Member Info for johnpwh

The only good thing about this drip drip drip down is that, as long as PoG doesn't sink too far (I'd like 4000 to hold), it may bring a bid on good drilling results from Dokwe in the New Year.

That is the only way we will get value from this without endless more years waiting. My patience has finished now.

Van

Used to write but I very much doubt they ever get seen now.

Think back to the old London meetings, approachable chatty. Its not like that now because they know they would face a hostile audience.

I like Sligs enthusiasm, I really do. And when I said I hope he is right and I am wrong I mean it.

We are at Point A. The riches are at Point B. I cannot see a way of getting from Point A to Point B as 100% owners of Dokwe without mind blowing equity dilution or, alternatively and because of the truly rubbish reputation of the management, debt of several times the MC on the balance sheet at an eye watering interest rate which may kill the company. So imo no income stream from outside Turkey for 5-10 years.

The market knows it which is why we are here - another 5% down in Australia to the equivalent of 1.35p.

I cant see us being closer to realising value than ever before. That was in 2019 with Kiziltepe in full production, plant loan about to be fully repaid, Tavsan on the foreseeable horizon and in a 50:50 JV with proccea. The wheels came off with the Ozaltin 'takeover' and AAU has never recovered.

I can understand that Slig, I don't concur, I wish I did, because I believe this is just more of the same old, same old Sener led Ariana.

I really, truly, hope you are right and I am wrong because I will be a richer man

Variety is the spice of life and these boards!

John

By the way Van, I'm not amazingly tolerant, I'm quite the opposite. I'm very vocal about being fed up of this cr*p management who are screwing up this company and our once expected multibagging profit!

Van

Although as written elsewhere the daft side projects like Venus (you remember that, one which Sener wet himself about for sometime before not referring to it for the last umpteen years) would complicate the possibility of a bid being made, what would you need to be offered for your shares in a takeover?

I would take 3.5p though preferably more, possibly a little less.

With De Villiers/ Sener in charge weyou know that, whatever happens from here, these 2 incompetents will continue to make the wrong decisions.

Sener said one of his well orchestrated presentations or interviews that he couldn't be ****ed to read shareholders bulletin boards. Nice of him of course but with his ego what do we expect? However what about Yellow Jersey? They are Arianas PR firm right? Surely they should be monitoring these boards and feeding the mood of shareholders to the board? If not then why not, what are they being paid for?

So Yellow Jersey if you are doing your job and reading this board make sure you feed the mood of long term shareholders back to Arianas board.

Yes, for what its worth i watched it.

Its a great shame these videos haven't got end credits. Would read something like.

Questioners Script : Dr Kerim Sener

Script Editor: Dr Kerim Sener

Director: Dr Kerim Sener

Producer: Dr Kerim Sener

Post Production Editing: Dr Kerim Sener

That didn't last long, the market woke up just after 10 am to the hopelessness of this situation and so the SP was only 1.53% up on the day at the close. Some RNS. I doubt any LTHs are surprised because we've seen it dozens of times before.

Markets aren't fooled by the over rated Sener anymore. They know his business strategy is hopeless, with his ragbag toybox of underdeveloped projects and his terror of actually pursuing production rather than explore, delay, explore, delay, explore, delay which is going absolutely nowhere for decade(s).

As I said the other day.

Pathetic.

We were promised a DFS during the shareholder vote on Dokwe/ Rockover to get it past AIM shareholders. The ASX was promised a DFS as part of the listing there.

Then once dictator Sener got coinage in his pocket all that was forgotten virtually overnight.

Now is exploration drilling, exploration drilling and prospectively more exploration drilling which may lead to further drilling.

And a vague promise o f a DFS in the future. Sometime. Maybe. Never.

Stop drilling bloody holes and stop lying to shareholders. Or preferably get taken over.

Generally a sound update, the Hotel side has been in operation for some years and has never really gained traction. Is it worth continuing if it will always drag down trading updates or rhetoric surrounding results. Its just an opinion but should they not focus on overnight accomodation in Greater London where there is always demand and premium rates charged? Alternatively give up altogether as mentioning a decline there in virtually every trading update drags down the normally positive vibe to the announcement.

Tims comments are a bit of a ramble even if they are generally logical. Got to be careful as he will increasingly be dismissed as a baby boomer going off on one again rather than the very bright man he is who has built a significant and efficient business,

Pathetic

Yes I saw that comment Van. I don't have an answer and I think anyone else will just be guessing which isn't helpful.

What is needed is an announcement from Batman and Robin to give us something definitive. Will we get it? Will we ****

What stack of cash? Even with Gold at £4000 there is not enough cash, by a huge margin, to develop Dokwe. That is especially true when the only productive resources Ariana has is held by a JV, in which another company has a majority 53% holding and we have a 23.5% minority holding. Ariana will have to bow and scrape and hope that the majority shareholder allows distributions of free cash flow from the producing Turkish operations to keep the lights on . And that will nowhere near cover Dokwe development. The market has worked that out which is why, despite the current PoG, the SP is anchored here gathering dust.

Thank Sener and DeVilliers for this mess.

The only way to avoid cash raises through equity placings or debt (or a combination which is most likely) is a Dokwe JV. I pray for that to happen following publication of (positive or we are in the brown stuff) the results of the current Dokwe drilling campaign.

Hi all

As I kind of keep saying I have been here a long, long time (I think if my family knew they would get me certified), and I can assure you I want this to succeed as much as anyone.

A deramper I am definitely not, a realist I am though.

I think I own pretty much the same number of shares that I always have had, though there has been lots of trading along the way to get my average to 1p.

I wish us all good luck, next year we will be millionaires...... think I once promised Claret and LoB champagne when that happens!

John

Troajan, Slig, Stranger

I have to disagree on not completing feasibility studies until you have completed the exploration stage, though I may have misunderstood what was meant by this.

Rockover drilled and sampled for many years before producing the PFS which resulted in them being attractive enough to being absorbed by Ariana. That PFS was based on comprehensive drilling of Dokwe North and resulted in 1 million ounces in the bag. That in isolation is worth developing as it is in an apparently accessible location. The PFS included little exploration in Dokwe Central and none of any significance at all in Dokwe South. If they postpone the DFS until the whole of the Dokwe lease is explored I will need to leave my Ariana shares to my yet unborn grandkids.

Since it effects pit design I am on record as saying that this drilling should, in my opinion, continue. But should then stop and the DFS proceeded with in early 2026 for publication within that calendar year.

This is the difference between Sener the impressive geologist and Sener the CEO making business decisions. The geologist will want to continue until the entire region is mapped and understood. The businessman will have the wisdom to know when to stop, to develop Dokwe North within a reasonably short time period (which of course will be nowhere near the 3 years suggested when the idea of Dokwe was sold to the then AAU shareholders), and continue the exploration of the rest of the lease afterwards using free cashflow generated by mining. Not to continue drilling a bit more and a bit more and a bit more, until we reach the same situation as a few months ago when the money ran out and a stupid series of dilutive panic placings took place at less than 1.5p. That was when TW, like him or not, was talking about the real danger of the fat lady singing.

Yes I think change of management or a JV is necessary. No I wont support a pathetic bid, but would consider a sensible one. While there is no real laid out road map put forward I can't say otherwise, because without even the hint of a bid (rejected or not) to focus the BoD another 5 years will pass and I will still be writing similar posts. Unless of course the fat lady has sung.

Stranger

Even if he put his Black and Decker down now (and experience shows that he is unlikely to stop after the current drilling campaign) he would not be publishing the DFS until mid next year (and pigs might fly). So the dip in PoG at the past week means nothing. In 9 months time PoG could be $3000 or $5000, so am not reassured by the delay.

Another interesting thing is that things don't exactly hover for too long on the company website, which makes it more difficult to check the half truths we have been told in the past.

Bye $4000 gold for now by the looks of it

Just sold a small holding I had in Eco Buildings (ECOB) which is a sketchy company putting up some 'green' prefabs in Albania.

It reversed into Fox Marble when the market finally got fed up of the Fox CEO and his stories (oh the irony).

This ragbag has increased from 2.75p to 24p in the past year giving it a MC of £29m, virtually the same as AAU. Despite my reservations AAU has getting on for probably 2m ounces of Gold in the ground (and silver on top). The world has well and truly gone bonkers, and I give up trying to understand it. Wibble.

Sorry Slig but I'm on a roll!

That 6% overnight has got to me. In a way the ASX listing was for me, and some others, an important barometer. For years AIM has been derided as being some sort of comedy stock market, the unfair graveyard for many a promising small company. ASX would give its more mature, specialised verdict, show the quality of the company's true potential, revalue it especially against a background of stronger than expected PoG.

Now we have seen what ASX thinks and it’s not pretty, it seems to be implying that AIM has been fair all along to Ariana and that even if the assets are good on paper this is a rudderless ship not worth investing in. But more worrying, if ASX has not led to the hoped for revaluation in the share price the consequences for Ariana in developing Dokwe by itself (does anyone really believe that?) is either massive dilution for current equity holders or debt. The mantra of this company since I've been here has been 'no debt at company level'. But Ariana will need debt well in excess of its market cap to achieve 100% owned Dokwe development in the absence of equity dilution, and who wants that level of debt on the balance sheet? I certainly don't and will certainly finally exit if that becomes policy.

As for Sener trying to right past wrongs, and always believing he does the right thing at the time I am totally with you. I think he believes he is/ does. Where we differ is that I don't think he has the business ability to match his geological ability and so I can no longer give him the benefit of doubt into 2026 as CEO, only valuing him as, say, Technical Director as a geologist.

As snowman says, PoG is flying and Tavsan about to ramp up to full production. Shame we have only 23.5% rather than 50% now due to a cataclysmically bad past decision. The big problem is that Ariana haven't got any seedlings from Corbyns magic money tree (or Farages for that matter). Tavsan is unlikely to enable Dokwe development in any meaningful way as Ozaltin will want Salinbas developed with Tavsan free cashflow and Ariana/ Poccea are impotent to stop them because between them they still have only a minority interest in Zenit. Hence the forthcoming debt/ dilution/ takeover/ JV.

2 listings, typo

Slig

6% down on ASX, 6% down on the day leaves it at the equivalent of 1.5p.

Another bad decision, listing on ASX (which hasn't come without initial and ongoing costs), was supposed to right the valuation disparity. So far its failed miserably, like pretty much every business this BoD make, and done the exact opposite.

We now have a tiddler of a company supporting the costs of 1 listing, all to plump the CEOs ego. Roll on a bid.