Member Info for VanVan

Top of head ideas: 1. Announcement of J.V. on Salinbas 2. Production hitting 20,000 annual rate with good recovery. 3. Tavsan Internal Feasibility study shows attractive IRR & ROC. 4. New significant gold discovery 5. Gold price rises strongly. 6. New developments on Lithium

Here is the link Tracylied. http://webcasting.brrmedia.co.uk/broadcast/590c571a96c88f52933d0479

Tracey: Oh dear again. Have a listen to the video from the CEO of Berkeley Energia (BKY) which was broadcast yesterday. He talks about how a US ETF fund had been selling the stock causing downward pressure on the share price. Having identified the source they have now arranged for them to be mopped up. It goes on all the time. AIM is no different to an market in this respect.

Oh dear Tracey. You are rather opinionated. Have you by any chance read the Panmure Gordon & Co report by Kieron Hodgson dated 6th September 2016? I would respectfully refer you to page 17 where there is a Production & cost profile chart commencing Q4- 2016, As we know that was going to be the case back in Sept 2016. In reality we didn't start officially until well into Q1 - 2017, but all the same these numbers ("guidance") were signed off by the Co.and provided our first taste of how many ozs might be produced during commissioning into ramp up & optimisation. They also provide guidance on cash costs net of product revenue. You will see there is a line graph showing this. There is also on the same page a chart showing "free cash flow yield & net cash balances" again starting in 2016. Are these Scotch mist? I would now like to see more updated numbers as the Co. will have a much greater handle on the numbers & projections. The other thing we can expect in due course is their latest Optimisation Plan which they have been working on for some time. We have already proved you wrong over the Ball Mill. Why don't you adopt a more questioning approach rather than trying to convince everyone you know all the answers by rubbishing input which may well be better informed than yours?

I agree with most of what you say North. I would love to hear that they are going to accelerate Tavsan. But I'm not sure yet if that would be feasible given permits etc. I think that is a core question to put to Kerim on 24th. I would be well received by the market & investors for sure. What intrigues me is Kerim tells the market he doesn't need to go to the expense ( and timescale) of producing a full DFS for Tavsan. They can do an internal study which will suffice. This tells me 2 things:- 1. They are very confident in the Scoping Study results. 2. But more importantly they must believe they can easily finance it without needing a DFS. Does this mean they won't need bank finance? But coming back to Kiziltepe, I can think of no logical reason that we haven't been provided with normal "guidance" numbers. How are investors expected to justify their investment decision without an indication of what is expected during the commissioning/ramp up period? Costs will be higher until maximisation is achieved, but how high & for how long? The lack of visibility regarding loan repayments is annoying. There appears to be flexibility as to when they pay and how much, but without at least some guidance it is impossible to calculate even ball park eps. For me the communication is too matter of fact rather than focused on what investors want to hear. I 100% agree Kerim & his team are doing a great job, but the lack of financial substance (guidance) is letting them down IMO. Even large producing miners provide annual target production & cost guidance. It is normal in the mining industry. Let's hope investors start putting pressure on Kerim on 24th May and at the AGM in June to provide more of what the market craves. I wouldn't object if it even came via an updated note from P.G. or dare I say Beaufort. Finally over on ADVFN they are suggesting that either Metal Tiger or Eldorado are the seller(s). Now that Eldorado are out of Salinbas, perhaps that makes sense. If that is the case Kerim and the Co's brokers should be lining up an Institution to mop up all these sales. I can't say I have seen much activity on their part. Are they worth the money we are paying them? Is that another question for the 24th May?

Good summary north. It amazes me how some pure E & D stocks which are many uncertain years from production can appear to demand higher valuations than a producer like Ariana. I think Kerim & Michael need to ask themselves why this is. One thing that I think is missing is far greater clarity regarding the financials. It would be normal by now to have production "guidance" numbers and much greater clarity on the loan repayments, which we are told have started & should take just 2/2.5 years to clear. Then there are the loans owing to Ariana from the J.V., VAT refund, Grants perhaps and real value from our Strategic Investment status. It is as though all this good news is being held back. I wonder if others feel like me. I guess I'm in no hurry and have ever confidence that value will out, but being able to ask, as you have done, "is this the cheapest company on the whole market" shows to me the Analysts/Brokers & the Directorate team are underselling us & could do better.

If you listen to the 8 minute Proactive Video interview with Kerim today you will hear he talk about the possibility of an new Ball Mill to increase production, so I think my comments were correct. Its a great interview covering Red Rabbit & Salinbas.

Great progress update video update from Zack hTTps://tinyurl.com/k432eb9

https://www.brrmedia.co.uk/broadcasts/590af6eea2161528fb636356/ariana-resources-major-increase-in-kiziltepe-resource

Hi Traceylied You say the plant has a "maximum throughput" which is of course correct, but we could invest in a second ball mill & thereby increase production throughput, if I understand correctly. I hope the reserves increase over time as well so they decide to go for a 2nd ball mill & up production output. But lets not forget there should be plenty to keep Kerim & his bucket & spade men happy at Salinbas. But I hope a lot of energy goes into getting Tavsan up and running. I await with interest to hear how they will cement their strategy going forward, but without doubt there are many strings to the bow which can all add very respectable value to the business.

Below RNS excerpt is very positive although difficult to understand at first, they are mining more grams per ton than original estimates. Were they expected a specific area to produce 1.5 g/t they are getting 11 g/t. ( 11 !!!) Looks to be normal to "Top Cut " take out top drill grades to calculate an average. Swop out the below confusing negative sounding word "abandoned" and replace with PUT BACK IN "The top-cuts of 15 g/t Au and 200 g/t Ag used in earlier estimations were abandoned for the purposes of the current estimate, as grade-control sampling from the Arzu South pit has shown that the high grades determined from drilling affect a substantially larger volume than the drill-hole intercepts. In the 2016 resource estimate, modelled grades between 10820N and 10830N (mine grid) to 370RL averaged 1.5 g/t Au. Actual mining grades in the same volume returned an average of 11 g/t Au. On this basis it is considered that the application of a grade top cut is not required in the resource estimation" My expectations are they were initially and purposely processing low grades 1-1.5g/t at low volumes to fine tune plant and minimise waste then switching to highest grades available now up to 11g/t at maximum volume to maximise production (confirmed as 24/7) IMO given access to some high grade areas they have a good chance to come in on target 5-5,500 oz First full quarter.

We had an 8 year life of mine & Kerim hinted this could increase to 11 years. Today he says the "resource could provide up to 12 years of mine life at current throughput rates" I think this gives him the wriggle room he wants to increase throughput and again over deliver. It was great to read - "operations are proceeding well"

42Col on ADVFN attended the presentation last night & has given this excellent resume. All sounds very encouraging. I was a bit concerned that I told you I was going to the Ariana presentation and you asked me to report back. Thankfully this is Ariana and they make it easy (1) production - Start of production went well and they are now ramping up production – not to 150Ktpa but 180Ktpa (this is start up production) - They will report how much gold/ silver they have produced at the end of June/ probably early July and thereafter quarterly. - I got the impression that they will surprise how much they will produce in 2017 – it seems to be going very well (2) Salinbas - This was too small for ELD and they have many other target and they also cut back on exploration - On financing of Salinbas, not ruling everything out. Could be o JV funding ( I do believe this is the preferred route with Proceea) o Go alone with money from RR o Equity raising not ruled out (3) Government incentives (A surprise amount to me) -$2M will be paid to the JV due to VAT exemption on machinery (4) JV Loan - Pay back of $33M loan started in December 2014, effective interest 7.5% - They appear very confident that they can pay this back in 2 to 2.5 years (5) Mine life - They are very confident about the mine life and Kerim said that it is possible to extend the Tailings Dam or build another one (the tailings dam has a mine life of 15 years at 150Kt) - They have reduced the exploration cost from $22/oz to $15/oz I am sure there was more but all seemed to be good and very positive

I think it is the Mariana news that has pulled us up today

Kerim presenting tonight & then again at the Mining Maven event on 24th May. Hope we get some feedback later today. Very interesting news at Mariana Resources today. Shows Turkey is investable and shows value support for Hot Maden our neighbour resource. I see Fox Marble are also doing business in Turkey. Come on Kerim give us some positive news tonight. Get everyone excited again.

Hello Richard, I hope you had a good Easter break. One of my daughters ended up being unwell so my availability last week was very limited. With regards to your questions we intend to update the market on many of the points you have raised. As part of our transition from explorer to producer our reporting process will change. We intend to introduce quarterly operational reports but being just a one month in to production we cannot release some of these figures yet. Just a couple of points I can get back to you on, yes the processing plan operates 24x7 with mining only occuring in daylight hours. The mine schedule and input grades to the process plant vary bench by bench in the open pit. Our current mine plan is targetting some of the higher grade areas. With regards to our recent drilling programmes, we are working through the data and a resource update will be provided in due course. All the best and apologies for the delay getting back to you. Kind regards, Beril

Kerim presenting on 26th. Should we expect the Resource update ahead of the presentation, or perhaps other progress news?

When I look at the valuation (Mkt. Cap.) of some of the speculative quasi mining shares on AIM, which have no or few permits, not much cash & an uncertain number of years to production & operate in must more uncertain locations (Emperor has no clothes), I just can't believe the Ariana valuation is still circa £14.75m. A Coy. that is in gold production, in a European country with great potential to more than double the ozs produced, with assets where bonanza grades have been found, plus other investment avenues (eg Lithium etc.) all underpinned by Panmure Gordon's analysis who only normally get involved in much bigger Co's. and i shudder in disbelief. It is almost as though the price is so low it gets overlooked. I know that will change as value outs. For those who can do some simple calculations this must surely be, dare I say, a screaming buy at prices below 2p. But please DYOR or tell me what I have overlooked.

Sorry should have made clear that Crossfires post ended after the gold price. The rest are my comments.

Courtesy of CrossfireCSSF on ADVFN. At $1300, the shareprice matrix produced by PG, equates to 4.53p. Gold currently $1292. I believe there has been some coverage this weekend on Shareprohets as well. Turkey's election (uncertainity) out of the way. Kerim presenting in London soon could mean news on the Rrsource upgrade is very close at hand. Exciting times for investors who can see the real value potential here.