Ariana Resources : Corporate Presentation May 2024

Corporate Presentation

May 2024

DIVERSIFIED EXPLORATION & DEVELOPMENT

Advancing assets to production

AIM: AAU

Disclaimer

The content of information contained in these slides and the accompanying verbal presentation (together, the "Presentation") has not been approved by an authorised person within the meaning of the Financial Services and Markets Act 2000 ("FSMA"). Reliance upon this Presentation for the purpose of engaging in any investment activity may expose an individual to a significant risk of losing all of the property or other assets invested.

If any person is in any doubt as to the contents of this Presentation, they should seek independent advice from a person who is authorised for the purposes of FSMA and who specialises in advising in investments of this kind.

This Presentation is being supplied to you solely for your information. This Presentation has been prepared by, and is the sole responsibility of, Ariana Resources plc (the "Company"). The directors of the Company have taken all reasonable care to ensure that the facts stated herein are true to the best of their knowledge, information and belief.

This Presentation does not constitute, or form part of, an admission document, listing particulars or a prospectus relating to the Company, nor does it constitute, or form part of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares in the Company nor shall it or any part of it, or the fact of its distribution, form the basis of, or be relied upon in connection with, or act as any inducement to enter into any contract therefor.

No reliance may be placed for any purpose whatsoever on the information contained in this Presentation or on its completeness, accuracy or fairness thereof, nor is any responsibility accepted for any errors, misstatements in, or omission from, this Presentation or any direct or consequential loss however arising from any use of, or reliance on, this Presentation or otherwise in connection with it.

By accepting this Presentation you confirm, represent and warrant that you have consented to receive information in respect of securities of the Company and other price-affected securities (as defined in the Criminal Justice Act 1993 ("CJA") which makes you an "insider" for the purposes of Part V of the CJA, and you agree not to deal in any securities of the Company until such time as the inside information (as defined in the CJA) of which you have been made aware has been made public for the purposes of the CJA and until such time that the Placing has been publicly announced by the Company, or the Company decides not to proceed with the Placing.

This Presentation may not be reproduced or redistributed, in whole or in part, to any other person, or published, in whole or in part, for any purpose without the prior consent of the Company. The contents of this Presentation are confidential and are subject to updating, completion, revision, further verification and amendment without notice.

The Presentation is being distributed on request only to, and is directed at, authorised persons or exempt persons within the meaning of FSMA or any order made thereunder or to those persons falling within the following articles of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the "Financial Promotion Order"): Investment Professionals (as defined in Article 19(5)) and High Net Worth Companies (as defined in Article 49(2)). Persons who do not fall within either of these definitions should not rely on this Presentation nor take any action upon it but should return it immediately to the Company. This Presentation is exempt from the general restriction in section 21 of FSMA relating to the communication of invitations or inducements to engage in investment activity on the grounds that it is made only to certain categories of persons.

Neither this Presentation nor any copy of it should be distributed, directly or indirectly, by any means (including electronic transmission) to any persons with addresses in the United States of America (or any of its territories or possessions) (together, the "US"), Canada, Japan, Australia, the Republic of South Africa or the Republic of Ireland, or to any corporation, partnership or other entity created or organised under the laws thereof, or in any other country outside the United Kingdom where such distribution may lead to a breach of any legal or regulatory requirement. The recipients should inform themselves about and observe any such requirements or relationship.

The Company's ordinary shares have not been, and are not expected to be, registered under the United States Securities Act 1933, as amended, (the "US Securities Act") or under the securities laws of any other jurisdiction, and are not being offered or sold, directly or indirectly, within or into the US, Canada, Japan, Australia, the Republic of South Africa or the Republic of Ireland or to, or for the account or benefit of, any US persons or any national, citizen or resident of the US, Canada, Japan, Australia, the Republic of South Africa or the Republic of Ireland, unless such offer or sale would qualify for an exemption from registration under the US Securities Act and/or any other applicable securities laws.

Forward-looking Statements

This Presentation and/or documents referred to in it contain forward-looking statements. These statements relate to the future prospects developments and business strategies of the Company and its subsidiaries (the "Group"). Forward-looking statements are identified by the use of such terms as "believe", "could", "envisage", "estimate", "potential", "intend", "may", "plan", "will" or the negative of those, variations or comparable expressions, including references to assumptions. The forward-looking statements contained in this Presentation are based on current expectations and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by those statements. If one or more of these risks or uncertainties materialises, or if underlying assumptions prove incorrect, the Group's actual results may vary materially from those expected, estimated or projected. Given these risks and uncertainties, potential investors should not place any reliance on forward-looking statements. These forward-looking statements speak only as at the date of this Presentation.

No undertaking, representation, warranty or other assurance, expressed or implied, is made or given by or on behalf of the Company or any of its directors, officers, partners, employees or advisers or any other person as to the accuracy or the completeness of the information or opinions contained herein and to the extent permitted by law no responsibility or liability is accepted by any of them for any such information or opinions. Notwithstanding the aforesaid, nothing in this paragraph shall exclude liability for any representation or warranty made fraudulently.

Investment Highlights

Proposed Merged Company

Advanced Gold Projects	Board & Management Team
Zenit Mining Operations: producing assets, Turkiye	Proven track record in discovery and project development,
Dokwe Project: >1.3Moz feasibility stage asset, Zimbabwe	including exploration under cover, adding significant value at
	minimal cost to shareholders
High-performing & Dividend Paid	Strong Financial Position

Significant return on investment since 2016 £7.74M in dividend paid to shareholders since 2021

Significant cash and no debt; consistently in profit since 2016 Funding ongoing exploration success

Active Drill-stage Exploration

Diversified Risk

71,500m diamond drilling completed from FY21-23 Further drilling planned

Across commodities, jurisdiction and stage of projects, including active investments in discovery opportunities1, 2

JORC Resources & Reserves

>3.5Moz gold* resources, with further expansion expected Multi-million ounce potential identified, particularly in Zimbabwe

Major Partners

Newmont Mining (4% shareholder & funding partner) Proccea Construction (1.4% shareholder)

Ozaltin Holding (funding partner)

• Gold-silverprojects via 23.5% ownership of Zenit Madencilik (and affiliates) 1. Copper-gold projects via 61% ownership of Venus Minerals
  2. Up to 85% earn-in rights to gold-silver project via 75% ownership of Western Tethyan Resources

Growth Profile

Growth Potential of Merger

Dividends: US$15M

Shareholders Funds: US$25M

Future Market

Capitalisation

Market

Capitalisation

2005-2009

2010-2014

2015-2019

2020-2024

FOCUS REGIONS	Bank Debt: US$25M	Beyond 2024
Turkiye	Turkiye (Australia,	Turkiye & Zimbabwe
	Cyprus, Kosovo)

Significant Projects

Proposed Merged Company

5

Board of Directors

Long-standing Relationships & Deep In-country Expertise

Michael de Villiers - Non-Executive Chairman

Michael is a qualified accountant with 30 years' experience as a Financial Manager at mining and chemicals operations for a variety of companies, which managed mine builds, exploration programmes and project finance, with interests in gold, diamonds, soda ash, salt and base metals.

Dr. Kerim Sener - MD & Founder

Kerim is an exploration geologist with 25 years' experience in precious metals exploration and resource development, including with Independence Gold (Lonmin PLC) in Zimbabwe. He has specialised in identifying new exploration and resource growth

opportunities, negotiating deals and building management teams. Kerim is also a Non-Executive Chairman of ASX-listed Panther

Metals Ltd (ASX: PNT) in Australia.

Chris Sangster - Non-Executive Director

Chris is a mining engineer with over 40 years' experience in the mining industry. Chris has extensive experience in gold, diamond and base metal production, primarily in southern Africa. He held positions of vice-president mining services at KCM PLC and

Principal Mining Engineer for Australian Mining Consultants. Previously with Scotgold Resources Ltd (ASX: SGZ).

Nick Graham - Non-Executive Director & Founder*

Nick is a Chartered Geologist with 50 years' experience in mineral exploration and mine development, mostly in Zimbabwe, with Falconbridge Exploration Inc, Kamativi Tin Mines Ltd and managing Cluff Resources PLC and Reunion Mining PLC. He pioneered heap- leaching in Zimbabwe and discovered and developed the largest gold mine in the country: Freda Rebecca. He co-founded Reunion Mining, discovered the Maligreen gold deposit and developed the Sanyati copper mine in Zimbabwe and Dunrobin gold mine in Zambia.

Andrew du Toit - Operations Director*

Andrew has 30 years' experience in the Zimbabwean mining industry in roles from project geologist to general manager. He began his career with the Zimbabwe Geological Survey (ZGS) and he has been a consultant to Independence Gold/Lonmin PLC and

SRK and a manager for Reunion Mining PLC and Zimplats Limited (ASX: ZIM). Andrew has extensive operational experience in the

gold, copper and platinum sectors.

William Payne - Finance Director

William qualified as a chartered accountant with KPMG in London. In 2003, he became a partner in a top 20 accountancy practice Wilkins Kennedy LLP prior to its change of ownership and rebranding to Azets. Via his involvement in Azets, William provides audit and assurance advice to clients as well as assistance in planning, reporting and compliance.

* Directors to be added to board of enlarged Ariana following proposed merger of	6
Ariana and Rockover. Nick Graham is the founder of Rockover.

Growing Production & Resources

Gold & Silver Revenue (US$M)*

60

50

40

30

20

10

0

2017

2018

2019

2020

2021

2022

2023

Gold Silver

TOTAL REVENUE TO END 2023: US$274M

Global Resource Growth (Moz Au Equivalent)*

5

4.5

4

3.5

3

2.5

2

1.5

1

0.5

0

2007	2009	2013	2017	2021	2025
					Target

Completed more drilling in past 3 years than in prior 17 years combined

* Attributable to Zenit Madencilik (and affiliates) of which 23.5% is owned by Ariana.

Dokwe Gold Project

1.3Moz in JORC Measured, Indicated and Inferred Resources*, with significant scope to grow.

PFS and additional technical studies show robust economic metrics - PFS revision currently underway.

Average production rate of up to 65,000 oz over a 13 year mine life at 1.6-1.1 g/t Au (Dokwe North only).

Bulk-tonnage mining with a strip ratio of c. 6:1 for main pit and 5:1 for smaller high-grade satellite pit.

Process route via gravity and CIL, with flotation later in the mine life.

Identified several opportunities to increase life of mine economics and output to c.100,000oz gold per annum over a mine life of 10 years.

Dokwe Gold Project

Resources & Reserves

• Virgin discovery beneath cover, no artisanal or historic mining and high potential for further exploration success.
• Geometry of the resource lends itself to open pit mining.
• Geotechnical conditions are well understood and modelled.
• Simple metallurgy - heap-leach or CIL routes viable.

Proposed Operation

• Conventional truck and shovel operation with low technical risk.
• Mining permits in place and no known obstacles to starting up operations.
• Conventional process flow sheet, various options for optimising metallurgy.
• Dry stacked tailing solution conserves water, suitable for very flat terrain.
• Adoption of hybrid solar power solutions reduces carbon footprint.

Dokwe North deposit within pit

* Resources including both Dokwe North and Dokwe Central9

3D Dokwe Model