Ariana Resources PLC (AIM:AAU, ASX:AA2, FRA:4A6) managing director Kerim Sener joined Proactive earlier this week to discuss the company’s latest results, funding position and progress across its key gold projects.
In this Q&A, he outlines the impact of recent investment, drilling success at Dokwe and the transition to production at Tavşan.
The full interview transcript follows below.
Proactive: Kerim, very good to speak with you. You're out with your 2025 results this week, could you take us through some of the highlights, please?
Kerim Sener: Absolutely, Stephen. Very glad to join you. Yes, a very pleasing end to the year. The completion of the investment by Xinhai towards the end of the year substantially boosted our cash position, finishing at about £5.4 million. This sees us adequately provided for through the coming year and the feasibility study on Dokwe.
The other major change was the accounting treatment of our investment in Zenit. There was a fair value remeasurement, now shown through profit or loss as a financial asset at fair value. We believe this is a fairer representation of our investment in Zenit Madencilik in Turkey, which holds the Kiziltepe and Tavşan mines.
Proactive: Does that explain the swing from a £2.7 million profit to a £12.4 million loss?
Kerim Sener: It's a paper treatment only. It's a cumulative non-cash loss of about £10.9 million.
Proactive: The Dokwe project has been described as transformational. What milestones should investors watch next?
Kerim Sener: We recently announced results from our RC drilling program at Dokwe North. We saw excellent intercepts, including 4 metres at about 17 grams per tonne of gold, 10 metres approaching 8 grams, and another 10 metres approaching 5 grams.
This demonstrates an extension of mineralisation on the northeastern flank that wasn’t previously known. The material is largely oxide, which is encouraging. This points toward the potential for a future resource upgrade, although more drilling is required.
We expect further drilling through April and into May, alongside metallurgical and geotechnical work at Dokwe Central. Overall, we're seeing continuity of mineralisation across Dokwe North and Central.
Proactive: With Tavşan now in production, how important is it for cash flow and funding growth?
Kerim Sener: Very important. We expect dividend flow from Tavşan to commence this year. Previously, dividends were deferred to support development. The mine has been in operation since the last quarter and is delivering solid production through its heap leach operation.
Proactive: Following the ASX listing and your partnership with Xinhai, how well funded are you?
Kerim Sener: We’re very well funded through this year and for the feasibility study, particularly with the A$8 million cash injection from Xinhai. There’s also technical support being provided in exchange for equity, including funding tied to metallurgical work and completion of the feasibility study.
We now have sufficient runway to complete the feasibility work.
Proactive: Kerim, thank you for your time.
Kerim Sener: Thank you, and I look forward to updating you further.