Ariana Regulatory News (AAU)

7 March 2023

AIM: AAU

VENUS FINANCING AND IPO UPDATE

Ariana Resources plc ("Ariana" or the "Company"), an AIM-listed mineral exploration and development company with gold mining interests in Europe, provides the following update on Venus Minerals Ltd ("Venus") as it advances its plan to list on the London Stock Exchange.

Highlights:

● Ariana's shareholding in Venus will increase to 56% following the conversion of the existing loan of £500,000.

● An additional loan of a further £200,000 is expected to convert simultaneously on the same terms, taking Ariana's holding to 58%.

● Venus is currently undertaking a capital restructure in preparation for its IPO and in order to complete the Ariana share issue.

● Several drill-ready targets have been identified across the Venus portfolio, including the newly acquired Margi Prospect and the recently discovered Troulli Prospect at the Mariner Project in eastern Cyprus.

Dr. Kerim Sener, Managing Director, commented:

"We are pleased to be increasing our shareholding in Venus at this important time, as Venus advances on its plan to complete an IPO on the London Stock Exchange. We are continually assessing market conditions, so that we achieve a listing of the company under optimal circumstances. In addition, various initiatives are being advanced by Venus in order to develop our projects in Cyprus as efficiently as possible. Recent copper discoveries such as Troulli and at the newly acquired Margi prospect demonstrate the opportunities available in Cyprus for copper-gold deposits. As major shareholders in Venus, we are fully supportive of the team and wish them much success in their current endeavours."

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").

Capital Restructure and Latest Developments

Venus is currently in the process of undertaking a capital restructure, reducing the nominal amount of each share to £0.1 from £1. Subsequent to this, Ariana will elect to convert its existing loan to Venus totalling £500,000 into shares along with a further loan for £200,000 which is expected to be completed and then converted on the same basis simultaneously with the first loan. As a consequence, a total loan amount of £700,000 is expected to be converted into new shares in Venus. Following the conversion, Ariana will own 58% and Semarang Enterprises Ltd. will own the balance of 42%.

Venus has undertaken further field work and is refining targets at several of its exploration projects in Cyprus in order to carry out drilling in the upcoming field season and once it has completed its planned IPO. Venus has developed a robust geological model for the exploration of Cyprus-type Volcanogenic Massive Sulphide ("VMS") systems based on its recent exploration successes, including the discovery of significant gold-rich zones at the Magellan Project and the recent greenfields discovery of copper mineralisation (>0.1% Cu in soils over >600m of strike) at the Troulli Prospect, which is part of the Mariner Project in eastern Cyprus. The latter represents the first significant new copper discovery in Cyprus for the past two decades and is testament to the diligent exploration approach of the Venus team and particularly in the application of field portable XRF technology. In addition, the company has recently acquired the Margi Prospect (Magellan Project) in which a significant drilling target has been defined following detailed mapping and pXRF soil sampling. This work has has identified an extensive copper anomaly associated with broad zones of chloritisation occurring along a structural discontinuity.  Accordingly, the company has identified several new drill targets across its projects ready for testing.

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 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).

Ariana owns 56% 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 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.

Ends.