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Revised PFS for Optimised Dokwe Gold Project
Ariana Resources plc has announced an optimized Pre-Feasibility Study for its Dokwe Gold Project in Zimbabwe, revealing a significant 42% increase in Ore Reserves to 1.13 million ounces of gold. The project now boasts a projected 12-year open-pit phase producing approximately 80,000 ounces annually, followed by an 8-year stockpile processing phase yielding around 20,000 ounces per year, for a total project life production of 1.06 million ounces. Financial projections are robust, with a pre-tax Net Present Value (NPV10) of US$1,056 million and a post-tax NPV10 of US$740 million, supported by a low pre-production capital expenditure of US$164 million and an estimated payback period of one year. The company also reported an increased Mineral Resource Estimate of 1.6 million ounces of gold. Disclaimer*
About this update from Ariana Resources Plc
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 NPV10 of US$1,056m (A$1,509m), post-tax NPV10 of US$740m (A$1,057m), approximate 1-year payback period from commissioning and 92% IRR at a US$4,250/oz gold price; total EBITDA of US$1,993m. o Low average strip ratio of 3.7, LoM C1 (operating) cost of US$1,685/oz2, 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 Reserve3. 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 wor...
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