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All fair comments Benjie.
I would just add that I think the way the potential deal is being structured is primarily to reduce tax liabilities . Less hard cash on which we would have to pay tax and more via earn-ins by Proccea and the mystery partner to accelerate Salinbas.
The cash that is received for Salinbas from the potential mystery partner (say £5m) will be paid out hopefully. I see this more as a capital payment rather than a dividend. Ash may have a view.
As we know they are considering a defined dividend policy, potentially including the facility to buy back shares, but this needs some changes to the capital account which I believe Michael and no doubt the Accountants are addressing. Once this is done I hope they will announce a formal dividend policy, as I'm sure this will attract a new class of buyer.
I've been reading the book "How to Invest in Gold & Silver" by Don Durrett (www.GoldSilverData.com) which for me stresses two things. How few "Juniors" make it all the way to production and beyond and secondly how apparently undervalued we are.
If this deal is confirmed with the large pay-out and the vision "to become one of the premier gold mining companies operating in Turkey" is articulated again, I'm very confident of further significant re-ratings. As I think we have discussed before you really need a Mkt Cap. of at least $50m if not $100m to be taken serious by the market. For some reason they perceive risks falls with size. Bringing in a major Turkish construction and engineering Co. will I think go a long way to eradicating risks that investors still perceive. Next week will be interesting. Let's hope they complete D.D. prior to the end of March.

So what are we expecting to happen this week? Will gold & silver continue to increase in value on the back of the health crisis and the coming impact on trade (300000 containers not moving). Supply of parts to facilitate manufacture being hit very hard with the consequences yet to be felt. EU budget problems of course, more QE, more desperate cuts in interest rates and more negative interest rates. Carbon tax scenarios and moves to achieve zero carbon emissions all putting more pressure on margins and global business confidence. Flight to safety - gold & silver.
In this tense environment with more expecting the end result is recession, how will markets reaction, in particular the PM markets. Good for gold & silver producers? Are we entertaining transformational plans just at the right time to maximise production over the next 2/3 years? Any thoughts?

POG might be worth a look as well.

Agree with sentiment but did you over look AAZ and AAU?

CARE - I think that last post is a Scam message.

Superb RNS. Not a step wrong again. Congratulations to Kerim & team and to all of us who sail in this great little Co. The perfect storm is coming if not here. Wonderful

Biggles on ADVFN:- If you use $1620 gold they are predicting 6p the 4.37p at $1400.

I'm trying to get my head around why we still only have a share price of 3.2p.

When the MoU was announced gold was circa $1450. It is now $150 per oz higher.
Panmure Gordon use a gold price of c. $1400 in their valuations and I'm unclear if they take account of the silver credit which adds another circa $100 per oz.

P.G. also base the valuation on just 1 x NAV which some would suggest is conservative.

Looking through the numbers in details (Attributable Value) I could suggest that the P.G. asset valuations plus the injection of cash etc. have been used to frame the MofU terms. To me this suggests they are conservative.
This view is further strengthened when we take account of the facts that since they were drawn up, gold has materially increased in value, we've had excellent High grade zones identified at Tavsan (27/01/20)and Arzu South drill results (17/12/19) which should lead to a revised resource estimate for Kiziltepe during Q1 2020. Furthermore we know our Capex facility will be cleared by April and our cash balances will be considerably enhanced.
It's a great shame that the current share price doesn't more accurately reflect the current underlying value of the business as this would provide greater emphasis for the deal to be enhanced upon imo. Anyone agree?

I liked this comment on page 16.
Last quarter we included Ariana Resources, which subsequently announced a tentative approach (in the form of an MoU) that indicates significant value in the operating asset as well as providing a financing option for the company’s development asset. We maintain the view that while smaller than its peers, the cash generative nature of its operations coupled with a highly prospective pipeline of development assets leaves us believing a material re-rating is due for the company. At our 10% discount rate, the company is trading on an equivalent Gold price of just $1,000/oz.

I agree with AAU & HUM. I also like AAZ. No debt, nice yield and profitable.

Great news: Michael has just confirmed the latest Panmure Gordon Note is on the web site, dated 24th January 2020 with the 4.37p target. It is called Gold in Q1 - The Quarterly Nugget. You will need to scroll down to page 18 for the specific commentary on Ariana. It carries on to page 24.
Look on page 20 for the Gold related valuation matrix. On 1 X NAV @ $1600 gold and a 7% discount we get a share price target of 5.35p

A hold in the Telegraph business section.

Apologies: - for some reason they haven't put the latest Panmure Gordon Note on the web site. I was told they had but I note that it is the one dated the 16th January and is just a Flash Note. There is a much fuller Note dated 24th January with a higher valuation and the matrix using more representative gold prices. I have just asked Michael if we can have that one posted. Fingers crossed.

Thanks - latest Panmure Gordon Note is now on the website

Spot on Ash. That is my take.

I agree. This is more like it. If only they would have given the market some of the numbers.
Let’s keep this positive momentum going now.

I posted this thought on ADVFN this morning:-
The exclusivity period to the end of March might mean they will want the shareholders’ ratification (Gen. Meeting) completed within this time frame. Or else once the exclusivity period expires and with independent D.D. done, it presents a possible open and attractive opportunity for another interested party to take advantage. So perhaps things will actually move fairly quickly given shareholders will need at least two weeks to digest the final contract pre. the meeting.
I reckon we could get the contract to consider end of February or very early March.

Non binding:- Does it mean the terms can still be modified by either party? Or indeed either party can withdraw I assume.

We have extended the EXCLUSIVITY period meaning:-
An exclusivity period is a length of time (usually 30 to 60 days) during which a seller is prohibited from carrying out or furthering activities that relate to the sale of a firm with parties other than the prospective buyer with whom they have signed a letter of intent.

Twitter- Ariana Resources reveals progress in Salinbas JV discussions

ow.ly/hkoN50ymmvF