Ariana Resources Finalizes Tavşan Gold Mine Ramp-Up in Turkey and Separates Kiziltepe Interests

Completion of Tavşan Mine Ramp-Up and Current Operations

Ariana Resources has reached a key milestone with the successful ramp-up completion at the Tavşan gold mine in Türkiye. Mining and processing activities are progressing smoothly, with ore now being loaded onto heap-leach pads at the planned rate of 4,000 tonnes per day. This follows a structured development phase confirming the operation's capacity achievement. Operational enhancements continue, especially in crushing and screening, including installing covered areas to store run-of-mine ore and reduce moisture prior to crushing.

Ore stockpiles at Tavşan currently stand at approximately 750,000 tonnes across various grades. Management has also established a low-grade stockpile containing material between 0.2 and 0.5 g/t Au, retained in anticipation of higher gold prices supporting its processing near the mine’s end of life. Crushing and screening operations consistently meet or exceed the 4,000 tonnes per day target, and the agglomerator has been covered to improve performance. This infrastructure supports loading roughly 60,000 tonnes of ore monthly onto the heap-leach pads.

Heap-Leach Processing and Gold Recovery Performance

The Tavşan heap-leach facility is operating as expected, with about 350,000 tonnes of ore currently undergoing leaching. Irrigation covers most of the heap-leach pad surface, facilitating gold extraction. The Adsorption-Desorption-Recovery (ADR) circuit is functioning within specifications, maintaining gold recovery at approximately 70%, a critical performance metric reflecting the efficiency of the hydrometallurgical process used.

Processing infrastructure, including the ADR circuit and water management ponds, continues to operate within design parameters. Management expressed satisfaction with operational progress, noting the heap-leach's performance since commissioning. Incremental improvements across crushing, screening, agglomeration, and ADR stages during ramp-up have optimized throughput and recovery, enabling the mine to reach nameplate capacity.

Mining Operations Across Open Pits and Strip Ratio Metrics

Mining at Tavşan is ongoing across two open pits: Bariş Pit (formerly Main Pit) and Çakmak Pit (formerly North Pit). To date, the mine has achieved an average strip ratio of 2.3, extracting 1.6 million tonnes of ore, including high-grade material previously processed at Kiziltepe. The strip ratio, indicating waste rock removed per ore unit, is a key efficiency and economic indicator. High-grade ore zones appear as rusty-colored areas on pit walls, awaiting excavation loading.

Recent diamond drilling near existing pits and surrounding areas aims to identify mineralization extensions. Zenit management is evaluating these results to update mining plans accordingly. Drilling indicates strong potential to expand current pits and possibly merge some into larger shells as grade-control drilling provides further data, enhancing mine planning flexibility.

Kiziltepe Sector Restructuring and In Specie Distribution

Zenit Madencilik recently completed an in specie distribution of Kiziltepe Sector interests to its shareholders, transferring associated assets and liabilities into a separate legal entity. This restructuring aims to retain profits from Tavşan operations within Zenit, enabling reinvestment in the active mine rather than shareholder distribution. It also facilitates independent transactions involving Kiziltepe without impacting Tavşan or Zenit's financial position.

By isolating legacy Kiziltepe assets, Ariana and Zenit shareholders gain flexibility to pursue separate deals without affecting Tavşan operations. Management emphasized this structure reduces future financial exposure from legacy liabilities while preserving Tavşan-generated profits within Zenit.

Planned Sale of Kiziltepe Stake to Proccea Construction Co.

Ariana Resources is progressing towards selling its 9.9% interest in the newly formed Kiziltepe entity to Proccea Construction Co. This transaction will simplify Ariana’s Turkish mining portfolio. Proccea is also expected to engage in a separate deal with Özaltin Holding A.Ş. involving a third party, indicating further activity around Kiziltepe assets. Ariana plans to provide updates as developments occur.

Divesting the Kiziltepe stake aligns with Ariana’s strategy to streamline Turkish operations and reduce exposure to legacy assets. Managing Director Dr. Kerim Sener highlighted that this sale will allow Ariana to focus on its indirect interest in the Tavşan producing mine, minimizing complexity and legacy liabilities.

Ariana Resources’ Portfolio and Strategic Direction

Ariana Resources plc is a mineral exploration and development company with gold projects in Africa and Europe. Headquartered in Perth, Western Australia, it is listed on AIM (ticker: AAU) and ASX (ticker: AA2). The company’s strategy centers on exploration and development targeting gold mineralization, with Turkish mining interests representing a significant part of its portfolio via the indirect stake in Tavşan.

The transition of Tavşan from construction and ramp-up to stable production marks a pivotal point in Ariana’s value creation, moving from development-stage to a producing mine generating operational cash flow. Management’s positive commentary on operational performance reflects confidence in sustaining production at nameplate capacity.

Operational Enhancements and Plant Upgrades

Continuous operational improvements at Tavşan focus on crushing, screening, and agglomeration processes. Covered storage areas for run-of-mine ore reduce moisture before crushing, enhancing processing efficiency. Covering the agglomerator protects it from weather, improving the pre-leach treatment stage.

These incremental upgrades demonstrate Ariana’s commitment to reliable and optimized production. Emphasis on pre-leach preparation highlights management’s focus on key control points influencing overall circuit performance. The company praised Zenit’s operational team and contractors for their efforts in ramping up and improving plant performance.

Gold Recovery and ADR Circuit Efficiency

The ADR circuit at Tavşan meets design specifications, maintaining gold recovery around 70%. This circuit recovers dissolved gold via adsorption onto activated carbon, followed by desorption and final recovery. Achieving this recovery rate confirms the processing route’s suitability for Tavşan ore.

Maintaining recovery at specification is vital for economic returns, with higher recovery boosting gold extraction. Management’s report indicates successful commissioning and operational control during ramp-up, ensuring the circuit performs as intended.

Exploration Drilling and Potential Pit Expansion

Recent diamond drilling near Tavşan’s open pits aims to identify mineralization extensions. Zenit is reviewing results to update mining plans. Drilling suggests good potential to enlarge existing pits and possibly merge some into larger shells as further grade-control data becomes available.

This evolving pit design approach is standard in open-pit mining, allowing resource base expansion and potentially extending mine life. The exploration success enhances Tavşan’s long-term operational outlook.

Managing Director’s Remarks and Future Outlook

Dr. Kerim Sener, Managing Director of Ariana Resources, expressed satisfaction with Tavşan’s ramp-up success and heap-leach performance. He noted ongoing operational enhancements and commended Zenit’s team and contractors for their contributions. His remarks on drilling assessments and mining plan updates highlight the dynamic nature of mine management.

Regarding Kiziltepe restructuring, Dr. Sener emphasized strategic goals to retain Tavşan profits within Zenit and enable independent Kiziltepe transactions. The planned sale of Ariana’s 9.9% Kiziltepe stake to Proccea Construction Co. supports portfolio simplification and reduces legacy asset exposure. Management remains confident in Tavşan’s ability to sustain production and deliver stakeholder value.