Western Tethyan - Diamond Drilling Commences

Hertica Project, Kosovo

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 that Western Tethyan Resources Ltd ("WTR"), of which 75% is held by Ariana, has commenced a diamond drilling programme at the Hertica Project in Kosovo.

Highlights:

• Hertica represents a newly recognised epithermal-porphyry prospect in Kosovo.
• Prospect is defined by a large alteration system covering approximately 8km2, with advanced argillic alteration developed over an area of approximately 4km2.
• Drilling programme comprises five holes over 3,200m and will focus on two main gold, copper, and molybdenum anomalies delineated by geochemistry and geophysics.
• The exploration programme will be funded through "Newmont Alliance" funds*.

* The term "Newmont Alliance" signifies the US$2.5million funding provided by Newmont Mining Corporation ("Newmont"), as outlined in the agreements between WTR, Newmont, and the Company, in the press release dated 24 March 2022. Newmont holds the right to designate the project in terms of the agreement referred to above.

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• Kerim Sener, Managing Director of Ariana Resource, commented:

"The results of the recent work at the Hertica Project are compelling. Several geological, geochemical, and geophysical factors point to the potential for a buried porphyry system, which will now be tested through an initial drilling programme.

"We are very pleased with the work completed by WTR, and the positive results of initial exploration. We are also grateful to Newmont for their efforts in assisting with the exploration undertaken to date and the development of the drilling targets and their support to proceed toward drilling this project. We look forward to receiving the result of this drilling programme in due course."

Mentor Demi, Managing Director of WTR, added:

"This represents a significant development in the WTR/Newmont/Ariana relationship with the Newmont Alliance funding of this drilling program on this exciting project. While the initial surface exploration within the licence area is promising for an epithermal alteration system, our aim with the deep drilling program is to test the existence of a porphyry system at deeper levels. We expect to finish the program by the end of the year and release the results when available."

About the Hertica Project

The Hertica Licence is situated in the north-eastern part of Kosovo, near the border with Serbia (Figure 1). The licence was granted by the Independent Commission for Mines and Minerals ("ICMM") to Kosovo Mineral Resources LLC ("KMR"), a wholly-owned subsidiary of Western Tethyan Resources Ltd, in Kosovo, on 18 July 2022. The licence covers 58.1km2 and it is valid for 7 years of exploration (+3 years option to retain).

Figure 1: Simplified geology of the Hertica Licence.

Geologically the licence area covers an epithermal-porphyry prospect, located on the contact of the Lecce Magmatic Complex with Cretaceous Vardar sedimentary units (Figure 1). The complex is prospective for precious and base metals and formed because of post-collisional magmatic activity which continued from the Oligocene to Miocene. The complex is host to several copper-gold and gold porphyry deposits, gold-rich polymetallic epithermal deposits, and carbonate-replacement type base metal deposits.

Since being granted the licence, WTR has conducted detailed surface geochemistry sampling (soils and rock) throughout the area. All the samples collected have been analysed with pXRF, with only the most anomalous samples being sent to ALS Global for ICP-MS analysis. Three main geochemistry target areas have been identified and have shown a good correlation between Au, Cu, and Mo (Figure 2).

Figure 2: Geochemistry maps showing the sampling lines and ICP-MS data for copper, gold, and molybdenum over the Hertica prospect.

All the samples collected were simultaneously analysed with Terraspec Halo. The good clustering of higher temperature clays (dickite and alunite) suggested a higher temperature core is located to the east of the prospect area and correlates well with the geochemistry anomalies.

Following these results, in July and August of 2023, WTR completed a detailed ground geophysics programme, utilising IP/Resistivity and magnetic methods, covering the main geochemical anomalies and the geological and alteration mapping. The ground magnetic data shows several zones of magnetic highs and zones of "washed out" magnetic signal which could be mapping out magnetite-destructive alteration, while the electrical data indicates a significantly chargeable zone at depth beneath the area of most intense argillic alteration (Figure 3).

As a result of encouraging geophysical results, WTR is determined to drill test the main anomalies. WTR plans to drill a total of 5 holes for a total of 3,200m. The programme commenced recently and is expected to be finished by late December.

Figure 3: Geophysical maps of the Hertica prospect, showing the magnetic data (RTP: reduced to pole), resistivity and chargeability datasets.