to        price      granted      exercised    31 December 
                                                                           during the           2020 
                                                                                 year 
--------------  -------------  -------------  -----------  -----------  -------------  ------------- 
 1 January          1 January    31 December 
  2018                   2018           2023        1.55p   64,000,000   (16,000,000)     48,000,000 
--------------  -------------  -------------  -----------  -----------  -------------  ------------- 
 Total                                                      64,000,000   (16,000,000)     48,000,000 
--------------------------------------------      -------  -----------  -------------  ------------- 
 
 

The fair value of services received in return for share options are measured by reference to the fair value of share options granted. The fair value of employee share options is measured using the Black-Scholes model. Measurement inputs and assumptions are as follows:

 
 Costs associated with options issued on the 1 January 2018 
  and exercisable by 2023 
 Share price when options issued                             1.25p 
 Expected volatility (based on closing prices 
  over the last 7 years)                                    67.84% 
 Expected life                                             5 years 
 Risk free rate                                              0.75% 
 Expected dividends                                             0% 
 
 

The expected volatility is wholly based on the historic volatility (calculated based on the weighted average of the last 7 years of quotation).

 
                                       Group and Company 
                                                    2020 
   Share based payments reserve                  GBP'000 
------------------------------------  ------------------ 
 At 1 January 2020                                   364 
 Charge during the year                               46 
 Transfer to retained earnings for 
  options exercised during the year                (103) 
------------------------------------  ------------------ 
 At 31 December 2020                                 307 
------------------------------------  ------------------ 
 

As set out in note 2 the Group recognised an expense of GBP46,000 (2019: GBP114,000) relating to equity share based payment transactions in the year.

20. Deferred tax liabilities

 
                                            Group                Company 
                                    2020       2019       2020       2019 
                                 GBP'000    GBP'000    GBP'000    GBP'000 
-----------------------------  ---------  ---------  ---------  --------- 
 Opening and closing deferred          -      2,273          -          - 
  tax liability 
-----------------------------  ---------  ---------  ---------  --------- 
 

Deferred tax has been provided against the fair value uplift of intangible exploration assets that resulted from a previous business combination. This liability has been reclassified under liabilities directly associated with assets held for sale, as set out in note 18.

21. Other financial liabilities

 
                                                            Group            Company 
                                             2020       2019         2020       2019 
                                          GBP'000    GBP'000      GBP'000    GBP'000 
------------------------------------  -----------  ---------  -----------  --------- 
 Contingent consideration payable               -      1,651            -          - 
------------------------------------  -----------  ---------  -----------  --------- 
 
 

The consideration above relates to a 2% net smelter returns royalty on the future production revenue at Salinba . This liability arose as a result of the business combination as noted in note 20. This liability has been reclassified under liabilities directly associated with assets held for sale, as set out in note 18.

26. Post year end events

In February 2021 the Group concluded the disposal of its interests in Salinba held through its subsidiary company Pontid Madencilik San ve Tic. Ltd to Zenit, and the subsequent disposal of 53% of its existing shareholding in Zenit to Özaltin Holding A.S. for an overall consideration of US$35.75 million before costs and taxation, retaining a 23.5% interest in the ongoing joint venture. A further US$2 million is to be paid in instalments to the Group by Zenit following the transfer of three remaining Satellite Projects by Galata Madenicilik San. ve Tic. Ltd. to Zenit.

In June 2021 the Company was successful in its application to the Court for permission to reduce its share capital via the cancellation of its share premium account and historical deferred shares in issue.

Note to the announcement

The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 December 2020, or year ended 31 December 2019, but is derived from those accounts. Statutory accounts for 2019 have been delivered to the Registrar of Companies and those for 2020 on which the auditors have provided an unqualified report will be delivered following the AGM.

Contacts:

 
 Ariana Resources plc                 Tel: +44 (0) 20 7407 3616 
 Michael de Villiers, Chairman 
 Kerim Sener, Managing Director 
 Beaumont Cornish Limited             Tel: +44 (0) 20 7628 3396 
 Roland Cornish / Felicity Geidt 
 Panmure Gordon (UK) Limited          Tel: +44 (0) 20 7886 2500 
 John Prior / Hugh Rich / Atholl 
  Tweedie 
 Yellow Jersey PR Limited             Tel: +44 (0) 7951 402 336 
 Dom Barretto / Joe Burgess / Henry   arianaresources@yellowjerseypr.com 
  Wilkinson 
 

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 gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo.

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 Turkey which contains a depleted total of c. 2.1 million ounces of gold and other metals (as at July 2020). The joint venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects.

The Kiziltepe Gold-Silver Mine is located in western Turkey and contains a depleted JORC Measured, Indicated and Inferred Resource of 227,000 ounces gold and 0.7 million ounces silver (as at April 2020). The mine has been in profitable production since 2017 and is expected to produce at a rate of c.20,000 ounces of gold per annum to at least the mid-2020s. A Net Smelter Return ("NSR") royalty of 2.5% on production is being paid to Franco-Nevada Corporation.

The Tavsan Gold Project is located in western Turkey and contains a JORC Measured, Indicated and Inferred Resource of 253,000 ounces gold and 3.7 million ounces silver (as at June 2020). The project is being progressed through permitting and an Environmental Impact Assessment, with the intention of developing the site to become the second joint venture gold mining operation. A NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

The Salinbas Gold Project is located in north-eastern Turkey 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 is earning-in to 75% of Western Tethyan Resources Ltd ("WTR"), which operates across 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.

Ariana is also earning-in to 50% of UK-registered Venus Minerals Ltd ("Venus") and has to date been earning into an entitlement to 37.5%. Venus is focused on the exploration and development of copper-gold assets in Cyprus which contain a combined JORC Inferred Resource of 9.5Mt @ 0.65% copper (excluding additional gold, silver and zinc).

Panmure Gordon (UK) Limited is broker to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser and Broker.

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

, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

FR EAKXDFLXFEFA

(END) Dow Jones Newswires

July 14, 2021 02:00 ET (06:00 GMT)

1 Year Ariana Resources Chart

1 Year Ariana Resources Chart

1 Month Ariana Resources Chart

1 Month Ariana Resources Chart
ADVFN Advertorial
Your Recent History
LSE
AAU
Ariana Res..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20210923 11:48:49