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EXPLORATION ALLIANCE AND INVESTMENT AGREEMENT
EXPLORATION ALLIANCE AND INVESTMENT AGREEMENT.
About this update from Ariana Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8293F\n Ariana Resources PLC\n 24 March 2022\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 24 March 2022\n \n \n AIM: AAU\n \n \n EXPLORATION ALLIANCE AND INVESTMENT AGREEMENT\n \n \n Ariana Resources plc (\"Ariana\" or the \"Company\"), an AIM-listed mineral exploration and development company with gold mining interests in Europe, is pleased to announce an Exploration Alliance Agreement (the \"Alliance\") and investment with Newmont Corporation (\"Newmont\") regarding exploration in south-eastern Europe via Ariana's 75%-owned Western Tethyan Resources Ltd (\"WTR\"). The Alliance will focus on copper and gold exploration within Bosnia and Herzegovina, Bulgaria, Greece, Kosovo, North Macedonia and Serbia, utilising the teams established by WTR and Ariana.\n \n \n Highlights:\n \n \n · \n Newmont to invest US$2.5 million in Ariana based on a 10% premium to a 30-day volume-weighted average price (\"VWAP\"), to enable the funding of the Alliance's activities, in addition to providing access to Newmont's Regional Database.\n \n \n · \n The Alliance between Newmont, Ariana and WTR to run for an intial period of 5 years; such period being mutually extendable with future funding requirements of the Alliance to be met by Newmont, via an option to further invest in Ariana.\n \n \n ·\n 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.\n \n \n o \n Newmont will 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.\n \n \n o \n 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%.\n \n \n o \n 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%.\n \n \n o \n If either party withdraws from the Mining Company or dilutes below 10%, such party will relinquish its interest in return for a 2% NSR.\n \n \n · \n On conclusion of the Alliance term, and in...