Ariana Resources plc (AAU) Earnings Call Transcript & Summary

Good afternoon, and welcome to the Ariana Resources 2024 Investor Presentation. Questions are encouraged throughout the presentation. [Operator Instructions]. I'd now like to hand over to Kerim Sener, the CEO, to begin the presentation, but first, we'll have a short video. [Presentation]

Thank you, Scott. Well, it's a pleasure to be here, and thank you to everyone for joining and taking the time to listen to the Ariana Resources presentation. We very much appreciate and value your time. So I'll kick off just on the title slide. For those that may not be aware, the photograph shown in the background of our title slide are the Matopo Hills. Just to the south of the city of Bulawayo in Southern Zimbabwe. It's a beautiful spot. As you can see, Bulawayo is the closest city to the Dokwe project, which is now the flagship project of Ariana Resources going forward. So I'll quickly point out the disclaimer here. We are obviously a public company and all the information contained there, although in a very small front is quite important. Please read it at your leisure. And moving into the investment highlights of the company. As I mentioned, the Dokwe Gold project is the lead project of the company for good reason. It's the largest project, 1.8 million ounces in resource, as previously announced earlier this year. It's a feasibility stage gold asset, and it has already passed its pre-feasibility hurdle, which it achieved in 2022. And we have since announced an update on the PFS, and I'll run through some of the numbers on that later into the presentation. And then, of course, we've got Zenit Mining operations in Turkey. So this is the producing asset at the Kiziltepe Gold-Silver mine and the video showed some short clips from our producing assets, which, of course, is held in partnership with Proccea Construction and Özaltin Holdings. And that's a 23.5% partnership. That's our ownership of that. In addition to that, in Turkey, we have the Salinbas Gold project. That's a 1.5 million ounce exploration asset on which we're conducting further work. I won't take too much more time on this particular slide other than to point out that we have important relationships that we're continuing to leverage. Newmont Mining, a 2.5% shareholder in the business and supporting our activities in Eastern Europe, the exploration through the Balkan region. Again, I'll talk on that in further detail later into the presentation. And just to recap our partners in Turkey through the Zenit Mining partnership and again, I'll talk about that in further detail and the significance of that going forward. This slide is just a recap of our history, which I believe is very important because it sets the scene and really sets in context the development of the company over the last 20 years or so. We started with a greenfield portfolio in Turkey, focused on gold. In Western Turkey primarily, and then we went on to develop those assets that I just mentioned. And we've looked to leverage the partnerships and the skill sets that we've developed as a company over that 2-decade period and applying those skill sets, that expertise into a new jurisdiction into Zimbabwe. And we firmly believe that we are very well positioned now as a company both internally as well as our external reach into the capital markets in London and the developing access to the Australian market through our proposed ASX listing to really leverage those skill sets and apply them specifically to the development of the asset in Zimbabwe, the Dokwe Gold project. A quick snapshot on recent share price performance over the past year. A couple of key highlights there from the relevant announcements associated with the Dokwe asset. Through the course of that year, some of those hurdles I've already mentioned, such as the PFS update. The -- a little chart there shows the top shareholders, and I believe there's some questions in regard to that, which I'll address later on. But the main point that I can just focus on there is the Newmont Holding -- Newmont Mining Holding, as I mentioned, it's 2.5%. Quickly running through the Board. Many of you have known us for a long time, and there's probably not much point in going through each individual director in our CVs. Suffice to say that there's a huge amount of experience on the board. And particularly with the addition of Andrew du Toit and Nick Graham, our Zimbabwean directors based in Zimbabwe. Their careers have spanned many decades, particularly Nick Graham. He was the Founder of Rockover Holdings that we acquired midway through last year to secure access to the Dokwe project. And the Dokwe project is essentially the discovery of Nick Graham and his team. But it's very much a marriage of equals in many respects, certainly in terms of our outlook on exploration and the importance of applying new technologies to the development of exploration assets. And both Ariana in our own right previously as well as Nick Graham through Rockover and previously with Reunion Mining have very much achieved some real exploration success over the years. So the location of our assets, as I mentioned earlier, the Dokwe project is located near Bulawayo, about 110 kilometers to the west of that city. Bulawayo is a very important mining and industrial hub in Zimbabwe. There is an international airport there, very easy to get to. And then it's a very easy drive out to site largely along asphalt roads. And the site itself, as you might have seen from the video is a very accessible location. In Turkey, we are largely in Western Turkey, the Kiziltepe and Tavsan sites located a couple of hours drive to the northeast of Izmit. Again, very accessible location, international flights into Izmit very regularly. So both Zimbabwe the Zimbabwean project and the Turkish projects are very easily accessed, very easy to conduct operations in both locations. On the right-hand side of the mineral resource estimate and ore reserves, and we've split that up between the Dokwe North and Central. So the Zimbabwean project. and the Turkish projects, Kiziltepe, Tavsan Salinbas and the related Arbella porphyry. The resource and indeed, the reserve position is shown there on a proportional basis, bearing in mind that the -- our interest in the Turkish assets is at 23.5%, and our interest in Zimbabwean assets are 100%. Our first gold mine in partnership with Proccea Construction initially went live in 2017 and has recorded exceptional performance ever since. We've -- the graph in the top left there shows the proportional split in revenue of gold and silver for the Kiziltepe operation. Updated to the end of 2023. The operation has been running successfully without a hiccup through that period. It will continue to run for a little while yet, probably another couple of years of production from Kiziltepe as well as the combined Kiziltepe, Tavsan operation. from which we're extracting high-grade ore from Tavsan trucking it to Kiziltepe for processing through the CIL plant, while the Tavsan mine continues to be built. But then the Tavsan mine will then take the lead in the coming years and production will eventually end up entirely at Tavsan through the heap leach that's being established there. The global resource growth is another important area for the company. And our very first resource estimate was in 2007. That was on Kiziltepe. In 2009, Kiziltepe in Tavsan. We continue to grow that with the addition of Salinbas, the discovery of that particular project and the resource drilling that's been undertaken there since establishing well over 1 million ounces. And then, of course, since the merger with Rockover. We've taken the total resources attributable resources to 3.9 million ounces. And we will continue to grow that based on our understanding of the exploration opportunity, particularly in and around the Dokwe project site. Moving on to Dokwe. So firstly, just to set the scene and why we've chosen to focus our attentions on Zimbabwe going forward. Zimbabwe is a phenomenally prospective part of the earth's crust. And it is dominantly comprised of archean crust. So very ancient geology. Akin to the geology that we've seen in the Yilgarn Craton. So that is the Eastern Goldfields region of Western Australia. And there is a very interesting hypothesis that based on paliomagnetic studies and geochronology suggests that both the Yilgarn Craton and the Zimbabwe Craton were contiguous at about 2.7 billion years ago. So the 2 bits of trusts that are now separated by Ocean were actually together. And this certainly makes sense in terms of our understanding the general geology of both the Yilgarn and the Zimbabwe Craton. In terms of the litho stratigraphy, but also the gold deposit types that we see, the deposit distributions and the metamorphic grade across both Cratons. And the Yilgarn Craton, interestingly is obviously larger -- it is, therefore, on a factual basis, likely to contain larger deposits. And of course, the Golden Mile containing over 60 million ounces is a very good example of that. But what we see in terms of the gold deposit distribution in Zimbabwe, again, looking at it from a factual basis, Zimbabwe Craton ought to have similar scale deposits, but proportionately smaller given it's a smaller area. So the point being in this slide is that the geology is virtually identical, but the Zimbabwe Craton is far less well explored. Than the Yilgarn Craton. Obviously, a huge amount of investment, billions of dollars have gone into the Yilgarn Craton over the last couple of decades, and that has not happened in Zimbabwe. And that's really where the opportunity lies. So we're very keen to be part and parcel of the upcoming exploration scene in Zimbabwe going forward. So focusing in a little bit more on the Dokwe projects. The map on the right-hand side shows the claims area outlined in red. And within that, we see the geochemistry. So the geochemical anomalism of gold. It's a very low level gold anomalism that we see because it is being expressed through quite considerable cover in certain parts. Indeed, at Dokwe North, there's about 40 meters of cover. That's Kalahari sand for a couple of meters and then Karoo aged calcrete. But it's all very readily rippable material. So it wouldn't be problematic from an engineering standpoint with respect to potential operations at Dokwe North. At Dokwe Central, the cover is thinner, about 20, 25 meters and then it progressively gets thinner in cover as we get to Sidolin Pan and Dokwe South. And you can see that the geochemical ionis outlined in sort of orangey color. Gets progressively more pronounced as we go to the south as the cover gets thinner. But the opportunities to identify further mineralization in around Dokwe North and Dokwe Central are quite significant. We've already identified further potential in both areas, and I'll go on to talk about that in a bit more detail later on. As previously indicated, the Dokwe project had reached pre-feasibility in 2022. We completed a prefeasibility revision primarily based on the economic model revision that envisaged a higher gold price scenario than the original PFS. The original PFS was at USD 1,650 per ounce. The current PFS update is at USD 2,000 per ounce. Which yields an NPV 10%, NPV 10% at USD 160 million and an IRR of just over 40%. Now obviously, if we ran that at today's gold price, we'd see substantially better numbers. The other point to make on this slide is that the prefeasibility was based entirely on Dokwe North. It did not include Dokwe Central. Now that's something that we're working on for the purposes of a resource update and indeed a further reserve update beyond the original prefeasibility which leads us into the formal feasibility study of Dokwe, which we're working on at this time. The inclusion of Dokwe Central would again, have a marked positive impact on the project NPV and IRR. The original PFS envisions about a 13-year mine life, and you can see the annual and cumulative free cash flow that was envisaged from that in the graph on the lower right-hand side as well as the annual gold production profile across those 13 years of operations shown in the top right. One of the things we are working on for the purpose of the feasibility is looking at an enhanced mining scenario and compressing the mine schedule from 13 years to 10 years with the inclusion of Dokwe Central. And that potentially gets us up to a production rate of up to 100,000 ounces per annum. And of course, that would further improve the project economics. This slide just details some of the outputs from the pre-feasibility. So this is the -- based on the original reserve. So ounces processed just shy of 800,000 ounces recovered just shy of 700,000 ounces. Now we believe that we will improve on this markedly with the additional work that we're underway on currently with respect to the feasibility and particularly the reserve update. And that's all work in progress, and we're looking forward to making further announcements on that sometime in the new year. So just a quick recap on the Dokwe North area in particular. We're looking at a map of the Dokwe North ore body. So we're looking straight down onto the ore body. This is the block model for the purposes of the original PFS and the PFS design pit. You can see that the deposit has been very well drilled on a very regular drill pattern mostly. And there's about 42,000 meters of diamond drilling on the deposit. So it is exceptionally well understood. There is, of course, more work that we need to do to understand the geology and particularly the metallurgy but the quality of the work undertaken by our previous owners Rockover was exceptional. We're very satisfied with the work that was undertaken. We're, of course, enhancing our understanding of the opportunity through further detailed work on the historical drill core all of which is housed at the Dokwe project site and is in very good condition. So it makes our jobs that much easier. We are looking to design a new drilling program were substantially far advanced on that to undertake some infill drilling as well as undertake some further metallurgical drilling. But a lot of the work is of such high quality that we're prepared to advance the project into the early-stage feasibility work from this point in time. As previously alluded to, there's substantial exploration upside in the vicinity of the Dokwe North deposit and there again in the inset map. For the broad claims area. You can see the location of Dokwe North, its proximity to Dokwe Central, which is the next best opportunity within the project area and the next most advanced. And I'll talk about Dokwe Central in further detail in a moment. We believe there's substantial exploration upside there and indeed across the rest of the claims area. And furthermore and further afield outside of the claims area. So looking at the broader map, which is -- the colorful image there in the background is the era of magnetic data. And we can see the extensions of the Bulawayo Greenstone belts arcing round towards the west towards the Botswana border. And it's those low MAG areas, in particular, the sort of blues and greens that we see coming through that area around Dokwe that suggests that the Greenstone Belt, which is under cover and therefore, unexplored. Extends all the way through that region. The company has a number of EPO applications stretching from Dokwe all the way out to Blue and somewhat to the north. And once those are granted, we intend to conduct further regional exploration, but we believe this is a phenomenally prospective part of the Zimbabwe Craton, and we're looking forward to making further discoveries. So a Dokwe Central, this is located 2 comes to the south of Dokwe North. There's a great opportunity to expand the resource. The resource, as currently outlined, is that sort of pink area in the vicinity of the drill pattern there. There are extensions both to the east and the west across a significant structure that appears to be dissected or possibly folded in the vicinity of Dokwe Central, which opens up the exploration search space for further discovery and further extensions of that resource. The resource currently sits at about 160,000 ounces of gold. Based on initial work and a review of historical drilling, we certainly believe there's an opportunity to enhance this quite significantly. And of course, that would further add to the economic opportunity at the Dokwe project as a whole. So moving on and fairly quickly, the Turkish assets, which I've covered in part -- in prior discussion, the photograph on the lower left side is the Kiziltepe mine, which is producing and on the lower right side is the Tavsan mine site, which is currently in construction and nearing the completion of major works. We're expecting Tavsan to be operational through its heap leach in sometime in the new year, in Q1. But all the progress that we've seen from Tavsan build phase is excellent, and we're very much looking to see the very first gold pour from Tavsan, which would be a tremendous achievement for the whole team and the Zenit team in particular. The Salinbas project up in Northeastern Turkey is an advanced exploration asset on which we are undertaking further drilling. We can see the drill pattern there on the Salinbas ore body, which is to the west of the Ardala copper gold molybdenum porphyry on which we're undertaking some further drilling as well. And we're looking forward to announcing further news from the Salinbas project during the course of next year. We're working towards ultimately being able to update the resource estimate on the Salinbas Arbella opportunity. This is, of course, a very prospective part of Turkey up in the Archean Gold field to the north of the Hot Maden deposit, which is a very significant discovery that was made about made in 2015, and the project is located just to the south of us. We have a package of other interests across a number of different jurisdictions. Western Tethyan Resources, which is operational in Southeast Europe. So that is being supported in part by Newmont. Venus Minerals operating in Cyprus on a portfolio of advanced and late-stage exploration assets as well as some greenfield assets that we're very keen on. We have some minority interest in Kazakhstan through Altai resources focused on nickel copper cobalt, Palace Resources on a portfolio of exploration interest, including copper and gold. Animate in last, and they're operating on a project that has potential for gold, copper, molybdenum, so a similar porphyry actually to what we're seeing at Salinbas, so a very similar sort of opportunity and potential scale. And Panther Metals operating in Western Australia. Panther Metals recently completed a scoping study on the nickel cobalt discovery made in the Laverton region, a very significant nickel cobalt laterite. In Kosovo, it's worth just mentioning that we are now in the process of drilling at the Slavova project to earn into a minimum hurdle of 51% ownership of this project. from Alper Minerals, a TSXV-listed company. So we're looking to take a 51% interest in this project. It's a Kiziltepe scale opportunity at this point in time. We believe that there's significant scope to grow this and to advance this asset. As the sort of cornerstone to further exploration and development throughout Kosovo. So we're very much looking forward to working with Western Tethyan resources to ensure that we achieve that outcome. So I'll just sort of start wrapping up and looking -- taking you through the peer comparisons. And this slide was actually put together by our brokers in Australia. And what they were looking at was to compare Ariana to a number of Australian companies that are at a similar stage of development with similar scales of assets in the gold space. Operating either in Australia or perhaps more importantly, for comparative purposes, operating in Africa. And what we see is that Ariana Resources in that context is actually undervalued, which is a good thing in many respects as an investment case. And we believe that as a result of that undervaluation, once we achieve our objective to list on the ASX, we'll ultimately be able to carry the project forward carry the company forward to better valuations. And we're very much looking forward to being part of that journey with our brokers. And the peer comparison to other companies operating in Zimbabwe. Interestingly, Zimbabwe has never really been off the investment radar from a major mining company perspective, Anglo American implants, Sibania impacts have been operating there for very many years. Obviously, they're focused on the PGE space. But -- there have been a number of new entrants into Zimbabwe in more recent times, some big success stories in the lithium space, so prospect resources in Australia. Most importantly, and a number of others now entering into the nickel and gold space as well. And so we're part of a growing group of companies that are focusing on what is an underexplored part of the world with phenomenal exploration potential and a very deep mining culture. So it's a great place to be operating. The last couple of slides are really just for information purposes only country overview on Zimbabwe the country overview on Turkey for those that are interested and just wrapping up with the investment highlights again. Thank you very much.

Superb Kerim, thanks very much for a very interesting presentation, both on Turkey and also in Zimbabwe. Just a reminder for the people who are watching at the moment, there's the opportunity to type in questions on the right-hand side of your screen. Kerim, we have had a lot of questions that have been submitted so far. So the plan is to go through as many of them as we can. I appreciate that we are time constrained. So some of them I will paraphrase and join up just because of the number that we have. First question, in recent presentation, you outlined that Dokwe is expected to be in production by 2027. Can you outline the process to get to this conclusion?

Yes. So a feasibility study will typically take about a year. And we're very much working towards achieving that outcome so that we can ensure that we complete the feasibility study process by around this time next year. But of course, part of that is dependent on access to capital, and it's one of the reasons why we've been looking at listing the company on to the ASX as part of that broader strategic objective to ensure that we can achieve that positive outcome within that time frame. Thereafter, and in fact, in parallel, there is work that needs to be undertaken on the environmental impact assessment. Some aspects of that work have already been completed for Dokwe. So in some sense, we are quite advanced. But there's additional work that needs to be undertaken from that perspective. And the EIA and the feasibility study together will then carry us into the sort of development part of the cycle. But the development part of the cycle will obviously involve additional capital requirements. Dokwe is a big project, the feasibility -- sorry, the pre-feasibility study had outlined a capital requirement of about $80 million. So we would obviously need to go on and raise additional capital going forward to ensure that we can carry a project such as Dokwe all the way through to production. But assuming we can meet all those hurdles within a reasonable time frame and the sort of time frame that we've alluded to is entirely achievable, assuming that various government departments, operating in Zimbabwe act within reasonable time frames. Those are time frames that we can certainly work towards. And there's no reason to think that we can't complete the feasibility process moving into early stage development and then into production within about a 3- or 4-year period.

Question from both Tony and David around the development of the Dokwe project will be done with or without partners?

So our intention at this particular point in time is to conduct the work towards the feasibility study in our own capacity. We believe that we've got the wherewithal as a company to achieve that outcome. We have obviously had our partners Zenit on site at Dokwe. They were out on site in October. And we previously announced that to the market. Zenit are looking very seriously at the opportunity at Dokwe. And we're engaging with our partners in Turkey to see if there may be mechanisms and opportunities in which they could potentially get involved in the development of the Dokwe asset in the future. It's an ongoing discussion. There are no conclusions yet as yet. And it's something that we need to continue to work through with our partners. But at this point in time, we're intending to sort of carry on with the work that we've got underway in our own capacity.

Question from Nick. Could you please comment on the news that Zimbabwe is planning on having a 26% interest free carry in mining interest in Zimbabwe?

Yes. So this is very new news, and we're just trying to understand the nature of that. Based on prior indications, my understanding is that it will relate to new and upcoming projects, not necessarily existing projects. The situation is not well understood. It's vague. We have to wait until sometime next year to understand what that really means. The indications are that the Zimbabwean government actually have to take a position in project opportunities, which means that they'd have to come up with capital to do so. And we'll continue to sort of review that in due course. But that's -- at this point in time, there's not much more to say because it's just the word on -- the street.

Another question around dividend from a number of people who are on the call at the moment. Are you considering paying a dividend in the near future? And if so, are you able to give a rough indication for a time line?

Yes. So our ability to pay a dividend, as previously indicated, is dependent on cash flow coming out of the Turkish operations. So the Zenit mining operations. And all cash flow within Zenit has been directed until now into the development of the Tavsan mine for good reason because we needed to develop a pathway to continue production, sustainability of our Zenit operations beyond the mine life of Kiziltepe, which is obviously finite. So for good reason, we directed capital with our partners into the development of Tavsan. But in due course, as Tavsan comes on stream, we are expecting dividend flow back from Zenit mining operations to the parent companies. And in our case, we will take a view on the intensity of that dividend flow up to Ariana Plc. And depending on our capital requirements going forward with respect to the Dokwe mine development program. We will take a view on whether we can continue to pay a dividend.

A question from Andrew. Earlier presentations indicate that Sambas could go into production by 2027. Has this target date been updated?

It has not been updated formally. Salinbas is very much a work in progress with respect to the drilling program that we've had underway for the last couple of years. We haven't been in a position to complete a new resource estimate on Salinbas. So that's the first goal that we have to achieve. And then take a view with our partners as to the development time line going forward for the Salinbas Ardala region. We're obviously taking a view on other activities in the immediate Archean Gold field and the developments of SSR Mining's Hot Maden project, among others, because it is a very significant and active gold field a lot of players operating in that space. And the Salinbas asset is a very valuable one, and we want to obviously extract maximum value for that in an appropriate way.

Question from John. In an earlier presentation, Kerim, you talked not only of the extensive drilling program at Salinbas, but also the environmental and social work that was well underway. Aiming at obtaining the EIS, et cetera. But the work show progress doesn't seem to have been commented on for perhaps the best part of 2 years. Has there been a rethink of Salinbas, Ardala and Hizarliyayla.

Hizarliyayla. So yes, Salinbas, Ardala and Hizarliyayla. So just as a quick recap, Salinbas is the gold silver zone to the west of Ardala, the copper gold, molybdenum porphyry and to the south and closest to Hot Maden, Hizarliyayla, which is a polymetallic but with gold some similarity to the mineralization style that's seen at on. So the whole corridor of mineralization is highly prospective. And there's a lot of work that's been underway over the last couple of years along that corridor to better understand the opportunity. And I think that's really key. We want to better understand the opportunity in terms of the long-term resource growth potential of the Salinbas project as a whole before we consider its development pathway specifically. So we had set some objectives and part of that was to ensure that we could get through an extensive drilling campaign before new resource estimate. And on the back of the resource estimate, we've been carry the project forward into a sort of prefeasibility stage assessment. Now we haven't been able to move into PFS yet because the drilling program has continually been extended over the last couple of years because it seems wherever we drill, we're encountering more mineralization. So it's an exceptionally prospective area, and we just have to understand the opportunity better before considering how we'd go about developing that particular project. The work on the EIA, that's been underway. And in fact, the project already has an EIA for the purposes of the work that we're undertaking but we'd need to undertake further work for the purposes of a formal EIA for mining, and that's work in progress.

So perhaps my apologies about my pronunciation there to every on that. Has the situation at this from John again, has a situation at SSR Mining encountered at Hot modern impacted RNs plans for Salinbas or Hizarliyayla.

So the situation alluded to in that question actually doesn't relate to Hod Maden. That relates to the unfortunate events at Copler mine in Central, Eastern Turkey earlier on this year and the parent company being SSR Mining. So Hot Maden then as a site that wasn't affected by those events. But the activities of SSR Mining, and obviously, I can't really speak for SSR Mining. That was affected in some form. So I hope that's been able to answer the question.

Can you advise when First gold production will happen at Tavsan and when dividend will start to be paid to Ariana from Zenit?

So I've given a little bit of an indication on that already during the presentation and afterwards in respect of other questions. The Tavsan site is significantly advanced. Most major works on the process plant are nearing completion. We're working now on the heap leach liners continuing that work through the winter. And the expectation is during the early part of next year, we will be able to achieve first gold pour from the heap leach at Tavsan. And also bearing in mind that Tavsan is producing gold already, but that's based on the mining and trucking of high-grade ore from Tavsan to the Kiziltepe CIL processing plant. So Tavsan is already operational as a gold mine. But obviously, we want to achieve the outcome through the heap leach. Once we've achieved that, and we've reached steady states of commercial level production from Tavsan, the expectation is that Zenit will then start paying dividend to the partner companies, ourselves, Proccea Construction and Özaltin.

Another question here from Paul. Does Mentor Demi have a timescale in mind to float Western Tethyan resources?

Well, that's probably a question best asked of Mentor. So again, I wouldn't want to speak directly for him. However, at this point in time, we're fully focused on ensuring that we can develop the assets within Western Tethyan to a point where we can achieve best value should Western Tethyan be spun out and be floated in its own right. And obviously, waiting for the market opportunity to do so. In the meantime, a lot of work is underway across the Western Tethyan region. And that's being supported by Newmont. Newmont has been very active over the last couple of years working with us and with Western Tethyan to identify project opportunities within that region. And identifying completely new sites, new zones of mineralization that were not known before. So it's proper discovery. We're very excited by the work that's been undertaken in partnership with Newmont. And then in respect to the Slivova asset, which is an advanced asset, relatively speaking, achieving that 51% ownership and then carrying that project forward, ultimately, we would hope to take an enhanced stake in that project, assuming we can continue to advance that project going forward into the next couple of years.

Thanks, Kerim. We've got a number of questions now around the ASX listing from sort of tone from John, from Paul from Stephen, et cetera. So I'll go through some of them and try to paraphrase as well on there. And obviously, you're expecting the dual listing to complete to the end of 2024. Is this still the case because you previously mentioned that?

Yes. So we've been making fantastic progress on the ASX, to a large degree, a lot of the work has been done. We have obviously missed the window to complete the fund raise before the end of this year and to be listed. It is a work in progress still, and we're looking to sort of reset some time in next year, there'll be further announcements on that in due course.

Superb. Another question on the delisting. Are you going to be able to give a list of the brokers, et cetera, that you're using? And other elements there in the equity raise is post the dual listing will be an equity raise around that. and if so, dilution of shares?

Yes. Well, on the point of equity raise and dilution, the reality is that if you're going to develop anything, you need access to capital. So there's no escaping that. And we're certainly not going to sit and do nothing as a company. So we either accept that there will be dilution to some degree and to do that in a meaningful way. with access to the right type of capital so that we can advance an asset as significant as Dokwe in the most constructive way possible. So the ASX listing was always going to involve an element of capital raise. The quantum of that is yet to be determined. There is obviously time ahead of us to determine that. And we're working with brokers, both here in the U.K. and in Australia to achieve a very positive outcome.

And are you able to -- for the -- following your dual listing on the ASX, can you assure shareholders that it's not your intention to delist from the U.K. AIM market?

It's not our intention to delist. In fact, more than that, we firmly believe that having access to 2 capital markets would be a very important thing for a company that's clearly on the trajectory to achieving mid-tier status. We've got the asset to do that now. Previously, we did not because we had a minority interest in the Turkish producing assets. Now we have 100% of a major project that's approaching 2 million ounces in resource. We will have, as I've indicated, a very substantial update with respect to resource and further reserve update. That will then lead us into the feasibility study. But based on the pre-feasibility numbers for Dokwe, it's a substantial asset that can lead to a much improved market capitalization and valuation of the company.

Question from Tony. It has recently been stated that the Kiziltepe CIL plant will be producing gold for several more years. Can you confirm that this is true and that both Kiziltepe CIL and the Tavsan heat leach plant will be producing gold in tandem for several years into the future?

I don't think it's right that we've said that it's several years. We've previously indicated that it's a few years. And the last reserve update that we had undertaken on the Kiziltepe sector had demonstrated a few years of further mine life. So we've updated the market on that earlier on this year. Now that has been coupled to the production coming from Tavsan, so the ore production from Tavsan that's now being processed at Kiziltepe. And that is correct that both sites are operational and there is tandem production, and it's all coming through the Kiziltepe CIL plant. However, Kiziltepe itself as expected, will wind down over the next few years. And then we'll be replacing the lost production, so to speak, with the production that's coming out of Tavsan. So there will be a period of time when we do see production from both sites, but ultimately, all production in the next couple of years will shift entirely to Tavsan.

Super. Another question you'll have to -- I apologize for our pronunciation here and Kerim will laugh here, but what is Ariana's latest position in Kepez and...

Kizilçukur.

Kizilçukur. Thank you and Kivirandi -- sorry.

Ivrindi.

Ivrindi.

Ivrindi. Yes. So Kepez, Kizilçukur and Ivrindi are all part of the Kiziltepe sector. So in a sense, they're all part and parcel of the CIL operations underway at Kiziltepe. We have had production from Capes in prior years. We were mining a very high-grade pod of gold and silver mineralization. Which has now been exhausted based on the original reserve. However, there are opportunities for reserve extension, we believe, with some further work. But at this stage, the Kipa site is not operational. Kizilçukur. However, we have completed the initial process with respect to permitting on the Kizilçukur site. We've established the basis for mining there. There's some further work that's being undertaken on the resource and indeed the reserve. We have actually announced the reserve on Kizilçukur. It was part of the last reserve update that we undertook earlier on this year. And we are expecting to be mining from Kizilçukur and trucking ore from that site to the Kiziltepe processing plant. And so that's part of this plan to continue Kiziltepe in operation for some time yet. Even India is also part of that plan, but it's further back in terms of its development. the JORC Resource that we've got there is a JORC 2004 compliant Resource. We need to go through a process of updating that to JORC 2012. There's further work that needs to be done on that resource before we could define a reserve, but it's certainly something that we would want to look at on the tail end of our mining operations at Kiziltepe and it will probably be -- if we do mine in India with a very last ore body to be mined.

Question from John. Slide 14 of the latest presentation shows free cash flow in years 2029, '30. '32, '34, '35, '38 can you expand on the story behind these years and the reason for the wide swings?

So I believe that the graph that's been indicated there, is the one that we show on the slide relating to the Dokwe PFS. So that's taken straight from the Dokwe PFS. And if I -- let me just go back to that slide, if I may. So it's that graph that's shown in the bottom right there. And -- the brown bars are showing the capital expenditure commitment. And then as we go forward, the size of the brown bars decreases to effectively sustaining capital only. And then in the blue or teal-colored bars, I should say, that's showing the annual cash flow and then the cumulative cash flow is shown as the line. The annual cash flow obviously varies depending on the mining schedule. We're also assuming, of course, certain things running constant to the gold price running constant. Not a variable gold price scenario. And the other thing I should point out is that this because it relates to the original PFS study does not include Dokwe Central. If we add Dokwe Central to this and compress the mine schedule, change the mine schedule because the way that we go about mining the ore body would be different, we would see quite a different picture. But this sort of variability in production from year in, year out over the course of a mine's life is highly normal. You would expect to see variations in the annual cash flow. As you develop the operations and as individual areas within pits are developed, depending on grade and other characteristics or in more complex situations if you're developing satellite deposits as well, such as Dokwe Central. So this is not at all unusual.

Another question from John. In the latest presentation on Slide 7, can you clarify the 12% shown as Hargreaves Lansdown holding Ariana shares? Are these from nominee accounts?

The answer to that is yes.

Excellent. I shall move on to the next question. In the recent presentations about Mineral Resources on Slide 9 and 10 from the presentation that shows 2.3 million ounces and 3.9 million ounces, respectively. Can you please explain the difference in these numbers?

Yes. The graph on Slide 10. So the resource growth that we see historically from 2007 going forward, is dependent on when we've been able to announce updates to the market with respect to our resource. And the dates chosen there are dates on which major resource updates were announced. So 2021, for instance, involves Kiziltepe, Tavsan and Salinbas. And in the current situation, post the merger with Rockover Holdings and taking 100% of the Dokwe asset, that takes us up to a total of 3.9 million ounces.

Super. Kerim, thank you so much for the presentation today. Lots of questions that have been asked not able to ask all of them directly. So I hope I've covered most of them that's there. And maybe back to you just for any sort of closing remarks from your perspective.

On the closing remarks, I'd just like to again point out the history of the company, the work that we've done as a team over 2 decades. Taking the company from a Greenfields Exploration portfolio, all the way through to successful gold mining operations in Turkey. Huge amount has been learned by us as a team during that process. The partnerships that we've developed in Turkey and indeed further afield. . Including with funding partners, including with companies such as Newmont that have seen value in what we're doing, both in Turkey and further afield. That sort of marks us out as quite an unusual company. There are very few companies that have gone from Greenfields Exploration all the way through to production. And now have the wherewithal to apply those skills to a new project in a new jurisdiction that has the potential to carry the company to a substantial market capitalization.

Okay. Thank you for your time today, and that concludes the Ariana Resources 2024 investor presentation. Please, can you take a moment to complete the short survey following this event, and I hope that you enjoyed today's presentation. Thank you.