Ariana Resources (AAU) AI Stock Analysis

• Market Cap: £46.43M
• Dividend Yield: N/A
• Average Volume (3M): 6.06M
• Price to Earnings (P/E): 14.8
• Beta (1Y): -0.33
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: UK
• Employees: 40
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): 0.00
• Shares Outstanding: 2,615,711,400
• 10 Day Avg. Volume: 6,854,193
• 30 Day Avg. Volume: 6,063,481
• PEG Ratio: -0.01
• Price to Book (P/B): 0.64
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -6.67
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 54 Neutral
• Price Target: 2.00p ▲(31.58% Upside)

The score is held down mainly by weak underlying financial performance—ongoing operating losses and structurally negative operating/free cash flow—despite a relatively low-leverage balance sheet. Technical indicators are supportive with price above key moving averages and positive MACD, providing a partial offset. Valuation is moderate based on the provided P/E, with no dividend yield data to support the case.

Positive Factors

Asset-light JV Business Model

An asset‑light JV model reduces capital intensity and shares project risk. By earning value via JV stakes, farm‑outs and stake sales, Ariana can advance multiple targets without sole funding responsibility, preserving balance sheet flexibility for long‑term pipeline development.

Low Leverage and Strong Equity Base

Very low leverage and a larger equity base after 2024 provide durable financial flexibility. With minimal debt and equity strengthened to ~£43.3m, Ariana is better positioned to fund exploration or absorb development delays without immediate refinancing, supporting multi‑stage project timelines.

Focused Precious-Metals Exposure

Concentrated exposure to gold and associated metals offers structural commodity tailwinds and portfolio clarity. Gold's long‑term store of value and Ariana's Turkey focus support project economics, regulatory familiarity and JV sourcing, aiding multi‑year project advancement and investor understanding.

Negative Factors

Weak Cash Generation

Operating cash flow negative in most recent years and persistently negative free cash flow signal ongoing cash burn. This forces reliance on external financing or asset disposals to progress projects, raising dilution and refinancing risk and constraining the company's ability to self‑fund multi‑year development.

Poor Core Profitability and Earnings Quality

Persistent negative gross profit and materially negative EBIT indicate core operations are not generating margin. Net income volatility driven by non‑operating items weakens earnings quality, undermining confidence in sustainable cash returns and complicating financing or partner negotiations.

Execution and Funding Reliance on Partners

Heavy reliance on JVs and partners limits direct operational control; project timing and outcomes depend on counterparties. Coupled with weak cashflows, this elevates execution and monetisation risk because Ariana may lack the resources or influence to resolve partner funding shortfalls or accelerate delivery.

Ariana Resources Business Overview & Revenue Model

Company Description

Ariana Resources plc engages in acquisition, exploration, and development of mineral resources in Turkey. The company also explores for silver, copper, and molybdenum deposits. Its projects include the Kiziltepe Gold-Silver mine and Tavsan gold project located in western Turkey; and Salinbas gold project located in north-eastern Turkey. The company was incorporated in 2005 and is based in London, the United Kingdom.

How the Company Makes Money

Ariana Resources Financial Statement Overview

Summary

Financials are mixed but skew weak: income statement shows persistently negative gross profit and materially negative EBIT/EBITDA, while net income is volatile and likely non-operating. Cash flow is a major risk with negative operating cash flow in 4 of the last 5 years and consistently negative free cash flow (2021–2024). The balance sheet is a relative positive with low leverage and a larger equity base in 2024, but profitability and cash conversion remain concerns.

Income Statement

Operating performance is weak and inconsistent: gross profit is negative every year and EBIT/EBITDA are materially negative (2024 EBIT -2.9m vs -2.0m in 2023), indicating ongoing cost pressure and limited core profitability. Net income, however, swings sharply (2024 +2.7m vs 2023 -0.2m; also positive in 2020–2022), suggesting earnings are being driven by non-operating items rather than durable operations. Reported revenue is 0 across periods, which limits visibility into true top-line momentum and margin quality.

Balance Sheet

The balance sheet is a relative strength: leverage is low (2024 debt-to-equity ~0.03, with total debt ~1.5m against equity ~43.3m), providing financial flexibility. Equity and assets also step up meaningfully in 2024 (equity ~43.3m vs ~21.4m in 2023; assets ~45.6m vs ~21.9m), improving the capital base. A key weakness is that returns on equity are not consistently positive (2023 ROE negative), reflecting uneven profitability and execution risk despite modest leverage.

Cash Flow

Cash generation is the main concern: operating cash flow is negative in four of the last five years (2021–2024), including 2024 at -3.1m, and free cash flow is also consistently negative over 2021–2024 (2024 -4.2m). While 2024 shows positive net income, cash flow does not corroborate it, pointing to lower earnings quality and ongoing funding needs. The only clearly positive year was 2020 (operating cash flow +3.2m; free cash flow +3.0m), but the subsequent reversal weighs on sustainability.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	-123.00K	-119.00K	-74.00K	-93.00K	-44.00K	-20.00K
EBITDA	-1.88M	-2.63M	-1.43M	-643.00K	-2.94M	-1.37M
Net Income	2.15M	2.69M	-218.00K	4.03M	3.86M	4.76M
Balance Sheet
Total Assets	44.66M	45.59M	21.93M	27.90M	30.59M	32.01M
Cash, Cash Equivalents and Short-Term Investments	424.00K	913.00K	4.11M	9.38M	16.39M	2.98M
Total Debt	1.55M	1.50M	0.00	0.00	0.00	0.00
Total Liabilities	2.34M	2.19M	419.00K	814.00K	2.06M	5.31M
Stockholders Equity	42.18M	43.27M	21.37M	27.06M	28.50M	26.70M
Cash Flow
Free Cash Flow	-1.05M	-4.17M	-4.13M	-3.08M	-5.41M	2.98M
Operating Cash Flow	-1.03M	-3.09M	-3.15M	-2.55M	-5.17M	3.25M
Investing Cash Flow	-919.00K	94.00K	-3.33M	-1.27M	23.61M	-154.00K
Financing Cash Flow	2.98M	1.50M	42.00K	-2.07M	-3.33M	248.00K

Ariana Resources Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GDP	70 Outperform	£19.21M	18.44	4.81%	2.48%	-22.04%	-75.70%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
AAU	54 Neutral	£46.43M	14.79	5.54%	―	―	―
ORR	54 Neutral	£17.30M	-7.10	-16.46%	―	―	―
WSBN	48 Neutral	£23.73M	-5.90	-14.14%	―	―	―
LEX	44 Neutral	£18.24M	-32.08	-4.26%	―	―	―

Ariana Resources Corporate Events

Ariana Resources Secures Funding for Dokwe as Turkish Mines Deliver Record Revenue

Ariana Resources has ended 2025 with a marked acceleration of activity across its Zimbabwean and Turkish portfolios, underpinned by a binding definitive agreement with Hongkong Xinhai Mining Services for A$8 million in immediate funding and up to A$3 million more in equity-linked support to advance the Dokwe Gold Project’s metallurgical work and Definitive Feasibility Study, leaving the company with around £5.4 million in cash at year-end. At Dokwe, the company launched the first phase of an 11,000m reverse circulation drilling programme, completing 3,317m across 18 holes by year-end, with early results from hole DRC9 suggesting the Dokwe Central South Zone remains open to the south and reinforcing management’s confidence in potential resource expansion beyond the current 1.4Moz JORC-compliant estimate. In Türkiye, Ariana’s interests through Zenit delivered record production revenue of US$71.8 million from 19,517 oz of gold plus silver, driven by higher metal prices and the start of commercial heap-leach operations at the Tavşan Gold Mine, which produced its first 13.4kg gold-silver doré in December. Extensive drilling campaigns continued at Tavşan and the nearby Kizilcukur deposit, with more than 12,000m of resource and exploration drilling at Tavşan and 2,769m at Kizilcukur returning multiple high-grade gold and silver intercepts, which are expected to feed into a revised mineral resource estimate for Tavşan in the second quarter of 2026 and support ongoing optimisation of the Turkish operations. Collectively, the operational progress, record revenues and new strategic funding underscore Ariana’s efforts to solidify Dokwe as a flagship growth asset while leveraging cash flow from Türkiye, potentially enhancing its standing with strategic investors and strengthening its position in the regional gold sector.

The most recent analyst rating on (GB:AAU) stock is a Hold with a £2.00 price target. To see the full list of analyst forecasts on Ariana Resources stock, see the GB:AAU Stock Forecast page.

Ariana Resources Calls General Meeting to Meet ASX Equity Rules

Ariana Resources has called a general meeting for 25 February 2026 in London, issuing a notice and proxy form to shareholders in connection with compliance requirements on the ASX. The meeting is being convened solely to satisfy the Australian exchange’s more restrictive rules on potential future equity issues, and it does not affect the previously announced Tranche 1 share issue to Hongkong Xinhai Mining Ltd, underscoring that the strategic investment by Xinhai remains on track while Ariana aligns its governance with dual-listing obligations.

The most recent analyst rating on (GB:AAU) stock is a Hold with a £1.50 price target. To see the full list of analyst forecasts on Ariana Resources stock, see the GB:AAU Stock Forecast page.

Ariana Resources Unveils Strong New Drilling Results at Tavşan Mine

Ariana Resources has reported further encouraging drilling results from the Main and South Zones of the Tavşan Mine in western Türkiye, where 3,887 metres of HQ diamond drilling across 85 holes have both confirmed existing high-grade domains and identified extensions of gold and silver mineralisation beyond current resource boundaries. Key intercepts from near surface and at depth, including new high-grade zones rich in both gold and silver, point to resource expansion potential, particularly at the South Zone and on the eastern fringes of the Main Zone, while infill drilling supports mine planning by validating continuity in the current models. With total drilling at Tavşan now approaching 10,000 metres and ongoing work in the West and East Zones, the company is preparing a JORC resource update expected in the second quarter of 2026, and is re-optimising pit designs at a higher gold price assumption of US$3,500 per ounce, which could enhance the scale and longevity of the Tavşan operation and improve its economic contribution to Ariana and its partners.

The most recent analyst rating on (GB:AAU) stock is a Hold with a £1.50 price target. To see the full list of analyst forecasts on Ariana Resources stock, see the GB:AAU Stock Forecast page.

Ariana Resources Extends Mineralisation at Dokwe Central with Strong Initial Drill Results

Ariana Resources has reported initial assay results from its first exploration drilling campaign at the 100%-owned Dokwe Gold Project in Zimbabwe, showing that mineralisation at the Dokwe Central deposit extends well beyond the current resource envelope. Key intercepts from hole DRC9, including 14 metres at 2.17 g/t gold with a higher-grade 6 metres at 4.15 g/t, confirm extensions to the South Zone and suggest significant potential to grow the existing 100,000-ounce JORC resource, which is already considered amenable to development as a satellite pit to the larger Dokwe North deposit. With 3,317 metres of reverse circulation drilling completed and further assay results due in early 2026, Ariana plans to resume drilling after a year-end camp closure, using both RC and diamond rigs to refine resource potential and support feasibility and metallurgical work, underlining Dokwe’s growing strategic importance within the company’s gold portfolio.

Ariana Resources Secures Up to A$11m Strategic Investment from Xinhai to Advance Zimbabwe Gold Project

Ariana Resources has entered a binding definitive strategic investment agreement with Hongkong Xinhai Mining Services, part of Shandong Xinhai Mining Technology & Equipment, securing A$8 million in immediate equity funding and up to A$11 million in total investment through three tranches. The deal will see Xinhai subscribe for up to 36.7 million CHESS Depositary Interests at A$0.30 each, provide A$3 million of metallurgical testwork and Definitive Feasibility Study services for Dokwe in exchange for additional CDIs, receive up to 18.3 million options exercisable at A$0.50, and nominate a director to Ariana’s board, while Ariana issues new shares and options to advisers and expands its total voting share capital to 2.62 billion shares. The funding will bolster Ariana’s working capital and accelerate technical studies at Dokwe, bringing in a large global EPC+M+O mining solutions provider as a strategic partner and shareholder with just over 10% of the company post-Tranche 1, potentially strengthening project execution capability and market positioning in African gold development.

Ariana Resources Advances Drilling at Dokwe Gold Project

Ariana Resources PLC has provided an update on its exploration drilling at the Dokwe Gold Project in Zimbabwe, where 2,411 meters have been drilled out of a planned 4,000-meter program. The drilling has revealed strong geological indicators such as silicification, pyritization, and shearing, suggesting significant potential at Dokwe Central. The company is using real-time data from portable XRF and magnetic susceptibility to enhance geological interpretations and adapt the drilling program. Ariana plans to extend the drilling program and is awaiting assay results, which are expected by the end of the year, to further understand the mineralization and resource potential.

Ariana Resources Secures Strategic Investment for Dokwe Gold Project

Ariana Resources has entered into a strategic investment agreement with Hongkong Xinhai Mining Services Ltd., part of Shandong Xinhai Mining Technology & Equipment Inc., to advance the Dokwe Gold Project in Zimbabwe. The agreement includes an A$8 million investment and technical services to conduct a Metallurgical Sampling and Testwork Programme and complete a Definitive Feasibility Study. This partnership aims to accelerate the project’s development towards production, potentially enhancing Ariana’s market position and creating long-term value for stakeholders.

Ariana Resources Achieves First Gold-Silver Pour at Tavşan Mine

Ariana Resources has successfully completed its first gold-silver doré pour at the Tavşan Mine in Türkiye, marking a significant milestone in its mining operations. The mine, which is part of the Zenit Mining Operations, is expected to ramp up production and reach steady-state by Q2 2026, becoming a primary gold-producing asset for the company. This development is poised to enhance Ariana’s cash generation capabilities and solidify its industry positioning as it shifts focus from the Kiziltepe to Tavşan operations.

Ariana Resources Identifies Potential Extensions at Kizilcukur Site

Ariana Resources has completed a drilling program at the Kizilcukur site in Türkiye, identifying potential extensions to the mineralization zones that could serve as satellite ore feed for the Kiziltepe Gold-Silver Mine. The drilling results have shown promising gold and silver intercepts, and the company is working towards integrating Kizilcukur into the Kiziltepe mining operations, with a target to commence operations by late 2026, pending environmental permitting.

Ariana Resources to Participate in Resourcing Tomorrow Conference

Ariana Resources PLC announced its participation in the Mines and Money @ Resourcing Tomorrow conference, scheduled for December 2-4, 2025, in London. The company will be available to meet with interested parties on December 4 and will provide an updated corporate presentation accessible to stakeholders via its website. This engagement highlights Ariana’s proactive approach to investor relations and its commitment to transparency with stakeholders.

Ariana Resources Reports Promising Drilling Results at Tavsan Mine

Ariana Resources has announced significant results from its ongoing drilling program at the Tavsan Mine in western Türkiye, where it holds a 23.5% interest. The latest assay results from 71 holes in the Tavsan North Zone have confirmed the extension of mineralization beyond the current JORC Resource, indicating potential for resource expansion and increased mine life. This development is expected to enhance Ariana’s resource base and strengthen its position in the gold mining industry, with a JORC Resource update anticipated by Q3 2026.

Ariana Resources Begins Drilling at Dokwe Gold Project in Zimbabwe

Ariana Resources has commenced exploration drilling at its Dokwe Gold Project in Zimbabwe, aiming to test several target areas and identify potential for future resource expansion. The initial drilling campaign consists of 26 holes over 4,000 meters, focusing on major shear zones that contain over 1 million ounces of gold. The company anticipates initial assay results by the end of the year and is considering expanding the drilling program to include metallurgical purposes, which could significantly impact future feasibility studies and resource estimates.

Ariana Resources Advances Gold Projects and Completes ASX Dual-Listing

Ariana Resources PLC reported significant progress in its operations for the quarter ended September 30, 2025. The company completed a major soil geochemical program at the Dokwe Gold Project in Zimbabwe, identifying new drill-testing areas, and commenced preparations for a 26-hole RC drilling campaign. Additionally, the Tavsan Gold Mine in Türkiye was commissioned, with ore loading on the heap-leach pad beginning shortly after the quarter’s end. Ariana also successfully completed a dual-listing on the ASX, raising A$11 million to advance the Dokwe Gold Project. These developments are expected to enhance Ariana’s operational capabilities and strengthen its market position.