AAU Ariana Resources Plc

TIDMAAU

RNS Number : 7333F

Ariana Resources PLC

20 July 2021

20 July 2021

AIM: AAU

ANNOUNCEMENT OF PLANNED SPECIAL DIVIDEND

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with joint-venture gold mining operations in Europe, is pleased to announce the following update on its Special Dividend, following the completion of the partial divestment of its interests in Turkey and a court order cancelling the Company's share premium account and deferred shares. The Company is planning to pay a Special Dividend in three tranches, subject to the completion of the capital reduction process, which is being finalised in July 2021.

Highlights:

   --    Court approved statement of capital has been recorded at Companies House. 

-- First tranche of the Special Dividend of 0.35 pence per ordinary share is intended to be declared as an interim dividend and paid during Q3 2021.

-- Second tranche of the Special Dividend of 0.175 pence per ordinary share is intended to be declared as a second interim dividend and paid six months thereafter.

-- Final tranche of the Special Dividend of 0.175 pence per ordinary share will be proposed for approval at the 2021 Annual General meeting.

   --    Special Dividend will represent an aggregate payment of 0.7 pence per ordinary share. 

-- Further announcements will be made in respect of the record and payment dates for each of the above tranches, with additional details.

Dr. Kerim Sener, Managing Director, commented:

"Today is a momentous occasion in Ariana's history, and we are exceptionally pleased to be able to announce the details of the Company's dividend distribution plan. This is a testament to the success of Ariana's exploration, development and production strategy which has brought us to a position that very few AIM-listed resources companies find themselves in; with a producing asset and able to provide a return to our loyal shareholders. In line with our growth strategy going forward, we also hope to distribute future dividends arising from ongoing profits generated by our existing operations and those arising out of future undertakings."

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

Contacts:

 
 Ariana Resources plc                 Tel: +44 (0) 20 7407 3616 
 Michael de Villiers, Chairman 
 Kerim Sener, Managing Director 
 Beaumont Cornish Limited             Tel: +44 (0) 20 7628 3396 
 Roland Cornish / Felicity Geidt 
 Panmure Gordon (UK) Limited          Tel: +44 (0) 20 7886 2500 
 John Prior / Hugh Rich / Atholl 
  Tweedie 
 Yellow Jersey PR Limited             Tel: +44 (0) 7951 402 336 
 Dom Barretto / Joe Burgess / Henry   arianaresources@yellowjerseypr.com 
  Wilkinson 
 

About Ariana Resources:

Ariana is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include gold production in Turkey and copper-gold exploration and development projects in Cyprus and Kosovo.

The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in Turkey which contains a depleted total of c. 2.1 million ounces of gold and other metals (as at July 2020). The joint venture comprises the Kiziltepe Mine and the Tavsan and Salinbas projects.

The Kiziltepe Gold-Silver Mine is located in western Turkey and contains a depleted JORC Measured, Indicated and Inferred Resource of 227,000 ounces gold and 0.7 million ounces silver (as at April 2020). The mine has been in profitable production since 2017 and is expected to produce at a rate of c.20,000 ounces of gold per annum to at least the mid-2020s. A Net Smelter Return ("NSR") royalty of 2.5% on production is being paid to Franco-Nevada Corporation.

The Tavsan Gold Project is located in western Turkey and contains a JORC Measured, Indicated and Inferred Resource of 253,000 ounces gold and 3.7 million ounces silver (as at June 2020). The project is being progressed through permitting and an Environmental Impact Assessment, with the intention of developing the site to become the second joint venture gold mining operation. A NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

The Salinbas Gold Project is located in north-eastern Turkey and contains a JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold (as at July 2020). It is located within the multi-million ounce Artvin Goldfield, which contains the "Hot Gold Corridor" comprising several significant gold-copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.

Ariana is earning-in to 75% of Western Tethyan Resources Ltd ("WTR"), which operates across Eastern Europe and is based in Pristina, Republic of Kosovo. The company is targeting its exploration on major copper-gold deposits across the porphyry-epithermal transition.

Ariana is also earning-in to 50% of UK-registered Venus Minerals Ltd ("Venus") and has to date been earning into an entitlement to 37.5%. Venus is focused on the exploration and development of copper-gold assets in Cyprus which contain a combined JORC Inferred Resource of 9.5Mt @ 0.65% copper (excluding additional gold, silver and zinc).

Panmure Gordon (UK) Limited is broker to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser and Broker.

For further information on Ariana you are invited to visit the Company's website at www.arianaresources.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DIVUKUNRASUBAAR

(END) Dow Jones Newswires

July 20, 2021 02:00 ET (06:00 GMT)

Ariana Resources (LSE:AAU)
Historical Stock Chart
From Mar 2024 to Apr 2024

Ariana Resources (LSE:AAU)
Historical Stock Chart
From Apr 2023 to Apr 2024