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A R I A N A R E S O U R C E S P L C C O R P O R A T E P R E S E N T A T I O N N O V E M B E R 2 0 1 9 ARIANA RESOURCES PLC | NOVEMBER 2019 DISCLAIMER The content of information contained in these slides and the accompanying verbal


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SLIDE 1

ARIANA RESOURCES PLC | NOVEMBER 2019

C O R P O R A T E P R E S E N T A T I O N

N O V E M B E R 2 0 1 9

A R I A N A R E S O U R C E S P L C

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SLIDE 2

ARIANA RESOURCES PLC | NOVEMBER 2019

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

  • ffer 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

  • therwise 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

  • f 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

  • utside 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

  • f 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

  • r 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

  • r given by or on behalf of the Company or any of its directors, officers, partners, employees
  • r advisers or any other person as to the accuracy or the completeness of the information or
  • pinions 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.

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SLIDE 3

ARIANA RESOURCES PLC | NOVEMBER 2019

THE FUTURE IS BRIGHT

Ariana is evolving rapidly… Turkey is a solid foundation providing the financial basis for

  • ur growth, but the future does not only lie

in Turkey…

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SUSTAINABLE & PROFITABLE STRONG TRACK RECORD SIGNIFICANT GROWTH TARGETS

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SLIDE 4

ARIANA RESOURCES PLC | NOVEMBER 2019

R O B U S T F I N A N C I A L S

S U S T A I N A B L E & P R O F I T A B L E

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US US$84m total revenue (since Apr 2017*) US US$1,452/oz average revenue per gold

  • unce to Q3 2019

REVENUE PRODUCTION

58K 58Koz

  • z produced (since Apr 2017*)

US US$330-612/oz z operating cash cost range to date

*April ‘17 to end September ‘ 19

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SLIDE 5

ARIANA RESOURCES PLC | NOVEMBER 2019

O P E R A T I O N A L D E L I V E R Y

S O L I D T R A C K R E C O R D

  • 6 years from exploration-stage to production
  • Discovery, operational and financial track-record – total investment since IPO of c. US$21m
  • Cash costs – lower quartile production costs globally
  • Leading-edge technological implementation – reducing exploration risk and maintaining

industry leading discovery costs of US$15/oz

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Average = $663/oz

How many y other junior companies s have ve delive vered so so posi sitive vely y against st si similar metrics? s?

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SLIDE 6

ARIANA RESOURCES PLC | NOVEMBER 2019

G R O W T H O R I E N T E D G R O W T H & D I V E R S I F I C A I T O N § 20,000oz → 50,000oz JV production increase through expansion and/or development of western Turkey assets § Salinbas Gold Project showing potential for the development

  • f a multi-million ounce asset in northeastern Turkey

§ Regional interests including the evaluation opportunities in Cyprus § Diversification through Asgard Metals specifically in technology metals: 100x increase in value over original investment yielding A$3.5m

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SLIDE 7

ARIANA RESOURCES PLC | NOVEMBER 2019

REGIONAL INTERESTS PRODUCTION, DEVELOPMENT & EXPLORAITON

7 * PRODUCTION: Red Rabbit Project Area EXPLORATION & DEVELOPMENT: Ivrindi & Kizilcukur* DEVELOPMENT: Salinbas Project Area B *Kizilcukur can be sold into Red Rabbit JV at 3 x exploration cost A A B C EXPLORATION: Cyprus C

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SLIDE 8

ARIANA RESOURCES PLC | NOVEMBER 2019

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Gold and Silver Production with Strong Revenues

RED RABBIT JOINT VENTURE

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SLIDE 9

ARIANA RESOURCES PLC | NOVEMBER 2019

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SLIDE 10

ARIANA RESOURCES PLC | NOVEMBER 2019

KIZILTEPE GOLD-SILVER MINE PRODUCTION STATISTICS

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STRONG CASHFLOWS

§ Gold – silver producer with strong cash flows since production start in April 2017 § US$84m total revenue (since Apr 2017*) § 58Koz produced (since Apr 2017*) § US$1,452/oz average revenue per gold ounce to Q3 2019 § US$330-612/oz operating cash cost range to date

GROWTH POTENTIAL

§ Further resource growth via hub & spoke approach to development of projects within haulage distance of Kiziltepe § Opportunity to increase production from 20,000oz to 50,000oz through further expansion at Kiziltepe and/or development of Tavsan

*April ‘17 to end September ‘ 19

CURRENT OPERATION PARAMETERS

JORC Reserves & Resources (undepleted) 1.1M tonnes for 140,000oz Au eq. (Proven & Probable) 368Koz global resource Mine Life 6 years (10 yr potential) Production Rate up to 25,000 oz Au + 200,000 oz Ag p.a. Processing Capacity

  • c. 200,000 tonnes ore p.a.

In-pit grade 3.1 g/t Au; 39.8 g/t Ag C1 Cash Costs LOM average: US$600/oz Royalty State Right + 2.5% NSR to Franco Nevada

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SLIDE 11

ARIANA RESOURCES PLC | NOVEMBER 2019

K I Z I L T E P E V E I N S Y S T E M R E S O U R C E U P S I D E

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SLIDE 12

ARIANA RESOURCES PLC | NOVEMBER 2019

K I Z I L T E P E G O L D - S I L V E R M I N E R E S O U R C E U P D A T E S

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Kiziltepe vein model showing latest Whittle pit

  • ptimisation in red and feasibility pits in blue

* Increased following resource update for Kepez on 31 May 2018

LIFE OF MINE +10 year potential including satellite deposits JORC RESOURCE INCREASE 368,000 oz Au equivalent* TONNAGE INCREASE

  • c. 4.2Mt with inclusion of

subsidiary veins not currently forming part of the mine plan* JORC EXPLORATION TARGET

  • c. 1.3Mt @ 1.8 g/t Au + 31 g/t Ag

vein extensions across Kiziltepe that have not been drill tested % OF VEIN SYSTEM DRILLED 15% representing 5km out of 34km of mapped veins

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SLIDE 13

ARIANA RESOURCES PLC | NOVEMBER 2019

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Our Next Gold Mine

TAVSAN

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SLIDE 14

ARIANA RESOURCES PLC | NOVEMBER 2019

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Pre-tax case at US$1,250/oz, as at November 2016 Scoping by Auralia Mining Consulting Pty. Ltd. *revised by Tetra Tech as of April 2018

SCOPING STUDY DETAILS

Mine Life 4 years Processing Capacity 675,000 tonnes ore p.a. In-pit grade 1.6 g/t Au; 3.0 g/t Ag C1 Cash Costs LOM average: US$630/oz Royalty State Right + 2% NSR to Sandstorm Gold

FINANCIALS

Net-present value (8%) US$42m Internal Rate of Return 80% Payback (initial US$20M capex) 1.1 years

JORC RESOURCE

4Mt for 168,900oz Au (Measured, Indicated & Inferred)* T A V S A N S E C T O R

O U R N E X T M I N E

PRODUCTION RATE

30 koz p.a.

MANAGEMENT RESOURCE TARGET

300,000oz Au of which 200,000oz Au open-pittable

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SLIDE 15

ARIANA RESOURCES PLC | NOVEMBER 2019

T A V S A N S E C T O R D E V E L O P M E N T S

§ Feasibility study progressing § EIA concluding Q4 2019 § Exploration upside – six significant target areas confirmed § 6m @ 3.37g/t Au + 3.67g/t Ag § 9m @ 1.30g/t Au + 4.32g/t Ag § New discovery of the South Zone § Structural repeat of the Main Zone resource area - partly obscured by cover rocks § JORC Exploration Target shows potential for a further 400,000 oz Au

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SLIDE 16

ARIANA RESOURCES PLC | NOVEMBER 2019

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Major Development Project Multimillion-ounce Gold Potential

SALINBAŞ

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SLIDE 17

ARIANA RESOURCES PLC | NOVEMBER 2019

H O T G O L D C O R R I D O R M U L T I - M I L L I O N O U N C E G O L D F I E L D

§ Major goldfield containing multi- million ounce gold-copper projects § 4Moz Hot Maden Project: 15km south

  • f Ariana’s Salinbas project now
  • wned 30% by Sandstorm Gold Ltd.

after US$175m deal § Project area includes the Salinbas Au-Ag deposit, the Ardala Cu-Au-Mo porphyry and the Hizarliyayla Au-Ag system among others

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SLIDE 18

ARIANA RESOURCES PLC | NOVEMBER 2019

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Pre-tax case at US$1,250/oz, as at November 2015 Scoping by Auralia Mining Consulting Pty. Ltd.

SCOPING STUDY DETAILS

Mine Life 10 years Production Rate 50,000 oz Au p.a. In-pit grade 2.0 g/t Au; 10.2 g/t Ag C1 Cash Costs US$770/oz Royalty State Right + 2% NSR to Eldorado Gold

FINANCIALS

Net-present value (8%) US$108m Internal Rate of Return 28% Payback (initial US$53M capex) 3.3 years

JORC RESOURCE

Salinbas: 10Mt @ 2.0 g/t Au and 10.2 g/t Ag (Inferred & Indicated) Ardala: 16Mt @ 0.6 g/t gold, with copper (0.22%) and molybdenum (0.014%) zones

S A L I N B A S P R O J E C T + 1 M o z J O R C R E S O U R C E

100% ARIANA OWNED

Partially explored project area with much

  • f the Hot Gold Corridor (“HGC”)

contained within project licences

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SLIDE 19

ARIANA RESOURCES PLC | NOVEMBER 2019

S U M M A R Y R E S U L T S E X P L O R A T I O N T A R G E T S & P O T E N T I A L

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SLIDE 20

ARIANA RESOURCES PLC | NOVEMBER 2019

J O R C E X P L O R A T I O N T A R G E T POTENTIAL FOR ADDITIONAL 1.4-2.7Moz GOLD

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Tar Target et Tonnag Tonnage e (t) El Element Gr Grade ( (g/t) /t) Contained Metal (oz) z) Fr From

  • m

To To Fr From

  • m

To To Fr From

  • m

To To Salinbas North 19,370,000 29,055,000 Au 2.0 2.5 1,246,000 2,335,000 Ag 10.0 15.0 6,228,000 14,012,000 Salinbas South 2,535,000 5,070,000 Au 2.0 2.2 163,000 359,000 Ag 10.0 12.0 815,000 1,956,000 Salinbas Main Extension 169,000 338,000 Au 2.0 3.0 11,000 33,000 Ag 10.0 15.0 54,000 163,000 Global Total Ounces s Au 1,419,000 2,727,000 Global Total Ounces s Ag 7,097,000 16,131,000

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SLIDE 21

ARIANA RESOURCES PLC | NOVEMBER 2019

I N V E S T M E N T P R O P O S I T I O N

§ Only AIM/LSE resources company providing exposure to Europe’s largest gold producing country § 15 years proven track record unlocking asset potential and de-risking projects through innovative low cost exploration programs § Consistent achievement against JV financial targets: § c.US$10m per quarter JV revenue § US$26m JV repayments to finance provider § US$4m returned to Ariana from JV to date § Well-funded for future growth via JV with minimal dilution risk to shareholders § Significant production longevity potential through expanded operations at Kiziltepe and second mine development at Tavsan § Multi-million ounce gold potential and major project development at Salinbas § Regional diversification in low-risk European jurisdictions § Potential for dditional revenue streams through investments, notably in technology-metals § A business built on solid foundations, poised for rapid growth and diversification

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*April ‘17 to end September ‘ 19

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SLIDE 22

ARIANA RESOURCES PLC | NOVEMBER 2019

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APPENDICES

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SLIDE 23

ARIANA RESOURCES PLC | NOVEMBER 2019

K E Y D A T A M A R K E T F U N D A M E N T A L S

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Exchange AIM: AAU Market Capitalisation (GBP) £22.3m Shares in issue 1,059.7m Options 64m Share Price 2.10p Min-Max Price (52 week) 1.00 – 2.60p Average volume (3 mth) 1.30m Dr Kerim Sener Managing Director 1.85% Michael de Villiers Executive Chairman 5.18% William Payne Non-Exec. Director 0.88% Chris Sangster Non-Exec. Director 0.35%

SHARE PRICE & VOLUME SHAREHOLDING BOARD OF DIRECTORS FUNDAMENTALS

31% 31% 23% 23% 17% 17% 12% 12% 10% 10% 7% 7%

HARGREAVES LANSDOWN BARCLAYS DIRECT INVESTING INTERACTIVE INVESTOR NOMINEES HSDL NOMINEES LIMITED SHARE NOMINEES LTD JIM NOMINEES LIMITED

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SLIDE 24

ARIANA RESOURCES PLC | NOVEMBER 2019 Laboratory CIL Processing Plant Arzu South Open Pit

§ Resource: 4.2Mt for 368Koz Au eq. § 50:50 JV with Proccea Construction

  • Co. as partner-manager

§ 170 staff employed by operating company Zenit Madencilik § Strong community & government support – largest single investment

  • f its type in the area

§ Strategic Investment Status § State-of-the-art processing facility & tailings dam § US$33m Construction capital loan

  • c. 81% repaid at end October 19 –

to be fully repaid by April 2020

K E Y D A T A M A R K E T F U N D A M E N T A L S

Mine Administrative Buildings

Sındırgı

Population: 12,673 in 2010

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SLIDE 25

ARIANA RESOURCES PLC | NOVEMBER 2019

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SINDIRGI GOLD CORRIDOR

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SLIDE 26

ARIANA RESOURCES PLC | NOVEMBER 2019

SALINBAS EXPLORATION UPDATE GAME CHANGING POTENTIAL

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SLIDE 27

ARIANA RESOURCES PLC | NOVEMBER 2019

JORC EXPLORATION TARGET MODEL ROBUST 3D INTERPRETATION- SALINBAS

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SLIDE 28

Contacts:

  • Dr. Kerim Sener & Michael de Villiers

Ariana Resources PLC T: +44 (0) 207 407 3616 E: info@arianaresources.com

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