MARIANA RESOURCES LIMITED

(Incorporated in Guernsey, Registered No. 44276)

UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Six months ended 30 June 2015

Contents

Chief Executive Officer's Review 1

Interim Consolidated Statement of Profit or Loss 4

Interim Consolidated Statement of Financial Position 5

Interim Consolidated Statement of Changes in Equity 6

Interim Consolidated Statement of Cash Flows 7

Notes to the Interim Condensed Consolidated Financial Statements 8

See the link at the end of this document for PDF version. For the latest information see www.marianaresources.com

Mariana Resources Limited

Incorporated in Guernsey Reg. No. 44276

Report for the six-months ended 30 June 2015

Chief Executive Officer's Review

Dear Shareholder,

The last six months have been game changing for Mariana, with the completion of the Aegean Metals Group merger in January and the subsequent discovery of high grade gold-copper mineralisation at our Hot Maden project in Turkey. Our JV partner, in Turkey, Lidya Madencilik Sanayi ve Ticaret A.S, has continued to maintain an excellent standard with the Phase II drill program at the Hot Maden project, producing outstanding results which, following the end of the Half Year, culminated in the momentous maiden Mineral Resource Estimate.

Mariana announced this discovery on the basis of consistently high grades being intersected. The exceptional discovery holes included HTD-04 with 103m @ 9g/t gold ('Au') and 2.2% Copper ('Cu') and HTD-05 with 82m at 20.4g/t Au and 1.9% Cu., These results surpass any recent discovery I know of and have rapidly elevated Mariana's project portfolio up the value curve. Over the period, Hot Maden has demonstrated that it has the potential to become one of the greatest high grade gold-copper discoveries of recent years and there has been significant interest in the project from both a retail and institutional investment perspective.

Post 30 June 2015, the significant Hot Maden Mineral Resource Estimate ('MRE') was prepared by independent mining consultants RungePincockMinarco Limited ('RPM'), reported on 18 August 2015 and comprises:

Indicated Category:

4.71 million tonnes ('Mt') at 10 grammes per tonne ('g/t') gold and 2.2% copper, for a gold equivalent grade* of 13.4 g/t and a total 2.033 Million Oz Gold Equivalent** ('AuEq') (100%

basis)

Inferred Category:

3.65 Mt at 5.5 g/t gold and 1.8% copper, for a gold equivalent grade* of 8.2 g/t and a total 0.968 Million Oz AuEq** (100% basis)

Total Mineral Resource Estimate :

3 Million Oz Gold Equivalent ** at a gold equivalent grade* of 11.2g/t (100% basis)

Mariana's Current Attributable Interest in Ho t Maden (30% ):

900,000 Oz Gold Equivalent** at a gold equivalent grade* of 11.2g/t

Note: Au Equivalence (AuEq) calculated using a 100 day moving average of $US1,178/ounce for Au and $US2.70/pound for Cu as of July 29, 2015. No adjustment has been made for metallurgical recovery or net smelter return as these remain uncertain at this time. Based on grades and contained metal for Au and Cu, it is assumed that both commodities have reasonable potential to be economically extractable.

*- The formula used for Au equivalent grade is: AuEq g/t = Au + [(Cu% x 22.0462 x 2.7)/(1178/31.1035)] and assumes 100% metallurgical recovery.

**- Au equivalent ounces are calculated by multiplying Mineral Resource tonnage by Au equivalence grade and converting for ounces. The formula used for Au equivalent ounces is: AuEq Oz = [Tonnage x AuEq grade (g/t)]/31.1035.

For the balance of Mariana's portfolio we have continued our focus on the positioning and aligning of projects at the various stages of the development curve, whilst allowing for maximum focus on Hot Maden to develop as fast as possible.

In southern Argentina, we completed a 1500m scout drill program over high grade gold and silver targets at Los Cisnes and Bozal. This drilling produced positive results and readies our Argentinean assets for the potential of a post-election (October, 2015) exploration push.

In Suriname, at our Nassau Gold project, we have been busy with various soil and geochemical sampling programs in conjunction with the results from the aeromagnetic and radiometric surveys, which are leading to the definition of targets for drill testing on a priority basis either later in the year or early next year.

In Chile, Mariana will soon be commencing exploration work. We have received the first payment of US$450,000 relating to the US$1,650,000 funding option agreement with Asset Chile Exploracion Minera Fondo de Inversion Privado, over the Doña Ines and Exploradora East projects. The main benefit of this deal is that the exploration funding received will not dilute shareholders at the equity level but rather at the project level, with Mariana retaining the role of operator during the option period.

In Peru, we recently decided to terminate our Soledad earn-in agreement following a decision that the potential deeper porphyry/intrusive drilling would not be optimising our leverage of capital, which could be more optimally applied over the balance of the portfolio.

Financial

The Mariana group made a consolidated loss of £2,918,185 or the six-months ended 30 June 2015 (half year ended 30 June 2014: £3,811,766). At 30 June 2015 Mariana had cash and cash equivalents of £847,895 (31 December 2014: £821,123).

Post Balance sheet

On 15 July 2015 Mariana received in Chile the first amount of US$ 450,000 out of a total of US$1,650,000 from Asset Chile Exploración Minera Fondo de Inversión Privado as part of a funding earn in agreement for 50% interest of the Doña Ines epithermal Gold-Silver and Exploradora East porphyry Copper projects. Mariana is the operator and exploration work is set to commence in H2 of 2015.

On 28 August 2015 Mariana received exercise notices for 7,067,000 2p warrants for funds received of £141,340; the balance of 4,922,300 warrants has expired.

On 27 July 2015, Mariana made the decision to terminate the Rurimarac option in Peru with Tinka Resource Limited. Exploration costs incurred to date have been written off.

On 7 September 2015 Mariana announced that it had provided Condor Resources Inc. ('Condor') (TSXV:CN) with notification of the termination of the earn-in option agreement for the Soledad Copper-Gold-Silver Project, Central Peru. Exploration costs incurred to date have been written off.

Conclusion

Despite this being a difficult period for junior exploration companies and the commodities sector as a whole, Mariana has delivered favourably on its strategy. Accordingly, we continue to develop a strategy, which is geographically diverse, with a multi commodity portfolio as a means of spreading potential economic risk and sustaining ongoing value creation for shareholders, as has been dramatically demonstrated by our developing Hot Maden discovery. Mariana will have to raise sufficient development funding later in the year, which, once concluded, will see Mariana favourably positioned for the future. I thank all shareholders, fellow directors and staff for their continued support.

On behalf of the Board,

'G. Parsons'

G. Parsons - Chief Executive Officer 29 September 2015

Mariana Resources Limited and its controlled entities

Interim Consolidated Statement of Profit or Loss and Other Comprehensive Income for the six-months ended 30 June 2015

Mariana Resources Limited and its controlled entities

Interim Consolidated Statement of Financial Position as at 30 June 2015

Mariana Resources Limited and its controlled entities

Interim Consolidated Statement of Changes in Equity for the six-months ended 30 June 2015 and 30 June 2014

-

-

Mariana Resources Limited and its controlled entities

Interim Consolidated Statement of Cash Flows for the six-months ended 30 June 2015

Mariana Resources Limited and its controlled entities

Notes to the Interim Condensed Consolidated Financial Statements for the six-months ended 30 June 2015

NOTE 1 GENERAL INFORMATION AND ACCOUNTING POLICIES

Mariana Resources Limited ('Mariana' or the 'Company') is a public limited company incorporated and domiciled in Guernsey and is listed on the Alternative Investment Market of the London Stock Exchange. Mariana is a holding company of a group of mineral exploration companies (the 'Group'). The Group is involved in mineral exploration in Argentina, Chile, Peru, Suriname and Turkey.

The Company's registered address is Granite House, La Grande Rue, St. Martin, Guernsey.

These interim condensed consolidated financial statements (herein after referred to as 'interim financial statements') are for the period 1 January 2015 to 30 June 2015 and were authorised for issue in accordance with a resolution of the directors on the 29 September 2015.

1. Basis of preparation and changes to the Group's accounting policies

   
   

   The interim condensed consolidated financial statements for the six months ended 30 June 2015 and six months ended 30 June 2014 are unaudited, and do not constitute financial statements.

   
   

   These interim financial statements have been prepared in accordance with International Accounting Standard (IAS) 34: Interim Financial Reporting, as issued by International Accounting Standards Board (IASB).

   
   

   The interim financial statements do not include all the information and disclosures required in the annual financial statements. Accordingly, these interim financial statements should be read in conjunction with the Group's annual financial statements as at 31 December, 2014 and any public announcements made by Mariana Resources Limited during the interim reporting period.

   
   

   New standards, interpretations and amendments adopted by the Group

   
   

   The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual consolidated financial statements for the year ended 31 December 2014, except for the adoption of new standards and interpretations effective as of 1 January 2015. The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

   
   

   The nature and the effect of these changes are disclosed below. Although these new standards and amendments apply for the first time in 2015, they do not have a material impact on the annual consolidated financial statements of the Group or the interim condensed consolidated financial statements of the Group.

   Mariana Resources Limited and its controlled entities

   
   

   Notes to the Interim Condensed Consolidated Financial Statements for the six-months ended 30 June 2015 (continued)

   
   

   NOTE 1 GENERAL INFORMATION AND ACCOUNTING POLICIES (continued)

   
   

   The nature and the impact of each new standard or amendment is described below:

   
   

   Amendments to IAS 19 Defined Benefit Plans: Employee Contributions

   IAS 19 requires an entity to consider contributions from employees or third parties when accounting for defined benefit plans. Where the contributions are linked to service, they should be attributed to periods of service as a negative benefit. These amendments clarify that, if the amount of the contributions is independent of the number of years of service, an entity is permitted to recognise such contributions as a reduction in the service cost in the period in which the service is rendered, instead of allocating the contributions to the periods of service. This amendment is effective for annual periods beginning on or after 1 July 2014. This amendment is not relevant to the Group, since none of the entities within the Group has defined benefit plans with contributions from employees or third parties.

   
   

   Annual Improvements 2010-2012 Cycle

   These improvements are effective from 1 July 2014 and the Group has applied these amendments for the first time in these interim condensed consolidated financial statements.

   
   

   They include:

   
   

   IFRS 2 Share-based Payment

   This improvement is applied prospectively and clarifies various issues relating to the definitions of performance and service conditions which are vesting conditions, including:

   • performance condition must contain a service condition

   • performance target must be met while the counterparty is rendering service

   • performance target may relate to the operations or activities of an entity, or to those of another entity in the same group

   • performance condition may be a market or non-market condition

     
     

     If the counterparty, regardless of the reason, ceases to provide service during the vesting period, the service condition is not satisfied The above definitions are consistent with how the Group has identified any performance and service conditions which are vesting conditions in previous periods, and thus these amendments do not impact the Group's accounting policies.

     
     

     IFRS 3 Business Combinations

     The amendment is applied prospectively and clarifies that all contingent consideration arrangements classified as liabilities (or assets) arising from a business combination should be subsequently measured at fair value through profit or loss whether or not they fall within the scope of IFRS 9 (or IAS 39, as applicable). This is consistent with the Group's current accounting policy, and thus this amendment does not impact the Group's accounting policy.

     
     

     IFRS 8 Operating Segments

     The amendments are applied retrospectively and clarify that:

   • An entity must disclose the judgements made by management in applying the aggregation criteria in paragraph 12 of IFRS 8, including a brief description of operating segments that have been aggregated and the economic characteristics (e.g., sales and gross margins) used to assess whether the segments are 'similar'

   • The reconciliation of segment assets to total assets is only required to be disclosed if the reconciliation is reported to the chief operating decision maker, similar to the required disclosure for segment liabilities.

     Mariana Resources Limited and its controlled entities

     
     

     Notes to the Interim Condensed Consolidated Financial Statements for the six-months ended 30 June 2015 (continued)

     
     

     NOTE 1 GENERAL INFORMATION AND ACCOUNTING POLICIES (continued)

     
     

     The Group has not applied the aggregation criteria in IFRS 8.12. The Group has presented the reconciliation of segment assets to total assets in previous periods and continues to disclose the same in Note 4.

     
     

     IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets

     The amendment is applied retrospectively and clarifies in IAS 16 and IAS 38 that the asset may be revalued by reference to observable data by either adjusting the gross carrying amount of the asset to market value or by determining the market value of the carrying value and adjusting the gross carrying amount proportionately so that the resulting carrying amount equals the market value. In addition, the accumulated depreciation or amortisation is the difference between the gross and carrying amounts of the asset. The Group did not record any revaluation adjustments during the current interim period.

     
     

     IAS 24 Related Party Disclosures

     The amendment is applied retrospectively and clarifies that a management entity (an entity that provides key management personnel services) is a related party subject to the related party disclosures. In addition, an entity that uses a management entity is required to disclose the expenses incurred for management services. This is consistent with the Group's current disclosures, and thus this amendment does not impact the Group's disclosure notes.

     
     

     Annual Improvements 2011-2013 Cycle

     These improvements are effective from 1 July 2014 and the Group has applied these amendments for the first time in these interim condensed consolidated financial statements.

     They include:

     
     

     IFRS 3 Business Combinations

     The amendment is applied prospectively and clarifies for the scope exceptions within IFRS 3 that:

   • Joint arrangements, not just joint ventures, are outside the scope of IFRS 3

   • This scope exception applies only to the accounting in the financial statements of the joint arrangement itself , Mariana Resources Limited is not a joint arrangement, and thus this amendment is not relevant for the Group and its subsidiaries.

     
     

     IFRS 13 Fair Value Measurement

     The amendment is applied prospectively and clarifies that the portfolio exception in IFRS 13 can be applied not only to financial assets and financial liabilities, but also to other contracts within the scope of IFRS 9 (or IAS 39, as applicable). The Group does not apply the portfolio exception in IFRS 13.

     
     

     IAS 40 Investment Property

     The description of ancillary services in IAS 40 differentiates between investment property and owner-occupied property (i.e., property, plant and equipment). The amendment is applied prospectively and clarifies that IFRS 3, and not the description of ancillary services in IAS 40, is used to determine if the transaction is the purchase of an asset or a business combination. In previous periods, the Group has relied on IFRS 3, not IAS 40, in determining whether an acquisition is of an asset or is a business acquisition. Thus, this amendment does not impact the accounting policy of the Group.

     Mariana Resources Limited and its controlled entities

     
     

     Notes to the Interim Condensed Consolidated Financial Statements for the six-months ended 30 June 2015 (continued)

     
     

     NOTE 1 GENERAL INFORMATION AND ACCOUNTING POLICIES (continued)

     
     

2. Basis of measurement

   
   

   These interim financial statements have been prepared under the historical cost convention and are presented in Pounds Sterling.

   
   

3. Basis of consolidation

   
   

   The consolidated financial statements comprise the financial statements of the Group and its subsidiaries as at 30 June 2015.

   
   

   Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if, and only if, the Group has:

   • Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)

   • Exposure, or rights, to variable returns from its involvement with the investee

   • The ability to use its power over the investee to affect its returns

     
     

     Generally, there is a presumption that a majority of voting rights result in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including:

   • The contractual arrangement with the other vote holders of the investee

   • Rights arising from other contractual arrangements

   • The Group's voting rights and potential voting rights

The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary.

Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with the Group's accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated in full on consolidation.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.

If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.