Asgard Metals Pty. Ltd. is a wholly-owned Australian subsidiary of Ariana, now operating as the Asgard Metals Fund (“Asgard”). The company was established initially to focus on technology-commodity opportunities globally, and was successful in identifying several early-stage lithium exploration projects in Western Australia and the Northern Territory. These projects were vended to two ASX-listed companies in 2015 and 2016 for a combination of cash and shares, which established the financial basis of its future business. With A$2 million now available in cash, the remit of the company is being broadened to encompass other project investment opportunities.

It is expected that Asgard will make “Project Catalytic” investments in selected listed companies with interests in high-quality early-stage exploration project opportunities, with a particular focus on LSE and ASX listed companies. Asgard is specifically focused on the discovery stage of mineral exploration projects, where the full capabilities of the Ariana in-house exploration team can be brought to bear.

Venus Minerals Ltd (“Venus”) is a UK registered, Cyprus-domiciled company holding a significant exploration and development portfolio in Cyprus.  Ariana is earning-in to 50% of Venus and has to date earned into an entitlement to 37.5%. An advanced copper-gold-zinc project, Magellan, contains an Inferred JORC Resource of 9.5Mt @ 0.65% copper (2020), which has potential for less well constrained zinc at 0.6% and unquantified gold and silver, providing the company with an exceptional foundation on which to build its resource base.  Scoping and pit-optimisation studies for the projects have been completed and are under review towards the preparation of a combined Preliminary Economic Assessment.  The company recognises the potential to confirm and grow these resources through further drilling and a new drilling programme of over 2,700 m has been completed on the Magellan Project in 2021.  Venus also holds a substantial exploration portfolio outside of the main project areas.  This contains several immediate drill targets, which have been established following a rigorous data review and new surface exploration.  It is the intention of Venus to develop a significant new mining operation in Cyprus.