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Successful Mining and Exploration in Turkey and Beyond with Kerim Sener
Dig Deep – The Mining Podcast Podcast

In this episode, we chat with Kerim Sener, Managing Director at Ariana Resources, an AIM-listed gold exploration and development company focused on epithermal gold-silver and porphyry copper-gold deposits in Turkey. Kerim is an experienced exploration geologist within the junior mining space. He has worked in Australia, Europe, Africa, and North America and gives us an update on Ariana’ Kiziltepe, Tavsan and Salinbas projects and what Turkey is like as a mining jurisdiction. KEY TAKEAWAYS Ariana Resources has an operational gold and silver mine in the Kiziltepe sector, in Turkey. Several satellite projects are being explored around the Kiziltepe mine and mill. The Tavsan gold and silver project is in development and is due to be up and running in Q3. More exploration is running alongside this. In Cyprus, Ariana Resources is developing a series of copper-gold projects with Venus Minerals. The Turkish government has been supportive of mining. In 20 years, the country has gone from one active mine to 17. Ariana Resources is currently the only AIM-listed company exploring for gold in Turkey. They have enhanced datasets which means they have the edge when it comes to exploring Turkey, which is underexplored. Their team includes a full geological team, including geochemists, geophysicists, a GIS manager, resource specialists and remote sensing specialisation. Ariana Resources have been involved in developing important pieces of successful technology. This has kept their gold discovery per ounce cost down to the lowest in the world. The company has successfully raised a lot of cash. Shareholders have already received high premiums. BEST MOMENTS ‘Kiziltepe was a huge milestone for the company because we made the successful transition that few make in our space from pure exploration, into production. ´ ‘Turkey is the largest gold producer in Europe currently. And it's one of the largest gold producers in the world.’ ‘We very much pride ourselves on our use of technology, not just using bits of technology and kit to our advantage, but actually being an integral part of the development.’ EPISODE RESOURCES LinkedIn: https://www.linkedin.com/company/ariana-resources-plc?originalSubdomain=uk Twitter: https://twitter.com/ArianaResources?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor YouTube: https://www.youtube.com/channel/UCSnkV2Rvye7fLRRskBuHQzQ/videos VALUABLE RESOURCES mailto:rob@mining-international.org https://www.linkedin.com/in/rob-tyson-3a26a68/ http://www.mining-international.org https://twitter.com/MiningConsult https://www.facebook.com/MiningInternational.org https://www.youtube.com/channel/UC69dGPS29lmakv-D7LWJg_Q?guided_help_flow=3 ABOUT THE HOST Rob Tyson is the Founder and Director of Mining International Ltd, a leading global recruitment and headhunting consultancy based in the UK specialising in all areas of mining across t

Did I hear correctly the Vulpes man say towards the end: - "The most exciting thing we have ever seen".
Other messages I picked up on.
1. "Going superbly well"
2. "early results better than expected"
3. Front end payment from GenMab expected this week
4. Cash till Q1 - 2024
5. Civility reporting January 2023
6. Cohort three currently - fully recruited in new year (138) with "regular updates"
7. Possible deals in 2023
8 Taking care over appointment of new Non Executive Chairman - doesn't want to change the strategy. Couple in the wings under consideration.
9. Modi 2 into clinic/trials in 2024
I'm sure there was a lot more but those stood out for me. Hope I heard correctly.

Yes I agree...very good sound quality. Well done. Much appreciated. I guess as usual the Co. will put the AGM presentation slides on their web site soon. A very unique Co. for sure in so many ways.
I really look forward to the future for everyone involved, in particular those receiving clinical trials now and in the future.

Cast blight on ADVFN has posted. Very positive.

"Managing Director Dr. Kerim Sener will provide a presentation at 10:30am on Wednesday, 30 November- Mines & Money.

Not sure if that is live or video from Australia. Let's hope he remembers he needs to update the market on Tavsan, Salinbas, Project Leopard, the Cyprus IPO etc.

Bated breath waiting for crumbs from the AGM floor. Thanks in advance to all those who have made the effort to attend the AGM and then kindly indulge the rest of us desperate souls for news, progress, confidence, excitement., body language signals etc. etc.

I see our director team is also involved here - Neil Herbert, Len Kolff & Amanda Harsas + a Mr Crow.
Is the plan for RICCA to list on ASX or AIM?

Sorry that should read "I'm not sure changing a Co's name is considered a good thing. A red flag."

I'm not changing a Co's name is considered a good thing. Done to distance the Co. from previous poor performance perhaps. And what about today? Capital Markets day and the share price falls.
Do we know what the shorts register looks like? Hope it doesn't include C.F. indirectly!
With such a big job to do here, wot on earth is he doing deflection his attention to Reabold Resources. I hope he fails and he needs to sort this mess out first and deliver on his promises. The taste is getting more sour by the day.

Good but could shareholders be asked to contribute?

. The Group is in the process of evaluating a number of additional funding options for the balance of the capital budget requirement.

Did anyone listen to the Results broadcast today. Very impressive numbers and another nice dividend in the bag. 41% increase in revenue due to higher prices and operating margin up 52% at $425/t.
Good opportunities to extend the Life of Mine in Kenya and Toliara seems to have a "clear pathway" to Fiscal Term Agreement. Now October? Govt. expectations have moderated on external advice (World Bank etc.) and the increased value of the project over 38 year Life of Mine has increased the Govt's sense of urgency to get on with it. $2.4 billion of value to Madagascar over the Life of Mine. Not to be sneezed at!
Two months for the inaugural Sustainability Report to be released.
What will BSE be worth once Fiscal Terms are agreed on the Toliara World Class asset? A lot more than 20p per share surely. In the meantime a 9% dividend to enjoy in September.

Hi again John,
You were asking about the contributions in particular from Proccea. The RNS issued on 29/9/2020 covered this. The following is a relevant extract from that RNS.
"Agreements concerning both Zenit and Salinbas will be completed concurrently, such that Özaltin will own 53% of Zenit and of Salinbas from the outset, with Proccea acquiring its stake of 23.5% in Salinbas from Ariana for US$5.75 million cash."
In addition in this years Final Accounts (Annual Report & Accounts) on page 63 Note 5 we have "Profit on restricting of group activities." This is the text part without the Numbers which you can look up as desired.

"During February 2021, the Group concluded its restructuring programme. This comprised the part-disposal of its interest in Zenit Madencilik San.ve Tic. A.S. (“Zenit”) and Pontid Madencilik San.ve Tic. A.S. (“Pontid”) to Ozaltin Insaat, Ticaret and Sanayi A.S. (“Ozaltin”) and Proccea Construction Co (“Proccea”) for a total consideration of US$35.75m. Under the terms of the Pontid sale agreement and during the year, Ozaltin completed its equity commitment to invest a further US$8m in the development of the Salinbas project. A further US$2m is to be paid in instalments to the Group by Zenit following the transfer of the three-remaining satellite remain projects held by the Group’s wholly owned subsidiary, Galata Mineral Madencilik San. ve Tic. A.S."

Hope that helps.

Ray Pointer & Cars - Thank you so much for your helpful answers to my questions. Both stars! Much appreciated.

I know there are some amazing well informed posters on here and wondered if anyone could answer the following in simple terms please.
1. "Modi-1 peptides are linked to AMPLIVANT(R)". Was does the worked "linked" mean in this context?
2.Who "owns" AMPLIVANT - ISA Pharmaceuticals or Scancell?

3) By using the term "collaboration" (with ISA Pharma), does it mean that ISA Pharma are pooling their AMPLIVANT drug and Scancell their Modi-1?
Basically would like to get a better understanding of the "balance of power" (value) in the collaborative arrangement!
Sorry to be a nuisance but any help appreciated.

It will be interesting to see if we get some buying leading up to the Ex dividend date on Friday 19th August. Then will the SP adjust to take account of this?

John, I'm wrong about the Proccea question. What Ariana said at the time was Proccea were contribution their value by providing their services free. At the AGM it was confirmed that Proccea will be doing the heavy lifting and we can only assume that this is at no cost to Ariana. I'm not sure to what value this is without looking back through my notes. I assume Ozaltin must be paying Proccea from their £8m agreed injection, so presumably the total cost will be £8m plus whatever Proccea have agreed to contribute. Hope that helps.

Hi John,
Interesting post. Lots of good points imo. Yes I agree, Chris would make a good Chairman. He has lots of experience, is level headed and seems to have a good dollop of common sense.
I asked about the IPO as the last two A.R & A's say the Preliminary Economic Assessment is underway. Same words used. Surely they need to complete this PEA before an IPO?
I agree I don't think the Procea question you raise was every satisfactorily answered.
P.G. made an error re the Tailings Dam capital cost to Ariana and inferred that Kiziltepe could in the worse case scenario cease before Tavsan kicks in. This is not aligned with the Boards view, so seemed unnecessarily negative for the House Broker. Shore Capital have recently been appointed Broker for Scotgold (SGZ). Their Note shows how it should be done. And P.G. had just returned from a Kiziltepe mine visit for goodness sake at our expense! Brokers also only remain fresh for a few years. P.G. deal with much bigger clients and are long in the tooth with us. They haven't even done a full note based on the new strategy post Transaction. Board succession and Board strength is a vital issue to be addressed imo.
Kerim continues to treat it as his baby - a new, stronger Chairman and another Board member, perhaps responsible for Corporate affairs and communication (City Analysts, Institutions, the Press etc.) would be a welcome move forward imo.

Sorry should have said at the end “with little apparent desire to change…..”
At least we have the payout in October to keep us content .

What was the question John? Sorry I didn’t see you at the AGM. Just 5 of us turned up.
My questions were also doctored or ignored I’m afraid. Kerim’s defence of the indefensible re PG was farcical imo and did himself no favours. The Chairman was rattled and did the Co no favours. It seems to me we need some new fresh blood as many agree. We need a new Broker and we need more specific details on milestones , timings and value accretive events. Reintroduction of a Gantt chart would do nicely. We need better, more strategic, shareholder aligned communication. We keep plugging away at the weaknesses, which all apart from Kerim can apparently see. The June presentation by Chris Sangster was better and more strategic and shareholder aligned imo. Did you listen to that. A great Co just hiding the assets and value under a bushel with like apparent desire to change the status quo. Frustrating or what.