Further Newmont Investment

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold project interests in Africa and Europe, is pleased to announce a further investment by Newmont Ventures Limited ("Newmont") under the terms of our Exploration Alliance Agreement (the "Alliance") regarding exploration in south-eastern Europe, announced on 24 March 2022.

Highlights:

• Newmont to invest a further US$871k in Ariana based on a 30-day volume-weighted average price ("VWAP") calculated to the 18 December 2024, for 28,880,000 ordinary shares at a price of 2.375p per share.
• Exploration across the Alliance region will continue to be directed by Western Tethyan Resources Ltd ("WTR") which is currently 76% owned by Ariana.
• The Alliance between Newmont, Ariana and WTR is in its third year of an initial period of five years; such period being mutually extendable with future funding requirements of the Alliance to be met by Newmont.
• Kerim Sener, Managing Director, commented:

"This further investment by Newmont Corporation into the Company represents a further commitment to our exploration programmes in south-eastern Europe under the Alliance Agreement. Our exploration programmes to date have encompassed project generative work across Kosovo and North Macedonia, with several other projects across the Alliance region having been reviewed and assessed. On the back of the results of these programmes, we are now positioned to undertake further work across some of the priority targets generated and we look forward to providing further updates on these programmes as they advance. Furthermore, we are expecting Newmont to provide additional technical support to the Alliance aligned to this further investment so that we can advance the planned exploration programmes across the region."

Mentor Demi, Managing Director of WTR, added:

"We are very pleased with the progress and success of our Exploration Alliance with the world's largest gold producer, Newmont Corporation. During the first two years of the Alliance, through the collection of regional baseline data (geological, geochemical and geophysical), we have generated multiple priority targets and for which we have applied for new exploration licenses. We have also drill tested our first project area, Hertica, and successfully outlined the presence of a Cu-Au-Mo mineralised system.

"Through this financing and the associated technical support from Newmont, as well as financial and technical support from Ariana as well, we plan to further develop these targets while continuing regional exploration work, generating new targets and advancing our existing project pipeline."

Summary of Alliance

• In the event the Alliance is successful in identifying a project of sufficient merit for further development by Newmont, such project will be transferred to a dedicated "Mining Company", which will initially be held 100% by WTR.

o Newmont has the option to invest a further US$1 million in the Mining Company over a further period of two years, enabling it to earn-in to 60% in such Mining Company.

o Expenditure of a further US$15 million on a pre-feasibility study, which establishes a JORC or NI43-101 resource of over two million ounces of gold, will enable Newmont to earn-in to 75%.

o Should Newmont decide to develop a mining project, funding will be on a pro-rata basis unless WTR elects not to contribute, in which case Newmont will earn-in to a maximum of 85%.

o If either party withdraws from the Mining Company or dilutes below 10%, such party will relinquish its interest in return for a 2% NSR.

• Upon conclusion of the Alliance term, and in the event that no Mining Company is established, Ariana, WTR and Newmont will each retain a copy of the Alliance Database, with Ariana granting a 1% NSR and WTR granting a 0.75% NSR to Newmont.

Editors' Note: