Ariana Resources (AAU)

Sector:

Mining

Index:

FTSE AIM All-Share

2.45p
   
  • Change Today:
    -0.100p
  • 52 Week High: 3.10p
  • 52 Week Low: 1.63p
  • Currency: UK Pounds
  • Shares Issued: 1,834.18m
  • Volume: 2,088,100
  • Market Cap: £44.94m
  • RiskGrade: 232
  • Beta: 0.38

Ariana outlines reorganisation of Turkish assets

By Josh White

Date: Thursday 22 Aug 2024

LONDON (ShareCast) - (Sharecast News) - Mineral explorer and developer Ariana Resources announced the successful reorganisation of its interests in Türkiye on Thursday, following completion of a merger between Zenit and Pontid.
The AIM-traded firm held a 23.5% stake in both companies through its wholly-owned subsidiary, Galata Mineral.

As part of the merger, Zenit acquired 100% of Pontid's shares, consolidating ownership of all advanced mines and projects in Türkiye, including the Kiziltepe, Tavsan, and Salinbas projects.

Ariana said it maintained a 23.5% interest in the assets through its stake in the newly-enlarged Zenit.

In addition to the merger, Ariana reported ongoing gold and silver production from the Kiziltepe and Tavsan mines, with around 8,500 ounces of gold and 66,300 ounces of silver produced up to the end of June.

The paid-up capital in Zenit had also been increased to TRY 90.54m (£2.03m).

"This concludes the process that started in 2021, following the partial divestment in Türkiye to Ozaltin Holding and the restructuring of our interests in Zenit Madencilik with Proccea Construction," said managing director Dr Kerim Sener.

"Due to the different funding structure and requirements of Zenit and Pontid, it was determined at that time to pause the contemplated merger until the Tavsan mine construction was sufficiently advanced.

"The past two years have witnessed significant progress at Tavsan, held by Zenit along with Kiziltepe, while the Salinbas asset, held by Pontid, has also advanced significantly."

Dr Sener said that the company determined that it was the right time to complete the merger as initially planned and provided for in the shareholders agreement.

"This action substantially simplifies the way we hold our interests in Türkiye and helps prepare the ground ahead of our planned ASX listing later in the year.

"We continue working with our partners in Türkiye to expand our joint interests in Türkiye and potentially further afield."

"Meanwhile, gold and silver production from Kiziltepe and Tavsan continues as planned, with around 8,500 ounces of gold and 66,300 ounces of silver produced to the end of June, recording over $20min revenue."

Trucking operations from Tavsan to Kiziltepe had intensified in recent months, Dr Sener added, and were now running at a rate of 50 trucks per day.

"Meanwhile, a major pre-strip operation has accelerated at the Arzu South pit at Kiziltepe, with the expectation of ore production to recommence from this pit in early 2025."

At 1116 BST, shares in Ariana Resources were down 1.07% at 2.28p.

Reporting by Josh White for Sharecast.com.

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Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

 

AAU Market Data

Currency UK Pounds
Share Price 2.45p
Change Today -0.100p
% Change -3.92 %
52 Week High 3.10p
52 Week Low 1.63p
Volume 2,088,100
Shares Issued 1,834.18m
Market Cap £44.94m
Beta 0.38
RiskGrade 232

AAU Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
35.14% below the market average35.14% below the market average35.14% below the market average35.14% below the market average35.14% below the market average
53.97% below the sector average53.97% below the sector average53.97% below the sector average53.97% below the sector average53.97% below the sector average
Price Trend
11.96% below the market average11.96% below the market average11.96% below the market average11.96% below the market average11.96% below the market average
47.06% above the sector average47.06% above the sector average47.06% above the sector average47.06% above the sector average47.06% above the sector average
Income Not Available
Growth
79.33% below the market average79.33% below the market average79.33% below the market average79.33% below the market average79.33% below the market average
79.31% below the sector average79.31% below the sector average79.31% below the sector average79.31% below the sector average79.31% below the sector average

AAU Dividends

  Latest Previous
  Special Special
Ex-Div 18-Aug-22 03-Mar-22
Paid 03-Oct-22 25-Mar-22
Amount 0.17p 0.17p

Trades for 06-Dec-2024

Time Volume / Share Price
15:36 630,000 @ 2.36p
15:45 250,000 @ 2.41p
15:44 250,000 @ 2.42p
15:35 200,000 @ 2.44p
15:06 10,000 @ 2.47p

AAU Key Personnel

Chair Michael de Villiers

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