Member Info for johnpwh

Not a big fan of TW, and certainly don't subscribe except as a one off on one occasion for a couple of days - I wanted one article in particular.

As for your summation of Ariana, I hold the crown for being a grumpy old curmudgeon here. I suspect everyone loves me for it, but I admit that some hide their admiration well.

Hi DJ

Of course there is always the jokes about post war, but pre VAG, Skodas (what do you call a convertible Skoda - a skip, how do you double the value of a Skoda - fill it with petrol) but they weren't that bad. And surprisingly good in Clubmans classes in the RAC rally etc.

I like the Porsche, even though they were still having troubles with the water cooled flat six in 911s, Boxsters and Caymans when mine was made in 2005. The engine can be made bombproof , though at the cost of about 666,666.66 (recurring) AAU shares. Its my new way of valuing things. For instance a few pints and curry (with poppadoms) weighs in at 2000 AAU.

I agree about Salinbas. I think many now see it as a white elephant and always was. Another cracking decision like Venus. Looking through past RNSs the one dated 18th November 2019 has an amusing subject line - Non binding MOU for Salinbas Joint Venture, which turned out to be economical with the truth. I did wonder at the time why a Salinbas Joint Venture also gave away half of Kiziltepe and Tavsan. Now we know. There is gold in them there hills but its an absolute bugger to get at. Hot Maden is in the same general area I understand, and I note from googling today that this is also not yet in production despite its fame (first pour estimated 2027/8). So clearly Ozaltin wasn't interested in Salinbas without a big sweetener - in fact maybe it was the other way round, they only actually wanted Kiziltepe/ Tavsan but begrudgingly took Salinbas on as well to close the deal?

The wonderful world of Ariana eh?

Van

I did listen, there were parts I was impressed with and parts less so. Afraid I am beyond cynicism about the CEO these days, so I remain open minded.

We'll see if that ever materialises Lesh!

Rest assured I wont be buying an EV in what remains of my driving lifetime as my 70 birthday approaches (well in 18 months).

I was trying to think of a nice analogue, maintainable classic reliable enough to see me to the day I hang my string back driving gloves up.

How about a Bristol 411 or an Alvis TE21? I still have the early Cayman which is now in storage, but elegant entry and exit may become problematic in due course. Any ideas?

Sadly with Ariana looking pretty unlikely to produce a windfall)or any windfall) anything remotely like what we once thought it would the Bristols fuel consumption could prove problematic, Maybe a Vauxhall Chevette :)

Hope so for all of our sakes,.time will tell. Having a lovely day in Birmingham with teh eldest daught, so (for.once) happy! Have a splendid day all.

MM

Thanks for replying.

Interesting that you bring up the subject of Salinbas, and there I agree that Zenit will direct Tavsan profits to progress it. As happened with the now near exhausted Kiziltepe mine and satellites to bring Tavsan (finally) into production, while Zenit suspended dividend distributions to the point that Ariana ran out of working capital early in 2025.

Ozaltin controls Zenit. Proccea and Ariana cannot break wind without Ozaltin giving them permission because of the ludicrous 2019 JV. So we can expect the majority of Tavsan cashflow to be directed to Salinbas, because that is in the interest of Ozaltin and it shareholders, with its 53% controlling interest. And screw the needs of Ariana and Proccea (though I imagine that, unlike Ariana, Proccea have other sources of income).

How much do you expect Ariana to receive in dividends from Zenit from Tavsan income in order to achieve keeping the lights on without a succession of 'one off 'discounted placings?

That is what I mean when I call Sener an incompetent CEO. He has got us further and further down a cul de sac, and he is still driving.

As a separate question how do you think this Chinese connection will pan out?

Stranger

I admire, but sadly don't share, your unwavering positivity.

Our two major commodities:

Gold up 3.5% on the week.

Silver up 10% on the week.

Another company who floated on ASX at pretty much the same time:

Greatland Gold up 12.5% on the week. 32% YTD.

Ariana, with 2 big 'pleased' RNS announcements, down 2% on the week (as I write), 22.5% DOWN YTD. 22.5% down!!!!

Sener has nowhere to hide now. Shareholder value creation is pathetic. His performance as CEO is worse than pathetic.

The facts are there to support this view. I am not plucking stuff from thin air.

Happening again isn't it. Great geologist, appalling CEO.

Give us your votes, we will acquire Dokwe and we will immediately advance the DFS and be in production in 3 years. We did. He lied.

Hey ASX, support our initial listing and we will immediately advance the DFS and be in production asap. They did. He lied.

Gosh I've found potential massive mineralisation NE of Dokwe North where we were going to put the toilet block and we need to understand because it changes the design of the pit that will be included in the DFS. I only want to understand that, honest.

15 holes dug and how many were NE of Dokwe North? 10? 12? 14? No, just 5. Most of the others Dokwe Central, a barely explored region, nowhere near inclusion in reserves.

That was not the deal.

And now 'At this stage, we may extend the current programme of drilling, and we are now planning additional holes'.

Again not the deal, but exactly as several of us predicted, well not predicted, 100% knew would happen. After all why would Sener keep his word and progress towards production when he still has enough cash to drill holes?

ASX was supposed to establish the true value of this company. That's the story AIM shareholders were sold. And ASX has spoken, very loud and very clear. After a week of several RNSs we had several large sales this morning at 1.41p on AIM after yet another overnight drop on ASX. All while PoG is again back at an all time high. ASX has definitely given its opinion on Ariana. They have no confidence that the BoD can deliver, or even have an appetite to.

And now we are in bed with a Chinese company who will get things done for sure but have very sharp teeth and will make mincemeat of the boy CEO. I'm not blaming them, they are businessmen, good at what they do. They must be laughing their socks off at the opportunity they now have. I partly dismissed Goldinthemthereh;s post last night that they have formed a JV for part of East Star in which Xinhai Mining will eventually earn in a massive 70%. Apologies for that because I'm not so sure now. They are proper grown ups who will outmanoeuvre Sener in their sleep. Praise him, pander to his vanity, wait till Ariana runs out of money like earlier in the year and screw AAU into the ground on a Dokwe JV.

And how did Sener sell the Chinese tie up to us? He said it would advance the Dokwe DFS. Think we've heard that before. Several times. I for one am no longer willing to believe you.

He is a talented geologist but a totally incompetent and I'm sorry but dishonest, CEO.

y i

Well its the right Chinese company so shows their agenda. I don't think we need read too much into the actual % age, that would very much vary according to circumstances. Good spot Goldinthemthere

Agree MM, the involvement will hopefully get us the DFS and accelerate time to first pour.

But sure as eggs is eggs there is £50 million plus needed to build a plant which will have to go on the Ariana credit card. Maybe Sener should start doing the Euromillions?

Thank you kind sir! :)

Sadly was also right about the SP today :(

See what today brings. Not a particularly positive reaction on ASX to the equivalent of 1.5p.

Of course we are also dependent on things outside the control of the company, PoG and PoS. The latter is romping along, over $61.

Warm welcome emcauslan.

Of course my ingrained paranoia means I'm convinced I am regarded as a daftie!

Think you have got a pretty good overview of AAU history, and at the end of the day a lot of us LTHs have hung in here because there is true potential. But there have been some huge bloopers along the way the worst of which was effectively running out of cash to keep the lights on early this year. That was definitely a low point.

I wish you the very best with your investment, and as for whether the CEO caricatured here as a demented driller not a finisher is indeed as demented driller not a finisher, well, I couldn't possibly say!

Agree with all you say Van, on the same page.

I am disappointed by the fact that the Rockover directors on the AAU board, with their very substantial holding, don't seem to be prepared use their power to 'encourage' Sener and De Villers to stand by the yarns spun to AAU shareholders and ASX subscribers to get their votes/support - ie promises to get the DFS and early exploitation sorted quickly. Especially surprising in view of the ex Rockover shareholders ages.

Which is why, although it is a risk, it's come to the point where having the Chinese on the board could prove to be the necessary shake up this company has long since needed. There will be a bit of a marked difference in focus and drive I think.

I just am glad something is happening at last, lets hope it pans out and I don't regret my words because its a scary prospect but what is the option? More of the same?

I'm going to have to take you to task Claret.

It's my job to be the boards pessimist, here's me full of the joys of Christmas and you are trying to sneak in and nick my mantle!

I don't know if this will turn out good or bad in the long term, but it is the sort of announcement that will lead to some sort of conclusion. I don't anyone can predict with certainty what that will be.

Must admit when I saw your name I did wonder where LoB got Notts County from!

Nice to have a bit of banter on here, we are normally in the depths if depression.

This does strike me of manoeuvrings by enfant terrible Sener. The way things are at present this Chinese investment a) increases the MC of AAU (without really doing much for the SP) so is consistent with him wanting to be Emperor, sorry CEO, of a half billion MC company b) AAU can still claim 100% interest at Dokwe. If this carries on he will be able to claim that he achieved all company aims, while conveniently ignoring that there are 10 times as many shares in issue.

Maybe he has taken lessons off Rachel from Accounts.

Wash your mouth out LoB! The Baggies? Must be joking. My lovely grandad Sam was a Villa supporter at the time of wooden rattles and the players having a pint of bitter and 5 Woodbines at half time. So if I have any allegiance it would be to Unai's lot.

Still could be worse, I could be a Wolves supporter.....

Which, Laurel & Hardy or the Chinese? The first have proved to be hapless and driven the company into a cul de sac with an unchanged share price in 8 years and the second will remove the soles from your shoes without you noticing.

The only thing I am totally convinced of is that the dynamic duo will settle on the worst possible outcome for long term shareholders, they have previous!

Yes, do you want my list...... !