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Ariana Resources announces second investment of Asgard Metals Fund

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Global Mining Review,

Ariana Resources plc, the AIM-listed mineral exploration and development company with joint-venture (JV) gold mining operations in Europe, has announced the second investment of the Asgard Metals Fund (the fund and a wholly owned subsidiary of Ariana), which is being developed as part of its proprietary Project Catalyst Strategy.


  • Asgard Metals Fund to take an interest in Pallas Resources Ltd, a UK company with several large copper and gold licences in highly prolific mineral belts of Kazakhstan.
  • Up to 1.25 million shares in Pallas to be issued to Asgard following a strategic investment (equivalent to £200 000) and as specified within a consultancy agreement (up to an equivalent of £75 000).
  • Under the consultancy agreement, the Ariana team will provide technical consulting services to Pallas' exploration efforts in Kazakhstan over a two-year period.

Dr Kerim Sener, Managing Director, Ariana Resources, commented: “Over the past decade, we have reviewed a number of Central Asian exploration opportunities. But most importantly we wanted to work in parallel with a first-class team and in Pallas we have found our match. Kazakhstan represents a jurisdiction which satisfies our criteria and one which has the distinct advantage of having implemented a new mining law modelled on that for Western Australia; a legislation with which we are very comfortable. Another advantage is our familiarity with the language, which will become even more straightforward for our Turkish team following the implementation of Latin script for Kazakh by 2025.

“With an extensive portfolio focused on gold and copper, encompassing over 800 km2, Pallas is well-positioned across several of Kazakhstan's highly prolific mineral belts. These areas are host to several multi-million ounce gold deposits, some of which are in production and under the ownership of western companies. It is one of the few areas globally which retains the potential to make further greenfield discoveries of Tier 1 deposits. While gold remains a focus, we are also encouraged to see opportunities for copper, which is the commodity of the future, enabling a technologically-advanced and more environmentally aware world.

“This investment exemplifies Ariana's expanded reach and strategic direction via the Asgard Metals Fund. We are actively pursuing opportunities throughout the Eastern Hemisphere, as we develop future growth opportunities for the company across new horizons. We now look forward to assisting Pallas in its development, ultimately towards an IPO. They have a great team, with which we share mutual characteristics, and we are keen to collaborate closely with them in the years ahead. We look forward to providing further updates in due course.”

Daniel Rickleman, Director, Pallas Resources, added: “Pallas is excited to be welcoming Ariana both onto the register and as a key technical partner through the consultancy agreement. The natural synergies between Ariana and Pallas come at an opportune time as we look to significantly scale up our portfolio in Kazakhstan and advance our exciting projects. We look forward to working with Ariana's exceptionally strong technical team, who bring with them an enviable track-record of exploration and development success.”

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