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

Highlights:

• Pallas Resources recently completed a major Joint Venture Agreement with Ivanhoe Mines in Kazakhstan, which will solely fund US$18.7 million in an initial phase and up to US$115 million during a subsequent phase, including up to 217,000m of drilling.
• Increased investment in Panther Metals in Australia to circa 4.9%, amounting to A$125,000 in shares following an agreement to extend the Asgard consulting input for a further year to the end of 2025.
• Investment into Annamite Resources maintained at circa 5.9% following a review of new exploration results for the Sokdee Cu-Au-Mo project and the acquisition of the Vangma Cu-Mo-Zn-Au Project.
• Altai Resources completed a high-resolution magnetic survey at Kokpekty West, expanding the project by 50% and identifying several additional prospects for follow-up electromagnetic surveys.
• Kerim Sener, Managing Director, commented:

"We are very pleased to be able to report further significant developments within the Asgard portfolio since our last update in January 2024.

"Exemplifying the prescience of our Asgard strategy, we are excited to report that Pallas Resources recently entered a Joint Venture Agreement with Ivanhoe Mines, 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 high-grade, world-class mineral belts. The agreement initially covers the newly acquired Aktogay West (377km2) Copper Project.

"In addition, we reached an agreement to extend our consulting arrangement with Panther Metals by a further year, which has resulted in the issue of circa 7.5 million additional shares in the company, increasing our holding to circa 4.9% from 2.0%. In 2024, Panther completed a Scoping Study on the Coglia Ni-Co Project using a revised Mineral Resource of 102.9 Mt @ 0.60% Ni + 370 ppm Co*. Panther also completed exploration drill testing of several priority gold anomalies in the surrounding project area near Laverton, Western Australia.

"Our other portfolio companies, such as Annamite Resources and Altai Resources continue to make good progress with their planned exploration programmes and have been successful in identifying targets for drill testing. We look forward to updating the market with any further investments and developments in Asgard and providing a portfolio summary in 2026."

* All Resource figures in this announcement are quoted gross with respect to the underlying investee company.

Pallas Resources (7% owned by Asgard):

• Pallas has formed a Strategic Alliance and Joint Venture Agreement with Ivanhoe Mines, a leading global copper explorer and producer.
• Pallas and Ivanhoe hold 80% and 20% respectively of the Joint Venture with Ivanhoe committing US$18.7 million in sole-funding an Initial Phase over two years.
• The partnership targets major copper systems in the Chu-Sarysu Basin, Central Kazakhstan, one of the world's largest and most well-endowed sediment-hosted copper basins.
• The Chu-Sarysu Basin is home to the giant Dzhezkazgan deposit (2.0Bt at 1.1%Cu for 22MtCu), part of a total 27Mt copper endowment, with the USGS estimating an additional 25Mt of undiscovered copper.
• Spanning circa 15,000km², which is larger than Northern Ireland, the Alliance targets the basin's most prospective tracts and represents one of the most significant land packages in Kazakhstan and the largest in the basin.
• The Alliance combines Pallas' unmatched exploration datasets and first-mover advantage in Kazakhstan with Ivanhoe's deep expertise in sediment-hosted copper systems, exemplified by their grassroots discovery of the now-producing Kamoa-Kakula Complex (third largest copper mine globally).
• On completion of the Initial Phase, Ivanhoe will spend up to US$115 million during the subsequent Phase 1, which includes up to 217,000m of drilling.
• Preparations are underway for the 2025 field season, anticipated to include large-scale geophysics, reconnaissance mapping and broad geochemical surveys.
• For each advancing project, Pallas is granted a net smelter return royalty and retains a fully funded equity position (at 20%), which is free carried through completion of a Pre-Feasibility Study (minimum 1Mt contained copper), permitting, and Ivanhoe committing US$70 million toward construction. Pallas holds the right to a loan from Ivanhoe to fund its equity share, with any subsequent free cash flow divided between shareholder distributions and loan repayments.

Source:

Panther Metals (4.9% owned by Asgard):

• Panther completed a Scoping Study on a revised Mineral Resource of 102.9 Mt @ 0.60% Ni + 370 ppm Co, containing 614,200 tonnes of nickel and 37,700 tonnes of cobalt at the Coglia Project near Laverton, Western Australia. This yielded an NPV8 of A$409M, IRR 31.8% and a 3.2-year payback from an A$776.6M ten-year mine life and low pre-production CAPEX of A$376.9M.
• A total of 4,443m of RC drilling was completed over several drill targets contained within the Laverton Gold Project area in 2024.
• Drilling was completed at Burtville East, returning several wide and high-grade gold intercepts.
• Significant gold anomalism and continuity was confirmed along the 6km long Comet Well target, with a few narrow and moderate-grade intercepts.
• A technical review of the existing nickel-cobalt resource at Coglia was completed to design a new drilling programme which would enable full conversion to JORC Compliant Indicated status, allowing the project to advance towards a pre-feasibility study.

Source:

Altai Resources (8.3% owned by Asgard):

• Altai Resources is dedicated to exploiting the untapped copper and nickel potential of Central Asia, specifically targeting supergiant copper-nickel sulphide systems.
• New geophysical programmes were completed on the Altai tenement package, including a high-resolution magnetic survey at Kokpekty West, expanding the project by 50% and identifying several additional prospects for follow-up electromagnetic surveys; a recent magnetic data inversion at Kokpekty has further refined high-priority targets.
• Altai has appointed Rob Stuart as a technical advisor. Rob brings 25+ years of experience in magmatic systems and geophysical exploration, including leadership roles at BHP Billiton and Desert Metals.
• Processing of first-pass electromagnetic data at Kokpekty revealed two large conductors with mid-range conductivity values, warranting further follow-up. Plans are in place to extend the geophysical surveys across 20+ intrusive targets in the portfolio.
• The team, led by Dr. Steve Beresford, conducted extensive regional reconnaissance, refining key geological insights and confirming new growth targets.
• Altai will continue its exploration strategy of combining high-resolution magnetic and electromagnetic surveys to develop a pipeline of drill-ready targets across its district-scale holdings.
• Altai has leveraged its first-mover status in this emerging copper-nickel belt, with two new licenses granted at Zaysan (81km2) and Kokpekty West (142km2).
• The company plans to replicate its successful exploration strategy (high-resolution magnetic and EM surveys) to quickly delineate new drill targets within a district-scale portfolio (>530km2).

Source:

Annamite Resources (5.9% owned by Asgard):

• Annamite is a junior exploration company incorporated in Singapore in 2019, with a focus on precious and base metals in Laos, SE Asia.
• Annamite holds two tenements, Sokdee and Vangma, totalling approximately 185km2. These contain a significant nine-kilometre-long porphyry trend comprising:
• Sokdee: three major Cu-Au-Mo anomalous zones (Mouk, Namthom and Boundary), with adjacent high-grade Au-Ag-base metal veins in Spine and Palm.
• Vangma: the newly discovered, 1.5km2 Flank Cu-Mo target, additional targets of indeterminate type located at Milky Way (Cu-Zn), Vangma West (Cu) and Star (Mo-Zn) and the Buffalo Creek gold zone.
• These tenements occupy an exploration gap along the Loei Belt, between known deposits and mines to the North in Laos and to the south in Thailand.

Source:

Editors' Note: