REG - Ariana Resources PLC - Update on Dokwe Project Feasibility Activities

Ariana ResourcesAnnouncement

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RNS Number : 2966D  Ariana Resources PLC  07 May 2026

 

07 May 2026

AIM: AAU

ASX: AA2

 

Update on Dokwe Project Feasibility Activities

Metallurgical Sampling and Testwork Agreement Completed

 

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 announce an update on field and other
technical programmes that are underway at its 100% owned Dokwe Gold Project
("Dokwe" or "the Project") in Zimbabwe, which are contributing toward the
Definitive Feasibility Study ("DFS").

Highlights:

o        Metallurgical Sampling and Testwork ("MST") Agreement completed
with Hongkong Xinhai Mining Services ("Xinhai") to provide diamond drilling
and Phase 1 metallurgical testwork for A$1m in Ariana CDIs.

o        Metallurgical testwork diamond drilling programme underway at
Dokwe North, utilising two drill rigs overseen by Xinhai.

o       Geotechnical diamond drilling programme utilising an independent
third drill rig underway at Dokwe Central.

o        Completion of an update to the 2022 Pre-Feasibility Study
("PFS"), including the Dokwe North and Dokwe Central deposits, is expected in
the current quarter.

o       A range of field and other technical programmes is underway to
support the DFS, currently expected for delivery in Q1 2027.

o         Tailings, waste management and water balance studies are
underway.

o      Core scanning unit, BoxScan, has arrived on site and will be used to
take a range of detailed measurements of drill core from the programmes.

o        Review of existing 1.12Moz @ 1.52g/t Au (at a 0.6g/t Au cut-off)
Measured, Indicated & Inferred JORC Resource estimate planned for H2 2026,
will underpin the DFS.

Dr Kerim Sener, Managing Director, commented:

"Our technical team continues to make excellent progress towards completing
the Feasibility Study for the Dokwe Gold Project and its associated technical
work. We now have about 40 people on site at Dokwe across the Ariana and
Xinhai teams, with diamond drilling underway as part of a three-rig programme
totalling an initial c.3,500m, focusing on geotechnical and metallurgical
drilling.

 

"We are also very pleased to report that our BoxScan unit has been transferred
from Türkiye to the Dokwe Project site, to support the scanning and digital
data archiving of our historic drill core and the current drilling programme.
The range of data collected will reinforce our understanding of the
lithological and structural controls on mineralisation, as well as the
alteration characteristics of the deposits. This, in turn, will further refine
our geological models and further improve our exploration targeting."

 

Overview

Ariana has initiated several studies that have contributed to the Dokwe
Feasibility Study. A Metallurgical Sampling and Testwork Agreement has now
been completed with Hongkong Xinhai Mining Services ("Xinhai"), which forms
part of their A$11m investment into Ariana announced on 22 December 2025
(https://www.londonstockexchange.com/news-article/AAU/binding-definitive-agreement-for-xinhai-investment/17383586)
. The MST covers a 2,370m metallurgical drilling programme and the first phase
of the metallurgical test work. Geotechnical drilling at Dokwe Central, along
with water balance and tailings management studies are also underway. Ariana's
core scanner, BoxScan, has arrived at Dokwe and will be used to assist the
team in collecting a range of data on both the upcoming and historical drill
core.

 

Metallurgical Sampling and Testwork Agreement

Ariana and Xinhai have now entered into the MST Agreement to advance the Dokwe
metallurgical test work. The MST, which is worth A$1m and is to be paid in
Ariana CDIs by the end of May 2026, will see Xinhai undertake 2,370m of
drilling, with the drill core sent to Xinhai's metallurgical testwork
laboratory in Yantai, China for metallurgical test processing. Perth-based,
Independent Metallurgical Operations Pty. Ltd. ("IMO"), which is Australia's
largest metallurgical group (owned by SGS), will perform some external tests
and oversee the programme to ensure compliance with industry standards,
specifically JORC 2012. The drill holes have been planned jointly by Ariana,
IMO, and Xinhai to deliver a range of ore types and gold grades to evaluate
the mining schedule and deposit variability, and to determine the optimum
processing route in accordance with IMO's designed testwork flow sheets.

Figure 1: Diamond drilling underway for metallurgical test work at Dokwe
North, utilising a drilling rig contracted by Xinhai under the terms of the
MST Agreement

 

Geotechnical Drilling

Five holes for 1,250m will be drilled at Dokwe Central, with the drill core
being used for geotechnical studies. The Dokwe North geotechnical work was
completed by Open House Management Solutions ("OHMS") as part of the 2022 PFS,
and OHMS will also undertake the Dokwe Central study. New core storage and
core logging facilities have been erected on site in preparation for the
increased level of activity and the detailed structural logging required of
all of the new drill core.

 

Figure 2: New core logging and core storage facilities at Dokwe Camp

 

Water Balance Study

A detailed desk-top study has been completed by Wellfield Consultancy
Services, which summarises many wide-ranging reports on the groundwater
potential for the district within the Eastern Kalahari-Karoo Transboundary
Aquifer system. Preparations are being made for a geophysical programme to
identify the optimum bore field, which will be followed by drilling several
test boreholes. Furthermore, Ariana is initiating a borehole sampling
programme in the vicinity of Dokwe to establish baseline fluctuations in water
quantity and quality as a result of seasonal climate conditions.

 

Tailings and Waste Management Study

Knight Piesold UK are undertaking a gap analysis in preparation for a detailed
study to determine the optimum storage of tailings, water optimisation, and to
characterise waste-rock materials.

 

BoxScan

The Company's core scanning unit, Geotek BoxScan, has been shipped to the
Dokwe site from Türkiye and is in the process of being installed. The BoxScan
carries out a range of measurements, such as XRF for chemistry, TerraSpec for
mineralogy, Magnetic Susceptibility for the magnetic properties of the rock,
ultra-high definition core photography, RGB line scan data and laser-based
core topography for structural measurements. The team plans to analyse the
core from the current programmes with the intention of then progressing on to
the historical core. The results will be particularly useful for determining
alteration minerals, timing of mineralisation, and structural controls. This
will not only benefit the mining and processing studies at Dokwe but will also
feed into the wider exploration models.

 

Figure 3: The BoxScan, seen here operating in Türkiye, has been relocated to
Dokwe Camp to carry out a range of analyses on the drill core

 

Table 1 - Dokwe Mineral Resource Estimate

 PROJECT        CLASSIFICATION                        TONNAGE     GRADE      CONTAINED GOLD (oz)

(t)
(g/t Au)
                (REPORTING CUT-OFF GRADE 0.3g/t Au)
 Dokwe North    Measured                              17,309,000  1.06       592,000
                Indicated                             18,562,000  0.90       537,000
                Inferred                              7,095,000   0.82       187,000
                Total                                 42,966,000  0.95       1,316,000
 Dokwe Central  Indicated                             1,811,000   1.60       93,000
                Inferred                              120,000     1.69       7,000
                Total                                 1,931,000   1.61       100,000
 Total          Measured                              17,309,000  1.06       592,000
                Indicated                             20,373,000  0.96       631,000
                Inferred                              7,214,000   0.83       193,000
 TOTAL                                                44,896,000  0.98       1,416,000

 

 PROJECT        CLASSIFICATION                        TONNAGE     GRADE      CONTAINED GOLD (oz)

(t)
(g/t Au)
                (REPORTING CUT-OFF GRADE 0.6g/t Au)
 Dokwe North    Measured                              10,220,000  1.50       493,000
                Indicated                             8,260,000   1.50       399,000
                Inferred                              3,123,000   1.33       134,000
                Total                                 21,604,000  1.48       1,025,000
 Dokwe Central  Indicated                             1,207,000   2.19       85,000
                Inferred                              98,000      1.98       6,000
                Total                                 1,306,000   2.18       91,000
 Total          Measured                              10,220,000  1.50       493,000
                Indicated                             9,468,000   1.59       484,000
                Inferred                              3,222,000   1.35       140,000
 TOTAL                                                22,909,000  1.52       1,116,000

 

Notes:

1.   The Dokwe Mineral Resource Estimate is reported in accordance with the
JORC Code. Reported using cut-offs grades of 0.3g/t Au and 0.6g/t Au As at 4
March 2025

2.   Refer to sections 4.8.5 and 4.8.6 of the IGR for further information
regarding the Dokwe Mineral Resource Estimate including information required
by ASX Listing Rule 5.8

3.   The Dokwe Mineral Resource Estimate is inclusive of Reserves

 

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.

 

The information in this announcement that relates to the Dokwe PFS production
target, or the forecast financial information derived from that production
target was first reported on the ASX in the Previous Market Announcement. The
Company confirms that all the material assumptions underpinning the production
target, and the forecast financial information derived from the production
target, in the Previous Market Announcement continue to apply and have not
materially changed.

 

Competent Persons Statements

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 Exploration Results at the
Dokwe Gold Project is also 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 Exploration Results at
Tavsan is based upon information compiled 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 Company confirms that the form and context in which the Competent Persons'
findings are presented have not been materially modified from the Previous
Market 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 production 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.

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