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I posted this on ADVFN as clearly some are getting restless.
Investing can be annoying, but it is rarely a short term affair. If you are happy with the fundamentals and have confidence the key movers will drive out value and are well invested themselves,("skin in the game") as here, it is as always just a matter of being patient. Justin Waite of Vox Markets was recently talking about this very issue. He says from his experience over many years it is best to get committed to say 5 shares and then hold them through market fluctuations. Trading in and out or from one share to another, rarely results in the best results long term. Over the years I've had a number of Ten Baggers and that is exactly my experience.
There are quite a few long term shareholders invested big time in Ariana who aren't going anywhere fast. We've been waiting years to seriously explore the Hot Gold Corridor which will start with Salinbas (September?) and perhaps a bit latter Hizarliyayla (just a few kilometres north of Hot Maden, where the've found a world class gold deposit). Ariana on it's own didn't really have the wherewithal to really make proper strides in the Hot Gold Corridor but now we have Qzaltin on board, who have committed a separate $US8m into this project to take it to Feasibility Study stage, we are ready to roll.
This could be the Company maker and I've great confidence that will prove to be the case. In the meantime they are going to pay me for my patience, so sitting around is just that little bit easier. Hang on in there.

I responded to another shareholder as below. Might be of interest John.
So I believe Ariana (Kerim) plan to surprise the market on any one or more of these exciting developments.
Red Rabbit Kiziltepe, Kepez, Karakavak, Kizilcukur, Ivrindi
Hot Gold Corridor: - Ardale - Salinbas - Hizarliyayla, Derinkoy
Venus Minerals - Cyprus - Magellan
Western Tethyan Resources - Lecce Magmatic Complex, Varder Belt - Kosovo & opportunities possibly in Bosnia, Herzegovina, Bulgaria, North Macedonia & Serbia
Asgard Metals - Australia - Project Catalytic investments
BUT also ask yourself these questions perhaps?
1 An AIM gold explorer turned producer. How often do you see that?
2 An AIM gold explorer/ producer paying down over 30 mill of debt to basically zero. How often do you see that?
3 An AIM gold/ explorer managing to create a JV with a major Conglomerate and bank nearly 40 mil.l How often do you see that?
4 An AIM gold explorer/ producer offering a generous dividend and seeing to continue a dividend policy. How often do we see that?
5 An AIM gold explorer/ producer that will bank millions pa from their JV and now furthering exploration and more JVs in other jurisdictions How often etc etc
We do have superb geologists who seem to have an uncanny nose for PM discovery.
6 An AIM company that delivers, albeit at there own pace. A company that under promises and over delivers
7. An Miner with operational costs in the lowest quartile ($490/oz versus av. $1000/ oz)
8. Gold discovery costs of $12/oz versus average of $62/oz
There are aspects of Management, the size of the Board, succession planning and communication/PR which need improvement but overall I remain confident Kerim will deliver on the vision & strategy he articulated back in the Proactive Article in February.
On 18th Feb. Kerim did a Proactive Investor article where he said "we are now planning to grow our market capitalisation another tenfold". That is a laudable, tangible, quantifiable vision (goal). In that article he also said appropriately, under "next steps" - to develop the company strategy to target a further ten fold multiplication in market capitalisation within the next decade". "I now see no obstacles to achieving our target by 2030 and I encourage our shareholders to support this vision".

On the contrary I think there will be evidence of improving grades like at Kepez North :- Significant positive increase in average grade to 7.14g/t Au + 64.65g/t Ag. plus Substantially improved classification of the Resource to approximately 86% Measured and 14% Indicated. And at Derya. This was recently announced. High-grade potential at Derya includes the previously reported "Bonanza Zone" intercept of 12.1m @ 13.1g/t Au + 187.6g/t Ag. Then in May they reported on Banu Vein - New significant intercepts within the vein system include:

o 4.1m @ 3.58g/t Au + 78.9g/t Ag
o 7.0m @ 2.01g/t Au + 70.6g/t Ag
o 2.6m @ 5.08g/t Au + 102.5g/t Ag
Finally in the latest RNS on the Special Payout Kerim said this:- In line with our growth strategy going forward, we also hope to distribute future dividends arising from ongoing profits generated by our existing operations and those arising out of future undertakings." Sounds like ongoing dividends to me. He has verbalised this in recent Interviews as well.

Out on Twitter this morning. Nothing new as far as I could see.

Hi John
There is a great graphic on page 12 of the Annual Report and Accounts which shows the point you are raising and states how production is expected to develop over this decade resulting from the new Ball Mill at Kiziltepe, the second mine at Tavsan and the third mine at Salinbas.
All very clear and dare I say it, the next best thing to the long lamented loss of the Co's Gantt chart.
But I think we have to appreciate that Ariana is not a primarily a mining Co. It wants to use mining and the profits generated to enhance it's profile and success at being a Development and Exploration Co. This is Kerim's key strength and his main interest in life. A means to an end. There is evidence that grades are improving (Kepez, Derya etc.) but yes 2021 won't be a year with increased profits. But as long as the Co. has the cash to do the E & D work and pay us a regular dividend, that is fine by me. Market Cap. growth will come from successes, primarily from the following strategies imo.
If you are looking for a pure mining Co. then perhaps others would be more appropriate.
So I believe Ariana (Kerim) plan to surprise the market on any one or more of these exciting developments.
Red Rabbit Kiziltepe, Kepez, Karakavak, Kizilcukur, Ivrindi
Hot Gold Corridor: - Ardale - Salinbas - Hizarliyayla, Derinkoy
Venus Minerals - Cyprus - Magellan
Western Tethyan Resources - Lecce Magmatic Complex, Varder Belt - Kosovo & opportunities possibly in Bosnia, Herzegovina, Bulgaria, North Macedonia & Serbia
Asgard Metals - Australia - Project Catalytic investments
Agreed?

IG interview

https://youtu.be/x0mn8VWcnHc

I believe there was a positive article published this week. Just waiting for the big one now from Panmure Gordon!

Bit different to the L & G!! But sounds great fun. We have electric bikes which we carry around on the back of our Devon Tempest Camper Van. We've had them 12 months now and done circa 2500 miles. They are brilliant. Best purchase since a lap top when they first came out!
Back to Ariana. This is an exciting time to buy imo as the Co. re-establishes its exploration and development strategy. Kerim turned $35000 into $3.5m (figures correct?) with a lithium investment a few years back. He now has the focus to do something much bigger. But I'm excited about Tavsan, Salinbas, Hizarliyayla ,Cyprus , the Western Tethyan Resources and of course the improving grades being unearthed around the Kiziltepe vein structures. Lots of value to be added. You can hardly say we are overvalued with half our current valuation in hard cash.

Two other things I missed off: - basically no debt and 10 months of stockpile.

We crossed John. Fun that. Anyway Peter you have been given the answer twice! I agree with John that it is normal for the M.M.'s to drop the value of the share on the ex dividend date by an amount commensurate with the amount being paid out. That makes obvious sense. But sometimes it can be more and sometimes less. And of course sometimes that value can be recovered quickly whereas sometimes it can take ages. I hold a number of "yielders" and they tend to recover reasonably soon in a bullish market as investors will be buying in for the next dividend and taking advantage of the drop in price. Not a precise science. The trick is to find a solid stock and hold onto it. A stock which is profitable, (not just EBITDA) has cash, and positive cashflow, has top class proven (honest) management and , potential to expand, reasonable operating jurisdictions, some diversification, good margins (low operating costs) low discovery costs, is environmentally, community and socially switched on, has a good safety record, doesn't have too many shares in issue, not too many warrants, no outstanding legal cases, and is under the radar. Ariana does pretty well on that tick list imo. AAU also has two very strong partners and now has income & growth potential.

Peter: You will get the dividend (s) as long as you hold the shares on the Ex Dividend date. The Co. has yet to announce these, but we should get the 1st tranche payment dates (Ex dividend, Register Date and Pay date) fairly soon, given it will be paid this quarter. That is 0.35p. I think it has been suggested it could even be paid in August. Well done with your buy in timing. I think you will do well in terms of growth & income.

Hi John, Yes we are still here and Paul who also had a Pizza Express lunch with us is a poster on ADVFN. He's also a big supporter although not quite in the league of Steve Bingham who you will have seen in the Annual Report & Accounts now has 34m plus shares. He is also a favourite poster on ADVFN. Yes you are right about the 3 tranches for the special payout. I just don't see how they can really include the last one, as we will have to vote on that at the 2022 (2021 Accounts) next August.
But hey ho, we probably don't need to worry ourselves so much with the share price whilst we sit back and receive nice dividends. Drilling at Salinbas even Hizarliyayla (8 kms north of Hot Maden) and of course Cyprus could bring forward some nice surprises later this year. Of course the delayed E.I.A. for the second mine at Tavsan should also be an important milestone. So I remain very comfortable with my investment here both in terms of growth and now income. Kerim's Proactive article in February when he talked about "we are now planning to grow our market capitalisation another tenfold" will do me fine. He also said under next steps - to develop the company strategy to target a further ten fold multiplication in market capitalisation within the next decade. He said - "I see no obstacles to achieving our target by 2030 and I encourage our shareholders to support this vision". I just wish he would talk in these terms more often and to camera. It seems that it is the general excitement that is missing. Shareholders seem to read all the news and the detail but its almost as though they don't actually believe it. Well he got it to £50m and perhaps the journey to £500m will be easier and quicker. Keep paying healthy dividends and I'm very happy like Steve Bingham with his 34m shares to hang on firmly to Kerim's coat tails.

Well that's a taster: There are 36 Questions.
Q4: On page 4 of the A.R. & A. its says - "the Company plans to achieve its goals by:- But as far as I can see the goals are stated? Furthermore many of the strategies listed are motherhood statements applicable to any mining Co. and add no insight into more relevant actions. On 18th Feb. Kerim did a Proactive Investor article where he said "we are now planning to grow our market capitalisation another tenfold". That is a laudable, tangible, quantifiable vision (goal) and surely should be restated in these A.R. & A's. In that article he also said appropriately, under "next steps" - to develop the company strategy to target a further ten fold multiplication in market capitalisation within the next decade". "I now see no obstacles to achieving our target by 2030 and I encourage our shareholders to support this vision". Great stuff. But why not in the A.R. & A's?? He even set out business strategies, not the motherhood ones. Like a) increase gold production to 50,000 ozs b) Tavsan development c) Salinbas d) other jurisdictions - new project opportunities. Surely this is a missed opportunity to start to build the exciting story of the next ten bagger?

Page 4 provides a suitably high-level window into the Company strategy for shareholders. The statements concerning the strategy are absolutely core to our business and it is doubtful if we would have been able to advance the Company in the manner we have if we had not been paying close attention to these points at every stage. They are not “motherhood statements”, and each one represents a springboard to actionable and actioned areas of the Company strategy. The Annual Report represents a record of performance over a period in time and is not specifically designed to address the matters raised by this question. There is a place for more aspirational statements (and a Proactive interview is one such place) but the Annual Report is not appropriate as it must report verifiable and auditable facts.

Q5: I think Kerim will admit he has been wrong footed by the E.I.A. application for Tavsan. The E.I. A. and mining start date have been delayed by years. Recently Kerim was predicting the E.I.A. by end 2020 and then end Q1 - 2021. Shareholders haven't been told what the real problems have been. Is it possible for Kerim to provide greater reassurances about the way forward for Tavsan?

This is incorrect. We have stated verbally in interviews a number of times that we have experienced delays associated with the EIA and other permitting matters during the past 16 months primarily as a result of the difficulties caused by COVID. Government departments and associated organisations have not been functioning in quiet the same way as normal. We are at least a year behind schedule at Tavsan as a result.

Hi John
Have you listen to yesterday's Presentation and the Q & A. This will tell you that they only had authority to return a dividend of up to c. £7.5m at this time. Personally I don't think they should count the 3dt tranche as this is subject to a vote at the August 2022 AGM. Taking the mick in my book. So I would call it 0.35p + 0.175p = 0.525p
You will need to log into InvestorMeetCo. to listen to the 1 hour webinar. Definitely worth it with new slides etc.
Here's the Q&A, for anyone that can't get in to the website it's on. A few of the questions have audio answers which won't show up here.

Q1: Will the company implement a share consolidation of 10:1 (as Mariana Resources achieved) or at the very least 5:1 This so that the number of shares in circulation appears realistic and attractive to new or prospective investors, as well as adding long overdue upwards pressure on the share price.

This is a matter that is under review but a share consolidation is by no means a priority for the Company at this time. If we do conduct a consolidation in the future, it will be in parallel with a major strategic development.

Q2: Can you let us know whether Ariana are considering any form of share buy back given the revenue from the JV deal and ongoing mine production at Kize - many thanks

A special resolution has been proposed for the 2020 AGM which would enable the Company to purchase up to 5% of its shares. This primarily enables the Company to purchase shares from its employees, should they wish to sell - otherwise it is difficult for our Turkish employees in particular to sell their shares. The provision is not designed for general buy-backs. We would prefer to deploy capital in other ways to promote the advancement of the business.

Q3: A lot of shareholders feel the PR from the company is somewhat lacking and does not do justice to the good work that is being done on the ground and that the share price suffers as a result - what do you say to that ?

In order to answer this question appropriately, we would like to understand what is meant by PR in this context? The Company has an excellent track-record of regularly publishing very detailed RNS announcements. We also regularly provide recorded interviews via Proactive and BRR Media, typically shortly after significant news or after clusters of news-flow. We also utilise social media on a very regular basis and have participated in investor forums (virtually and in-person) when appropriate to do so. Our use of this platform is a good example of that. We also employ an award-winning and top 3 PR agency to support these and other activities.

Q4: On page 4 of the A.R. & A. its says - "the Company plans to achieve its goals by:- But as far as I can see the goals are stated? Furthermore many of the strategies listed are motherhood statements applicable to any mining Co. and add no insight into more relevant actions. On 18th Feb. Kerim did a Proactive Investor article where he said "we a

Don't forget the webinar with the Co. at 10am this morning.

ARIANA RESOURCES PLC will be holding a Final results for the year ended 31 December 2020 meeting on 20th Jul 2021 at 10:00am BST.
Should you have any questions, please contact investorhelp@investormeetcompany.com.

My post on the latests from Sandstorm Gold may also be of interest.
"I've just listened to some really interesting comments by Nolan Watson, CEO of Canadian (TSX) listed Sandstorm Gold (SAND).
As you may recall, Sandstorm bought into the World Class, high grade Hot Maden Copper and Gold deposit, which is just 8 kilometres south of our Hot Gold Corridor and in particular our asset known as Hizarliyayla.
Nolan was able to say that the Turkish Government had been in fairly strict Covid lockdown in 2021 and this had put permits back on Hot Maden a bit. The Hot Maden E.I.A. & F.S. have consequently slipped from the expected Q2 to Q3 2021 but he is now hearing that the Government is back in harness and permits are expected imminently, hence his Q3 expectation.
Furthermore he said that even though Hot Maden cost them 2 years or more ago c. $176m for a 30% stake and has since advanced considerably, he doesn't think the market has priced it in. In fact with the increase in Gold & Copper prices he says the project economics are now much stronger and that will be the same for us.
As such he believes the Hot Maden E.I.A. will be a huge catalyst for the share price and thinks investors and the market will be shocked it has moved forward so much.
I can see strong correlations here with Salinbas and Tavsan both in terms of their value not being recognised and the huge catalyst they represent for our share price.
Nolan also predicts copper prices will go much higher and Hot Maden is now 75% gold & 25% copper. He said in effect investors will be getting the gold for free. If they get their E.I.A. in Q3, he hopes they will start building the mine by the end of 2021. Perhaps Salinbas will take less time than we think.
Interestingly he also said that Environmental Permits in Turkey can present real challenges especially for large open pits in highly forested areas where they have to cut down large numbers of trees. However at Hot Maden this is not the case. Perhaps this is also the case for us in the Hot Gold Corridor due to the mountainous location?

My opinion is that the announcement of the Hot Maden E.I.A., hopefully during this quarter, will trigger significant investor interest in the region and have a strong positive knock on benefit for Ariana. We shall see".

Over on ADFVN they have found a site suggesting we should be valued at 23p. This was my response.
"Until we see in black & white the long promised Tavsan mine schedule and E.I.A. plus the revised resource estimation, plus the updated Salinbas E.I.A. scoping study and future outline plan etc. etc. I think it is impossible to get anywhere near a sensible valuation. Panmure Gordon, from what I recall still only have Salinbas valued at $14m. Although already 7 months out of date, last year's Annual Report & Accounts, when finally released may also provide some forward thinking value pointers.
Having said all that, given the hard cash in our balance sheet following the J.V. payment, current mine assets (Infrastructure etc.), stock piles, the various reserves/resources, the fact we are debt free, our investments (Venus Minerals etc.)and current & future cash flow (discounted as per Renninks Note), I think it must be pretty easy to arrive at a fairly solid valuation of circa £100m (10p per share)as per the Panmure Gordon assessment. Once all the Salinbas & Tavsan stuff starts to get taken account of, who knows what a sensible valuation could be. Certainly a lot more than 10p. I'm sure the Board realise this and are constantly carefully considering how to prioritise and drip feed progress to ensure a steady and stable accumulation of value.
I tend to agree that the Special Dividend could be the catalyst to announce accretive news to support the share price given the inherent dilutive impact and the desire to encourage investors to reinvest all or some of the proceeds. At least that is what I'm hoping for. I think it is interesting also that the Technicals are looking stronger and seem to be anticipating an ongoing increase in the share price".

This is the Sandstorm Gold CEO presentation from February. There are a few strong references to Hot Maden.
Possible EIA H1. Then feasibility and long mine life aspects of construction to commence possibly before Xmas. They are obviously pushing ahead ASAP. What will the knock on value be for Ariana with its Hot Gold Corridor assets starting 8 km north of Hot Maden? Very good presentation.

https://youtu.be/tqsGtPafsv8

Wow are they listening to us and providing RNS's when they probably aren't actually required too/Does this mean communication with shareholders is going to improve? I hope so.
I'm also of course delighted to read that Court Case One when according to plan.