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Ariana Resources posts strong third quarter financials

Ariana has a long track record of operating successfully in Turkey

Ariana Resources PLC -

Ariana Resources PLC (LON:AAU) generated revenues of US$11.4mln from the Kiziltepe gold mine in Turkey during the third quarter of 2020.

 The average realised gold price was US$1,915 per ounce, up significantly on the quarter, as well as on the corresponding period a year ago.

By contrast, operating cash cost for the period was just US$352 per ounce, down from the US$492 booked in the previous quarter, due in part to a decline in the foreign exchange rate, and also flattered by the sale of silver stock.

Third quarter production, which was reported last month, was just over 5,000 ounces.

Broker Shore Capital is optimistic about a beat to production guidance for the full year.

Quick facts: Ariana Resources PLC

Price: 4.425 GBX

Market: AIM
Market Cap: £474.4 k

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