Ariana Resources Completes Tavşan Ramp-Up and Plans Kiziltepe Stake Sale

Tavşan Mine Achieves Operational Milestone

Ariana Resources (ASX:AA2) has brought its Tavşan gold mine in Türkiye through ramp-up, hitting a steady processing rate of 4,000 tonnes of ore per day onto heap-leach pads. The operation is maintaining gold recovery rates around 70%, in line with expectations, supported by ongoing enhancements to crushing, screening, and agglomeration processes. These include installing covered areas for run-of-mine ore to reduce moisture before crushing and protecting the agglomerator from the elements to boost performance.

Ore stockpiles are being carefully managed, with approximately 750,000 tonnes held across various grades. Notably, a low-grade stockpile (0.2 to 0.5 g/t Au) has been established, reflecting confidence that elevated gold prices may justify processing this material later in the mine's life. Mining continues across two open pits with a strip ratio averaging 2.3, and recent diamond drilling near existing pits suggests potential for expanding mineralisation zones or merging pits as more data becomes available.

Strategic Separation of Kiziltepe Interests

In a significant corporate move, Ariana's 9.9% stake in the Kiziltepe sector has been transferred into a separate legal entity via an in specie distribution to Zenit Madencilik shareholders. This isolates Kiziltepe's assets and liabilities from Tavşan, ensuring that profits from Tavşan remain within Zenit and allowing the Kiziltepe interests to be sold independently.

Ariana is actively working towards selling its Kiziltepe stake to Proccea Construction Co. This transaction aims to simplify Ariana's Turkish holdings and reduce exposure to legacy assets and liabilities. The company has indicated that further updates will be provided as negotiations progress.

Operational and Financial Context

The Tavşan operation's steady ramp-up and ongoing improvements underline Zenit's operational capabilities, while the corporate restructuring around Kiziltepe reflects Ariana's strategic focus on streamlining its portfolio. This follows Ariana's recent monetisation of a larger Zenit stake for US$19.5 million, which bolstered its cash reserves to advance projects like Dokwe in Zimbabwe.

Zenit's management continues to assess drilling results to refine mining plans, indicating a proactive approach to resource optimisation. Meanwhile, Ariana's move to divest Kiziltepe aligns with reducing future financial risks from older assets, a prudent step given the volatile nature of mining ventures.