AIM: AAU ASX: AA2
Ariana Upcoming Catalysts
GOLD PRODUCING PARTNERSHIP IN TÜRKIYE
Production since
2017
Production from the Tavsan heap-leach started in
at Kiziltepe Mine
(CIL Processing)
(23.5% Ariana)
(23.5% Ariana)
2025
DOKWE:
A NEAR-TERM GOLD DEVELOPMENT OPPORTUNITY
>1.1Moz (1.4Moz @ 0.3g/t) Au
in-pit Resource1 with Reserves providing for production of+60,000oz per annum based on the PFS
EXPLORATION & DEVELOPMENT
SIGNIFICANT GOLD PROJECT PORTFOLIO
Significant exploration, development and
production portfolio providing a compelling value opportunity for AIM & ASX investors
Upcoming optimisation study & PFS update
Expected to yield attractive production, cost and financial metrics
Regional exploration underway with strong upside potential
Exploration and resource expansion
RC and diamond drilling programme of c.11,000m to increase the current Resource and Reserve
DFS underway
Dokwe Gold Project continues to be advanced through its DFS
Note: 1 Dokwe Resource shown at a cut-off of 0.6 g/t Au.
Investment Highlights
Ariana at a glance
Notes: 1 Dokwe Project is 100% owned by Ariana Resources and there is a private 0.5% NSR over the Project. Contained metal reported as in-pit resources under JORC (2012) at a 0.6 g/t Au cut-off grade, Reserves as per 2022 PFS. 2 Gold-silver projects via 23.5% ownership of Zenit Madencilik, comprising the Kiziltepe and Tavşan mines, and the Salinbas Project. 3 Drilling undertaken largely by Zenit Madencilik on the Turkish projects
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FY21-24. 4 £1.8m raised during Q1-2025 from Newmont, Placing and WRAP Retail Offer (assumed USD/GBP FX of 0.76). 5 Ariana holds a 76% interest in Western Tethyan Resources which holds a 51% interest in the Slivova Project under an earn-in agreement in Kosovo and Cypriot copper-gold-silver-zinc projects are held via 61% ownership of Venus Minerals.
Asset & Corporate Overview
Ariana's Asset Base
A portfolio of assets across geographies and development stages
A
DOKWE PROJECT | 100%DEVELOPMENT | ZIMBABWE
Dokwe North & Dokwe Central In-pit
1.1Moz @ 1.52g/t Au JORC (2012)
Resource1
PFS update (2025) demonstrates
+60koz p.a. operation over 13 years
Largest undeveloped gold project in Zimbabwe
PRODUCTION | TÜRKIYE
B
ZENIT MINING OPERATIONSKiziltepe (172koz Au at 1.63g/t Au grade MRE) & Tavşan (311koz Au at 1.26g/t Au grade MRE) operating mines2
Average gold production of c.22koz Au since 2017, including from Tavsan since 2024
Salinbas Project: 1.5Moz Au JORC (2012) Resource2 , with resource growth potential
Notes: 1 JORC (2012) Measured, Indicated and Inferred Resources at a 0.6 g/t Au cut-off constrained within a pit shell optimized at US$2,750/oz. 2 JORC (2012) Measured, Indicated and Inferred Resources quoted on 100% basis. Salinbas includes the Ardala Project. 3 Ariana owns 76% of Western Tethyan Resources, which holds a 51% interest in the Slivova Project under an earn-in agreement. 6
Corporate Overview
Financial position and shareholder base
9%
3%
40%
21%
27%
CAPITALISATION SUMMARY TOP SHAREHOLDERS
AIM Share price £0.0148 Shares / CDIs on issue 2.338b Market capitalisation £34.6m Cash and equivalents 1 £3.5m Debt 2 £0.7m Enterprise value £31.8m7
Price (GBP/share) (LHS)
Volume (m) (RHS)
Notes: 1 As at 30 September 2025. 2As at 30 September 2025, payable over 1 year.
SHARE PRICE HISTORY 1
Corporate Overview
Experienced board and management team with global on-the-ground experience
KEY BOARD AND MANAGEMENT PERSONNEL
Dr Kerim Sener - Managing Director & Founder
Kerim is an exploration geologist with extensive precious metals exploration, resource development and M&A experience over 25 years, including with Independence Gold (Lonmin PLC) in Zimbabwe. He has been responsible for the discovery of c.4Moz of gold in eastern Europe.
Kerim co-founded Ariana in 2005 and has progressed the Company from a single-asset explorer to a multi-asset, multi-jurisdiction gold producer, developer and explorer that is dual-listed on the AIM ("AAU") and ASX ("AA2") markets.
Michael de Villiers - Non-Executive Chairman & Co. Sec. Michael is an accountant with over 35 years' experience as a Financial Manager at mining and chemicals operations for a variety of companies, with interests in gold, diamonds, soda ash, salt and base metals, largely in southern Africa.
Chris Sangster - Non-Executive Director
Chris is a mining engineer with over 40 years' experience in the mining industry. Chris has extensive experience in gold, diamond and base metal production, primarily in southern Africa. He has held positions at KCM PLC and Australian Mining Consultants.
William Payne - Non-Executive Director and CFO William qualified as a chartered accountant with KPMG in London. In 2003, he became a partner in a top 20
accountancy practice Wilkins Kennedy LLP before it changed ownership and rebranded to Azets. At Azets, William provides audit and assurance advice to clients as well as assistance in planning, reporting and compliance.
Michael Atkins - Deputy ChairmanMichael has significant board-level ASX-listed company experience, with specific expertise in Africa, including as Founder and Executive Chairman of Gallery Gold (sold to IAMGold) and as Chairman of Azumah Resources, which developed the Wa Gold Project in Ghana to a 1Moz Au Reserve.
Nick Graham - Non-Executive Director & Founder
Nick is a Chartered Geologist with 50 years' experience in mineral exploration and mine development, mostly in Zimbabwe, with Falconbridge Exploration Inc, Kamativi Tin Mines Ltd and managing Cluff Resources PLC and Reunion Mining PLC.
Andrew du Toit - Operations Director
Andrew has over 35 years' experience in the Zimbabwean mining industry in roles from project geologist to General Manager. He began his career with the Zimbabwe Geological Survey and has worked with Independence Gold (Lonmin PLC), SRK and Zimplats Limited (ASX: ZIM).
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Dokwe Project
Why Zimbabwe?
Long-standing relationships, multi-decade exploration success and deep in-country expertise
Notes: 1 Based on the tectonic and palaeomagnetic reconstruction of Smirnov et al. (2013). Gold deposit locations based on a variety of public information including geological survey reports.
SHARED TECTONISM OF THE ZIMBABWE & YILGARN CRATONS 1
ZIMBABWE CRATON
Area of 300,000km2
Similar geological endowment to the Yilgarn Craton in Western Australia (WA)
Production/Resources of ~40Moz
More than twenty >1Moz deposits
Profitable gold mining operations include Caledonia Mining and Namib Minerals
Minimal levels of exploration in past 25 years
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