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TAVSAN: They also say the exploration potential at Tavsan on the periphery of the system could yield c. 1.4Mt which they suggest would give an additional Reserve of c. 42,800/61,500 ozs

NUMBERS - RESERVES - JORC + POTENTIAL

Kiziltepe: JORC 47,700 ozs

Kiziltepe: Exploration potential: (Av.) 31,500 ozs - Co. Est. at this stage

Tavsan: JORC 200,900 ozs

Tavsan: Exploration potential: (Av) 51,500 ozs - Co. Est. at this stage

TOTAL: 331,600 ozs

THAT WOULD SUGGEST A MORE ACCEPTABLE 7.4 yr Mine Life at 45,000 ozs p.a. , OR 10 years at 33,000 ozs p.a.

(Gold-silver projects via 23.5% ownership of Zenit Madencilik (and affiliates).

CONCLUSION:

The Co. has been under pressure to complete this essential Resource and Reserve work, as the only all important Reserve was the depleted Kiziltepe one, which was suggesting a very short Life of Mine left.

Releasing the Tavsan numbers (the first ever Reserve numbers for Tavsan) appears to have been expedited out of necessity, even though further imminent results from 450 metres of core drill are still awaited. These will enhance the overall Resource and Reserve further and present, no doubt, an even more encouraging picture with a very respectable production and Life of Mine expectation.

This new “Interim” Reserve of 248,600 ozs is well up on what the Market was currently living with, as the Market only had a fast reducing Reserve at Kiziltepe.

So the Co. has told the Market it can keep it’s highly efficient Kiziltepe mine operative for a good number of years using higher grade ore from other feed sources, including Tavsan, our satellite mines like Kepez, Kizilcukur, Karakavak and Ivrindi and hopefully from other local mines, given its higher Recovery rate (CIL plant - 90% plus) whilst also commencing to produce alongside in parellel from the Heap Leach plant at Tavsan.

I think it is reasonable to expect as much as 20,000 ozs p.a. plus throughput at Kiziltepe and up to say 30,000 ozs, p.a , but probably less, through Tavsan from 2025. (45,000/50,000 ozs p.a. as we originally expected).

This year remains a bit of an unknown until the Co. is able to start trucking ore to Kiziltepe (but why can’t they start this soon?) and process lower grade ore through the Heap Leach at Tavsan. Heap Leach start up can take time.

A seven year plus mine life, with good production numbers looks very feasible, with hopefully Kiziltepe kept in operation throughout all of this period. That makes economic sense and maintains high levels of output.

NOTE: The Brokers continue to maintain their 5.5p share price targets.

CAVEAT: These are my interpretation of the numbers and the messages released.

I feel confident that they give a good reflection of the current position as communicated by the Co’s recent RNS.

Recent production performance at Kiziltepe:

28,421 ozs - 2022

20,737 ozs - 2021

18,914 ozs - 2020

Operational cash cost: US$650/oz

Hi all,

April 2024

Ariana Resources

Kiziltepe/Tavsan: Crucial de-risking Resource and Reserve update providing for up to 10 years of production

I have been re-reading the RNS plus the Broker Notes from WH Ireland & Panmure Gordon.

I can see this is a major piece of work by various parties which has been underway for quite some years as they pulled together all the elements into one big Resource/Reserve. That is a major step forward and they must feel relieved it is completed especially as Reserves were getting worryingly low.

My discoveries indicate that Kerim is probably right in the way he has portrayed the numbers at this point in time, even if he could have made it a bit easier to understand.

What I have discovered is that the “depleted” Gold Reserve for the Kiziltepe Sector (that is Kiziltepe, Kepez, Kizilcukur, Karakavak and Ivrindi) is 47,700 oz of gold at an average grade of 1.8 g/t - the av. grade has fallen of course. The Reserve is down from 80,500 ozs @ 2.38g/t in Feb. 2022 when they said their expectations was for the mine to run to 2026.

I am not sure we fully appreciated quite how much the Kiziltepe Sector has been depleted over the last few years and how close we were to a “red flag”. As this was their only JORC Reserve, Kiziltepe was getting close to desparate for new feed to keep it in economic operation.

But now we finally have the all important “Interim” Tavsan Sector Resource (updated) and maiden Reserve numbers. Significantly, this is the first time we have had a Reserve for Tavsan, so that in itself is a major de-risking milestone. I hadn’t appreciated that I must say! The new numbers are after completion of 10,285.7m of drilling. In respect of the Resource, these reveal a circa 15% increase over the 2020 numbers which is perhaps a bit disappointing given the amount of drilling and use of a lower cut-off grade of 0.5g/t as opposed to 0.7g/t. (Lower grade material is now considered economic given higher gold prices.) The grades have also declined - (1.76g/t to 1.26 g/t). But and importantly there is more to come. These are just the quote, “Interim” numbers.

We are told further results are pending for 444.7m of drill core from the North and Main Zones and further “optimisation and planning” will be carried out once they have these results, so it is reasonable to expect the Tavsan Reserve will improve.

The calculated current Reserve for the Tavsan Sector is 200,900 ozs @ 1.4 g/t.

ADD THIS TO THE DEPLETED KIZILTEPE SECTOR RESERVE OF 47,700 ozs & WE GET THE STATED 248,600 ozs (the rounded 249,000 ozs).

Obviously there is also silver.

EXPLORATION POTENTIAL:

KIZILTEPE: Ariana say that remaining exploration potential on additional Vein systems at Kiziltepe could yield 800,000 ozs at 1 g/t which they suggest would give an additional Reserve of c. 25,700/38,400 ozs

TAVSAN: They also say the exploration potential at Tavsan on the periphery of the system could yield

David Hunter is arguing $20,000 gold 😳

https://www.youtube.com/watch?v=2YuQGB6cXik

Thanks to Xow98 on the other BB

hTTps://investingstrategy.co.uk/stock-tips/why-do-some-ceos-remain-silent-as-the-share-price-tanks/

Back over 2p by 15th March for me John. Over 3p by end of June.

I posted this on the ADVFN Starvest blog. Might be of interest.

Re: Ariana Resources, this might be of interest to those coming into ownership of AAU shares.

Tom Winnifrith in his "bearcast" yesterday apparently says he has exchanged an email with Kerim, CEO of AAU. Kerim confirmed all going ok. Tavsan (the second gold mine owned 23.5%) is, if anything, ahead of expectations. (Production expected mid this year). News on (the drill programme) at Salinbas still on schedule. He did mention the Starvest situation as well apparently. (The Board are aware these shares are being released as part of the Starvest cancellation). Tom has decided to hold onto his AAU shares (in his SIPP) for the expected re-rate and he likes dividend payers. (Ariana have said they want the financial discipline of being a dividend payer, which is expected to happen once the two gold mines are providing cash flow. The Co. is of course debt free. Hopefully this could start end 2024 early 2025. My estimate) Listen to the "bearcast" if you can to get more reassurance.

Spot on John. I think they will look to accelerate and then monetise certain assets like they did very successfully with lithium in Australia a few years back. Do you recall. That was small beer, but a great return on their investment. The big one could be Hizarliyayla of course. How transformational could that be? It hasn't been easy to get to the deep high (Brechia Pipe) type mineralisation, but let's hope 2024 will reveal something extraordinary. But I think they have this plan of "prove up and sell" for other assets as well. We shall see. Obviously they have to play these cards close to their chest one assumes.

I also asked this question re: dividends.

Question: Reference dividends, Kerim wasn't very clear on when he expected the Co. to adopt this "capital discipline". He said - " Once Tavsan is on stream and some other projects I've been talking about". What are these "other projects" and what does this mean more specifically for timescales?

A: We have been clear on this point for years: profitable production from Tavsan is key to unlocking the potential for future dividends. The other projects referred to relate to any one of our investments potentially. If any one of these is successful and yields a substantial capital return beyond our immediate requirements, we will look to pay dividends accordingly. In other words, dividends do not necessarily relate to those derived from production but could be deal- related too.

Thanks John

I wrote to the Co. about Salinbas Mine production back in December 2023 after the last Presentation to Investors at Mines & Money. This is my question and the reply I got.

My Question: The Zenit: Growing Production slide shows Salinbas in production in 2025. Is this still correct or is it the aim to sell this once the resource is JORC proven to a reasonable size?

A: 2026 is the year shown in the graph. We have not made any commitments to production at Salinbas - it is simply a projection of what might be possible. At present, we are only focused on drilling and expanding our understanding of the potential.

This a post I put on ADVFN yesterday, might be of interest.

My earlier post saying the Co. predicted 2025 for Salinbas starting was wrong. My mistake. The slide shows 2026!. Still seems optimistic to me based on past performance but let's hold them to it. What I want is the Gantt chart reintroduced showing all the projects with expected timescales so it is easy for existing and potential new shareholders to see. Let's keep the pressure on them to bring that back as well.

Finally I believe there was a updated WH Ireland Broker Note issued very recently, but this has yet to appear on the Web Site.

MY POST ON ADVFN

NEWSFLOW

Optimistically I was hoping for the following in 2024. Many of these are pretty meaty milestones and would appear to be currently totally discounted by the market/investors. Anyone care to correct me or confirm that my dates concur with your understanding. Note we were told there is a "massive backlog in assaying", so this may impact negatively on drill/resource/reserve timescales

1. TAVSAN JORC updated Resource before end of January 2024. "Assays from Tavsan are taking priority". But is this going to slip? Seems optimistic now.

2. Kiziltepe JORC updated Resource & Reserve leading to an extended Life of Mine at Kiziltepe January or February 2024. I see this as very important. The Co. said "early 2024". This will confirm the amount of Tavsan/Kiziltepe overlap. The market should like that. I will!

3. Salinbas updated JORC Resource to be updated once lastest assay results received hopefully in Q1. New Resource could therefore be late Q1 or early Q2.Optimistic?

4. Hizarliyayla drill results late Q1 2024. Ongoing exploration. Desperate to get a feel for how exciting this is. Is it Hot Maden Mark 11? Could it be monetised sooner rather than later?

4. Venus IPO - can we hope for H1-2024?

5. Dokwe - complete D.D. and then Feasibility Study late Q1 2024.

6. Tavsan commissioning late Q2. Hopefully we will get progress reports.

7. Tavsan enters production early Q3.

8. Tavsan Steady state production by year end

9. Not sure what we are expecting from Project Leopard, Asgard or WTR, but I guess we should get updates along the way.

10. Statement regarding cash being returned to shareholders - Q4

Sorry to reply so late John!

All delays are of course blamed on the infamous COVID pandemic!

But Tavsan originally was going to be in production pre COVID. But that's another story.

And what about mine number three - Salinbas/Ardale - due to be in production according to a recent slide by 2025.

Hope in hell for that happening.

As you say, what has accelerated since we started out on the dilution of assets and new strategy?

There was however a nice post by Ariana Resources on LinkedIn yesterday. They showed a nice picture of Tavsan and said I quote:- "Construction progressing well at Tavsan Mine Site, Turkey."

Hooray. Let's hope we are up and running by mid 2024.

What will that do for the share price?

Thanks Chester for your helpful feedback. I'm not in GGP bytheway!

Your comment :-"Add to that the values of any deals done for either GlyMabs or AvidiMab."

Am I right I'm thinking these are dragging and there is no clear understanding as to when value might be realised or indeed the reasons for the delays?

In the meantime I keep watching the informed posts on here. Thank you all.

I've been a shareholder for about 5 years and occasionally read some of the excellent and informed posters. It is a great help for those of us who struggle to understand the science and stay on top of what is going on.

My impression, rightly or wrongly, is that we have changed track slightly since I first invested, which I'm not sure why, but I'm sure the focus is the right one. I have great confidence in Prof Lindy Durrant, who I hold in the highest regard.

I am of the opinion that she does however need Corporate input and I believe this is an aspect we have been addressing.

I also see the potential for a multi bagger here, if the amazing results continue and are tested across much larger numbers. I have no idea how long that could take, but accept that it is unlikely to be overnight!.

I also don't see the future for significant gains in the hands of private shareholders. I am assuming this must come from "Pharmas" which as I understand, are never keen to take on too much risk. This tells me there is still quite a bit more to be done before they start rattling our cage.

Having said this, I understand 2024 could be an interesting year for news flow and as far as private shareholders go, could result in positive whilst limited share price gains.

I also believe that the Co. sees the need to up its game and I think I read could look to raise up to £60m this year to provide a step change in trial activity etc. Is that correct? How would such funds be raised? Would it be dilutive or would the overall impact of such a change in size more than compensate?

If one had to comment on risk here, how would that be articulated?

I've asked too many naive questions and will be very grateful if I get even a few answered.

Happy New Year and keep up the excellent posts. (Is it Chester, Marcus, Torquay Fan and no doubt many more who are the "experts" here, worth of taking note from. Much appreciated.

Tribal chiefs endorse mining lease...

hTTps://newsghana.com.gh/central-regional-house-of-chiefs-okays-ewoyaa-lithium-project/

Will there be an RNS to confirm on Monday?

And one to confirm the Assore/Piedmont share switch?

I'd go 10,000 from Kiziltepe and 5,000 for Tavsan in 2024. Guidance should confirm this in February. Can never understand why they issue Guidance so late.

Agree with all your points which I have expressed over the years. Water off a ducks back.

The chart does look a bit more encouraging and I wonder if news is leaking regarding progress on Fiscal Terms in Madagascar? Anyone got any thoughts. It seems quite soon after the election, but perhaps with that out of the way there is more energy to get things moving.

I note that last year we had Quarterly Activities Report issued on 24th January and then FY 23 half year results on 20th Feb.

So we might get an Update very soon.

When was Tavsan originally planned to come on stream? Years ago if you look back through earlier presentations.

Electric Cars - well ferries and containers like trains are starting to ask questions about their safety I believe. Insurance Co's are increasing premiums due to the fire risk.

The intense cold in some Northern hemisphere's has stopped them working and range is severely depleted due to cold.

This might all be gobblegok but these are things I've read.

Then there are problems with servicing them - insufficient technicians.

Their weight increase rubber pollution from tyres and causes more damage to roads.

Sales have stalled as those who want one have now bought one and the majority were trade deals.

The future is going to be hydrogen /fuel cells in my opinion, which has none of the problems associated with batteries - these are:- weight, space, range, recharging times, mining concerns, disposal concerns, servicing problems, safety issues.

Just expressing the other side of the story in case it helps the debate!

You might be interested to have a look at the ADVFN AAU thread.

Biggles who holds 60m Ariana Shares has been collecting shareholdings from posters. The total is already over 20% with many unheard of posters joining in. Perhaps some of you might like to add your holdings to the total.

They are also running a fun competition based on the end of year share price and the highest price in the year. Again lots of participants. More the merrier.

Happy New Year everyone.

I wonder if Zack van Coller's post on LinkedIn 2 days ago was reported on this thread? Sorry if this has already been reported.

He said and I quote..."2024 is going to be an exceptionally exciting year for Ariana!" Unfortunately he didn't elicit further.

I'm sure we would all love to hear more often from Zack. Bring back those great video's he did. Is he future Director material? Keyman planning?

Nice card from Ariana Resources.

Happy holidays to you and yours!

Wishing you a very happy and prosperous 2024.

From the Ariana Resources Team

Prosperous for many if Ariana deliver. Fingers crossed.