Ariana Resources receives further Newmont investment
Published by Jess Watts,
Editorial Assistant
Global Mining Review,
Ariana Resources plc has announced a further investment by Newmont Ventures Ltd under the terms of its Exploration Alliance Agreement regarding exploration in south-eastern Europe, announced on 24 March 2022.
Highlights:
- Newmont to invest a further US$871 000 in Ariana based on a 30-day volume-weighted average price (VWAP) calculated to the 18 December 2024, for 28.88 million ordinary shares at a price of 2.375p per share.
- Exploration across the Alliance region will continue to be directed by Western Tethyan Resources Ltd (WTR) which is currently 76% owned by Ariana.
- The Alliance between Newmont, Ariana, and WTR is in its third year of an initial period of five years; such period being mutually extendable with future funding requirements of the alliance to be met by Newmont.
Dr. Kerim Sener, Managing Director, commented:
“This further investment by Newmont Corp. into Ariana represents a further commitment to our exploration programmes in south-eastern Europe under the Alliance Agreement. Our exploration programmes to date have encompassed project generative work across Kosovo and North Macedonia, with several other projects across the Alliance region having been reviewed and assessed. On the back of the results of these programmes, we are now positioned to undertake further work across some of the priority targets generated, and we look forward to providing further updates on these programmes as they advance. Furthermore, we are expecting Newmont to provide additional technical support to the Alliance aligned to this further investment so that we can advance the planned exploration programmes across the region.”
Mentor Demi, Managing Director of WTR, added:
“We are very pleased with the progress and success of our Exploration Alliance with the world’s largest gold producer, Newmont Corp. During the first two years of the Alliance, through the collection of regional baseline data (geological, geochemical, and geophysical), we have generated multiple priority targets for which we have applied for new exploration licenses. We have also drill tested our first project area, Hertica, and successfully outlined the presence of a Cu-Au-Mo mineralised system.
“Through this financing and the associated technical support from Newmont, as well as financial and technical support from Ariana, we plan to further develop these targets while continuing regional exploration work, generating new targets and advancing our existing project pipeline.”
Read the article online at: https://www.globalminingreview.com/mining/31012025/ariana-resources-receives-further-newmont-investment/
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