Member Info for VanVan

Haven’t got a clue.

They need to attend a Plain English course.

Clearly the Market ignored it as well.

Delivered on the hype. So rare on AIM. Well done everyone involved. Onward & upward.

Well done John. Do you fire off letters to the Board etc. and of course vote against resolutions , particularly re-election of incompetents. I wish the big shareholders would do more to force change.

If you ever go back and revisit old interviews or Questions and Answers sessions, it is quite an eye opener.

I don't know if Kerim believed what he was saying or if he was incompetent or just trying to over-egg the situation. But whatever his failure to deliver a coherent strategy and stick to any kind of timelines, has over time destroyed investor confidence and as a result collapsed the value of the Co. Whilst the average gold sector share is apparently up over 100% this year, according to "chipperfrd", I believe we are still well in negative territory, yet we have a 23.5% interest in two profitable gold mines and large exploration and development projects at Salinbas/Ardale and Dokwe. How Kerim and Micheal have managed to hold onto their positions in the face of years of under performance is quite baffling. We must be an amazingly tolerant or perhaps incompetent set of shareholders!!

As I see it the only way to sort out the mess and start to realise the inherent value in the Co. and its assets, is to change the CEO and Chairman, to sell off distraction projects and develop a coherent strategy with firm deliverables and time lines.

Anyone got a Share price target for 2026?

Good presentation. All coming together.

Looks like a stonking 2026.

Do you think we will have to wait till Monday for any feedback? Perhaps a post from the Co. on LinkedIn?

Fingers crossed for a very positive reception .

Further response from Yellow Jersey when I pointed out both RNS’s referred to Revenue - no mention of Production.

“For your reference, we have been told that the figure shown as the revenue to the end of Q3 2025 report is the correct total for the year to date, and thus the relevant figure to consider the latest revenue position of the Company.”

Many Thanks

Shiv

Yellow YJ

Shivantha

Thambirajah

Got this reply from Yellow Jersey:

The reason for the difference in the figures is that the revenue figure in the most recent quarterly report (31 October) includes both the gold produced and sold within the period, whereas the half-year revenue (29 September) was of gold production only. Some of that was sold in July, hence why it is included in the most recent quarterly report.

Hopefully, that explains it.

Blogger on ADVFN noticed that Revenue numbers don’t agree. Seems to be an $8.5m discrepancy taking half year and Sept quarter numbers compared to total quoted in the latest RNS. Anyone got an answer for this ?

Do I have to subscribe to the WeTransfer App to listen to the AGM recording? Not keen on doing that. Thanks

Not managed to listen to it yet but the threads sound very upbeat. Can’t all have read the T leafs wrong !! Lovely to hear Prof. Lindy Durrant is in her element under the new business focussed structure. Just dying for some value accretive news now before Xmas. Sincere thanks to you all for the efforts made to communicate this milestone so effectively. Onward & upward.

10p per share must be an insult to this great Co.

MTLexploration (@Metals Exploration) posted: 🎥 #MTL recently welcomed Canal 4 News @Canal4Ni to its La India project, #Nicaragua. Take a look at how activities are progressing on-site, & discover how we're creating jobs, boosting the local economy, & strengthening the country's mining sector as we advance to production ⤵️ https://x.com/mtlexploration/status/1984226001292022015?s=51

So will we see strong buying activity tomorrow?

Is ITH holding a communications day today?

Great to learn a good number of you are attending the AGM. Thank you for making the effort. I do hope we will get some feedback. I would love to know why the SP remains so lack lustre compared to earlier times when we seem to have made real headway on a number of fronts. Good luck & enjoy.

Courtesy poster on AD..N

Tipped in the Mail on Sunday's 'Midas' column.

It basically says absolutely nothing though!

--

Domestically focused Serica Energy was set to move to the FTSE from Aim next quarter, but it delayed its move unexpectedly on Wednesday.

That means you still have time to get in now before this rebounding company makes it on to the main market, where there is likely to be more investor interest.

The company's move has been snarled up in red tape, as it has made some acquisitions lately that mean it must prepare new reports to be included in its prospectus.

It did add, however, that it will move 'at the earliest opportunity' as soon as it has got full-year accounts out.

Serica's shares have had a good run, up 35 per cent year-to-date thanks to those mergers and acquisitions that are delaying the move.

Companies such as Serica struggle with a windfall tax that has made them uncompetitive globally. Many believe that the tax will be reformed in the November Budget, when the Government has said it will be reviewed and updated.

If this happens, Serica will bounce back even more.

If you buy in now, you're taking a bet on Rachel Reeves realising the policy is resulting in lower tax takes from the North Sea and changing tack.

A buy for the brave.

Another corker of a post on ADVFN from Renniks.

To help clarify the situation at Salinbas.

Corporate structure refresher

Zenit Madencilik San. ve Tic. A.Ş. ("Zenit") is the joint venture vehicle through which all of Ariana's producing and near-production Turkish assets are held.

Partner Ownership Role

Ariana Resources plc 23.5 % Operator on the ground; provides geological leadership, technical and data management

Proccea Construction Co. 23.5 % EPC / construction and mine-building expertise (built Kızıltepe & Tavşan)

Ozaltin Holding A.Ş. 53 % Majority partner; provides capital funding for exploration and expansion (e.g., the US$ 8 million allocated to Salinbaş)

So Zenit is the operating company that physically holds the licences, contracts, staff, and mining permits for Kızıltepe, Tavşan, and Salinbaş.

🔹 2. Who actually carries out the drilling?

Zenit manages and funds the drilling, but the hands-on work can be performed either by Zenit's in-house exploration crews (under Ariana's supervision) or by third-party Turkish drill contractors, depending on depth and rig requirements.

Typically:

Shallow RC / diamond holes (≤200 m) → handled by Zenit's in-house crews, using company-owned rigs and geological staff trained by Ariana.

Deeper resource / metallurgical drilling → tendered to specialist Turkish drilling companies previously used Ortadoğu Sondaj, or Boart Longyear Türkiye).

Ariana's exploration team (led by Kerim Sener's technical group) designs the drill programme, logs and assays the core, and integrates data into the resource models.

So in effect:

🔸 Ozaltin provided the capital,

🔸 Zenit manages and contracts the work,

🔸 Ariana provides the geological oversight and QA/QC supervision.

🔹 3. Why the pause and why drilling will now restart

During 2024–25, Zenit redirected all available equipment and personnel to get the Tavşan heap-leach mine built and commissioned — that's why Salinbaş drilling was paused.

With Tavşan now in operation (heap-leach stacking and irrigation started Q4 2025), the JV's technical crews and rigs are freed up again, and the budgeted US$ 8 million exploration programme funded by Ozaltin can resume.

The focus will return to the Ardala porphyry–Salinbaş epithermal system, targeting extensions to the 1.5 Moz AuEq resource and testing deeper copper-gold porphyry potential.

What to expect next?

Milestone Expected timing Operator

Re-mobilisation of Zenit exploration teams to Salinbaş Late 2025 Zenit (Ariana-led)

Drill contractor tendering for deeper holes Late 2025 / early 2026 Zenit → Turkish drill firms

Restart of full drilling campaign Q1 2026 Zenit & contractor mix

Updated resource / feasibility work 2026–2027 Ariana geological team reporting into Zenit

✅ In summary:

Zenit is the operator responsible for the Salinbaş drilling programme.

Drilling execution is a mix of Zenit's in-house crews and outsourced Tu

My Question - What would finding another 500k oz's through the current drilling campaing mean to Ariana. (see attached RNS)

Dokwe is the project that could ultimately transform Ariana Resources (AAU/AA2) from a small producer into a mid-tier gold company.

📍 1. Dokwe headline inputs

Parameter Base PFS (2025) Your updated scenario

Ownership 100 % Ariana 100 %

Mine life (PFS base) ~13 years Extend to ~17 yrs (if +0.5 Moz discovered)

Gold production ~80 000 oz/year 80 000 oz/year

Gold price US$ 2 750/oz (PFS base case) US$ 4 100/oz (spot)

Operating cost (AISC est.) ~US$ 1 050–1 100/oz Assume US$ 1 100/oz

New discovery Adds ~500 000 oz to 1.42 Moz resource → 1.92 Moz total

💰 2. Annual revenue and profit potential

Gross revenue per year:

80 000 oz × US$ 4 100 = US$ 328 million p.a.

Operating costs:

80 000 oz × US$ 1 100 = US$ 88 million p.a.

Operating margin:

≈ US$ 240 million p.a. before tax and royalties.

Allowing for a 30 % effective tax + royalties, net cash flow ≈ US$ 168 million p.a. (≈ £125 million).

⛏️ 3. Life-of-mine (LOM) production & revenue

Metric 13-yr (current PFS) 17-yr (+0.5 Moz)

Total gold output 1.04 Moz 1.36 Moz

Gross revenue (US$ 4 100/oz) US$ 4.26 billion US$ 5.58 billion

Net (after AISC & tax)** ~US$ 2.2 billion ~US$ 2.9 billion

These are undiscounted cumulative figures; discounted (NPV₁₀) values would be ~40–50 % lower.

📈 4. Economic impact vs. PFS base case

Metric PFS base (US$ 2 750 / oz) Spot US$ 4 100 / oz scenario

Post-tax NPV₁₀ ~US$ 354 m ≈ US$ 650–700 m

IRR 75 % > 100 %

Payback < 2 yrs ≈ 1 year

This doubles the project's economic value and shortens payback dramatically.

💵 5. What that means for Ariana shareholders

If Ariana retains 100 % ownership and funds development via a mix of debt and cash flow:

A project generating ~US$ 168 m net cash flow per year, even for five early years, is worth roughly £600–700 m NPV to equity (after debt service).

Compared with Ariana's current £38 m market cap, the re-rating potential is 10–15× once Dokwe construction is financed and production begins.

🧭 6. Timeframe

Milestone Expected

11 000 m drill campaign (resource growth) Oct 2025 – mid-2026

Updated resource & DFS H2 2026

Financing decision / construction start 2027

First gold pour 2028–2029 (typical DFS→build cycle)

✅ Summary

Item Estimate

Annual gold production 80 000 oz

Gold price US$ 4 100/oz

Gross annual revenue US$ 328 m

Net cash flow (after costs & tax) ≈ US$ 168 m / yr

Extended mine life (new 0.5 Moz) ~17 years

LOM net cash flow ≈ US$ 2.9 billion

Project NPV₁₀ (post-tax, 100 %) ≈ US$ 650–700 m

Potential equity re-rating 10× current market cap possible

My thoughts on this shower are well known , but just perhaps even they can’t fail to co.k things up with gold at this price. I’m going to post a message from Renniks posted this morning on ADVFN. He is no fool being a CEO of a successful Co. So worth a read for sure.