REG - Ariana Resources PLC - Revised PFS for Optimised Dokwe Gold Project
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RNS Number : 6924F Ariana Resources PLC 26 May 2026
26 May 2026
AIM: AAU
ASX: AA2
Optimised Dokwe Gold Project PFS Yields Excellent Metrics
Ariana Resources plc (AIM: AAU, ASX: AA2, "Ariana" or the "Company"), the
mineral exploration and development company with gold project interests in
Africa and Europe, is pleased to report the completion of a revised
Pre-feasibility Study ("PFS") for the 100%-owned Dokwe Gold Project ("Dokwe")
in Zimbabwe.
Highlights:
o Long-life, low capital cost, high margin gold production occurring in two
phases: 12-year initial open-pit Life 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.(1)
o Ore Reserve increased by c.42% to 1.13Moz of gold at Dokwe North,
comprising the following Proved and Probable categories, at a 0.2 g/t Au
cut-off (Table 4 below):
§ 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)
o Mineral Resource Estimate increased by 13% to 1.6Moz of gold at Dokwe
North and Dokwe Central, at a 0.2 g/t Au cut-off (Table 1 below).
o Pre-tax LoP NPV(10) of US$1,056m (A$1,509m), post-tax NPV(10) 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.
o Low average strip ratio of 3.7, LoM C1 (operating) cost of US$1,685/oz(2),
and low total pre-production CAPEX of US$164m.
o Production schedule based on a maximum 2.5Mtpa plant throughput and a
high-grading production strategy, reflecting the Strategic Optimisation Study
("SOS") undertaken by Whittle Consulting in 2025.
o Production schedule includes 1.8Mt @1.38 g/t Au of Indicated Resources
from Dokwe Central, accessible via open-pit but not yet converted to Ore
Reserve(3).
o Dokwe sits within granted mining claims, which are wholly-owned by a
subsidiary of Ariana, providing an uninhibited pathway to production.
o Ariana remains well-funded with pro-forma cash and investments of A$53M
and no debt.(4)
o The completion of this revised PFS, together with the advanced stage of
the metallurgical and geotechnical drilling underway, are important
prerequisites for the work in progress for the Definitive Feasibility Study
("DFS").
Notes to Highlights:
1. Mill recovered ounces from mining activity.
2. C1 costs include mining, processing and G&A OPEX (mine site
costs) during the LoM mining and processing phase. Mining and energy cost
assumptions are based on indicative commercial terms to a PFS level of
accuracy, which involved a scaling of mining fleet requirements from the
1.5Mtpa case to the 2.5Mtpa case. The C1 costs plus sustaining and growth
capital costs, in addition to royalties/refining costs (off-site costs),
provide an AISC of US$1,995/oz.
3. As demonstrated from pit optimisation undertaken on the same basis
as Dokwe North and representing less than 4% of LoP process feed tonnes, which
are only mined and processed beyond expected payback period. Additional
geotechnical and metallurgical data is required to complete a conversion to
Ore Reserves.
4. Including the implied value of the remaining 9.9% interest in Zenit
based on the recent sale of 13.6% interest and excluding 76% interest in
Western Tethyan Resources Ltd, 61% of Venus Minerals Ltd and other minority
interests.
Dr. Kerim Sener, Managing Director, commented:
"This is a major milestone for the Company as it progresses its DFS, which is
due for delivery in Q1 2027. With the total ore reserve significantly
increasing by 42% to 1.13Moz, this is a genuinely outstanding result and sets
the scene for a significantly expanded mining and processing rate, which
yields an NPV(10) in excess of US$1bn.
"The PFS update brings together a revised Mineral Resource Estimate, the SOS
completed with Whittle Consulting in 2025 and an update to project input
parameters enabling an increase to our Ore Reserves at Dokwe North.
"The results provide further impetus to test other strategic opportunities
identified in the SOS as we progress Dokwe into production. In particular,
refinements to the mining fleet configuration and processing route may further
improve the NPV and will be examined further in our ongoing studies. The
Company is already ahead of schedule with its three-rig c.3,700m diamond
drilling programme at Dokwe, supported by the Xinhai Mining Group, to provide
additional geotechnical and metallurgical data for the DFS.
"There are immediate opportunities to further increase Ore Reserves through
the conversion of Resources at Dokwe Central and recently reported extensions
to Dokwe North and Dokwe Central identified in recent RC drilling.
Geotechnical drilling and the metallurgical testwork programme for the DFS are
expected to lead to further improvements to the Ore Reserves during H2 2026."
Summary of Pre-Feasibility Report
The Dokwe Gold Project consists of the Dokwe North and Dokwe Central deposits
and is located approximately 110km west-northwest of Bulawayo, Zimbabwe.
The objective of this PFS revision was to revise the Resources last announced
in March 2025, review the 2022 Minxcon PFS and update to a process feed rate
of 2.5Mtpa (from 1.5Mtpa in the original PFS), as recommended from a Strategic
Optimisation Study carried out by Whittle Consulting in 2025. This revision to
the PFS also reports an updated Ore Reserve, key financial outputs and updated
processing and operating costs estimated by Xinhai Mining Group.
This PFS was undertaken by Auralia Mining Consulting Pty Ltd (Auralia), which
commenced in March 2026 and comprised a review of existing technical work and
operating inputs and the acquisition of new data, to form the basis of new pit
optimisation and designs, production scheduling and cashflow modelling.
Mineral Resource Estimate
The Dokwe North and Central Resource models provided by Ariana, which were
announced in accordance with JORC (2012) as a Mineral Resource Estimate on 4
March 2025
(https://www.londonstockexchange.com/news-article/AAU/dokwe-project-in-pit-resources-increase-by-9/16923407)
(and to the AIM on 8 September 2025
(https://www.londonstockexchange.com/news-article/AAU/dual-listing-on-asx-and-total-voting-rights/17220555)
), were updated to reflect the increase in the gold price. Table 1 shows the
updated 2026 MRE, reported at a cut-off grade of 0.2g/t Au within a pit shell
generated using a US$5,000/oz gold price to demonstrate Reasonable Prospects
for Eventual Economic Extraction.
Table 1: Dokwe Mineral Resource Estimate
Deposit Classification Tonnage Grade Contained Gold
(kt)
(g/t Au)
(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
optimised at US$5,000/oz Au. The Mineral Resource Estimate is reported in
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. This Mineral Resource Estimate was prepared by Ruth Woodcock, a
member of Recognised Professional Organisations as defined by JORC 2012: a
Chartered Geologist (CGeol, Geological Society of London) and European
Geologist (EurGeol, European Federation of Geologists) and has sufficient
experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity upon which she is reporting as
a Competent Person.
Processing
Processing capital and operating costs have been re-estimated by the Xinhai
Mining Group using the 2022 PFS design criteria, with modifications for an
increase in throughput from 1.5Mtpa to 2.5Mtpa, the exclusion of a heap leach
process and the use of traditional wet disposal of process tailings.
Geotechnical
A geotechnical stable slope design study was completed by Open House
Management Solutions for Dokwe North in 2021. The study and corresponding
report are of a level of detail suitable for use in this PFS.
Mining Costs
Updated mining costs were obtained through a request for quotation ("RFQ")
process carried out by Auralia in 2025, whereby mining contractors operating
in southern Africa were approached to provide full costs for a contract mine
operation. The mining and energy cost assumptions are based on indicative
commercial terms to a PFS level of accuracy, which involved a scaling of
mining fleet requirements from the 1.5Mtpa case to the 2.5Mtpa case. It is
expected that improvements can be made to the mining cost with appropriate
fleet selection at the DFS stage.
Strategic Optimisation Study
Whittle Consulting carried out a Strategic Options Study in 2025 for the Dokwe
Project. The objective was to generate a view of the scale and economic
potential of the project based on the most significant strategic optimisation
mechanisms to the 2025 MRE. The intended result was a significant upgrade in
the project economics and a clearer view of the preferred development path.
The conclusion of the SOS was to set a processing limit of 2.5Mtpa and a
mining capacity of 30-35Mt/y. By providing sufficient mining capacity and
utilising long-term stockpiling, it is possible to raise the cut-off grade in
early years and retime lower-grade ore to later in the plant life. The SOS
also considered the optimal positioning of mine infrastructure (Figure 1).
Figure 1: Dokwe Gold Project preliminary surface layout
Pit Optimisation and Design
The industry benchmark Geovia Whittle open pit optimisation software was used
to run base case optimisations for Dokwe North and Central using a gold price
of US$4,000/oz and inputs generated through work for this PFS or using the
2022 PFS inputs where still relevant (Figures 2 and 3).
The 2025 SOS indicated that 2.5Mtpa was an optimal target and that using
elevated cut-offs for process feed material would 'significantly shorten
mining life, but at significant NPV upside'. As such, further optimisations
were undertaken using elevated cut-offs and stockpiles to determine a cut-off
that maximises discounted cashflow.
The results of the optimisations indicate that operating with an elevated
cut-off would not only increase the head grade, but in doing so improve the
discounted cashflow. A range of cut-offs were tested and a 0.6 g/t Au cut-off
run returned the highest discounted cashflow. Given the 0.6 g/t Au cut-off
total pit size was close to the base case pit shell, and it was determined
that the base case optimisation shell would form the basis of the pit design,
with elevated cut-offs applied in the scheduling process.
To allow faster access to ore and defer waste stripping to later in the mine
life, it is necessary to mine Dokwe North in four stages (Figure 4). Dokwe
Central is to be mined as a single-stage pit.
Figure 2: Dokwe North RF1 pit shell with grade distribution (left) and
resource classification (right).
Figure 3: Dokwe Central RF1 pit shell with grade distribution (left) and
resource classification (right).
Figure 4: Dokwe North all stages plan view (top) and long-section (north-east
to south-west) view (bottom).
Production Schedule
The nameplate capacity of the processing plant is 2.5Mtpa (625kt/qtr) with the
mining rate varying from 36Mtpa for the first three quarters, 30Mtpa for a
further nine quarters, reducing to 18Mtpa (Figure 5).
The Dokwe production schedule includes 1.8Mt @ 1.38g/t Au of mineralised
material from Dokwe Central, accessible via open-pit mining, which has not
been converted to Ore Reserve. It is expected that conversion to Ore Reserve
is possible once sufficient geotechnical and metallurgical data is obtained.
Figure 5: Quarterly mining schedule by pit stage. Dokwe North (DN) stages 1 to
4 and Dokwe Central (DC) stage 1.
Mined material was separated into different categories based on grade,
weathering and resource classification (Table 2). All 'unclassified' material
was considered waste, as was all material with an in-situ gold grade less than
0.2g/t (the calculated economic cut-off grade, rounded to one decimal place
and applied to all weathering types). Inferred material greater than or equal
to 0.2g/t Au in-situ was grouped without further delineation between grade.
For both Measured and Indicated mineral resources, ore was separated by
in-situ grade into three grade bins, low-grade (LG, 0.2-0.5g/t Au),
medium-grade (MG, 0.5-1.0g/t Au) and high-grade (HG, >=1.0g/t Au).
Table 2: Material classification of Mineral Resources (0.2 g/t Au to >1 g/t
Au: Measured and Indicated) by grade for scheduling.
Deposit Material Volume (Mbcm) Tonnes (Mt) Grade (g/t)
Dokwe North Waste 60.8 161.4
High Grade (>1.0 g/t Au) 3.9 11.0 1.91
Medium Grade (0.5-1.0 g/t Au) 5.8 16.3 0.57
Low Grade (0.2-0.5 g/t Au) 6.6 18.5 0.27
Inferred (>0.2 g/t Au) 1.0 2.7 0.51
Dokwe Central Waste 8.8 23.6
High Grade (>1.0 g/t Au) 0.3 0.8 2.59
Medium Grade (0.5-1.0 g/t Au) 0.2 0.5 0.57
Low Grade (0.2-0.5 g/t Au) 0.2 0.5 0.28
Inferred (>0.2 g/t Au) 0.0 0.1 1.67
Total Waste 69.6 185.0
High Grade (>1.0 g/t Au) 4.2 11.8 1.95
Medium Grade (0.5-1.0 g/t Au) 6.0 16.8 0.57
Low Grade (0.2-0.5 g/t Au) 6.8 19.0 0.27
Inferred (>0.2 g/t Au) 1.0 2.8 0.56
Annual mining by material classification is shown in Figure 6, with Year 0
representing the pre-production mining period prior to the commencement of
commissioning of the process plant.
Figure 6: Annual mining schedule by material classification, including Ore
Reserves, diluted Inferred resources and waste.
High-grade and medium-grade ore will be preferentially processed with
low-grade ore stockpiled on a long-term stockpile and processed once
high-grade ("HG") and medium-grade ("MG") ore stocks are exhausted, which is
almost coincident with completion of the approximate 12-year mining
operations. Low-grade ("LG") ore will extend the processing life by
approximately eight years (Figure 7). None of the Inferred material has been
included in the processing schedule.
Figure 7: Annual processing schedule by grade classification. None of the
Inferred material has been included in the processing schedule.
Ore mined from Dokwe Central is included in the processing schedule despite
not being reported as Ore Reserves. Dokwe Central is likely to be included in
the Ore Reserve Estimate once appropriate metallurgical and geotechnical
studies have been completed. Mining and processing of Dokwe Central has been
scheduled to occur well beyond the expected payback period to limit the impact
on the financial analysis.
Cashflow Analysis
Capital costs for site establishment and construction have been estimated at
US$117.4m, with a further US$46.5m for pre-production mining expenses to be
capitalised for a peak funding requirement of US$163.9m. Sustaining capital
costs of US$33.1m are to be expensed over the approximate 20-year mine life.
Life of Project operating costs for the project were calculated to be
US$890.5m for mining operations, US$1,027.3m for processing operations,
US$152.6m for general and administration costs and US$301.5m for refining and
royalties. Mining and G&A costs are inclusive of capitalised
pre-production expenses.
Gross gold sales over the LoP total US$4,515.9m, resulting in an overall
cashflow of US$1,993.5m, generating a Pre-Tax Net Present Value ("NPV") of
US$1,056.0m at a discount rate of 10%; post-tax NPV(10) of US$740m (A$1,057m).
Project payback is expected approximately one year after the commencement of
processing operations with an internal rate of return of 92% (Table 3).
Sensitivity analyses indicated that a change to the gold price ±10% has the
single greatest impact on the project financials (Figure 8), followed by the
discount rate ±2.5% (i.e., 7.5% and 12.5%).
Figure 8: Project sensitivity cyclone chart.
Table 3: Gold price sensitivity in US$500 increments.
Gold Price $3,250 $3,750 $4,250 $4,750 $5,250
NPV(10) (US$M) 503.7 779.8 1,056.0 1,332.2 1,608.4
IRR 50% 71% 92% 114% 136%
Payback (years) 2.7 1.6 1.2 0.9 0.8
Cashflow (US$M) 989.4 1,491.4 1,993.5 2,495.6 2,997.6
The LoM C1 (operating) cost is US$1,685/oz, and the AISC is US$1,995/oz. The
C1 costs include mining, processing and G&A OPEX (mine site costs) during
the LoM mining and processing phase. The AISC includes mining, processing and
G&A OPEX (mine site costs) during the LoM mining and processing phase,
plus sustaining and growth capital costs and royalties/refining costs
(off-site costs).
Reserve Statement
Measured Resources suitable for inclusion in the Ore Reserve Estimate were
classified as Proved Ore Reserves and Indicated Resources suitable for
inclusion in the Ore Reserve Estimate were classified as Probable Ore
Reserves. Dokwe Central was not included in the Ore Reserve Estimate due to
the lack of detail for process recovery and pit wall slope data.
The Ore Reserve Estimate has been reported by grade bin to highlight the
elevated grade of the high and medium-grade ore that will be preferentially
processed in the first 11 years of the project. Stated Ore Reserves are
inclusive of mining dilution and mining recovery factors and reported above an
in-situ grade of 0.2g/t Au (Table 4).
Table 4: Dokwe Project Ore Reserve grade differentiation.
Grade Bin Reserve Classification Mined Ore (kt) Mined Ore Grade (g/t) Mined Au (oz)
High Grade Proved 6,298 1.88 379,700
>1.0g/t Au
Probable 4,709 1.95 294,600
Total 11,007 1.91 674,300
Medium Grade Proved 8,043 0.58 150,600
0.5-1.0 g/t Au
Probable 8,273 0.55 147,200
Total 16,316 0.57 297,700
Low Grade Proved 6,615 0.28 59,000
0.2-0.5 g/t Au
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, as at 22 May 2026. 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. This Ore Reserve Estimate was prepared by Anthony Keers, a Competent
Person who is a Member and Chartered Professional (CP Mining) of The
Australasian Institute of Mining and Metallurgy and has sufficient experience
that is relevant to the type of deposit and proposed mining method under
consideration and to the activity being undertaken to qualify as a Competent
Person.
Mineral Resource Estimate - ASX Listing Rule 5.8.1 Requirements
Geology and Interpretation:
The Dokwe North deposit consists of a sequence of Archaean intermediate to
felsic volcanic rocks, interbedded with layers of agglomerate and tuff. A
quartz-feldspar porphyry is intruded into the upper part of the sequence. The
Archaean rocks have been folded, metamorphosed to greenschist facies and
sheared. Gold is particularly concentrated where a NE-trending sub-vertical
shear zone interacts with lithological contacts, which typically dip towards
the southeast at a moderate angle. All Archaean rock types exhibit some degree
of gold mineralisation, with the principal host rocks being dacite, tuff and
porphyry (in order of decreasing significance). Coarse visible gold is a
characteristic feature of this deposit, with higher-grade zones developing
along discrete shear zones.
Dokwe Central is a smaller, higher-grade pipe-like deposit containing abundant
quartz veins and several steeply plunging high-grade zones. The Dokwe North
and Central deposits are strongly structurally controlled, occupying two
distinct structural domains within a broader ENE-trending shear zone. The
Dokwe Central geological model includes a second fault zone constraining the
resources towards the west.
Previous Resource Estimates:
Since 2004, the Dokwe Project area has undergone many phases of drilling
involving over 53,000 metres, three MRE's, and several geotechnical and
metallurgical studies. Of this drilling, 48,000m lies within the resource
areas and have been included in the Mineral Resource Estimate. Over 40,000
metres of drill core have been analysed with a portable XRF to improve the
geological model. This enabled the geology and mineralisation to be modelled
utilising geological rather than assay domains, which is considered more
appropriate for the style of mineralisation seen at Dokwe. This resulted in a
Measured, Indicated and Inferred Resource totalling 1.6 million ounces of
gold, across Dokwe North and Dokwe Central, as announced in this release.
This latest iteration of the MRE is constrained by a pit shell optimised at a
US$5,000/oz gold price (previous estimate at US$2,750/oz), as shown in Figure
9. The updated resource is reported at a lower cut-off grade of 0.2g/t Au, as
the PFS studies have shown this to be economic. The previous resource estimate
was reported at a cut-off grade of 0.3g/t Au.
Figure 9: Cross-section through Dokwe North (left) and Dokwe Central (right)
showing resource (blue) and reserve (red) pit outlines. The majority of blocks
falling between the resource and reserve pits are currently classified as
Inferred Resources.
MRE Sampling and Sub-Sampling Techniques:
Diamond drill core was logged from the top to the bottom of the drillhole,
including all of the intersections. After logging, the drill core was marked
for sampling by a senior geologist. The core was sampled nominally at 1m
lengths, apart from where sampling crossed lithological boundaries, where each
side of the boundary was sampled separately. Drill core was split in half with
a diamond saw, with one half core sample bagged in a plastic bag and then sent
to the laboratory and the other half retained in the core trays. In most
drillholes, the entire core was sampled, apart from the younger sedimentary
cover. In later drillholes, only the mineralised portions of the drill core
were sampled. During reverse circulation percussion drilling, samples were
collected every 1m into a large plastic bag and then split using a riffle
splitter to the desired amount for laboratory analysis. Sample representivity
was tested by taking field duplicates and internal laboratory duplicates (pulp
and coarse). Sample size is in line with international practice and is
appropriate to the grain size of the material being sampled.
MRE Drilling Techniques:
The extent of gold mineralisation at the two deposits is defined by 141
diamond drill holes, 57 percussion drill holes and 31 RC holes across both
resource areas. For Dokwe North, the total metres included in the MRE is
34,470m (125 holes) and for Dokwe Central, 5,271m (25 holes), for a combined
total of 37,957m of drilling (this excludes the 2025-26 RC drilling). Average
collar spacing is approximately 50m and 30m in Dokwe North and Dokwe Central,
respectively. At both deposits, there are indications that the mineralisation
remains open in several directions. The results of the 2025-2026 RC Drilling
Programme and ongoing Geotechnical and Metallurgical Drilling Programmes are
not included in this resource estimate.
MRE Classification Criteria:
The Dokwe Project MRE (Dokwe North and Dokwe Central) is classified in
accordance with the JORC (2012) Code, including Measured, Indicated and
Inferred. The style of mineralisation has been identified, the controls on
mineralisation are well understood, and measurements and sampling have been
completed to a high degree of confidence for the mineralisation present
(Further details in JORC Table 1). It is considered reasonable to expect that
some of the Inferred Mineral Resources could be re-classified as Indicated
Mineral Resources with continued exploration; however, due to the uncertainty
of Inferred Mineral Resources, it should not be assumed that such upgrading
will always occur. It is also reasonable to expect that portions of the
Indicated Mineral Resources could be upgraded to Measured Mineral Resources
with some additional infill data. Reporting of tonnages and metal content is
based on the application of a 0.2g/t Au reporting cut-off for both Dokwe North
and Dokwe Central. Confidence in the MRE is sufficient to allow the results of
the application of technical and economic parameters to be used for further
planning in a Feasibility Study. However, additional drilling is underway to
help support metallurgical and other technical studies. In addition to
supporting a Feasibility Study, this revised MRE will assist in the targeting
of future exploratory and resource drilling to expand the resource,
particularly in areas surrounding the northern and southwestern extents of
Dokwe North and the deeper extents of Dokwe Central.
MRE Sample Analysis Method:
All diamond drill core samples used in this Mineral Resource Estimate have
been processed at the ISO-credited Antech Laboratory in Zimbabwe. As part of
Ariana's normal operational procedures, 10% of samples are duplicated from
split core and sent to a second commercial laboratory (ALS Global in
Johannesburg), for check assay. All samples were assayed for gold using a 50g
fire assay. Reviews of the assay results have determined that all Quality
Control and Quality Assurance samples (blanks, standards and duplicates)
passed the quality control checks established by the company, with duplicate
samples showing excellent correlation. Laboratory sample preparation, assaying
procedures and chain of custody are appropriately controlled. The Company
maintains an archive of core samples and a photographic record of all cores
for future reference.
MRE Estimation Methodology:
Composites of gold grade within each domain were completed using a 1m best fit
routine. The application of a "semi-soft" boundary with a 1-4 metre range
(depending on the domain) was used in the estimation to allow data points
outside (to a maximum distance of 4m) of the domain boundaries to influence
the estimation of grade in blocks inside the boundary, realistically
influencing the mineralisation domains at both a local and larger scale.
The core of the shear zone was mapped out by relogging multiple holes, paying
particular attention to deformation textures and lithological offsets. From
this, a central "core" plane was constructed to simulate the zone of maximum
ductile deformation within Dokwe North. This was further modelled using rock
fabric and lithological contact measurements collected from orientated drill
core.
The Dokwe North shear zone has been defined to be approximately 150m wide,
after which foliation intensity in the surrounding rocks decreases rapidly
along with gold grades. Mineralisation, particularly in the high-grade domain,
is not strictly constrained by ductile deformation features, but is
significantly influenced by lithological contacts and changes in the
characteristics of each rock unit. Therefore, to incorporate this into the
modelling, the various geological contacts defined from over 40,000 pXRF
readings and logging were coded into the structural model in Leapfrog, for
more precise application of estimation search directions.
Gold grade within each domain was evaluated to identify the effect of higher
gold values exceeding 20g/t Au. A closer evaluation of the data showed a
reasonable clustering of higher-grade data exceeding 0.7g/t Au, which outlines
the core of a major shear zone with several smaller parallel shear zones.
Therefore, it was decided to sub-domain this population of data from the main
shear zone model.
To preserve some of the high grades within the high-grade domain, it was
determined that a hybrid method consisting of a 200g/t Au top-cut and an
Outlier Restriction should be applied. The 200g/t Au top-cut reduces the
outlier high grades to within range of other very high grades. The Outlier
Restriction further reduces the bias by constraining the effect of high grades
at a distance (approximately 5-10 metres in this case). Values beyond the
restricted distance were clamped to 100g/t Au to prevent the excess influence
of very high grades. The capping of the other domains was evaluated through
variography analysis to support the Ordinary Kriging estimation method, and
then it was backed up by an Outlier Restriction.
Variogram modelling for Dokwe North was completed to support the Ordinary
Kriging estimation method. Each domain contained a single search pass,
extrapolated to a maximum search of 180 metres. Good variograms were achieved
for each domain in all ellipse axes. The Coefficient of Variation values
within the supporting statistics were reviewed and deemed satisfactory, given
the moderate nugget effect of the deposit.
The Dokwe North block model has been rotated to an azimuth of 47 degrees. The
model is sub-blocked, using the mineralisation domain boundaries as a
sub-blocking trigger. The parent blocks are 10m x 20m x 10m (X,Y,Z), with
sub-blocks of 5m x 5m x 5m (X,Y,Z). The Dokwe Central block model is made up
of 5m x 5m x 5m blocks, is not sub-blocked and is not rotated.
MRE Cut-off Grade:
The Mineral Resource has been reported at 0.2g/t Au cut-off grade. This
cut-off grade has been used to approximate potential marginal mining cut-off
grades for open-pit mining methods.
MRE Modifying Factors:
Modifying factors have not been applied to the Resources, but have been
studied in detail for the Ore Reserve Estimate. Mining factors such as
dilution, ore loss, recoverable resources at selective mining block sizes,
etc. have been applied at the reserve estimation stage.
Ore Reserve Estimate - ASX Listing Rule 5.9.1 Requirements
Material Assumptions:
The material assumptions and outcomes from the updated PFS, which support the
forecast financial information derived from the production target, are
disclosed in the body of this announcement.
Criteria Used for the Classification of Ore Reserves:
Measured Resources suitable for inclusion in the Ore Reserve Estimate were
classified as Proved Ore Reserves, and Indicated Resources suitable for
inclusion in the Ore Reserve Estimate were classified as Probable Ore
Reserves. Dokwe Central was not included in the Ore Reserve Estimate due to
the lack of detail for process recovery and pit wall angle data.
Mining Method and Assumptions:
Updated mining costs were obtained through a request for quotation process
carried out by Auralia in 2025, whereby mining contractors operating in
southern Africa were approached to provide full costs for a contract mine
operation.
The RFQ process consisted of a data pack shared with the contractors with
schedules based on work completed in March 2025 and the utilisation of both
rigid and articulated dump trucks and small to medium class excavators. An
indicative site layout was also included, which assumed 2km haul distances to
the ROM pad located next to the processing plant from both deposits and waste
dumps being located proximally to the deposits. The schedules required
contractor unit rate inputs for load and haul, drill and blast, fixed
quarterly costs, and site establishment.
Processing Method and Assumptions:
The nameplate capacity of the processing plant is 2.5Mtpa (625kt/qtr) with the
mining rate varying from 36Mtpa for the first three quarters, 30Mtpa for a
further nine quarters, reducing to 18Mtpa.
High-grade ("HG") and medium-grade ("MG") ore will be preferentially
processed, with low-grade ("LG") ore stockpiled on a long-term stockpile and
processed once HG and MG ore stocks are exhausted, which is almost coincident
with completion of the approximate 12-year mining operations. LG ore will
extend the processing life by approximately eight years.
Processing capital and operating costs have been re-estimated by the Xinhai
Mining Group using the 2022 PFS design criteria, with modifications for an
increase in throughput from 1.5Mtpa to 2.5Mtpa, the exclusion of a heap leach
process and the use of traditional wet disposal of process tailings.
Cut-Off Grades:
Mined material was separated into different categories based on grade,
weathering and resource classification. All "unclassified" material was
considered waste, as was all material with an in-situ gold grade less than
0.2g/t (the calculated economic cut-off grade, rounded to one decimal place
and applied to all weathering types). Inferred material greater than or equal
to 0.2g/t Au in-situ was grouped without further delineation between grade.
For both Measured and Indicated mineral resources, ore was separated by
in-situ grade into three grade bins, low-grade (LG, 0.2-0.5g/t Au),
medium-grade (MG, 0.5-1.0g/t Au) and high-grade (HG, >=1.0g/t Au). Stated
Ore Reserves are inclusive of mining dilution and mining recovery factors and
reported above an in-situ grade of 0.2g/t Au. Mining dilution and mining
recovery were applied as 5% and 95%, respectively.
Estimation Methodology:
The industry benchmark Geovia Whittle open pit optimisation software was used
to run base case optimisations using a gold price of US$4,000/oz and inputs
generated through work for this PFS or using the 2022 PFS inputs where still
relevant.
Material Modifying Factors:
Material modifying factors have been discussed previously in this document.
There are no known environmental, permitting, legal, title, taxation,
socio-economic, marketing, political or other factors that will materially
affect the Ore Reserve Estimate.
Glossary of Technical Terms
"Au" chemical symbol for gold;
"CIL" Carbon in Leach gold processing;
"g/t" grams per tonne;
"High Grade" In the context of the Dokwe Project, mineralised material which
exceeds 1 g/t Au in grade;
"In Pit Resources" Resources which are constrained by optimisation pit shells,
with "current" economic inputs, which define minable mineralisation, and
demonstrates reasonable prospects for economic extraction;
"Inferred Mineral Resource" is that part of a Mineral Resource for which
quantity and grade (or quality) are estimated on the basis of limited
geological evidence and sampling. Geological evidence is sufficient to imply
but not verify geological and grade (or quality) continuity. It is based on
exploration, sampling and testing information gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings and drill
holes. An Inferred Mineral Resource has a lower level of confidence than that
applying to an Indicated Mineral Resource and must not be converted to an Ore
Reserve. It is reasonably expected that the majority of Inferred Mineral
Resources could be upgraded to Indicated Mineral Resources with continued
exploration;
"Indicated Mineral Resource" is that part of a Mineral Resource for which
quantity, grade (or quality), densities, shape and physical characteristics
are estimated with sufficient confidence to allow the application of Modifying
Factors in sufficient detail to support mine planning and evaluation of the
economic viability of the deposit. Geological evidence is derived from
adequately detailed and reliable exploration, sampling and testing gathered
through appropriate techniques from locations such as outcrops, trenches,
pits, workings and drill holes, and is sufficient to assume geological and
grade (or quality) continuity between points of observation where data and
samples are gathered. An Indicated Mineral Resource has a lower level of
confidence than that applying to a Measured Mineral Resource and may only be
converted to a Probable Ore Reserve;
"IRR" Internal Rate of Return (IRR) is the discount rate that makes the net
present value (NPV) of all cash flows from an investment equal to zero. It
represents the expected annualized effective compounded return rate of the
investment.
"JORC" Joint Ore Reserves Committee;
"k" thousand
"km" Kilometres;
"LoP" Life of Project, relating to the processing-only phase;
"LoM" Life of Mine, relating to the mining and processing phase;
"Low Grade" In the context of the Dokwe Project, mineralised material which
occupies a grade range between 0.2 g/t Au and 0.5 g/t Au in grade;
"m" Metres;
"Measured Mineral Resource" is that part of a Mineral Resource for which
quantity, grade (or quality), densities, shape, and physical characteristics
are estimated with confidence sufficient to allow the application of Modifying
Factors to support detailed mine planning and final evaluation of the economic
viability of the deposit. Geological evidence is derived from detailed and
reliable exploration, sampling and testing gathered through appropriate
techniques from locations such as outcrops, trenches, pits, workings and drill
holes, and is sufficient to confirm geological and grade (or quality)
continuity between points of observation where data and samples are gathered.
A Measured Mineral Resource has a higher level of confidence than that
applying to either an Indicated Mineral Resource or an Inferred Mineral
Resource. It may be converted to a Proved Ore Reserve or under certain
circumstances to a Probable Ore Reserve;
"Medium Grade" In the context of the Dokwe Project, mineralised material which
occupies a grade range between 0.5 g/t Au and 1 g/t Au in grade;
"MRE" Mineral Resource Estimate;
"M" million;
"Mtpa" Million tonnes per annum;
"NPV" Net Present Value (NPV) is a financial method used to assess the value
of an investment by calculating the present value of expected future cash
flows and comparing it to the initial investment cost. A positive NPV
indicates that the investment is likely to be profitable, while a negative NPV
suggests a loss;
"oz" Troy ounces;
"Probable Ore Reserve" is the economically mineable part of an Indicated, and
in some cases, Measured Mineral Resource. The confidence in the Modifying
Factors applying to a Probable Ore Reserve is lower than that applying to a
Proved Ore Reserve;
"Proved Ore Reserve" is the economically mineable part of a Measured Mineral
Resource. A Proved Ore Reserve implies a high degree of confidence in the
Modifying Factors;
"Reasonable Prospects for Eventual Economic Extraction" or RPEEE is a term
used in the JORC code which states that the resource as reported should have
an assumed profitability within a realistic and defined time period. It is
accepted that the method of extraction (open pit or underground) and the
method of processing needs to have been reasonably determined (but not
necessarily finalised) at the time of reporting;
"t" tonnes.
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/ (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.
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 information in this announcement relating to the Mineral Resource Estimate
at the Dokwe Gold Project is based on, and fairly represents, information and
supporting documentation prepared by Ms. Ruth Woodcock, Exploration Group
Leader, Ariana Resources plc. Ms. Woodcock is a member of Recognised
Professional Organisations as defined by JORC 2012: a Chartered Geologist
(CGeol, Geological Society of London) and European Geologist (EurGeol,
European Federation of Geologists) and has sufficient experience which is
relevant to the style of mineralisation and type of deposit under
consideration and to the activity upon which she is reporting as a Competent
Person as defined in the 2012 Edition of "The Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves." Ms. Woodcock
consents to the inclusion in this report of the matters based on the
information compiled by her, in the form and context in which it appears.
The information in this announcement that relates to Ore Reserves is based on
information compiled by Anthony Keers, a Competent Person who is a Member and
Chartered Professional (CP Mining) of The Australasian Institute of Mining and
Metallurgy. Anthony Keers is Managing Director of Auralia Mining Consulting.
Anthony Keers has sufficient experience that is relevant to the type of
deposit and proposed mining method under consideration and to the activity
being undertaken to qualify as a Competent Person as defined in the 2012
Edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves. Mr. Keers consents to the inclusion in this report
of the matters based on the information compiled by him, in the form and
context in which it appears.
The Company confirms that the form and context in which the Competent Persons'
findings are presented have not been materially modified from the previous
announcements.
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 -
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 info@arianaresources.com
Dr Kerim Sener, Managing Director
Beaumont Cornish Limited Tel: +44 (0) 20 7628 3396
(Nominated Adviser)
Roland Cornish / Felicity Geidt
Zeus Capital (Joint Broker) Tel: +44 (0) 203 829 5000
Harry Ansell / Katy Mitchell
Fortified Securities (Joint Broker) Tel: +44 (0) 203 411 7773
Guy Wheatley
Yellow Jersey PR Limited (UK Financial PR) Tel: +44 (0) 7983 521 488
Dom Barretto / Shivantha Thambirajah arianaresources@yellowjerseypr.com
M&C Partners (Aus Financial PR) Tel: +61 438 227 286
Christina Granger / Ben Henri christina.granger@mcpartners.com.au
Shaw and Partners Limited Tel: +61 (0)2 9238 1268
(Lead Manager - ASX)
Damien Gullone
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 an exceptional track record of creating
value for its shareholders through its interests in active mining projects and
investments in exploration companies. Its current interests include a major
gold development project in Zimbabwe, gold-silver operations in Türkiye 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 (http://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.
Ends.
JORC Table 1 - Dokwe
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling techniques · Nature and quality of sampling (eg cut channels, random chips, or · Soil samples were collected from 15cm deep pits, screened to
specific specialised industry standard measurement tools appropriate to the -1mm, on lines 400m apart with 50m samples composited over 400m. The samples
minerals under investigation, such as down hole gamma sondes, or handheld XRF were analysed by Intertek Genalysis in Perth Australia using their partial
instruments, etc). These examples should not be taken as limiting the broad extraction method (TL1) to determine Au, Ag, As, Co, Cu, Sb by ICP-MS.
meaning of sampling.
Sampling was carried in the Regional, Intermediate, follow-up and Detailed
· Include reference to measures taken to ensure sample representivity phases. For regional samples +-2kg samples were collected and sent to Peacock
and the appropriate calibration of any measurement tools or systems used. & Simpson & Associates laboratory in Harare for heavy mineral
concentration, and the concentrate sent to Intertek Genalysis laboratory in
· Aspects of the determination of mineralisation that are Material to Perth. Intermediate, follow-up, and detailed samples were passed through a
the Public Report. -1mm sieve, and +-100g of the fine sample was sent to Intertek Genalysis.
There was no QA/QC on the soil analyses apart from internal lab checks.
· In cases where 'industry standard' work has been done this would be
relatively simple (eg 'reverse circulation drilling was used to obtain 1 m · Portable XRF analysis for approximately 40,000 readings was taken
samples from which 3 kg was pulverised to produce a 30 g charge for fire across 138 archived diamond drill holes. Readings were taken at 1m intervals
assay'). In other cases more explanation may be required, such as where there directly onto cleaned core surfaces. The results obtained were used to
is coarse gold that has inherent sampling problems. Unusual commodities or identify relative geochemical characteristics of the Dokwe geology. The pXRF
mineralisation types (eg submarine nodules) may warrant disclosure of detailed unit used was an Olympus Vanta. QA/QC samples were utilised at the start of
information. each session and then at approximately every 100 readings.
· Portable XRF analysis for a total of 10,086 soil samples were
collected across the tenement area. Samples were collected on a grid of 50 m
by 200 m, reducing spacing to 50 m by 100 m in areas of priority interest.
Once the soil sample is dry, a pXRF reading is taken from the soil sample to
obtain multi-element geochemistry. The pXRF unit used was an Olympus Vanta.
QA/QC samples were utilised at the start of each session and then at
approximately every 100 readings.
· Next, a 250g sub-sample is weighed and placed into a plastic
pouch with 500ml of reagent added and a collector device (CD) attached to the
inside of the cap of the pouch. The pouches are placed in a barrel and tumbled
for 12 hours. After this, the pouches are removed from the drum and CDs are
removed from the pouches, rinsed gently in water, and dried in a dehydrator
oven for three hours. This detectORE(TM) technology has been used to analyse
811 of the pXRF soil samples from priority areas.
· Reverse circulation drill samples taken in 2025 - 2026 were split
using a multi-tiered splitter to obtain a 3-5kg representative sample for
dispatch to the laboratory. RC chip samples for every meter were collected
straight from the drill rig using a sample cyclone. Wet samples were speared
multiple times to obtain a representative sample mass. Less than 10% of the
obtained samples were wet.
· The drill rig cyclone was typically cleaned after every rod run
(3m).
Drilling techniques · Drill type (eg core, reverse circulation, open-hole hammer, rotary · Diamond drillholes were collared with HQ core size (63.5mm
air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or diameter) to a more competent ground and then continued with NQ core size
standard tube, depth of diamond tails, face-sampling bit or other type, (47.6mm diameter) to the end of drillhole. Some drillholes drilled between
whether core is oriented and if so, by what method, etc). 2003 and 2007 were drilled with narrower BQ core size (36.4mm diameter). The
diameter of the percussion drillholes was 152mm. Diamond drillholes drilled in
2020 for metallurgical purposes were collared with PQ core size (85mm) to more
competent ground and then continued with HQ core to the end of hole and the
diameter of sterilisation percussion drillholes was 133mm. Diamond drillholes
drilled in 2023-2024 for due diligence purposes were predominantly drilled
using standard HQ drill rods. However, some holes were collared with PQ-sized
rods to approximately 100m. Deeper holes (>250 metres), were drilled to
final depth using NQ rods after HQ (DPD132).
· The drill core since 2019 was oriented using the Boart Longyear
TruCore(TM) UPIX core orientation system. The NQ core was oriented but highly
weathered and broken HQ core was not oriented. The whole of the geotechnical
drillhole core was oriented. The due diligence drillholes (DPD129 - DPD132)
core were oriented.
· Reverse Circulation drilling completed in 2025 - 2026 used a Thor
5000 drill rig with a 5-inch hammer size and 24 bars of air pressure on the
rig, with an additional 14 bars of pressure from an off-rig booster. All RC
holes drilled were surveyed using a multishot and later gyroscopic survey tool
on approximately 20m intervals.
Drill sample recovery · Method of recording and assessing core and chip sample recoveries · Drillhole recoveries were measured during each diamond drilling
and results assessed. campaign and a total average recovery of 94% was achieved for the diamond
drillholes to 2020, whereas 73% was achieved for the 2021 sterilisation
· Measures taken to maximise sample recovery and ensure percussion drillholes. However, recovery data pertaining to the percussion
representative nature of the samples. drillholes (32 drillholes) and five additional diamond drillholes drilled
between 2003 and 2004 were not available at the time of reporting. Recovery
· Whether a relationship exists between sample recovery and grade and for the 2023-2024 programme was 98.62%.
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material. · The sample recoveries were maximised through drilling techniques
and consistent monitoring.
· Sample recoveries versus grade relationships were not assessed.
It is the CP's opinion that there is no bias with respect to drilling
technique and sampling methodology utilised.
· Drill sample recovery for the 2025 - 2026 RC drilling was
monitored by weighing each raw sample directly from the cyclone for every
meter. The average sample mass of all samples was 32kg (80% recovery). Samples
with poor recovery (i.e. <40%) were dominantly samples from within 10
meters of the surface, where poor recoveries are expected due to the lithology
(Kalahari sands). No mineralisation intervals were documented within the first
10 metres of any of the holes drilled.
Logging · Whether core and chip samples have been geologically and · All drillholes drilled on Dokwe Project were logged geologically
geotechnically logged to a level of detail to support appropriate Mineral and the logging included "from" and "to" depth, lithology, colour, grain size,
Resource estimation, mining studies and metallurgical studies. weathering, oxidation, and mineralisation.
· Whether logging is qualitative or quantitative in nature. Core (or · All drillholes have been geologically logged to a level of detail
costean, channel, etc) photography. to support Mineral Resource estimation.
· The total length and percentage of the relevant intersections · Drillhole logging is qualitative in nature. During the 2019
logged. drilling, the diamond drill core was also photographed both wet and dry at the
drill site and photos.
· All diamond core and percussion chips were completely logged from
the top to the bottom of drillhole including all intersections.
· RC chips for every metre of drilling completed during the 2025 -
2026 campaign were sieved, washed and logged. A full archive of chips has been
retained for every metre drilled. These have been photographed in their
respective chip trays for further documentation. Geological logs are digitised
and loaded into Leapfrog software to review.
Sub-sampling techniques and sample preparation · If core, whether cut or sawn and whether quarter, half or all core · During sampling, samples were marked at 1m intervals apart from
taken. where the sampling crossed lithological boundaries where each side of the
lithological contact was sampled separately.
· If non-core, whether riffled, tube sampled, rotary split, etc and
whether sampled wet or dry. · After logging and marking of samples, the diamond drill core was
then split in half by a diamond saw with one half stored for future reference
· For all sample types, the nature, quality and appropriateness of and the other half core was sent to the laboratory for analyses.
the sample preparation technique.
· Diamond drill core was logged from the top to the bottom of the
· Quality control procedures adopted for all sub-sampling stages to drillhole including all the intersections, after logging, the drill core was
maximise representivity of samples. marked for sampling by a senior geologist. The core was sampled nominally in
1m length apart from where sampling crossed lithological boundaries where each
· Measures taken to ensure that the sampling is representative of the side of the boundary was sampled separately. Drill core was split in half with
in situ material collected, including for instance results for field a diamond saw with one half core sample bagged in a plastic bag and then sent
duplicate/second-half sampling. to the laboratory and the other half was retained in the core trays. In most
drillholes, the entire core was sampled apart for the younger sedimentary
· Whether sample sizes are appropriate to the grain size of the cover. In later drillholes, only the mineralised portions of the drill core
material being sampled. were sampled.
· During percussion drilling, samples were collected every 1m into
a large plastic bag and then split using a riffle splitter to desired amount
for the laboratory analysis.
· Sample representativity was tested by taking field duplicates and
internal laboratory duplicates.
· Sample size is in line with international practice and is
appropriate to the grain size of the material being sampled.
· Sample preparation and handling for the 2025 - 2026 RC drilling
were all completed at the drill site as each hole progressed. The illustration
below is a summary of the sample splitting procedure used during this
programme.
·
Quality of assay data and laboratory tests · The nature, quality and appropriateness of the assaying and · Sample analyses were carried out at Antech, SGS Lakefield
laboratory procedures used and whether the technique is considered partial or Research Africa, Intertek Genalysis Laboratories and ALS Global in South
total. Africa.
· For geophysical tools, spectrometers, handheld XRF instruments, · Sample preparation at Antech laboratories involved drying the
etc, the parameters used in determining the analysis including instrument make sample, crushing, pulverising, riffle splitting, and packaging. A small
and model, reading times, calibrations factors applied and their derivation, portion of the pulverised material, 50g, was analysed for gold by fire assay
etc. with atomic absorption ("AA") finish.
· Nature of quality control procedures adopted (eg standards, blanks, · At Intertek Genalysis South Africa, the sample preparation
duplicates, external laboratory checks) and whether acceptable levels of involved drying the sample, crushing, pulverising, riffle splitting, and
accuracy (ie lack of bias) and precision have been established. packaging. After going through the sample preparation stages, the final sample
for analysis weighed approximately 50g and was shipped to Australia for
analysis. All samples were assayed for gold by 50g fire assay with optical
emission spectrometers ("OES") finish.
· Details pertaining to the analytical procedure at SGS Lakefield
Research Africa was not available at the time of reporting.
· Analytical techniques utilised at the laboratories are considered
total.
· No assay methods other than those conducted at the accredited
laboratory (Antech, Intertek Genalysis, SGS Lakefield Research Africa
Laboratory), were utilised in the generation of the Dokwe sampling database.
Note that the details pertaining to the accreditation status for SGS Lakefield
Research Africa Laboratory was not available, however, this data was not used
in the MRE work outlined here.
· Between 2003 and 2007, blanks and duplicates were inserted into
the sampling sequence. Between 2008 and 2011, CRMs, blanks and duplicates were
inserted into the sampling sequence.
· During 2019 and 2020 sampling campaigns, the QA/QC protocol for
insertion of QA/QC samples was that one in every 10th sample sent to the
laboratory will either be a blank or one of the four CRM.
· During the 2023 sampling, every batch of 34 samples sent to
Antech included 1 CRM, 1 blank, 1 field duplicate and 1 pulp duplicate.
· An adequate number of control samples were utilised during core
sampling.
· During Ariana's 2023 due diligence review of the Dokwe Project
approximately 10% of samples extracted from DPD129 (Dokwe North) and DPD131
(Dokwe Central) were duplicated as quarter core and sent to ALS Global in
South Africa for check analysis against the Antech laboratory in Zimbabwe.
Results are satisfactory.
· pXRF readings are taken on diamond drill core using a 3-beam
Vanta M Series (VMR) with test timings set to Beam 1: 30s - Beam 2: 20s - Beam
3: 20s. Soil samples for pXRF are collected and air dried prior to analysis.
Test timings for soils are set to Beam 1: 40s - Beam 2: 30s - Beam 3: 30s. For
all pXRF analyses the unit is calibrated (cal check) at the start of the
session. Following this, other QA/QC samples (blank, CRM, calibration disc)
were utilised at the start and end of each session and at approximately every
100 readings.
· For detectORE(TM) analyses, each batch of 90 samples contains two
reference materials supplied by Portable PPB which are processed and analysed
in the same way as the other samples. The reference materials are not
certified but have known concentrations of gold. They are used to check that
the leach and collection process has worked as intended for that batch. In
addition, two blanks and two field duplicates were included in every 90
samples. The pXRF detectORE(TM) mode is firmware installed on portable XRF
devices to allow detection of gold values from the CD's, controlled via API
coupled to pLIMS™ software that also manages the QA/QC. The pXRF
detectORE(TM) mode is calibrated using five Calibrated Collector Devices of
varying concentrations of gold from 0 to 1,000 ppb equivalent. Once dried, the
CDs are analysed for gold using Evident's detectORE(TM) mode on a Vanta M
Series (VMR) pXRF.
· RC samples from DRC1 - DRC22 were submitted to the Antech
Laboratory and subjected to the same 50g shot assay procedure as used in all
other programs described above. Samples from DRC22 - DRC31 were submitted to
Performance Laboratories.
· Antech: 17 samples per batch (including 1 CRM and alternating 1
duplicate or 1 blank) at a 11.8% insertion rate. Performance: 19 samples per
batch (including 1 CRM and alternating 1 duplicate or 1 blank) at a 10.5%
insertion rate. Each lab also includes their own internal CRMs, blanks and
duplicates. QA/QC results are satisfactory.
· Umpire laboratory checks are underway.
· An adequate number of control samples were utilised during RC
sampling.
· Antech Laboratories and Performance Laboratories are both SADCAS
accredited (ISO/IEC 17025:2017).
Verification of sampling and assaying · The verification of significant intersections by either independent · Dokwe North is an advanced exploration property that has a
or alternative company personnel. database with 103 diamond drillholes, 7 RC drillholes, 15 percussion
drillholes and 25 sterilisation RC drillholes.
· The use of twinned holes.
· Less than 2km SE, Dokwe Central has 24 diamond drillholes, 12 RC
· Documentation of primary data, data entry procedures, data drillholes and 5 percussion holes and has been audited by Digital Mining
verification, data storage (physical and electronic) protocols. Services (DMS) in the past.
· Discuss any adjustment to assay data. · In addition to the Dokwe North and Central holes 42 holes have
been drilled in prospects in the vicinity of Dokwe.
· As part of verification, the QA/QC for the various drilling
campaigns were reviewed and the drilling database was verified.
· The original Dokwe drilling database was in the form of Microsoft
Access database. The Dokwe drillhole database included 2003-2004, 2007, 2008,
2009, 2010, 2019 and 2020 drilling campaigns. The database was checked for
duplicates, overlapping, and missing intervals, whilst all fields were checked
for spurious or out-of-range values. The database has been uploaded to
MXDeposit as part of the Due Diligence study.
· The Due Diligence drilling included a twin hole (DPD129), which
correlated very well with its twin DPD49.
· For detectORE(TM) analyses all samples and sample information are
tracked using the bar codes on the pouches and the CD's. The sample numbers
are entered into proprietary pLIMS(TM) software, Portable PPB's software
interface for sample management and results. The barcodes prevent manual
errors in data entry.
· For detectORE(TM) analyses the gold concentration is calculated
based on the weight of the original sample and moisture content, and the
amount of gold on the CD (i.e., gold leached into solution). The gold
concentration is given as dU (detectORE(TM) units), where a dU represents the
leached and collected gold in micrograms of gold. This is a partial
extraction, not a total gold result. The laboratory results from the trial
batches are compared to the detectORE(TM) results, and a correlation
coefficient is established. This equation is used to predict the ppm (g/t)
values the dU correlates with, and thus help define samples to be analysed at
a laboratory using conventional assay. The detectORE™ results when compared
to fire assays also provide detailed geometallurgical insights and leach
characteristics, further adding value to this process.
· During pXRF analyses, samples are analysed in numerical order,
and a sheet is completed to note the inserted QA/QC samples. These are
digitised and combined with the data export from the pXRF on a daily basis. No
adjustment is made to pXRF data for soils or core in the raw data set.
Location of data points · Accuracy and quality of surveys used to locate drill holes (collar · The coordinate utilised for Dokwe is WGS84 Universal Transverse
and down-hole surveys), trenches, mine workings and other locations used in Mercator ("UTM") Zone 35 South.
Mineral Resource estimation.
· All drillhole collars up have been surveyed by qualified
· Specification of the grid system used. professional surveyors Drysdale and Associates using RTK GPS (3 - 5mm
accuracy) which is linked to the national grid. The coordinates were provided
· Quality and adequacy of topographic control. in Universal Transverse Mercator ("UTM") on Cape Datum.
· During 2019 and 2020 drilling programme, all drillholes were
downhole surveyed at 6m intervals using Boart Longyear - TruShotTM digital
survey tools. In order to obtain the complete survey of the holes, the surveys
were done separately for the HQ and NQ diameter of the holes. Earlier
drillholes (DPD001 - 010) were downhole surveyed at 50m intervals using Reflex
EZ- Shot™ equipment. Subsequently drillholes were downhole surveyed with
Reflex EZ-Shot (Reflex single shot) and DeviFlexi tools and were surveyed at
25m and from DPD060 to DPD084 the interval decreased to 4m to 6m. No downhole
survey was carried out on the percussion drillholes and six diamond drillholes
drilled between 2003 and 2004 as well as the sterilisation drillholes drilled
in 2021. Downhole surveys were carried out for the 2023-24 drilling.
· In 2016, Southern Mapping Company (Pty) Ltd, was contracted by
Canister to carry out a LiDAR survey of the topography. This was tied into
WGS84 with better than 10cm accuracy, non-ground points were filtered out and
an orthophoto and topographical contours were generated at 0.5m contour
intervals.
· In 2023, a drone survey over the Dokwe North area captured 2,600
detailed 12-megapixel aerial images to produce a high- resolution (4cm/pixel)
photogrammetry map. This was used to validate and locate all historic collars
within the immediate Dokwe North area to within 1m accuracy.
· Collar positions of the 2025 - 2026 RC drilling were recorded in
the field by handheld GPS, and later by DGPS. Each collar was preserved by a
concrete block with the hole ID and coordinates clearly engraved. Downhole
surveys for the 2025 - 2026 RC drilling were completed on 20m intervals using
an OMNIx42 multishot tool, and then later after the first four holes a
DeviGyro gyroscopic survey tool.
Data spacing and distribution · Data spacing for reporting of Exploration Results. · Data spacing and distribution are sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral Resource
· Whether the data spacing and distribution is sufficient to estimation and classification.
establish the degree of geological and grade continuity appropriate for the
Mineral Resource and Ore Reserve estimation procedure(s) and classifications · A 1m compositing interval was selected and applied to the de-
applied. surveyed drillholes. Composites were selected from all drill holes except
sterilisation RC holes.
· Whether sample compositing has been applied.
DOKWE NORTH
· A total of 150 drillholes (including percussion and geotechnical
drillholes) have been drilled at Dokwe North. At Dokwe North, drillholes were
systematically laid out on 15 section lines (approximately 320º azimuth)
spaced 50m apart and the collars were also spaced at 50m along the section
lines.
· Of these 150 holes, a total of 25 sterilisation percussion
drillholes were drilled on a square grid of 350m over the proposed waste dump,
plant, heap leach, tailings dam, and solar farm sites to the southeast of
Dokwe North.
· The total metres drilled within the resource area (i.e. excluding
sterilisation holes) is 32,727m (116 holes).
DOKWE CENTRAL
· A total of 41 drillholes (including percussion drillholes) have
been drilled at Dokwe Central. At Dokwe Central, most drillholes were
systematically laid out on 3 section lines (E-W azimuth) spaced 50m apart and
the collars were also spaced at 25m along the section lines, resulting in an
average of 30m between holes.
· In the resource area there are 6,834m (24 holes).
Orientation of data in relation to geological structure · Whether the orientation of sampling achieves unbiased sampling of · Dokwe North drillholes were systematically laid out on a section
possible structures and the extent to which this is known, considering the line (approximately 320º azimuth) generally perpendicular to the strike and
deposit type. most of the drillholes were drilled towards the northwest to intersect the
mineralised orebodies very close to normal relative to the reef plane.
· If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to have introduced a · At Dokwe Central, drillholes were systematically laid out on
sampling bias, this should be assessed and reported if material. section lines (E-W azimuth) generally perpendicular to the strike and most of
the drillholes were drilled towards the north to intersect the mineralised
orebodies very close to normal relative to the reef plane.
· Available information indicates that the drilling orientation
would provide unbiased sampling of the mineralisation zones.
· Due diligence drilling in 2023 drilled from various orientations
to better test the mineralisation and confirm that the drilling has provided
unbiased sampling.
· The geotechnical drilling was also completed in various
orientations.
Sample security · The measures taken to ensure sample security. · The core was then transported to the core yard for geological
logging and sampling. After logging and marking of samples, the diamond drill
core was then cut in half by a diamond saw with one half stored for future
reference and the other half core was sent to the laboratory for analyses.
· During percussion drilling, samples were collected in large bags
and then split using a sample riffle splitter. After splitting, samples were
bagged in plastic bags, the remaining bulk sample was transported to the main
office about 125km from site and stored at a shed in the early years, but
stored on site in the recent sterilization programme.
· All samples were transported by company personnel to the
laboratory. They were signed off for dispatch from the core yard and on
receipt to the laboratory.
· All drill core is stored at the Dokwe Camp.
· RC drilling completed during 2025 - 2026: all samples were
handled on the active drill sites. Split samples for laboratory analysis were
bagged, securely sealed, and stored at the base camp sample dispatch
(approximately 2km from the drill sites) until ready to be sent directly to
Antech Laboratories and Performance Laboratories.
Audits or reviews · The results of any audits or reviews of sampling techniques and · In 2008 Digital Mining Services completed a data review and
data. verification of the drilling results to date.
· The sampling for the Due Diligence study has been supervised by
the CP of this MRE.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status · Type, reference name/number, location and ownership including · Ariana owns 100% of the Dokwe Project following the all-share
agreements or material issues with third parties such as joint ventures, merger with Rockover Holdings Limited in June 2024.
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings. · Dokwe is held through 81 blocks of gold claims and 22 copper base
metal claims totalling 4,040ha which are protected up until at least August
· The security of the tenure held at the time of reporting along with 2026. The claims can be extended through annual inspection. Canister made
any known impediments to obtaining a licence to operate in the area. application to the Ministry of Mines and Mining Development in March 2021
under Part VIII of the Mines and Minerals Act (MMA) to convert the claims into
a Mining Lease with the aim is to facilitate the development of a significant
new gold mine at Dokwe. The Mining Lease application is for gold and base
metals, and the area applied for is 6,622ha. The Ministry requested additional
information in support of the application which has been submitted.
· The Project is currently not subjected to payment of royalties or
other payments. Government royalties will be payable once mining operations
are developed. A private royalty of 0.5% will also be payable once production
starts.
· As far as the CP is aware, no statutory instrument has been
gazetted implementing an environmental fund as yet, so no fees are due or
anticipated. In addition, the CP is not aware of any requests being made to
Rockover by the Minister to implement an environmental fund. As such, no
environmental rehabilitation trusts and guarantees have been established for
Dokwe.
Exploration done by other parties · Acknowledgment and appraisal of exploration by other parties. · Acknowledgement is hereby made for the historical exploration
conducted by Reunion Mining in 1993. Reunion Mining undertook a detailed
airborne magnetic survey over an area of approximately 1,000km(2). The
detailed airborne magnetic survey indicated the presence of an east-northeast
trending linear magnetic feature buried beneath the younger sedimentary cover.
This magnetic data forms part of the database used in the interpretation of
the Exploration Results.
Geology · Deposit type, geological setting and style of mineralisation. GENERAL DOKWE AREA
· The Dokwe gold deposits are situated in Archaean basement rocks
buried by up to 40 metres of Karoo and Kalahari sedimentary cover.
· The Dokwe area can be subdivided into a number of
litho-structural domains which are juxtaposed against each other by a series
of shear zones. The three known gold occurrences within the Claims Area are
within shear zones, which have a combined strike length of approximately 12km.
DOKWE NORTH
· The geology of Dokwe North primarily consists of a sequence of
Late Archean-aged greenstone volcaniclastics. These include dacite-to-andesite
flows featuring amygdaloidal rich horizons, interbedded felsic tuffs,
agglomerates, and irregular rhyolite flows.
· The sequence is intruded by earlier quartz-feldspar porphyries
and later altered dolerite. Brittle deformation, characterised by fracturing,
is common in felsic tuff whilst more ductile deformation characterises dacite
and andesite.
· A major brittle fault, the "Western" fault is post-mineralised
structure dissecting offsetting mineralisation.
· The main Dokwe North orebody occurs within a NE-SW trending shear
zone that displays a central core with intense foliation and mylonitisation of
the host rocks.
· Primary gold mineralisation at Dokwe is preserved as free gold
and occasionally as inclusions in quartz veins, micro-fractures in pyrite, and
other open-space micro-features.
· The mineralisation is primarily structurally controlled and
associated with the intensity of shearing and with lithological contacts.
Visible gold has been documented multiple times and is often associated within
the foliation planes formed by shearing.
· Overlying all the basement stratigraphy is a sequence of barren
sedimentary rocks.
DOKWE CENTRAL
· Dokwe Central is higher-grade pipe-like deposit containing
abundant quartz veins and several steeply plunging high-grade zones.
Mineralisation is contained within a series of strongly sheared intermediate
chlorite schists and biotite-chlorite schists in a covered Archean Greenstone
Belt, extending from the border with Botswana (Maitengwe Greenstone Belt) and
linking up with the Bulawayo-Bubi Greenstone Belt to the east. The Archaean
greenstone units are overlain by Karoo and Kalahari sedimentary units of up to
25-40m in thickness.
· Mineralisation appears to be dominantly constrained within
intensely sheared and brecciated zones, and in association with disseminated
sulphides (dominantly pyrite).
· The defined mineralisation extent is abruptly terminated against
a package of sedimentary rocks to the north, marking a major east-west
trending fault.
Drill hole Information · A summary of all information material to the understanding of the DOKWE NORTH
exploration results including a tabulation of the following information for
all Material drill holes: · Drillhole database consists of a total of 141 drillholes
totalling 34,477m. The database is split with:
o easting and northing of the drill hole collar
o 101 diamond drillholes (incl. 5 geotechnical holes) totalling 31,286m.
o elevation or RL (Reduced Level - elevation above sea level in metres) of
the drill hole collar o 15 percussion drillholes totalling 1,441m.
o dip and azimuth of the hole o 25 RC sterilisation holes totalling 1,750m.
o down hole length and interception depth o 7 RC drillholes totalling 1,177m.
o hole length. DOKWE CENTRAL
· If the exclusion of this information is justified on the basis that · Drillhole database consisted of a total of 24 drillholes,
the information is not Material and this exclusion does not detract from the totalling 5,166m. The database is split with:
understanding of the report, the Competent Person should clearly explain why
this is the case. o 19 diamond drillholes totalling 4,816m.
o 5 percussion drillholes totalling 350m.
o 12 RC drillholes totalling 2,321m.
DOKWE AREA
· Drilling across the wider area includes 42 drillholes totalling
7,382m.
· All collar information has been previously announced.
Data aggregation methods · In reporting Exploration Results, weighting averaging techniques, · The sample intervals from the raw de-surveyed drillhole dataset
maximum and/or minimum grade truncations (eg cutting of high grades) and were analysed for the most appropriate composite length to be applied for
cut-off grades are usually Material and should be stated. geostatistical analysis. The mean of the population is 1.13m, with
approximately 75% of the population being exactly 1m in length. Given the
· Where aggregate intercepts incorporate short lengths of high grade data, a 1m compositing interval was selected and applied to the de-surveyed
results and longer lengths of low grade results, the procedure used for such drillholes. Composites were selected from all drill holes, except RC
aggregation should be stated and some typical examples of such aggregations sterilisation drilling data.
should be shown in detail.
· No metal equivalents were calculated.
· The assumptions used for any reporting of metal equivalent values
should be clearly stated.
Relationship between mineralisation widths and intercept lengths · These relationships are particularly important in the reporting of · At Dokwe North, drillholes were systematically laid out on
Exploration Results. section lines (approximately 320º azimuth) generally perpendicular to the
strike, and most of the drillholes were drilled towards the northwest to
· If the geometry of the mineralisation with respect to the drill intersect the mineralised orebodies very close to normal relative to the
hole angle is known, its nature should be reported. structural plane.
· If it is not known and only the down hole lengths are reported, · At Dokwe Central, drillholes were systematically laid out on
there should be a clear statement to this effect (eg 'down hole length, true section lines (E-W azimuth) generally perpendicular to the strike and most of
width not known'). the drillholes were drilled towards the north to intersect the mineralised
orebodies very close to normal relative to the reef plane.
· Downhole true widths are not calculated. All significant grades
presented represent the value attributable to the real sample length and not
corrected true width.
Diagrams · Appropriate maps and sections (with scales) and tabulations of · All relevant diagrams pertaining to sampling type and its
intercepts should be included for any significant discovery being reported. distribution, as well as geological and block models are presented in their
These should include, but not be limited to a plan view of drill hole collar respective sections and have been generated in accordance with the guidelines
locations and appropriate sectional views. described in the JORC Code.
Balanced reporting · Where comprehensive reporting of all Exploration Results is not · The Mineral Resource Estimate is based on the information resulting
practicable, representative reporting of both low and high grades and/or from sampling and drilling campaigns. This Mineral Resource estimation summary
widths should be practiced to avoid misleading reporting of Exploration contains information for all sampling and drilling campaigns within the
Results. Project Area to date.
· All material intercepts have been previously announced.
Other substantive exploration data · Other exploration data, if meaningful and material, should be · Exploration works other than drilling conducted by or on behalf
reported including (but not limited to): geological observations; geophysical of the issuer includes soil geochemistry, geophysical survey (induced
survey results; geochemical survey results; bulk samples - size and method of polarisation survey, real section induced polarisation, magnetic survey), and
treatment; metallurgical test results; bulk density, groundwater, geotechnical lidar survey. Some of this data has been incorporated into the Mineral
and rock characteristics; potential deleterious or contaminating substances. Resource Estimation work completed here.
· Soil geochemistry surveys have been completed in the periphery of
Dokwe North and at the Dokwe Central prospect. A total of 10,086 samples have
been collected to date. detectORE(TM) technology has been used to analyse 811
of these samples in the first instance.
· pXRF soil sampling grid.
· detectORE(TM) soil sampling grid.
Further work · The nature and scale of planned further work (eg tests for lateral · Further exploration will be carried out in the region,
extensions or depth extensions or large-scale step-out drilling). particularly exploring the downdip of Dokwe North. Additional target areas
defined previously will also be followed up.
· Diagrams clearly highlighting the areas of possible extensions,
including the main geological interpretations and future drilling areas, · pXRF work is ongoing across all Dokwe North drillholes, and is
provided this information is not commercially sensitive. being used in the geological modelling. Over 40,000 readings have been taken
to date.
· Follow up of significant grades intercepted in DPD004
approximately 800m east of Dokwe Central.
· Exploration drilling at Dokwe North and Dokwe Central extensions.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in the preceding section also apply to this section.)
NOTE: THIS SECTION IS ONLY RELEVANT FOR DOKWE NORTH AND DOKWE CENTRAL.
Database integrity · Measures taken to ensure that data has not been corrupted by, for · The original Dokwe drilling database was in the form of a
example, transcription or keying errors, between its initial collection and Microsoft access database. The Dokwe drillhole database included all drilling
its use for Mineral Resource estimation purposes. prior to 2023. This data was imported to MXDeposit. All data collected during
the 2023-2024 due diligence drilling programme was added directly to
· Data validation procedures used. MXDeposit, and similarly for all consequent drilling.
· The QA/QC for the various drilling campaigns was reviewed and
deemed suitable for the results to be used in a mineral resource estimate. The
Dokwe drillhole database was checked for duplicates, overlapping and missing
intervals on import into Leapfrog, whilst all fields were checked for spurious
or out-of-range values. Any errors were corrected prior to modelling.
Site visits · Comment on any site visits undertaken by the Competent Person and · As Competent Person for the Mineral Resources presented in this
the outcome of those visits. Report, Ruth Woodcock has conducted many site visits, with the first one in
April 2024 and most recently in November 2025 during the RC drilling
· If no site visits have been undertaken indicate why this is the programme. Drillhole collar positions were confirmed, and diamond drill core
case. was inspected in the core yard. It was confirmed that the mineralisation is
disseminated and not related to a distinct lithology or structural feature.
Varying degrees of deformation were observed in association with more
mineralisation.
Geological interpretation · Confidence in (or conversely, the uncertainty of ) the geological · There is a high level of confidence in the geological
interpretation of the mineral deposit. interpretation, the deposit is well sampled, and the density of data allows
for a suitable interpretation of the grade distribution.
· Nature of the data used and of any assumptions made.
· A sub-selection of the original drillhole logs and laboratory
· The effect, if any, of alternative interpretations on Mineral assay certificates were compared to the final Dokwe drillhole database. The CP
Resource estimation. was present during the logging of the 2023-2024 drillholes, and again in
January 2025 for detailed review of high-grade zones.
· The use of geology in guiding and controlling Mineral Resource
estimation. DOKWE NORTH
· The factors affecting continuity both of grade and geology. · Digital Mining Services completed an MRE as an updated statement
in January 2020. This estimate was largely focused around two explicitly
modelled grade wireframes at 0.5g/t and 0.2g/t Au. Only composites from within
the 0.5g/t Au grade shell were considered in that estimate, whilst for the
0.2g/t Au shell estimate, the remainder of the composites (excluding
composites from within the 0.5g/t Au shell) were used for interpolation of
that shell. This resulted in a distinct grade boundary between the two shell
estimates. This "hard" boundary in grades may not necessarily be evident in
the distribution of grades present in the drillhole data.
· The estimation and Mineral Resource categorisation methodologies
between the January 2020 estimate and the estimate presented in the 2022 PFS,
are significantly different, and have resulted in significant differences in
terms of both volume and grade for all Mineral Resource categories.
· The 2022 Minxcon Mineral Resource estimate presented in the PFS
represents a broader implicit grade shell (at 0.2g/t Au) estimate, and an
internal 0.7g/t Au sub-domain, and would result in larger volumes and lower
average grades than the previous estimation methodology.
· 2024 Estimation: A lithological model was used to constrain the
estimation of grade into the block model, with gold estimated separately into
each lithology domain. Grade clamping was applied (instead of a top-cut) so as
to preserve the high grades, but minimise the distance the grade can be
spread. This was a 50, 20 and 10g/t Au clamp for passes 1, 2 and 3,
respectively.
· 2025 Estimation: The biggest change since the previous resource
work was the new mineralisation model, which constrained mineralisation in
three geologically and structurally defined domains, leading to a far more
robust mineralisation interpretation model. A high-grade interpolant model at
a modelling cut-off of 0.7g/t Au was used to isolate high-grade data through
the deposit. High-grade within this particular domain was capped to 200g/t Au
and then further constrained with the application of an Outlier Restrictor,
clamping of high grades were set to 100g/t Au and limited to 5-10 meter
extrapolation. High grades were also evaluated during the variography analysis
stage of the estimation, where further capping was applied to improve
variogram correlation.
· 2026 Estimation: This estimate is the same as the 2025 estimate,
but is reported at a lower cut-off grade of 0.2g/t Au (previously 0.3g/t Au)
and constrained to a pit optimised at US$5,000 (previously US$3,000).
DOKWE CENTRAL
· DMS completed an MRE in 2011. The 2011 estimation domains were
manually constructed wireframes base on three vertically dipping bodies. The
2011 MRE was evaluated to be very conservative with wireframe boundaries being
very restrictive in joining clusters of mineralised composites.
· 2024-2026 Ariana Estimates: A lithological model was used to
constrain the estimation of grade into the block model, with gold estimated
separately into each lithology domain. A top-cut of 30g/t Au was applied to
minimise the distance the grade can be spread. The estimate was completed in
two search passes of 10x20x40m and 20x40x80m.
· The 2024-2026 estimation domains are based on a lithological
model between two primary geological packages (hanging wall biotite schists
(mineralised) and footwall sedimentary gritstones/conglomerates (barren)).
Separating the two geological packages is a significant east-west trending
fault (very similar to the 2011 interpretations). Mineralisation was
restricted from extrapolating across to the "barren" sedimentary units. Within
the biotite mineralisation package search ellipse inputs were used from the
2011 MRE to re-establish and validate mineralisation continuity in the new
model.
· Interpolation modelling with support from pXRF data from eight
diamond drill holes, as well as additional new drill holes drilled at the
deposit since 2011 (mainly two new holes drilled by Ariana in 2023), is
thought to have made more representative iso-surface volumes as an update to
mineralisation interpretations.
· In 2025 the Dokwe Central geological model was further refined to
include a second major N-S fault zone, adding restrictions to the model's
mineralisation extrapolation. As a result, Inferred resources were reduced to
better reflect the influence of the bounding structures.
Dimensions · The extent and variability of the Mineral Resource expressed as · The Dokwe North orebody is 780m along strike, 470m across strike
length (along strike or otherwise), plan width, and depth below surface to the (across the thickest portion of the deposit), and the depth from the surface
upper and lower limits of the Mineral Resource. is between 42m and 320m.
· The Dokwe Central orebody is 260m by 200m across and the depth from
the surface is between 25m and 350m.
Estimation and modelling techniques · The nature and appropriateness of the estimation technique(s) · Leapfrog Geo 2026.1.0 software was used to construct the
applied and key assumptions, including treatment of extreme grade values, geological wireframes/mineralised halos, while Leapfrog Edge 2026.1.0 was used
domaining, interpolation parameters and maximum distance of extrapolation from to conduct statistical and geostatistical analyses and generate the estimated
data points. If a computer assisted estimation method was chosen include a block model.
description of computer software and parameters used.
· No assumptions were made in terms of selective mining units with
· The availability of check estimates, previous estimates and/or mine respect to the cell size selected.
production records and whether the Mineral Resource estimate takes appropriate
account of such data. · No assumptions were made regarding correlation between variables.
· The assumptions made regarding recovery of by-products. · Several data-model reconciliations were performed. Firstly, a
visual inspection of drillhole composite values with respect to the estimated
· Estimation of deleterious elements or other non-grade variables of block model was completed.
economic significance (eg sulphur for acid mine drainage characterisation).
DOKWE NORTH
· In the case of block model interpolation, the block size in
relation to the average sample spacing and the search employed. · An Ordinary Kriging estimate was completed. Swath plots indicate
a good correlation between drilling data and estimated block grades.
· Any assumptions behind modelling of selective mining units.
· A variography study was completed for each mineralisation domain
· Any assumptions about correlation between variables. used in the estimation. All domains produced good variograms. To reduce bias
and improve the variography, a top-cut analysis was completed during the
· Description of how the geological interpretation was used to variography study. This is separate from the additional top-cut and Outlier
control the resource estimates. Restriction analysis completed later in the estimation.
· Discussion of basis for using or not using grade cutting or · In summary, the various validations and reconciliation techniques
capping. demonstrate that the block model estimates show a good correlation between
interpolation methods and with the informing composites. Furthermore, the
· The process of validation, the checking process used, the estimation quality and low conditional bias parameters appear to indicate that
comparison of model data to drill hole data, and use of reconciliation data if the estimation technique has provided an acceptable estimate without excessive
available. smoothing.
· A 47 degree rotated sub-block model was established using block
sizes determined to be optimal for the dataset (50m collar spacing) and
wireframe geometry, with sub-blocks triggered by mineralisation boundaries.
For Dokwe North the parent blocks are 10m x 20m x 10m (X,Y,Z), with sub-blocks
of 5m x 5m x 5m (X,Y,Z).
· Three domains were modelled and estimated.
1) Zones of intense ductile deformation logged through the deposit as
foliation intensity; as a means to map out the primary extent of a
mineralising shear zone (Shear Zone Domain)
2) A sub-domain within the Shear Zone Domain, which is statistically defined
to be a sub-population of "high-grade" data, which uses a 0.7g/t Au
interpolant shell with extrapolation to a maximum distance of 150m (High-grade
Domain)
3) A wider interpolant, modelling the maximum footprint of mineralisation in
all peripheral areas away from the main shear zone; modelled at a 0.1g/t Au
model cut-off with a 150m extrapolation (Low-grade Domain).
Table below: Kriging ellipse input for all domains:
Table below from top to bottom, Low-grade domain, High-grade domain and wider
Shear Zone domain:
Summary of Variography inputs used for the High Grade Domain:
Summary of Variography inputs used for the Low Grade Domain:
Summary of Variography inputs used for the Shear Zone Domain:
DOKWE CENTRAL
· An IDW2, Inverse Distance estimation, was used for Dokwe Central,
as this was deemed most appropriate for the nature of the deposit, and
statistical outputs. An Ordinary Kriging estimate was also completed as a
means to check the IDW2 estimation. This produced similar grades and tonnages
to the IDW2 method. However, suitable variograms were not defined.
· In summary, the various validations and reconciliation techniques
demonstrate that the block model estimates show a good correlation between
various interpolation methods and with the informing composites. Furthermore,
the estimation quality and conditional bias parameters appear to indicate that
the estimation technique has provided an acceptable estimate without excessive
smoothing.
· An orthogonal non-rotated block model was established using block
sizes determined to be optimal for the dataset (30m collar spacing) and
wireframe geometry. For Dokwe Central this was 10m x 10m x 5m (X,Y,Z).
Moisture · Whether the tonnages are estimated on a dry basis or with natural · The density is based on water displacement measurements which give
moisture, and the method of determination of the moisture content. the dry rock mass.
Cut-off parameters · The basis of the adopted cut-off grade(s) or quality parameters · Using the mining factors refined from the 2022 pre-feasibility
applied. study on Dokwe, the actual cut-off grade that was determined was 0.26g/t Au.
The 2026 PFS determined a cut-off grade of 0.2g/t Au to be economic. The CP
have opted for 0.2g/t Au reporting cut-off for the 2026 Mineral Resource
Estimate.
Mining factors or assumptions · Assumptions made regarding possible mining methods, minimum mining · Optimisation inputs used for the 2026 MRE work for Dokwe North
dimensions and internal (or, if applicable, external) mining dilution. It is and Dokwe Central are the same as the 2026 PFS (See JORC Table 1 Section 4),
always necessary as part of the process of determining reasonable prospects but with a gold price of US$5,000.
for eventual economic extraction to consider potential mining methods, but the
assumptions made regarding mining methods and parameters when estimating DOKWE NORTH
Mineral Resources may not always be rigorous. Where this is the case, this
should be reported with an explanation of the basis of the mining assumptions · Measured, Indicated and Inferred Mineral Resources have been
made. stated within an optimised resource pit shell based on a $5,000 gold price.
DOKWE CENTRAL
· Indicated and Inferred Mineral Resources have been stated within
an optimised resource pit shell based on a $5,000 gold price. These were not
converted to Ore Reserves due to insufficient metallurgical and geotechnical
data.
Metallurgical factors or assumptions · The basis for assumptions or predictions regarding metallurgical DOKWE NORTH
amenability. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider potential · The processing of oxide material is envisaged to be done using
metallurgical methods, but the assumptions regarding metallurgical treatment conventional CIL processing as limited preg-robbing properties were
processes and parameters made when reporting Mineral Resources may not always identified. The transitional and sulphide material will likely be processed
be rigorous. Where this is the case, this should be reported with an through flotation with high-intensity leaching (CIP) of the flotation
explanation of the basis of the metallurgical assumptions made. concentrate.
· The table below shows the metal recoveries determined from
metallurgical test work. In summary, of the total gold content, 25.9% is
recovered by gravity, with 61.35% by flotation and intense leach - giving a
total recovery of 87.35%.
DOKWE CENTRAL
· Detailed metallurgical testwork has not been completed on Dokwe
Central but some samples were included in early composites. There are no
indications that gold recovery will be problematic, particularly following the
results of the detectORE(TM) analysis undertaken on the due diligence drilling
core.
· Oxide and Transitional components of the sulphide zone dominant
Dokwe Central mineralisation have been defined and make up a small proportion
of the mineralisation. Since Dokwe Central will be processed alongside Dokwe
North, it is assumed processing of oxide material will be done using
conventional CIL processing. The transitional and sulphide material will
likely be processed through flotation with high-intensity leaching (CIP) of
the flotation concentrate.
Environmental factors or assumptions · Assumptions made regarding possible waste and process residue · No environmental factors or assumptions were applied to this
disposal options. It is always necessary as part of the process of determining Mineral Resource Estimation.
reasonable prospects for eventual economic extraction to consider the
potential environmental impacts of the mining and processing operation. While · Flora and Fauna surveys have been undertaken and there is not
at this stage the determination of potential environmental impacts, expected to be any significant impact on the environment or conservation
particularly for a greenfields project, may not always be well advanced, the values.
status of early consideration of these potential environmental impacts should
be reported. Where these aspects have not been considered this should be · Waste material remaining on site are not considered to pose any
reported with an explanation of the environmental assumptions made. environmental risk.
Bulk density · Whether assumed or determined. If assumed, the basis for the · Specific gravity measurements have been collected during the
assumptions. If determined, the method used, whether wet or dry, the frequency resource drilling at Dokwe. A programme of sampling across strike on 3 lines
of the measurements, the nature, size and representativeness of the samples. was undertaken on the pre-2019 drilling resulting in 100 density measurements.
During the 2019 drilling campaign, 6 drillholes on 6 lines in the
· The bulk density for bulk material must have been measured by south-eastern portion of the project were sampled for density in a much more
methods that adequately account for void spaces (vugs, porosity, etc), comprehensive programme, with 327 measurements being taken.
moisture and differences between rock and alteration zones within the deposit.
· On average, 18cm core samples were measured. The samples were
· Discuss assumptions for bulk density estimates used in the weighed in the air, and then weighed in water, the SG was calculated, by
evaluation process of the different materials. dividing the weight of the sample in the air by the weight of the sample in
the water. Samples were sealed with grease to prevent water ingress and ensure
that they any porosity was taken into account. The table below presents
average SG for different oxidation type.
· A Specific Gravity ("SG") estimation model was established for
Dokwe North. 475 SG readings from 22 drillholes were coded into the final
block model. This data includes 158 verification samples taken by Ariana
during the company's due diligence review. Average SG measurements across
Dokwe North range from 2.71g/cm(3) in the oxide zone, 2.76g/cm(3) in the
transitional zone to 2.81g/cm(3) in the sulphide zone.
· No historical SG data exists for Dokwe Central. However, Ariana
acquired 92 measurements through the deposit profile from two drill holes
completed during its 2023 due diligence drilling programme. The average SG for
these 92 measurements is 2.69g/cm(3). This was applied to the Dokwe Central
model as a representative flat rate.
Classification · The basis for the classification of the Mineral Resources into DOKWE NORTH
varying confidence categories.
· The Mineral Resource is classified and reported in accordance
· Whether appropriate account has been taken of all relevant factors with the 2012 JORC Code as Measured, Indicated, and Inferred. The
(ie relative confidence in tonnage/grade estimations, reliability of input classification is determined based on kriging efficiency and distance from
data, confidence in continuity of geology and metal values, quality, quantity drilling. These are given in more detail under the section "Estimation and
and distribution of the data). modelling techniques".
· Whether the result appropriately reflects the Competent Person's · Measured Mineral Resources have been defined using a search pass
view of the deposit. ellipse with a search diameter of 30mx15mx10m, as well as a review of kriging
efficiency and slope of regression statistics. From this, a volume was built
to capture the most appropriate volume for the highest confidence-spaced data.
· Indicated Mineral Resources have been defined using a search pass
ellipse with a search diameter of 60mx30mx20m, as well as a review of kriging
efficiency and slope of regression statistics. From this, a volume was built
to capture the most appropriate volume for the next highest confidence-spaced
data.
· Inferred Mineral Resources have been defined using a search pass
ellipse with a search diameter of 180mx60mx40m, as well as a review of kriging
efficiency and slope of regression statistics. From this, the remaining
available volume within the mineralisation model was filled to maximise the
expanse of mineralisation extrapolation to a maximum distance of 180m.
DOKWE CENTRAL
· The Mineral Resource is classified and reported in accordance
with the 2012 JORC Code as Indicated and Inferred. The classification is
determined based on search pass spacing, with increasing confidence with
proximity to drill holes. These are given in more detail under section
"Estimation and modelling techniques".
· Measured Mineral Resources have not been defined.
· Indicated Mineral Resources have been defined by Pass 1 (up to
10m x 20m x 40m).
· Inferred Mineral Resources have been defined in areas beyond the
Indicated search radius to the limits of the resource wireframes in Pass 2 (up
to 20m x 40m x 80m).
Audits or reviews · The results of any audits or reviews of Mineral Resource estimates. · Internal reviews of the Mineral Resource estimate were completed.
Discussion of relative accuracy/ confidence · Where appropriate a statement of the relative accuracy and · Several data-model reconciliations were performed. Firstly, a
confidence level in the Mineral Resource estimate using an approach or visual inspection of drillhole composite values with respect to the estimated
procedure deemed appropriate by the Competent Person. For example, the block model was completed. Visually there is a good correlation between the
application of statistical or geostatistical procedures to quantify the estimated ordinary kriging gold values and the composite gold values, and the
relative accuracy of the resource within stated confidence limits, or, if such raw assay data.
an approach is not deemed appropriate, a qualitative discussion of the factors
that could affect the relative accuracy and confidence of the estimate. · Basic statistics have been compiled comparing the model estimates
and composites.
· The statement should specify whether it relates to global or local
estimates, and, if local, state the relevant tonnages, which should be · In summary, the various validations and reconciliation techniques
relevant to technical and economic evaluation. Documentation should include demonstrate that the block model estimates show a good correlation between
assumptions made and the procedures used. various interpolation methods and with the informing composites. Furthermore,
the estimation quality and conditional bias parameters appear to indicate that
· These statements of relative accuracy and confidence of the the estimation technique has provided an acceptable estimate without excessive
estimate should be compared with production data, where available. smoothing.
· Overall wider block distribution accuracy is considered
acceptable as evidenced by direct drillhole verses block model checks,
ensuring acceptable localised accuracy.
· Accuracy of the estimate relative to production data cannot be
ascertained at this point as there is no production.
Section 4 Estimation and Reporting of Ore Reserves
(Criteria listed in the preceding section also apply to this section.)
NOTE: THIS SECTION IS ONLY RELEVANT FOR DOKWE NORTH.
Criteria JORC Code Explanation Commentary
Mineral Resource estimate for conversion to Ore Reserves Description of the Mineral Resource estimate used as a basis for the · The Mineral Resources of the Dokwe Gold Project were estimated by
conversion to an Ore Reserve. Ms Ruth Woodcock of Ariana Resources, and announced on 21 May 2026.
Clear statement as to whether the Mineral Resources are reported additional · The following comprises the Mineral Resources reported at a
to, or inclusive of, the Ore Reserves. cut-off grade of 0.2g/t Au within a pit shell generated using a US$5,000/oz
gold price:
Project Classification Tonnage Grade Contained Gold
(kt)
(g/t Au)
(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
· The following table comprises the Ore Reserves for the Dokwe
Project inclusive of mining dilution and recovery, within pit designs based on
pit shells generated using a US$4,000/oz gold price and reported at a cut-off
grade of 0.2g/t Au as at May 22, 2026.
Notes:
Figures in tables may not sum due to rounding.
The Mineral Resources are reported as wholly inclusive of the Ore Reserves.
Site visits A site visit is to be carried out by the competent person(s) signing off on · Mr Anthony Keers, Competent Person for the Ore Reserve Estimate,
the Ore Reserve. conducted a site visit in February 2026.
Study status The type and level of study undertaken to enable Mineral Resources to be · This work was undertaken at Preliminary Feasibility Study level,
converted to Ore Reserves. the Ore Reserve portion of which was carried out on supplied Mineral Resource
models.
The Code requires that a study to at least Pre-Feasibility Study level has
been undertaken to convert Mineral Resources to Ore Reserves. Such studies · Any material classified as an Inferred Mineral Resource was not
will have been carried out and will have determined a mine plan that is included in the Ore Reserve calculations.
technically achievable and economically viable, and that material Modifying
Factors have been considered. · Dokwe North was included in the Ore Reserve Estimate.
· Dokwe Central was not included in the Ore Reserve Estimate given
a lack of detail in geotechnical analysis and processing recoveries.
Cut-off parameters The basis of the cut-off grade(s) or quality parameters applied. · A cut-off grade of 0.2g/t Au was calculated based on the base
case cost and processing recovery inputs and used to generate the production
schedule and estimate the Ore Reserve.
· Ore was split by in-situ grade with high-grade (>1.0g/t Au)
and medium-grade (0.5-1.0g/t Au) preferentially fed to the process, low-grade
ore (0.2-0.5g/t Au) was stockpiled and processed once high and medium-grade
ore stocks were exhausted.
Mining factors or assumptions The method and assumptions used as reported in the Pre-Feasibility or · The Pre-Feasibility Study includes mining from two separate
Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e. deposits, some of which contain multiple pits and or multiple stages/cutbacks.
either by application of appropriate factors by optimisation or by preliminary
or detailed design). · Pit optimisations were completed using Geovia Whittle software.
The choice, nature and appropriateness of the selected mining method(s) and · Complete extraction of ore within pit designs is planned via
other mining parameters including associated design issues such as pre-strip, standard excavator and truck methods.
access, etc.
· Ore will be trucked directly from its mined location to the main
The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope ROM pad.
sizes, etc), grade control and pre-production drilling.
· Waste material will be stockpiled on the surface adjacent to the
The major assumptions made and Mineral Resource model used for pit and stope pits.
optimisation (if appropriate).
· Drill and blast operations will be required for all material
The mining dilution factors used. types except soil profiles/cover material.
The mining recovery factors used. · Mining will be undertaken in multiple stages to reduce
pre-stripping period.
Any minimum mining widths used.
· Wall angles of 38° to 51° have been recommended from completed
The manner in which Inferred Mineral Resources are utilised in mining studies geotechnical studies. Slope angles vary by weathering profile and deposit
and the sensitivity of the outcome to their inclusion. based on geotechnical investigations.
The infrastructure requirements of the selected mining methods. · The pit design contains benches up to a maximum of 10m high at a
batter angle of between 50° and 70° separated by berms between 5 and 7m
wide. Geotechnical berms of up to 24m are recommended every 5 benches (50m).
· Mining recovery was based on review of the mineralisation and
estimated at 95%, applied to the optimisations, production schedule and Ore
Reserve.
· Mining dilution was estimated at 10% and applied to the
optimisations, production schedule and Ore Reserve.
· Inferred material was treated as waste during optimisations,
designs and scheduling.
· Material mined from Dokwe Central was included in the production
schedule, but not converted or reported as Ore Reserves.
· Wet tailings will be produced from the processing plant and will
be stored in a tailings storage facility proximal to the processing plant.
Metallurgical factors or assumptions The metallurgical process proposed and the appropriateness of that process to · Ore material will be crushed and ground before entering a gravity
the style of mineralisation. circuit and standard carbon-in-leach (CIL) process for oxide/transitional
material and carbon-in-pulp (CIP) for fresh material.
Whether the metallurgical process is well-tested technology or novel in
nature. · Industry standard metallurgical processes and equipment are
proposed for the Project.
The nature, amount and representativeness of metallurgical test work
undertaken, the nature of the metallurgical domaining applied and the · Representative samples taken from drill holes located in the
corresponding metallurgical recovery factors applied. mining areas were used for testwork.
Any assumptions or allowances made for deleterious elements. · The samples were processed through a bench scale testwork
laboratory.
The existence of any bulk sample or pilot scale test work and the degree to
which such samples are considered representative of the orebody as a whole.
For minerals that are defined by a specification, has the ore reserve
estimation been based on the appropriate mineralogy to meet the
specifications?
Environmental The status of studies of potential environmental impacts of the mining and · Flora and Fauna surveys have been undertaken and there is not
processing operation. Details of waste rock characterisation and the expected to be any significant impact on the environment or conservation
consideration of potential sites, status of design options considered and, values.
where applicable, the status of approvals for process residue storage and
waste dumps should be reported. · Waste material remaining on site are not considered to pose any
environmental risk.
Infrastructure The existence of appropriate infrastructure: availability of land for plant · The Project is located approximately 110km west-northwest of
development, power, water, transportation (particularly for bulk commodities), Bulawayo in Zimbabwe.
labour, accommodation; or the ease with which the infrastructure can be
provided, or accessed. · The Project has been an exploration project since approximately
2004. An exploration camp and core shed exist on site, and a new camp will
need to be constructed for mining and processing operations.
· Additional infrastructure or upgrades may be required for the
Project.
Costs The derivation of, or assumptions made, regarding projected capital costs in · Processing capital and operating costs were estimated by Xinhai
the study. Australia (Xinhai).
The methodology used to estimate operating costs. · Mining capital and operating costs were determined by Auralia
based on responses to a RFQ for contractor operations.
Allowances made for the content of deleterious elements.
· Other site infrastructure capital costs and general and
The derivation of assumptions made of metal or commodity price(s), for the administrative operating costs were estimated by a combination of Xinhai and
principal minerals and co- products. Auralia.
The source of exchange rates used in the study. · No deleterious elements have been encountered.
Derivation of transportation charges. · A government royalty of 5% of product revenue was applied to the
project cashflow model.
The basis for forecasting or source of treatment and refining charges,
penalties for failure to meet specification, etc. · A third-party royalty of 0.5% of product revenue was applied to
the project cashflow model.
The allowances made for royalties payable, both Government and private.
Revenue factors The derivation of, or assumptions made regarding revenue factors including · A gold price of US$4,000/oz was used for the base case
head grade, metal or commodity price(s) exchange rates, transportation and optimisation.
treatment charges, penalties, net smelter returns, etc.
· A gold price of US$4,250/oz was used for the cashflow modelling.
The derivation of assumptions made of metal or commodity price(s), for the
principal metals, minerals and co-products.
Market assessment The demand, supply and stock situation for the particular commodity, · Gold is a readily tradeable commodity and as such no detailed
consumption trends and factors likely to affect supply and demand into the market assessment was undertaken.
future.
· The optimisation gold price of US$4,000/oz was selected as being
A customer and competitor analysis along with the identification of likely the expected long term floor price at the time of the optimisation work.
market windows for the product.
· The cashflow modelling gold price of US$4,250/oz was selected as
Price and volume forecasts and the basis for these forecasts. lowest spot price in calendar year 2026 up to the date of publishing.
For industrial minerals the customer specification, testing and acceptance
requirements prior to a supply contract.
Economic The inputs to the economic analysis to produce the net present value (NPV) in · A discount rate of 10% pa was used and applied mid-year relative
the study, the source and confidence of these economic inputs including to commencement of processing.
estimated inflation, discount rate, etc.
· Inputs to the economic analysis include Modifying Factors as
NPV ranges and sensitivity to variations in the significant assumptions and described above.
inputs.
· Sensitivity studies were carried out. Standard linear deviations
were observed for all tested variables.
Social The status of agreements with key stakeholders and matters leading to social · Consultation with the community and regulatory agencies in
licence to operate. relation to the Project has commenced, involving consultation activities with
identified key stakeholders.
Other To the extent relevant, the impact of the following on the project and/or on · There are no known significant naturally occurring risks to the
the estimation and classification of the Ore Reserves: project.
Any identified material naturally occurring risks.
The status of material legal agreements and marketing arrangements.
The status of governmental agreements and approvals critical to the viability
of the project, such as mineral tenement status, and government and statutory
approvals. There must be reasonable grounds to expect that all necessary
Government approvals will be received within the timeframes anticipated in the
Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of
any unresolved matter that is dependent on a third party on which extraction
of the reserve is contingent.
Classification The basis for the classification of the Ore Reserves into varying confidence · Measured Resources have been converted to Proved Ore Reserves at
categories. Dokwe North.
Whether the result appropriately reflects the Competent Person's view of the · Indicated Resources have been converted to Probable Ore Reserves
deposit. at Dokwe North.
The proportion of Probable Ore Reserves that have been derived from Measured · No Ore Reserves have been reported for Dokwe Central.
Mineral Resources (if any).
· The estimated Ore Reserves are, in the opinion of the Competent
Person, appropriate for this style of deposit.
Audits or reviews The results of any audits or reviews of Ore Reserve estimates. · Auralia Mining Consulting Pty Ltd has completed an internal
review of the Ore Reserve Estimate resulting from this study.
Discussion of relative accuracy/ confidence Where appropriate a statement of the relative accuracy and confidence level in · The level of study carried out as part of this Ore Reserve is to
the Ore Reserve estimate using an approach or procedure deemed appropriate by a Pre-Feasibility Study level. The relative accuracy of the estimate is
the Competent Person. For example, the application of statistical or reflected in the reporting of the Ore Reserves as per the guidelines re:
geostatistical procedures to quantify the relative accuracy of the reserve modifying factors, study levels and Competent Persons contained in the JORC
within stated confidence limits, or, if such an approach is not deemed 2012 Code.
appropriate, a qualitative discussion of the factors which could affect the
relative accuracy and confidence of the estimate. · This statement relates to global estimates of tonnes and grade.
The statement should specify whether it relates to global or local estimates, · Sensitivity studies were carried out. Standard linear deviations
and, if local, state the relevant tonnages, which should be relevant to were observed.
technical and economic evaluation. Documentation should include assumptions
made and the procedures used. · Globally, the project is susceptible to fluctuations in commodity
price.
Accuracy and confidence discussions should extend to specific discussions of
any applied Modifying Factors that may have a material impact on Ore Reserve
viability, or for which there are remaining areas of uncertainty at the
current study stage.
It is recognised that this may not be possible or appropriate in all
circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
· The following table comprises the Ore Reserves for the Dokwe
Project inclusive of mining dilution and recovery, within pit designs based on
pit shells generated using a US$4,000/oz gold price and reported at a cut-off
grade of 0.2g/t Au as at May 22, 2026.
Notes:
Figures in tables may not sum due to rounding.
The Mineral Resources are reported as wholly inclusive of the Ore Reserves.
Site visits
A site visit is to be carried out by the competent person(s) signing off on
the Ore Reserve.
· Mr Anthony Keers, Competent Person for the Ore Reserve Estimate,
conducted a site visit in February 2026.
Study status
The type and level of study undertaken to enable Mineral Resources to be
converted to Ore Reserves.
The Code requires that a study to at least Pre-Feasibility Study level has
been undertaken to convert Mineral Resources to Ore Reserves. Such studies
will have been carried out and will have determined a mine plan that is
technically achievable and economically viable, and that material Modifying
Factors have been considered.
· This work was undertaken at Preliminary Feasibility Study level,
the Ore Reserve portion of which was carried out on supplied Mineral Resource
models.
· Any material classified as an Inferred Mineral Resource was not
included in the Ore Reserve calculations.
· Dokwe North was included in the Ore Reserve Estimate.
· Dokwe Central was not included in the Ore Reserve Estimate given
a lack of detail in geotechnical analysis and processing recoveries.
Cut-off parameters
The basis of the cut-off grade(s) or quality parameters applied.
· A cut-off grade of 0.2g/t Au was calculated based on the base
case cost and processing recovery inputs and used to generate the production
schedule and estimate the Ore Reserve.
· Ore was split by in-situ grade with high-grade (>1.0g/t Au)
and medium-grade (0.5-1.0g/t Au) preferentially fed to the process, low-grade
ore (0.2-0.5g/t Au) was stockpiled and processed once high and medium-grade
ore stocks were exhausted.
Mining factors or assumptions
The method and assumptions used as reported in the Pre-Feasibility or
Feasibility Study to convert the Mineral Resource to an Ore Reserve (i.e.
either by application of appropriate factors by optimisation or by preliminary
or detailed design).
The choice, nature and appropriateness of the selected mining method(s) and
other mining parameters including associated design issues such as pre-strip,
access, etc.
The assumptions made regarding geotechnical parameters (e.g. pit slopes, stope
sizes, etc), grade control and pre-production drilling.
The major assumptions made and Mineral Resource model used for pit and stope
optimisation (if appropriate).
The mining dilution factors used.
The mining recovery factors used.
Any minimum mining widths used.
The manner in which Inferred Mineral Resources are utilised in mining studies
and the sensitivity of the outcome to their inclusion.
The infrastructure requirements of the selected mining methods.
· The Pre-Feasibility Study includes mining from two separate
deposits, some of which contain multiple pits and or multiple stages/cutbacks.
· Pit optimisations were completed using Geovia Whittle software.
· Complete extraction of ore within pit designs is planned via
standard excavator and truck methods.
· Ore will be trucked directly from its mined location to the main
ROM pad.
· Waste material will be stockpiled on the surface adjacent to the
pits.
· Drill and blast operations will be required for all material
types except soil profiles/cover material.
· Mining will be undertaken in multiple stages to reduce
pre-stripping period.
· Wall angles of 38° to 51° have been recommended from completed
geotechnical studies. Slope angles vary by weathering profile and deposit
based on geotechnical investigations.
· The pit design contains benches up to a maximum of 10m high at a
batter angle of between 50° and 70° separated by berms between 5 and 7m
wide. Geotechnical berms of up to 24m are recommended every 5 benches (50m).
· Mining recovery was based on review of the mineralisation and
estimated at 95%, applied to the optimisations, production schedule and Ore
Reserve.
· Mining dilution was estimated at 10% and applied to the
optimisations, production schedule and Ore Reserve.
· Inferred material was treated as waste during optimisations,
designs and scheduling.
· Material mined from Dokwe Central was included in the production
schedule, but not converted or reported as Ore Reserves.
· Wet tailings will be produced from the processing plant and will
be stored in a tailings storage facility proximal to the processing plant.
Metallurgical factors or assumptions
The metallurgical process proposed and the appropriateness of that process to
the style of mineralisation.
Whether the metallurgical process is well-tested technology or novel in
nature.
The nature, amount and representativeness of metallurgical test work
undertaken, the nature of the metallurgical domaining applied and the
corresponding metallurgical recovery factors applied.
Any assumptions or allowances made for deleterious elements.
The existence of any bulk sample or pilot scale test work and the degree to
which such samples are considered representative of the orebody as a whole.
For minerals that are defined by a specification, has the ore reserve
estimation been based on the appropriate mineralogy to meet the
specifications?
· Ore material will be crushed and ground before entering a gravity
circuit and standard carbon-in-leach (CIL) process for oxide/transitional
material and carbon-in-pulp (CIP) for fresh material.
· Industry standard metallurgical processes and equipment are
proposed for the Project.
· Representative samples taken from drill holes located in the
mining areas were used for testwork.
· The samples were processed through a bench scale testwork
laboratory.
Environmental
The status of studies of potential environmental impacts of the mining and
processing operation. Details of waste rock characterisation and the
consideration of potential sites, status of design options considered and,
where applicable, the status of approvals for process residue storage and
waste dumps should be reported.
· Flora and Fauna surveys have been undertaken and there is not
expected to be any significant impact on the environment or conservation
values.
· Waste material remaining on site are not considered to pose any
environmental risk.
Infrastructure
The existence of appropriate infrastructure: availability of land for plant
development, power, water, transportation (particularly for bulk commodities),
labour, accommodation; or the ease with which the infrastructure can be
provided, or accessed.
· The Project is located approximately 110km west-northwest of
Bulawayo in Zimbabwe.
· The Project has been an exploration project since approximately
2004. An exploration camp and core shed exist on site, and a new camp will
need to be constructed for mining and processing operations.
· Additional infrastructure or upgrades may be required for the
Project.
Costs
The derivation of, or assumptions made, regarding projected capital costs in
the study.
The methodology used to estimate operating costs.
Allowances made for the content of deleterious elements.
The derivation of assumptions made of metal or commodity price(s), for the
principal minerals and co- products.
The source of exchange rates used in the study.
Derivation of transportation charges.
The basis for forecasting or source of treatment and refining charges,
penalties for failure to meet specification, etc.
The allowances made for royalties payable, both Government and private.
· Processing capital and operating costs were estimated by Xinhai
Australia (Xinhai).
· Mining capital and operating costs were determined by Auralia
based on responses to a RFQ for contractor operations.
· Other site infrastructure capital costs and general and
administrative operating costs were estimated by a combination of Xinhai and
Auralia.
· No deleterious elements have been encountered.
· A government royalty of 5% of product revenue was applied to the
project cashflow model.
· A third-party royalty of 0.5% of product revenue was applied to
the project cashflow model.
Revenue factors
The derivation of, or assumptions made regarding revenue factors including
head grade, metal or commodity price(s) exchange rates, transportation and
treatment charges, penalties, net smelter returns, etc.
The derivation of assumptions made of metal or commodity price(s), for the
principal metals, minerals and co-products.
· A gold price of US$4,000/oz was used for the base case
optimisation.
· A gold price of US$4,250/oz was used for the cashflow modelling.
Market assessment
The demand, supply and stock situation for the particular commodity,
consumption trends and factors likely to affect supply and demand into the
future.
A customer and competitor analysis along with the identification of likely
market windows for the product.
Price and volume forecasts and the basis for these forecasts.
For industrial minerals the customer specification, testing and acceptance
requirements prior to a supply contract.
· Gold is a readily tradeable commodity and as such no detailed
market assessment was undertaken.
· The optimisation gold price of US$4,000/oz was selected as being
the expected long term floor price at the time of the optimisation work.
· The cashflow modelling gold price of US$4,250/oz was selected as
lowest spot price in calendar year 2026 up to the date of publishing.
Economic
The inputs to the economic analysis to produce the net present value (NPV) in
the study, the source and confidence of these economic inputs including
estimated inflation, discount rate, etc.
NPV ranges and sensitivity to variations in the significant assumptions and
inputs.
· A discount rate of 10% pa was used and applied mid-year relative
to commencement of processing.
· Inputs to the economic analysis include Modifying Factors as
described above.
· Sensitivity studies were carried out. Standard linear deviations
were observed for all tested variables.
Social
The status of agreements with key stakeholders and matters leading to social
licence to operate.
· Consultation with the community and regulatory agencies in
relation to the Project has commenced, involving consultation activities with
identified key stakeholders.
Other
To the extent relevant, the impact of the following on the project and/or on
the estimation and classification of the Ore Reserves:
Any identified material naturally occurring risks.
The status of material legal agreements and marketing arrangements.
The status of governmental agreements and approvals critical to the viability
of the project, such as mineral tenement status, and government and statutory
approvals. There must be reasonable grounds to expect that all necessary
Government approvals will be received within the timeframes anticipated in the
Pre-Feasibility or Feasibility study. Highlight and discuss the materiality of
any unresolved matter that is dependent on a third party on which extraction
of the reserve is contingent.
· There are no known significant naturally occurring risks to the
project.
Classification
The basis for the classification of the Ore Reserves into varying confidence
categories.
Whether the result appropriately reflects the Competent Person's view of the
deposit.
The proportion of Probable Ore Reserves that have been derived from Measured
Mineral Resources (if any).
· Measured Resources have been converted to Proved Ore Reserves at
Dokwe North.
· Indicated Resources have been converted to Probable Ore Reserves
at Dokwe North.
· No Ore Reserves have been reported for Dokwe Central.
· The estimated Ore Reserves are, in the opinion of the Competent
Person, appropriate for this style of deposit.
Audits or reviews
The results of any audits or reviews of Ore Reserve estimates.
· Auralia Mining Consulting Pty Ltd has completed an internal
review of the Ore Reserve Estimate resulting from this study.
Discussion of relative accuracy/ confidence
Where appropriate a statement of the relative accuracy and confidence level in
the Ore Reserve estimate using an approach or procedure deemed appropriate by
the Competent Person. For example, the application of statistical or
geostatistical procedures to quantify the relative accuracy of the reserve
within stated confidence limits, or, if such an approach is not deemed
appropriate, a qualitative discussion of the factors which could affect the
relative accuracy and confidence of the estimate.
The statement should specify whether it relates to global or local estimates,
and, if local, state the relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation should include assumptions
made and the procedures used.
Accuracy and confidence discussions should extend to specific discussions of
any applied Modifying Factors that may have a material impact on Ore Reserve
viability, or for which there are remaining areas of uncertainty at the
current study stage.
It is recognised that this may not be possible or appropriate in all
circumstances. These statements of relative accuracy and confidence of the
estimate should be compared with production data, where available.
· The level of study carried out as part of this Ore Reserve is to
a Pre-Feasibility Study level. The relative accuracy of the estimate is
reflected in the reporting of the Ore Reserves as per the guidelines re:
modifying factors, study levels and Competent Persons contained in the JORC
2012 Code.
· This statement relates to global estimates of tonnes and grade.
· Sensitivity studies were carried out. Standard linear deviations
were observed.
· Globally, the project is susceptible to fluctuations in commodity
price.
NOTE: Section 5 is not relevant to this work as there is no estimation or
reporting of diamonds or other gemstones in this project.
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