Ariana Regulatory News (AAU)

17 March 2022

AIM: AAU

2022 JV PRODUCTION GUIDANCE

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold mining interests in Europe, is pleased to announce the production guidance for 2022 for its joint venture Kiziltepe Mine ("Kiziltepe" or "the Project"). Kiziltepe is owned by Zenit Madencilik San. ve Tic. A.S. ("Zenit") in partnership with Proccea Construction Co. and Ozaltin Holding A.S. and is 23.5% owned by Ariana.

Highlights:

· Gold production guidance for 2022 from Kiziltepe is expected to be c. 25,000 ounces of gold*, which is 2.5 times greater than the feasibility plan for this stage of mine life, and an increase from its 2021 production of 20,737 ounces of gold* for the year ending 2021.

· Ore throughput to the mill during 2022 is expected to be c. 400,000 tonnes, representing a year-on-year doubling of processing capacity.

· Processing plant expansion, completed in H2 2021, was funded via a loan to Zenit through Turkiye Garanti Bankasi A.S., of which c. US$1.4 million remains repayable in five equal quarterly instalments to June 2023.

· Average monthly ore production from the open pit is expected at approximately 21,000 tonnes of ore; a stockpile of over 330,000 tonnes, representing well over a year of production at the current mining rate, has already been built up on site.

· 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%, representing an improvement over 2021.

· Open-pit mining during 2022 will continue primarily at the Arzu North and Derya pits, in addition to a push-back and development of Arzu South and further mining at Kepez.

Dr. Kerim Sener, Managing Director, commented:

"Another very successful year of production at Kiziltepe was wrapped up in 2021, which included the completion of the processing plant expansion. This was a critical development for Kiziltepe, enabling overall production by year-end to exceed guidance for the fifth year running, despite the expected reduction in throughput grade. With the new SAG mill operating as planned and the other enhancements at the processing plant performing well, we are expecting that throughput this year will break new records and ensure our guidance of 25,000 ounces of gold is met.

"Having commenced gold production in 2017, Kiziltepe serves as an excellent indicator of Ariana's potential across its other projects in Turkey, notably benefiting from the enhanced joint venture. In parallel with the developments being made at Kiziltepe, Zenit Madencilik has been augmenting its team to enable operations to be conducted simultaneously across the Kiziltepe, Tavsan and Salinbas projects. Zenit remains substantially debt free, having fully repaid its loans to Turkiye Finans Katilim Bankasi A.S., and is funding its current development plans through free cash-flow. Meanwhile, our partners, Ozaltin Holding A.S. and Proccea Construction Co., continue to focus efforts on advancing the development of Tavsan, as our second mine, as well as further exploration and development of Salinbas.

"In only the last few years, Ariana has grown considerably. Outside of Turkey, where we have a revenue-generating asset in Kiziltepe, multiple near-term production projects and a highly prospective exploration and development portfolio, we have expanded our interests across multiple jurisdictions. In Eastern Europe, progress is being made by Venus Minerals in Cyprus and by Western Tethyan Resources in Kosovo. Throughout 2022, we will also continue to investigate and evaluate new potential investment opportunities through the Asgard Metals Fund that the Board believes will generate significant value to the Company in the long term.

"These activities not only diversify risk for Ariana shareholders during prevailing market uncertainty, but also increase our exposure to high-value potential assets across the globe, in line with Ariana's longer-term ambitions. Reflecting on our achievements of the past few years and considering the outlook for Ariana for 2022, we are confident we are on the right path to benefit the Company and its shareholders in the years to come."

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. All figures are stated gross to Zenit unless otherwise stated.

Summary of Project

The Kiziltepe gold-silver mine was expected to deliver an average of approximately 20,000 oz gold per annum over eight years of initial mine life from 2017 to 2024. Expansion of the Reserves to 175,000 ounces of gold is enabling the mine life to be further extended. The operating company, Zenit Madencilik San. ve Tic. A.S., is a JV between Ariana (23.5%), Proccea (23.5%) and Ozaltin (53%). Management control of the JV lies with Proccea. Commercial production was initiated at Kiziltepe during July 2017 and has continued without interruption to the present, with production consistently being delivered above plan.

The latest Resource and Reserve estimate for Kiziltepe was based on recent drilling and geological interpretation in February 2022. Detailed technical and economic assessments are underway on several satellite vein systems which are not currently in the mining plan, in anticipation of these being developed in future years. The Kiziltepe operation is currently targeting a minimum ten-year mine life (to 2026), which will require the addition of a further 25,000 oz gold in reserves outside of the five main pits (Arzu South, Arzu North, Banu, Derya and Kepez) that are currently scheduled to be mined. The joint venture 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 with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo.

The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in Turkey which contains a depleted total of c. 2.1 million ounces of gold and other metals (as at February 2021). The joint venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects.

The Kiziltepe Gold-Silver Mine is located in western Turkey and contains a depleted JORC Measured, Indicated and Inferred Resource of 222,000 ounces gold and 3.8 million ounces silver (as at February 2021). The mine has been in profitable production since 2017 and is expected to produce at a rate of c.20,000 ounces of gold per annum to at least the mid-2020s. A Net Smelter Return ("NSR") royalty of 2.5% on production is being paid to Franco-Nevada Corporation.

The Tavsan Gold Project is located in western Turkey and contains a JORC Measured, Indicated and Inferred Resource of 253,000 ounces gold and 0.7 million ounces silver (as at June 2020). The project is being progressed through permitting and an Environmental Impact Assessment, with the intention of developing the site to become the second joint venture gold mining operation. A NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

The Salinbas Gold Project is located in north-eastern Turkey and contains a JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold (as at July 2020). It is located within the multi-million ounce Artvin Goldfield, which contains the "Hot Gold Corridor" comprising several significant gold-copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.

Ariana owns 100% of Australia-registered Asgard Metals Fund ("Asgard"), as part of the Company's proprietary Project Catalyst Strategy. The Fund is focused on investments in high-value potential, discovery-stage mineral exploration companies located across the Eastern Hemisphere and within easy reach of Ariana's operational hubs in Australia, Turkey and the UK.

Ariana owns 75% of UK-registered Western Tethyan Resources Ltd ("WTR"), which operates across Eastern Europe and is based in Pristina, Republic of Kosovo. The company is targeting its exploration on major copper-gold deposits across the porphyry-epithermal transition.

Ariana owns 50% of UK-registered Venus Minerals Ltd ("Venus") which is focused on the exploration and development of copper-gold assets in Cyprus which contain a combined JORC Indicated and Inferred Resource of 16.6Mt @ 0.45% to 1.10% copper (excluding additional gold, silver and zinc).

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

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

Glossary of Technical Terms:

"Au" chemical symbol for gold;

"g/t" grams per tonne;

"JORC" the Joint Ore Reserves Committee;

"oz" Troy ounces;

Ends.