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(AAU) Ariana Resources Share Chat

Discussion in 'General Share Chat (AAU)' started by Inspiration, Jan 27, 2016.

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  11. Groucho

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    24 September 2019

    AIM: AAU


    NOTICE OF RESULTS

    AND

    SHAREHOLDER CALL


    Ariana Resources plc ("Ariana" or "the Company"), the exploration and development company operating in Turkey, announces that the Company's interim results for the six months ended 30 June 2019 will be published on Monday 30 September 2019.


    There will be a conference call for investors and analysts at 13:00 (U.K. local time) on Tuesday 1 October 2019. The call will be co-hosted by the Company's Managing Director, Dr. Kerim Sener, and Chairman, Michael de Villiers, who will discuss the interim results and provide a corporate update, followed by a question and answer session.


    Investors are invited to submit questions via email ahead of the conference call toarianaresources@yellowjerseypr.com. Questions should be submitted by 09:00 (U.K. local time) on 1 October 2019. Participants will also have the opportunity to submit questions during the live call.


    To participate in the conference call, please dial in to the following:


    Standard International Access +44 (0) 20 3003 2666

    UK Toll Free 0808 109 0700

    Password Ariana


    Shortly following the conference call, a recording will be available to download from the Company website: https://arianaresources.com/investors/presentations.
     
    Last edited: Sep 24, 2019
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  14. Groucho

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    30 September 2019

    AIM: AAU


    INTERIM RESULTS


    Ariana Resources plc ("Ariana" or "the Company"), the exploration and development company operating in Turkey, is pleased to announce its unaudited interim results for the six months ended 30 June 2019.


    Financial Highlights:

    · Ariana's share of profits from our Joint Venture Kiziltepe Mine amount to £3.0m in 6 months to June 2019, compared to £3.7m in year ended December 2018.

    · Profit before tax of £2.3m recorded for period, with operating costs in line with expectations and prior year.


    Operational Highlights:

    · Gold production guidance for 2019 for the Kiziltepe Mine is c. 25,000 oz Au (gross to the JV) and which is expected to be met by the end of Q4 2019.

    · Gold production for H1 2019 increased 14% over the same period last year to 13,734 oz Au (H1 2018: 12,037oz Au).

    · At period end 69% (post period 78%) of the US$33 million construction capital loan for Kiziltepe had been repaid; on track to be fully repaid by April 2020.

    · Two new 10-year operating licences received for the Salinbas Gold Project; Environmental Impact Assessment ("EIA") and Pre-Feasibility Study to commence.

    · Tavsan EIA nearing completion and further resource definition work underway during Q4 2020.


    Michael de Villiers, Chairman, commented:

    "It is once again my pleasure to report on another six months of exceptional results from both our operating mine and our exploration and development activities. The Kiziltepe Mine has increased output by 14%, compared to the same period last year, and I am pleased to confirm that we remain on track to produce c.25,000oz (gross to the JV) of gold for the year. This has been achieved whilst realising an average operating cost for the period under US$500per ounce, making us one of the lowest cost gold producers globally.

    "We are making significant progress on paying down the US$33 million construction capital loan for the mine, with US$25.8 million, or 78% of the loan, now paid post-period end. We remain fully on track to repay the remaining construction capital loan by April 2020, placing us in an even stronger position for FY2020. This financial strength is expected to support our various exploration and development programmes across our Turkish portfolio and underpin the diversification of the Company's portfolio outside of Turkey.

    "We remain excited by the highly prospective Salinbas Gold Project, which we believe has the potential to become a significant new gold mine producing at a rate of 50,000 oz per annum over a 10-year life of mine. The commencement of an Environmental Impact Assessment and a Pre-Feasibility Study during Q4 2019, will confirm the potential of the Salinbas Project and determine the next steps for bringing this exciting project into development.

    "Commodity market conditions have been very favourable in the first half of the year, with the gold price having risen up to 22% to a high of US$1,552 per ounce during the period. We expect that commodity price strength will continue for the medium-term and this will continue to maintain our positive momentum into the second half of the year.

    "I would like to take this opportunity to thank Ariana's production and exploration teams for their hard work and dedication over the period and also to the Company's board for their continued support and hard work."


    Management Statement

    Ariana has made substantial progress during the period, as we continue to establish ourselves as a profitable, cash generative exploration and development company. Our strategy of developing a pipeline of projects at the production, development and exploration phases continues to be rewarded. We remain committed to enhancing our current portfolio and continue to evaluate new projects both in Turkey, and in surrounding countries, which straddle the Tethyan Metallogenic Belt. Such projects are carefully filtered to fit our development criteria and must show capacity to enhance shareholder value.

    Production from our flagship mining operation at Kiziltepe in Turkey, which is part of the 50/50 Red Rabbit Joint Venture with Proccea Construction Co., is continuing very well. Q1 2019 gold production was 7,296 ounces, with 6,438 ounces delivered in Q2 2019, bringing H1 2019 gold production to 13,734 ounces; representing a 14% increase on H1 2018 gold production. Notably, average operating cash costs for the first half of the year were under US$500 per ounce. Our strong performance in the first half of the year reflects positively on our 2019 production guidance of 25,000 ounces of gold (gross to the JV).

    During the period Kiziltepe achieved an average realised gold price of US$1,309 per ounce, against an average revenue per gold ounce of US$1,492 per ounce. This strong positive cashflow enabled repayments of 69% of the US$33 million JV construction capital loan to the project finance bank, Turkiye Finans Katilim Bankasi A.S. as at 30 June 2019. Repayments since this time, post-period end, have resulted in 78% of the loan being paid down.

    In terms of exploration within the Red Rabbit JV area, we continue to make significant progress across all of our projects in western Turkey, with the aim of adding additional resources from which to increase the JV life of mine and production profile towards 50,000 ounces of gold per annum. Recent exploration work at the Tavşan Gold Project has highlighted significant potential for the area to yield additional resources. Meanwhile, work on the Feasibility and EIA is continuing successfully and we look forward to completing these studies in the coming months. Drilling undertaken for the purposes of the EIA earlier this year has been completed and a rock-saw channel programme is due to begin imminently over the primary resource areas.

    In addition to our progress within the Red Rabbit JV, we have been making significant progress at the wholly-owned Salinbas Gold Project, which is located in northeastern Turkey and has a resource inventory of c.1 million of gold ounces equivalent. The project comprises three licences two of which have recently been granted 10-year operational status. These licences areas include the Salinbas gold-silver deposit and the Ardala copper-gold-molybdenum porphyry among other prospects. Post-period end we reported positive drilling results that demonstrate the presence of a major magmatic-hydrothermal system in the vicinity of the Ardala copper-gold-molybdenum porphyry. Drilling has confirmed that the porphyry does merge with the Salinbas gold-silver zone and that the two systems should considered as one. We believe this discovery bodes extremely well for future development and for the identification of additional mineralisation in the vicinity. Consequently, we continue to remain excited by the exploration upside of the project and look forward to commencing our next work programmes in late 2019.


    Outlook

    Joint Venture operations continue to go from strength to strength and our successful partnership with Proccea Construction Co. confirms that similarly structured partnerships are a strategy for future success. In particular, we remain in discussions with a number of companies on the development of the Salinbas Gold Project and we look forward to providing further updates once we have selected a suitable partner.

    We strive to continue to deliver on this year's exceptional progress, through continued production and exploration success, as well as seeking new development opportunities within and outside of Turkey. As previously noted, we are in the process of diversifying our strategy to include another project in a country other than Turkey. Consequently, we look forward to making an announcement in due course concerning our interests in an exploration and development portfolio in Cyprus, upon which we have been conducting due diligence work during the last two years.

    Finally, we expect our production guidance for the year of 25,000 oz (gross to the JV) will be met and that we look forward to updating the market during October on the results of Q3 2019. Operations during the third quarter continue to perform fully in line with expectations. We look forward to updating shareholders on our developments and milestones as the year progresses, and into 2020.

    Ariana Resources PLC - INTERIM RESULTS @ArianaResources https://www.voxmarkets.co.uk/rns/announcement/1b906c93-fb1d-4f56-8e65-c35e51b13fd5
     
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  17. Groucho

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    01 October 2019

    AIM: AAU


    SHAREHOLDER CALL


    Ariana Resources plc ("Ariana" or "the Company"), the exploration and development company operating in Turkey, announces that, further to the announcement on 24 September 2019, it will host a conference call for investors and analysts at 13:00 (U.K. local time) today.

    The call will be hosted by the Company's Managing Director, Dr. Kerim Sener, who will discuss the interim results and provide a corporate update, followed by a question and answer session.

    Investors are invited to submit questions via email ahead of the conference call toarianaresources@yellowjerseypr.com. Questions should be submitted by 09:00 (U.K. local time) today. Participants will also have the opportunity to submit questions during the live call.


    To participate in the conference call, please dial in to the following:

    Standard International Access +44 (0) 20 3003 2666
    UK Toll Free 0808 109 0700
    Password Ariana

    Shortly following the conference call, a recording will be available to download from the Company website: https://arianaresources.com/investors/presentations.
     
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