2023 Production Results and General Update

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 full-year production results for the year ended 31 December 2023 for the Kiziltepe Mine ("Kiziltepe" or "the Project") in Turkey. Kiziltepe is 23.5% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S. ("Zenit").

Production Update*:

• Kiziltepe produced (and sold) a total of 17,683 ounces of gold during the year, including gold in carbon and in circuit at year-end (>500 oz), exceeding full-year production guidance of 18,000 oz gold for 2023.
• Mining operations are continuing at Arzu North, Derya, and Banu, with new forestry permits expected to enable the extension of the Banu pit in 2024.
• Gross full-year revenue of US$39.2 million at an average realised gold price of US$1,945 per ounce, with an average revenue per gold ounce of US$2,218 (due to silver credit)*.
• As of the end of 2023, the mine had produced a total of 151,041 ounces of gold (planned circa 100,000 oz gold) and 1,682,265 ounces of silver, recording US$274 million in revenue since operations commenced in early 2017.

* All figures are given gross with respect to Zenit.

Kerim Sener, Managing Director, commented:

"Kiziltepe has now recorded seven highly successful years of production and the mine continues to perform extremely well. We are currently working towards completing an updated Resource/Reserve Estimate, as we plan to bring Kiziltepe mining operations to a close over the next few years. Beyond this, we continue to explore within the immediate vicinity to identify further sources of potential mill supply that are not currently part of the mining plan. We anticipate that these would be operated as satellite operations, some of which are located within Zenit-owned licences, and others which we have identified within neighbouring licence areas.

"During 2023, the strong gold price environment resulted in one of the best years for gold revenue since operations started. This has certainly boosted the capacity for Zenit to continue self-funding the development of the Tavsan mine build without recourse to debt finance. We are continuously monitoring the capital requirements of the Tavsan build and balancing these financial demands against practical and operational timelines, given the continued poor state of the debt markets. Meanwhile, mining operations have recently commenced at Tavsan and the Main Pit development is proceeding well, with approximately 40,000 tonnes of ore currently stockpiled ready for heap-leaching. Construction of the heap-leach, specifically the laying down of liners, is currently paused due to poor weather conditions and this work will recommence in the next drier and warmer weather period. Steel construction and fabrication, along with the delivery of various plant components are being staggered in accordance with cash-flow considerations. There will be further updates on Tavsan operations over the coming months, with first gold from the heap-leach currently expected to be delivered during Q3 2024.

"In summary, we are pleased with our performance operationally in 2023, and we look forward to updating the market in 2024 on the developments of the portfolio."

Other Developments:

• Two diamond drilling rigs are operating across the Salinbas Project, with results from the drilling programmes at Salinbas, Ardala, and Hizarliyayla having been announced periodically to the market since early 2023.
• Venus Minerals in Cyprus progresses towards its IPO and further updates will be provided in due course.
• Western Tethyan Resources ("WTR"), of which Ariana owns 75%, is actively exploring in SE Europe, including drilling at the Hertica Cu-Au Project, with the support of funding through Newmont Mining Corporation. WTR has separately secured an earn-in agreement on the Slivova Project in Kosovo.
• The Asgard Metals Fund, of which Ariana owns 100%, has completed five investments since late 2021 and is currently actively involved in a due diligence diamond drilling programme in Zimbabwe with Rockover Holdings Limited.

Full-Year Production Results

Editors' Note: