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The last was held back to include the first months production of this quarter. Given that the plant is exceeding forecast on every level and crucially recovery and grade we can expect production beyond forecast and costs below forecast. We haven't been made aware of any exceptional events so it's going to be the expectation.

It would be a shame if they released it with Salinbas news. Really they will want to promote their profile and to release both together would confuse the market. A week apart would be good. Ariana are crazy cheap.

It's a process that can be completed very quickly if all the information is at hand however material produced in the quarter will go to the refiners and sell before they will know exactly how much income they have. They may also want to comment on how the start of the current quarter is going. Generally it takes a month or so unless they are selling the unrefined product to a third party.

People sell for all kinds of reasons. 13 months ago I sold �200000 of several shares to open a new business. Since 2 or 4 have done great. That's the way it goes. There will always be sellers for many reasons. Without them this share price will go nowhere. I see liquidity as one of the greatest challenges when the rise comes. Won't be long now.

Ruben one would think so. This tiny gold mine will be as profitable as most several times the size.

Gold recovery up 8% on the feasibility study and silver up 15%. Grade higher than forecast and expected to be maintained for 6 months. Availability near 100% seems quite simple to me. I suspect volume of material mined, processed and recovered will be exceeding the feasibility. Any reason why costs should not be below feasibility considering the factors relevant all have margin.

The production is in steady state with all systems at design spec or exceeding design spec. The grades are better than expected the recovery is better than expected. Yes there will be additional costs of stockpiling but they should be factored over the period in which they are consumed. The ramp up costs will not come into this quarter so I no reason for costs to be over the projections.

Really to get the precise data they would need to follow all the mixed metal product through the refinery to get the exact weights which could take a while. I suspect they will report the lab test percentage in the last batch of the quarter. They will also ignore everything in circuit as eventually it's all going to balance out. Only really in this first quarter is it significant.

The disclosure of the quarters production costs is imminent now. Near term we will know the all-in costs associated with production and from that the profit for the JV company for each oz produced. This event is the most significant so far for Ariana but largely overlooked by the market. I suspect we will see all-in costs between $600-$650 oz but there is potential to come in under given the over performing so far seen. The speed of loan repayments to Ariana and the banks by the JV are of huge significance.

6m a year is a significant improvement on spending 1.5m a year. The value is in the asset as well as the cash flow. It's what the income can produce and the effect of a static number of shares in issue. Ariana has been worth more than the current cap with no income. With 6 million a year coming in they can push Tavsan with internal funding. Then 50000 oz a year will be within reach. The share price should be towards 2p now.

There really is no typical percentage as variables are extreme determined by host type, depth, distance to plant, access type, size of transport, altitude,fuel costs, labour costs and much more. The mining side of the process will run at capacity through the long summer months to cover requirements through the winter. Mining and transport will be distributed throughout the year as far as costs go. Stockpiling at all stages is just normal to build redundancy into the process. If the crushers are down for maintenance or breakdown there will be several days of crushed material to keep the plant moving. The availability will be something like 97% so clearly this is working well. The market will want the info from the horse's mouth before valuing it. Not long to wait now.

Yes totally wrong. The extraction is completed by a team that just deal with extraction and transport. Stockpiling is done at every mine for several reasons. It guarantees supply to the crushers and it allows for grading and blending of feed. The volume extracted has nothing to do with production from the ore and can't unless they run out of stockpiled resource. They will build in capacity to cover periods of frozen ground when extraction costs could increase.

The last quarterly operational update was 31 days after the end of the quarter. Held back for information about the first months commercial production. I think we will have the disclosure in the first two weeks of October.

Agreed that it will be reported very quickly. They will know the figures as they work through the quarter. Last update was bang on time and I suspect that this will be the same. Margin could easily be 50% and that will produce a healthy surplus of cash. I am interested in the payment of the loan on the project and to the partners. The business is in a strong position that is not reflected in the cap. That's an opportunity; how big we wait to see. I would expect to see small sells and larger volume buys over the next few days. SP is just too low.

It's surprising when the market is caught out by events that are obvious to some but we have seen it all before. It goes one of two ways either up before and drops on news or the other way round. I have no doubt that the value will reflect in the near future. Just need a few to notice and the news will spread. I have a trading position to help late comers in and a hold position. I suspect others have done the same to preserve liquidity post news.

As the quarterly performance report for Kiziltepe becomes near term it just leaves us to speculate about what may be contained. I will be interested to see the all-in production costs as this will set the tone for the next year or so. Winter Will not hugely effect production if the stockpiles are sufficient. Mining will be the most challenging aspect in severe weather. I am also interested to know how much of the loan they have repaid and if they have paid off any of the internal loans owed to the partners. I believe that Ariana share of RedRabbit is worth more than the current cap. I also believe that Salinbas and other interests there are worth more than the current cap. As the loan is repaid and the resource expands value contained will drive the share price.

It's all down to size, location, grade and the confidence level of the resource. A reserve with a feasibility study and permits attracts a substantial price. The is plenty more to spend at Salinbas to achieve a fully valued sale; probably $25m or more and another 4 years minimum. This is a discovery but the development is early stage. It will be marketed as a discovery only as even first pass drilling will take 12 months and that will give at best a low confidence resource. $50oz in the ground is achievable but not for what Ariana have.

The prime disclosure in the interview for me is the continued exploration at and around Salinbas. The team were to have completed the first pass then to redeploy all but a few to Tavsan and near proximity Kiziltepe. However they will now work to the snow. Yes it's basic grid sampling but the instant nature of the analysis in the field means that they can follow up immediately and test out surface targets. Of course drilling will be next year if Ariana still own it. I think multiple targets will increase the market value considerably. I still think $25m is about right.

Tavsan will be developed over the next couple of years and will go to construction soon after in my opinion. It's going to be funded from cash generated. The remaining part of the loan will be rapidly repaid and we will see a concentration type of operation at Tavsan. The winning and finishing will be done at Kiziltepe where spare capacity is available and easily added to. I suspect that the front end operation will cost 25 million at Tavsan. Trades unreported on the primary market will be reported on the secondary. They are all reported.

The share price will continue to recover towards 2p into news first week of October in my opinion. It will surge and check back on news before moving to 2.5p. The check will go sub 2p also in my opinion.