ISSUE OF SUBSCRIBER SHARES

RNS Number : 7328G

Ariana Resources PLC

31 March 2022

 

31 March 2022

AIM: AAU

ISSUE OF SUBSCRIBER SHARES

TOTAL VOTING RIGHTS

Further to the announcement of 24 March 2022, 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 the issue of 46,185,387 new ordinary shares in the Company at 0.411 GBP per share (the "Subscriber Shares").

The Subscriber Shares are being issued to Newmont Corporation ("Newmont") as consideration for the investment by Newmont of US$2.5 million in Ariana as announced.

Application is being made for the Subscriber Shares, which will rank pari passu with all existing ordinary shares, to be admitted to trading on AIM ("Admission").  Admission is expected on or around 4 April 2022.

For the purposes of the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority ("FCA"), at Admission the Company's issued share capital will consist of 1,142,863,330 ordinary shares with a nominal value of 0.1p each, with voting rights ("Ordinary Shares"). The Company does not hold any Ordinary Shares in Treasury.  Therefore, the total number of Ordinary Shares in the Company with voting rights is 1,142,863,330.

Contacts:

Ariana Resources plc	Tel: [phone]
Michael de Villiers, Chairman
Kerim Sener, Managing Director
Beaumont Cornish Limited	Tel: [phone]
Roland Cornish / Felicity Geidt
Panmure Gordon (UK) Limited	Tel: [phone]
John Prior / Hugh Rich / Atholl Tweedie
Yellow Jersey PR Limited	Tel: [phone]
Dominic Barretto / Henry Wilkinson	[e-mail]

Editors' Note:

About Western Tethyan Resources Ltd:

Western Tethyan Resources Ltd ("WTR") is a UK registered, Kosovo-domiciled company holding exploration licence applications in Kosovo through its 100%-owned subsidiary Kosovo Mineral Resources LLC ("KMR").  The company is currently focused on exploration for major copper-gold deposits in the Lecce Magmatic Complex and Vardar Belt.  The company is assessing several other exploration project opportunities across south-eastern Europe, targeting major copper-gold deposits across the porphyry-epithermal transition.  It is the intention of the company to progress to drill testing its projects within the shortest possible timeframe. 

Further information on WTR can be found at the company's website at: www.westerntethyanresources.com

About Ariana Resources:

Ariana is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo. 

The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in Turkey which contains a depleted total of c. 2.1 million ounces of gold and other metals (as at February 2022). The joint venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects. 

The Kiziltepe Gold-Silver Mine is located in western Turkey and contains a depleted JORC Measured, Indicated and Inferred Resource of 222,000 ounces gold and 3.8 million ounces silver (as at February 2022). The mine has been in profitable production since 2017 and is expected to produce at a rate of c.20,000 ounces of gold per annum to at least the mid-2020s. A Net Smelter Return ("NSR") royalty of 2.5% on production is being paid to Franco-Nevada Corporation.

The Tavsan Gold Project is located in western Turkey and contains a JORC Measured, Indicated and Inferred Resource of 253,000 ounces gold and 0.7 million ounces silver (as at June 2020). Following the approval of its Environmental Impact Assessment, resulting permitting work is ongoing to develop Tavsan as the second joint venture gold mining operation in Turkey. A NSR royalty of up to 2% on future production is payable to Sandstorm Gold. 

The Salinbas Gold Project is located in north-eastern Turkey and contains a JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold (as at July 2020). It is located within the multi-million ounce Artvin Goldfield, which contains the "Hot Gold Corridor" comprising several significant gold-copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.

Ariana owns 100% of Australia-registered Asgard Metals Fund ("Asgard"), as part of the Company's proprietary Project Catalyst Strategy. The Fund is focused on investments in high-value potential, discovery-stage mineral exploration companies located across the Eastern Hemisphere and within easy reach of Ariana's operational hubs in Australia, Turkey and the UK.

Ariana owns 75% of UK-registered Western Tethyan Resources Ltd ("WTR"), which operates across south-eastern Europe and is based in Pristina, Republic of Kosovo.  The company is targeting its exploration on major copper-gold deposits across the porphyry-epithermal transition.  WTR is being funded through a five-year Alliance Agrement with Newmont Corporation (www.newmont.com).

Ariana owns 50% of UK-registered Venus Minerals Ltd ("Venus") which is focused on the exploration and development of copper-gold assets in Cyprus which contain a combined JORC Indicated and Inferred Resource of 17Mt @ 0.45% to 1.10% copper (excluding additional gold, silver and zinc), in addition to pursuing a separate 50:50 JV on Hellenic Apliki Mines, which owns the Hellenic SX-EW processing plant and 11Mt @ 0.25% to 0.69% Cu Apliki mine development project. 

Panmure Gordon (UK) Limited is broker to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser and Broker.

For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com .

Ends.

 

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