Ariana Resources Finalizes Tavşan Mine Ramp-Up in Türkiye and Transfers Kiziltepe Interests Ahead of Potential Sale

Tavşan Gold Mine Achieves Operational Targets Following Ramp-Up Completion

Ariana Resources’ indirect involvement in the Tavşan gold mining operation in Türkiye has reached a critical milestone with the completion of production ramp-up. Zenit Madencilik San. ve Tic. A.Ş., in which Ariana holds a 9.9% share, now processes ore at the designed rate of 4,000 tonnes per day, marking the transition from commissioning to steady-state production. This achievement underscores the project’s viability and supports Ariana’s broader investment strategy across multiple mining jurisdictions.

Operational enhancements have been implemented to optimize production efficiency, including the installation of covered areas to protect run-of-mine ore from moisture prior to crushing, and covering the agglomerator to improve system reliability. The operation maintains approximately 750,000 tonnes of ore stocks across various grades, including a low-grade stockpile (0.2 to 0.5 g/t gold) positioned for potential processing at the end of mine life if gold prices remain favorable.

Heap-Leach Processing and Gold Recovery at Tavşan

The heap-leach process at Tavşan is performing in line with design specifications. Currently, around 350,000 tonnes of ore are undergoing heap-leaching with irrigation across most of the pad surface. Monthly ore loading onto the heap-leach pad averages 60,000 tonnes, consistent with the 4,000 tonnes per day target. The Adsorption-Desorption-Recovery (ADR) circuit is achieving gold recovery rates near 70%, meeting operational expectations.

Mining continues at two open pits with an average strip ratio of 2.3 to date and 1.6 million tonnes of ore extracted, including high-grade material formerly processed at Kiziltepe. Diamond drilling around existing pits and broader areas aims to identify mineralisation extensions. Zenit is reviewing these results and updating mining plans accordingly, with indications of potential pit expansions and possible pit mergers as mining and grade-control drilling progress.

Kiziltepe Sector Restructured via In Specie Distribution

Zenit Madencilik has completed an in specie distribution of Kiziltepe sector interests, transferring all related assets and liabilities into a separate legal entity. This restructuring isolates Kiziltepe from Tavşan operations, ensuring Tavşan’s profits remain within Zenit. The move reflects a strategic effort to segregate legacy interests and associated financial exposures from active, profitable mining operations.

According to Ariana’s management, this separation facilitates independent future transactions for Kiziltepe while preserving operational control and financial integrity of Tavşan. The restructuring aligns with industry best practices by ringfencing operational assets from legacy or remediation-heavy holdings, simplifying Ariana’s Turkish portfolio and reducing future financial risks.

Potential Sale of Kiziltepe Interest to Proccea Construction Co.

Ariana is advancing plans to sell its 9.9% interest in the newly formed Kiziltepe entity to Proccea Construction Co. This prospective transaction aims to further streamline Ariana’s Turkish holdings and mitigate future liabilities from legacy assets. No definitive agreement has been reached, and terms remain under negotiation. Further updates will be provided as the process progresses.

Proccea Construction Co. is also expected to engage in a separate transaction involving Kiziltepe with Özaltin Holdings A.Ş. and a third party, indicating a complex multi-party consolidation or development strategy. Completion of this sale would significantly simplify Ariana’s Turkish portfolio, focusing its direct involvement primarily on its 9.9% stake in Zenit and indirect exposure to Tavşan’s operations.

Ariana’s Diverse Portfolio and Strategic Priorities

Ariana Resources is a mineral exploration and development company with a diversified portfolio spanning gold, copper, and silver projects across Africa and Europe. Dual-listed on AIM (AAU) and ASX (AA2), the company maintains major projects including a gold development in Zimbabwe and copper-gold-silver exploration in Kosovo and Cyprus. This geographic and commodity diversification supports multiple value creation pathways and reduces jurisdictional and commodity concentration risks.

The Tavşan operation represents one of Ariana’s key operational assets, having progressed from development to production ramp-up. Management highlights the operational teams’ efforts and emphasizes a strategic focus on profitable, producing assets while streamlining legacy Turkish interests.

Compliance with JORC Code and Mineral Resource Reporting

Ariana confirms compliance with the 2012 Australasian Code for Reporting of Exploration Results, Mineral Resources, and Ore Reserves (JORC Code). Detailed resource and reserve estimates were included in the company’s replacement prospectus released on 8 September 2025, available on its website. No new information materially affects previous disclosures, and all assumptions and technical parameters remain valid.

JORC Competent Persons Alfred Gillman, Ruth Woodcock, Izak van Coller, and Hovhannes Hovhannisyan oversee exploration and resource reporting, while Qualified Persons Richard John Siddle, Andrew Bamber, and Daniel Van Heerdan contributed to the Independent Geologist’s Report. Their qualifications and affiliations are detailed in the prospectus.

Operational Enhancements at Tavşan

Operational refinements continue at Tavşan to optimize production. Covered areas for run-of-mine ore reduce moisture content, improving crushing efficiency and throughput. The agglomeration process is also protected from weather, enhancing consistency. These engineering improvements, typical during ramp-up phases, contribute to better equipment utilization and production efficiency.

Irrigation covers most of the heap-leach pad, and gold recovery rates remain around 70%, consistent with metallurgical expectations for the ore types processed, confirming alignment with design and feasibility assumptions.

Strategic Asset Segregation and Legacy Liability Management

Separating Kiziltepe into a distinct legal entity isolates operational risks and financial exposures, ensuring Tavşan’s cash flows remain dedicated to profitable operations. Legacy assets, including potential environmental liabilities and remediation obligations, remain with Kiziltepe, which Ariana is positioning for sale. The proposed transaction with Proccea Construction Co. would transfer these future obligations to a third party, reducing Ariana’s long-term exposure to regulatory and financial risks in Türkiye.

This structure clarifies the risk profile for investors and simplifies evaluation of Tavşan’s operational profitability and value.

Forward-Looking Statements and Risk Factors

The update contains forward-looking statements involving terms such as "forecast," "likely," "expect," and others, relating to management plans, production targets, and financial projections. These statements are subject to risks and uncertainties that may cause actual outcomes to differ materially.

Key risks include commodity price fluctuations, foreign exchange volatility, economic and market conditions, increased input costs, exploration and permitting risks, reserve depletion, regulatory changes, environmental factors, geological variability, and personnel retention challenges. These risks reflect the inherent uncertainties in mining operations.