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Ariana Resources
(LSE:AAU)
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Select Model
Rating:46Neutral
Price Target:
1.50 p
▲(0.00% Upside)
Action:Reiterated
Date:10/01/26
The score is held down primarily by weak financial performance—zero reported revenue, ongoing operating losses, and persistent negative operating/free cash flow—despite a comparatively modest-leverage balance sheet. Technicals are neutral-to-soft (below longer-term moving averages with mixed momentum), and valuation is pressured by a negative P/E and no dividend yield support.
Positive Factors
Conservative balance sheet
A sizeable equity base and modest leverage provide financial resilience relative to the company’s operating losses. Limited debt reduces interest and refinancing pressure, preserving flexibility to support exploration, partnerships, or development while assets mature.
Negative Factors
No reported revenue
Persistent zero revenue indicates that the current portfolio is not producing a stable operating revenue stream at the company level. Negative gross profit and operating results make earnings dependent on future project progress or transactions rather than established recurring operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
A sizeable equity base and modest leverage provide financial resilience relative to the company’s operating losses. Limited debt reduces interest and refinancing pressure, preserving flexibility to support exploration, partnerships, or development while assets mature.
Read all positive factors
Ariana Resources (AAU) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£39.69M
Dividend Yield22.22%
Average Volume (3M)2.92M
Price to Earnings (P/E)―
Beta (1Y)0.37
Revenue GrowthN/A
EPS Growth-416.67%
CountryUK
Employees49
SectorBasic Materials
Sector Strength58
IndustryGold
Share Statistics
EPS (TTM)>-0.01
Shares Outstanding2,690,813,200
10 Day Avg. Volume3,156,071
30 Day Avg. Volume2,920,584
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.70
Price to Sales (P/S)0.00
P/FCF Ratio-12.03
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Ariana Resources Business Overview & Revenue Model
Company Description
Ariana Resources plc, established in London, United Kingdom, in 2005, specializes in the acquisition, exploration, and development of mineral resources across Turkey. Beyond its primary focus on gold, the company's activities extend to prospecting...
How the Company Makes Money
Ariana Resources makes money mainly through its ownership interests in mining and exploration projects, particularly via joint venture structures. Where a project is in production, Ariana’s share of the operating entity’s results is the primary ec...
Ariana Resources Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
66
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -35.00K | -79.00K | -119.00K | -74.00K | -93.00K | -44.00K |
| EBITDA | -3.12M | -2.56M | -2.63M | -1.43M | -643.00K | -2.94M |
| Net Income | -6.23M | -12.36M | 2.69M | -218.00K | 4.03M | 3.86M |
Balance Sheet | ||||||
| Total Assets | 53.51M | 46.49M | 45.59M | 21.93M | 27.90M | 30.59M |
| Cash, Cash Equivalents and Short-Term Investments | 17.27M | 5.44M | 913.00K | 4.11M | 9.38M | 16.39M |
| Total Debt | 0.00 | 629.00K | 1.50M | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 489.00K | 1.11M | 2.19M | 419.00K | 814.00K | 2.06M |
| Stockholders Equity | 52.88M | 45.23M | 43.27M | 21.37M | 27.06M | 28.50M |
Cash Flow | ||||||
| Free Cash Flow | -2.97M | -2.63M | -4.17M | -4.13M | -3.08M | -5.41M |
| Operating Cash Flow | -2.86M | -2.58M | -3.09M | -3.15M | -2.55M | -5.17M |
| Investing Cash Flow | 12.62M | -1.50M | 94.00K | -3.33M | -1.27M | 23.61M |
| Financing Cash Flow | 6.95M | 8.64M | 1.50M | 42.00K | -2.07M | -3.33M |
Ariana Resources Technical Analysis
Negative
1.50
Price Trends
1.51
Negative
1.66
Negative
1.74
Negative
Market Momentum
-0.02
Positive
44.72
Neutral
31.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:AAU, the sentiment is Negative. The current price of 1.5 is below the 20-day moving average (MA) of 1.51, below the 50-day MA of 1.51, and below the 200-day MA of 1.74, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 44.72 is Neutral, neither overbought nor oversold. The STOCH value of 31.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GB:AAU.
Ariana Resources Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | £33.93M | 11.55 | 11.74% | 7.82% | 11.31% | -35.09% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
50 Neutral | £13.71M | 14.88 | 6.50% | ― | ― | ― | |
48 Neutral | £88.01M | -47.50 | -4.96% | ― | ― | -13.64% | |
46 Neutral | £39.69M | -3.86 | -12.69% | 22.22% | ― | -416.67% | |
43 Neutral | £7.02M | -5.82 | -12.39% | ― | ― | 86.31% | |
43 Neutral | £10.90M | -22.88 | -3.73% | ― | ― | 16.67% |
* Basic Materials Sector Average
GB:AAU
Ariana Resources
1.43
-0.25
-14.63%
GB:GDP
Goldplat
19.75
11.41
136.75%
GB:ORR
Oriole Resources PLC
0.28
-0.02
-8.33%
GB:WSBN
Wishbone Gold
18.50
-103.50
-84.84%
GB:LEX
Lexington Gold
2.25
-1.65
-42.31%
GB:CORA
Cora Gold
11.50
2.00
21.05%
Ariana Resources Corporate Events
Business Operations and Strategy
Ariana Resources Advances Feasibility Work at Dokwe Gold Project in Zimbabwe
Positive
Sep 30, 2026
Ariana Resources has reported rapid progress on the feasibility study for its Dokwe Gold Project in Zimbabwe, underpinned by around 11,000 metres of recent drilling feeding into a new independent mineral resource estimate. The company is pursuing ...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresM&A Transactions
Ariana Resources Boosts Profit and Cash as Dokwe Gold Project Gathers Scale
Positive
Sep 29, 2026
Ariana Resources reported a sharp rise in interim profitability, with profit before tax surging to £6.25 million on the back of asset sales and a strengthened balance sheet that lifted exploration assets to over £21 million. The company ...
Business Operations and StrategyExecutive/Board Changes
Ariana Resources Names Executive Chairman to Steer Dokwe Gold Project
Positive
Sep 14, 2026
Ariana Resources has elevated its current Non-Executive Chairman, Michael Atkins, to the role of Executive Chairman with immediate effect, as the company moves into a crucial phase of advancing the Dokwe Gold Project in Zimbabwe. The leadership ch...
Business Operations and Strategy
Ariana Resources Advances Dokwe Gold Project With Positive Drilling and DFS Testwork
Positive
Sep 10, 2026
Ariana Resources has reported strong results from its 2026 metallurgical and exploration diamond drilling at the Dokwe Gold Project in Zimbabwe, confirming extensive zones of high and moderate-grade gold mineralisation at Dokwe North and Central. ...
Business Operations and Strategy
Ariana Resources to Showcase Strategy at Africa Down Under Conference
Positive
Sep 1, 2026
Ariana Resources announced that Managing Director Dr Kerim Sener will deliver a 15-minute presentation at the Africa Down Under Conference on 2 September, highlighting the company’s strategy to “Discover, Develop and Deliver” its...
Business Operations and Strategy
Ariana Resources Updates Registered Office in Central London
Neutral
Aug 19, 2026
Ariana Resources plc has announced a change to its registered office address for the company and its UK group entities. The new office is located on the fifth floor at 16 Great Queen Street in Covent Garden, London WC2B 5DG, signalling an administ...
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Ariana Resources Boosts Dokwe Gold Project Metrics and Refocuses Portfolio
Positive
Jul 31, 2026
Ariana Resources reported strong progress on the Dokwe Gold Project in Zimbabwe during the quarter to 30 June 2026. The company released an optimised pre-feasibility study indicating long-life, high-margin gold production with a 42% increase in or...
Business Operations and StrategyM&A Transactions
Ariana Resources cashes in Kiziltepe stake to fund Dokwe push
Positive
Jul 31, 2026
Ariana Resources has sold its remaining 9.9% interest in the Kiziltepe Sector in Türkiye to partner Proccea Construction for US$3.7 million in cash, plus US$0.8 million in debt repayment from Zenit, boosting pro forma cash to about A$39 milli...
Business Operations and StrategyM&A Transactions
Ariana Resources Streamlines Turkish Assets as Tavşan Mine Reaches Full Ramp-Up
Positive
Jul 22, 2026
Ariana Resources has reported that ramp-up at the Tavşan gold mine in Türkiye is complete, with ore now being loaded onto heap-leach pads at the targeted rate of 4,000 tonnes per day. The operation is maintaining ore stockpiles of about ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.