Ariana Resources PLC (AIM:AAU) said ore mined from Kiziltepe in Turkiye recently surpassed two million tonnes, almost double the expectations when the mine started operations in 2017.
Alongside Tavsan and Salinbas, Kiziltepe is one of the three gold and silver projects run by the Zenit consortium in Turkiye.
Ariana has a 23.5% stake, and Proccea Construction and Ozaltin are its partners.
Tavsan is under construction with 0.5mt of ore mined so far and 60,000t stockpiled and ready for processing.
The statement said the Tavsan heap-leach and processing plant remains on track to complete major works in 2024.
On the exploration front, drilling is continuing at Salinbas with over 1,290m completed since September 2024, Ariana added, while additional drilling of 8000m is planned for Tavsan.
Kerim Sener, Ariana’s managing director, said that the Zenit operational partnership in Türkiye is going from “strength to strength”.
“With two operating mines in the portfolio and several positive developments in our longer-term pipeline, we are currently positioning ourselves to expand our partnership into new jurisdictions.
“With the gold price having climbed from US$1,200 per ounce in 2017 to well over double that today, Kiziltepe remains a highly profitable mine and the partners intend to maximise the returns from this operation over the next few years.
“With a current cash cost averaging US$1,450 per ounce, partly reflective of the additional costs of Tavsan, Zenit's finances remain robust.
"As Kiziltepe nears the end of its life, and with a view to the long-term sustainability of the business, we have continued developing our project pipeline and our second operation with Zenit in particular.
“Construction at Tavsan commenced at scale in July 2023 and has been largely funded via Zenit through its internal funds.
“More recently, a US$20 million debt facility was committed to the project to accelerate construction for delivery of the new processing plant by the end of 2024.
“As a result, we are now on track for gold production through the Tavsan heap leach in early 2025.
"With the positive developments being made across the portfolio in Türkiye, we were delighted to host representatives from the Zenit mining, exploration and construction teams on site at the Dokwe Project in Zimbabwe last month.
“Over recent weeks, we have shared our project data with Zenit as we explore opportunities to leverage their technical strengths to involve them in support of the Dokwe Feasibility Study."