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			Symbol Data		 
					
			
			
				Symbol 
				Currency 			 
			 
							
					 
					LON:AAU  
					GBX 				 
							
						Description 
			Ariana Resources Plc are a gold focused junior, emerging mid-tier producer with three mines in development in Turkey and one exploration property. They have approximately 2.3Moz. of gold in the reserves and resources category  of which  1.5Moz. are in the measured and indicated category. They have a market capitalisation of ~£37.78M which is a fall of roughly 16% over the last eight months. As of 03/13/2025 they have ~£1M debt and ~£1.61M cash. They have 1,834M shares outstanding and trade on the London Stock Exchange.
			
				 
	
		
		
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	General Details
 
	
		
		
		
			Financial 
			03/13/2025 Last Analysis Data 
			 Current Data 
					 
		
			Item 
			Value 
			Value 
			Updated 
					 
		 
		
			MCap (FD): 
			$44.96M 
			$37.78M 
			03/13/2025 
					 
		
			MCap (OS): 
			$44.40M 
			$37.31M 
			03/13/2025 
					 
		
			Total Assets: 
			
				$46.71M			 
			
				$47.35M			 
			03/13/2025 
					 
		
			Total Liabilities: 
			
				$0.82M			 
			
				$0.83M			 
			03/13/2025 
					 
		
			Current Assets: 
			
				$43.59M			 
			
				$44.19M			 
			03/13/2025 
					 
		
			Current Liabilities: 
			
				$0.80M			 
			
				$0.81M			 
			03/13/2025 
					 
		
			Total Debt: 
			$0.80M 
			$0.81M 
			03/13/2025 
					 
		
			Cash: 
			$1.59M 
			$1.61M 
			03/13/2025 
					 
		
			Debt (Net): 
			$-0.79M 
			$-0.80M 
			 
					 
		
			Enterprise Value: 
			$44.18M 
			$36.98M 
			03/04/1971 
					 
		
			Cash Flow: 
			 $5.55M 
			 $25.71M 
			never 
					 
		
			Cash Flow Multiple: 
			 8.10 
			 1.47 
			never 
					 
		
			Net Debt to Cash Flow Ratio: 
			 n/a  
			 n/a  
			never 
					 
		
			Finance within 1 year: 
			 
			 
			03/13/2025 
					 
		
	 
	
		
		
		
			Misc 
			03/13/2025 Last Analysis Data 
			 Current Data 
					 
		
			Item 
			Value 
			Value 
			Updated 
					 
		 
				
			Shares Outstanding: 
			1,834,000,000 
			1,834,000,000 
			03/13/2025 
					 
		
			Shares (FD): 
			1,857,000,000 
			1,857,000,000 
			03/13/2025 
					 
		
			Insider Ownership: 
			n/a  
			60% 
			03/13/2025 
					 
		
			Dividend (Annual): 
			n/a  
			n/a  
			02/23/2025 
					 
		
			Company Type: 
			Mostly Gold 
			Mostly Gold 
			never 
					 
		
			Group: 
			Producer 
			Producer 
			never 
					 
		
			Production ETA: 
			n/a  
			01/01/2017 
			03/13/2025 
					 
		
			Production (Gold Eq Oz.): 
			(guess)   20,000 
			(guess)   20,000 
			03/13/2025 
					 
		
			Production (Silver Eq Oz.) : 
			(guess)   1,774,903 
			(guess)   1,667,640 
			03/13/2025 
					 
		
			Development Phase: 
			
				none 			 
			
				Producer (Single Mine) 			 
			03/13/2025 
					 
		
			Optionality Play: 
			
				none 			 
			
				No			 
			 
					 
		
			F U T U R E 
			% of Spot: 
						
				15Producer: Average
			 
						
				15Producer: Average
			 
			04/24/2023 
					 
		
			Cash Flow Multiple: 
						
				4			 
						
				4			 
			02/23/2025 
					 
		
	 
 
 
	 
	Resource Data
 
	
			
	
	
		GOLD 
		03/13/2025 Last Analysis Data 
		 Current Data 
			 
	
		Item 
		Value 
		Value 
		Updated 
			 
	 
 	
		O U N C E S 
		T O T A L 
		Proven & Probable: 
		0.85M 
		0.85M 
		03/13/2025 
			 
	
		Measured & Indicated: 
		1.50M 
		1.50M 
		03/13/2025 
			 
	
		Inferred: 
		0.80M 
		0.80M 
		03/13/2025 
			 
	
		Reserves & Resources: 
		2.30M 
		2.30M 
		never 
			 
	
		P L A U S I B L E 
		Proven & Probable: 
		0.77M 
		0.77M 
		03/13/2025 
			 
	
		Measured & Indicated: 
		1.23M 
		1.23M 
		03/13/2025 
			 
	
		Inferred: 
		0.36M 
		0.36M 
		03/13/2025 
			 
	
		Reserves & Resources: 
		1.59M 
		1.59M 
		never 
			 
	
		C U R R E N T 
		Annual Production: 
		(guess)   20,000oz. 
		(guess)   20,000oz. 
		03/13/2025 
			 
	
		Cash Cost: 
		$2,000		 
		$2,000		 
		03/13/2025 
			 
	
		Extra Operating Cost: 
		$700		 
		$700		 
		03/13/2025 
			 
	
		Total: 
		$2,700		 
		$2,700		 
		03/13/2025 
			 
	
		Margin (Free Cash Flow): 
					$277 (9%)			 
						
				$1,286 (32%)			 
					 
			 
	
		MCap / Production (AuEq): 
		$2,248.07 
		$1,888.84 
		 
			 
	
		EV / Production (AuEq): 
		$2,208.78 
		$1,849.01 
		 
			 
	
		G R A D E 
		Underground (Avg): 
		4.00 g/t 
		4.00 g/t 
		03/13/2025 
			 
	
		Open Pit (Avg): 
		n/a  
		2.00 g/t 
		03/25/2024 
			 
	
		Recovery Rate: 
		(CG)   90.00% 
		(CG)   90.00% 
		03/13/2025 
			 
	
		F U T U R E 
		Proven & Probable: 
		1.50M 
		1.50M 
		03/13/2025 
			 
	
		Annual Production: 
		60,000oz. 
		60,000oz. 
		03/13/2025 
			 
	
		Cash Cost: 
		$1,700 
		$1,700 
		03/13/2025 
			 
	
		Extra Operating Cost: 
		$650 
		$650 
		03/13/2025 
			 
	
		 
	
			
	
	
		SILVER 
		03/13/2025 Last Analysis Data 
		 Current Data 
			 
	
		Item 
		Value 
		Value 
		Updated 
			 
	 
 	
		O U N C E S 
		T O T A L 
		Proven & Probable: 
		n/a  
		n/a  
		03/13/2025 
			 
	
		Measured & Indicated: 
		n/a  
		n/a  
		03/13/2025 
			 
	
		Inferred: 
		n/a  
		n/a  
		03/13/2025 
			 
	
		Reserves & Resources: 
		n/a  
		n/a  
		never 
			 
	
		P L A U S I B L E 
		Proven & Probable: 
		n/a  
		n/a  
		03/13/2025 
			 
	
		Measured & Indicated: 
		n/a  
		n/a  
		03/13/2025 
			 
	
		Inferred: 
		n/a  
		n/a  
		03/13/2025 
			 
	
		Reserves & Resources: 
		n/a  
		n/a  
		never 
			 
	
		C U R R E N T 
		Annual Production: 
		n/a  
		n/a  
		 
			 
	
		Cash Cost: 
		n/a 		 
		n/a 		 
		03/13/2025 
			 
	
		Extra Operating Cost: 
		n/a 		 
		n/a 		 
		03/13/2025 
			 
	
		Total: 
		n/a 		 
		n/a 		 
		03/13/2025 
			 
	
		Margin (Free Cash Flow): 
		n/a  		 
			 
	
		MCap / Production (AgEq): 
		$25.33 
		$22.65 
		 
			 
	
		EV / Production (AgEq): 
		$24.89 
		$22.18 
		 
			 
	
		G R A D E 
		Underground (Avg): 
		n/a  
		n/a  
		03/13/2025 
			 
	
		Open Pit (Avg): 
		n/a  
		n/a  
		02/22/2024 
			 
	
		Recovery Rate: 
		n/a  
		n/a  
		03/13/2025 
			 
	
		F U T U R E 
		Proven & Probable: 
		n/a  
		n/a  
		03/13/2025 
			 
	
		Annual Production: 
		n/a  
		n/a  
		03/13/2025 
			 
	
		Cash Cost: 
		n/a  
		n/a  
		03/13/2025 
			 
	
		Extra Operating Cost: 
		n/a  
		n/a  
		03/13/2025 
			 
	
		 
 
 
	 
	Property
 
	
				
		
					
				 Last Analysis Data  (03/13/2025) 
			 
					
			Stage 
			Name 
			Owned % 
						Type 
			NPV $M 
			IRR % 
			CapEx $M 
							Au 
				Ag 
				Cu 
				Notes 
		 
		 
					
				Dev  
				
					Kiziltepe 
					
						 
						Middle East  
					 
				 
				23 (guess)  
								Open Pit 
				 
				 
				 
									 					 										 show  
			 
			$31 million capex 
 
Funded and Permitted.  
 
Production in 2016.  
			
				Dev  
				
					Salinbas 
					
						 
						Middle East  
					 
				 
				23 (guess)  
								n/a 
				 
				 
				 
									 					 										 show  
			 
			650,000 oz deposit.  
 
Scoping completed. 
 
$800 cash costs. 
50,000 oz per year  
			
				Dev  
				
					Tavsan 
					
						 
						Turkey  
					 
				 
				23 (guess)  
								Open Pit 
				 
				 
				 
									 										 					 show  
			 
			200,000 oz.  
 
Target: 400,000 oz.  
 
Currently permitting.  
 
Next mine.  
			
				Exp  
				
					Dokwe 
					
						 
						South Africa  
					 
				 
				100 (guess)  
								n/a 
				 
				 
				 
									 										 					 show  
			 
			1.8M oz deposit Size: 100,000 ha  
		
			 
	
				
		
					
				Current Data 
			 
					
			Stage 
			Name 
			Owned % 
						Type 
			NPV $M 
			IRR % 
			CapEx $M 
							Au 
				Ag 
				Cu 
				Notes 
		 
		 
					
				Dev  
				
					Kiziltepe 
					
						 
						Middle East  
					 
				 
				23 (guess)  
								Open Pit 
				 
				 
				 
									 					 										 show  
			 
			$31 million capex 
 
Funded and Permitted.  
 
Production in 2016.  
			
				Dev  
				
					Salinbas 
					
						 
						Middle East  
					 
				 
				23 (guess)  
								n/a 
				 
				 
				 
									 					 										 show  
			 
			650,000 oz deposit.  
 
Scoping completed. 
 
$800 cash costs. 
50,000 oz per year  
			
				Dev  
				
					Tavsan 
					
						 
						Turkey  
					 
				 
				23 (guess)  
								Open Pit 
				 
				 
				 
									 										 					 show  
			 
			200,000 oz.  
 
Target: 400,000 oz.  
 
Currently permitting.  
 
Next mine.  
			
				Exp  
				
					Dokwe 
					
						 
						South Africa  
					 
				 
				100 (guess)  
								n/a 
				 
				 
				 
									 										 					 show  
			 
			1.8M oz deposit Size: 100,000 ha  
		
			 
 
 
	 
	Profitability (by resource)
 
	
			
	
	
		Proven &  Probable 
		03/13/2025 Last Analysis Data 
		 Current Data 
			 
	
		Item 
		Value 
		Value 
		Updated 
			 
	 
	
		Percentage Gold: 
		100.00% 
		100.00% 
		n/a 
			 
	
		Percentage Silver: 
		n/a  
		n/a  
		n/a 
			 
	
		Total (Gold Eq. Oz.): 
		0.85M 
		0.85M 
		n/a 
			 
	
		Total (Silver Eq. Oz.): 
		n/a  
		n/a  
		n/a 
			 
	
		P L A U S I B L E 
		Gold Eq. Oz.: 
		0.77M 
		0.77M 
		n/a 
			 
	
		Silver Eq. Oz.: 
		n/a  
		n/a  
		n/a 
			 
	
		Maximum Profit (Gold): 
		$212.21M 
		$983.53M 
		n/a 
			 
	
		Maximum Profit (Silver): 
		n/a  
		n/a  
		n/a 
			 
	
		Total Maximum Profit: 
		$212.21M 
		$983.53M 
		n/a 
			 
	
		Max Profit / Current MCap: 
		4.720 
		26.035 
		n/a 
			 
	
		Max Profit Per Share (Gold): 
		$0.11 
		$0.53 
		n/a 
			 
	
		Max Profit Per Share (Silver): 
		n/a  
		n/a  
		n/a 
			 
	
		Total Max Profit Per Share: 
		$0.11 
		$0.53 
		n/a 
			 
	
		Total Free Profit Per Share: 
		$0.00 
		$0.00 
		n/a 
			 
	
		FD MCap / Gold Eq.: 
		$58.77 
		$49.38 
		n/a 
			 
	
		FD MCap / Silver Eq.: 
		$0.66 
		$0.59 
		n/a 
			 
	
		FD MCap / Per Metal as % Spot Price: 
		1.97% 
		1.24% 
		n/a 
			 
	
		EV / Gold Eq.: 
		$57.75 
		$48.34 
		n/a 
			 
	
		EV / Silver Eq.: 
		$0.65 
		$0.58 
		n/a 
			 
	
		EV / Per Metal as % Spot Price: 
		1.94% 
		1.21% 
		n/a 
			 
	
		 
	
			
	
	
		Measured &  Indicated 
		03/13/2025 Last Analysis Data 
		 Current Data 
			 
	
		Item 
		Value 
		Value 
		Updated 
			 
	 
	
		Percentage Gold: 
		100.00% 
		100.00% 
		n/a 
			 
	
		Percentage Silver: 
		n/a  
		n/a  
		n/a 
			 
	
		Total (Gold Eq. Oz.): 
		1.50M 
		1.50M 
		n/a 
			 
	
		Total (Silver Eq. Oz.): 
		n/a  
		n/a  
		n/a 
			 
	
		P L A U S I B L E 
		Gold Eq. Oz.: 
		1.23M 
		1.23M 
		n/a 
			 
	
		Silver Eq. Oz.: 
		n/a  
		n/a  
		n/a 
			 
	
		Maximum Profit (Gold): 
		$342.03M 
		$1,585.22M 
		n/a 
			 
	
		Maximum Profit (Silver): 
		n/a  
		n/a  
		n/a 
			 
	
		Total Maximum Profit: 
		$342.03M 
		$1,585.22M 
		n/a 
			 
	
		Max Profit / Current MCap: 
		7.607 
		41.963 
		n/a 
			 
	
		Max Profit Per Share (Gold): 
		$0.18 
		$0.85 
		n/a 
			 
	
		Max Profit Per Share (Silver): 
		n/a  
		n/a  
		n/a 
			 
	
		Total Max Profit Per Share: 
		$0.18 
		$0.85 
		n/a 
			 
	
		Total Free Profit Per Share: 
		$0.00 
		$0.00 
		n/a 
			 
	
		FD MCap / Gold Eq.: 
		$36.47 
		$30.64 
		n/a 
			 
	
		FD MCap / Silver Eq.: 
		$0.41 
		$0.37 
		n/a 
			 
	
		FD MCap / Per Metal as % Spot Price: 
		1.22% 
		0.77% 
		n/a 
			 
	
		EV / Gold Eq.: 
		$35.83 
		$29.99 
		n/a 
			 
	
		EV / Silver Eq.: 
		$0.40 
		$0.36 
		n/a 
			 
	
		EV / Per Metal as % Spot Price: 
		1.20% 
		0.75% 
		n/a 
			 
	
		 
 
	
	
	
		Reserves &  Resources 
		03/13/2025 Last Analysis Data 
		 Current Data 
			 
	
		Item 
		Value 
		Value 
		Updated 
			 
	 
	
		Percentage Gold: 
		100.00% 
		100.00% 
		n/a 
			 
	
		Percentage Silver: 
		n/a  
		n/a  
		n/a 
			 
	
		Total (Gold Eq. Oz.): 
		2.30M 
		2.30M 
		n/a 
			 
	
		Total (Silver Eq. Oz.): 
		n/a  
		n/a  
		n/a 
			 
	
		P L A U S I B L E 
		Gold Eq. Oz.: 
		1.59M 
		1.59M 
		n/a 
			 
	
		Silver Eq. Oz.: 
		n/a  
		n/a  
		n/a 
			 
	
		Maximum Profit (Gold): 
		$441.90M 
		$2,048.06M 
		n/a 
			 
	
		Maximum Profit (Silver): 
		n/a  
		n/a  
		n/a 
			 
	
		Total Maximum Profit: 
		$441.90M 
		$2,048.06M 
		n/a 
			 
	
		Max Profit / Current MCap: 
		9.828 
		54.215 
		n/a 
			 
	
		Max Profit Per Share (Gold): 
		$0.24 
		$1.10 
		n/a 
			 
	
		Max Profit Per Share (Silver): 
		n/a  
		n/a  
		n/a 
			 
	
		Total Max Profit Per Share: 
		$0.24 
		$1.10 
		n/a 
			 
	
		Total Free Profit Per Share: 
		$0.00 
		$0.00 
		n/a 
			 
	
		FD MCap / Gold Eq.: 
		$28.22 
		$23.71 
		n/a 
			 
	
		FD MCap / Silver Eq.: 
		$0.32 
		$0.28 
		n/a 
			 
	
		FD MCap / Per Metal as % Spot Price: 
		0.95% 
		0.59% 
		n/a 
			 
	
		EV / Gold Eq.: 
		$27.73 
		$23.21 
		n/a 
			 
	
		EV / Silver Eq.: 
		$0.31 
		$0.28 
		n/a 
			 
	
		EV / Per Metal as % Spot Price: 
		0.93% 
		0.58% 
		n/a 
			 
	
	 
	 
	Future Valuation (Cash Flow & Totals)
 
	 
	Defaults
 
	
	
	Defaults 
	03/13/2025 Last Analysis Data 
	 Current Data 
	 
	Item 
	Value 
	Value 
	Updated 
	 
 
	
		Exchange Rates: 
		GBP 1.2948 
		GBP 1.3124 
		11/04/2025 
			 
	
	Spot Gold: 
	$2,977.40 
	$3,985.66 
	11/04/2025 
	 
	Spot Silver: 
	$33.55 
	$47.80 
	11/04/2025 
	 
	Gold:Silver Ratio: 
	88.75 
	83.38 
	11/04/2025 
	 
	Spot Gold (Future): 
	$4,000.00 
	$5,000.00 
	 
	 
	Spot Silver (Future): 
	$100.00 
	$100.00 
	 
	 
	Gold:Silver Ratio (Future): 
	40.00 
	50.00 
	 
	 
	Gold Avg. Recovery Rate: 
	75.00% 
	75.00% 
	 
	 
	Silver Avg. Recovery Rate: 
	75.00% 
	75.00% 
	 
	 
	Plausibility of P & P: 
	100.00% 
	100.00% 
	 
	 
	Plausibility of M & I: 
	80.00% 
	80.00% 
	 
	 
	Plausibility of Inferred: 
	50.00% 
	50.00% 
	 
	 
 
 
  			 
		 
		
	 
 
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