AI assistant
ARIANA RESOURCES PLC AGM Information 2026
7497_rns_2026-05-29_929311de-84db-43d3-b509-a8e5aab47168.pdf
AGM Information
Open in viewerOpens in your device viewer
ARIANA RESOURCES plc
DOKWE GOLD PROJECT
Optimised Pre-Feasibility Study Presentation
AGM Presentation: 29 May 2026
LONDON
STOCK
EXCHANGE
ASX
ASX
ASX
ASX
ASX
ASX
ASX
ASX
ASX
ASX
ASX
ASX
ASX
ASX
^{}[]
ARIANA RESOURCES plc
Disclaimer and Important Notices
DISCLAIMER
The information provided in this presentation and any accompanying verbal presentation (together, the "Presentation Materials") have been prepared by Ariana Resources plc ("Ariana" or the "Company") as at May 2026. The information is current only to that date and remains subject to change without notice. By receiving the Presentation Materials, you acknowledge and represent to the Company that you have read, understood and accepted the terms of this disclaimer. It is the responsibility of all recipients of these Presentation Materials to obtain all necessary approvals to receive these Presentation Materials and receipt of the Presentation Materials will be taken by the Company to constitute a representation and warranty that all relevant approvals have been obtained.
NOT AN OFFER
These Presentation Materials that relate to the Company, its business, assets, strategy and operations is for general informational purposes only. The Presentation Materials do not comprise a prospectus, product disclosure statement or other offering document under English Law, Australian law (and will not be lodged with the Australian Securities and Investments Commission) or any other law. These Presentation Materials also do not constitute a formal offer or invitation to sell, allot or issue or a solicitation of an offer to buy or subscribe for any securities, options, futures, or other derivatives related to securities in any jurisdiction and its content is not prescribed by securities laws, nor shall the Presentation Materials or any part of them form the basis of or be relied upon in connection therewith or act as any inducement to enter into any contract or commitment with respect to securities. In particular, these Presentation Materials do not constitute an offer to sell or a solicitation to buy, securities in the United States of America.
NOT INVESTMENT ADVICE
Information contained in the Presentation Materials should not be relied upon as advice to buy or sell or hold such securities or as an offer to sell such securities. The Presentation Materials do not take into account nor does it provide any tax, legal or investment advice or opinion regarding the specific investment objectives or financial situation of any person. The Presentation Materials are not and are not intended to be used for the basis of making an investment decision. Recipients should obtain their own advice before making any investment decision.
SUMMARY INFORMATION
The Presentation Materials do not purport to be all inclusive or to contain all information about the Company or any of the assets, current or future, of the Company. The Presentation Materials contain summary information about the Company and its activities which is current as at the date of the Presentation Materials. The information in the Presentation Materials is of a general nature and does not purport to contain all the information which a prospective investor may require in evaluating a possible investment in the Company or that would be required in a prospectus or product disclosure statement or other offering document prepared in accordance with the requirements of English Law, Australian law, or the laws of any other jurisdiction, including the United States of America.
While reasonable care has been taken in relation to the preparation of the Presentation Materials, none of the Company or its agents, advisors, directors, officers, employees, contractors, or shareholders nor any other person ("Limited Party") make any representations or warranties, expressed or implied, as to the accuracy, reliability, completeness or fairness of such information, opinions, forecasts, reports, estimates and conclusions contained in the Presentation Materials. To the extent permitted by law, each Limited Party expressly disclaims any and all liability, including, without limitation, any liability arising out of fault or negligence, or any loss arising from use of or reliance on information contained in the Presentation Materials. In particular, certain economic, market, industry or other information contained herein has been obtained from public or third-party sources and Each Limited Party disclaims all liability for the accuracy of such information. The Company reserves the right to amend or replace the information contained herein, in part or entirely, at any time, and undertakes no obligation to provide the recipient with access to the amended information or to notify the recipient thereof. The information contained in the Presentation Materials are intended only for the person(s) to whom it is transmitted for the purposes of evaluating the Company. The information contained in the Presentation Materials supersede any prior presentation or conversation concerning the Company. Any information, representations or statements not contained herein shall not be relied upon for any purpose. To the maximum extent permitted by applicable law and regulation, neither we nor any of our representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in the Presentation Materials by you or any of your representatives or for omissions from the information in the Presentation Materials. No duty of care or otherwise is owed by each Limited Party to recipients of the Presentation Materials or any other persons in relation to the Presentation Materials. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed in the Presentation Materials.
FORWARD LOOKING STATEMENTS
Certain information in the Presentation Materials and oral statements made in any meeting are forward-looking and relate to the Company and its anticipated financial position, business strategy, events and courses of action. Words or phrases such as "anticipate," "objective," "may," "will," "might," "should," "cual," "can," "intend," "expect," "believe," "estimate," "predict," "potential," "plan," "is designed to" or similar expressions suggest future outcomes. Forward-looking statements and financial projections include, among other things, statements about: our expectations regarding our expenses, sales and operations; our future customer concentration; our anticipated cash needs, our estimates regarding our capital requirements, our need for additional financing; our ability to anticipate the future needs of our customers; our plans for future products and enhancements of existing products; our future growth strategy and growth rate; our future intellectual property; and our anticipated trends and challenges in the markets in which we operate. Forward-looking statements and financial projections are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements and financial projections. Although we believe that the expectations reflected in the forward-looking statements and financial projections are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, level of activity, performance or achievements and there is no representation or assurance that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements and financial projections. They may be substantially less than anticipated and there are no assurances that the business will operate at a profit. By their nature, forward-looking statements and financial projections involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur, which may cause the Company's actual performance and financial results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements and financial projections. Important factors that could cause actual results to differ materially from expectations include, but are not limited to: business, economic and capital market conditions; industry regulations and current or future laws or regulations and new interpretations of existing laws or regulations that may adversely impact operations or require that unanticipated costs and expenses be incurred; legal and regulatory requirements; market conditions and the demand and pricing for our products; our relationships with our customers, developers and business partners; our ability to successfully define, design and release new products in a timely manner that meet our customers' needs; our ability to attract, retain and motivate qualified personnel; competition in our industry; competition; technology failures; failure of counterparties to perform their contractual obligations, including principal suppliers of products and distributors; systems, networks, telecommunications or service disruptions or failures or cyber-attack; ability to obtain additional financing on reasonable terms or at all; litigation costs and outcomes; our ability to successfully maintain and enforce our intellectual property rights and defend third party claims of infringement of their intellectual property rights; our ability to manage working capital; and our ability to manage our growth. Readers are cautioned that this list of factors should not be construed as exhaustive. The forward-looking statements and financial projections contained in the Presentation Materials are expressly qualified by this cautionary statement. Subject to any continuing obligations under applicable law the Company disclaims any obligation or undertaking to update or revise publicly any forward-looking statements or financial projections, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Given these uncertainties, recipients are cautioned not to place undue reliance on forward-looking statements or financial projections. Before investing, recipients are required to make and rely upon their own independent legal, financial and business judgments as the sole basis for proceeding with any investment. Prospective investors should not construe the contents of the Presentation Materials as legal, tax, investment or other advice. All prospective investors should make their own inquiries, evaluation and analysis of the business, data and assets described in the Presentation Materials and consult their own advisors as to legal, tax, investment, and related matters concerning an investment in the securities of the Company. The Presentation Materials is intended solely as a basis for further discussion and is not intended to be, and does not constitute, an offer or solicitation or an offer to buy any security or other rights. No legally binding obligations will be created, implied or inferred until definitive written agreements are executed by and delivered to all parties. Nothing contained herein shall bind the Company to continue discussions or negotiate any transaction with the reader.
EFFECT OF ROUNDING
A number of figures, amounts, percentages, estimates, calculations of value and fractions in the Presentation Materials are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in the Presentation Materials.
ARIANA RESOURCES plc
Investment Highlights
Zimbabwe's largest undeveloped gold project with tier-one economics
Outstanding Value Proposition
- Mineral exploration and development company focused on the flagship Dokwe Gold Project in Zimbabwe (1.13Moz Reserve)
- ASX and AIM listed with a market cap of £55.1M¹ (A$104M) and EV² of £26.9M (A$50.5M)
- Exposure to dividend generating gold production in Türkiye
Low Capex, High Margin Project
- Leading Zimbabwean development asset, with Life of Project (LoP) gold production of 1.06Moz
- Robust PFS economics with pre-tax LoP NPV₁₀ of US$1,056M, 1.2 year payback period and 92% IRR at US$4,250/oz Au
- Low pre-production capex of US$164M
Significant In-country Experience
- The right management team to build and operate Dokwe
- Strategic alliance with equity investor Xinhai who have in-country mine development experience and a permanent Zimbabwe workforce
- Strategy in place to increase Dokwe Reserves and develop into a highly profitable mine
Well-funded & Clear Pathway to Production
- Pro-forma cash and investments of £28.3M (A$53M) and no debt
- Dokwe Project located within granted mining claims and is 100% owned by Ariana, providing a clear pathway to production
Notes: Refer to the Company's ASX announcement dated 28 May 2026 titled "Update to Optimised Dokwe Gold Project PFS Yields Excellent Metrics" (1) Assumed ASX CDI price of A$0.355 (2) Enterprise value takes into consideration cash and investments of A$53m and no debt
ARIANA RESOURCES plc
Company Overview
Flagship gold project with an Ore Reserve of 1.13Moz
FLAGSHIP ASSET
A DOKWE PROJECT | 100% Owned
DEVELOPMENT | ZIMBABWE
- Located approximately 110km west-northwest of Bulawayo, Zimbabwe
- Dokwe North Reserve¹ 1.13Moz @ 0.8g/t Au
- Dokwe North & Dokwe Central Resource¹ 1.60Moz @ 0.8g/t Au
- PFS update (2026) demonstrates +80koz p.a. operation over 12 years + 8-year 20koz p.a. stockpile processing
- Largest undeveloped gold project in Zimbabwe
OTHER ASSETS
B TÜRKİYE | KOSOVO | CYPRUS
Recent sale of 13.6% Interest in Zenit Mining in Türkiye for US$19.5 million in cash
Implied value of US$14.2 million of remaining 9.9% interest the following projects:
- Tavşan Gold-Silver Mine
- Kiziltepe Gold-Silver Mine
- Salinbaş-Ardala Gold Project
Interest in exploration-stage copper-gold-silver projects located in Kosovo (76% interest in Western Tethyan) and Cyprus (61% interest in Venus Minerals), including:
- Slivova Gold-Silver Project in Kosovo (licence pending), 51% owned by Western Tethyan Resources Ltd
- Magellan Project and Mariner Copper-Gold Projects in Cyprus, 100% owned by Venus Minerals Ltd
Notes: (1) The Dokwe Mineral Resource Estimate is reported within a Dokwe North pit-shell optimised at US$5,000/oz Au and in accordance with the JORC (2012) Code, using a cut-off grade of 0.2 g/t Au. The Mineral Resource Estimate is inclusive of Ore Reserves. The Dokwe North Ore Reserves are reported within the Dokwe North pit design, include mining dilution and recovery, and are also reported in accordance with the JORC (2012) Code, using a cut-off grade of 0.2 g/t Au. Figures presented are both gross and net attributable to Ariana via its subsidiary, Canister Resources (Pvt) Ltd in Zimbabwe. Errors may be present due to rounding.
ARIANA RESOURCES plc
Why Zimbabwe?
Established and mature mining jurisdiction, coupled with deep in-country expertise
ESTABLISHED AND MATURE MINING JURISDICTION
- Major global resource companies operating in country
- Politically stable since 1980 with Zanu-PF remaining in power
- Established and long running gold industry with several major operating gold mines and over 4,000 recorded gold deposits¹
- 3rd largest producer of the world's platinum (~8% of global supply) and 4th largest producer of palladium²
MINING INDUSTRY CONTRIBUTION TO ZIMBABWE
- 14.5% percent of Zimbabwe’s GDP³
- 75% of national exports³
- Mining sector projected to create up to 100,000 new jobs over the next five years with mining revenues expected to grow to US$21 billion within two years⁴
TAXATION
- Corporate income tax – effective 25.75%
- Exploration, development and capital costs expensed against profit in the year incurred or carried forward
- Mining royalty of 5% of gold turnover at current gold price
XINHAI ALLIANCE – KEY TO IN-COUNTRY SUCCESS
- On 22 December 2025, equity investor Hongkong Xinhai Mining Services Ltd. (“Xinhai”) signed a binding agreement to invest A$8m at A$0.30 in Ariana; Xinhai is providing a further A$1m for additional metallurgical testing and up to A$2m for the completion of the Dokwe DFS, all in exchange for equity at the same issue price
- Xinhai has served nearly 2,500 mines across multiple jurisdictions and executed over 600 EPC+M+O projects
- It has a track record in Zimbabwe, having completed feasibility, design and construction of a 2Mtpa lithium beneficiation plant within 364 days, involving an on-site workforce of over 1,000 personnel engaged between June 2022 and June 2023
Sources: (1) Mining Zimbabwe (2) World Population Review (3) International Trade Administration (4) Business Insider
Notes: Refer to the Company's ASX announcement dated 28 May 2026 titled "Update to Optimised Dokwe Gold Project PFS Yields Excellent Metrics"
ARIANA RESOURCES plc
Corporate Overview
Financial position and shareholder base
CAPITALISATION SUMMARY
| Share price (CDIs) | A$0.37 |
|---|---|
| CDIs on issue (1 CDI = 10 Ordinary Shares) | 49.9m |
| Share price (Ordinary Shares)¹ | £0.02 |
| Shares on issue (including CDIs) | 2.69bn |
| Market capitalisation | £55.2m |
| Cash and investments² | £28.3m |
| Debt | nil |
| Enterprise value | £26.9m |
| Options over shares (various exercise and expiry) | 85.04m |
SHAREHOLDER SUMMARY
- Newmont Mining Corp. (Strategic Investor)
- Xinhai Mining Group (Strategic Investor)
- Directors and Management
- Other Major Shareholders
- Other Shareholders
ASX SHARE PRICE HISTORY¹
Source IRESS, FactSet. Notes: (1) As at market close on 28 May 2026 (2) Investments include 9.9% interest in projects in Türkiye through its holding in Zenit Madencilik San. ve Tic. A.S
Corporate Overview
Experienced board and management team with global on-the-ground experience
ARIANA RESOURCES plc
KEY BOARD AND MANAGEMENT PERSONNEL
Dr Kerim Sener – Managing Director & Founder
Kerim is an exploration geologist with extensive precious metals exploration, resource development and M&A experience over 25 years, including with Independence Gold (Lonmin PLC) in Zimbabwe. He has been responsible for the discovery of c.4Moz of gold in eastern Europe. Kerim co-founded Ariana in 2005 and has progressed the Company from a single-asset explorer to a multi-asset, multi-jurisdiction gold producer, developer and explorer that is dual-listed on the AIM (AAU) and ASX (AA2) markets.
Michael Atkins – Chairman
Michael has significant board-level ASX-listed company experience, with specific expertise in Africa, including as Founder and Executive Chairman of Gallery Gold (Mupane Gold Project in Botswana, sold to IAMGold) and as Chairman of Azumah Resources, which developed the Wa Gold Project in Ghana to a 1Moz Au Reserve.
Andrew du Toit – Operations Director
Andrew has over 35 years' experience in the Zimbabwean mining industry in roles from project geologist to General Manager. He began his career with the Zimbabwe Geological Survey and has worked with Independence Gold (Lonmin PLC), SRK and Zimplats Limited (ASX: ZIM).
Chris Sangster – Non-Executive Director
Chris is a mining engineer with over 40 years' experience in the mining industry. Chris has extensive experience in gold, diamond and base metal production, primarily in southern Africa. He has held positions at KCM PLC and Australian Mining Consultants.
Michael de Villiers – Deputy Chairman & Co. Sec.
Michael is an accountant with over 35 years' experience as a Financial Manager at mining and chemicals operations for a variety of companies, with interests in gold, diamonds, soda ash, salt and base metals, largely in southern Africa.
Nick Graham – Non-Executive Director & Founder
Nick is a Chartered Geologist with 50 years' experience in mineral exploration and mine development, mostly in Zimbabwe, with Falconbridge Exploration Inc, Kamativi Tin Mines Ltd and managing Cluff Resources PLC and Reunion Mining PLC.
William Payne – Non-Executive Director
William qualified as a chartered accountant with KPMG in London. In 2003, he became a partner in a top 20 accountancy practice Wilkins Kennedy LLP before it changed ownership and rebranded to Azets. At Azets, William provides audit and assurance advice to clients as well as assistance in planning, reporting and compliance.
7
Dokwe Gold Project - PFS Highlights
ARIANA RESOURCES plc
PFS Highlights
Outstanding economic outcomes for the optimised and updated PFS
| MATERIAL ORE RESERVE INCREASE
c.42% to 1.13Moz | LIFE OF PROJECT (LoP)
20 years | STRONG PRODUCTION PROFILE | NPV_{10} (Pre-tax)
US$1,056M (A$1,509M) |
| --- | --- | --- | --- |
| Potential to increase through Resource conversions at Dokwe Central and utilising latest RC drilling data | 12 year LoM phase (mining and processing)
8 year processing only phase | Plant throughput
2.5Mtpa | NPV_{10} (Post-tax)
US$740M (A$1,057M) |
| | | Peak p.a. production
100,000oz p.a. | |
| Cashflow LoP
US$1,993M | Pre-tax IRR
92% | PAYBACK PERIOD
1.2 years | PRE-PRODUCTION CAPITAL COSTS
US$164M |
9
ARIANA RESOURCES plc
Project Summary
Dokwe represents the largest undeveloped gold project in Zimbabwe¹
DOKWE PROJECT DESCRIPTION
- Dokwe Gold Project consists of the Dokwe North and Dokwe Central deposits and includes a number of untested exploration opportunities across the Mining Claims
- Material resource-growth potential through further exploration drilling; recent RC drilling programme demonstrated extensions
- Conventional open-pit operation with Carbon in Leach (CIL) processing
DOKWE MINERAL RESOURCE & RESERVE²
| Project | Classification | Tonnage (kt) | Grade (g/t Au) | Contained Gold (oz) |
|---|---|---|---|---|
| Dokwe North | Measured | 21,055 | 0.92 | 621,500 |
| Indicated | 27,224 | 0.71 | 617,400 | |
| Inferred | 11,963 | 0.67 | 258,500 | |
| Total | 60,242 | 0.77 | 1,497,400 | |
| Dokwe Central | Indicated | 2,107 | 1.39 | 94,300 |
| Inferred | 117 | 1.66 | 6,200 | |
| Total | 2,225 | 1.41 | 100,600 | |
| Total | Measured | 21,055 | 0.92 | 621,500 |
| Indicated | 29,331 | 0.75 | 711,700 | |
| Inferred | 12,080 | 0.68 | 264,700 | |
| Total | 62,467 | 0.80 | 1,598,000 | |
| Reserve | Reserve Classification | Mined Ore (kt) | Mined Ore Grade (g/t) | Mined Au (oz) |
| --- | --- | --- | --- | --- |
| Dokwe North | Proved | 20,956 | 0.87 | 589,200 |
| Probable | 24,915 | 0.68 | 546,000 | |
| Total | 45,871 | 0.77 | 1,135,200 |
Notes: (1) All other >1Moz gold projects in Zimbabwe have been subjected to historic and/or artisanal development (2) Reported in accordance with the 2012 JORC Code using cut-off grades of 0.2g/t Au.
DOKWE PROJECT OVERVIEW
10
ARIANA RESOURCES plc
PFS Overview - Economics
Robust economics and project sensitivity
KEY ECONOMIC METRICS
| Metric | Unit | PFS Outcome |
|---|---|---|
| Gold Price | US$/oz | 4,250 |
| Life of Project (LoP) | Years | 20 |
| Pre-tax NPV_{10} | US$m | 1,056 |
| Post-tax NPV_{10} | US$m | 740 |
| Pre-tax IRR | % | 92 |
| Payback period | Years | 1.2 |
| LoP Cashflow | US$m | 1,993 |
| Life of Mine Operating Cost (C1) | US$/oz | 1,685 |
SENSITIVITY ANALYSIS
| Gold Price US$ | $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 |
ANNUAL GOLD PRODUCTION PROFILE¹
ANNUAL & CUMULATIVE CASHFLOW
Notes: Refer to the Company's ASK announcement dated 28 May 2026 titled "Update to Optimised Dokwe Gold Project PFS Yields Excellent Metrics"(1) Inclusive of 8-year stockpile processing.
ARIANA RESOURCES plc
PFS Overview - Mining
Straightforward open-pit mining with upside
KEY MINING METRICS
| Measure | Units | PFS |
|---|---|---|
| Waste | MBCM | 69.6 |
| Ore Volume | MBCM | 17 |
| Total Material Volume | MBCM | 86.6 |
| Strip Ratio (inc. Inferred) | Ratio | 3.7 |
| Ore Tonnes | Mt | 47.6 |
| Ore Grade | g/t | 0.8 |
| Mining Recovery | % | 95 |
| Dilution | % | 5 |
MINING OVERVIEW
- Conventional load and haul open pit operation involving two main pits with a maximum depth of 280m
- Mineralisation commences from 40m at Dokwe North and from 20m at Dokwe Central below largely rippable calcrete cover; pre-strip partially capitalised
- Mill feed from Dokwe North based on current Reserves; potential to include a further c.10% in Reserves from Dokwe Central
MINED MATERIAL BY PIT STAGE (BCM)
DOKWE GOLD PROJECT PIT STAGES
Notes: Refer to the Company's ASX announcement dated 28 May 2026 titled "Update to Optimised Dokwe Gold Project PFS Yields Excellent Metrics"
ARIANA RESOURCES plc
PFS Overview - Processing
CIL processing with good metallurgy
PROCESSING OVERVIEW
- 2.5Mtpa nameplate capacity for the CIL processing facility, with flotation and intensive leach expected in later years
- High-grade (HG: avg. 1.9g/t Au) and medium-grade (MG: avg. 0.6 g/t Au) ore will be preferentially processed with low-grade ore (LG: 0.2-0.5 g/t Au) stockpiled on a long-term stockpile and processed once HG and MG ore stocks are exhausted
- Staged mining of Dokwe North (4 stages) and Dokwe Central (1 stage); Dokwe Central to be converted to Reserve in Q4 2026
- Excellent metallurgical characteristics based on PFS level studies, achieving 88% average life of mine recovery, with scope for improvement
PROCESSING SUMMARY
| Units | PFS | |
|---|---|---|
| Nameplate Capacity | Mtpa | 2.5 |
| Total Ore Processed | Mt | 47.6 |
| Average Processed Grade | g/t | 0.8 |
| Average Recovery | % | 88 |
| Ounces Processed | Koz | 1.1 |
| Ounces Recovered | Koz | 1.0 |
PROCESSING PLANT CAPITAL COST ESTIMATE (US$)
| Item | PFS (US$M) |
|---|---|
| EPC & Project Management | 26.6 |
| Processing Plant | 50.1 |
| Tailings Storage | 13.6 |
| Services | 27.2 |
| Commissioning | 46.5 |
| Total | 164.0 |
Notes: Refer to the Company's ASK announcement dated 28 May 2026 titled "Update to Optimised Dokwe Gold Project PFS Yields Excellent Metrics"
ARIANA RESOURCES plc
Planned Development Timeline
Fast-tracking Dokwe development to production
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | |
|---|---|---|---|---|---|---|---|
| Ongoing optimisation of Dokwe costs and strategy |  |
||||||
| Exploration & Resource Drilling |  |
||||||
| Water Borefield Drilling |  |
||||||
| Xinhai Metallurgical Testwork |  |
||||||
| Additional Metallurgical Testwork |  |
||||||
| EIA |  |
||||||
| Definitive Feasibility Study |  |
||||||
| Financing |  |
||||||
| Plant EPCM |  |
ARIANA RESOURCES plc
Feasibility Study Programme
Supported by industry recognised consulting and mining/process engineering groups
Whittle Consulting
Wellfield GeoSciences
blackcrystal caring for the environment beyond today
Knight Piésold CONSULTING
Consulting groups utilised during the revised PFS and as part of the Feasibility programme to date
Catalysts
Strong re-rate potential as Dokwe progresses to DFS release
ARIANA RESOURCES plc
DFS
Completion of DFS anticipated for Q1 2027
EXPLORATION
Further exploration and resource drilling programmes being planned across Dokwe North and Central areas in particular, including for sterilisation drilling in vicinity of expected mine infrastructure
METALLURGICAL TEST WORK
Metallurgical testwork expected to commence during Q3 2026 in Yantai (China) at the Xinhai metallurgical testwork laboratory; initial testwork expected to conclude during Q4 2026, with follow-on testwork in Australia
FURTHER RESOURCE AND RESERVE UPGRADE
Q4 2026 for Resource/Reserve update for Dokwe in advance of completion of Feasibility Study
FURTHER RATIONALISATION OF OUR PORTFOLIO
Opportunities being investigated for the advancement of Western Tethyan and Venus Minerals, with a view to crystallising embedded value
Other Projects
ARIANA RESOURCES plc
Other Assets
Include a copper-gold-silver portfolio across other regions and development stages
13.6% interest in Zenit Madencilik San. ve Tic. A.Ş. (Zenit) sold recently to Özaltın Holdings A.Ş. for gross cash proceeds of US$19.5M
9.9% interest retained in Zenit (with implied value of US$14.2M) including the following projects in Türkiye
EXPLORATION | KOSOVO & CYPRUS
- Slivova Gold Project (39%) advanced gold project currently under new application²
- Separate “Exploration Alliance” funded by Newmont (US$3.3M to date) focused on greenfields copper-gold exploration in SE Europe
- Magellan Project and Mariner copper-gold Projects in Cyprus through 61% held Venus Minerals Ltd
PRODUCTION | ZENIT MINING OPERATIONS | TÜRKİYE
- Mining operations comprise Tavşan (open-pit, heap-leach processing) and Kiziltepe (open-pit, CIL processing)
- Average gold production of c.22koz Au since 2017, including from Tavşan since 2024
EXPLORATION | SALINBAS PROJECT | TÜRKİYE
- Located in NE Türkiye, in a tier-one discovery region, and adjacent to the 4Moz Hod Maden deposit¹
- Potential for further resource extensions to be delineated within high-grade and steeply dipping breccia pipes
Notes: (1) Salinbas includes the Ardala Cu-Au-Mo porphyry deposit. (2) Ariana owns 76% of Western Tethyan Resources, which holds a 51% interest in the Slivova Project under an earn-in agreement.
ARIANA RESOURCES plc
Summary
Opportunity, upside and with a track-record of delivery
OUTSTANDING VALUE PROPOSITION
Exploration and development company with a 1.6Moz Resource and 1.1Moz Reserve and an EV/Resource and EV/Reserve of A$32/oz and A$45/oz, respectively¹
LOW CAPEX HIGH MARGIN DOKWE GOLD PROJECT
Robust PFS economics with pre-tax LoP NPV₁₀ of US$1,056M, 1.2 year payback period and 92% IRR at a gold price of US$4,250/oz Au
WELL-FUNDED & CLEAR PATHWAY TO PRODUCTION
Dokwe's granted mining claims provide a clear pathway to production with pro-forma cash and investments balance of £28.3M (A$53M) and no debt
SIGNIFICANT EXPLORATION UPSIDE
Existing deposits provide platform for growth, supported by highly prospective tenements and a strong track record of resource conversion at a historical lower-quartile discovery cost
STRONG MANAGEMENT TEAM AND KEY PARTNERSHIPS
The right management team to build and operate Dokwe; strategic alliance with equity investor Xinhai, which has in-country mine development experience and a permanent Zimbabwe workforce
Notes: (1) Enterprise value takes into consideration cash and investments of A$53m and no debt.
ARIANA RESOURCES plc
Additional Statements
Competent Person and Compliance
Competent Persons Statements
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 the Ore Reserve Estimate 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.
Compliance Statements
The information in this announcement relating to Mineral Resources, Ore Reserves and the Pre-Feasibility Study 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) and was released to the ASX on 28 May 2026 (Previous Market Announcement).
The announcement is also available on the Company website at http://www.arianaresources.com/.
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 Company further confirms that all the material assumptions underpinning the production target, or the forecast financial information derived from the production target, in the initial public report continue to apply and have not materially changed.
20
A
ARIANA RESOURCES plc
2nd Floor, Regis House,
45 King William Street
London, EC4R 9AN, UK
+44 (0)203 476 2080