Ariana Resources plc announced a finance agreement to support ongoing developments of the Zenit Mining Operations in Türkiye. Zenit Mining Operations comprise the Kiziltepe gold-silver mine and the Tavsan mine construction programme in western Türkiye. Zenit Mining Operations are a partnership between Ariana (23.5%), Proccea Construction Co.

(23.5%) and Özaltin Holding A.S. ("Özaltin") (53%). The finance agreement has been secured via the partnership entity, Zenit Madencilik San. ve Tic.

A.S. ("Zenit"). Finance Facility: A USD 20 million finance facility has been agreed upon following negotiations with Türkiye Cumhuriyeti Ziraat Bankasi A.S. The facility has been provided in the name of Zenit Madencilik San. ve Tic.

A.S. to support operations in western Türkiye, and particularly, the completion of construction of the Tavsan Gold-Silver Mine. Following receipt of these funds, the Zenit partnership has approximately USD 29 million in capital available for the development programmes across the projects in which it is involved. The facility will have a term of three years from the time of drawdown, with the repayment of the loan occurring via 12 quarterly instalments commencing on 20 August 2024 and completing on 20 May 2027.

There is an effective one-year principal repayment holiday after drawdown.  The total repayments are capped at c.USD 23.6 million, which covers all capital repayments and funding costs.  Özaltin Holding A.S., Proccea Construction Co. and Ariana's subsidiary, Galata Madencilik San. ve Tic.

A.S., have provided joint and several securities to the bank until such time that the loan has been repaid. There are no hedging, currency swaps or other overhead requirements that are normally associated with traditional Western-style project finance arrangements. Ariana has no further financial commitment to Zenit for development-level funding, although it continues to provide technical support on specific exploration and development programmes across the broader Zenit operational region (including at the Salinbas Project) to further enhance the overall potential of the projects, for which it recovers its costs from Zenit.