Developing 
resource 
potential
Ariana Resources PLC
Annual Report & Accounts 2013 Global JORC resource
 1 ,637 ,000 
oz Au eq
*
Red Rabbit Gold Project and wider project area
475,000 
oz Au eq
†
 
Artvin JV 
 1,1 62,000 
oz Au eq
‡
Highlights  
of 2013 
Gold resources by area (oz)
Total Measured, Indicated and Inferred
*  Gross with respect to Red Rabbit JV & Artvin JV.
†  Comprising 448,000 oz Au eq. report ed gross with respect to the  
Red Rabbit JV plus a further 27,000 oz Au eq. 100% attributable to Ariana.
‡   Gross with respect to the Artvin JV. Gold equivalency calculated on the 
basis of Au and Ag only using a gold/silver price ratio of 60:1.
Note: Kiziltepe and Tavşan resources are 
currently 73.5% held by Ariana; Salinbaş and 
Ardala resources are 49% held by Ariana.
Total: 
1 ,506, 1 19 oz
Salinbaş: 51%
Other: 2%
Ardala: 21%
Tavşan: 14%
Kiziltepe: 12%
For more information see page 03 >
Our mission
Ariana aims to deliver 
shareholder value through  
the dual strategy of developing 
a profitable gold mining 
operation and building 
long-term value through 
exploration. Ariana creates 
value via the identification  
and advancement of projects 
through to development. 
Ariana is targeting the 
discovery of a multi-million 
ounce gold deposit in Turkey.
Our objective
Our objective is to explore  
for and develop new gold 
mines in Turkey. Through  
a unique combination of  
in-country understanding  
and international expertise,  
the Company is adding value 
for its shareholders across  
its exploration portfolio.
Our business model
Our business model has been developed to maximise value 
by focusing on all stages of the exploration and development 
cycle. To help identify the status of project activity against 
this model, we have developed a series of icons that are used 
throughout this report.
Ariana Resources is an AIM-listed 
gold exploration and development 
company focused on epithermal 
gold-silver and porphyry copper-
gold deposits in Turkey.
Exploration Discovery Development Production
Highlights May 2007 – 135,400
July 2008 – 325,800
October 2010 – 448,000
October 2013 – 1,637,000
 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17
 1 50,000
tonnes ore per annum 
Definitive Feasibility Study (DFS) on the  
Red Rabbit Gold Project provides for a mine 
output of 150,000 tonnes of ore per annum, 
optimised for an average production of approx. 
21,000 oz of gold equivalent per year over  
the first five years of operation.
8+
years mine life 
The DFS showed a total mine life at Red Rabbit 
of eight years reinforcing the economic  
potential of the project. Significant resource 
upside remains.
 1 , 193,700 
tonnes in-pit reserve 
The in-pit reserve stands at 1,193,700 tonnes: 
this corresponds to 117,640 oz of gold and 
1,504,710 oz of silver. 
 20-year
operating licence 
Licence life has been extended for a further  
five plus 15 years.
 US$2.9m
Proccea construction has earned in to 26.5% 
of the Red Rabbit gold project by incurring 
US$2.9m in expenditure in three years.
Artvin JV
Over 1 Moz discovered 
Following the 2012 resource drilling campaign  
a maiden Inferred and Indicated JORC resource 
of 1.09 Moz gold plus 4.1 Moz silver was released 
for the project in Q2 2013.
The JV is funded and managed by Eldorado Gold 
Corporation.
Newmont Exploration Database
 10 year licence 
Access to this non-exclusive database is valued 
at an estimated US$20m and provides Ariana 
with a key strategic exploration advantage  
in Turkey.
Tigris Resources
3.7% investment  
in Tigris Resources 
Focused on exploration for copper-gold deposits 
in south-eastern Turkey.
Red Rabbit Gold Project
Development Exploration and discovery
Resource growth (x100,000 gold equivalent oz)
2008 3.1
2009 0.8
2011 2.3
2012 4.2
2013 3.7
Total Diamond/RC drilling (x1,000 m)
Strategic Report 
Ariana at a glance 02
 Where we operate 02
  Our business model  03
 Organisation review  03
Chairman’s statement 04
Our strategy 06
  Exploration and  06 
development timeline
  Delivering on our  07 
strategic vision
KPIs 08
Risks and uncertainties 09
Operations review 10
 Red Rabbit Gold Project 12
  Artvin Project  15
  Regional exploration  16
Financial review 17
Corporate responsibility 18
Governance
Directors and key staff 20
Report of the Directors 22
 Independent auditor’s report 25
Financial statements
 Consolidated statement  26 
of comprehensive income
 Consolidated statement  27  
of financial position 
 Company statement  28 
of financial position 
 Consolidated statement  29 
of changes in equity 
 Company statement  30  
of changes in equity 
 Consolidated statement  31 
of cash flows 
 Notes to the consolidated  32 
financial statements
 Notice of the 2014  47 
Annual General Meeting
Advisors 50
Ariana Resources PLC
Annual Report & Accounts 2013  
 
01
Contents Black Sea
Aegean Sea
Mediterranean Sea
Kolonkaya
Ardala
Istanbul
Artvin JV area
Tigris Resources exploration area
Ankara
Ariana at a glance
Turkey represents a unique opportunity for gold exploration 
on the doorstep of Europe. Turkey lies within the globally 
significant Tethyan metallogenic belt, which hosts some  
of the world’s largest gold, silver and copper deposits.
Turkey is Europe’s largest gold producer with eight  
operating gold mines.
Red Rabbit Gold Project
Advanced projects  
Exploration licences
Ariana areas of operation
Ariana projects
Existing mines, deposits and prospects
0 500km
Active gold mines
Deposits/prospects
Where we operate
33.5 tonnes
*
Turkey’s gold production
*  2013 production figure from  
The Turkish Gold Miners’ Association
50 tonnes
*
  placing Turkey amongst the  
world’s top 15 producers
Estimated gold production by 2015
* Turkish Gold Miners Association
WAVE project area
Kolonkaya
Kizilcukur
Tavşan
Izmir
Demirci
Ivrindi
Kiziltepe
Ardala
0.5–1 Moz
0.5–1 Moz
10–16.6 Moz
1–5 Moz
N
Ariana Resources PLC
Annual Report & Accounts 2013  
 
02
Strategic Report  Our business model has been developed to 
maximise value by focusing on all stages of the 
exploration and development cycle.
Increased market capitalisation
Cash flow from production will be 
partially fed back into future exploration 
and project development programmes. 
This will result in both project growth 
and diversification, which is expected 
to lead to an increase in market 
capitalisation.
Production
Targeting the extraction  
of 150,000 tonnes of ore  
per annum, with an 
average production of  
up to 21,000 oz gold 
equivalent per annum  
for eight years.
Discovery
New technologies and the 
development of geological 
models enables Ariana  
to selectively target areas 
of high economic potential.
> See pages 07 and 12–15
Development
Following 
Environmental Impact 
Assessment (EIA) 
positive certification 
the Company’s 
permitting applications 
are underway, ahead  
of mine construction. 
> See pages 07  
and 12–14
Exploration
Further portfolio 
diversification through 
exploration, discovery 
and the generation of 
long-term value ahead 
of production.
>  See pages 07  
and 12–16
Our business model
Organisation 
review
Principal activity
Ariana Resources PLC is a public limited 
company incorporated and domiciled in Great 
Britain. The Company’s shares are listed on 
the AIM market of the London Stock Exchange. 
The principal activities of the Company and its 
subsidiaries ( the “Group”) are related to the 
exploration for and development of gold and 
other minerals in Turkey.
5.1
Market capitalisation (£m)
2012: 4.6
Ariana is headquartered in London and 
its Turkish operating subsidiary Galata 
Madencilik San. ve Tic. Ltd. (“Galata”), 
operates from Ankara, Turkey. Galata also  
has a regional base operating from Sındırgı, 
which is close to the Red Rabbit Gold  
Project area. 
Ariana currently holds a 73.5% stake in Zenit 
Madencilik San. ve Tic. A.S. (“Zenit”). Zenit was 
incorporated following the joint venture (JV) 
of the Red Rabbit Gold Project with Proccea 
Construction Co. (“Proccea”). Under the terms 
of the JV, Proccea is earning into a 50% stake 
in Zenit. Management control of the JV was 
transferred to Proccea in 2013. At the date  
of this report, Proccea had earned in to 26.5%  
of the Red Rabbit Gold Project and is responsible 
for sole funding of the construction stage of  
the project.
Ariana owns 49% of Pontid Madencilik San. ve 
Tic. Ltd., the Turkish operating company formed 
through the JV with Eldorado Gold in north-
eastern Turkey. Eldorado has operational control 
of the project and is responsible for wholly 
funding exploration at Ardala and Salinbaş. 
Ariana is run with as low a cost-base as is 
practical to enable the Company to maximise 
the efficiency of exploration activities in western 
Turkey. The Company maintains some of 
the most competitive industry discovery and 
acquisition costs per gold ounce (currently ~ 
US$22 oz) inclusive of corporate costs.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
03
Strategic Report
Ariana at a glance It gives me great pleasure to write my 
inaugural Chairman’s Statement to you at  
this exciting juncture in Ariana’s development. 
Michael Spriggs, our previous Chairman, 
worked tirelessly to progress the Company 
from a grassroots explorer with interests 
in Turkey, to the business which I inherited 
as Chairman in July last year – a gold-silver 
developer on the eve of production, with plenty 
of exploration upside from a world class 
greenfield database. I would firstly like to 
take this opportunity to thank Michael for all 
he has done for the Company over his tenure 
as Chairman, as well as congratulate the 
rest of the team for significant and material 
achievements over the past year; all of which 
have moved Ariana closer to our objective  
of achieving gold production in the near term.
I will leave it to our ever-competent Managing 
Director , Dr . Kerim Sener , to run through  
the bulk of the operational successes that  
we have achieved over the year , but I believe it 
would be remiss of me not to highlight the key 
milestones which we have passed, and hurdles 
overcome, as we move towards becoming a 
cash generative gold explorer , developer and 
producer during the next year . 
Given that the Red Rabbit Gold Project (“RRGP”) 
is the most advanced in our portfolio, we have 
focused our efforts in this area. Our emphasis 
in 2013 was marked by systematically securing 
the requisite permits ahead of targeted 
production in the next 12 months. The year 
began with our Environmental Project 
Summary Document being submitted to the 
Ministry of Environment and Urban Planning for 
the Kiziltepe Sector of the RRGP, being the site 
of our initial mine. This marked the initiation  
of the formal process for the permitting of the 
mine. A further key milestone for the Company  
was the successful completion of the public 
and ministerial consultation process as part  
of our Environmental Impact Assessment 
(“EIA”) submission, with positive EIA certification 
subsequently being received in December  
2013. The public meeting was attended by 
approximately 100 people from the surrounding 
communities, and Ariana received overwhelming 
support for the proposed development of the 
mine at Kiziltepe. The Company also received 
confirmation from the Turkish authorities that 
the mine development site was also deemed 
suitable and appropriate by the Provincial 
Directorate.
Your company is fortunate to have developed 
a strong symbiotic relationship with a very 
successful and well respected Turkish mine 
construction firm in the form of Proccea 
Construction Co. Having such a technically and 
financially stable operator in partnership with 
Ariana, will enable us to jointly develop both 
the Red Rabbit project, as well as any new gold 
resources we are in the process of discovering. 
Proccea continues to fund the development 
of the Red Rabbit project under their earn in 
arrangement and have successfully advanced 
the arrangements for local project finance  
for the mine construction.
The support of the local community and 
regional authorities is very important to the 
Ariana team, and also to the success of the 
RRGP . We are now on the verge of creating  
a project that generates new revenue and  
local employment in the region, enhancing  
the overall socio-economic development of  
the area. Our plans for local employment 
include the employment of approximately  
100 people directly in mining and processing 
and a further multiple thereof employed 
indirectly via support services and related 
enterprises.
Michael de Villiers 
Chairman
Chairman’ s 
statement
  
Given that the Red Rabbit  
Gold Project (“RRGP”) is the 
most advanced in our portfolio, 
we have focused our efforts in 
this area. Our emphasis in 2013 
was marked by systematically 
securing the requisite permits 
ahead of targeted production  
in the next 12 months.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
04
Strategic Report  With a current mine life of eight years from 
Kiziltepe itself and a further two satellite 
targets at Kizilcukur and Ivrindi, the road 
map for the next decade is well established. 
However the Ariana board is confident that 
this mine life can be substantially enhanced 
through the delineation of additional mineable 
resources in and around the Kiziltepe area, 
which, in due course, would feed into the 
main Kiziltepe plant. With this in mind, our 
specifications for the plant and Tailing Storage 
Facility surpass the current parameters  
of the project, ensuring our mining operations 
at the RRGP are sustainable in the long term.
One factor affecting the sustainability of  
our , and in fact all, gold projects is the long 
term gold price. I think I speak for most gold 
explorers, developers and producers in saying 
that 2013 was a truly dismal year for gold – 
dropping from highs almost touching US$1,900 
to recent lows of below US$1,200. There  
was a marginal recovery during the first few  
months of this year . However , the long term 
message for gold companies, and investors  
in gold equities, is that low cost producers  
can still generate healthy margins and  
hence deliver attractive returns for investors. 
I am pleased to say that with projected cash 
costs at around US$600/oz, the RRGP enjoys  
robust economic fundamentals even at low  
gold prices. The importance of this cannot be 
overstated – by keeping our gold production 
costs low, we can support a long term 
sustainable and successful gold production 
project for the benefit of all stakeholders.
Our exploration interests fall into three distinct 
segments: proximal exploration of prospects 
in the wider RRGP area; exploration and 
development in tandem with our joint venture 
partner Eldorado Gold over the 1.09 Moz Ardala 
and Salinbaş areas in north-eastern Turkey; 
and progression of targeted areas using the 
Newmont database secured in March 2013. 
These key exploration interests, together  
with Ariana’s investment in Tigris Resources, 
which focuses on the frontier gold province 
of south-eastern Turkey , provide Ariana with 
extensive blue-sky upside over the coming 
months and years. Indeed, positioning 
ourselves as a soon-to-be cash generative 
gold exploration company with an exceptional 
mineralised footprint across Turkey gives us  
a unique competitive advantage. 
Our focus on Turkey is not purely down to  
the country boasting world-class mineralised 
provinces, but also reflects on the very 
roots of Ariana. We have a strong Turkish 
identity , stemming from many of our senior 
management and board members having 
Turkish backgrounds and/or nationality ,  
which, I believe has helped the evolution  
of the Company and kept it aligned with the 
requirements and desires of all stakeholders. 
Our Managing Director , Dr . Kerim Sener is  
a Turkish national, and is a strong proponent 
of doing business in this rapidly emerging 
European economic powerhouse. Despite the 
well-documented political developments over 
the past 12 months, Turkey remains a stable 
and supportive jurisdiction for the development 
of mineral resources and we remain committed 
to investing in the country in the coming years. 
Our strong affiliations within Turkey , both on a 
regional and national scale, have been critical 
to building a sustainable project with significant 
longevity creating a long-term revenue 
generator and employer for the local region.
I would like to take this opportunity to again 
thank the Ariana team and Proccea, whose 
unwavering support for achieving our 
strategic and operational goals has driven the 
Company’s progress forward. I would also like 
to extend my thanks to the local communities in 
and around the RRGP area for their continuing 
support and guidance throughout this process, 
without whom we would not have been able  
to reach this point. Lastly , I would like to show 
my gratitude to our shareholders and reiterate 
my confidence that the next year will prove  
to be a transformational period for Ariana  
as we move into mine construction and begin 
generating revenues – a momentous occasion 
for any gold developer .
Michael de Villiers
Chairman
5 June 2014 
  
Our strong affiliations 
within Turkey, both on 
a regional and national 
scale, have been critical 
to building a sustainable 
project with significant 
longevity creating a long 
term revenue generator 
and employer for the  
local region.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
05
Strategic Report
Chairman’s statement Our strategy is to achieve sustainable long-term growth via  
robust, cost-efficient and focused exploration and development.  
This strategy integrates geoscientific knowledge and new  
technologies to identify, advance and develop projects rapidly.
We will achieve this by:
  Focusing on the discovery of sizeable mineral systems .
  Building long-term relationships with local government, communities and key stakeholders.
  Continuing to develop a strong team with excellent commercial, technical and financial skills.
  Executing selective, high-impact exploration programmes and joint venture opportunities.
  Ensuring safe operating procedures and minimising environmental impact.
> 
> 
> 
> 
> 
Our strategy
Ariana is focused on its flagship 
Red Rabbit Gold Project, its regional 
exploration programme in western 
Turkey, the Artvin joint venture with 
Eldorado Gold in north-eastern 
Turkey and exploration in eastern 
Turkey through its investment in  
Tigris Resources.
Exploration and 
development 
timeline
2012 2013 2014 2015 2016
Exploration
Project scale surface exploration
Geological Mapping  
and Sampling
Airborne 
geophysics
Exploration 
drilling
Newmont database  
review
Geological targeting
New project exploration
Mine 
development  
(Red Rabbit  
Gold Project)
DFS
EIA EIA Approval Licence  
renewal
Final permitting
Environmental baseline Construction start *
Drilling
Artvin JV
Exploration drilling Exploration drilling
Regional and prospect level exploration Metallurgical 
testwork
Resource estimate Resource 
modelling
Project scale surface exploration
Ariana Resources PLC
Annual Report & Accounts 2013  
 
06
Strategic Report  Ariana’s business strategy 
focuses on developing a 
balanced portfolio with three 
key components: advancing 
the Red Rabbit Gold Project 
(“RRGP”) toward production, 
targeted exploration and 
licence acquisition and 
diversification through joint 
ventures and investments.
Ariana’s flagship Red Rabbit Gold 
Project was formed in 2009 to 
advance the opportunities identified 
by the Company in two licence 
areas in western Turkey: Kiziltepe 
and Tavşan. 
A joint venture with the Turkish 
construction firm, Proccea 
Construction Co. (“Proccea”)  
is advancing the project toward 
production. In 2013 the EIA was 
granted and the project is now 
formally in Phase 2 development 
ahead of construction.
Exploration in the Red Rabbit 
project area has revealed the 
potential for the Sındırgı Gold 
Corridor to contain at least 
one and possibly two porphyry 
mineralisation centres.
A new geological model has 
improved the exploration targeting 
in the RRGP area. This could lead 
to the identification of significant 
new resources that have the 
potential to increase mine life.
The Artvin JV with Eldorado  
Gold is focused on the Ardala  
and Salinbaş copper-gold  
systems in north-eastern Turkey.  
In 2013 Ariana announced  
the project’s maiden Inferred  
and Indicated JORC resource  
of 1.09 Moz gold.
Ariana also has a strategic 
investment in Tigris Resources 
Limited, which is focused on 
exploration for copper-gold 
resources in south-eastern Turkey.
Mine development
Exploration
Joint ventures/investments 
Delivering 
on our  
strategic 
vision
>  For more information on these 
projects, see the operations 
review on pages 10–16
Completed
* Subject to government approvals
Planned
2012 2013 2014 2015 2016
Exploration
Project scale surface exploration
Geological Mapping  
and Sampling
Airborne 
geophysics
Exploration 
drilling
Newmont database  
review
Geological targeting
New project exploration
Mine 
development  
(Red Rabbit  
Gold Project)
DFS
EIA EIA Approval Licence  
renewal
Final permitting
Environmental baseline Construction start *
Drilling
Artvin JV
Exploration drilling Exploration drilling
Regional and prospect level exploration Metallurgical 
testwork
Resource estimate Resource 
modelling
Project scale surface exploration
Ariana Resources PLC
Annual Report & Accounts 2013  
 
07
Strategic Report
Our strategy Shareholder return 
The performance of the share 
price and market capitalisation 
versus its peer group.
Operational success 
Increasing JORC compliant 
resources and progressing RRGP 
through development and into 
production.
Exploration expenditure 
Enhancing intangible exploration 
assets through targeted 
expenditure.
Advance portfolio through 
acquisition or discovery of new 
exploration properties
Utilising on-going exploration  
to target new ground.
Cash flow forecasts 
Regular cash flow monitoring  
to ensure exploration targets  
are met and that working capital 
is maintained.
Environmental, health & safety
Ensuring that all efforts are made 
to minimise adverse personal, 
corporate and environmental 
outcomes, through best practice 
training, implementation and 
monitoring.
As Ariana transitions from gold exploration and development to 
production there is currently no revenue or profits arising from the 
Company. The Key Performance Indicators (KPIs) for Ariana are linked  
to project milestones and the increase in overall enterprise value.  
The main financial KPI is shareholder return.
Financial KPIs
Key performance 
indicators
Non-financial KPIs
>  See the financial review  
on page 17
Ariana Resources PLC
Annual Report & Accounts 2013  
 
08
Strategic Report  The risks and uncertainties faced by the Group are reviewed on  
a regular basis to ensure they are minimised as far as possible.
The Directors have identified the following risks in relation to the 
Group’s affairs:
Risks and 
uncertainties
Risk Description Mitigation
Exploration and  
development risk
Inherent risks associated with the failure 
to discover or develop an economically 
recoverable ore reserve, to conclude  
a definitive feasibility study , and to obtain  
the necessary consents and approvals  
for the conduct of exploration and mining. 
The Board is committed to reviewing progress relating to the 
development of its various exploration targets and assesses this 
against planned expenditure and expected outcomes. The Group 
employs highly trained geologists with extensive knowledge of the 
style of gold/silver mineralisation located in western Turkey. 
Political/ 
in-country risk
Political instabilities, which could cause  
the loss of an asset through expropriation, 
war or unrest. 
Turkey benefits from a stable political environment and has 
established fiscal and mining codes and respect for the rule of  
law. The Group enjoys a good working relationship with the relevant 
authorities in Turkey and has a permanent management team in 
the country to monitor developments.
Environmental/ 
safety risk
Major pollution arising from operations and/
or loss of life due to systems or equipment 
failure. 
The Group adopts best practice in the industry with on-site, country 
level and corporate level policies and procedures. 
Commodity risk
A potential fall in commodity prices which 
could lead to it becoming uneconomic for  
the Group to mine its assets. 
The Group’s principal interest is gold and silver and the outlook for 
gold remains broadly positive as a continuing safe haven vehicle for 
wealth protection. The Group will consider the use of appropriate 
hedging products to mitigate this risk as it approaches production. 
Financing risk
This is the risk of running out of working  
and investment capital. 
The Group relies primarily on the issue of share capital and joint 
venture agreements to finance its activities. The Group maintains 
tight financial and budgetary control to keep its operations cost 
effective. Forward planning helps ensure it is adequately funded  
to reach its objectives. 
Foreign currency  
risk
The Group’s results are sensitive to foreign 
currency movements and in particular  
with its exposure to the Turkish Lira, arising 
from the Group’s primary operations being  
in Turkey. 
The Group finances its overseas operations by transferring  
Pounds Sterling from the UK to meet local operating costs which 
are generally either denominated in Turkish Lira or US Dollars.  
The Group maintains the majority of its cash in Pounds Sterling and 
continues to monitor relevant currency movements and considers 
action where appropriate.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
09
Strategic Report Operations 
review
Lattice bladed gold-silver bearing quartz 
vein from Kiziltepe.
  
The Company is actively 
developing the Red 
Rabbit Gold Project as an 
environmentally friendly 
small-footprint open-pit mine.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
10
Strategic Report  Dr . Kerim Sener 
Managing Director
Ariana’s investment case remains strong with  
its robust project economics on the Red Rabbit  
Gold Project and a substantially de-risked route  
to production that it is pursuing in partnership  
with Proccea Construction Co. 
Proccea’s and Eldorado Gold’s funding for the  
Red Rabbit JV and Artvin JV respectively will enable 
Ariana to focus on value creation through further 
resource definition and project portfolio expansion 
across Turkey.
Ariana remains focused and dedicated to the 
discovery and development of gold and silver 
deposits in Turkey.
201 3 highlights
Artvin Project
February 
Excellent drilling results at Salinbaş  
and Ardala
April 
1.09 Moz JORC gold resour ce defined  
at Salinbaş and Ardala
Regional exploration
March 
Exploration database agreement  
with Newmont Ventures
Red Rabbit Gold Project
May 
Arzu Central exploration target  
defined at Kiziltepe
June 
Positive DFS for Kiziltepe
August 
Final Environmental Impact Assessment 
(EIA) completed for Kiziltepe
September 
Multiple new gold-silver zones  
discovered, Kiziltepe Sector
October 
Red Rabbit project ar ea JORC  
resource increased to 475,000 oz
December 
EIA approved for Kiziltepe  
gold-silver mine
Ariana Resources PLC
Annual Report & Accounts 2013  
 
11
Strategic Report
Operations review The Company is committed to the discovery 
and development of gold and silver deposits 
in the Western Anatolian Volcanic and 
Extensional (WAVE) province in western 
Turkey. This province hosts four operating  
gold mines and remains highly prospective  
for large epithermal and porphyry deposits. 
The Company considers the exploration and 
development risk in this region to be low due 
to excellent infrastructure and established 
gold mining operations. 
Within the WAVE province, the Company  
is focused on the ‘Red Rabbit Gold Project’ 
comprising the Kiziltepe and Tavşan sectors. 
Other exploration projects held by the Company 
in western Turkey include the Ivrindi, Demirci 
and Kizilcukur project areas. The region 
surrounding these projects is named the  
WAVE project area, with our base of operations 
in Sındırgı located strategically at its core. 
In joint venture with Proccea Construction Co., 
the Company is actively developing the Red 
Rabbit Gold Project as an environmentally 
friendly small-footprint open-pit mine,  
with mining expected to be initiated at the 
Kiziltepe Sector prior to development of the 
Tavşan Sector . 
2013 operational update
During 2013, the focus was to advance  
the Red Rabbit Gold Project to Phase 2 
development and to the point of a construction 
decision. The team focused on four key areas: 
Definitive Feasibility Study
In June 2013, Ariana concluded its Definitive 
Feasibility Study (“DFS”) on Kiziltepe. The  
study confirmed that highly attractive economic 
fundamentals are achievable from the Kiziltepe 
Sector of the Red Rabbit Gold Project. The 
study showed an increase in mineable tonnage 
and as a consequence an increase in mine life 
to eight years. Pit-optimisation was carried  
out using a conservative figure of US$1,058/oz  
gold and an economic base case established  
at a gold price of US$1,304/oz and silver price 
of US$22.6/oz. The in-pit reserve now stands  
at 1,193,700 tonnes corresponding to 117,640 oz 
of gold and 1,504,710 oz of silver at an average 
grade of 3.1 g/t Au and 39.8 g/t Ag respectively.  
Key figures from the DFS base-case financial 
model are shown below and are quoted on  
a 100% project basis.
•  US$34.4m Net Present V alue (8%) (“NPV”).
•  Internal Rate of Return (“IRR”) 37.8%. 
•  Payback of 2.4 y ears on US$31.1m  
initial capital.
• Projected cash costs of US$600/oz.
Kiziltepe Definitive Feasibility Study
Mine life: 8 years (10 years potential)
Cash cost: US$600/oz
Production rate: 150,000 t/annum
Total Reserve: 1.19M tonnes
In-pit grade: 3.1 g/t Au; 39.8 g/t Ag
Au recovery: 85.5%
Ag recovery: 64%
Net Present Value: US$34.4m
 Internal Rate of Return: 37.8%
Payback: 2.4 years on US$31.1m  
initial capital
27,600
increase in oz Au eq.
Red Rabbit 
Gold Project
Drilling at sunrise, Kiziltepe deposit.
Zack van Coller , Exploration Team Leader , using a field portable XRF  
on gold-silver vein outcrop.
Western Turkey total resource base
Ariana Resources PLC
Annual Report & Accounts 2013  
 
12
Strategic Report 
Operations review Figures are gross with respect to Red Rabbit JV. 
1. Includes Kepez. 
2.  Some of the Alteration Halo material will be 
necessarily mined and may be processed at the 
end of mine life but Tetra Tech considers more 
studies are required to determine the nature  
of the mineralisation.
3.  Au equivalent (oz) is the sum of the gold 
ounces and the gold equivalent ounces of silver 
based on the following equation: {(Ag g/t*Ag 
Recovery*Ag Price*0.032)/Au oz Price}/Au 
Recovery. Au recovery determined by testwork 
at 85.5%, Ag recovery determined by testwork 
at 64%.
4.  Au equivalent (oz) is the sum of the gold ounces 
and the gold equivalent ounces of silver based 
on a gold/silver price ratio of 50:1 (as of 2011).
Environmental Impact Assessment
An Environmental Project Summary Document 
was submitted to the Ministry of Environment 
and Urban Planning (“MEUP”) for the Kiziltepe 
Sector in early February 2013. This formed 
a major part of the permitting process for 
the proposed mine and involved public and 
ministerial consultation meetings and the 
receipt by MEUP of consents from several  
other ministries and government departments. 
The public and ministerial consultation 
meetings are forums for individuals, 
organisations and government agencies  
to debate the mine development programme 
proposed by the Company. In April 2013,  
a public consultation meeting was held  
by the community in which there was no 
opposition to the proposed mine development. 
Additionally , the Provincial Directorate approved 
the Company’s proposal for the location of  
the mine and process plant.
The final EIA was completed and submitted 
in August 2013. The EIA for the Kiziltepe 
gold-silver mine was then formally approved 
by MEUP in late December 2013, providing 
the Company with the ability to advance final 
permitting for construction. Approval of the 
EIA satisfies one of the conditions for securing 
mine finance. 
Land acquisition
Many of the required permits are now in place 
for the development of the Kiziltepe mine and 
land acquisition has been underway since 2011. 
Through a 99% owned subsidiary of Ariana, 
known as Çamyol Gayrimenkul, Madencilik, 
Turizm, Tarim ve Hayvancilik Ltd (“Çamyol”), 
approximately 234,432m
2
 of land has been 
purchased, which corresponds to almost all 
of the freehold land in the planned Arzu South 
open-pit area. Any land acquired by Çamyol will 
either be sold or leased to Zenit for the duration 
of the project. Additional land will now be 
acquired in advance of mine construction either 
directly by the JV or by Çamyol, as appropriate.
 1 0
3.1 Au
39.8 Ag
2012: 8
JORC resource statements for Kiziltepe and Tavşan
Potential Kiziltepe mine life (years)
Kiziltepe in-pit reserve grade (g/t)
  
The potential to expand 
the project at the Kiziltepe 
Sector is significant as 
the current resource and 
economics are based  
on just 6% of the known 
vein system.
Kiziltepe area
Tonnes  
(t)
Grade Au 
(g/t)
Grade Ag 
(g/t)
Au 
(oz)
Ag 
(oz)
Au equiv. 
(oz)
Vein Zones
Measured 782,942 4.1 51.4 103,319 1,294,836 118,080
Indicated 
1
619,029 2.3 41.4 46,496 891,368 56,658
Measured & Indicated 1,401,971 3.3 47.0 149,815 2,186,204 174,738
Inferred 164,998 1.8 40.9 9,752 217,005 12,226
Alteration Halo 
2
Indicated 352,819 1.6 25.8 18,430 293,007 21,770
Measured & Indicated 352,819 1.6 25.8 18,430 293,007 21,770
Inferred 76,059 1.4 33.7 3,544 82,341 4,483
Subsidiary Veins
Inferred 115,941 1.5 51.3 5,505 191,446 7,687
Global 2,111,788 2.8 43.7 187,046 2,970,002 220,904
3
T avşan area JORC Category
Tonnage  
(Kt)
Grade Au 
(g/t)
Grade Ag 
(g/t)
Au 
(oz)
Ag 
(oz)
Au equiv. 
(oz)
Main Indicated 1,700 1.6 4.2 87,460 229,582 92,051
Main & Sivri Inferred 1,300 1.0 3.6 41,801 150,482 44,810
Satellite Inferred 1,900 1.2 3.7 73,312 226,045 77,833
Global 4,900 1.26 3.85 202,573 606,109 214,694
4
Global total 389,619 3,576,112 447,591
4
Ariana Resources PLC
Annual Report & Accounts 2013  
 
13
Strategic Report
Operations review Project area resource expansion
The potential to expand the project at the 
Kiziltepe Sector is significant as the current 
resource and economics are based on just 
6% of the known vein system. In parallel with 
bringing the Red Rabbit Gold Project into 
production, the Company has been focused 
on better understanding the distribution of 
mineralised structures across the project 
area, which could be shown to host open-
pittable resources in the future. Such satellite 
resources would provide additional mill-feed  
for the planned plant at Kiziltepe. Significant 
new exploration rock-chip results from the  
area around Kiziltepe include:
•  Highly silver-rich zone identified at Kepez 
Main, returning grades of up to 383 g/t Ag + 
1.5 g/t Au and 234 g/t Ag + 1.7 g/t Au.
•  Gold-rich area identified at Kepez F ar West, 
returning results including 14.5 g/t Au + 39 g/t 
Ag and 5.9 g/t Au + 24 g/t Ag.
•  Complex swarm of veins discovered at Kepez 
South, returning grades of up to 9.0 g/t Au + 
58 g/t Ag.
•  Karakavak South vein mapped and sampled, 
including grades up 20.8 g/t Au + 34 g/t Ag 
and 8.9 g/t Au.
A particular focus for Ariana has been an  
area referred to as Arzu Central, an area 
located between the planned Arzu North and 
Arzu South pits at Kiziltepe which is obscured 
by cap rocks. Exceptional drilling results 
obtained in 2012 from this area indicated 
potential for multiple parallel vein and breccia 
zones which could host additional resources. 
An Exploration Target in accordance with  
the JORC Code was established for this area  
in May 2013 and determined the potential  
for a further 92,000 oz gold and 1,100,000 oz  
silver . The Company has planned a deep 
drilling campaign to determine the long-
term underground potential of the project 
based on this Exploration Target. Future 
resource expansion will focus on identifying 
mineralisation that could be accessed by 
underground development originating from 
either the bottom of the Arzu South or the  
Arzu North pits.
The Kizilcukur Project, which is located 25km 
ENE from Kiziltepe, was granted its forestry 
permits during 2013. The Company is now 
planning for an RC drilling programme to  
test the full strike length of the mapped veins 
on this project and targeting the definition of  
a near surface resource that could in the longer 
term provide additional feed for the planned 
Kiziltepe plant. To date, 2km of mineralised 
quartz veins containing gold and silver have 
been delineated at Kizilcukur . An Inferred  
JORC resource of 16,600 oz gold equivalent  
was estimated utilising historical drilling data 
on this property in October 2013. 
JORC resource statement for Kizilcukur and Ivrindi
A revised exploration model
Ariana has developed a  
new exploration plan with 
the objective of doubling the 
potentially mineable resources  
in the Kiziltepe Sector over  
the next two years.
The new geological model aims to define 
the link between high-grade gold-silver 
zones, particular structural trends and 
clay alteration zones and a probable extinct 
volcanic centre known as a caldera.
Caldera outline
Radial fault structures  
Ring fault structures
Clay alteration zones
Igneous intrusion
Geothermal spring
0 6km
Prospect
Tonnes  
(t)
Grade Au 
(g/t)
Grade Ag 
(g/t)
Au 
(oz)
Ag 
(oz)
Au equiv. 
(oz)
Kizilcukur
Inferred 162,000 2.39 48.5 12,500 250,000 16,600
Ivrindi
Inferred 207,000 1.65 n/a 11,000 n/a 11,000
Total 369,000 1.98 48.5 23,500 250,000 27,600
Figures are gross attributable to Ariana. 
Inferred JORC resources at Kizilcukur and Ivrindi reported at a 1 g/t Au cut-off. The Au equivalent (oz) is calculated as the sum of the gold (oz) and the gold equivalent (oz)  
of silver based on a gold/silver price ratio of 60:1, as of 2013.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
14
Strategic Report 
Operations review Artvin Project
Reconnaissance exploration in eastern Turkey 
for large porphyry copper-gold and related 
deposits identified potential in north-eastern 
Turkey and resulted in the acquisition of the 
Artvin Project by the Company in 2007. 
This project, in addition to several other 
licences, is now being advanced through a  
JV agreement with Eldorado Gold Corporation 
(TSX:ELD, NYSE: EGO), which is focused 
exclusively on exploration in the Artvin Province.
2013 operational update
Ariana has long recognised the exploration 
potential of the Artvin Project in north-eastern 
Turkey. Following the 2011 and 2012 drilling 
campaigns at Salinbaş, the results showed the 
presence of a mineralised body of areal extent 
2.5km x 1km. The mineralisation remains open 
to the south and east, which indicates that there 
is considerable scope to define a substantial 
gold system at this locality. In addition to this, 
the orientation of the mineralisation and the 
continuity of high grades towards the Ardala 
porphyry at relatively shallow depth (<150m) 
suggest that the mineralised body could be 
mined by open-pit methods. 
In 2012 and 2013 the aim for both JV partners 
was to rapidly move the Artvin Project up 
the development curve. A joint review of the 
Artvin JV agreement resulted in Ariana being 
granted operational management of the project 
during 2012 until the establishment of the first 
resource estimate. 
In April 2013, the Company completed  
an independent JORC mineral resource 
estimate on the Salinbaş and Ardala properties.  
180,000 oz gold plus 820,000 oz silver in 
Indicated resources and 590,000 oz gold plus 
3.3 Moz silver in Inferred resources were 
identified at Salinbaş. Based on historic data 
an additional 323,000 oz gold Inferred resource 
was identified at Ardala. In total 1.09 Moz of 
Inferred and Indicated gold resources have 
been defined at Ardala and Salinbaş. Based  
on the JV agreement 49% of the resource is  
net attributable to Ariana.
Since the completion of the resource estimate, 
Ariana has transferred management of the  
JV back to Eldorado to enable the Company  
to focus its attention on the Red Rabbit  
Gold Project.
JORC resource statement for Salinbaş and Ardala
Drilling on the Salinbaş prospect, Artvin area.
Prospect
Tonnes  
(t)
Grade Au 
(g/t)
Grade Ag 
(g/t)
Au 
(oz)
Ag 
(oz)
Salinbaş
Indicated 2,210,000 2.5 11.6 180,000 820,000
Inferred 8,390,000 2.2 12.3 590,000 3,310,000
Prospect
Tonnes  
(t)
Grade Au  
(ppm) Tonnes Metal Ounces Metal Element
Ardala
Inferred 16,270,000 0.6 – 323,000 Au
Inferred 4,660,000 2,175 10,000 – Cu
Inferred 18,000,000 136 2,400 – Mo
Figures are gross with respect to Artvin JV. 
Separate resource domains have been established for the Au, Cu and Mo components of the Ardala porphyry. It is considered reasonable to estimate these domains in this  
manner because the resource is classified as Inferred in this location and mining parameters have not yet been established. There is a 95% coincidence of the Au and Cu domains,  
and a 40–50% coincidence of the Au and Mo domains.
49%
Net resource attributable to Ariana
  
The orientation of the 
mineralisation and the 
continuity of high grades 
towards the Ardala porphyry 
at relatively shallow depth 
(<150m) suggest that the 
mineralised body could be 
mined by open-pit methods. 
Ariana Resources PLC
Annual Report & Accounts 2013  
 
15
Strategic Report
Operations review Core to the Company’s long-term strategic 
plan is the development of its exploration 
portfolio through grassroots exploration, 
prospect definition and licence acquisition. 
The Company recognises that one of the most 
significant elements for long-term exploration 
success is to maintain the pace of exploration 
with tenacity. Many of the key projects forming 
the development pipeline for the Company 
were identified through this kind of exploration 
process over several years. 
In line with Ariana’s strategy to develop its 
pipeline of exploration properties, the Company 
secured access to a 10-year non-exclusive 
licence on the Newmont Ventures Limited 
(“Newmont”) Turkish exploration database.  
This database is valued at an estimated 
US$20m and provides Ariana with a key 
strategic exploration advantage in Turkey.  
In the first instance, the information within  
the database is being prioritised and analysed 
in line with the Company’s strategy to identify 
potential additional resources within trucking 
distance of the planned Kiziltepe operation.
Ariana was granted access to the database for 
a 1% Net Smelter Return royalty and a Right 
of First Refusal payable to Newmont on any 
discovery made by Ariana within 5km from any 
point data derived from the database, excluding 
areas covered by existing Ariana tenements. 
Information included in the database 
comprises stream-sediment, rock-chip and 
soil geochemistry , drilling results, geo-imagery , 
aeromagnetic and gravity datasets, digital 
geology and structure, mineral occurrences, 
reports of previous prospects and projects.
Regional 
exploration
Outlook 
2014 marks exactly 10 years since Ariana  
began operating in Turkey following the grant 
of its first exploration licences in January 
2004. During the past decade the Company 
has nurtured a vision to discover new gold and 
silver deposits in Turkey and to develop these 
ultimately into mining operations. In this time, 
we have raised a total of £13.9m through the 
capital markets and have gone on to identify  
1.5 Moz of gold resources, representing  
an all-in (including corporate) discovery cost  
of approximately US$22/oz. 
As a measure of exploration success, this 
marks Ariana as a highly efficient exploration 
company in comparison with many of our 
peers, for which unit discovery costs are 
running at US$40/oz or more. In 2013, during 
a year in which few exploration companies 
were able to raise capital, Ariana raised 
approximately £2.4m, which is testament to  
the quality and substantially de-risked nature 
of our projects. It is also a reflection of our 
efficiency as an exploration company and 
shows that there is still capital available to 
those who use it wisely. 
Progress on our joint ventures has been 
significant during the year . Proccea, our Red 
Rabbit JV partner , is continuing to sole fund the 
Red Rabbit Gold Project prior to construction, 
having invested US$2.9m since the start  
of the JV in 2010. Meanwhile, Eldorado Gold 
Corporation, our Artvin Project JV partner , 
continues to fund exploration across the 
Salinbaş and Ardala areas and to advance  
these projects up the development curve.  
We are pleased that the Salinbaş and Ardala 
areas have shown the potential to host over  
a million ounces and both Eldorado and  
Ariana are keen to capitalise further on this 
major discovery.
Every year brings new uncertainties and 
challenges. 2014 will not be any different.  
But in ten years, Ariana has successfully 
navigated every hurdle and marked significant 
progress at every step along the way. We will 
continue…
Dr . Kerim Sener 
Managing Director 
5 June 2014
US$22
Discovery cost of gold resources/oz
  
We have raised a total of 
£13.9m through the capital 
markets and have gone on 
to identify 1.5 Moz of gold 
resources, representing 
an all-in discovery cost of 
approximately US$22/oz. 
Ariana Resources PLC
Annual Report & Accounts 2013  
 
16
Strategic Report 
Operations review Financial 
review
The results for the year and the financial  
position of the Company and the Group are  
set out in annexed financial statements.
 
The Group reported a loss for the year 
amounting to £1.3m, compared to a loss of 
£1.18m in the previous year . Administrative 
expenses increased partly due to higher staff 
costs and professional fees, as well as financing 
costs and foreign exchange losses arising due  
to the declining value of the Turkish Lira. 
 
During the year the Group has also spent over 
£770,000 on deferred exploration expenditure  
as we continue to push forward with the RRGP 
and other exploration activities as set out in 
more detail in this report.
 
The loss for the year and the Company’s 
exploration expenditure has been funded largely 
through the issue of equity. During the year  
the company completed placings for £588,500  
in February and £1.25m (net of expenses) 
in June. The June placing was completed 
exclusively with US based Lanstead Capital LP, 
and involved a £1m equity swap, whereby the 
Company receives this part of the proceeds  
over a period of 24 months, the final sum  
to be received depending on our share price 
performance. Due to our declining share  
price over the period to the end of the year  
a charge totaling £139,000 has been booked  
in these accounts, adding to the reported loss  
for the year .
In January 2014, our three year term on a £5m 
Standby Equity Distribution Agreement (“SEDA”) 
secured through US based Yorkville Advisors 
LLC, expired along with a US$2m promissory 
note. During the validity period of the SEDA,  
the Company utilised approximately £1.4m  
of the SEDA and the entirety of the promissory 
note, with the majority of these funds applied to 
the RRGP during a period of agreed co-funding 
with Proccea Co. The promissory note had been 
completely repaid by the year end.
 
After the year end the Company raised £770,000 
through a private placement, the proceeds  
of which are to be used for further exploration 
programmes and for working capital purposes. 
 
As at the year end, and the date of this report, 
the Company is debt free and has 1.53m  
Turkish Lira in receivables due to be repaid from 
RRGP JV, once the project enters construction 
and production together with a further sum  
of 824,420 Turkish Lira that the Group has  
spent directly on land acquisitions, which will 
also be repaid.
  
After the year end the  
Company raised £770,000 
through a private placement, 
the proceeds of which are to 
be used for further exploration 
programmes and for working 
capital purposes.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
17
Strategic Report
Financial review Corporate 
responsibility
  
Ariana is sensitive to  
the environment in which  
it works and has established 
well-defined operating 
guidelines to ensure that 
certain environmental 
standards are met by its 
exploration teams.
Typical Turkish village and surrounding 
woodlands in the Sındırgı area.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
18
Strategic Report Strategic Report
Corporate responsibility Ariana is committed to socially responsible 
exploration, the development of mineral 
resources to the benefit of local communities 
and to positive engagement with all 
stakeholders. In view of the limited number 
of stakeholders, the Company has not 
adopted a specific policy on Corporate Social 
Responsibility. However it does seek to protect 
the interests of stakeholders in the Company 
through its policies, combined with ethical  
and transparent business operations. 
The Company has adopted an Anti-Corruption 
and Anti-Bribery Policy. 
Shareholders
The Board of Directors actively encourages 
communication and seeks to protect 
shareholders interests at all times. Typically the 
Company engages directly with shareholders 
at the Annual General Meeting or at regular 
investor events. In addition the Company 
updates shareholders through regulatory  
news, financial reports, quarterly newsletters, 
director Q&As and social media updates.
Environment 
Ariana is sensitive to the environment in which 
it works and has established well-defined 
operating guidelines to ensure that certain 
environmental standards are met by its 
exploration teams.
Environmental Standard Compliance:
•  Environmental Impact Assessment ratified  
by the Ministry of Environment and Urban 
Planning for operational licences. 
•  Forestry Permits for areas of drilling or 
disruptive work within forested regions.
•  Agricultural permits for areas in which 
drilling or other disruptive work occurs within 
cultivated regions.
•  Sensitivity to forested areas ensuring minimal 
damage to trees. Where forested areas are 
cleared, compensation is paid to the Ministry 
of Environment and Urban Planning to plant 
new trees elsewhere.
•  Ariana is a founder member of the Gold 
Miners Association of Turkey and a subscriber 
to E3, the Environmental Excellence in 
Exploration project. 
Human Rights 
Ariana is committed to best-practice in  
socially and morally responsible exploration 
and in the development of mineral resources 
for the benefit of all stakeholders. The activities 
of the Company are in line with applicable  
laws on human rights. 
Employees 
Ariana attaches great importance to 
professional development and the creation 
of employment within the areas in which 
it operates. The Company provides fair 
remuneration, flexible working arrangements 
where practical and exposure to wider aspects 
of the Company’s operations. The Company 
gives full and fair consideration to applications 
for employment received irrespective of age, 
gender , colour , ethnicity , disability , nationality , 
religious beliefs, or sexual orientation. The 
Board also welcomes interest and suggestions 
from employees, which can improve business 
performance.
Training and Development
Ariana is proud of its long track-record in  
the development of promising geologists in  
the early stages of their careers. Realising  
that investing in the future of today’s graduates  
will lead to tomorrow’s exploration leaders, 
Ariana has typically invited two British and 
two Turkish undergraduate students to take 
summer internships with our exploration team 
in Sındırgı.
In addition, an Ariana sponsored PhD thesis  
on the gold metallogenesis of western Turkey 
was successfully completed by one of our staff 
in 2012 and the Company has also supported 
several MSc students with projects based  
on our operations in western Turkey.
Local community
Ariana employs and trains people from the 
Sındırgı community whenever possible. In the 
past, Ariana has run training programmes  
to focus on the mechanical, physical, technical 
and safety aspects of a drilling programme. 
Three team members are now professionally 
qualified in health and safety aspects of drilling.
Suppliers and Contractors 
The Company has a prompt payment policy  
and seeks to ensure that all liabilities are 
settled within the supplier’s terms. Through  
fair dealings the Company aims to cultivate  
the goodwill of its contractors, consultants  
and suppliers.
Health & Safety 
Company activities are carried out in 
accordance with its Health and Safety Policy , 
which adheres to all applicable laws. Relevant 
to their job roles, members of the team have 
received certification in occupational health  
and safety , advanced off-road driving, first aid 
and survival.
Ariana drilling team and drilling rig.
The joint venture team following the public 
consultation meeting at the Red Rabbit Gold Project.
The Strategic Report has been approved  
by the Board and signed on their behalf.
Dr . Kerim Sener
Managing Director
5 June 2014  
Ariana Resources PLC
Annual Report & Accounts 2013  
 
19
Strategic Report
Corporate responsibility  Directors
Michael de Villiers
B. Comm. Professional 
Accountant (SA) MIOD
Executive Chairman and  
Company Secretary, aged 51
Michael qualified as a 
Professional Accountant  
with Ernst & Young in Cape 
Town. Michael gained his 
experience as a financial 
manager at mining and 
chemicals operations in 
Namibia, Botswana, Ghana, 
Bulgaria and the United 
Kingdom.
He is CFO of Eurasia Mining  
plc and was previously a  
non-executive director of  
AIM-listed Norseman Gold  
plc, the Finance Director  
of Mercator Gold (now ECR 
Minerals plc), Oxus Gold plc 
and Navan Mining plc.
Michael serves on the 
Company’s Remuneration 
Committee and is Chairman  
of the Audit Committee.
Kerim Sener
BSc (Hons) MSc DIC PhD
Managing Director ,  
aged 38
Kerim graduated from the 
University of Southampton 
with a first-class BSc (Hons) 
degree in Geology in 1997 
and from the Royal School of 
Mines, Imperial College, with 
an MSc in Mineral Exploration 
in 1998. After working in  
gold exploration and mining  
in Zimbabwe he completed  
a PhD at the University of 
Western Australia in 2004, 
during which he also worked 
in gold exploration in the 
Northern Territory and 
on a variety of exploration 
consultancy projects in 
Western Australia. He has also 
been a director of Australian 
and Canadian public gold 
exploration companies and 
has been directly responsible 
for the identification of over 
3.25 Moz in gold resources 
within Eastern Europe since 
2007. Since 2012 he has been 
based in Perth, Australia. He is 
a director of Tigris Resources 
and Zenit Madencilik.
He is a Fellow of The 
Geological Society of London, 
Member of The Institute 
of Materials, Minerals 
and Mining, a member of 
the Society of Economic 
Geologists and a member  
of the Chamber of Geological 
Engineers in Turkey. 
William Payne
BA (Hons) ACA
Non-Executive Director  
and Chief Financial Officer ,  
aged 49
William studied Accountancy 
at Exeter University before 
training and qualifying as a 
Chartered Accountant with 
KPMG in London. He left after 
five years there to become a 
partner in W H Payne and Co. 
in 1991. In 2003 he became 
a partner in top twenty 
accountancy practice Wilkins 
Kennedy at its London office.  
He has a wide diversity of 
clients, and roles range 
from audit and assurance 
to planning, reporting and 
compliance. William is also 
a director of a number of 
companies, including Sprue 
Aegis plc, a company listed  
on AIM. 
William is Chairman of the 
Company’s Remuneration 
Committee and serves on the 
Audit Committee.
Role of the Board
The Directors are responsible for the  
Group’s system of internal control and for 
reviewing its effectiveness. The Board leads 
company strategy and monitor progress  
to ensure goals and objectives are achieved  
with minimal financial and business risk.
•  Quarterly meetings: Group strategy ,  
direction and financial performance 
review.
•  Budgetary reports: Expenditure managed  
by senior management subject to board 
control through regular reporting. 
•  Operational reviews: Major business risk 
identification and financial evaluation.
Internal financial control:
•  Preparation and regular review of  
operating budgets and forecasts.
• Prior approval of all capital expenditure.
• Review and debate of treasury policy.
•  Unrestricted access of non-executive 
directors to all members of senior 
management.
Corporate 
governance
Ariana Resources is committed to  
high standards of corporate governance.  
The Company complies with guidance  
set out by the Quoted Companies Alliance 
which is commensurate with the size and 
business nature of the Company.
 
This structure of the Board is appropriate  
in respect to the Company’s current size  
and stage of development.
> See page 50 for details of our advisors
Ariana Resources PLC
Annual Report & Accounts 2013  
 
20
Governance Key staff
Erhan Şener
BA MA
General Manager , aged 70
Erhan is a Turkish national  
and has 43 years’ experience  
in management in Turkey and  
in the UK. Erhan graduated 
with a degree in Business  
and Finance from the 
Faculty of Economics at the 
University of Istanbul, and 
then completed a Master’s 
degree on Western European 
Integration at Reading 
University in the UK. Erhan 
has worked as a consultant 
for , or in management of, 
a number of international 
and Turkish companies 
including Blue Circle Cement 
(Consultant), Mardin Cement 
and Oyak Insurance (General 
Manager). Erhan is based in 
the cities of Ankara and Izmir . 
Fatma Yildiz
BSc
Tenement Manager ,  
aged 31
Fatma has six years’ 
experience in the mining 
sector in Turkey. She 
graduated in Mining 
Engineering from Cukurova 
University in 2007. She 
spent six years with a 
number of consulting 
engineering companies 
managing mining licences, 
governmental permits 
and project management. 
Fatma is now responsible for 
managing the administrative 
and legal requirements of 
our exploration/operational 
licences, applications and 
formal reporting for licences, 
in addition to organizing 
environmental/safety and 
other operational permits for 
our projects and operations. 
Fatma is a member of the 
Chamber of Mining Engineers 
of Turkey , holder of a technical 
inspector certificate and 
occupational health and safety 
certificate. She is based in 
Ankara.
Selim Senoz
BSc
Geological Database Manager , 
aged 34
Selim graduated in 2001  
with a BSc in Geological 
Engineering from Dokuz  
Eylül University in Izmir .  
He is responsible for updating 
our information systems 
databases, managing our 
geographic information 
systems and drilling data.  
He is the Company’s 
designated QA/QC officer  
and has worked with the 
Company since 2006. He  
is a member of the Chamber  
of Geological Engineers  
of Turkey. He is based in 
Ankara.
Zack van Coller
BSc (Hons)
Exploration Team Leader ,  
aged 26
Zack van Coller graduated 
from Cardiff University  
with a BSc (Hons) degree  
in Exploration and Resource 
Geology in 2010. He manages 
Ariana’s exploration 
programmes with a team of 
geologists and field assistants. 
He is also responsible  
for managing all student 
placement projects with the 
Company. Zack has strong  
ties with a number of UK 
universities, where he presents 
to prospective graduates  
on exploration and resource 
geology careers. 
Zack is bilingual in English 
and Afrikaans. He is also  
a member of The Geological 
Society of London and the 
Russell Mineralogical Society.
Total employees
12 5
Senior management 
Female: 1 Female: 4
Male: 4 Male: 8
Note: Employee breakdown for Ariana Resources only.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
21
Governance The Directors present their report with the audited financial statements 
of the Company and the Group for the year ended 31 December 2013.
Principal activity
Ariana Resources PLC (the “Company”) is a public limited company 
incorporated and domiciled in Great Britain. The addresses of its 
registered office and principal place of business are disclosed at the 
end of this report. The Company’s shares are listed on the AIM market 
of the London Stock Exchange. The principal activities of the Company 
and its subsidiaries (the “Group”) are related to the exploration for and 
development of gold and other minerals in Turkey.
Directors
The Directors during the year under review were:
M J de Villiers
A K Sener
W J B Payne
M J Spriggs – resigned on 24 July 2013
The beneficial interests of the Directors holding office either directly 
or indirectly (including interests held by spouses, minor children or 
associated parties) on 31 December 2013 in the ordinary issued share 
capital of the Company were as follows:
2013 2012
M J de Villiers 12,000,000 2,599,142
A K Sener 10,187,979 5,440,000
W J B Payne 3,668,289 702,632
Total 25,856,268 8,741,774
Share options
At the end of the year the Directors of the Company held share options, 
as indicated below. No share options were exercised or lapsed during  
the year .
 
Director 2013 2012
M J de Villiers 3,760,334 3,760,334
A K Sener 5,994,463 5,994,463
W J B Payne 1,500,000 1,500,000
Total 11,254,797 11,254,797
Share capital
Section 561 of the Companies Act 2006 provides that subject to limited 
exceptions any shares being issued must be issued to all existing  
share holders pro-rata to their holding. However , where Directors have 
a general authority to allot shares they may be given the power by the 
Articles or by a special resolution to allot shares pursuant to the authority 
as if the statutory pre-emption rights did not exist.
An ordinary resolution will be proposed at the forthcoming Annual 
General Meeting for the renewal of the Directors’ general authority 
to issue relevant securities up to an aggregate nominal amount of 
£1,000,000. 
A special resolution will also be proposed at the forthcoming  
Annual General Meeting for the renewal of the Directors’ authority 
to allot relevant securities for cash without first offering them to the 
shareholders pro-rata to their holdings, pursuant to section 570 of the 
Companies Act 2006 up to an aggregate nominal amount of £1,000,000.
The authority mentioned above will, if passed, expire at the earlier of the 
Annual General Meeting or the date being 12 months from the passing  
of the resolutions.
It will be further proposed that the Company be given a general authority 
by special resolution to purchase its own shares pursuant to sections 
693 and 701 of the Companies Act 2006. The authority will be limited to 
250,000,000 Ordinary Shares at a price of no less than 0.1p and no more 
than 2p per share.
Substantial share interests
The Company had been notified of the following interests in Shares held 
on 19 May 2014.
 
Shareholder
 
Ordinary shares
% of Issued  
Share Capital
Lanstead Capital 160,174,222 24.93
Beaufort Nominees Limited 43,764,859 6.81
Barclayshare Nominees Limited 39,405,725 6.13
Hargreaves Lansdown Nominees Limited 35,736,819 5.56
Jim Nominees Limited 30,398,035 4.73
TD Direct Investing Nominees Limited 29,531,966 4.60
Eldorado Gold Corporation 28,271,016 4.40
Mr Ronald Bruce Rowan 24,400,000 3.80
Starvest PLC 19,666,526 3.06
Strategic Report
The Company has chosen, in accordance with Section 414C of the 
Companies Act 2006, to set out the following information in the Strategic 
Report which would otherwise be required to be contained in the 
Directors’ Report:
• Financial risk management objectives;
• Indication of exposure to principal risks;
• Future developments of the business.
Report of the Directors
For the year ended 31 December 2013
Ariana Resources PLC
Annual Report & Accounts 2013  
 
22
Governance Dividends
No dividends will be distributed for the year ended 31 December 2013 
and the retained loss has been transferred to reserves.
Group’ s policy on payment of creditors
It is the Group’s normal practice to settle the terms of payment  
when agreeing the transaction, to ensure suppliers are aware of those  
terms and to abide by them. Trade creditor days based on creditors  
at 31 December 2013 were 30 days (2012: 30 days).
Political and charitable contributions
No donations for political or charitable purposes have been made  
by the Group during the year .
Going concern
The Directors confirm that they are satisfied the Group has adequate 
resources to continue in business for the foreseeable future, having 
regard to the factors set out in more detail in Note 1 to the accounts.
Post year end events
Details of post year end events are set out in Note 25 to the financial 
statements.
 
Statement of Directors’ Responsibilities in respect of the 
Annual Report and the Financial Statements
The Directors are responsible for preparing the Annual Report and the 
financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare group and parent 
company financial statements for each financial year . As required by the 
AIM Rules of the London Stock Exchange they are required to prepare  
the group financial statements in accordance with IFRSs as adopted 
by the EU and applicable law and have elected to prepare the parent 
company financial statements on the same basis.
Under company law the directors must not approve the financial 
statements unless they are satisfied that they give a true and fair view  
of the state of affairs of the group and parent company and of their 
profit or loss for that period. In preparing each of the Group and parent 
company financial statements, the directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
•  state whether they have been prepared in accordance with IFRSs  
as adopted by the EU; and
•  prepare the financial statements on the going concern basis unless  
it is inappropriate to presume that the group and the parent company 
will continue in business. 
The Directors are responsible for keeping adequate accounting records 
that are sufficient to show and explain the parent company’s transactions 
and disclose with reasonable accuracy at any time the financial position 
of the parent company and enable them to ensure that its financial 
statements comply with the Companies Act 2006. They have general 
responsibility for taking such steps as are reasonably open to them to 
safeguard the assets of the Group and to prevent and detect fraud and 
other irregularities.
The directors are responsible for the maintenance and integrity of the 
corporate and financial information included on the Company’s website. 
Legislation in the UK governing the preparation and dissemination  
of financial statements may differ from legislation in other jurisdictions. 
Provision of information to auditor
The Directors who were in office on the date of approval of these financial 
statements have confirmed, as far as they are aware, that there is no 
relevant audit information of which the auditor is unaware. Each of the 
directors has confirmed that he has taken all the steps that he ought  
to have taken as a director in order to make himself aware of any relevant 
audit information and to establish that it has been communicated to  
the auditor .
Corporate governance
The Board of Directors
The Directors are responsible for the Group’s system of internal control 
and for reviewing its effectiveness. The risk management process and 
systems of internal control are designed to manage rather than eliminate 
the risk of failure to achieve the Group’s objectives. Any such system of 
internal control can only provide reasonable but not absolute assurance 
against material misstatement or loss.
Full meetings are held quarterly to review Group strategy , direction 
and financial performance. The Executive Directors meet regularly to 
review operational reports from all of the Group’s areas of operations. 
The process is used to identify major business risks and evaluate their 
financial implications and ensure an appropriate control environment. 
Certain control over expenditure is delegated to on site project managers 
subject to Board control by means of monthly budgetary reports.  
Internal financial control procedures include:
•  preparation and regular review of operating budgets and forecasts;
•  prior approval of all capital expenditure;
•  review and debate of treasury policy; and
•  unrestricted access of Non-Executive Directors to all members  
of senior management.
Audit Committee
The Audit Committee comprises Michael de Villiers and William  
Payne. The Audit Committee may examine any matters relating to 
the financial affairs of the Group and the Group’s audits. This includes 
reviews of the annual financial statements and announcements,  
internal control procedures, accounting procedures, accounting  
policies, the appointment, independence, objectivity , terms of reference 
and fees of external auditors and such other related functions as the 
Board may require.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
23
Governance Remuneration Committee 
The committee comprises Michael de Villiers and William Payne.  
It determines the terms and conditions of the employment and annual 
remuneration of the Executive Directors. It consults with the Managing 
Director , takes into consideration external data and comparative  
third party remuneration and has access to professional advice outside  
the Company.
The key policy objectives of the Remuneration Committee in respect  
of the Company’s Executive Directors and other senior executives are:
•  to ensure that individuals are fairly rewarded for their personal 
contribution to the Company’s overall performance; and
•  to act as the independent committee ensuring that due regard is given 
to the interest of the Company’s shareholders and to the financial and 
commercial health of the Company.
Remuneration of the Executive Directors comprises basic salary , 
discretionary bonuses, participation in the Company’s share option 
scheme and other benefits. The Company’s remuneration policy with 
regard to options is to maintain an amount of not more than 10% of the 
issued share capital in options for the Company’s management and 
employees which may include the issue of options in line with any new 
share issue.
Total Directors’ emoluments are disclosed in Note 3 to the financial 
statements and the Directors’ options are disclosed above.
Auditor
In accordance with Section 489 of the Companies Act 2006, a resolution 
for the re-appointment of KPMG LLP as auditor of the Company is to be 
proposed at the forthcoming Annual General Meeting. 
By order of the Board
M J de Villiers
Company Secretary
5 June 2014  
Report of the Directors
For the year ended 31 December 2013
continued
Ariana Resources PLC
Annual Report & Accounts 2013  
 
24
Governance We have audited the financial statements of Ariana Resources PLC  
for the year ended 31 December 2013 set out on pages 22 to 46.  
The financial reporting framework that has been applied in their 
preparation is applicable law and International Financial Reporting 
Standards (IFRSs) as adopted by the EU and, as regards the parent 
company financial statements, as applied in accordance with the 
provisions of the Companies Act 2006. 
This report is made solely to the company’s members, as a body ,  
in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  
Our audit work has been undertaken so that we might state to the 
company’s members those matters we are required to state to them 
in an auditor’s report and for no other purpose. To the fullest extent 
permitted by law, we do not accept or assume responsibility to anyone 
other than the company and the company’s members, as a body ,  
for our audit work, for this report, or for the opinions we have formed. 
Respective responsibilities of directors and auditors
As explained more fully in the Directors’ Responsibilities Statement  
set out on page 23, the directors are responsible for the preparation  
of the financial statements and for being satisfied that they give a  
true and fair view. Our responsibility is to audit, and express an opinion  
on, the financial statements in accordance with applicable law and 
International Standards on Auditing (UK and Ireland). Those standards 
require us to comply with the Auditing Practices Board’s Ethical 
Standards for Auditors. 
Scope of the audit of the financial statements
A description of the scope of an audit of financial statements  
is provided on the Financial Reporting Council’s website at  
www.frc.org.uk/auditscopeukprivate.
Opinion on financial statements
In our opinion: 
•  the financial statements give a true and fair view of the state of the 
group’s and of the parent company’s affairs as at 31 December 2013 
and of the group’s loss for the year then ended; 
•  the group financial statements have been properly prepared in 
accordance with IFRSs as adopted by the EU; 
•  the parent company financial statements have been properly prepared 
in accordance with IFRSs as adopted by the EU and as applied in 
accordance with the provisions of the Companies Act 2006; and 
•  the financial statements have been prepared in accordance with the 
requirements of the Companies Act 2006. 
Opinion on other matter prescribed by the  
Companies Act 2006
In our opinion the information given in the Strategic Report and the 
Directors’ Report for the financial year for which the financial statements 
are prepared is consistent with the financial statements.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where  
the Companies Act 2006 requires us to report to you if, in our opinion: 
•  adequate accounting records have not been kept by the parent 
company , or returns adequate for our audit have not been received 
from branches not visited by us; or 
•  the parent company financial statements are not in agreement  
with the accounting records and returns; or 
•  certain disclosures of directors’ remuneration specified by law  
are not made; or 
•  we have not received all the information and explanations we require 
for our audit. 
Adrian Wilcox 
Senior Statutory Auditor
for and on behalf of KPMG LLP
Statutory Auditor , Chartered Accountants
8 Salisbury Square
London
5 June 2014  
Independent auditor’s report to the members  
of Ariana Resources PLC
Ariana Resources PLC
Annual Report & Accounts 2013  
 
25
Governance Note
2013 
£’000
2012
£’000
Administrative costs (997) (769)
General exploration expenditure (121) (315)
Other income 4 68 4
Operating loss 5 (1,050) (1,080)
Finance costs 6 (124) (111)
Loss on dilution of interest in joint venture entities 7 (162) –
Investment income 2 9
Loss on ordinary activities before tax 8 (1,334) (1,182)
Taxation 9 – –
Loss for the year (1,334) (1,182)
Other comprehensive income
Exchange differences on translating foreign operations (329) 29
Fair value adjustment on other financial asset classified as held for sale (69) –
Other comprehensive income for the year net of tax (398) 29
Total comprehensive income for the year (1,732) (1,153)
Loss for the year attributable to owners of the parent (1,334) (1,182)
Total comprehensive income attributable to owners of the parent (1,732) (1,153)
Loss per share (pence):
Basic and diluted 11 (0.27) (0.40)
Continuing operations
None of the Group’s activities were acquired or discontinued during the current or previous year .
The accompanying notes form part of these financial statements.
Consolidated statement of comprehensive income
For the year ended 31 December 2013
Ariana Resources PLC
Annual Report & Accounts 2013  
Financial statements
 
26 Consolidated statement of financial position
For the year ended 31 December 2013
Note
2013 
£’000
2012
£’000
Assets
Non-current assets
Trade and other receivables 15 91 75
Other financial asset 16 301 –
Available for sale investments 14a 109 226
Intangible exploration assets 12 5,653 5,320
Land, property , plant and equipment 13 388 407
Total non-current assets 6,542 6,028
Current assets
Trade and other receivables 17 235 894
Other financial asset 16 338 –
Cash and cash equivalents 212 255
Total current assets 785 1,149
T otal assets 7,327 7,177
Equity
Called up share capital 19 5,550 3,710
Share premium 6,900 7,004
Other reserves 720 720
Share based payments reserve 578 578
Translation reserve (476) (147)
Retained earnings (6,835) (5,432)
Total equity attributable to equity holders of the parent 6,437 6,433
Liabilities
Current liabilities
Trade and other payables 18a 890 506
Interest bearing borrowings 18b – 238
Total current liabilities 890 744
T otal equity and liabilities 7,327 7,177
The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2014. They were signed on its behalf by:
M J de Villiers A K Sener
Chairman Director
Registered number: 05403426
The accompanying notes form part of these financial statements.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
27
Financial statements Company statement of financial position
For the year ended 31 December 2013
Note
2013 
£’000
2012
£’000
Assets
Non-current assets
Other financial asset 16 301 –
Available for sale investments 14a 109 226
Investments in Group undertakings 14b 274 274
Total non-current assets 684 500
Current assets
Trade and other receivables 17 7,303 7,187
Other financial asset 16 338 –
Cash and cash equivalents – –
Total current assets 7,641 7,187
T otal assets 8,325 7,687
Equity
Called up share capital 19 5,550 3,710
Share premium 6,900 7,004
Share based payments reserve 578 578
Retained earnings (4,708) (3,864)
Total equity 8,320 7,428
Liabilities
Current liabilities
Trade and other payables 18a 5 21
Interest bearing borrowings 18b – 238
Total current liabilities 5 259
T otal equity and liabilities 8,325 7,687
The financial statements were approved by the Board of Directors and authorised for issue on 5 June 2014. They were signed on its behalf by:
M J de Villiers A K Sener
Chairman Director
Registered number: 05403426
The accompanying notes form part of these financial statements.
Ariana Resources PLC
Annual Report & Accounts 2013  
Financial statements
 
28 Consolidated statement of changes in equity
For the year ended 31 December 2013
Share  
capital  
£’000
Share 
premium 
£’000
Other 
reserves 
£’000
Share  
based 
payments 
reserve  
£’000
Translation 
reserve 
£’000
Retained 
earnings 
£’000
Total 
attributable 
to equity 
holders of 
parent  
£’000
Changes in equity to 31 December 2012
Balance at 1 January 2012 2,597 6,481 720 578 (176) (4,250) 5,950
Loss for the year – – – – – (1,182) (1,182)
Other comprehensive income – – – – 29 – 29
Total comprehensive income – – – – 29 (1,182) (1,153)
Issue of share capital 1,113 667 – – – – 1,780
Share issue costs – (144) – – – – (144)
Transactions with owners 1,113 523 – – – – 1,636
Balance at 31 December 2012 3,710 7,004 720 578 (147) (5,432) 6,433
Changes in equity to 31 December 2013
Loss for the year – – – – – (1,334) (1,334)
Other comprehensive income – – – – (329) (69) (398)
Total comprehensive income – – – – (329) (1,403) (1,732)
Issue of share capital 1,840 124 – – – – 1,964
Share issue costs _ (228) – – – – (228)
Transactions with owners 1,840 (104) – – – – 1,736
Balance at 31 December 2013 5,550 6,900 720 578 (476) (6,835) 6,437
The accompanying notes form part of these financial statements.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
29
Financial statements Company statement of changes in equity
For the year ended 31 December 2013
Share  
 capital
£’000
Share 
premium
£’000
Share  
based 
payments 
reserve
£’000
Retained 
earnings
£’000
Total
£’000
Changes in equity to 31 December 2012
Balance at 1 January 2012 2,597 6,481 578 (3,217) 6,439
Loss for the year – – – (647) (647)
Total comprehensive income – – – (647) (647)
Issue of share capital 1,113 667 – – 1,780
Share issue costs – (144) – – (144)
Transactions with owners 1,113 523 – – 1,636
Balance at 31 December 2012 3,710 7,004 578 (3,864) 7,428
Changes in equity to 31 December 2013
Loss for the year – – – (775) (775)
Other comprehensive income – – – (69) (69)
Total comprehensive income – – – (844) (844)
Issue of share capital 1,840 124 – – 1,964
Share issue costs – (228) – – (228)
Transactions with owners 1,840 (104) – – 1,736
Balance at 31 December 2013 5,550 6,900 578 (4,708) 8,320
The accompanying notes form part of these financial statements.
Ariana Resources PLC
Annual Report & Accounts 2013  
Financial statements
 
30 Consolidated statement of cash flows
For the year ended 31 December 2013
 
Note
2013 
£’000
2012
£’000
Cash flows from operating activities
Cash generated from operations 20 (635) (860)
Net cash outflow from operations (635) (860)
Cash flows from investing activities
Purchase of investments _ (57)
Proceeds from sale of investments 104 –
Purchase of land, property , plant and equipment (55) (132)
Payments for intangible assets (excluding capitalised depreciation) (746) (891)
Investment income 2 9
Net cash used in investing activities (695) (1,071)
Cash flows from financing activities
Proceeds from issue of share capital 1,580 1,154
Proceeds from borrowings 145 1,062
Repayment of borrowings (384) (804)
Interest and financing fees (54) (134)
Net cash proceeds from financing activities 1,287 1,278
Net decrease in cash and cash equivalents (43) (653)
Cash and cash equivalents at beginning of year 255 908
Cash and cash equivalents at end of year 212 255
Company statement of cash flows
All bank transactions are undertaken by Ariana Exploration & Development Limited on behalf of Ariana Resources PLC and recharged accordingly ,  
as such the Company had no cash transactions directly. 
The accompanying notes form part of these financial statements.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
31
Financial statements 1. General information
Ariana Resources PLC (the “Company”) is a public limited company 
incorporated and domiciled in Great Britain. The Company’s shares 
are listed on the Alternative Investment Market of the London Stock 
Exchange. The principal activities of the Company and its subsidiaries 
(the “Group”) are related to the exploration for and development of gold 
and other minerals in Turkey.
The Company’s registered office address is Bridge House,  
London Bridge, London, SE1 9QR.
The consolidated financial statements are presented in Pounds Sterling 
(£), which is the parent company’s functional and presentation currency , 
and all values are rounded to the nearest thousand except where 
otherwise indicated.
Basis of preparation
The Group consolidated financial statements have been prepared in 
accordance with International Financial Reporting Standards (IFRS)  
as adopted by the European Union, effective for the Group’s reporting  
for the year ended 31 December 2013.
The separate financial statements of the Company are presented as 
required by the Companies Act 2006. As permitted by that Act, the 
separate financial statements have been prepared in accordance with 
IFRS. These financial statements have been prepared under the historical 
cost convention, (except for available for sale financial assets) and the 
accounting policies have been applied consistently throughout the Group.
Going concern
These financial statements have been prepared on the going concern 
basis. As an exploration company the Directors are mindful that there 
is an ongoing need to monitor overheads and costs associated with 
delivering the exploration programme, and raise additional working 
capital on an ad hoc basis to support the Group’s activities.
In January 2011 the Group arranged a £5 million Standby Equity 
Distribution Agreement (“SEDA”) with Yorkville Advisers LLC. This entitled 
the Group to draw down funds in exchange for the issue of shares at  
a price based on the Company’s market price over the previous 10 day 
period. During the year the Company issued 46,429,980 shares under  
the SEDA for a consideration of £588,500. In addition the Company 
exclusively placed 137,500,000 shares with Lanstead Capital LP for an 
initial part consideration of £250,000. The placing involved a £1,000,000 
equity swap whereby the Company will receive the remaining proceeds  
of the placing over a 24 month period. Since the year end the Company 
has raised £770,000 by placing 85,555,556 shares.
At the year end the Group had cash and cash equivalents amounting 
to £212,000. The Directors have prepared cash flow forecasts for the 
Group for the period to 30 June 2015 based on their assessment of the 
prospects of the Group’s operations. These cash flow forecasts include 
the normal operating costs for the Group over the period together with 
the necessary and specific expenditure to meet the minimum licence 
expenditure requirements. These forecasts indicate that the Group will 
require additional funds in the foreseeable future.
In assessing the going concern assumption for the Group, the directors 
have excluded the Red Rabbit joint venture because the joint venture 
partner is currently funding all the costs of the development through a 
mixture of its own resources and bank facilities as required to construct 
the mine once all the relevant permits have been obtained. 
Despite challenging capital markets, the Company and Group have been 
successful historically in raising equity finance and in light of this, the 
directors have a reasonable expectation of securing sufficient funding to 
continue in operational existence for the foreseeable future. For these 
reasons, they continue to adopt the going concern basis in preparing the 
consolidated financial statements. 
New Accounting Standards and Interpretations 
Effective and adopted during the year
IFRS 13 Fair Value Measurement
The Group has applied IFRS 13 for the first time in the current year . IFRS 13 
establishes a single source of guidance for fair value measurements and 
disclosures about fair value measurements. It does not affect which items 
are required to be fair valued. The scope of IFRS 13 is broad, the fair value 
measurement requirements of IFRS 13 apply to both financial instrument 
items and non-financial instrument items for which other IFRSs require 
or permit fair value measurements and disclosures about fair value 
measurements, except for share-based payment transactions that are 
within the scope of IFRS 2 Share-based Payment, leasing transactions 
that are within the scope of IAS 17 Leases, and measurements that have 
some similarities to fair value but are not fair value.
IFRS 13 defines fair value as the price that would be received to sell 
an asset or paid to transfer a liability in an orderly transaction in the 
principal (or most advantageous) market at the measurement date  
under current market conditions. Fair value under IFRS 13 is an exit  
price regardless of whether that price is directly observable or estimated 
using another valuation technique. Also, IFRS 13 includes extensive 
disclosure requirements.
IFRS 13 requires prospective application from 1 January 2013. In addition, 
specific transitional provisions were given to entities such that they 
need to apply the disclosure requirements set out in the Standard in 
comparative information provided for periods before the initial application 
of the Standard. In accordance with these transitional provisions, the 
Group has not made any new disclosures required by IFRS 13 for the 
2012 comparative period (please see notes 14 for the 2013 disclosures). 
Other than the additional disclosures, the application of IFRS 13 has not 
had any material impact on the amounts recognised in the consolidated 
financial statements.
Not yet effective
The following new and revised IFRSs have been issued but are not yet 
effective and have not been adopted early by the Group:
•  Amendments to IAS 32 Financial Instruments and IFRS 7 Financial 
Instruments: Disclosures – Offsetting financial assets and financial 
liabilities
  The Amendments to IAS 32 clarify that an entity currently has a legally 
enforceable right to set–off if that right is not contingent on a future 
event and enforceable both in the normal course of business and in the 
event of default, insolvency or bankruptcy of the entity and all counter 
parties. The Amendments are effective from 1 January 2014.
  A package of consolidation standards are effective for annual periods 
beginning or after 1 January 2013 (1 January 2014 for entities applying 
IFRSs adopted by the EU). Information on these new standards is 
presented below. The Directors have yet to fully assess the impact of 
these new and revised standards on the Group’s consolidated financial 
statements.
•  IFRS 10 Consolidated Financial Statements (IFRS 10)
  IFRS 10 supersedes IAS 27 Consolidated and Separate Financial 
Notes to the consolidated financial statements
For the year ended 31 December 2013
Ariana Resources PLC
Annual Report & Accounts 2013  
Financial statements
 
32 Statements (IAS 27). It revised the definition of control together  
with accompanying guidance to identify an interest in a subsidiary. 
However , the requirements and mechanics of consolidation and the 
accounting for any non–controlling interests and changes in control 
remain the same.
• IFRS 11 Joint Arrangements (IFRS 11)
  IFRS 11 supersedes IAS 31 Interests in Joint Ventures (IAS 31). It 
aligns more closely the accounting by the investors with their rights 
and obligations relating to the joint arrangement. In addition, IAS 31’s 
option of using proportionate consolidation for joint ventures has been 
eliminated. IFRS 11 now requires the use of the equity accounting 
method, which is currently used for investments in associates.
•  IFRS 12 Disclosure of Interests in Other Entities (IFRS 12)
  IFRS 12 integrates and makes consistent the disclosure requirements 
for various types of investments, including unconsolidated structured 
entities. It introduces new disclosure requirements about the risks to 
which an entity is exposed from its involvement with structured entities. 
•  Consequential amendments to IAS 27 and IAS 28 Investments  
in Associates and Joint Ventures (IAS 28)
  IAS 27 now only deals with separate financial statements.  
IAS 28 brings investments in joint ventures into its scope. However ,  
IAS 28’s equity accounting methodology remains unchanged.
• Transition guidance (Amendments to IFRS 10, 11 and 12)
  The amendments change the transition guidance to provide further 
relief from full retrospective application. The guidance covers date  
of initial application of IFRS 10, assessment of whether control 
exists at date of initial application, retrospective adjustments and 
comparative periods.
Significant accounting policies
Basis of consolidation
The consolidated financial statements comprise the financial  
statements of Ariana Resources PLC and its subsidiaries for the  
year ended 31 December 2013.
Subsidiaries are all entities over which the Group has power to govern  
the financial and operating policies accompanying a shareholding of 
more than one half of the voting rights. Subsidiaries are fully consolidated 
from the date on which control is transferred to the Group. They are de-
consolidated from the date that control ceases. The cost of an acquisition 
is measured at fair value of the assets and equity instruments acquired, 
and the liabilities incurred or assumed at the date of exchange.
Investments in companies where the Group has joint financial and 
operational control and that meet the conditions for proportional 
consolidation are consolidated into these accounts by taking the 
appropriate proportion of that company’s results and assets and 
liabilities into the consolidated financial statements.
Where necessary , adjustments are made to the financial statements  
of subsidiaries to bring the accounting policies used into line with  
those used by other members of the Group. All significant intercompany 
transactions and balance between group entities are eliminated on 
consolidation.
An associate is an entity over which the Group is in a position to  
exercise significant influence, but not control or joint control, through 
participation in the financial and operating policy decisions of the 
investee. Significant influence is the power to participate in the financial 
and operating policy decisions of the investee but is not control or joint 
control over those policies.
The results and assets and liabilities of associates are incorporated in 
these financial statements using the equity method of accounting except 
when classified as held for sale. Investments in associates are carried in 
the statement of financial position at cost as adjusted by post-acquisition 
changes in the Group’s share of the net assets of the associates, less 
any impairment in the value of individual investments. Losses of the 
associates in excess of the Group’s interest in those associates are not 
recognised.
In the Company accounts, investments in subsidiary undertakings are 
held at cost. 
Income and expense recognition
The Group’s other income otherwise represents consultancy fees and 
interest receivable from bank deposits. Interest income is accrued on  
a time basis, by reference to the principal outstanding and the effective 
rate of interest applicable. The effective interest rate is the rate that 
exactly discounts estimated future cash receipts through the expected 
life of the financial asset to the net carrying amount of the financial asset. 
Operating expenses are recognised in the statement of comprehensive 
income upon utilisation of the service or at the date of their origin and  
are reported on an accrual basis.
Foreign currency translation
• Functional and presentation currency
  Items included in the financial statements are measured using the 
currency of the primary economic environment in which the entity 
operates (the ‘functional currency’). The consolidated financial 
statements are presented in Pounds Sterling, which is the Group’s 
presentation currency. 
• Transactions and balances 
  Foreign currency transactions are translated into the functional 
currency using the exchange rates prevailing at the dates of the 
transactions. Foreign exchange gains and losses resulting from the 
settlement of such transactions and from the translation at year end 
exchange rates of monetary assets and liabilities denominated in foreign 
currencies are recognised in the comprehensive income statement.
• Group companies
  The results and financial position of all the Group entities (none  
of which has the currency of a hyperinflationary economy) that  
have a functional currency different from the presentation currency  
are translated into the presentation currency as follows:
 •  assets and liabilities for each statement of financial position 
presented are translated at the closing rate at the date of that 
statement of financial position;
 •  income and expenses for each income statement are translated 
at average exchange rates (unless this average is not a reasonable 
approximation of the cumulative effect of the rates prevailing on 
the transaction dates, in which case income and expenses are 
translated at the dates of the transaction); and
 •  all resulting exchange differences are recognised as a separate 
component of equity. On consolidation, exchange differences  
arising from the translation of monetary items receivable from 
foreign subsidiaries for which settlement is neither planned nor 
likely to occur in the foreseeable future are taken to shareholders’ 
equity. When a foreign operation is sold, such exchange differences 
are recognised in the statement of comprehensive income as part  
of the gain or loss on sale.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
33
Financial statements 1. General information continued
Property, plant and equipment
Property , plant and equipment are stated at cost less accumulated 
depreciation and any accumulated impairment losses. 
Depreciation is charged so as to write off the cost of assets over their 
estimated useful lives, using the straight-line method. The estimated 
useful lives, residual values and depreciation method are reviewed at 
each year end, with the effect of any changes in estimate accounted for 
on a prospective basis.
Land  – not depreciated
Computer equipment  – between 25% & 33%
Drilling equipment  – between 10% & 20%
Fixtures and fittings  – between 5% & 33% 
Motor vehicles  – between 20% & 25% 
The gain or loss arising on the disposal or retirement of an item of 
property , plant and equipment is determined as the difference between 
the sales proceeds and the carrying amount of the asset and is 
recognised in the statement of comprehensive income.
Depreciation charged on exploration and evaluation assets is capitalised 
within intangible exploration assets. 
Intangible exploration assets
Intangible assets represent exploration and evaluation assets (IFRS 6 
assets), being the cost of acquisition by the Group of rights, licences  
and know how. Such expenditure requires the immediate write-off  
of exploration and development expenditure that the Directors do not 
consider to be supported by the existence of commercial reserves.
All costs associated with mineral exploration and investments, are 
capitalised on a project-by-project basis, pending determination of the 
feasibility of the project. Costs incurred include appropriate technical 
and administrative expenses but not general overheads and these 
assets are not amortised until technical feasibility and commercial 
viability is established. If an exploration project is successful, the related 
expenditures will be transferred to mining assets and amortised over 
the estimated life of the commercial ore reserves on a unit of production 
basis. Where a licence is relinquished or a project abandoned, the  
related costs are written off. 
The recoverability of all exploration and development costs is dependent 
upon the discovery of economically recoverable reserves, the ability of 
the Group to obtain necessary financing to complete the development 
of reserves and future profitable production or proceeds from the 
disposition thereof. 
Exploration and evaluation assets shall no longer be classified as  
such when the technical feasibility and commercial viability of extracting 
mineral resources are demonstrable. When relevant, such assets  
shall be assessed for impairment, and any impairment loss recognised, 
before reclassification to mine development.
Impairment of tangible and intangible assets
At each balance sheet date, the Group reviews the carrying amounts 
of its tangible and intangible assets (except for intangible exploration 
assets) to determine whether there is any indication that those assets 
have suffered an impairment loss. If any such indication exists, the 
recoverable amount of the asset is estimated in order to determine the 
extent of the impairment loss (if any). Where it is not possible to estimate 
the recoverable amount of an individual asset, the Group estimates 
the recoverable amount of the cash-generating unit to which the asset 
belongs. Where a reasonable and consistent basis of allocation can 
be identified, corporate assets are also allocated to individual cash-
generating units, or otherwise they are allocated to the smallest group  
of cash-generating units for which a reasonable and consistent allocation 
basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet 
available for use are tested for impairment annually , and whenever there  
is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and 
value in use. In assessing value in use, the estimated future cash flows 
are discounted to their present value using a pre-tax discount rate that 
reflects current market assessments of the time value of money and the 
risks specific to the asset for which the estimates of future cash flows 
have not been adjusted.
Available for sale financial assets
Available for sale financial assets include non-derivative financial assets 
that are either designated as such or do not qualify for inclusion in any  
of the other categories of financial assets. Shares in unlisted companies 
are recorded at cost. Any other financial assets within this category are 
measured subsequently at fair value, with changes in value recognised  
in equity , through other comprehensive income. Gains and losses arising 
from investments classified as available for sale are recognised in the 
consolidated statement of comprehensive income when they are sold or 
when the investment is impaired. In the case of impairment of available 
for sale assets, any loss previously recognised in equity is transferred  
to the consolidated statement of comprehensive income. Impairment 
losses recognised in the consolidated statement of comprehensive 
income on equity instruments are not reversed through the consolidated 
statement of comprehensive income. Impairment losses recognised 
previously on debt securities are reversed through the consolidated 
statement of comprehensive income when the increase can be related 
objectively to an event occurring after the impairment loss was 
recognised in the consolidated statement of comprehensive income.
Inventory
Gold recovered from trial mining and held for resale is included in  
deferred exploration expenditure at its net realisable value. The Directors  
consider this valuation to be appropriate as the expense of ascertaining 
the apportioned cost of gold extracted from the associated trial mining  
would outweigh any benefits to be obtained. Gains or losses resulting 
in changes to market price at time of disposal are taken to the 
comprehensive statement of income.
Financial instruments
Financial assets and financial liabilities are recognised in the Group’s 
statement of financial position when the Group becomes a party to the 
contractual provisions of the instrument.
Cash and cash equivalents
Cash and cash equivalents in the statement of financial position 
comprise cash on hand and demand deposits together with other short 
term, highly liquid investments that are readily convertible into known 
amounts of cash and which are subject to an insignificant risk of changes 
in value.
Notes to the consolidated financial statements
For the year ended 31 December 2013
continued
Ariana Resources PLC
Annual Report & Accounts 2013  
Financial statements
 
34 Financial liabilities and equity
Financial liabilities and equity instruments are classified according to 
the substance of the contractual arrangements entered into. An equity 
instrument is any contract that evidences a residual interest in the assets 
of the Group after deducting all of its liabilities.
Trade payables
Trade payables are initially measured at fair value, and are subsequently 
measured at amortised cost, using the effective interest rate method.
Equity instruments
Equity instruments issued by the Company are recorded as the proceeds 
received, net of direct issue costs.
Share-based payments
For such grants of share options, the fair value as at the date of grant 
is calculated using the Black-Scholes option pricing model, taking into 
account the terms and conditions upon which the options were granted. 
The amount recognised as an expense is adjusted to reflect the actual 
number of share options that are likely to vest, except where forfeiture  
is only due to market-based conditions not achieving the threshold  
for vesting.
Where shares are issued in settlement of goods or services supplied, 
the relevant expense is recorded in the consolidated statement of 
comprehensive income, with the related share issue recorded within 
share capital and share premium.
Shareholder warrants
The shareholder warrants entitle shareholders to a number of  
common shares based upon the number of shares they subscribed  
for at the date of issue of the warrant instrument. The warrants relate 
to a transaction with the equity holders as opposed to a transaction 
in exchange for any goods or services. The equity component of the 
instrument is not considered material and there is no liability component 
arising as a result of these warrants. Upon exercise of the warrant the 
proceeds received, net of attributable transaction costs, are credited  
to share capital and where appropriate share premium.
Taxation
Current income tax assets and liabilities comprise those obligations  
to, or claims from, fiscal authorities relating to the current or prior 
reporting year , that are unpaid at 31 December 2013. They are calculated 
according to the tax rates and tax laws applicable to the fiscal periods  
to which they relate, based on the taxable profit for the year .
Deferred income taxes are calculated using the liability method  
on temporary differences. Deferred tax is generally provided on the 
difference between the carrying amounts of assets and liabilities  
and their tax bases. However , deferred tax is not provided on the  
initial recognition of goodwill or on the initial recognition of an asset  
or liability unless the related transaction is a business combination  
or affects tax or accounting profit. 
Deferred tax on temporary differences associated with shares in 
subsidiaries is not provided if reversal of these temporary differences  
can be controlled by the Group and it is probable that reversal will not 
occur in the foreseeable future. In addition tax losses available to be 
carried forward as well as other income tax credits to the Group are 
assessed for recognition as deferred tax assets. 
Deferred tax liabilities are provided in full, with no discounting.  
Deferred tax assets are recognised to the extent that it is probable 
that the underlying deductible temporary differences will be able to be 
offset against future taxable income. Current and deferred tax assets 
and liabilities are calculated at tax rates that are expected to apply 
to their respective period of realisation, provided they are enacted or 
substantively enacted as at 31 December 2013. Changes in deferred  
tax assets or liabilities are recognised as a component of tax expense  
in the consolidated statement of comprehensive income, except where 
they relate to items that are charged or credited directly to equity in  
which case the related deferred tax is also charged or credited to equity. 
The deferred tax asset arising from trading losses carried forward as 
referred to in Note 9 has not been recognised. The deferred tax asset will 
be recognised when it is more likely than not that it will be recoverable.
Segmental reporting
Operating segments are reported in a manner consistent with the 
internal reporting provided to the Board of Directors who have been 
identified as responsible for allocating resources and assessing 
performance of the operating segments.
Pensions
The Group pays contributions to the personal pension schemes of  
some employees. These contributions are charged to the statement  
of comprehensive income in the year to which they relate.
Accounting estimates and judgements
The Group makes estimates and judgements regarding the future. 
Estimates and judgements are continually evaluated based on  
experience and other factors, including expectations of future events  
that are believed to be reasonable under the circumstances. In the future, 
actual experience may deviate from these estimates and assumptions. 
The estimates and judgements that have a significant risk of causing 
a material adjustment to the carrying amounts of assets and liabilities 
within the next financial year are discussed as follows:
• Intangible exploration assets 
  The Group determines that exploration costs are capitalised at the 
point the Group has a valid exploration licence. The recovery of the  
cost of the Group’s exploration projects is reviewed in the light of  
future production estimates based upon ongoing geological studies. 
Over the longer term the actual mineable resources achieved may vary 
significantly from the current estimates. 
• Impairment of assets
  The Group assesses impairment at each reporting date by evaluating 
conditions specific to the Group that may lead to impairment of assets. 
Where an impairment trigger exists, the recoverable amount of the 
asset is determined.
• Share-based payments
  In order to calculate the charge for share-based payments as  
required by IFRS 2, the Group makes estimates principally relating  
to assumptions used in its option-pricing model.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
35
Financial statements 2. Staff costs
Group Company
2013 
£’000
2012 
£’000
2013 
£’000
2012 
£’000
Wages and salaries 272 340 257 208
Social security costs 4 22 – 4
Pension costs – 9 – 9
276 371 257 221
Total staff costs, including those capitalised within intangible assets, 
amounts to £562,000 (2012: £577,000).The average monthly number of 
employees (including Executive Directors) during the year was as follows:
Group Company
2013 
Number
2012 
Number
2013 
Number
2012 
Number
Exploration activities 22 20 3 2
Administration 5 6 2 3
27 26 5 5
3. Directors’ emoluments
Group Company
2013 
£’000
2012 
£’000
2013 
£’000
2012 
£’000
Basic salary and fees 256 241 256 241
Pension contributions – 9 – 9
256 250 256 250
Key management personnel consist of only the Directors. Details of 
share options and interests in the Company’s shares of each Director  
are shown in the Directors’ Report on page 22.
Year
Salary  
and fees 
£’000
Pension 
£’000
Total 
£’000
Michael de Villiers 2013 99 – 99
2012 90 – 90
Kerim Sener 2013 109 – 109
2012 95 9 104
William Payne 2013 36 – 36
2012 36 – 36
Michael Spriggs 2013 12 – 12
2012 20 – 20
William Payne’s services are provided by a firm of Chartered Accountants, 
further details of which are set out in Note 24.
4. Other income
Other income represents:
2013 
£’000
2012 
£’000
Consultancy and other income 68 4
5. Operating loss
The operating loss is stated after charging:
2013 
£’000
2012 
£’000
Depreciation – owned assets 1 1
Loss on sale of investments 13 –
Operating lease – office rental 11 25
Net foreign exchange losses 87 33
Fees payable to the Company’s auditor  
for the audit of the Company’s annual accounts 30 25
Fees payable to the Company’s auditor  
for other services:
– The audit of the Company’s subsidiaries 15 15
6. Finance cost
Group Company
2013 
£’000
2012
£’000
2013 
£’000
2012
£’000
Interest on loan facility 14 39 14 39
Loan facility fees 40 72 40 72
Swap charges on  
other financial assets 70 – 70 –
124 111 124 111
7. Loss on dilution of interest in joint venture
In July 2010 the Group entered into an agreement with Proccea 
Construction Co. (“Proccea”) such that Galata Madencilik San. ve Tic. 
Ltd. (“Galata”) would transfer its principal assets at Sındırgı and Tavşan, 
collectively known as the “Red Rabbit Project” into a new wholly owned 
subsidiary , Zenit Madencilik San. ve Tic. A.S. (“Zenit”). Proccea earn their 
50% share in Zenit by investing US$8m in the capital of Zenit, US$1.4m 
of such funds to be spent on a Feasibility Study and an Environmental 
Impact Assessment (“EIA”), with the balance on initial mine construction, 
once the Feasibility Study and EIA are completed satisfactorily. Ultimately 
profits from Zenit will be shared in the ratio of 51% the Group and 49% 
Proccea, but key decisions require approval from both the Group and 
Proccea, and consequently the Group consolidates the results of Zenit 
by way of proportional consolidation. Proccea’s stake in Zenit increased 
during the period from 13.98% to 18.32%, resulting in a corresponding 
reduction in the Group’s shareholding in Zenit. This dilution in 
shareholding has been valued at £162,000 and accordingly charged  
to the comprehensive income account. 
Notes to the consolidated financial statements
For the year ended 31 December 2013
continued
Ariana Resources PLC
Annual Report & Accounts 2013  
Financial statements
 
36 8. Segmental analysis
Management currently identifies one division as an operating segment – mineral exploration. This operating segment is monitored and strategic 
decisions are made based upon this and other non-financial data collated from exploration activities.
Principal activities for this operating segment is as follows:
• Mining – incorporates the acquisition, exploration and development of gold resources in Turkey.
2013 2012
Mining 
£’000
Other 
reconciling 
items 
£’000
Group 
£’000
Mining 
£’000
Other 
reconciling 
items 
£’000
Group 
£’000
Administrative costs – (997) (997) – (769) (769)
General exploration expenditure (121) – (121) (315) – (315)
Other income 68 – 68 4 – 4
Finance and swap costs – (124) (124) – (111) (111)
Investment income – 2 2 – 9 9
Loss on dilution of interest in joint venture entries (162) – (162) – – –
Tax – – – – – –
Loss after tax (215) (1,119) (1,334) (311) (871) (1,182)
Assets
Segment assets 6,346 981 7,327 6,196 981 7,177
Liabilities
Segment liabilities (158) (732) (890) (410) (334) (744)
Additions to segment assets
Intangible assets 746 – 746 893 – 893
Property plant & equipment 55 – 55 132 – 132
Depreciation (25) (1) (26) (35) (1) (36)
Other income includes consultancy and licence fees.
Reconciling items include non-mineral exploration costs and transactions between Group and associate companies.
Geographical segments
All of the Group’s mining assets and liabilities are located in Turkey.
2013 2012
 
 
Turkey 
£’000
 
United 
Kingdom 
£’000
British  
Virgin  
Islands 
£’000
 
Group 
£’000 
 
 
Turkey 
£’000
 
United 
Kingdom 
£’000
British  
Virgin  
Islands 
£’000
 
Group 
£’000 
Carrying amount of segment non-current assets 6,132 410 – 6,542 5,802 226 – 6,028
Ariana Resources PLC
Annual Report & Accounts 2013  
 
37
Financial statements 9. T axation
2013 
£’000
2012
£’000
Current tax expense in respect of the current year – –
The charge for the year can be reconciled to the loss per the statement of comprehensive income as follows:
2013 
£’000
2012
£’000
Loss before tax (1,334) (1,182)
Loss multiplied by the standard rate of corporation tax in the UK of 23.25% (2012: 24.5%) (310) (289)
Disallowable expenses 14 3
Losses to carry forward 283 269
Effect of different tax rates and laws of subsidiaries operating in other jurisdictions 13 17
Current tax charge – –
The Group has UK losses carried forward on which no deferred tax asset is recognised in the financial statements as the recovery of this benefit  
is dependent on future profitability , the timing of which cannot be reasonably foreseen. Total UK losses carried forward amount to £4,624,000  
(2012: £3,768,000). Turkish tax losses carried forward at the year end amounted to £612,000 (2012: £616,000). These losses can be carried forward  
and used against future taxable income rates of 23% and 20% respectively , although the Turkish losses expire after five years. Of the total Turkish tax 
losses of £612,000, £237,000 arose in 2011 and the balance in the subsequent year .
10. Loss of parent company
As permitted by Section 408 of the Companies Act 2006, the statement of comprehensive income of the parent company is not presented as part  
of these financial statements. The parent company’s loss for the financial year was £775,000 (2012: £647,000). 
11. Loss per share
The calculation of basic loss per share is based on the loss attributable to ordinary shareholders of £1,334,000 (2012: £1,182,000) divided by the 
weighted average number of shares issued during the year being 485,154,710 shares (2012: 287,349,584) in issue. There is no dilutive effect of share 
options or warrants on the basic loss per share.
12. Intangible exploration assets 
 
Group
Deferred exploration expenditure 
£’000
Cost
At 1 January 2012 4,627
Additions and capitalised depreciation 928
Exchange movements 15
Disposals (250)
At 31 December 2012 5,320
Additions and capitalised depreciation 772
Exchange movements (249)
Disposals (190)
At 31 December 2013 5,653
Net book value
At 1 January 2012 4,627
At 31 December 2012 5,320
At 31 December 2013 5,653
None of the Group’s intangible assets are owned by the Company. 
The technical feasibility and commercial viability of extracting a mineral resource are not yet demonstrable in the above intangible exploration assets.
These assets are not amortised, until technical feasibility and commercial viability is established. 
Notes to the consolidated financial statements
For the year ended 31 December 2013
continued
Ariana Resources PLC
Annual Report & Accounts 2013  
Financial statements
 
38 13. Land, property, plant & equipment
Group
Land 
£’000
Computer 
equipment 
£’000
Drilling 
equipment 
£’000
Fixtures and 
fittings 
£’000
Motor 
vehicles 
£’000
Totals 
£’000
Cost
At 1 January 2012 133 79 231 11 41 495
Additions 123 8 – 1 – 132
Exchange movements (1) – – (2) – (3)
At 31 December 2012 255 87 231 10 41 624
Reallocation – (58) 44 14 – –
Additions 40 2 – 5 8 55
Disposals – – – – (8) (8)
Exchange movements (48) (1) (8) (2) (2) (61)
At 31 December 2013 247 30 267 27 39 610
Depreciation
At 1 January 2012 – 24 112 8 40 184
Charge – 13 21 1 1 36
Exchange movements – 2 (2) (3) – (3)
At 31 December 2012 – 39 131 6 41 217
Reallocation – (16) 5 11 – –
Charge – 3 19 2 2 26
Disposals – – – – (8) (8)
Exchange movements – (2) (11) – – (13)
At 31 December 2013 – 24 144 19 35 222
Net book value
At 1 January 2012 133 55 119 3 1 311
At 31 December 2012 255 48 100 4 – 407
At 31 December 2013 247 6 123 8 4 388
The Group’s land, property , plant and equipment are free from any mortgage or charge.
None of the Group’s land, property , plant and equipment is owned by the Company. 
14a. Available for sale investments
Company
Non-current 
£’000
Current  
£’000
Total  
£’000
At 1 January 2013 226 – 226
Disposals in the year (117) – (117)
At 31 December 2013 109 – 109
Net book value
At 31 December 2013 109 – 109
At 31 December 2012 226 – 226
The non-current available for sale investment represents the Group’s investment in Tigris Resources Limited (“Tigris”), an unlisted company 
registered in Jersey involved in Turkish gold exploration. The investment is held at cost as Tigris is an unlisted entity and as such the fair value of  
the shares held cannot be reliably measured. The decrease in the year is a result of the Group disposing of £2.1m shares in Tigris to raise £104,000.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
39
Financial statements 14b. Investments in Group undertakings
Company
Shares in Group 
undertakings  
£’000
Cost
At 1 January and 31 December 2013 274
Net book value
At 31 December 2012 and 2013 274
The Company’s investments at the balance sheet date comprise ownership of the ordinary share capital of the following companies: 
Subsidiaries Ownership Country of incorporation Nature of business
Ariana Exploration & Development Limited 100% United Kingdom Exploration
Portswood Resources Limited 100% British Virgin Islands Holding company
Galata Madencilik San. ve Tic. Ltd. 100% Turkey Exploration
Çamyol Gayrimenkul, Madencilik, Turizm, 
Tarim ve Hayvancilik Ltd. 99% Turkey Land acquisition
Çamyol Gayrimenkul, Madencilik, Turizm, Tarim ve Hayvancilik Ltd. is involved with the acquisition of land in the mine development area of the 
Red Rabbit Gold Project. It is a subsidiary of Galata Madencilik San. ve Tic. Ltd.
Interest in associates and joint ventures
Ariana Exploration & Development Limited’s investments at the balance sheet date comprise of the following companies:
Associates Ownership Country of incorporation Nature of business
Greater Pontides Exploration B.V. 49% Netherlands Holding company
Pontid Madencilik San. ve Tic. Ltd. 49% Turkey Exploration
Pontid Altin Madencilik Ltd. 49% Turkey Exploration
Joint ventures
Zenit Madencilik San. ve Tic. A.S. 82% Turkey Exploration
Greater Pontides Exploration B.V. was created in the Netherlands. This company , along with its wholly owned subsidiaries – Pontid Madencilik  
San. ve Tic. Ltd. and Pontid Altin Madencilik Ltd., private companies incorporated in Turkey – was established originally with European Goldfields 
Limited as part of the agreement on the Artvin Project, and which the Group accounts for as an associate. European Goldfields Limited was acquired 
by Eldorado Gold Corporation during the year . Ariana Exploration & Development Limited, a fully owned subsidiary of the Group holds 49% of the 
ordinary shares and Eldorado Gold Corporation, the other party to the agreement, holds the remaining 51% of the ordinary shares. The Greater 
Pontides Exploration B.V. Group is treated as an Associate investment for purposes of the Group consolidation as the Group has a significant influence 
over the financial and operating policy decisions but not control or joint control over these policies. 
The reported loss of Greater Pontides Exploration B.V. in its unaudited company financial statements for the year ended 31 December 2013,  
amounted to US$32,505 (2012: US$21,925). The functional currency for the Greater Pontides Exploration B.V. Group is US Dollars. The Group’s share 
of the adjusted loss, converted into Pounds Sterling, has been included in the Consolidated Statement of Comprehensive Income, and amounted  
to £Nil (2012: £Nil). All Associates have a reporting date of 31 December 2013.
Notes to the consolidated financial statements
For the year ended 31 December 2013
continued
Ariana Resources PLC
Annual Report & Accounts 2013  
Financial statements
 
40 The following is a summary of the financial information of the above joint ventures and associates:
Joint ventures Associates
Share of JV’s balance sheet
JV 100% 
2013
£’000
Ariana  
Share 
2013
£’000
JV 100% 
2012
£’000
Ariana  
Share 
2012
£’000
Share of Associate’s  
balance sheet
Associate 
100%  
2013 
US$’000
Ariana  
Share 
2013
US$’000
Associate  
100% 
2012 
US$’000
*Restated 
Ariana  
Share 
2012
US$’000
Non-current assets 1,796 1,467 1,318 1,134 Non-current assets 8,438 4,135 5,881 2,882
Current assets 302 247 249 214 Current assets 34 17 33 16
Total assets 2,098 1,714 1,567 1,348 Total assets 8,472 4,152 5,914 2,898
Current liabilities (1,598) (1,427) (1,210) (1,123) Current liabilities (302) (148) (269) (132)
Total liabilities (1,598) (1,427) (1,210) (1,123) Total liabilities (302) (148) (269) (132)
Net assets/(liabilities) 500 287 357 225 Net assets 8,170 4,004 5,645 2,766
* In the absence of available consolidated figures for the Greater Pontides Exploration B.V. Group, the figures for 2013 and 2012 now reflect that 
company's unaudited balance sheet only.
In July 2010 the Group entered into an agreement with Proccea Construction Co. (“Proccea”) such that Galata Madencilik San. ve Tic. Ltd. (“Galata”) 
would transfer its principal assets at Sındırgı and Tavşan, collectively known as the “Red Rabbit Gold Project” into a new wholly owned subsidiary ,  
Zenit Madencilik San. ve Tic. A.S. (“Zenit”). Proccea earn their 50% share in Zenit by investing US$8m in the capital of Zenit, US$1.4m of such funds  
to be spent on a Feasibility Study and an Environmental Impact Assessment (“EIA”), with the balance on initial mine construction, once the Feasibility 
Study and EIA are completed satisfactorily. Proccea’s stake in Zenit increased during the year to 18.32% (2012: 13.98%) as further shares were issued 
to them in accordance with the joint venture agreement.
Ultimately profits from Zenit will be shared in the ratio of 51% the Group and 49% Proccea, but key decisions require approval from both the Group  
and Proccea, and consequently the Group consolidates the results of Zenit by way of proportional consolidation.
15. Non-current trade and other receivables
Group Company
2013 
£’000
2012
£’000
2013 
£’000
2012
£’000
Other receivables 91 75 – –
Other receivables falling due after more than one year represent amounts due from the government of Turkey in respect of VAT relating to the Group’s 
mining projects. These amounts are due for repayment between 2015 and 2016 and the fair value is not materially different to the carrying value 
presented.
16. Other financial asset
In May 2013 the Company raised £1.25 million following the issue of 125 million new shares at 1p per share to Lanstead Capital L.P . (“Lanstead”). 
The Company received £250,000 in cash and entered into an equity swap price mechanism with Lanstead for the balance of these shares with 
consideration payable on a monthly basis over a period of 24 months. The Company also issued 12.5 million shares to Lanstead in consideration  
for the equity swap agreement.
The consideration from Lanstead has been treated as a non-derivative financial asset and its fair value has been determined by reference to the  
Company’s share price at the balance sheet date as measured against a benchmark price of 1.33 pence per share. If the actual share price exceeds 
the benchmark price during any of the 24 settlement months, the Company will receive more than 100% of the monthly settlement due. Should  
the share price fall below the benchmark price, the Company will receive less than 100% of the expected monthly settlement on a pro rata basis. 
2013 2012
Total
Non-current 
assets
Current 
assets Total
Non-current 
assets
Current 
assets
Group and Company £’000 £’000 £’000 £’000 £’000 £’000
Value recognised on inception 1,000 334 666 – – –
Capital repayments (222) – (222) – – –
Swap charges (70) – (70) – – –
Loss on revaluation at end of year (69) (33) (36) – – –
Fair value recognised at 31 December 2013 639 301 338 – – –
Ariana Resources PLC
Annual Report & Accounts 2013  
 
41
Financial statements 16. Other financial asset continued
The amounts reported in the balance sheet relating to other financial instruments mature as follows:
 Group and Company
2013 
£’000
2012 
£’000
Receivable within one year 338 –
Receivable within two to five years 301 –
639 –
17. Trade and other receivables
Group Company
2013 
£’000
2012 
£’000
2013 
£’000
2012 
£’000
Amounts owed by Group undertakings – – 7,303 6,704
Other receivables 223 383 – –
Prepayments 12 28 – –
Unpaid share capital – 483 – 483
235 894 7,303 7,187
The fair value of trade and other receivables is not materially different to the carrying values presented. The amounts owed by Group undertakings  
are interest free and repayable on demand.
18a. Trade and other payables
Group Company
2013 
£’000
2012 
£’000
2013 
£’000
2012 
£’000
Trade and other payables 185 116 – –
Social security and other taxes 8 18 – –
Other creditors 615 274 – –
Accruals and deferred income 82 98 5 21
890 506 5 21
The above listed payables were all unsecured. The fair value of trade and other payables is not materially different to the carrying values presented.
18b. Interest bearing borrowings
Group Company
2013 
£’000
2012 
£’000
2013 
£’000
2012 
£’000
Loan facility – 238 – 238
On 23 January 2012, the Group entered in to a US$2m loan facility agreement with YA Global SPV Ltd. This was drawn down in three installments 
during 2012 and 2013. The loan bore interest of 10% and was repayable in full within one year through agreed monthly repayments. The loan had been 
fully repaid by the year end (2012: £238,000). 
Notes to the consolidated financial statements
For the year ended 31 December 2013
continued
Ariana Resources PLC
Annual Report & Accounts 2013  
Financial statements
 
42 19. Share capital
Allotted, issued and fully paid ordinary 0.1p shares Number
Share Capital
£’000
Deferred shares 
£’000
Share Premium 
£’000
In issue at 1 January 2013 371,019,494 3,710 – 7,004
Shares issued under SEDA 46,429,980 465 – 124
Share placement 137,500,000 1,375 – –
Less expenses on issue – – – (228)
Conversion of ordinary shares into new ordinary and deferred – (4,995) 4,995 –
In issue at 31 December 2013 554,949,474 555 4,995 6,900
During the year the existing ordinary shares were sub-divided into one new ordinary share of 0.1 pence (“New Ordinary Share”) and one deferred share 
of 0.9 pence (“Deferred Share”). The New Ordinary Shares have a nominal value of 0.1 pence. The percentage of New Ordinary Shares held by each 
shareholder following the sub division is the same as the percentage of existing ordinary shares held by him before the change. 
Since the year end the Company has issued a further 85,555,556 ordinary shares with a nominal value of 0.1p each.
Potential issue of ordinary shares
Share options and warrants
At the 31 December 2013 the Company had 15,941,000 options (2012: 15,941,000) and 5,000,000 warrants (2012: 15,300,000) outstanding for the issue 
of ordinary shares as follows:
Date of grant Exercisable from Exercisable to Exercise price
Number  
granted
Number at  
31 December 2013
Options
19 July 2005 19 July 2005 19 July 2015 8.8p 2,105,869 2,105,869
19 July 2005 19 July 2005 19 July 2015 8.8p 65,131 65,131
22 August 2005 22 August 2005 22 August 2015 13p 870,000 870,000
22 August 2005 22 August 2005 22 August 2015 13p 100,000 100,000
1 September 2006 1 September 2006 1 September 2016 13p 300,000 300,000
22 March 2011 22 March 2011 21 March 2018 5p 12,500,000 12,500,000
Total 15,941,000
Date of grant Exercisable from and to Exercise price
Number at 
1 January 2013 Lapsed Issued
Number at  
31 December 2013
Warrants
1 April 2008 1 April 2008–1 April 2013 13p 3,000,000 (3,000,000) – –
14 January 2010 14 January 2010–14 January 2013 1p 12,300,000 (12,300,000) – –
19 April 2013 19 April 2013–19 April 2018 2p – – 5,000,000 5,000,000
Total 15,300,000 (15,300,000) 5,000,000 5,000,000
No options were issued or exercised in the year . 5,000,000 warrants were issued and 15,300,000 warrants lapsed during the year . 
Ariana Resources PLC
Annual Report & Accounts 2013  
 
43
Financial statements 20. Notes to the cash flow statement
Cash generated from Group operations
The following non-cash flow adjustments have been made to the pre-tax 
results for the year:
2013 
£’000
2012 
£’000
Loss before tax (1,334) (1,182)
Finance costs 54 111
Investment income (2) (9)
Adjusted for:
Write down of intangible exploration assets 190 250
Loss on sale of investment 13 –
Depreciation 1 1
Fair value adjustment on other financial asset 
classified as held for sale (69) –
Operating income before working capital changes
Change in non-current assets to exchange 
movements 297 (15)
Change in trade and other receivables 160 (135)
Change in trade and other payables 384 90
Foreign exchange differences (329) 29
Cash used in Group operations (635) (860)
21. Contingent liabilities
The Group had no contingent liabilities at the year end (2012: £nil).
22. Operating lease arrangements
At the year end, the Group had outstanding commitments for future 
minimum lease payments under non-cancellable operating leases, 
which fall due as follows:
2013 
£’000
2012 
£’000
Within one year 13 16
23. Capital commitments
The Group had no authorised or unauthorised capital commitments  
at the year end (2012: £nil).
24. Related party transactions
Group companies
Transactions between the Company and its subsidiaries, which are 
related parties, have been eliminated on consolidation.
Ariana Resources PLC is the beneficial owner and controls the following 
companies and as such are considered related parties:
Ariana Exploration & Development Limited
Portswood Resources Limited
Galata Madencilik San. ve Tic. Ltd.
Zenit Madencilik San. ve Tic. A.S.
Çamyol Gayrimenkul, Madencilik, Turizm, Tarim ve Hayvancilik Ltd.
The only transactions during the year between the Company and its 
subsidiaries were intercompany loans, which were interest free and 
payable on demand and included the following:
Loans payable by Ariana Exploration & Development Limited and Galata 
Madencilik San. ve Tic. Ltd. to Ariana Resources PLC amounted to 
£6,788,108 (2012: £6,216,390) and £515,155 (2012: £487,509) respectively. 
WJB Payne is a partner in Wilkins Kennedy LLP, Chartered Accountants, 
the firm which provides his services. During the year end December 
2013, Wilkins Kennedy LLP were paid £36,000 in respect of his services 
as a Director , and £63,638 in respect of accounting and management 
services. Fees paid for WJB Payne’s services are included as part of 
directors emoluments declared in Note 3. At the year end the Group 
owed Wilkins Kennedy LLP £41,043.
As detailed in Note 14a, the Group has an investment in Tigris Resources 
Limited, a company involved in gold exploration in southern Turkey.  
Dr . Kerim Sener is a Director of Tigris Resources Limited and his wife  
is a minority shareholder with a 0.99% shareholding in the company. 
Matrix Exploration Pty Ltd, a company majority owned by Dr . Kerim 
Sener , charged the Company £34,926 (2012: £22,547) for office rent and 
other services. At the year end the Company owed Matrix Exploration Pty 
Ltd £nil (2012: £nil).
Associated companies
Transactions between the Group and its associated companies, which  
are related parties, have been included on consolidation. 
Consultancy fees amounting to £67,294 (31 December 2012: £2,751) were 
receivable by Galata Madencilik San. ve Tic. Ltd. from Pontid Madencilik 
San. ve Tic. Ltd. The outstanding balance of £Nil (31 December 2012: £33) 
due to Galata Madencilik San. ve Tic. Ltd. is included in trade and other 
receivables.
25. Post year end events
The Company completed a placing raising £770,000 before expenses  
by issuing 85,555,556 shares in January 2014. 
Notes to the consolidated financial statements
For the year ended 31 December 2013
continued
Ariana Resources PLC
Annual Report & Accounts 2013  
Financial statements
 
44 26. Capital management policies and procedures
The Group’s capital management objectives are:
• To ensure the Group’s ability to continue as a going concern;
• To increase the value of the assets of the business; 
•  To provide an adequate return to shareholders in the future when exploration assets are taken into production; and
•  To secure sufficient funding to bring the Red Rabbit Project into production.
These objectives will be achieved by identifying the right exploration projects, adding value to these projects (principally Red Rabbit) and ultimately 
taking them through to production and cash flow, either with partners or by our own means.
The Group monitors capital on the basis of the carrying amount of equity , cash and cash equivalents as presented on the face of the consolidated 
statement of financial position. Movements in capital for the reporting period under review are summarised in Note 19 and in the consolidated 
statement of changes in equity.
The Group manages its capital structure in response to changes in economic conditions and in accordance with the Group’s objective to bring the  
Red Rabbit Project into production.
27. Financial instruments
In the normal course of its operations, the Group and Company are exposed to gold prices, currency , interest rate, and liquidity risk. 
The Group and Company use financial instruments, other than derivatives, comprising, short term deposits, cash, liquid resources and various  
items such as sundry debtors and creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance 
for the Group’s operations.
The main risks arising from the Group’s and Company’s financial instruments are liquidity and currency differences on foreign currency net 
investments. The Directors review and agree policies for managing these risks and these are summarised below.
Market operational risk
The nature of the Group’s and Company’s investments requires the commitment of significant funding to finance its mining projects. It is the nature 
of mining operations that each project is long term before exploration proves to be viable and progresses to reach commercial production. To control 
these risks the Board arranges for the provision of technical support, commissions technical research and feasibility studies both prior to entering 
into these commitments and subsequently over the life of these projects.
Liquidity risk 
The Group and Company seek to manage financial risk to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets 
safely and profitably. The Board will seek additional funds from the issue of share capital and warrants where appropriate, by reviewing financial  
and operational budgets and forecasts. The Group and Company’s financial liabilities, including interest bearing liabilities, trade and other payables  
all of which will be settled within six months.
Credit risk and Treasury management 
The Company has borrowings outstanding from its subsidiaries, the ultimate realisation of which depends on the successful exploration and realisation 
of the Group’s intangible exploration assets. This in turn is subject to the availability of financing to maintain the ongoing operations of the business. 
The Group manages its financial risk to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably.
Foreign currency risk
Foreign exchange risk arises due to the Group’s and Company’s primary operations being in Turkey. The Group and Company have a general policy 
of not hedging against its exposure of foreign investments in foreign currencies. The Group and Company are exposed to translation and transaction 
foreign exchange risks and take profits or losses on these as they arise.
Borrowing facilities and interest rate risk 
The Group and Company finances its operations primarily through the issue of equity share capital and debt in order to ensure sufficient cash 
resources are maintained to meet short-term liabilities and future project development requirements. Additional cash was received during the year 
as a result of further capital raising activities. Cash assets returned on average an interest rate of 0.5% during the year . Cash deposits are kept under 
regular review, with reference to future expenditure requirements, and to maximise interest receivable.
Interest rate sensitivity
(a) The Group and Company have limited exposure to changes to Interest rates both locally and in Turkey since the interest accruing on bank  
deposits was relatively immaterial.
(b) The Group and Company have no interest rate exposure on the loan finance provided during the year as the amounts owed by Group  
undertakings are interest free.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
45
Financial statements 27. Financial instruments continued
Fair values of financial instruments
The fair value of a financial instrument is defined as the amount at which the instrument could be exchanged in a current transaction between  
willing parties, other than in a forced or liquidation sale. Where applicable, further information about the assumptions made in determining fair values 
is disclosed in the notes specific to that asset or liability.
Set out below is a comparison by category of carrying amounts and fair values of all the Group’s financial instruments:
Carrying amount Fair values
2013  
£’000
2012  
£’000
2013  
£’000
2012  
£’000
Financial assets
Cash and cash equivalents 212 255 212 255
Available for sale financial assets
Other financial asset (current) – Level 2 338 – 338 –
Other financial asset (non-current) – Level 2 301 – 301 –
Loans and receivables
Trade and other receivables (current) 235 894 235 894
Trade and other receivables (non-current) 91 75 91 75
Financial liabilities
Financial liabilities measured at amortised cost
Interest bearing borrowings – (238) – (238)
Trade and other payables (890) (506) (890) (506)
The fair value of trade and other receivables is estimated as the present value of future cash flows discounted at the market rate of interest  
at the reporting date. For receivables and payables with a remaining life of less than one year , the notional amount is deemed to reflect fair value.  
All other receivable and payables are discounted to determine the fair value.
Level 2 fair value measurements have been determined by reference to observable data in quoted markets at the balance sheet dates.
All payables for the Company and the Group are considered repayable on demand.
Differences arising between the carrying and fair value are considered not significant to adjust for in these accounts.
Notes to the consolidated financial statements
For the year ended 31 December 2013
continued
Ariana Resources PLC
Annual Report & Accounts 2013  
Financial statements
 
46 Notice of the 2014 Annual General Meeting  
of Ariana Resources PLC
Company Number: 05403426
Please note that this document is important and requires your immediate attention. If you are in any doubt as to the action to be taken,  
please consult an independent adviser immediately. 
If you have sold or transferred or otherwise intend to sell or transfer all of your holding of ordinary shares in the Company prior to the record date 
(as described in Note 12) for the Annual General Meeting of the Company on 30 June 2014 at 11.00 a.m., you should send this document, together 
with the accompanying Form of Proxy, to the (intended) purchaser or transferee or to the stockbroker , bank or other agent through whom the sale 
or transfer was or is to be effected for transmission to the (intended) purchaser or transferee.
Notice is hereby given that the Annual General Meeting of the Company will be held at the East India Club, 16 St James’s Square, London,  
SW1Y 4LH on 30 June 2014 at 11.00 a.m. in order to consider and, if thought fit, pass resolutions 1 to 4 as Ordinary Resolutions and  
Resolutions 5 and 6 as Special Resolutions:
Ordinary resolutions
1. To receive the Annual Report and Accounts for the year ended 31 December 2013.
2. To re-elect Ahmet Kerim Sener who is retiring by rotation under the Articles of Association as a Director of the Company.
3. To re-appoint KPMG LLP as auditors and to authorize the directors to fix their remuneration.
4.  That, in accordance with section 551 of the Companies Act 2006 (“2006 Act”), the Directors be generally and unconditionally authorised to  
allot shares in the Company or grant rights to subscribe for or to convert any security into shares in the Company (“Rights”) up to an aggregate  
nominal amount of £1,000,000 provided that this authority shall, unless renewed, varied or revoked by the Company , expire at the end of the  
next Annual General Meeting of the Company to be held after the date on which this resolution is passed, save that the Company may , before  
such expiry , make an offer or agreement which would or might require shares to be allotted or Rights to be granted and the Directors may  
allot shares or grant Rights in pursuance of such offer or agreement notwithstanding that the authority conferred by this resolution has expired.  
This authority is in substitution for all previous authorities conferred on the Directors in accordance with section 551 of the 2006 Act.
Special resolutions
5.  That, subject to the passing of Resolution 4 the Directors be given the general power to allot equity securities (as defined by Section 560 of the  
2006 Act) for cash, either pursuant to the authority conferred by Resolution 4 or by way of a sale of treasury shares, as if Section 561(1) of the  
2006 Act did not apply to any such allotment, provided that this power shall be limited to:
 5.1  the allotment of equity securities in connection with an offer by way of a rights issue:
   5.1.1 to the holders of ordinary shares in proportion (as nearly as may be practicable) to their respective holdings; and
   5.1.2.  to holders of other equity securities as required by the rights of those securities or as the Directors otherwise consider necessary , 
but subject to such exclusions or other arrangements as the Board may deem necessary or expedient in relation to treasury shares, 
fractional entitlements, record dates, legal or practical problems in or under the laws of any territory or the requirements of any 
regulatory body or stock exchange; and
 5.2. the allotment (otherwise than pursuant to paragraph 5.1 above) of equity securities up to an aggregate nominal amount of £1,000,000.
    The power granted by this resolution will unless renewed, varied or revoked by the Company , expire at the conclusion of the next Annual 
General Meeting of the Company following the date of the passing of this resolution or (if earlier) 12 months from the date of passing  
this resolution, save that the Company may , before such expiry make offers or agreements which would or might require equity securities  
to be allotted after such expiry and the Directors may allot equity securities in pursuance of any such offer or agreement notwithstanding  
that the power conferred by this resolution has expired.
    This resolution revokes and replaces all unexercised powers previously granted to the Directors to allot equity securities as if section 561(1)  
of the 2006 Act did not apply , but without prejudice to any allotment of equity securities already made or agreed to be made pursuant to  
such authorities.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
47
Financial statements Notice of the 2014 Annual General Meeting  
of Ariana Resources PLC
Company Number: 05403426 
continued
6.  THAT the Company be generally and unconditionally authorised to make market purchases (within the meaning of section 693(4) of the Companies  
Act 2006) of ordinary shares of 0.1 pence each provided that:
 6.1  The maximum aggregate number of ordinary shares that may be purchased is 250,000,000;
 6.2  The minimum price (excluding expenses) which may be paid for each ordinary share is 0.1 pence;
 6.3  The maximum price 2 pence which may be paid for each ordinary share is the higher of:
   6.3.1  105 per cent of the average market value of an ordinary share in the Company for the five business days prior to the day  
the purchase is made; and
   6.3.2 the value of an ordinary share calculated on the basis of the higher of the price quoted for: 
     a) the last independent trade of; and
     b)  the highest current independent bid for , any number of the Company’s ordinary shares on the trading venue where  
the purchase is carried out.
 
  The authority conferred by this resolution shall expire at the conclusion of the Company’s next annual general meeting save that the Company may ,  
before the expiry of the authority granted by this resolution, enter into a contract to purchase ordinary shares which will or may be executed wholly  
or partly after the expiry of such authority.
By Order of the Board dated 5 June 2014  Registered Office
  Bridge House
  London Bridge
  London 
  UK
  SE1 9QR
  
Michael de Villiers
Company Secretary
Ariana Resources PLC
Annual Report & Accounts 2013  
Financial statements
 
48 Notes:
1.  As a member of the Company you are entitled to appoint a proxy to exercise all or any of your rights to attend, speak and vote at a general 
meeting of the Company. You can only appoint a proxy using the procedures set out in these notes.
2.  Appointment of a proxy does not preclude you from attending the meeting and voting in person. If you have appointed a proxy and attend the 
meeting in person, your proxy appointment will automatically be terminated.
3.  A proxy does not need to be a member of the Company but must attend the meeting to represent you. To appoint as your proxy a person  
other than the Chairman of the meeting, insert their full name in the box. If you sign and return this proxy form with no name inserted in the 
box, the Chairman of the meeting will be deemed to be your proxy. Where you appoint as your proxy someone other than the Chairman, you  
are responsible for ensuring that they attend the meeting and are aware of your voting intentions. If you wish your proxy to make any comments  
on your behalf, you will need to appoint someone other than the Chairman and give them the relevant instructions directly. 
4.  You may not appoint more than one proxy to exercise rights attached to any one share.
5.  To direct your proxy how to vote on the resolutions mark the appropriate box with an ‘X’. To abstain from voting on a resolution, select the 
relevant “Vote withheld” box. A vote withheld is not a vote in law, which means that the vote will not be counted in the calculation of votes for  
or against the resolution. If you give no voting indication, your proxy will vote or abstain from voting at his or her discretion. Your proxy will vote 
(or abstain from voting) as he or she thinks fit in relation to any other matter which is put before the meeting. 
6.   To appoint a proxy you must ensure that the attached proxy form is completed, signed and sent to Computershare Investor Services plc,  
The Pavilions, Bridgwater Road, Bristol BS99 7ZY by no later than 11.00 a.m. on 26 June 2014.
7.  In the case of a member which is a company , the Form of Proxy must be executed under its common seal or signed on its behalf by an officer  
of the company or an attorney for the company.
8.  Any power of attorney or any other authority under which this proxy form is signed (or a duly certified copy of such power or authority) must  
be included with the proxy form.
9.  In the case of joint holders, where more than one of the joint holders purports to appoint a proxy , only the appointment submitted by the most 
senior holder will be accepted. Seniority is determined by the order in which the names of the joint holders appear in the Company’s register  
of members in respect of the joint holding (the first-named being the most senior).
10.  If you submit more than one valid proxy appointment, the appointment received last before the latest time for the receipt of proxies will take 
precedence.
11.  You may not use any electronic address provided in this proxy form to communicate with the Company for any purposes other than those 
expressly stated.
12.  Pursuant to Regulation 41 of the Uncertificated Securities Regulations 2001, the time by which a person must be entered on the register  
of members in order to have the right to attend and vote at the Annual General Meeting is 11.00 a.m. on 26 June 2014, (being not more than  
48 hours prior to the time fixed for the Meeting) or , if the Meeting is adjourned, such time being not more than 48 hours prior to the time fixed 
for the adjourned meeting. Changes to entries on the register of members after that time will be disregarded in determining the right of any 
person to attend or vote at the Meeting.
Ariana Resources PLC
Annual Report & Accounts 2013  
 
49
Financial statements Advisors
Directors
M J de Villiers
A K Sener
W J B Payne
Secretary
M J de Villiers
Registered office
Bridge House, London Bridge,  
London, SE1 9QR
Registered number
05403426
Auditors
KPMG LLP
15 Canada Square,  
London, E14 5GL 
Bankers
HSBC
186 Broadway , Didcot,  
Oxfordshire, OX11 8RP
Solicitors
Gowling Lafleur Henderson LLP
15th Floor – 125 Old Broad Street,
London, EC2N 1AR 
Brokers
Beaufort International Associates Ltd 
49 Whitehall,  
London, SW1A 2BX 
Loeb Aron & Co Ltd 
Cheyne House, Crown Court,  
62–63 Cheapside,  
London, EC2V 6AX
Nominated advisor
Beaumont Cornish Limited
Bowman House, 29 Wilson Street, 
London, EC2M 2SJ
Registrars
Computershare Investor Services plc
The Pavilions, Bridgwater Road,  
Bristol, BS13 8AE
Public Relations
St Brides Media and Finance Ltd
3 St Michael’s Alley ,  
London, EC3V 9DS
Brand Mining Ltd
Office 2, The Portal,  
Port of Liverpool Building, Pier Head,  
Liverpool, L3 1BY
Ariana Resources PLC
Annual Report & Accounts 2013  
 
50 Designed and produced by SampsonMay
T +44 (0)20 7403 4099
www.sampsonmay.com Ariana Resources PLC 
Bridge House
London Bridge
London
SE1 9QR
T: +44 (0) 207 407 361 6
F: +44 (0) 207 403 1 605
www.arianaresources.com
info@arianaresources.com
Front cover image: Kizilcukur quartz vein  
containing galena and pyrite with gold.