Tavşan Mine is now Fully Operational
Ariana Resources PLC announced that the Tavşan Heap-leach Project in Türkiye has received final operational permitting, and loading of ore onto the heap-leach pads has commenced. Gold production from the heap-leach is expected to begin in the current quarter. Approximately 800,000 tonnes of ore is currently stockpiled and awaiting loading, with crushing underway since August. The Tavşan Gold Mine contains a JORC 2012 Measured, Indicated and Inferred Resource of 311,000 ounces of gold and 1.1 million ounces of silver, underpinning an eight-year mine life. Ariana owns 23.5% of Zenit Madencilik San. ve Tic. A.S., which built the Tavşan Mine. The company anticipates a renewed dividend flow from Zenit during 2026.
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Ariana Resources plc (AIM: AAU, ASX: AA2, "Ariana" or the "Company"), the mineral exploration, development and production company with gold project interests in Africa and Europe, is pleased to announce that final operational permitting for the Tavşan Heap-leach Project in Türkiye is complete and loading of ore onto the heap-leach pads has commenced.
Highlights:
o The Tavşan Heap-leach Project in Türkiye has received the final permit from the Turkish authorities, allowing loading of the heap-leach pad to commence.
o Gold production from the heap-leach is expected to start in the current quarter, once sufficient ore is loaded and leaching has commenced.
o Approximately 800,000 tonnes of ore is currently stockpiled and awaiting loading, with crushing having been underway since August.
o Trucking operations of high-grade ore will continue to the Kiziltepe CIL processing plant and will benefit from the higher gold recovery inherent to the CIL plant.
o Tavşan Mine has been built by Zenit Madencilik San. ve Tic. A.S. ("Zenit"), of which Ariana owns 23.5%.
- Kerim Sener, Managing Director of Ariana Resources, commented:
"The start of heap-leaching operations at Tavşan is an important milestone for the Company, paving the way for sustained gold production from our interests in Türkiye, augmenting the existing production via the Kiziltepe CIL processing plant. With the gold and silver price continuing their relentless upward trajectory, the timing of the start-up of heap-leach operations at Tavsan could not have been better.
"We commend the Zenit operational team, our partners Proccea Construction Co. and Ozaltin Holding A.S., for their hard work and perseverance in overcoming a complex range of technical, logistical and operational challenges, and anticipate many years of a successful operation at Tavşan, building on the strong track record we have established at Kiziltepe.
"We look forward to first gold production from the Tavşan heap-leach and a renewed dividend flow from Zenit during 2026."
Tavşan Gold Mine Overview
The Tavşan Gold Mine is in western Türkiye (Figure 1) and contains a JORC 2012 Measured, Indicated and Inferred Resource of 311,000 ounces gold and 1.1 million ounces silver underpinning an eight-year mine life (Table 1 and 2), with potential for further enhancement through continued resource growth.
Tavşan is owned by Zenit Madencilik San. ve Tic. A.S., which is a three-way partnership operating in Türkiye between Ariana (23.5%), Proccea Construction Co. (23.5%) and Ozaltin Holding A.S. (53%). A net smelter royalty of up to 2% on production is payable to Sandstorm Gold.
Mining commenced in 2024 with high-grade ore being trucked to the Kiziltepe Mine for processing through the CIL plant and lower-grade ore being stockpiled at Tavşan Mine site, in preparation for the heap-leach pad, which is now permitted for commercial operations. Ore loading operations have commenced in the Phase 1 heap-leach pad area (Figures 2 and 3).
For further information, please refer to section 5.5.2 of the Replacement Prospectus, available on the Company website.
Figure 1: Western Türkiye project location map
Figure 2: Coarse ore loading underway from the conveyor, in the Phase 1 heap-leach area. Photograph taken in early October 2025
Figure 3: Coarse ore loading underway from the conveyor, in the vicinity of the recovery ponds. Photograph taken in early October 2025
Tavşan Mineral Resource Estimate
| MINERAL DOMAIN | CLASSIFICATION | TONNAGE (TONNES) | GRADE | CONTAINED METAL | ||
|---|---|---|---|---|---|---|
| Au (g/t) | Ag (g/t) | Au (oz) | Ag (oz) | |||
| High-grade Domain Cut-off: 1.5g/t Au | Measured | 781,800 | 2.53 | 4.32 | 63,600 | 108,600 |
| Indicated | 286,700 | 2.46 | 5.72 | 22,700 | 52,700 | |
| Inferred | 94,600 | 2.35 | 5.74 | 7,100 | 17,400 | |
| TOTAL | 1,163,000 | 2.50 | 4.78 | 93,400 | 178,700 | |
| Low-grade Domain Cut-off: 0.5g/t Au | Measured | 2,981,600 | 1.04 | 4.86 | 99,900 | 466,300 |
| Indicated | 2,131,600 | 1.04 | 3.89 | 71,300 | 266,400 | |
| Inferred | 1,373,900 | 1.05 | 4.37 | 46,300 | 192,900 | |
| TOTAL | 6,487,100 | 1.04 | 4.44 | 217,600 | 925,700 | |
| TOTAL | Measured | 3,763,300 | 1.35 | 4.75 | 163,500 | 574,900 |
| Indicated | 2,418,300 | 1.21 | 4.10 | 94,000 | 319,100 | |
| Inferred | 1,468,500 | 1.13 | 4.46 | 53,400 | 210,400 | |
| TOTAL | 7,650,100 | 1.26 | 4.49 | 311,000 | 1,104,400 |
Notes:
- The Tavşan Mineral Resource Estimate is reported inclusive of Reserves.
Tavşan Ore Reserves
| CATEGORY | TONNAGE (MT) | GRADE | CONTAINED METAL | ||
|---|---|---|---|---|---|
| Au (g/t) | Ag (g/t) | Au (oz) | Ag (oz) | ||
| Proven | 2.5 | 1.46 | 5.02 | 116,400 | 401,100 |
| Probable | 2.0 | 1.32 | 4.15 | 84,600 | 266,200 |
| TOTAL | 4.5 | 1.40 | 4.63 | 200,900 | 667,300 |
Notes:
Compliance Statements
The information in this announcement relating to Mineral Resources and Ore Reserves has been reported by the Company in accordance with the 2012 Edition of the 'Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves' (JORC Code) previously (refer to the Company's replacement prospectus, which was released to the ASX market platform on 8 September 2025 (Prospectus) and is available on the Company website (Previous Market Announcement). The Company confirms that it is not aware of any new information or data that materially affects the information included in the Previous Market Announcement and, in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the Previous Market Announcement continue to apply and have not materially changed.
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