Edison Investment Research - Ariana Resources (AAU) Update: Red Rabbit financed

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Edison Investment Research

Update: Red Rabbit financed

Ariana has secured 100% of the financing required for its eventual 50% interest in the Kiziltepe Mine (part of the Red Rabbit JV held with partner Proccea Construction). Financing, as expected, is 100% debt and was secured with Turkish bank Turkiye Finans Katilim Bankasi AS. It is structured using participatory banking principles and carries no requirement for hedging. Ariana and Proccea now need to obtain the final forestry permit from the Turkish government to begin construction, which is expected by the end of Q314. First gold production is now due end H115.

07/08/2014 4 EN

Underlying

Ariana Resources

Ariana Resources is a producer, explorer and developer focused on gold and technology-metals. As of Dec 31 2016, Co. held 50.0% of Kiziltepe and Tavsan resources, and 100.0% of Salinbas and Ardala resources.

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GB00B085SD50 London Stock Exchange United Kingdom

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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