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LONDON (Alliance News) - Ariana Resources PLC on Wednesday reported "outstanding" annual results as gold production for the year exceeded guidance.
Ariana Resources shares were trading 8.6% higher at 2.09 pence each.
For 2018, the exploration & development company posted a pretax profit of GBP2.2 million compared to GBP424,000 a year ago.
The increase in profitability was due to significantly higher gains on share of profit from Ariana's joint venture at the Kiziltepe Mine in Turkey, up to GBP3.7 million from GBP1.8 million in 2017.
Administrative expenses remained broadly flat at GBP1.4 million in 2018.
"Ariana continues to deliver outstanding results from year to year and 2018 has been no exception," the company said.
It added: "Gold production from our joint venture Kiziltepe Mine, in excess of 27,100 ounces was 36% above guidance for the year. The mine has achieved an average cash-cost of USD415 per ounce which is half of the current international average, placing the mine within the lowest cash-cost quartile."
Looking ahead, Ariana said 2018 laid the foundations of a "sustainable mineral exploration and development business" as it said it now has enough cashflow to support ongoing exploration and development activity.
