Asgard Portfolio 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 provide an update on the 100% owned Asgard Metals Fund ("Asgard"), highlighting some of its associated investments. Please visit www.asgardmetals.com.au for more information.

Highlights:

• Due diligence drilling programme on the Dokwe Gold Project in Zimbabwe is ongoing, with the Company increasing the current investment in Rockover Holdings to circa 2.1% by investing a further US$150,000.
• Increased investment in Panther Metals to circa 5.5%, following an agreement to extend the consulting input of Asgard by a further year to the end of 2024.
• Pallas Resources agrees an option and joint venture agreement with First Quantum Minerals, whilst securing BHP funding through their Xplor programme.
• Kerim Sener, Managing Director, commented:

"We are pleased we are able to report significant developments within the Asgard portfolio in such a short period of time since our last year-end update in November 2023.

"We have elected to increase our position in Rockover Holdings as we conclude the Dokwe Gold Project due diligence drilling programme. The initial technical results of this programme achieved, as expected, a positive outcome; although assays remain for completion in due course. We are now evaluating further involvement in the feasibility-stage project that contains 1.3Moz gold in JORC Resources and we are in discussions with Rockover Holdings with respect to the company and its assets.

"We reached an agreement to extend our consulting arrangement with Panther Metals by a further year, which has resulted in the issue of circa 2.1 million additional shares in the company, increasing our holding to circa 5.5%. This comes at an important time for Panther Metals as it advances towards a revised mineral resource estimate and an associated scoping study for the Coglia nickel-cobalt project in Western Australia, following a drilling programme completion in 2023.

"Two significant milestones were achieved in regard to Pallas Resources since the last update to the market:

"Firstly, we are delighted to announce that Pallas Resources has partnered with First Quantum Minerals, one of the world's largest copper producers. This option and joint-venture agreement will target major porphyry and sediment-hosted copper systems within predefined areas of interest in Kazakhstan's world-class mineral belts. The agreement initially covers the newly acquired Aktogay West (377km2) Copper Project.

"Finally, Pallas Resources has also been selected as one of only six companies representing the 2024 BHP Xplor cohort in a process which involved over 500 applicants. Pallas Resources will receive up to US$500,000 in non-dilutive funding from BHP, which is earmarked for the acceleration of exploration over a defined area of interest for significant copper systems in Kazakhstan. Under the agreement, BHP does not acquire an equity interest in Pallas Resources, or any project owned by the company. The Company looks forward to reporting future progress made in the Asgard portfolio later in 2024."

Editors' Note: