Ariana Resources Plc · LSE:AAU
Ariana Resources — Investor Presentation (September 2025)
28 slides from Ariana Resources's investor presentation, Sep 30, 2025
Slide 1: Gold Exploration, Development and Production Corporate Presentation
For personal use only Gold Exploration, Development and Production Corporate Presentation September 2025 AIM: AAU ASX: AA2
Slide 2: Disclaimer and important notices
Disclaimer and important notices DISCLAIMER FORWARD LOOKING STATEMENTS The information provided in this presentation and any accompanying verbal presentation (together, the “Presentation Materials”) have been Certain information in the Presentation Materials and oral statements made in any meeting a
Slide 3: Executive Summary
For personal use only Summary Executive
Slide 4: Ariana Upcoming Catalysts
Ariana Upcoming Catalysts DOKWE: A NEAR-TERM GOLD DEVELOPMENT OPPORTUNITY • >1.1Moz (1.4Moz @ 0.3g/t) Au in-pit Resource1 with a PFS production profile from Reserves of +60,000oz per annum. For personal use only • Strategic options study and Definitive Feasibility Study (DFS) underway, supported by
Slide 5: The Ariana Story
The Ariana Story Committed to building the next major gold mine in Zimbabwe 2005 – 2017 2025 onwards For personal use only Ariana Resources takes inspiration from its Ariana is developing a large gold mine in namesake, the ancient region of Ariana, known Zimbabwe, returning to Africa where its throu
Slide 6: Investment Highlights: Ariana at a glance
Investment Highlights Ariana at a glance ADVANCED GOLD PROJECTS EXPERIENCED BOARD AND MANAGEMENT TEAM For personal use only • Dokwe Gold Project (100%): 1.1Moz @ 1.52g/t Au in Resources, feasibility- • Experienced management team with a history of delivering value to stage asset, Zimbabwe1 sharehold
Slide 7: Asset & Corporate Overview
For personal use only Asset & Corporate Overview
Slide 8: Ariana's Asset Base
Ariana’s Asset Base A portfolio of assets across geographies and development stages A DEVELOPMENT – DOKWE PROJECT – ZIMBABWE 100.0% For personal use only • Comprising the Dokwe North and Dokwe Central gold deposits and holding an in-pit 1.1Moz @ 1.52g/t Au JORC (2012) Resource1 • PFS update released
Slide 9: Corporate Overview: Financial position and shareholder base
Corporate Overview Financial position and shareholder base CAPITALISATION SUMMARY TOP SHAREHOLDERS For personal use only AIM ASX 9% Hargreaves Lansdown Asset Management Share price £0.01675 $0.30 3% Newmont Mining Corp. (Strategic Investor) Shares / CDIs on issue 2.338b 39.3m 40% 21% Market capitali
Slide 10: Experienced board and management team
Corporate Overview Experienced board and management team with global on-the-ground experience KEY BOARD AND MANAGEMENT PERSONNEL For personal use only Dr Kerim Sener – Managing Director & Founder Kerim is an exploration geologist with extensive precious metals exploration, resource development and M
Slide 11: Dokwe Project
For personal use only Dokwe Project
Slide 12: Why Zimbabwe?
Why Zimbabwe? Long-standing relationships, multi-decade exploration success and deep in-country expertise SHARED TECTONISM OF THE ZIMBABWE & YILGARN CRATONS 1 ZIMBABWE CRATON For personal use only Area of 300,000km2 Production/Resources of ~40Moz More than twenty >1Moz deposits Minimal level
Slide 13: Dokwe Gold Project: Positive PFS completed and DFS-ready
Dokwe Gold Project Positive PFS completed and DFS-ready gold project (owned 100%) 1 DOKWE PROJECT RESOURCES & RESERVES 2,3 DOKWE PROJECT OVERVIEW For personal use only Tonnage Grade Contained Au Resource 2 Category Mt g/t Au koz Au Measured 10.2 1.50 493 Indicated 8.3 1.50 399 Dokwe North Dokwe Nort
Slide 14: Dokwe represents the largest undeveloped gold project in Zimbabwe
Dokwe Gold Project Dokwe represents the largest undeveloped gold project in Zimbabwe 1 DOKWE NORTH DOKWE NORTH DEPOSIT WITHIN PIT For personal use only • Very large, moderate-grade, open pit deposit punctuated by high- grade zones including visible gold, associated with sheared and silicified zones
Slide 15: Major resource expansion opportunities at Dokwe Central
Dokwe Gold Project Major resource expansion opportunities at Dokwe Central DOKWE CENTRAL EXPLORATION UPSIDE For personal use only • Smaller higher-grade pipe-like deposit with abundant quartz veins containing several long high-grade zones • Historical intercepts included in the MRE of 27m @ 6.53g/t
Slide 16: 2025 Revised PFS shows value and a clear path to operations
Dokwe Gold Project 2025 Revised PFS shows compelling value and a clear path to operations at Dokwe ECONOMICS ANNUAL GOLD PRODUCTION PROFILE 2 For personal use only Processed Ore (kt) (LHS) Processed Ore Grade (g/t) (RHS) Unit PFS Outcome 1,600 2.0 Post-tax NPV10 US$m 354 1 1,200 1.5 Post-tax IRR % 7
Slide 17: 2022 Pre-feasibility study: mining and processing strategies
Dokwe Gold Project 2022 Pre-feasibility study outlines conventional mining and processing strategies 1 MINING OVERVIEW PROCESSING OVERVIEW For personal use only • Free-dig pre-strip of late cover • Non-refractory ore body enables simple metallurgy • Bulk-tonnage, drill and blast open-pit mining (tru
Slide 18: Potential to build a multi-million ounce project through exploration
Dokwe Gold Project Significant potential to build a multi-million ounce project through systematic exploration EXPLORATION UPSIDE For personal use only • Highly prospective greenstone belt extension identified under later cover • Current gold resources of 1.12Moz sit within optimised pit shells at D
Slide 19: Mining Operations & Other Projects
For personal use only Mining Operations & Other Projects
Slide 20: Zenit Mining Operations
Zenit Mining Operations Proven production in western Türkiye; operations once at 100%, now 23.5% following JVs 1 KIZILTEPE 1 TAVŞAN 1 For personal use only • Consistent guidance-beating gold-silver production since 2017; up • Mining operations and gold production commenced during Q1 to 28,000 ounces
Slide 21: Growing Production and Resources
Growing Production and Resources Ariana provides exposure to active exploration, near-term asset development and production GOLD AND SILVER REVENUE (US$m) 1 TURKIYE ASSET RESOURCE GROWTH (Moz Au) 2 For personal use only 60 Gold Revenue 2.0 7.2 2.0 1.9Moz Au Silver Revenue 3.9 50 growth in 15 40 5.9
Slide 22: Salinbas Gold Project
Salinbas Gold Project Significant growth opportunities in future Turkish exploration, 23.5% owned by Ariana 1 SALINBAS 1 EXPLORATION UPSIDE For personal use only • Located in NE Türkiye, within the multi-million-ounce Artvin Goldfield, which contains several significant gold- copper projects, includ
Slide 23: Newmont Partnership and Kosovo Projects
Newmont Partnership and Kosovo Projects Earn-in optionality at the well-progressed, high-grade Slivova Gold Project NEWMONT PARTNERSHIP SLIVOVA GOLD PROJECT For personal use only • Newmont Mining Corporation invested US$3.3m into Ariana to support the funding of greenfield exploration activities in
Slide 24: Appendices
For personal use only Appendices
Slide 25: Companies Operating in Zimbabwe
Companies Operating in Zimbabwe A stable mining jurisdiction with strong multi-national company presence Name Ticker Market Cap (A$m) 1 Asset Stage Notes For personal use only Anglo American LSE:AAL 47,910 Mining PGEs miner Impala Platinum Holdings JSE:IMP 11,170 Mining PGEs miner Sibanye-Stillwater
Slide 26: Country Overview - Zimbabwe
Country Overview - Zimbabwe Major mining economy with massive exploration upside GENERAL GOLD PRODUCTION For personal use only Area – 390,800 km2 • Official gold production has increased in recent years at 30.1 Population – 16 million tonnes in 2023 and 36.5 tonnes in 2024 • There is also significan
Slide 27: Country Overview - Türkiye
Country Overview - Türkiye G20 nation with strong domestic mining industry GENERAL GOLD PRODUCTION For personal use only Area – 783,600 km2 • Türkiye has produced more than 154 tonnes of gold in the last 5 Population – 85 million years, reaching a peak in 2020 of 42 tonnes • Gold production was 31 t
Slide 28: ASX Statements
ASX Statements COMPETENT PERSONS STATEMENT FORWARD LOOKING STATEMENTS AND DISCLAIMER For personal use only The information in the Investment Overview Section of the prospectus (included at Section This presentation contains certain "forward-looking statements". Forward-looking 3), the Company and Pr
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