Ariana Resources PLC (AIM:AAU) managing director Kerim Sener said the acquisition of the Dokwe project could not have been better-timed given the upswing the gold price.
“Our acquisition of the Dokwe gold project occurred when the commodities market was outperforming the gold-equities market by a substantial amount, and which was concluded during a valuation trough.
“We stand to do exceptionally well in the coming months and years as gold continues to strengthen, and we expect the gold equities market to respond accordingly.
“Our 23.5% interest in Zenit Madencilik in Türkiye remains an operational cornerstone, with the Kiziltepe Mine continuing to perform exceptionally well despite its age and the upcoming Tavsan Mine, which will progressively replace gold production as Kiziltepe is wound down over the coming years.”
Pretax profits in the six months ended June 2024 rose to £680,000 (£337,000) with cash and bullion liquidity at £1.9 million at the end of the period.