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Final Results For The Year Ended 31 December 2022

6 Jun 2023 07:00

RNS Number : 7026B
Ariana Resources PLC
06 June 2023
 

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

 

06 June 2023

AIM: AAU

FINAL AUDITED RESULTS FOR THE YEAR ENDED 31 DECEMBER 2022

NOTICE OF ANNUAL GENERAL MEETING ("AGM")

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold mining interests in Europe, announces its final audited results for the year ended 31 December 2022.

 

The Report and Accounts will be posted to shareholders as applicable and are available on the Company's website.

 

In accordance with Rule 20 of the AIM Rules, Ariana Resources confirms that the annual report and accounts for the year ended 31 December 2022 and notice of the Annual General Meeting ("AGM") and related proxy form will be available to view on the Company's website on 06 June 2023 and will be posted to shareholders. The AGM will be held on 29 June 2023, at 10.30 a.m. at East India Club, 16 St James's Square, London, SW1Y 4LH.

 

Chairman's Statement

 

In looking forward to the next financial year and beyond, it is worth highlighting Ariana's transformation over the past 20 years from a grassroots gold explorer to an international multi-commodity, multi-region explorer and developer, funded via successful mining operations. Over this period, and specifically since achieving profitability in 2016, we have created a self-sustaining, cash positive, debt free business model, which allows us to leverage our strengths to grow our business.

 

This reshaping of our business is occurring against a tipping point in the world economy. Multiple factors are contributing to a 'perfect storm' in demand for precious and technology metals. The key factors are the banking crisis, the Ukraine war, the demand for metals for the de-carbonisation of energy, and the ever increasing gap between the rate of discovery and demand for mineral resources in general. Against this backdrop, central bank purchases of gold are at their highest for 50 years; in 2022 central bank gold reserves increased by 1,136 tonnes, whilst their foreign reserves decreased by US$ 950 billion. A clear message can be discerned in these changes. Unlike fiat currencies created by central bank printing, gold is a fundamentally different and immutable store of value, with no counterparty risk and finite supply. Unsurprisingly, gold spot prices have recently topped US$2,000 per ounce three times in recent years. At the recent Mining Indaba in Cape Town several contributors noted that 'animal spirits' have consequently returned to the precious metals mining industry.

 

Adding fuel to this situation, international consultancy McKinsey warned recently that: "We need to double the exploration effort if we are to avert the looming reserve crisis." McKinsey also noted that the industry needs to invest in people and to "get serious about science". These two guiding principles have been fundamental since our inception and we are confident that our investors continue to be beneficiaries of our wholehearted emphasis on our team and the use of cutting-edge technologies. Furthermore, McKinsey stated that "geology comes first", noting that this concept had gone somewhat out of fashion, leading to failed projects and loss of investor confidence. Ariana has always been driven by geology from the top down; we have always understood that geological expertise in exploration, resource targeting, definition and estimation is the difference between success and failure. Given the looming crisis in the world's mineral reserves, it is vital that companies like Ariana continue to spearhead the discovery of precious and technology metals within our framework of technology leadership, environmentally responsible conduct and robust governance.

 

A measure of a successful company is the way in which it meets such market needs. Hence our clear focus on precious and technology metals to meet the challenges presented by this financial backdrop, the energy revolution and the chronic exploration deficit. We also recognise that investor needs must be addressed in terms of profitability, opportunity growth, sustainability, robust governance and risk management. We aim to ensure our exploration and production costs are industry leading, our project pipeline is growing, we remain profitable with competent governance, and we mitigate risks by diversifying across commodities and regions. Since 2021 we have been able to pay £7.74m dividends to shareholders, which is an extraordinary milestone for any exploration company.

 

Shareholder value has been enhanced by sourcing the majority of our development finance through joint venture partner investment. Company management has also been enhanced through these collaborative relationships significantly complementing Ariana's in house experience. A valuable by-product of being an exploration company since our inception is that we had to implement effective remote working from the field and dispersed project offices decades ago. As this working method was part of our doctrine from the outset, we were able to thrive for the duration of the recent pandemic, which proved disruptive to so many other businesses. This continues to be a valuable approach to growing an accessible pool of new talent for our industry.

 

Against a shifting and challenging macroeconomic background, we believe every crisis is an opportunity. We also believe we have pivoted Ariana to leverage our competitive advantages over a wider commodity range and geographical reach. A key differentiator is that Ariana is a technology-led and data-driven business, enabling us to achieve industry leading discovery and production costs. Approaching business decision-making with a doctrine of quality data at the centre of every investment has ultimately resulted in a diversified growth path with unique projects in our portfolio. These significant strategic developments have now positioned us even more powerfully as an innovative and agile explorer and developer, able to optimise the opportunities of rising global demand for precious and technology metals.

 

Our investments in cutting-edge technologies and processes, combined with highly skilled staff, are critical to Ariana's success. Indeed, we have chosen to continue investing further in these areas and in addition to our own internal competency, we seek to encourage those of the next generation of industry leaders. Our strong links with several universities and our sponsorship of research programmes, notably at the University of Western Australia, also ensures we remain at the forefront of advanced geological research. Additionally, we have regularly sponsored student summer internships, with almost half our geoscientific team having been derived from such programmes.

 

Added to these developments it is important to highlight the progress in many other project areas over the past year. All these project areas are managed within the framework of our commitment to socially conscious and environmentally responsible development. We are focusing our efforts within countries committed to using green energy and we use solar and geothermal energy systems in our own offices. Our own carbon emissions are less than half the global average for our industry. We are involved in extensive re-forestation programmes in all our operational areas, including the voluntary planting of new trees and re-wilding programmes through charitable organisations. We are actively involved with local communities, especially supporting local educational institutions.

 

In western Türkiye at the Kiziltepe gold mine we have seen a record year, with 50% more gold produced to date than planned in the Feasibility Study. This mine is operated by Zenit Madencilik, a partnership in which Ariana has a 23.5% stake with partners Proccea Construction Co. and Ozaltin Holding A.S. Production at Kiziltepe has consistently beaten guidance since 2017, with annual production up to 28,000 ounces of gold per annum and a total revenue of US$235 million to the end of December 2022. Also in western Türkiye, Zenit Madencilik is currently constructing its second gold mine at Tavşan, which contains a JORC Resource of 307,000 ounces of gold. The construction is currently being financed by Zenit without the encumbrance of bank debt. Post-period end construction had been temporarily suspended owing to a local court ruling, although we are expecting construction operations to recommence later this year.

 

In eastern Türkiye at our Salinbas/Ardala project we are highly encouraged by the progress of our recent extensive drilling programme. The 1.5Moz gold Salinbas/Ardala system is a porphyry and epithermal deposit containing gold, silver, copper and molybdenum. This project is situated in the highly prospective Artvin Goldfield, containing the 4Moz Hot Maden project 16 km to the south. Last year we separately initiated Project Leopard across eastern Türkiye. The project aims to expand our reach into new search spaces across three under-explored yet highly prospective volcanic arcs in a region estimated to contain 40Moz gold. For this project Ariana has deployed its Project Generation Division, with our in-house specialists in remote sensing, geophysics and geochemistry. This gives us high quality, rapid and cost-effective results, as none of these processes are outsourced to consultants. Our ability to deploy these expert in-house teams allows us to deliver results faster, better and cheaper than many of our peers; our US$11 per ounce discovery cost is proof of this excellence. We have great expectations for this team which was responsible for identifying the potential of the Gulluce licence area.

 

In Cyprus, Ariana is working with Venus Minerals to develop near term and advanced copper-gold projects. Ariana has a 58%* stake in Venus Minerals and we are working with our partners Semarang Enterprises on an IPO for Venus. Our Magellan Project contains some 17 million tonnes at 0.45-1.10% copper with associated gold. Our investment in Venus is significant given the scale of the impending world copper supply deficit against rising demand for copper used in alternative energy production. Elsewhere in south-eastern Europe, we have entered into a five-year exploration partnership with Newmont Corporation targeting Tier 1 copper-gold resources. We established Western Tethyan Resources (WTR) which is 75% held by Ariana, with the remainder held by an expert board with regional specialisation. Newmont invested US$2.5 million in Ariana to develop the WTR initiative and provided joint-ownership of the Eastern Europe Newmont exploration database.

 

On a broader geographic scale Ariana's wholly-owned subsidiary, Asgard Metals is focused on investments in discovery-stage opportunities. We use our well-defined selection process to identify high prospectivity projects in low cost/risk jurisdictions, where there are sound environmental policies. This approach has worked successfully for Ariana, as it has delivered a 100 times value increase in some of our prior investments. Our current work with Panther Metals Ltd is an example of the way Asgard is operating. Working in parallel with the Panther team we have supported the discovery of a major nickel-cobalt project at Coglia in Western Australia. These developments highlight our focus on what we consider to be the sweet spot for Ariana's growth. This is the inflexion point between greenfield discovery and development, where we can act as a project catalyst by bringing to bear our geological expertise and cutting-edge technologies.

 

Ariana has travelled a long way from its foundation over 20 years ago. The team has put in the hard yards to win the respect of its major shareholders, industry partners, academic institutions, technology suppliers, government organisations and local communities. Alongside our geological expertise, each one of these relationships has been critical to Ariana's success. From the springboard of our technologies and our team we are confident we are now ready to drive further and faster towards the discovery of significant Tier 1 resources across an international stage.

 

The Board looks forward to welcoming shareholders at our next Annual General Meeting where we will conduct the formal business of the meeting outlined in the Notice of Meeting. I would like to encourage shareholders to exercise their proxy votes in favour of these resolutions even if you are planning to attend the meeting.

 

Last but not least, I would like to sign off by thanking our excellent team and stakeholders and in particular those new to the Ariana family, all of whom have contributed to the Ariana success story.

 

* Post-period end.

 

Michael de Villiers

Chairman

05 June 2023

 

Financial Review

 

The Consolidated Statement of Comprehensive Income sets out our very satisfactory results for the year, reflecting the success of the group on a number of fronts. Overall the Group has recorded a profit before tax for the year to December 2022 of £5.0m. This was £2.7m less than 2021, albeit that year benefited from the profit of £6.4m on the part disposal of our Turkish interests. Administrative costs increased only marginally on the prior year, though as explained in note 4a, we have benefited from an exchange gain of £2.8m arising on our US dollar cash balances this year, resulting in a reduction to £0.6m as reported in the Statement. Otherwise the principal driver of our performance has been the increase in our net share of the profit and losses of our Associated investments, which increased by £1.5m over the prior year. Once again the decline in value of the Turkish Lira has meant that we are showing an accounting loss through Other Comprehensive Income primarily on the translation of our opening balances of our overseas subsidiaries at closing rates of exchange. These losses are not realised unless we divest ourselves of such assets.

 

The Consolidated Statement of Financial Position reflects the increase in the value of our share of our Associates, up from £11.4m to £15.3m in 2022, as set out in note 6. The main change was in the value of Zenit, in part reflecting the fact there was no dividend received this year, as funds were directed at developing Tavşan. Another major change this year is the decline in cash balances from £16.4m to £9.4m, comprising dividends paid by the Company to shareholders amounting to £4m during the year as part of the special dividend arising on last year's part disposal of our interests, and also an increase in tax payable in Turkey of £1.9m due to corporation tax changing to becoming payable in advance there. A final point worthy of note is the transfer of £7.2m from the Capital Reduction Reserve to boost Retained Earnings, and facilitate dividend payments in future years.

 

Overall the Group has made great progress and the financial results reflect that performance, and our strong financial position gives us the platform to continue our development at pace.

 

Outlook

 

2022 marked the 20th anniversary of the foundation of the Company. We enjoyed the opportunity to celebrate this significant event with our long-term and supportive shareholders, advisors, friends and relatives in London in July. Subsequently, in Türkiye, we were also able to formally open our own dedicated Head Office in Ankara, surrounded by our fantastic team.

 

Operationally with Zenit, the Company had its most successful year to date, achieving record gold production and revenue from its Turkish mine, coupled with the most drilling ever completed across three simultaneous campaigns at Kiziltepe, Tavşan and Salinbas. The year also marked the commencement of construction at the Tavşan mine site in July, which will lead to the development of Zenit's second gold mining operation in Türkiye.

 

Following the strategic investment of US$2.5 million into the Company by Newmont Mining Corporation in March, we were pleased to see the grant of the first four exploration licences in Kosovo, coupled post-period end with the grant of the first Project Leopard exploration licences in Eastern Türkiye. These events mark the commencement of new grassroots exploration for major copper-gold systems across the Tethyan Metallogenic Belt, in poorly explored areas known to host multi-million ounce gold deposits. This represents one of the core strands of our strategy; to pick up good ground cost-effectively and to build value incrementally and organically within the Company over time. 

 

In Australia, our nascent discovery fund, Asgard Metals, achieved a number of milestones of its own. In addition to completing three substantial investments, it also established a trading account through which it may participate in corporate offers or trade securities on the ASX market. Meanwhile, our technical team has contributed to the exploration programmes of our investee companies across a variety of jurisdictions, but perhaps most notably in Western Australia, where a substantial nickel-cobalt JORC Resource Estimate of 70.6Mt at 0.7% Ni + 460ppm Co was established for Panther Metals Limited. 

 

Of course, not everything can go our way or in the manner originally intended. Notably our intention to list Venus Minerals on AIM did not happen as planned during the year. While we had made arrangements for an IPO in June, the markets took a turn for the worse and we decided to postpone the launch. Poor market conditions have unfortunately prevailed for the remainder of the year and have only continued to deteriorate during 2023. However, this did not phase us, as it enabled the opportunity to increase our holding in Venus, making it a subsidiary, and we look forward to continuing to incubate and advance its Cypriot copper-gold portfolio accordingly. 

 

Lastly, we were very pleased to pay the last tranche of our Special Dividend to shareholders in October, thus completing on a process which we had initiated in late 2019. Accordingly, we have come to view this moment as the closure of the first chapter in the life of Ariana, having successfully brought our most advanced projects in Türkiye to the point of providing very meaningful returns to our shareholders. We are now on the hunt for new projects on the international stage which may be developed in similar ways, to ensure that further returns may continue to be paid well in the future. 

 

We are resolutely focused on upscaling the Company by pursuing bold objectives. In particular we are keen to advance on larger projects capable of supporting the Company on its journey towards becoming a mid-tier mine developer. As part of this process, we are going to pursue support from investors from further afield and will be marketing the Company accordingly. In parallel with this we are undertaking several project and jurisdictional reviews with the aim of securing a significant new flagship asset around which the future of the Company may continue to be built.

 

Over the years we have developed a unique skill-set, rarely seen in a company of our size. We have the capacity to undertake exploration and development projects from the grassroots stage all the way through to mine development and production. Our in-house team comprises individuals with backgrounds in every geoscientific discipline relevant to mineral exploration and mine development, with the expertise to take projects through to Feasibility Study level. We recognise this as being where the true value of the Company lies. We will be drawing on these skills to draw the maximum value out of the opportunities already available to us but also to create new opportunities capable of catapulting the Company into the next decade and towards a higher level of market recognition.

 

We invite shareholders to join us on the next chapter of our journey and welcome their ongoing support.

 

Dr Kerim Sener

Managing Director

05 June 2023

 

 

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2022

 

Continuing operations

Note

2022

£'000

2021

£'000

Administrative costs (net of exchange gains)

4a

(555)

(2,917)

General exploration expenditure

(181)

(67)

Operating loss

4b

(736)

(2,984)

Profit on restructuring of group activities

5

-

6,423

Share of profit of associate accounted for using the equity method

6c

6,010

4,260

Share of loss of associate accounted for using the equity method

6b

(551)

(213)

Other income

159

-

Investment income

135

202

Profit before tax

 

5,017

7,688

Taxation

8

(987)

(3,832)

Profit for the year from continuing operations

 

4,030

3,856

Earnings per share (pence) attributable to equity holders of the company

Basic and diluted

10

0.36

0.36

 

Other comprehensive income

Items that are or may be reclassified subsequently to profit or loss:

Exchange differences on translating foreign operations

(3,504)

(2,948)

Other comprehensive loss for the year net of income tax

 

(3,504)

(2,948)

Total comprehensive profit for the year

 

526

908

 

The accompanying notes form part of these financial statements.

 

 

Consolidated Statement of Financial Position

For the year ended 31 December 2022

 

Note

2022

£'000

2021

£'000

Assets

Non-current assets

Trade and other receivables

16

414

815

Financial assets at fair value through profit or loss

13

639

461

Intangible assets

11

130

149

Land, property, plant and equipment

12

461

238

Investment in associates accounted for using the equity method

6

15,317

11,402

Exploration expenditure

14a

199

-

Earn-In advances

14b

87

-

Total non-current assets

17,247

13,065

Current assets

Trade and other receivables

17

1,280

1,136

Cash and cash equivalents

9,375

16,389

Total current assets

10,655

17,525

Total assets

 

27,902

30,590

Equity

 

 

 

Called up share capital

19

1,147

1,097

Share premium

19

2,207

305

Capital reduction reserve

19

-

7,222

Other reserves

720

720

Share based payments

19

-

173

Translation reserve

(11,682)

(8,178)

Retained earnings

34,666

27,160

Total equity attributable to equity holders of the parent

27,058

28,499

Non-controlling interest

30

30

Total equity

 

27,088

28,529

Liabilities

 

 

 

Current liabilities

Trade and other payables

18

814

2,061

Total current liabilities

814

2,061

Total equity and liabilities

 

27,902

30,590

 

The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2023.

They were signed on its behalf by:

 

M J de Villiers

Chairman

 

A.K.Sener

Managing Director

 

Registered number: 05403426

The accompanying notes form part of these financial statements.

 

 

Company Statement of Financial Position

For the year ended 31 December 2022

 

Note

2022

£'000

2021

£'000

Assets

Non-current assets

Trade and other receivables

16

3,850

5,942

Investments in group undertakings

15

377

377

Investment in associate accounted for using the equity method

6

2,612

2,612

Total non-current assets

6,839

8,931

Current assets

Trade and other receivables

17

540

132

Cash and cash equivalents

-

-

Total current assets

540

132

Total assets

 

7,379

9,063

Equity

 

 

 

Called up share capital

19

1,147

1,097

Share premium

19

2,207

305

Capital reduction reserve

19

-

7,222

Share based payments reserve

19

-

173

Retained earnings

3,886

34

Total equity

 

7,240

8,831

Liabilities

Current liabilities

Trade and other payables

18

139

232

Total current liabilities

139

232

Total equity and liabilities

 

7,379

9,063

 

 

The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2023.

They were signed on its behalf by:

 

M J de Villiers

Chairman

 

A.K.Sener

Managing Director

 

Registered number: 05403426

The accompanying notes form part of these financial statements.

Consolidated Statement of Changes in Equity

For the year ended 31 December 2022

 

Share

capital

£'000

Share

premium

£'000

Other

reserves

£'000

Share

based

payments

reserve

£'000

Capital

reduction

reserve

£'000

Translation reserve

£'000

Retained

earnings

£'000

Total attributable to equity holders of parent

£'000

Non-

controlling

interest

£'000

Total

£'000

Changes in equity to

31 December 2021

Balance at1 January 2021

6.070

12,053

720

307

-

(9,617)

17,164

26,697

-

26,697

Profit for the year

-

-

-

-

-

-

3,856

3,856

-

3,856

Othercomprehensive income

-

-

-

-

-

(2,948)

-

(2,948)

-

(2,948)

Totalcomprehensive income

-

-

-

-

-

(2,948)

3,856

908

-

908

Issue of ordinary shares

22

305

-

-

-

-

-

327

-

327

Court order -reduction in capital

(4,995)

(12,053)

-

-

7,222

-

9,826

-

-

-

Dividend paidto shareholders

-

-

-

-

-

-

(3,820)

(3,820)

-

(3,820)

Recycle oftranslation losses

-

-

-

-

-

4,387

-

4,387

-

4,387

Transactionsbetween shareholders

-

-

-

-

-

-

-

-

30

30

Transfer between reserves

-

-

-

(134)

-

-

134

-

-

-

Transactionswith owners

(4,973)

(11,748)

-

(134)

7,222

4,387

6,140

894

30

924

Balance at31 December 2021

1,097

305

720

173

7,222

(8,178)

27,160

28,499

30

28,529

Changes in equity to

31 December 2022

 

 

 

 

 

 

 

 

 

 

Profit for the year

-

-

-

-

-

-

4,030

4,030

-

4,030

Othercomprehensive income

-

-

-

-

-

(3,504)

-

(3,504)

-

(3,504)

Totalcomprehensive income

-

-

-

-

-

(3,504)

4,030

526

-

526

Issue of ordinary shares

50

1,902

-

-

-

-

-

1,952

-

1,952

Dividend paidto shareholders

-

-

-

-

-

-

(3,919)

(3,919)

-

(3,919)

Transfer betweenreserves

-

-

-

(173)

(7,222)

-

7,395

-

-

-

Transactionswith owners

50

1,902

-

(173)

(7,222)

-

3,476

(1,967)

-

(1,967)

Balance at31 December 2022

1,147

2,207

720

-

-

(11,682)

34,666

27,058

30

27,088

 

The accompanying notes form part of these financial statements

 

Company Statement of Changes in Equity

For the year ended 31 December 2022

 

Share

capital

£'000

Share

premium

£'000

Capital

reduction

Reserve

£'000

Share

based

payments

reserve

£'000

Retained

earnings

£'000

Total

£'000

Changes in equity to

31 December 2021

Balance at 1 January 2021

6,070

12,053

-

307

(9,826)

8,604

Profit for the year

-

-

-

-

3,720

3,720

Other comprehensive income

-

-

-

-

-

-

Total comprehensive income

-

-

-

-

3.720

3,720

Issue of ordinary shares

22

305

-

-

-

327

Court order - reduction in capital

(4,995)

(12,053)

7,222

-

9,826

-

Dividend paid to shareholders

-

-

-

-

(3,820)

(3,820)

Transfer between reserves

-

-

-

(134)

134

-

Transactions with owners

(4,973)

(11,748)

7,222

(134)

6,140

 (3,493)

Balance at 31 December 2021

1,097

305

7,222

173

34

8,831

Changes in equity to

31 December 2022

Profit for the year

-

-

-

-

376

376

Other comprehensive income

-

-

-

-

-

-

Total comprehensive income

-

-

-

-

376

376

Issue of ordinary shares

50

1,902

-

-

-

1,952

Dividend paid to shareholders

-

-

-

-

(3,919)

(3,919)

Transfer between reserves

-

-

(7,222)

(173)

7,395

-

Transactions with owners

50

1,902

(7,222)

(173)

3,476

(1,967)

Balance at 31 December 2022

1,147

2,207

-

-

3,886

7,240

 

The accompanying notes form part of these financial statements.

 

Consolidated Statement of Cash Flows

For the year ended 31 December 2022

 

2022

£'000

2021

£'000

Cash flows from operating activities

Profit for the year

4,030

3,856

Adjustments for:

Profit on restructuring of group activities

-

(6,423)

Depreciation of non-current assets

93

44

Share of profit in equity accounted associate

(6,010)

(4,260)

Share of loss in equity accounted associate

551

213

Investment income

(135)

(202)

Income tax expense

987

3,832

(484)

(2,940)

Movement in working capital

(increase)/decrease in trade and other receivables

(361)

62

(Decrease)/increase in trade and other payables

46

(271)

Cash (outflow)/inflow from operating activities

(799)

(3,149)

Taxation paid

(1,882)

(2,923)

Net cash (used in)/generated from operating activities

(2,681)

(6,072)

Cash flows from investing activities

 

 

Earn-In Advances

(87)

(1,406)

Purchase of land, property, plant and equipment

(333)

(241)

Payments for intangible and exploration assets

(199)

-

Proceeds from restructuring of group activities

-

28,951

Purchase of associate investment

-

(4,139)

Purchase of financial assets at fair value through profit or loss

(155)

(461)

Loan granted to associate

(500)

-

Dividends from associate

-

705

Investment income

135

202

Net cash generated from/ (used in) investing activities

(1,139)

23,611

Cash flows from financing activities

 

 

Issue of share capital

1,952

326

Proceeds from non-controlling interest

-

30

Payment of shareholder dividend (excluding uncashed)

(4,022)

(3,689)

Net cash (used in)/generated from financing activities

(2,070)

(3,333)

Net (decrease)/increase in cash and cash equivalents

(5,890)

14,206

Cash and cash equivalents at beginning of year

16,389

2,978

Exchange adjustment on cash and cash equivalents

(1,124)

(795)

Cash and cash equivalents at end of year

9,375

16,389

 

The accompanying notes form part of these financial statements.

 

 

Selected Notes to the Consolidated Financial Statements for the year ended 31 December 2022

 

1. General Information

 

Ariana Resources PLC (the "Company") is a public limited company incorporated, domiciled and registered in the UK. The registered number is 05403426 and the registered address is 2nd Floor, Regis House, 45 King William Street, London, EC4R 9AN.

 

The Company's shares are listed on the Alternative Investment Market of the London Stock Exchange. The principal activities of the Company and its subsidiaries (together the "Group") are related to the exploration for and development of gold and technology-metals, principally in south-eastern Europe.

 

The consolidated financial statements are presented in Pounds Sterling (£), which is the parent company's functional and presentation currency, and all values are rounded to the nearest thousand except where otherwise indicated. The financial information has been prepared on the historical cost basis modified to include revaluation to fair value of certain financial instruments and the recognition of net assets acquired including contingent liabilities assumed through business combinations at their fair value on the acquisition date modified by the revaluation of certain items, as stated in the accounting policies.

 

Basis of Preparation

The Group financial statements have been prepared and approved by the Directors in accordance with UK-adopted International Accounting Standards and effective for the Group's reporting for the year ended 31 December 2022.

 

The separate financial statements of the Company are presented as required by the Companies Act 2006. As permitted by that Act, the separate financial statements have been prepared in accordance with UK-adopted International Accounting Standards. These financial statements have been prepared under the historical cost convention (except for financial assets at FVOCI) and the accounting policies have been applied consistently throughout the period.

 

Going Concern

These financial statements have been prepared on the going concern basis.

 

The Directors are mindful that there is an ongoing need to monitor overheads and costs associated with delivering on its strategy and certain exploration programmes being undertaken across its portfolio. The Group is not expecting to raise additional capital at this time, but may do so to support its strategy and specific activities on occasion. The Group has no bank facilities and has been meeting its working capital requirements from cash resources. At the year end the Group had cash and cash equivalents amounting to £9.375 million (2021: £16.389 million).

 

The Directors have prepared cash flow forecasts for the Group for the period to 30 September 2024 based on their assessment of the prospects of the Group's operations. The cash flow forecasts include expected future cash flows from our equity accounted associates along with the normal operating costs for the Group over the period together with the discretionary and non-discretionary exploration and development expenditure.

 

The forecasts indicate that on the basis of existing cash and other resources, and expected future dividend payments from Zenit, the Group will have adequate resources to meet all its expected obligations in delivering its work programme for the forthcoming year.

 

In preparing these financial statements the Directors have given consideration to the above matters and on this basis they believe that it remains appropriate to prepare the financial statements on a going concern basis.

 

4. Administrative costs & Operating loss

 

4a. Administrative costs amounting to £555,000 are stated after exceptional exchange gains amounting to £2.8m, these primarily arising in the group's wholly owned subsidiary Galata Mineral Madencilik San. ve Tic. A.S. ("Galata"), mainly due to the strengthening of the US dollar against the Turkish Lira. On retranslation into Galata's functional currency, US dollar denominated assets held by Galata, including bank and trade receivables, resulted in an uplift to those Lira asset valuations and a corresponding exchange gain for the year to 31 December 2022.

 

4b. The operating loss is stated after charging/(crediting):

2022

£'000

2021

£'000

Depreciation and amortisation - owned assets

93

44

Office lease rentals

8

12

Exceptional exchange (gain) in Türkiye

(2,821)

-

Net foreign exchange losses/(gains)

156

(75)

Fees payable to the Company's auditor for the audit of the Group's and Company's annual accounts

50

50

Fees payable to the Company's auditor for other services:

- The audit of the Company's subsidiaries

25

25

 

 

5. Profit on restructuring of group activities

 

During the prior year, the Group concluded its restructuring programme. This comprised the part-disposal of its interest in Zenit Madencilik San. ve Tic. A.S. ("Zenit") and Pontid Madencilik San. ve Tic. A.S. ("Pontid") to Ozaltin Insaat, Ticaret and Sanayi A.S. ("Ozaltin") and Proccea Construction Co ("Proccea") for a total consideration of US$35.75m. Under the terms of the Pontid sale agreement and during the year, Ozaltin completed its equity commitment to invest a further US$8m in the development of the Salinbaş project. A further US$2m is to be paid in instalments to the Group by Zenit following the transfer of the three remaining satellite projects held by the Group's wholly owned subsidiary, Galata Mineral Madencilik San. ve Tic. A.S.

 

2022

£'000

2021

£'000

Disposal proceeds receivable (net of group transactions)

Less:-

-

26,976

Cost of Investment and other incidental costs incurred on disposal

-

(4,684)

Reversal of fair value transactions associated with the Salinbaş acquisition

-

(9,466)

Increase in valuation of associate following acquisition

-

2,197

Reduction in valuation of JV following part disposal (excluding translation losses)

-

(4,234)

Recycled translation losses

-

(4,386)

Profit on restructuring of Group's activities

-

6,423

 

6. Equity accounted Investments

 

The Group and Company's investments comprise the following: -

 

Associates and joint ventures companies

Note

Group

2022

£'000

Company

2022

£'000

Group

2021

£'000

Company

2021

£'000

Associate Interest in Pontid Madencilik San. ve Tic. A.S. ("Pontid")

6a

4,139

-

4,139

-

Associate Interest in Venus Minerals Ltd ("Venus")

6b

1,848

2,612

2,399

2,612

Associate Interest in Zenit Madencilik San. ve Tic. A.S. ("Zenit")

6c

9,330

-

4,864

-

Carrying amount of investment at 31 December

 

15,317

2,612

11,402

2,612

 

6a Associate Interest in Pontid.

 

Following the disposal in the prior year by Greater Pontides Exploration B.V. (holding company) of its entire interest in Pontid Madencilik San. ve Tic. A.S. ("Pontid") to Ozaltin Holding A.S and Proccea Construction Co., the Group reinvested US$5.75m for a 23.5% shareholding in Pontid. This investment is currently valued at £4.139m and represents the Group's share of Pontid's net assets and goodwill paid on acquisition. Since the date of acquisition, Pontid continues to benefit from new capital funding into its Salinbaş project.

 

Financial information based on Pontid's translated financial statements, and reconciliations with the carrying amount of the investment in the consolidated financial statements are set out below

 

Statement of financial position

As at 31 December 2022

2022

£'000

2021

£'000

Assets

Non-current assets

Other receivables

14

10

Intangible exploration assets

2,006

1,120

Land, property, plant and machinery

69

96

Total non-current assets

2,089

1,226

Current assets

 

Trade and other receivables

337

86

Cash and cash equivalents

4,377

5,230

Total current assets

4.714

5,316

Total assets

6,803

6,542

Current liabilities

 

 

Other payables

131

229

Total current liabilities

131

229

Equity

6,672

6,313

Proportion of the Group's ownership

23.5%

23.5%

Share of net assets per above analysis

1,568

1,483

Goodwill on acquisition and share of interest post acquisition

2,571

2,656

Carrying amount of investment in Pontid

4,139

4,139

 

6b Share of loss of associate interest in Venus Minerals Ltd

 

The Company and group acquired 50% of Venus Minerals Ltd through an earn-in agreement on 5 November 2021.

 

The Group accounts for its associate interest in Venus Minerals Ltd using the equity method in accordance with IAS 28 (revised). The results set out below includes the Group`s share of loss for the year to 31 December 2022.

 

Group

2022

£'000

Company

2022

£'000

Group

2021

£`000

Company

2021

£`000

Equity accounted

Associate interest

Equity accounted

Associate interest

Equity accounted

Associate interest

Equity accounted

Associate interest

At 1 January 2022

2,399

2,612

2,612

2,612

Share of loss since significant influence recognised by Group

(551)

-

(213)

-

At 31 December 2022

1,848

2,612

2,399

2,612

 

6c Share of profit of associate interest in Zenit

 

The Group accounts for its associate interest in Zenit using the equity method in accordance with IAS 28 (revised). In prior years Zenit was also accounted for using the equity method of accounting, albeit the company was then classified as a joint venture, until part disposal by the Group in February 2021. At 31 December 2022 the Group has a 23.5% interest in Zenit, and profits from Zenit are shared in the ratio of 23.5% the Group, 23.5% Proccea and the remaining 53% interest to Ozaltin Holding A.S. 

 

Zenit was incorporated in, and has its principal place of business in Ankara, Türkiye.

 

Financial information based on Zenit's translated financial statements, and reconciliations with the carrying amount of the investment in the consolidated financial statements are set out below:

 

Statement of Comprehensive Income

For the year ended 31 December 2022

2022

£'000

2021

£'000

Revenue

47,489

32,784

Cost of sales

(26,244)

(14,586)

Gross Profit

21,245

18,198

Administrative expenses

(555)

(2,344)

Operating profit

20,690

15,854

Other income

-

124

Finance expenses including foreign exchange losses

(1,102)

(1,171)

Finance income including foreign exchange gains

4,728

5,213

Profit before tax

24,316

20,020

Taxation (credit) / charge

1,259

(1,890)

Profit for the year

25,575

18,130

Proportion of the Group's profit share

23.5%

23.5%

Group's share of profit for the year

6,010

4,260

 

6c Share of profit of interest in associate in Zenit

 

Statement of financial position

As at 31 December 2022

2022

£'000

2021

£'000

Assets

Non-current assets

Other receivables and deferred tax asset

6,287

295

Intangible exploration assets

50

70

Kiziltepe Gold Mine (including capitalised mining costs, land, property, plant, and equipment)

12,889

15,804

Tavşan construction in progress

4,709

-

Total non-current assets

23,935

16,169

Current assets

 

 

Trade and other receivables

281

650

Inventories

3,424

2,033

Other receivables, VAT and prepayments

5,345

2,521

Cash and cash equivalents

15,420

6,680

Total current assets

24,470

11,884

Total assets

48,405

28,053

Liabilities

 

 

Non-current liabilities

Borrowings

-

412

Deferred tax

-

367

Asset retirement obligation

582

616

Total non-current liabilities

582

1,395

Current liabilities

 

 

Borrowings

361

884

Trade payables

3,345

1,406

Other payables

4,415

3,671

Total current liabilities

8,121

5,961

Total liabilities

8,703

7,356

Equity

39,702

20,697

Proportion of the Group's ownership

23.5%

23.5%

Carrying amount of investment in associate

9,330

4,864

Movement in Equity - our share

 

Opening balance

4,864

11,213

Profit for the year

6,010

4,260

Part disposal of Interest

-

(5,943)

Translation and other reserves

(1,544)

(3,613)

Dividend receivable

-

(1,053)

Closing balance

9,330

4,864

 

9. Profit and distributable reserves of parent Company

 

(a) Profit of parent company

 

As permitted by Section 408 of the Companies Act 2006, the statement of comprehensive income of the parent Company is not presented as part of these financial statements. The parent Company's Profit for the financial year was £376,000 (2021: £3,720,000).

 

(b) Distributable reserves of parent company

 

The Company paid its first shareholder inaugural special dividend on 24 September 2021 amounting to £3,820,873. To facilitate this distribution the Company gained shareholder approval during February 2021 and applied to the High Court of Justice of England and Wales to reduce its share capital. This application was granted by the High Court during July 2021 and the share capital reduction scheme resulted in generating distributable reserves of £7.22m, as set out in the Company's Statement of Changes in Equity and note 19.

 

(c) Dividends

 

A second interim and third final part of the inaugural special dividend distribution was paid out of distributable reserves. The second interim payment on the 11th March 2022 of 0.175 pence per ordinary share amounted to £1,919,186; the third and final payment on the 21st September 2022 of 0.175 pence per ordinary share amounted to £2,000,010.

 

10. Earnings per share on continuing operations

 

The calculation of basic profit per share is based on the profit attributable to ordinary shareholders of £4,030,000 (2021: £3,856,000) divided by the weighted average number of shares in issue during the year being shares 1,133,043,081 (2021: 1,085,894,966). There is no material effect on the basic earnings per share for the dilution provided by the share options.

 

13. Financial assets at fair value through profit or loss

 

Group and Company

Group

2022

£'000

At 1 January 2022

461

Addition

155

Exchange movement

23

At 31 December 2022

639

Carrying value

 

At 31 December 2021

461

At 31 December 2022

639

 

During the year, the Group's wholly owned subsidiary, Asgard Metals Pty. Ltd., continued with its investment strategy, and further investments during the year amounted to £155,000. The market valuation of listed securities at the balance sheet date amounted to £202,000, compared to a carrying valuation of £217,000 (level 1 hierarchy). This immaterial fall in valuation amounting to £15,000 has not been reflected in the statement of comprehensive income.

 

Unlisted securities, where fair value cannot be reliably measured, continue to be valued at cost and amounted to £422,000 (level 3 hierarchy) at the balance sheet date.

 

16. Non-current other receivables

 

Group

Company

2022

£'000

 2021

£'000

2022

£'000

 2021

£'000

Amounts owed by Group undertakings

-

-

3,850

5,942

Amounts owed by associate interest

414

815

-

-

414

815

3,850

5,942

 

 

The amount owed to the Group relate to an instalment based interest free loan agreed upon following the disposal by Galata of its three remaining satellite projects to Zenit at a rate of US$50,000 per calendar month. The directors have assessed that the future fair value return on settlement of this debt is not materially different from the carrying value shown above.

 

17. Trade and other receivables

 

Group

Company

2022

£'000

 2021

£'000

2022

£'000

 2021

£'000

Other receivables

155

219

29

132

Amounts owed by associate interest

497

792

-

-

Loan to associate interest

500

-

511

-

Prepayments

128

125

-

-

1,280

1,136

540

132

 

 

The carrying values of other receivables and amounts owed by associate interest approximate their fair values as these balances are expected to be cash settled in the near future.

 

During September 2022, a convertible loan agreement was entered into with Venus Minerals Limited amounting to £500,000. Post-period end a further convertible loan agreement was completed with Venus for £200,000.

 

18. Trade and other payables

 

Group

Company

2022

£'000

2021

£'000

2022

£'000

2021

£'000

Trade and other payables

189

203

102

94

Social security and other taxes

355

1,380

-

-

Other creditors and advances

137

343

29

132

Accruals and deferred income

133

135

8

6

814

2,061

139

232

 

The above listed payables are all unsecured. Due to the short-term nature of current payables, their carrying values approximate their fair value.

 

19. Called up share capital, share premium and capital reduction reserve

 

Allotted, issued and fully paid ordinary 0.1p shares

Number

Ordinary Shares

£'000

SharePremium

£'000

Capital reduction reserve

£'000

In issue at 1 January 2022

1,096,677,943

1,097

305

7,222

Issue of ordinary shares

46,185,387

46

1,843

-

Share options exercised

Transfer to retained earnings

3,500,000

-

4

-

59

-

-

(7,222)

In issue at 31 December 2022

1,146,363,330

1,147

2,207

-

 

During the prior year, the Company was granted permission by the High Court of Justice in England and Wales to reduce its share capital by the cancellation of its share premium and its sub-divided deferred shares. This allowed the Company to extinguish retained losses bought forward from prior years amounting to £9,826,000 and resulted in the establishment of a capital reduction reserve. This distributable reserve was subsequently transferred to retained earnings during 2022.

 

22. Contingent liabilities

 

Following the restructuring of the Group and the part disposal by Galata Mineral Madencilik San. ve Tic. A.S. of 26.5% of its interest in Zenit Madencilik San. ve Tic. A.S., 75% of the resulting gain on disposal is exempt from Turkish corporation tax provided the gain is retained under equity by Galata for a period of 5 years. This potentially exempt taxable gain, including the previously reported gain during 2019 on Çamyol Gayrimenkul, Madencilik, Turizm, Tarim ve Hayvancilik Ltd ("Camyol") is as follows:

 

Contracting parties

Shareholding

Taxable gain in Lira

Contingent liability in Lira

Contingent Liability in GBP

Galata

26.5%

127,766,456

31,941,614

1,414,761

Çamyol

99%

4,529,343

996,455

44,135

 

24. Post year end events

 

In April 2023 the loan of £500,000 outstanding at the year end from Venus Minerals Limited was capitalised, along with an additional loan of £200,000 increasing the Group's shareholding in that company to 58%. The assessment of the fair values of the assets and liabilities acquired is currently ongoing, and will be reported in the Group's next available financial statements.

 

Note to the announcement

 

The financial information set out above does not constitute the Company's statutory accounts for the year ended 31 December 2022 or year ended 31 December 2021, but is derived from those accounts. Statutory accounts for 2021 have been delivered to the Registrar of Companies and those for 2022 on which the auditors have provided an unqualified report will be delivered following the AGM.

 

Contacts:

 

Ariana Resources plc

Tel: +44 (0) 20 3476 2080

Michael de Villiers, Chairman

Kerim Sener, Managing Director

Beaumont Cornish Limited (Nominated Adviser)

Tel: +44 (0) 20 7628 3396

Roland Cornish / Felicity Geidt

Panmure Gordon (UK) Limited (Joint Broker)

Tel: +44 (0) 20 7886 2500

John Prior / Hugh Rich / Atholl Tweedie

WHIreland Limited (Joint Broker)

Harry Ansell / Katy Mitchell / George Krokos

Tel: +44 (0) 207 2201666

 

 

Yellow Jersey PR Limited (Financial PR)

 

Dom Barretto / Shivantha Thambirajah /Bessie Elliot

arianaresources@yellowjerseypr.com

Tel: +44 (0) 7983 521 488

 

Editors' Note:

 

The information in this announcement that relates to exploration results is based on information compiled by Dr. Kerim Sener BSc (Hons), MSc, PhD, Managing Director of Ariana Resources plc. Dr. Sener is a Fellow of The Geological Society of London and a Member of The Institute of Materials, Minerals and Mining and has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity that has been undertaken to qualify as a Competent Person as defined by the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies. Dr. Sener consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

 

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 2022). 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 2022). The mine has been in protable 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 Mine is located in western Turkey and contains a JORC Measured, Indicated and Inferred Resource of 307,000 ounces gold and 1.1 million million ounces silver (as at November 2022). Following the approval of its Environmental Impact Assessment and associated permitting, Tavsan is being developed as the second gold mining operation in Turkey. Construction progress is temporarily suspended pending the outcome of a local court decision pertaining to the EIA. 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 Goldeld, which contains the "Hot Gold Corridor" comprising several signicant 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 south-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. WTR is being funded through a ve-year Alliance Agreement with Newmont Corporation (www.newmont.com) and is separately earning-in to 85% of the Slivova Gold Project.

 

Ariana owns 58% 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 17Mt @ 0.45% to 1.10% copper (excluding additional gold, silver and zinc.

 

Panmure Gordon (UK) Limited and WH Ireland Limited are brokers 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.

 

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FR EASKSELDDEFA
Date   Source Headline
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3rd Apr 20237:00 amRNSAppointment of Joint Broker

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