Year-End Update on Asgard Investments

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold mining interests in Europe, is pleased to provide an update on the 100% owned Asgard Metals Fund ("Asgard") and its associated investments. Since the update provided in late 2022, Asgard has made two new investments and participated in some additional placings within some of its existing investments; the existing investee companies raised approximately A$5.5m in total during the year to fund their operations. Please see www.asgardmetals.com.au for more information.

Highlights:

• Rockover Holdings Limited ("Rockover") - 1.3% held (new position): Rockover is a highly-successful private exploration company operating in Africa, with the Dokwe Gold Project ("Dokwe") as its flagship project near Bulawayo, Zimbabwe (visit: www.rockover.net).

o Feasibilty-stage Dokwe Project discovered under Kalahari cover containing 1.3Moz gold (JORC Measured, Indicated and Inferred)*, comprising Dokwe North and Dokwe Central.

o Positive pre-feasibility study completed providing for gold production of 60,000 ounces per annum over 12 years from a single open pit, with potential to increase resources through further exploration.

o Project exclusivity secured and team on site to complete the detailed investigation of the project including a diamond drilling programme for due diligence ("DD") purposes.

o Subscription agreement completed for US$250,000 at US$1.25 per Rockover share; funding to enable the DD programme and for general working capital requirements.

o For the year ended 31 December 2022, Rockover's unaudited Accounts showed a loss before taxation of US$187,042 and total assets of US$18,422,290.

• Panther Metals Limited (ASX: PNT) - 3.1% held (previously 3.2%): Focused on a major laterite nickel resource at the Coglia Project of 70.6Mt at 0.7% nickel and 460ppm cobalt (JORC Inferred) near Laverton, Western Australia, in proximity to the Glencore-owned Murrin-Murrin nickel operation (announced on 27 June 2022).

o Follow-up drilling programme completed at Coglia targeting lateritic mineralisation in the periphery of the Mineral Resource, with new nickel-bearing ground acquired in the vicinity including Marlin, which contains an intercept of 20m at 1.02% Ni from 12m.

o High-Pressure Acid Leach (HPAL) testwork undertaken on the lateritic nickel-cobalt mineralisation yielding very high nickel (92.6%) and cobalt (73.9%) extraction, from a blended sample at the -38μm size fraction.

o Exploration underway across several gold projects in the Laverton region including the recent greenfields discovery of the 40 Mile Camp gold prospect with aircore drilling.

• Annamite Resources Holdings Pte. Ltd. - 6.3% held (previously 5.8%): Focused on a significant porphyry Cu-Au-Mo system discovered at the Sokdee Project in Laos, which returned encouraging scout drilling results in the Namthom and Mouk areas (announced on 21 December 2022).

o Annamite recently partnered with Rio Tinto Exploration Pty. Ltd. which is injecting US$810,000 this year into further exploration of the project, including geophysics and drilling.

o Six prospects are now defined within the Sokdee Project after trenching, RC drilling and IP surveys were undertaken in April-July 2023 at the Spine, Palm, Grassy and Mouk targets, to assist with drill target definition.

o Phase Two drilling completed from July-October 2023, included four holes into the Mouk target as well as one hole at Namthom; full assay results are expected in December 2023.

• Pallas Resources Limited - 6.0% held (unchanged): Completion of field programmes involving geochemistry and geophysics over nine exploration licences (2,027km2) in Kazakhstan; encouraging results for gold and/or copper observed across all areas and at Sarybastau and Ulkensur in particular.

o Continuing to develop the portfolio to encompass a variety of high exploration potential metallogenic provinces across Kazakhstan for a number of strategic commodities, including gold, copper, nickel and lithium.

o Newly acquired exploration licences include Dzhezkazgan East (23km2), Satpaev (90km2) and Southeast Bay (490km2) which lie within the Chu-Sarysu basin, the third largest sediment-hosted copper basin globally.

o Satpaev which includes historical drilling results of 19m @ 1.1% Cu from surface and 27m @ 1.2% Cu from 14m, otherwise remains poorly explored.

• Altai Resources Limited - 8.4% held# (new position): Altai is a majority owned subsidiary of Pallas Resources, which has been established to focus on a major nickel sulphide province in eastern Kazakhstan.

o Kokpekty Project Area (307km2) hosts multiple targets with surface Ni-Cu occurrences in a geological environment analagous to Norilsk: large-scale concentrations of polymetallic sulphides formed by magma interaction with evaporites.

o Internationally renowned nickel expert, Dr. Steven Beresford is a founding member of Altai and is responsible for driving the targeting strategy.

o Investment of £100,000 made into the Altai seed capital round, with £37,500 of agreed consulting input paid in shares*.

* Including Dokwe North and Dokwe Central.

# Subject to certain regulatory consents in Kazakhstan.

Kerim Sener, Managing Director, commented:

"We are very pleased with the dynamism shown by all of our investee companies over the past year despite the challenges presented by the market. Notably, our investee companies successfully raised additional funds both privately and through the capital markets, totalling circa A$5,500,000, which has been a real achievement and stands as a testament to the quality of the teams and their portfolios.

"During the year, we made certain additional investments in some of our investee companies and welcome adding two new companies to the portfolio, Rockover Holdings, operating in Zimbabwe through a wholly-owned subsidiary, and Altai Resources, operating in Kazakhstan. To date our total investments across the portfolio now amount to approximately A$1,600,000 with a further A$625,000 in agreed consulting input paid or payable in investee company shares.

"Rockover Holding's project in Zimbabwe represents the most advanced potential project we have investigated to date, having already achieved a positive pre-feasibility outcome, yet with significant exploration upside. Following a week-long site visit undertaken in July, we have now completed a subscription agreement with Rockover to help fund a short drilling programme for our own due diligence purposes, while we consider further involvement in the project. Our team are currently on site and making preparations ahead of the drilling programme.

"A site visit was also undertaken to the Coglia nickel-cobalt project of Panther Metals in June, just as the new drilling programme commenced on the project. This drilling programme was focused on testing the exploration targets defined in the periphery of the JORC Resource identified in 2022 and determining the limits of the lateritic nickel-cobalt horizon. In addition, the 40 Mile Camp gold anomaly area was visited just in advance of a maiden drilling programme which subsequently defined gold mineralisation in the bedrock.

"Recent updates from Annamite have been most encouraging, with a recent deal having been concluded with Rio Tinto Exploration to fund a second drilling programme on the Sokdee copper-gold-molybdenum project. The new drilling programme was recently completed, looking at a number of new targets across the project. Based on the success of recent exploration in Laos, we are planning to work closely with Annamite in the coming months to assist with their goal to achieve an ASX listing during 2024.

"Work on Pallas and Altai was also undertaken to support some of their activities during the year. Both companies have been successful in securing further prospective ground across multiple mineral provinces in Kazakhstan. Exploration across both portfolios has been highly encouraging and Altai was partially spun out of Pallas, enabling Asgard to participate in its seed capital round. Following a successful geophysical programme and field follow-up with internationally renowned nickel expert, Dr. Steven Beresford, we are engaging with Altai with a view to potentially achieving a stock exchange listing in 2024-5.

"Further investment opportunities across the existing portfolio are being reviewed in addition to certain other select projects currently under investigation. We have also commenced the provision of commercial consulting input to junior companies independent of investment, as there is now recognition in the market of the broad range of exploration and development skill sets we are capable of bringing to bear on any project. The Company looks forward to updating the market on the Asgard portfolio again in 2024."