2020 PRODUCTION GUIDANCE

19 March 2020

AIM: AAU

2020 PRODUCTION GUIDANCE

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed exploration and development company operating in Europe, is pleased to announce its production guidance for 2020 for the Kiziltepe Mine ("Kiziltepe" or "the Project"). Kiziltepe is part of the Red Rabbit Joint Venture ("JV") with Proccea Construction Co. and is 50% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. ("Zenit").

Highlights:

· Gold production guidance for 2020 from Kiziltepe is c. 18,000 oz Au*, c. 30% above feasibility plan for this stage of the operational mine life.

· The mine plan forecasts average monthly production of approximately 20,000 tonnes of ore, peaking during Q2 2020.

· Ore throughput to the mill during 2020 is expected to be c. 205,000 tonnes, which represents a 37% increase over the feasibility plan.

· Average grade of gold to be mined during the year is expected to be c. 2.5 g/t Au and gold recovery is expected to exceed 90%.

· Open-pit mining will be completed at the Arzu South pit by Q3 2020, and mining transitioned completely to the Arzu North and Derya areas.

Dr. Kerim Sener, Managing Director, commented:

"Our production guidance for 2020 follows a record-breaking quarterly operational update announced on 21 February 2020. During Q1 2020, the mine has continued to perform very well, with production now simultaneously occurring between both the Arzu South and Arzu North open pits. With the addition of lower grade ore and higher mining rates required from the satellite pits, such as Arzu North, we are expecting output to reach 18,000 oz in 2020. Importantly, this is a substantial increase over our feasibility forecasts for this stage of the operation.

"At the end of this month, repayments of the US$33 million JV capital loan to Turkiye Finans Katilim Bankasi A.S. will reach US$32.8 million or 99% of the loan balance. Completion of the loan repayments will allow the JV to develop several strategies to increase total production and life of mine. These strategies have included planning associated with expanding mill throughput, investigating opportunities for expansion of our open pits and examining preliminary planning and design work required for potential underground operations. Associated resource estimation and optimisation work has yielded encouraging results, which we will expand upon in due course.

"It is important for us to note recent market developments, notably the significant reduction in the price of oil, which will have a positive effect on our mining and processing costs. Meanwhile, the gold price has continued to remain at levels substantially higher than feasibility forecast. These, along with other positive trends including the declining value of the Turkish Lira, reinforce the economics of the Kiziltepe operation.

"Lastly, we are pleased to note that the mine is taking extensive precautions against Coronavirus (COVID-19), including staggered mess hours and increased medical checks. At this time, we are not anticipating disruption to our production schedule but if this situation changes then we will inform the Market."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

* Silver production guidance is not provided, as silver is treated as a by-product credit.

Summary of Project

The Kiziltepe operation is currently expected to deliver approximately an average of 20,000 oz gold equivalent per annum over eight years of initial mine life, for a total of up to 160,000 oz gold equivalent based on current resources. The operating company, Zenit Madencilik San. ve Tic. A.S. (50:50 JV between Ariana and Proccea) will continue to make repayments against its loan from Turkiye Finans Katilim Bankasi A.S. based on a contractual schedule. Construction capital loan repayments will have been completed by April 2020 and, during this time, excess cash-flow from the operation is being used to make proportional repayments of loans provided by Ariana and Proccea jointly to the JV for exploration and development respectively. After the repayment of all loans, profits from the operation will be shared on a 51:49 basis between Ariana and Proccea respectively.

Commercial production was initiated at Kiziltepe during July 2017 and formal quarterly production reporting commenced. The Company also completed a new resource estimate for the project based on recent drilling and geological interpretation. Detailed technical and economic assessments will be completed on several satellite vein systems which are not currently in the mining plan, in anticipation of these being developed in future years. The Company is currently targeting a minimum ten-year mine life, which will require the addition of a further 40,000 oz gold equivalent in reserves outside of the four main pits (Arzu South, Arzu North, Banu and Derya) that are currently scheduled to be mined. Management is confident that this can be achieved assuming the conversion of existing resources to reserves.

Contacts:

Editors' Note:

About Ariana Resources:

Ariana is an AIM-listed mineral exploration and development company operating in Europe. It has interests in gold production in Turkey and copper-gold assets in Cyprus. The Company is developing a portfolio of prospective licences in Turkey, which contain a total of 1.6 million ounces of gold and other metals (as at end-2017).

The Red Rabbit Project is comprised of the Company's flagship assets, the Kiziltepe and Tavsan gold projects, and is part of a 50:50 Joint Venture with Proccea Construction Co. Both assets are located in western Turkey, which hosts some of the largest operating gold mines in the country and remains highly prospective for new porphyry and epithermal deposits. The Kiziltepe Sector of the Red Rabbit Project is fully permitted and is currently in production. The total resource inventory at the Project and its wider area is c. 605,000 ounces of gold equivalent (as at end-2017). At Kiziltepe a Net Smelter Return ("NSR") royalty of up to 2.5% on production is payable to Franco-Nevada Corporation. At Tavsan an NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

The 100% owned Salinbas Gold Project is located in north-eastern Turkey and has a total resource inventory of c. 1 million ounces of gold equivalent. The project comprises three notable licence areas: Salinbas, Ardala and Hizarliyayla, all of which are located within a multi-million ounce Artvin Goldfield. The "Hot Gold Corridor" contains several significant gold-copper projects including the 4Moz Hot Maden project, which lies 16km to the south of Salinbas and 7km south of Hizarliyayla. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation on the Salinbas Gold Project.

Ariana is also earning-in to 50% of UK-registered Venus Minerals Ltd ("Venus"). Venus is focused on the exploration and development of copper-gold assets in Cyprus.

Panmure Gordon (UK) Limited are broker to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser.

For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com.

Ends.