Ariana Resources Discusses 2025 Results and Tavsan Production Driving Cash and Dividend Flow

Ariana Resources PLC managing director Kerim Sener has provided insights into the company’s latest financial results, funding position and operational progress across its key gold projects. The discussion highlighted recent investment activities, drilling achievements at Dokwe and the transition to production at Tavşan.

The company’s 2025 results reflect a significant boost to its cash position, which reached approximately £5.4 million following an investment from Xinhai late in the year. Sener indicated that this funding level provides adequate support for operations through the coming year and for the feasibility study at Dokwe.

A notable change in the accounts relates to the treatment of Ariana’s investment in Zenit. The company has adopted a fair value remeasurement approach, with the holding in Zenit Madencilik now shown through profit or loss as a financial asset at fair value. This adjustment is intended to provide a more accurate representation of the value of the Turkish operations, which include the Kiziltepe and Tavşan mines.

The accounting treatment explains the shift from a £2.7 million profit to a £12.4 million loss, which Sener emphasised represents a paper treatment only, comprising a cumulative non-cash loss of approximately £10.9 million.

Regarding the Dokwe project, which has been characterised as transformational, recent results from reverse circulation drilling at Dokwe North have been encouraging. Intercepts included 4 metres at approximately 17 grammes per tonne of gold, 10 metres approaching 8 grammes and a further 10 metres approaching 5 grammes. These results demonstrate an extension of mineralisation on the northeastern flank that was not previously identified.

The material is largely oxide in nature, which Sener noted is particularly encouraging. Whilst the results point towards the potential for a future resource upgrade, additional drilling will be required. Further drilling is expected to continue through April and into May, alongside metallurgical and geotechnical work at Dokwe Central. The company is observing continuity of mineralisation across both Dokwe North and Central.

The Tavşan mine has now entered production and is expected to become an important contributor to cash flow. Dividend flow from Tavşan is anticipated to commence this year, having previously been deferred to support development activities. The mine has been operational since the final quarter and is delivering consistent production through its heap leach operation.

Regarding the company’s funding position, the ASX listing and partnership with Xinhai have strengthened the balance sheet considerably. The A$8 million cash injection from Xinhai, combined with technical support being provided in exchange for equity, including funding tied to metallurgical work and completion of the feasibility study, provides the company with sufficient capital to complete its feasibility work.