Interim Results
RNS Number : 6264WAriana Resources PLC29 September 2026This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
29 September 2026
AIM: AAU
ASX: AA2
Interim Results
Ariana Resources plc (AIM: AAU, ASX: AA2, “Ariana” or the “Company”), the mineral exploration and development company advancing the 1.6 Moz Dokwe Gold Project in Zimbabwe, is pleased to announce its unaudited interim results for the six months ended 30 June 2026.
Financial Highlights:
- Profit before tax of £6.248 million (H1 2025: £0.151m) was recorded for the period.
- Exploration assets included in the Statement of Financial Position have increased to £21.223 million (31 December 2025: £19.309m).
- Sale of 13.6% of the Company’s 23.5% interest in Zenit to Özaltın for US$19.5 million.
- Settlement and conversion of the outstanding loan balance of US$782,575 due under the RiverFort Facility Agreement.
Operational Highlights:
- Revised Dokwe PFS demonstrates a long-life, low capital cost, high margin gold production occurring in two phases: 12-year initial open-pitLife of Mine ("LoM") phase at c.80,000oz p.a. and 8-year stockpile processing phase at c.20,000oz p.a. for total Life of Project ("LoP") production of 1.06Moz and peak production of 100,000oz p.a.
- Ore Reserve increased to 1.13Moz of gold at Dokwe North, comprising the following Proved and Probable categories, at a 0.2 g/t Au cut-off:
• High Grade: 11.0Mt @ 1.91 g/t Au (for 674,300 oz Au)
• Medium Grade: 16.3Mt @ 0.57 g/t Au (for 297,700 oz Au)
• Low Grade: 18.6Mt @ 0.27 g/t Au (for 163,200 oz Au)
- Mineral Resource Estimate increased to 1.6Moz of gold at Dokwe North and Dokwe Central, at a 0.2 g/t Au cut-off.
- Pre-tax LoP NPV10 of US$1,056m (A$1,509m), post-tax NPV10 of US$740m (A$1,057m), approximate 1-year payback period from commissioning and 92% IRR at a US$4,250/oz gold price; total EBITDA of US$1,993m.
- 31-hole reverse circulation drilling programme completed for 5,659m, which targeted resource expansion at the Dokwe Gold Project; key intercepts from the programme included:
• 4m @16.90 g/t Au from 69m (DRC25)
• 10m @ 7.67 g/t Au from 110m (DRC23)
• 10m @ 4.91 g/t Au from 156m (DRC22)
• 22m @ 1.49 g/t Au from 111m (DRC29)
• 8m @ 1.20 g/t Au from 65m (DRC31)
- Gold mineralisation is now confirmed to extend at least 150m beyond the current resource envelope at Dokwe North, remaining open along strike; extensions to gold mineralisation were also identified at Dokwe Central and at the Sinkwe Prospect, 750m to the east.
- Metallurgical Sampling and Testwork Agreement completed with Hongkong Xinhai Mining Services ("Xinhai") to provide diamond drilling and Phase 1 metallurgical testwork for A$1m in Ariana CDIs.
- 9,838 ounces of gold and 28,194 ounces of silver produced from the Zenit Mining Operations in Türkiye, with heap-leach operations at the Tavşan Gold Mine achieving full operational production capacity towards the end of June.
Cautionary Statement:
This announcement includes production targets and forecast financial information. The Company has concluded that it has a reasonable basis for providing these forward-looking statements and the forecast financial information included in this release is based on the material assumptions outlined in this release. While the Company considers all the material assumptions to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the PFS will be achieved.
Strategic Highlights:
- Corporate structure simplified to enhance focus on Dokwe, with the sale of the majority of Ariana’s holding in Zenit Mining Operations, yielding US$17.2m (net of tax) in non-dilutionary funding.
- Mr Simon Acomb was appointed to the role of Chief Financial Officer.
Significant Post-Period End Highlights:
- Ariana's 9.9% interest in Kiziltepe was sold to Proccea, having received US$3.7m gross cash (c.US$3.3m net of local taxes) in addition to US$0.8m from Zenit to fully settle an outstanding intercompany debt, with completion occurring on 29 July 2026.
- Delivery of eight tonnes of metallurgical testwork samples obtained from diamond drilling at Dokwe North and Central to the Xinhai laboratory in Yantai, China; feasibility-level metallurgical testwork underway.
- Mr Michael Atkins was appointed to the role of Executive Chairman.
Michael Atkins, Chairman’s Statement:
The first half of 2026 saw substantial progress at our flagship Dokwe Gold Project in Zimbabwe, alongside steps to simplify Ariana’s portfolio and strengthen our financial position. During the period, Dokwe grew in scale, its development case was strengthened through an updated Pre-Feasibility Study, Definitive Feasibility activities continued, and our partnership with Xinhai moved further into execution. The partial monetisation of our interests in Türkiye also provided substantial non-dilutionary funding that will be focused towards Dokwe.
Advancing Dokwe
Dokwe is the cornerstone of Ariana’s future, and during the Half-Year, work progressed across exploration, resource definition, project optimisation, metallurgical and geotechnical drilling, yielding key inputs to the pending Definitive Feasibility Study (“DFS”). In May, we released the updated Pre-Feasibility Study, incorporating an updated Mineral Resource Estimate, the results of the Strategic Optimisation Study undertaken by Whittle Consulting and revised project inputs. The resulting development plan envisages a larger 2.5Mtpa operation and strengthened the scale and economics of the project.
The updated Mineral Resource Estimate increased by 13% to 1.6Moz of gold across Dokwe North and Dokwe Central, while the Dokwe North Ore Reserve increased by 42% to 1.13Moz. The PFS outlines an initial 12-year open-pit mining phase producing approximately 80,000 ounces of gold per annum, followed by eight years of stockpile processing, for total forecast life-of-project production of approximately 1.06Moz over 20 years. These results provide a stronger foundation for the DFS now underway.
Drilling during the period also extended mineralisation at Dokwe North, identified extensions at Dokwe Central and confirmed shallow gold mineralisation at the Sinkwe Prospect. The work improved our understanding of the wider mineralised system and identified further exploration targets. Alongside progressing the existing reserves through feasibility and towards development, we see scope to grow the Dokwe through exploration to further extend the life of the project.
Progressing the Xinhai partnership
Following Xinhai’s investment in Ariana and its appointment as a strategic partner to advance the DFS development partner for Dokwe in 2025, our teams have been working together on the technical programs supporting the DFS. During the March quarter, members of our Board and management team visited Dokwe with representatives of Xinhai and inspected processing facilities constructed by Xinhai in Zimbabwe. This was followed by meetings with Xinhai’s management and technical teams in China.
During the June quarter, metallurgical drilling undertaken with Xinhai was completed ahead of schedule, with samples prepared for metallurgical testwork. This work will provide data for the process design and tailings management components of the DFS. Xinhai is now very much actively involved in the technical work required to advance Dokwe, building on the strategic partnership established last year.
Simplifying Ariana and funding Dokwe
During the Half-Year, we also began reshaping Ariana’s portfolio through the partial monetisation of our long-standing investment in Zenit Madencilik in Türkiye. In May, Ariana agreed to sell 13.6% of its 23.5% interest in Zenit to existing shareholder Özaltın for US$19.5 million in cash, generating approximately US$17.2 million after local taxes. The transaction realised value from an investment Ariana has helped build over many years, simplified our corporate structure and provided a substantial source of non-dilutionary capital for Dokwe.
Following the transaction, Ariana retained a 9.9% interest in Zenit, together with Board representation and an entitlement to dividends when declared. The sale took place as the Turkish operations reached a new stage in their development. Tavşan completed its ramp-up and achieved full operational production capacity during June, while operations at Kiziltepe were essentially wound down during the period. Zenit produced and sold 9,838 ounces of gold and 28,194 ounces of silver during the six months to 30 June. Ariana ended the half with cash and cash equivalents of approximately £17.3 million, compared with £5.4 million at the beginning of the year, leaving the Company well-funded to continue the Dokwe DFS and associated work programs.
Subsequent to period end, we continued this process through the sale of our residual 9.9% interest in the Kiziltepe sector for US$3.7 million. The transaction provided further non-dilutionary funding for Dokwe and simplified Ariana’s Turkish interests. We retain a 9.9% interest in Zenit’s Tavşan Mine and Salinbaş Project, preserving exposure to future dividends and potential value creation. We are realising value from mature Turkish interests and redirecting capital towards the asset where we see the greatest opportunity to increase Ariana’s value and scale, while retaining meaningful exposure to Zenit.
Board evolution
In April, I succeeded Michael de Villiers as Non-Executive Chairman, with Michael moving to the role of Deputy Chairman. In September, my role as Chairman was elevated to Executive Chairman. Michael de Villiers has provided strong leadership to Ariana over many years and helped guide the Company through its development from explorer to producer, the acquisition of Dokwe and, more recently, its successful listing on the Australian Securities Exchange. I am pleased that Ariana continues to benefit from his experience as Deputy Chairman.
Having joined the Board in 2025 and been closely involved in supporting Ariana’s ASX listing, I have seen first-hand the changes taking place across the Company. I assumed the Chairmanship as Dokwe advances towards production, our balance sheet strengthens, and the Company becomes increasingly focused on delivering the Dokwe project.
Looking ahead
The principal focus for the remainder of 2026 is progressing the Dokwe Definitive Feasibility Study and the technical work required to move the project towards development. In parallel, we will continue to assess opportunities to expand the existing resource and test the broader exploration potential across Dokwe with a view to extending the life of the open pit mining at Dokwe.
The work completed during the half year has put Ariana in a stronger position to pursue these objectives. We have advanced and materially strengthened our principal development asset, realised value from part of our mature Turkish investment and substantially increased the capital available to fund Dokwe without issuing new equity.
I thank my fellow Board members, and our employees, advisers and partners, including Xinhai and our partners in Türkiye, for their work during the period, and our shareholders for their continued support as we advance Dokwe and the next stage of Ariana’s development. I would also like to acknowledge the tremendous effort that our Managing Director, Dr Kerim Sener, continues to put into the management of Ariana, and I look forward to continuing our strong working relationship.
The Board of Ariana Resources plc has approved this announcement and authorised its release.
For further information on the Company, please visit the website or please contact the following:
Contacts:
Ariana Resources plc
Michael Atkins, Non-Executive Chairman
Dr Kerim Sener, Managing Director
info@arianaresources.com
Beaumont Cornish Limited
(Nominated Adviser)
Roland Cornish / Felicity Geidt
Tel: +44 (0) 20 7628 3396
Zeus Capital (Joint Broker)
Harry Ansell / Katy Mitchell
Fortified Securities (Joint Broker)
Guy Wheatley
Yellow Jersey PR Limited (UK Financial PR)
Dom Barretto / Shivantha Thambirajah
M&C Partners (Aus Financial PR)
Christina Granger / Ben Henri
Shaw and Partners Limited
(Lead Manager – ASX)
Damien Gullone
Tel: +44 (0) 203 829 5000
Tel: +44 (0) 203 411 7773
Tel: +44 (0) 7983 521 488
arianaresources@yellowjerseypr.com
Tel: +61 438 227 286
christina.granger@mcpartners.com.au
Tel: +61 (0)2 9238 1268
Beaumont Cornish Limited (“Beaumont Cornish”) is the Company’s Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish’s responsibilities as the Company’s Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.
About Ariana Resources:
Ariana is a mineral exploration and development company dual-listed on AIM (AIM: AAU) and ASX (ASX: AA2), with its main project being the 1.6 Moz Dokwe Gold Project in Zimbabwe, with its DFS in progress. Ariana has an exceptional track record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. In addition to its Dokwe Gold Project, its other interests include a residual investment in gold-silver production in Türkiye after a recent substantial sell-down, and copper-gold-silver exploration and development projects in Kosovo and Cyprus.
For further information on the vested interests Ariana has, please visit the Company's website at www.arianaresources.com.
Zeus Capital Limited, Fortified Securities and Shaw and Partners Limited are the brokers to the Company, and Beaumont Cornish Limited is the Company's Nominated Adviser.
Condensed Consolidated Statement of Comprehensive Income
For the six months ended 30 June 2026
Note
6 months to
30 June 2026
£’000
Unaudited
6 months to
30 June 2025
£’000
Unaudited
12 months to
31 December 2025
£’000
Audited
Administrative costs (net of exchange gains)
3
(1,489)
(806)
(2,288)
General exploration expenditure, not capitalised
(75)
-
(265)
Operating loss
(1,564)
(806)
(2,553)
Finance cost
4
(12)
(218)
(410)
Share of loss of associate accounted for using the equity method
6a
(105)
(31)
(69)
Share of profit of associate accounted for using the equity method
6b
-
1,142
1,142
Gain/(loss) on remeasurement of associate accounted for using the equity method to fair value through profit or loss
6b
-
-
(4,129)
Recycled foreign currency translation loss on loss of significant influence
6b
-
-
(6,751)
Foreign exchange gain on translation of financial asset measured at fair value
6b
-
-
353
Gain/(loss) on the revaluation of financial assets through profit or loss
8
3,263
28
(10)
Gain on disposal of financial assets through profit or loss
8
4,510
-
-
Other income
-
30
57
Investment income
156
6
14
Profit/(loss) before tax
6,248
151
(12,356)
Taxation
-
(37)
(4)
Profit/(loss) for the period from continuing operations
6,248
114
(12,360)
Earnings/(loss) per share (pence)
Basic
9
0.24
0.01
(0.60)
Diluted
9
0.21
0.01
(0.60)
Other comprehensive income
Items that may be reclassified subsequently to profit or loss:
Exchange differences on translating foreign operations
294
(3,159)
3,820
Other comprehensive profit/(loss) for the period net of income tax
294
(3,159)
3,820
Total comprehensive profit/(loss) for the period
6,542
(3,045)
(8,540)
Condensed Consolidated Interim Statement of Financial Position
For the six months ended 30 June 2026
Note
As at
30 June 2026
£’000
Unaudited
As at
30 June 2025
£’000
Unaudited
As at
31 December 2025
£’000
Audited
ASSETS
Non-current assets
Trade and other receivables
-
326
-
Financial assets at fair value through profit or loss
8
11,314
658
18,124
Intangible assets
65
82
75
Land, property, plant and equipment
332
172
155
Investment in associates accounted for using the equity method
6
1,970
23,350
2,075
Exploration assets
5
21,223
18,517
19,309
Earn-in advances
5
-
-
755
Total non-current assets
34,904
43,105
39,738
Current assets
Trade and other receivables
10
1,337
1,126
1,312
Cash and cash equivalents
17,267
424
5,436
Total current assets
18,604
1,550
6,748
Total assets
53,508
44,655
46,486
EQUITY
Called up share capital
13
3,353
1,944
2,616
Share premium
13
26,754
18,724
26,386
Other reserves
720
720
720
Share option reserve
14
332
117
332
Translation reserve
(9,308)
(16,581)
(9,602)
Retained earnings
31,028
37,254
24,780
Total equity attributable to equity holders of the parent
52,879
42,178
45,232
Non-controlling interest
140
140
140
Total equity
53,019
42,318
43,372
LIABILITIES
Current liabilities
Trade and other payables
11
400
1,987
1,029
Total current liabilities
400
1,987
1,029
Non-current liabilities
Other financial liabilities and provisions
12
89
350
85
Total non-liabilities
89
350
85
Total liabilities
489
2,337
1,114
Total equity and liabilities
53,508
44,655
46,486
Condensed Consolidated Interim Statement of Changes in Equity
For the six months ended 30 June 2026
Share Capital
£’000
Share
Premium
£’000
Share
Options
£’000
Other Reserves
£’000
Translation
Reserve
£’000
Retained earnings
£’000
Total attributable to equity holder of parent
£’000
Non-controlling Interest
£’000
Total
£’000
Balance at 1 January 2025
1,834
16,995
-
720
(19,333)
35,109
35,325
140
35,465
Changes in equity
Profit for the period
-
-
-
-
-
114
114
-
114
Other comprehensive Income
-
-
-
-
(3,159)
-
(3,159)
-
(3,159)
Total Comprehensive income
-
-
-
-
(3,159)
114
(3,045)
-
(3,045)
Issue of ordinary shares
110
1,729
-
-
-
-
1,839
-
1,839
Issue of share options
-
-
117
-
-
-
117
-
117
Transactions with owners
110
1,729
117
-
-
-
1,956
-
1,956
Balance at 30 June 2025
1,944
18,724
117
720
(16,581)
37,254
42,178
140
42,318
Balance at 1 January 2026
2,616
26,386
332
720
(9,602)
24,780
45,232
140
45,372
Changes in equity
Profit for the period
-
-
-
-
-
6,248
6,248
-
6,248
Other comprehensive income
-
-
-
-
294
-
294
-
294
Total comprehensive income
-
-
-
-
294
6,248
6,542
-
6,542
Share based payments
738
369
-
-
-
-
1,106
-
1,106
Transactions with owners
738
369
-
-
-
-
1,106
-
1,106
Balance at 30 June 2026
3,353
26,754
332
720
(9,308)
31,028
52,879
140
53,019
Condensed Consolidated Interim Statement of Cash Flows
For the six months ended 30 June 2026
6 months to
30 June 2026
£’000
Unaudited
6 months to
30 June 2025
£’000
Unaudited
12 months to
31 December 2025
£’000
Audited
Cash flows from operating activities
Profit for the period
6,248
114
(12,360)
Adjustments for:
Depreciation of non-current assets
14
58
79
Consultancy fees received in shares
-
(30)
(33)
Professional fees settled in shares
-
-
104
Share of profit in equity accounted associate
-
(1,142)
(1,142)
Share of loss in equity accounted associate
105
31
69
Gain/(loss) on remeasurement of associate accounted for using the equity method to fair value through profit or loss
-
-
4,129
Recycled foreign translation loss
-
-
6,751
Foreign exchange gain on translation of financial asset through profit or loss
-
-
(353)
(Gain) / Loss on revaluation of financial assets through profit or loss
(3,301)
(28)
28
(Gain) / Loss on disposal of financial assets through profit or loss
(4,510)
-
-
Write-down of exploration asset
-
-
125
Profit on the disposal of property, plant, and equipment
-
-
(41)
Finance costs
12
218
410
Investment income
-
(6)
(14)
Share options
-
117
332
Income tax expense
-
37
4
Total adjustments for non-cash items
(7,680)
(745)
10,448
Movement in working capital
Change in trade and other receivables
(27)
(231)
(437)
Change in trade and other payables
150
(168)
(226)
Cash outflow from operating activities
(1,309)
(1,030)
(2,575)
Taxation paid
-
-
-
Net cash used in operating activities
(1,309)
(1,030)
(2,575)
Cash flows from investing activities
Purchase of land, property, plant and equipment
(85)
(26)
(52)
Proceeds from disposals of land, property, plant and equipment
-
-
50
Payments for intangible and exploration assets
(1,209)
(794)
(1,375)
Purchase of financial assets at fair value through profit or loss
-
(38)
(40)
Disposal of financial assets at fair value through profit or loss
14,498
-
-
Loan granted to associate
-
(55)
(78)
Investment income
-
6
-
Net cash generated from/(used in) investing activities
13,204
(907)
(1,495)
Cash flows from financing activities
Issue of share capital
-
1,839
9,910
Less adjustment for non-cash consideration
-
(207)
-
Loan and Interest repayments
(107)
(146)
(1,268)
Net cash (used in)/generated from financial activities
(206)
1,486
8,642
Net increae/(decrease) in cash and cash equivalents
11,957
(451)
4,572
Cash and cash equivalents at beginning of period
5,436
913
913
Exchange adjustment on cash and cash equivalents
134
(38)
(49)
Cash and cash equivalents at end of period
17,267
424
5,436
Condensed Consolidated Interim Statement of Cash Flows
For the six months ended 30 June 2026
Liquid funds available to the Group
6 months to
30 June 2026
£’000
6 months to
30 June 2025
£’000
12 months to
31 December 2025
£’000
Cash and cash equivalents
17,267
424
5,436
Total
17,267
424
5,436
Notes to the interim financial statements
For the six months ended 30 June 2026
1. General information
Ariana Resources Plc (the “Company”) is a public limited company incorporated, domiciled and registered in the U.K. The registration number is 05403426 and the registered address is 5th Floor, 16 Great Queen Street, Covent Garden, London, WC2B 5DG.
The Company’s ordinary shares are listed on the Alternative Investment Market (“AIM”) of the London Stock Exchange and commenced trading on the Australian Securities Exchange (“ASX”) on the 10 September 2025. The principal activities of the Company and its subsidiaries (together the “Group”) are related to the exploration for and development of gold, copper and technology metals.
2a. Basis of preparation
The condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with UK-adopted international accounting standards.
The condensed consolidated interim financial statements set out above do not constitute statutory accounts within the meaning of the Companies Act 2006. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the UK. Statutory financial statements for the year ended 31 December 2025 were approved by the Board of Directors on 30 March 2026. The financial information for the periods ended 30 June 2026 and 30 June 2025 are unaudited.
2b. Significant accounting policies
The same accounting policies have been followed in these condensed consolidated interim financial statements as were applied in the preparation of the Group’s financial statements for the year ended 31 December 2025.
These financial statements have been prepared on a going concern basis.
3. Administrative costs net of exchange gains
Administrative costs are stated after exchange gains of £94,000, compared to an exchange gain of £337,000 in the prior year. Over the six months to 30 June 2026, the Turkish Lira strengthened by approximately 6% against Sterling, while the US Dollar declined by approximately 2%. This compares to the prior year, when the Lira fell by 20%, exposing the Group to significantly greater exchange rate volatility and its impact on transactions and balances.
4. Finance costs
30 June
2026
£’000
30 June
2025
£’000
31 December
2025
£’000
Interest expense
12
86
169
Exchange gain arising on retranslation of loan
-
(137)
(108)
Amortisation of first arrangement fee
-
87
87
Cost of modification of facility and reprofile fee
-
182
262
12
218
410
The RiverFort loan facility with Rockover Holdings Limited is described in Note 11. On 24 June 2025, the revised loan agreement was assessed as a substantial modification, resulting in derecognition of the original financial liability and immediate expensing of the US$120,000 unamortised costs carried forward from the prior period, along with a US$250,000 reprofile fee for restructuring and increased credit exposure. Both amounts were expensed on recognition as costs of modifying the existing liability.
Interest is recognised using the Effective Interest Rate (“EIR”) method over the loan's tenure, with the associated charge accounted for in the condensed consolidated statement of comprehensive income.
In February 2026, RiverFort issued a Conversion Notice to discharge the then-outstanding balance of US$782,575. The Company issued CDIs per the Facility Agreement's terms and pricing, see Note 11 for further details.
5. Exploration assets
The Group, through its subsidiary and associate companies holds several exploration licences or mining claims in Zimbabwe, Türkiye, Cyprus and Kosovo.
Expenditure capitalised during the period is set out below:
Exploration Expenditure
Group
£’000
Cost or valuation at 1 January 2025
18,122
Additions and reclassification of earn-in expenditure(i)
1,699
Exchange movement
(1,304)
Cost or valuation at 30 June 2025
18,517
Cost or valuation at 1 January 2026
19,309
Additions(ii)
1,740
Exchange movement
174
Cost or valuation at 30 June 2026
21,223
- The Group’s 76.36% owned subsidiary, Western Tethyan Resources Limited (“WTR”), entered into an option and earn-in agreement with Avrupa Minerals Limited (TSX-V: AVU), granting WTR the right to acquire up to an 85% interest in the Slivova Gold Project. Under the terms of the agreement, WTR committed to funding and completing a series of exploration and development milestones prior to achieving its target ownership level. From the inception of the option through to 31 December 2024, staged payments and qualifying development expenditure totalled £755,000. On 3 April 2025, the Group announced that WTR had fulfilled the remaining earn-in expenditure requirements and formally acquired a 51% interest in the Slivova Gold Project. Following this milestone, the cumulative earn-in expenditure and the Slivova Gold Project licence were reclassified as part of the Group’s exploration expenditure. These assets are now held by WTR’s newly incorporated, Kosovo-registered subsidiary, AVU Kosovo LLC.
- During the period, the Company issued 3,333,333 CDI’s, the equivalent of A$1 million (£531,000), to Hongkong Xinhai Mining Services Ltd as part of the Binding Definitive Agreement. Xinhai is providing technical services in relation to a Metallurgical Sampling and Testwork Programme and completing a Definitive Feasibility Study of the Dokwe Gold Project. The fair value of these CDIs has been capitalised to the exploration asset in line with the Group’s accounting policy.
6. Equity accounted investments
The Group investments comprise the following:
Associate companies
Note
30 June 2026
Group
£’000
30 June 2025
Group
£’000
31 December 2025
Group
£’000
Associate Interest in Venus Minerals Ltd (“Venus”)
6a
1,970
2,114
2,075
Associate Interest in Zenit Madencilik San. ve Tic. A.S. (”Zenit”)
6b
-
21,236
-
Carrying amount of investment
1,970
23,350
2,075
6a. Investment in Venus
The Company’s shareholding in Venus increased from 58% to 61% during February 2024, following the conversion of loan finance into equity. The Board determined that this additional equity stake was solely to assist with the short-term funding of Venus and has no direct impact on its operational control. On this basis, the Board believes it is appropriate to continue to use the equity method of accounting for its investment in Venus. The Group’s share of loss for the period to 30 June 2026 amounted to £105,000.
6b. Investment in Zenit
During August 2024, the merger of Zenit and Pontid was completed such that all interests in Kiziltepe, Tavşan and Salinbaş are now held through a 23.5% share of Zenit. This merger concluded the reorganisation process that started in 2021, following the then partial divestment in Türkiye to Özaltin Holding A.S. The original cost of investment amounting to £4.139 million was reallocated to Zenit.
The Group previously accounted for its 23.5% interest in Zenit Madencilik San. ve Tic. A.S. ("Zenit") using the equity method in accordance with IAS 28. Up to 30 June 2025, the Group recognised its share of Zenit’s profit or loss and other comprehensive income based on the ownership interest, under which profits were shared: 23.5% to the Group, 23.5% Proccea and the remaining 53% interest to Özaltin Holding A.S. Zenit is incorporated in Ankara, Türkiye, where it maintains its principal place of business. During the period ended 30 June 2025, Zenit’s profit amounted to £4.86 million, of which £1.14 million was attributable to the Company.
On 1 July 2025, it was determined that the Group ceased to exercise significant influence over Zenit Madencilik San. ve Tic. A.Ş. and accordingly the investment was reclassified from an associate accounted for under the equity method to a financial asset measured at fair value through profit or loss in accordance with IFRS 9. The carrying estimate and disclosure of the associate at the date significant influence was lost was £21.236 million. In accordance with IAS 21, the cumulative translation loss of £6.75 million previously recognised in the translation reserve has been reclassified to profit or loss on the date of reclassification.
Following a reassessment of the Group's ability to exercise significant influence, the Group has measured its investment in Zenit at fair value through profit or loss with effect from 1 July 2025.
Group Consolidated position
£’000
Carrying value at 30 June 2025
21,236
Amounts reclassified to financial assets at fair value through profit or loss (note 8)
(17,107)
Loss on remeasurement to fair value recognised by the Group at 31 December 2025
4,129
7. Segmental analysis
Management currently identifies one division as an operating segment – mineral exploration. This operating segment is monitored, and strategic decisions are made based upon this and other non-financial data collated from exploration activities.
Principal activities for this operating segment are as follows:
- Mineral exploration – incorporates the acquisition, exploration and development of gold resources.
- Other reconciling items include non-mineral exploration costs and transactions between Group and associate companies.
30 June 2026
30 June 2025
31 December 2025
Mineral exploration
£’000
Other reconciling items
£’000
Group
£’000
Mineral exploration
£’000
Other reconciling items
£’000
Group
£’000
Mineral exploration
£’000
Other reconciling items
£’000
Group
£’000
Administrative costs (net of exchange gains)
-
(1,489)
(1,489)
-
(806)
(806)
-
(2,288)
(2,288)
General and specific exploration expenditure
(75)
-
(75)
-
-
-
(264)
-
(264)
Fair value adjustments on investments and gold bullion backed bank accounts
-
-
-
-
-
-
-
(10)
(10)
Finance cost
-
(12)
(12)
(218)
(218)
-
(410)
(410)
Share of loss in associate - Venus
(105)
-
(105)
(31)
-
(31)
(69)
-
(69)
Share of profit in associate - Zenit
-
-
-
1,142
-
1,142
1,142
-
1,142
Loss on remeasurement to fair value
3,283
(20)
3,263
-
28
28
(4,129)
-
(4,129)
Gain on disposal of investments through profit or loss
4,510
-
4,510
-
-
-
-
-
-
Recycling of foreign currency translation loss on loss of significant influence
-
-
-
-
-
-
(6,751)
-
(6,751)
Foreign exchange gain on translation of financial asset measured at fair value
-
-
-
-
-
-
352
-
352
Investment and other income
-
156
156
-
36
36
-
71
71
Profit/(loss) before taxation
7,613
(1,365)
6,248
1,111
(960)
151
(9,719)
(2,637)
(12,356)
Taxation
-
-
-
(37)
-
(37)
-
(4)
(4)
Profit/(loss) after tax
7,613
(1,365)
6,248
1,074
(960)
114
(9,719)
(2,641)
(12,360)
Geographical segments
The Group’s mineral assets and liabilities are located primarily in Zimbabwe and Türkiye.
30 June 2026
30 June 2025
31 December 2025
Zimbabwe & Türkiye
£’000
United Kingdom
& other territories
£’000
Group
£’000
Zimbabwe & Türkiye
£’000
United Kingdom
& other territories
£’000
Group
£’000
Zimbabwe & Türkiye
£`000
United Kingdom
& other territories
£’000
Group
£’000
Carrying amount of segment non-current assets
30,174
4,730
34,904
37,603
5,502
43,105
33,332
6,406
39,738
8. Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss includes the Group’s listed and unlisted investments.
The movement in financial assets measured at fair value through profit or loss is summarised below:
Group
£’000
At 1 January 2025
617
Additions
73
Amounts reclassified from equity accounted investments (note 6b)
17,107
Fair value movement
(10)
Exchange movement
337
At 31 December 2025
18,124
At 1 January 2026
18,124
Additions
-
Disposals(i)
(10,105)
Fair value movement(ii)
3,263
Exchange movement
32
At 30 June 2026
11,314
- In May 2026, Ariana sold 13.6% of its 23.5% interest in Zenit to Özaltın for US$19.5 million, resulting in a gain on disposal of £4.5 million recognised in profit or loss.
- Included within fair value movement is £3.283 million gain relating to the remaining 9.9% interest in Zenit being revalued to its fair value of US$14.2 million at 30 June 2026.
The fair value adjustments reflect market movements in the underlying securities, while exchange differences arise from the translation of foreign currency denominated investments.
9. Earnings per share
The calculation of basic profit per share is based on the profit attributable to ordinary shareholders of £6.248 million divided by the weighted average number of shares in issue during the period, being 2,655,988,850.
The Group has also assessed the potential dilutive impact of 25,000,000 share options granted to RiverFort and 4,444,444 CDI options granted to lead managers and Xinhai that remained outstanding at 30 June 2026 (Note 14). Only the RiverFort options were deemed dilutive, reducing earnings per share from 0.24p per share to 0.21p per share.
10. Trade and other receivables
30 June 2026
Group
£’000
30 June 2025
Group
£’000
31 December 2025
Group
£’000
Other receivables
340
196
221
Amounts owed by associate interest
-
291
-
Loans and receivables
641
-
632
Loan to associate interest
312
275
220
Prepayments
44
364
147
1,337
1,126
1,312
The fair value of trade and other receivables is not materially different to the carrying values presented.
11. Trade and other payables
30 June 2026
Group
£’000
30 June 2025
Group
£’000
31 December 2025
Group
£’000
Trade and other payables
361
472
129
Social security and other taxes
10
20
14
Short term loan finance
-
1,267
629
Other creditors and advances
15
48
15
Accruals and deferred income
14
180
242
400
1,987
1,029
With the exception of the Riverfort loan facility in the prior periods, the above listed payables are all unsecured. Due to the short-term nature of current payables, their carrying values approximate their fair value.
RiverFort Loan Facility
On 8 November 2024, Ariana Resources plc, via subsidiary Rockover Holdings Limited (principal borrower) and other subsidiaries (co-borrowers), entered a US$5,000,000 loan facility with RiverFort at 15% annual interest, originally repayable over 18 months with final maturity on 8 July 2026. Rockover drew down US$2,000,000, recognised as a financial liability at amortised cost (net of transaction costs). The agreement allows either party to settle portions of the loan through equity issuance, subject to agreed conditions.
In the six months to 30 June 2025, Rockover repaid its first instalment (US$125,000, due 8 February 2025). A March 2025 amendment paused monthly repayments, and a revised agreement on 24 June 2025 added a second reprofile fee of US$250,000, compensation for deferred repayments and increased credit exposure, payable within three trading days of the planned ASX listing. Though settled post-IPO, the fee was recognised in the June 2025 accounts.
Under the 24 June 2025 Deed of Amendment, the outstanding balance was to be reduced from ASX Public Offer proceeds. In September 2025, the Company repaid US$1,266,780.82 (including the reprofile fee), leaving a balance of US$1,000,000. Repayments were deferred until November 2025, with the balance to be cleared over a 13-month schedule ending November 2026.
In February 2026, RiverFort issued a Conversion Notice to discharge the then-outstanding balance of US$782,575 via 4,043,531 CDIs (each representing 10 fully paid ordinary shares), per the Facility Agreement's terms and pricing.
As at 30 June 2026, the Company holds no debt under the facility, but retains access to the undrawn US$3,000,000 for the next three years, should further funding be required.
12. Non-current payables
30 June 2026
Group
£’000
30 June 2025
Group
£’000
31 December 2025
Group
£’000
Long-term loan finance
-
280
-
Provision for employee benefits
89
70
85
89
350
733
Under the 24 June 2025 Deed of Amendment, the outstanding balance to Riverfort had been reclassified to current in the 31 December 2025 financial statements. See Note 13 for further details.
13. Called up share capital and share premium
Allotted, issued and fully paid 0.1p shares
Number of shares
#
Share Capital
£’000
Share Premium
£’000
In issue at 1 January 2025
1,834,181,328
1,834
16,995
Issue of shares on AIM during the period March 2025
109,768,953
110
1,702
Issue of CDI shares on admission to the Australia Securities Exchange
394,427,760
394
4,069
In issue at 30 June 2025
2,338,378,041
2,338
22,766
In issue at 1 January 2026
2,615,711,381
2,616
26,386
Issue of shares and CDI shares during period (i, ii, iii)
75,101,971
738
369
In issue at 30 June 2026
2,690,813,352
3,354
26,755
- In February 2026, the Company issued 40,435,311 ordinary shares to RiverFort to discharge the outstanding loan balance of US$782,575, in accordance with the terms and pricing under the Facility Agreement, see Note 11.
- In May 2026, the Company issued 3,333,333 CDI’s (at a 1:10 ratio to fully paid ordinary shares) to Xinhai as the Tranche 2 subscription under the Metallurgical Sampling and Testwork ("MST") Agreement, to advance the Dokwe drilling programme in lieu of a cash payment of A$1 million (£531,000).
- In May 2026, an additional 133,333 CDI’s were issued to lead managers as success fees relating to the Xinhai transaction, in lieu of cash consideration.
14. Share Options
As part of the A$8 million strategic investment with Xinhai, the Company issued three tranches of free-attaching CDI options to Xinhai and the lead managers during the period:
- 13,333,333 CDI options issued to Xinhai on 29 April 2026, upon completion of Tranche 1 of the Investment and following receipt of shareholder approval;
- 533,333 CDI options issued to the lead managers on 30 April 2026, in lieu of cash consideration; and
- 1,666,667 CDI options issued to Xinhai on 22 May 2026, upon completion of the Tranche 2 conditions; and
- 66,667 CDI options issued to the lead managers on 30 April 2026, in lieu of cash consideration.
These CDI options were issued free-attaching to the CDIs issued during the period (Note 13), and are exercisable at AU$0.50 per share, expiring 31 December 2027. As the CDIs were valued within equity based on the cash consideration they were issued in lieu of, the options are deemed to have no separate value, and no additional expense has been recognised in the condensed consolidated statement of comprehensive income.
In the prior period, the Company recognised a fair value charge of £117,000 relating to 25,000,000 share options granted under the Funding Agreement with RiverFort. The Black-Scholes valuation was based on the following inputs:
The exercise price of these four-year options was £0.0150, with an expected volatility of 49.52%, and using an expected dividend yield of nil, and a risk-free interest rate of 4.21%, gives rise to a fair value of £0.0046 per option, or £117,000 in total, which was recognised in full with a corresponding credit to the share option reserve.
On 24 June 2025, the Company amended the terms of these options as follows:
• The exercise price was reset to match the placing price of the Qualifying Raise in the forthcoming ASX listing, being A$0.28.
• The expiry date was extended to 8 September 2029.
• The options remained subject to escrow restrictions until 12 November 2025, in line with ASX listing requirements.
These options were granted at no cost to RiverFort as part of the broader refinancing arrangement and continue to confer subscription rights under the revised terms. There is no contractual obligation or expectation of cash settlement, and the transaction remains classified as equity-settled in accordance with IFRS 2.
15. Post balance sheet events
On 29 July 2026, the Group completed the sale of the 9.9% interest in the Kiziltepe sector for US$3.7 million. The transaction provided further non-dilutionary funding for Dokwe and simplified Ariana’s Turkish interests. The Group still retains a 9.9% interest in Zenit’s Tavşan Mine and Salinbaş Project.
16. Approval of interim financial statements
The interim financial statements were approved by the Board of Directors on 28 September 2026.
ASX COMPLIANCE INFORMATION
Table 1 – Dokwe Mineral Resource Estimate
Deposit
Classification
Tonnage
(kt)Grade
(g/t Au)Contained Gold
(oz)Dokwe North
Measured
21,055
0.92
621,500
Indicated
27,224
0.71
617,400
Inferred
11,963
0.67
258,500
Total
60,242
0.77
1,497,400
Dokwe Central
Indicated
2,107
1.39
94,300
Inferred
117
1.66
6,200
Total
2,225
1.41
100,600
Total
Measured
21,055
0.92
621,500
Indicated
29,331
0.75
711,700
Inferred
12,080
0.68
264,700
Total
62,467
0.80
1,598,000
Notes:
- The Dokwe Mineral Resource Estimate is reported within a Dokwe North pit-shell optimized at US$5,000/oz Au.
- The Mineral Resource Estimate is reported accordance with the JORC (2012) Code, using a cut-off grade of 0.2g/t Au. Errors may be present due to rounding. The Dokwe Mineral Resource Estimate is inclusive of Reserves.
- Figures presented above are both gross and net attributable to Ariana, via its subsidiary Canister Resources (Pvt) Ltd in Zimbabwe.
Table 2 – Dokwe Ore Reserve Estimate
Grade Bin
Classification
Mined Ore (kt)
Mined Ore
Grade (g/t)
Mined Au (oz)
High Grade
>1.0 g/t Au
Proved
6,298
1.88
379,700
Probable
4,709
1.95
294,600
Total
11,007
1.91
674,300
Medium Grade
0.5-1.0 g/t Au
Proved
8,043
0.58
150,600
Probable
8,273
0.55
147,200
Total
16,316
0.57
297,700
Low Grade
0.2-0.5 g/t Au
Proved
6,615
0.28
59,000
Probable
11,932
0.27
104,200
Total
18,548
0.27
163,200
Grand Total
Proved
20,956
0.87
589,200
Probable
24,915
0.68
546,000
Total
45,871
0.77
1,135,200
Notes:
- The Dokwe North Ore Reserves are reported within the Dokwe North pit design and include mining dilution and recovery.
- The Ore Reserves are reported in accordance with the JORC (2012) Code, using a cut-off grade of 0.2g/t Au, calculated and used to constrain the Ore Reserves. Errors may be present due to rounding.
- Figures presented above are both gross and net attributable to Ariana, via its subsidiary Canister Resources (Pvt) Ltd in Zimbabwe.
Previous AIM Announcements – Reverse Circulation Drilling Programme
For further information on the RC drilling programme, please refer to the AIM announcements on 23 October 2025, 4 November 2025, 12 December 2025, 23 December 2025, 11 March 2026 and 14 May 2026.
Compliance Statements
The information in this announcement relating to Mineral Resources and Ore Reserves has been reported by the Company in accordance with the 2012 Edition of the ‘Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves’ (JORC Code) previously (refer to the Company’s replacement prospectus which was released to the ASX market platform on 8 September 2025 (Prospectus) and is available on the Company website at http://www.arianaresources.com/) (Previous Market Announcement). The Company confirms that it is not aware of any new information or data that materially affects the information included in the Previous Market Announcement and, in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the Previous Market Announcement continue to apply and have not materially changed.
The information in this announcement that relates to the Dokwe PFS production target, or the forecast financial information derived from that production target was first reported on the ASX in the Previous Market Announcement. The Company confirms that all the material assumptions underpinning the production target, and the forecast financial information derived from the production target, in the Previous Market Announcement continue to apply and have not materially changed.
Competent Persons Statement
The information in the Investment Overview Section of the prospectus (included at Section 3), the Company and Projects Overview (included at Section 5), and the Independent Geologist’s Report (included at Annexure A of the prospectus), which relate to exploration targets, exploration results, mineral resources, Ore Reserves and forward looking financial information is based on, and fairly represents, information and supporting documentation prepared by Alfred Gillman, Ruth Woodcock, Izak van Coller, Hovhannes Hovhannisyan (together, the JORC Competent People), and Richard John Siddle, Andrew Bamber and Daniel Van Heerdan (together, the Qualified People). Refer to the Independent Geologist’s Report for further information in relation to the information compiled by each of the JORC Competent People and the Qualified People, their professional memberships, their relevant qualifications and experience and their relationship with the Company.
The Company confirms that the form and context in which the Competent Persons’ findings are presented have not been materially modified from the Previous Market Announcement.
Forward looking statements and disclaimer
This announcement contains certain "forward-looking statements". Forward-looking statements can generally be identified by the use of forward looking words such as "forecast", "likely", "believe", "future", "project", "opinion", "guidance", "should", "could", "target", "propose", "to be", "foresee", "aim", "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", “indicative” and "guidance", and other similar words and expressions, which may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production dates, expected costs or production outputs for the Company, based on (among other things) its estimates of future production of the Projects.
To the extent that this document contains forward-looking information (including forward-looking statements, opinions or estimates), the forward-looking information is subject to a number of risk factors, including those generally associated with the gold exploration, mining and production businesses. Any such forward-looking statement also inherently involves known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated. These factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations, general economic and share market conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development (including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves), changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, geological and geotechnical events, and environmental issues, and the recruitment and retention of key personnel.
- ENDS -
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