Quarterly Activities Report
Ariana Resources PLC reported on its quarterly activities, highlighting the commissioning of the Tavsan Gold Mine in Türkiye. The company successfully completed a dual-listing on the ASX, raising A$11 million through an IPO to advance the Dokwe Gold Project. Zenit, in which Ariana has a 23.5% interest, produced and sold 5,948 ounces of gold for US$21.5 million in revenue from its Kiziltepe and Tavsan operations. Exploration expenditure for the quarter was £359,000, primarily for the Dokwe Gold Project. The company's cash and cash equivalents at the end of the quarter totaled £3,468,000. Payments to related parties totaled £232,000, including £145,000 in item 1 and £87,000 in item 2 of the cash flow statement.
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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 the quarterly activities report for the period ended 30 September 2025.
Highlights:
o Major new soil geochemical programme undertaken at the >1Moz Dokwe Gold Project in Zimbabwe identified several areas for imminent drill-testing.
o Preparations completed for a 26-hole RC drilling campaign to test four initial areas, targeting an expansion of the resource; post period-end the RC rig had arrived on site.
o Tavsan Gold Mine in Türkiye was commissioned during the quarter with ore loading commencing on the heap-leach pad shortly after the end of the period; irrigation of the pad has recently commenced.
o Successful completion of dual-listing on the ASX with trading of CDIs commencing on 10 September 2025.
o Dual-listing raised A$11 million through an IPO with funds to be used primarily to advance the development of the Dokwe Gold Project.
- Kerim Sener, Managing Director of Ariana Resources, commented:
"This has been a transformative quarter for the Company, following the completion of its ASX dual-listing shortly before the end of the period. We are very pleased to welcome a new cohort of institutional and other shareholders to the Company and look forward to building the future with them. Most importantly, despite our recent focus on corporate activities, we did not skip a beat with our exploration programmes during the quarter, particularly at the Dokwe Project.
"In particular, a major new soil geochemical programme and other geological work continued through the period and, as a result, we have now identified a number of new drilling targets for testing in our RC drilling programme. A high-capacity RC drilling rig, mobilised from South Africa, has now arrived on site and the team is fully deployed to execute this work efficiently over the course of the next few months.
"In addition to the activities in Zimbabwe, our gold-producing operations in Türkiye continued to go from strength to strength. Our Tavsan heap-leach project was undergoing its final commissioning through the period, while gold-silver production continued via the Kiziltepe CIL processing plant. Tavsan reached operational status and then entered a final permitting phase, which concluded shortly post-period end, before the first ore was loaded onto the heap-leach pad ready for irrigation to commence."
Dokwe Gold Project, Zimbabwe
The Company holds a 100% interest in the Dokwe Project, which represents one of the most significant gold projects in Zimbabwe and is Ariana's flagship growth project. The project hosts a substantial in-pit JORC-compliant mineral resource estimate of 1.4Moz of gold (Table 1) with a robust grade profile and hosts significant exploration upside across the broader licence area.
Post-period end, a total of 10,086 soil samples had been collected for multi-element portable XRF ("pXRF") on a 50m by 100m grid across the entire project area totalling 44km2, and of these a selection was analysed for gold using detectORETM (Figure 1). This work, in addition to an extensive assessment and re-processing of previous geological, geophysical and geochemical data, resulted in a much-improved understanding of the distribution of gold mineralisation at Dokwe North and Central. During the quarter, a significant 500m long gold-in-soil anomaly, identified 125m along strike of the planned Dokwe North pit rim, had been determined from the initial detectORETM analyses. This anomaly is deemed to be geochemically significant, with a near coincident and partially overlapping gold and arsenic signature almost identical to that seen above the Dokwe North mineralisation.
Preparations were underway through the quarter for the first phase of a c.11,000m drilling programme planned across Dokwe North and Dokwe Central and their extensions. Four initial targets are to be tested through a 26-hole programme, including extensions to the Dokwe North and Central deposits, among others. Post-period end, all site preparations had been completed and a Reverse Circulation ("RC") drilling rig had been mobilised from South Africa to the Project.
For further information, please see the RNS announcement on 15 October 2025; further to this announcement, the RC drilling rig is being positioned for its first hole at the Dokwe site.
Figure 1: Sample preparation work underway at the at the PortablePPB laboratory established within the Dokwe Site Camp. These samples, once prepared, are then subjected to analysis via the DetectORETM method using a pXRF device, which provides gold analytical data within 24 hours on site
Türkiye Projects
Ariana has a 23.5% interest in the Kiziltepe Gold-Silver Mine, the Tavşan Gold Mine and the Salinbaş-Ardala Project located in Türkiye through its holding in Zenit Mining Operations ("Zenit"). Ariana's partners, Proccea Construction Co. (23.5%), manage the operations, with the remaining 53% held by Özaltin Holding A.Ş.
During the September quarter, Zenit had produced and sold 5,948 ounces of gold for US$21.5 million in revenue from its combined Kiziltepe and Tavsan operations. Due to the extended period between the completion of construction and the commencement of commercial operations of the Tavsan Mine, specifically relating to the delay encountered with the receipt of operational permits from the authorities, production from Zenit during 2025 is now expected to be in the range of 18,000 to 20,000 ounces for the year. However, revenue for the year to date (US$47.6 million) is substantially higher than expected, as a result of the higher gold price environment and it is currently expected that Zenit will achieve record revenue by the end of the year.
Kiziltepe Gold-Silver Mine
The Kiziltepe Gold-Silver Mine commenced operations in 2017 and has delivered multiple years of profitable production from its CIL plant, including the payment of dividends to its shareholders from 2018 through to early 2021 (Figure 2). Since then, cash flow from the mine has largely funded the development of a second operation for Zenit at the Tavşan Gold Mine. Operations at Kiziltepe continued with the processing of both Kiziltepe and Tavsan ore through the period.
Figure 2: Kiziltepe gold-silver mine showing the open-pits at Arzu South, Arzu North, Banu and Derya, the CIL processing plant (in blue), waste rock dump and tailings dam (in the background). Photograph taken in September 2025
Tavşan Gold Mine
The Tavşan Gold Mine contains a JORC 2012 Mineral Resource of 311,000 ounces gold and 1.1 million ounces silver and associated Mineral Reserve, underpinning an eight-year mine life (Tables 2 and 3). A resource and exploration drilling programme remains ongoing, having completed 9,480m for 167 holes by the end of Q3 of an up to 15,000m programme and testing the potential for increases in the life of mine.
Mining commenced in early 2024 at Tavsan Main, with high-grade ore being trucked to the Kiziltepe Mine for processing through the CIL plant and lower grade ore being stockpiled at the Tavşan Mine site, in preparation for the commencement of heap-leaching operations. Trucking operations of high-grade ore will continue to the Kiziltepe CIL processing plant until at least the end of 2025 and will benefit from the higher gold recovery inherent to the CIL plant.
Subsequent to the end of the quarter, the Company announced that it had received the final permit from the Turkish authorities, allowing loading of the heap-leach pad to commence (Figure 3). Ore loading has been underway since that time and first gold production from the heap-leach is expected by year end, once sufficient ore is loaded and leaching has commenced. Approximately 800,000 tonnes of ore remains stockpiled, awaiting crushing and loading, with crushing having been underway since August. An auxiliary solar power project for Tavsan was also approved for a 2,555kW system.
For further information, please see the RNS announcement on 8 October 2025.
Figure 3: Tavsan heap-leach processing plant and processing water ponds. Photograph taken in October 2025
Salinbaş Gold-Silver Project
The Salinbaş Gold-Silver Project is located in north-eastern Türkiye, and comprises two primary areas of differing although related mineralisation, Salinbaş and Ardala, located across two adjacent licences held by Zenit. A third contiguous licence, located further to the south, contains the Hizarliyayla Gold Prospect. A drilling programme commenced at the Salinbaş gold-silver deposit, the Ardala Zone and at Hizarliyayla during late 2021 and is currently paused with a re-start expected in due course. On completion of the drilling programme, the Company expects to revise its Mineral Resource Estimate.
South-east European Projects
The Company has several projects in Cyprus through its 61% interest in Venus Minerals Limited ("Venus"). The most advanced of these is the Magellan Project. Magellan represents a cluster of copper-gold-silver-zinc volcanogenic massive sulphide deposits, with scoping and pit-optimisation studies previously completed. Outside of this project area, Venus holds various other tenements including those at its Mariner Project, which represents a series of walk-up drill targets with visible copper mineralisation at surface. During the quarter, Venus continued to maintain its tenements in good standing through the completion of the appropriate geological work and periodic reporting to the Mines Service of Cyprus.
The Company has three licence applications in process in Kosovo through its 76% interest in Western Tethyan Resources ("WTR"). WTR in turn owns 51% of the Slivova Project* which is a gold-silver deposit located in central Kosovo, within an underexplored but well-mineralised belt with proven endowment. Slivova is expecting to be advanced through further technical studies, with the project showing strong potential to become a near-term development opportunity. The Company also has an Exploration Alliance with Newmont Mining Corporation, with Newmont having committed US$3.3 million in capital to date to the exploration programmes of WTR via its investment in Ariana.
* WTR applied for a new exploration licence over the Slivova Project in May 2025, which remains pending with the Independent Commission for Mines and Minerals in Kosovo. Refer to the Company's replacement prospectus dated 5 August 2025 for further details.
Corporate
Dual Listing on the ASX
In September Ariana successfully completed a dual listing on the Australian Securities Exchange ("ASX") raising a total of A$11 million through an Initial Public Offer (IPO). The completion of the IPO resulted in a capitalising of the Company at around A$72.5 million.
Ariana commenced trading on the ASX on 10 September 2025, and Ariana shares were settled in the form of CHESS Depositary Interests ("CDIs") at a ratio of 1 CDI to 10 fully paid common shares. A total of 39,285,715 CDIs were issued at a price of A$0.28 per CDI.
With the funds raised, Ariana will now seek to accelerate its exploration and development efforts at the Dokwe Gold Project, targeting the expansion the Project's Resources and Reserves, in addition to continuing its work towards a Feasibility Study for the Project.
Listing Rule Disclosures
Exploration Expenditure
In accordance with ASX Listing Rule 5.3.1, the Company spent £359,000 on exploration work during the quarter, which largely comprised a major soil geochemical programme and preparation for the drilling campaign at the Dokwe Gold Project, Zimbabwe.
Mining Production and Development Expenditure
Tenement Information
In accordance with ASX Listing Rule 5.3.3, the Company advises the following:
- During the quarter the Company there were no tenements applied for but the following non-material exploration licences were relinquished in Türkiye: 202300571, 202300573, 202300572;
- The mining tenements held by the Company as of 30 September 2025 are set out in the table overleaf;
- There were no new farm-in or farm-out agreements entered into during the quarter; and
Use of Funds
| Allocation of Funds | One Year Use of Funds, per Pre-Quotation Disclosure dated 8 September 2025 | Current Quarter Expenditure (since listing) | Year to Date Expenditure (since listing) | |
|---|---|---|---|---|
| $A ('000,000) | £ ('000,000) 1 | £ ('000,000) | £ ('000,000) | |
| Feasibility Study: Dokwe Project | 1.0 | 0.5 | 0.0 | 0.0 |
| Drilling Programme: Dokwe Project | 2.5 | 1.2 | 0.1 | 0.1 |
| Slivova Gold-Silver Project | 0.4 | 0.2 | - | - |
| Funding of Western Tethyan Alliance | 0.4 | 0.2 | 0.0 | 0.0 |
| Funding of Venus Minerals | 0.2 | 0.1 | 0.0 | 0.0 |
| Part repayment of RiverFort Facility (including reprofiling fee) prior to Admission | 1.9 | 0.9 | 0.9 | 0.9 |
| Part repayment of RiverFort Facility in the 12 months following Admission | 1.5 | 0.7 | - | - |
| Working capital and corporate administration costs | 2.0 | 1.0 | 0.4 | 0.4 |
| Expenses of the Public Offer | 1.5 | 0.7 | 0.5 | 0.5 |
| TOTAL | 11.4 | 5.5 | 1.9 | 1.9 |
1 Exchange rate used on date of Pre-Quotation Disclosure announcement on 8 September 2025 A$1:£0.4865.
During the quarter, there were no material variances requiring explanation, noting that the Company was listed on 10 September 2025.
Payments to Related Parties
In accordance with ASX Listing Rule 5.3.5, the Company advises that the payments to related parties of the Company and their associates, as advised in the Appendix 5B, for the quarter ended 30 September 2025 was £232,000 was related Directors' fees, accounting and company secretarial related services.
Schedule of Tenements
| Kosovo | NE Kosovo | Western Tethyan Resources | Paruci | Application | Exploration | Pending | 76 |
| Kosovo | NE Kosovo | Western Tethyan Resources | Slivova | Re-application | Exploration | Pending | 39 |
| Cyprus | North Troodos | Venus Minerals | New Sha | PP4715 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | Pitharochoma | PP4793 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | Kalo Chorio South | PP4846 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | Kokkinoyia East | PP4850 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | Avdellero | PP4704 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | Ayia Marina | PP4784 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | West Skouriotissa | PP4783 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | Klirou West | PP4789 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | Klimata | PP4787 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | Troulli South | PP4786 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | Klirou | PP4794 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | West Nikitari | PP4795 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | Margi | PP4828 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | Troulli East | PP4893 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Venus Minerals | Klirou Far East | PP4891 | Exploration | Granted | 61 |
| Cyprus | North Troodos | Red Metals | North Klirou | AE4940 | Exploration | Granted | 0 * |
| Cyprus | North Troodos | Red Metals | Kokkinoyia | AE4938 | Exploration | Granted | 0 * |
| Cyprus | North Troodos | Red Metals | North Alestos | AE4939 | Exploration | Granted | 0 * |
| Turkiye | Kutahya | Zenit | Orencik | 12743 | Production | Granted | 23.5 |
| Turkiye | Kutahya | Zenit | Evciler | 72400 | Production | Granted | 23.5 |
| Turkiye | Kutahya | Zenit | Kavakli | 59770 | Production | Granted | 23.5 |
| Turkiye | Kutahya | Zenit | Simav | 70484 | Production | Granted | 23.5 |
| Turkiye | Balikesir | Zenit | Umurlar | 44828 | Production | Granted | 23.5 |
| Turkiye | Balikesir | Zenit | Yolcupinar | 44830 | Production | Granted | 23.5 |
| Turkiye | Balikesir | Zenit | Coturtepe | 20065879 | Production | Granted | 23.5 |
| Turkiye | Balikesir | Zenit | Ivrindi | 68474 | Production | Granted | 23.5 |
| Turkiye | Balikesir | Zenit | Kizilcukur | 200700970 | Production | Granted | 23.5 |
| Turkiye | Bilecik | Zenit | Bilecik | 202001342 | Exploration | Granted | 23.5 |
| Turkiye | Artvin | Zenit | Ardala | 65842 | Production | Granted | 23.5 |
| Turkiye | Artvin | Zenit | Salinbas | 201300658 | Production | Granted | 23.5 |
| Turkiye | Artvin | Zenit | Hizarliyayla | 201300659 | Production | Granted | 23.5 |
Dokwe Mineral Resource Estimate
Table 1: In-pit Mineral Resource Estimate for the Dokwe Gold Project.
| PROJECT | CLASSIFICATION (REPORTING CUT-OFF GRADE 0.3g/t Au) | TONNAGE (t) | GRADE (g/t Au) | CONTAINED GOLD (oz) |
|---|---|---|---|---|
| Dokwe North | Measured | 17,309,000 | 1.06 | 592,000 |
| Indicated | 18,562,000 | 0.90 | 537,000 | |
| Inferred | 7,095,000 | 0.82 | 187,000 | |
| Total | 42,966,000 | 0.95 | 1,316,000 | |
| Dokwe Central | Indicated | 1,811,000 | 1.60 | 93,000 |
| Inferred | 120,000 | 1.69 | 7,000 | |
| Total | 1,931,000 | 1.61 | 100,000 | |
| Total | Measured | 17,309,000 | 1.06 | 592,000 |
| Indicated | 20,373,000 | 0.96 | 631,000 | |
| Inferred | 7,214,000 | 0.83 | 193,000 | |
| TOTAL | 44,896,000 | 0.98 | 1,416,000 | |
| PROJECT | CLASSIFICATION (REPORTING CUT-OFF GRADE 0.6g/t Au) | TONNAGE (t) | GRADE (g/t Au) | CONTAINED GOLD (oz) |
| Dokwe North | Measured | 10,220,000 | 1.50 | 493,000 |
| Indicated | 8,260,000 | 1.50 | 399,000 | |
| Inferred | 3,123,000 | 1.33 | 134,000 | |
| Total | 21,604,000 | 1.48 | 1,025,000 | |
| Dokwe Central | Indicated | 1,207,000 | 2.19 | 85,000 |
| Inferred | 98,000 | 1.98 | 6,000 | |
| Total | 1,306,000 | 2.18 | 91,000 | |
| Total | Measured | 10,220,000 | 1.50 | 493,000 |
| Indicated | 9,468,000 | 1.59 | 484,000 | |
| Inferred | 3,222,000 | 1.35 | 140,000 | |
| TOTAL | 22,909,000 | 1.52 | 1,116,000 |
Notes:
- The Dokwe Mineral Resource Estimate is inclusive of Reserves.
Compliance Statements
Appendix 5B
Mining exploration entity or oil and gas exploration entity
quarterly cash flow report
Name of entity
Ariana Resources plc
| ABN | Quarter ended ("current quarter") | ||
|---|---|---|---|
| 32 681 342 334 | 30 September 2025 | ||
| Consolidated statement of cash flows | Current quarter £'000 | Year to date (9 months) £'000 | |
| 1. | Cash flows from operating activities | ||
| 1.1 | Receipts from customers | ||
| 1.2 | Payments for | (85) | (85) |
| (a) exploration & evaluation | |||
| (b) development | - | - | |
| (c) production | - | - | |
| (d) staff costs | (185) | (771) | |
| (e) administration and corporate costs | (350) | (794) | |
| 1.3 | Dividends received (see note 3) | - | - |
| 1.4 | Interest received | 2 | 8 |
| 1.5 | Interest and other costs of finance paid | (105) | (160) |
| 1.6 | Income taxes paid/refunded | 71 | 71 |
| 1.7 | Government grants and tax incentives | - | - |
| 1.8 | Other (provide details if material) | - | - |
| 1.9 | Net cash from / (used in) operating activities | (652) | (1,731) |
| 2. | Cash flows from investing activities | - | - |
| 2.1 | Payments to acquire or for: | ||
| (a) entities | |||
| (b) tenements | - | - | |
| (c) property, plant and equipment | - | (26) | |
| (d) exploration & evaluation | (274) | (1,068) | |
| (e) investments | - | (38) | |
| (f) other non-current assets | - | - | |
| 2.2 | Proceeds from the disposal of: | - | - |
| (a) entities | |||
| (b) tenements | - | - | |
| (c) property, plant and equipment | - | - | |
| (d) investments | - | - | |
| (e) other non-current assets | - | - | |
| 2.3 | Cash flows from loans to other entities | (36) | (91) |
| 2.4 | Dividends received (see note 3) | - | - |
| 2.5 | Other (provide details if material) | - | - |
| 2.6 | Net cash from / (used in) investing activities | (310) | (1,223) |
| 3. | Cash flows from financing activities | 5,314 | 7,007 |
| 3.1 | Proceeds from issues of equity securities (excluding convertible debt securities) | ||
| 3.2 | Proceeds from issue of convertible debt securities | - | - |
| 3.3 | Proceeds from exercise of options | - | - |
| 3.5 | Proceeds from borrowings | - | - |
| 3.6 | Repayment of borrowings | (651) | (742) |
| 3.7 | Transaction costs related to loans and borrowings | (186) | (186) |
| 3.8 | Dividends paid | - | - |
| 3.9 | Other (provide details if material) | - | - |
| 3.10 | Net cash from / (used in) financing activities | 4,000 | 5,541 |
| 4. | Net increase / (decrease) in cash and cash equivalents for the period | ||
| 4.1 | Cash and cash equivalents at beginning of period | 424 | 913 |
| 4.2 | Net cash from / (used in) operating activities (item 1.9 above) | (652) | (1,731) |
| 4.3 | Net cash from / (used in) investing activities (item 2.6 above) | (310) | (1,223) |
| 4.4 | Net cash from / (used in) financing activities (item 3.10 above) | 4,000 | 5,541 |
| 4.5 | Effect of movement in exchange rates on cash held | 6 | (32) |
| 4.6 | Cash and cash equivalents at end of period | 3,468 | 3,468 |
| 5. | Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts | Current quarter £ '000 | Previous quarter £ '000 |
| 5.1 | Bank balances | 3,468 | 424 |
| 5.2 | Call deposits | - | - |
| 5.3 | Bank overdrafts | - | - |
| 5.4 | Other (provide details) | - | - |
| 5.5 | Cash and cash equivalents at end of quarter (should equal item 4.6 above) | 3,468 | 424 |
| 6. | Payments to related parties of the entity and their associates | Current quarter £ '000 | |
| 6.1 | Aggregate amount of payments to related parties and their associates included in item 1 | 145 | |
| 6.2 | Aggregate amount of payments to related parties and their associates included in item 2 | 87 | |
| 7. | Financing facilities Note: the term "facility' includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. | Total facility amount at quarter end £ '000 | Amount drawn at quarter end £ '000 |
| 7.1 | Loan facilities | 744 | 744 |
| 7.2 | Credit standby arrangements | - | - |
| 7.3 | Other (please specify) | - | - |
| 7.4 | Total financing facilities | 744 | 744 |
| 7.5 | Unused financing facilities available at quarter end | - | |
Lender: RiverFort Global Opportunities PCC Limited Interest Rate: 15% Maturity Date: 8 November 2026 The loan facility is secured and denominated in USD. The outstanding balance of US$1,000,000 at 30 September 2025 that has been translated at a rate of 0.744 USD/GBP.
| ABN | Quarter ended ("current quarter") | |
|---|---|---|
| 32 681 342 334 | 30 September 2025 | |
| Consolidated statement of cash flows | Current quarter £'000 | Year to date (9 months) £'000 |
| 8. | Estimated cash available for future operating activities | £ '000 |
| 8.1 | Net cash from / (used in) operating activities (item 1.9) | (652) |
| 8.2 | (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) | (274) |
| 8.3 | Total relevant outgoings (item 8.1 + item 8.2) | (926) |
| 8.4 | Cash and cash equivalents at quarter end (item 4.6) | 3,468 |
| 8.5 | Unused finance facilities available at quarter end (item 7.5) | - |
| 8.6 | Total available funding (item 8.4 + item 8.5) | 3,468 |
| 8.7 | Estimated quarters of funding available (item 8.6 divided by item 8.3) | 3.75 |
| 8.8 | If item 8.7 is less than 2 quarters, please provide answers to the following questions: |
Answer: N/A
Answer: N/A
Answer: N/A
Compliance statement
2 This statement gives a true and fair view of the matters disclosed.
Date: 31 October 2025
Authorised by: By the Board of Ariana Resources plc
(Name of body or officer authorising release - see note 4)
Notes
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.