Ariana Resources PLC (AIM:AAU) described a year of substantial progress as it reported its financial results statement for the twelve months ended 31 December.
“This has been a year of substantial progress, both in terms of our operational performance and our longer-term strategic development as a gold mining company,” Ariana said.
The miner added: “As we look ahead to 2025, Ariana remains poised to transition decisively from what was a single-jurisdiction operator into a diversified, multi-asset development company.”
It reported a profit before tax of £2.71 million for the year, up from £0.06 million in 2023.
The profit increase was mainly due to the company’s share of profits from Zenit Madencilik, which rose to £5.69 million.
At the Kiziltepe Mine in Turkey, gold production from the 23.5% operation reached 20,866 ounces, generating annual revenue of US$54.7 million.
It also highlighted that construction continued at the Tavsan Mine, with completion of the heap-leach pads in the first half of 2025. And, the first gold pour is targeted later in the year.
During the year, Ariana completed an all-share acquisition of Rockover Holdings Limited, securing full ownership of the Dokwe Gold Project in Zimbabwe.
Dokwe is now deemed to be the company’s flagship project. Here, Ariana aims to complete the Dokwe Feasibility Study and achieve the first gold pour at Tavsan in 2025.
Ariana ended the year with £0.91 million in cash.