Ariana Resources plc announced a Resource and Reserve update for the Zenit Mining Operations in western Turkiye, comprising the Kiziltepe and Tavsan sectors. Since the last resource updates for Kiziltepe Sector and Tavsan Sector, the Ariana and Zenit teams have undertaken significant new drilling programmes across these projects, following which an extensive re-estimation of Mineral Resources, Ore Reserves and Exploration Targets have been completed. The new Mineral Resource and Reserve Estimate is prepared in accordance with JORC 2012.

Estimate of grade and tonnage was attributed to the mineralisation models based on internal and external laboratory assay data and drill core density studies (where available), undertaken by the on-site geologists. In the case of Kiziltepe and Kepez North, this was then reconciled against all existing production numbers since operations commenced in 2017. Finally, the appropriately reconciled mineralisation model and associated block models were subjected to a new open-pit optimisation study completed internally by Ariana for Kizilcukur, under revised economic input parameters according to the latest economic and processing factors.

Measured and Indicated Resources captured by the latest pit-shells produced during this study are included as Proven and Probable Ore Reserves. Following the approval of its Environmental Impact Assessment and associated permitting, Tavsan is being developed as Zenit's second gold mining operation in Turkiye and is currently in construction, with mining underway. A drilling programme was completed for 10,285.7m with results announced previously.

These results were used to update the model and resource estimate. Further results are pending for 444.7m of drill core from the North Zone and Main Zone. The new Mineral Resource and reserve Estimate is prepared in accordance With JORC 2012.

Estimation of grade and tonnage were attributed to the mineralisation modelsbased on internal and external laboratory assay Data and drill core density studies (where available). A three-dimensional block model was constructed from the mineralisation model based on optimal block size parameters of 5x5x5m as defined by the Zenit mining team. This is due to many drillholes in the 2022-2023 programme being drilled in areas which were already classified as Measured, to further increase the confidence in preparation for mining.

The results pending for the North and Main zones make up 18% of the samples of the recent drilling programme, and have intersected the same lithologies and mineralisation to the surrounding holes. These zones have not been included in the model and estimation, but show the potential for further resource growth as a result of the recent drilling. The reserve estimation will be updated following update of the mineral resources when the results of the final samples from the 2023 drilling programme are received.

Exploration Targets on the periphery of the system are defined by surface mapping, soil pXRF, rock-chip and rocksaw-channel sampling assay results and drilling where available.