2024 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 Africa and Europe, is pleased to announce the full-year production results for the year ended 31 December 2024 for the Zenit Mining Operations ("Zenit" or "the Project") in Türkiye. Zenit is 23.5% owned by Ariana through its shareholding in Zenit Madencilik San. ve Tic. A.S.

Production Update*:

• Zenit produced and sold 20,866 ounces of gold during the year, exceeding full-year production guidance of 20,000 ounces of gold for 2024.
• Mining operations are continuing at both Kiziltepe and Tavsan, with the Arzu South pit at Kiziltepe due to re-commence production shortly.
• Gross full-year revenue of US$54.7 million at an average revenue per gold ounce of US$2,621 (due to silver credit)*.
• As of the end of 2024, the mine had produced a total of 171,907 ounces of gold (planned circa 100,000 ounces of gold) and, including silver credits, recorded over US$328 million in revenue since operations commenced in early 2017.

* All figures are given gross with respect to Zenit.

Kerim Sener, Managing Director, commented:

"Zenit has now recorded eight years of guidance-beating production and, since the beginning of last year, has been actively mining across its two operations: Kiziltepe and Tavsan. With the strong gold and silver price environment of 2024, Zenit recorded the second-highest annual revenue ever, completing the year with US$54.7 million.

"Operations at Tavsan continued to accelerate during the year and ore production increased from the Main Pit. The construction of the Tavsan processing plant is largely complete and testing is due to commence (Figures 1 and 2). Completion of the Phase 1 heap-leach pad is also largely complete, subject to final certification and bonding of geotextile liners. Above-average temperature wet weather conditions are currently impeding the completion of the heap-leach pad due to excess water retention in the underlying clay liner. A new drilling programme has recently been permitted for up to 15,000m of largely resource expansion drilling which commenced last week.

"Mining at Kiziltepe in the latter half of 2024 continued largely in the area around Arzu South. This involved the stripping waste to expose ore for Q1 2025, which is now being produced (Figure 3). Mining will continue at Arzu South during 2025 while rehabilitation operations continue in the remaining pits. We look forward to updating the market with further news on our operations in due course."

Other Significant Developments:

• New results from diamond drilling and other exploration results are expected from the Dokwe Project in Zimbabwe, which will support revised Resource and Reserve Estimates.
• Diamond drilling in Türkiye is currently paused at the Salinbas Project due to local weather conditions, while a new drilling programme of up to 15,000m has commenced at Tavsan.
• Western Tethyan Resources, of which Ariana currently owns 76%, is in the process of completing its earn-in to 51% of the Slivova Project in Kosovo following a recent diamond drilling programme.

Figure 1: View of the largely completed Adsorption-Desorption-Recovery plant at Tavsan. Major component installation is complete, with building cladding due to be installed. Photograph taken in January 2025.

Figure 2: View of the substantially completed crushers and screens buildings at Tavsan. Major components are installed and ready for testing. Building cladding remains underway. Photograph taken in January 2025.

Figure 3: Exposed top of the ore zone within the newly extended Arzu South open pit at the Kiziltepe Mine. Staff members are standing at the margins of the ore zone within which are located the stockwork veins characteristic of the upper part of the Arzu South vein. Photograph taken in January 2025.

Editors' Note: