Ariana Resources plc (LSE:AAU) reported progress at its wholly owned Dokwe Gold Project in Zimbabwe during the quarter ended 30 September 2026, including completion of metallurgical drilling, additional exploration work and advances across several components of its feasibility study.
The company, which has reported a 1.6 million-ounce gold resource at Dokwe and a pre-tax net present value of US$1.056 billion at a 10% discount rate, ended the quarter with cash of £17.3 million, equivalent to approximately A$32.7 million.
Ariana also completed the disposal of its remaining interest in Türkiye’s Kiziltepe Sector while retaining exposure to the Tavşan Gold Mine through its 9.9% holding in Zenit.
Dokwe Drilling Returns Gold Intercepts of 24 Metres at 4.71 g/t
Ariana completed 2,822 metres of metallurgical drilling across 15 diamond drill holes at Dokwe North and Dokwe Central.
Significant results included 24 metres grading 4.71 grams per tonne gold from 172 metres in hole DPD141, including 2 metres at 46.95 g/t gold.
At Dokwe Central, hole DPD150 intersected 98 metres at 2.85 g/t gold from 91 metres, including 1 metre at 93.72 g/t gold.
Four additional diamond drill holes, totalling 1,005 metres, investigated potential extensions to the mineralisation at Dokwe North. Results included 8 metres at 1.45 g/t gold from 96 metres and 2 metres at 17.31 g/t gold from 174 metres.
The company said approximately 11,000 metres of recent drilling will contribute to updated Mineral Resource and Ore Reserve estimates, being prepared independently by AMC Consultants and Auralia Mining Consultants.
Feasibility Work Advances Across Metallurgy and Infrastructure
Ariana continued several technical programmes supporting the Dokwe feasibility study.
Eight tonnes of metallurgical samples were delivered to Xinhai Mining Services in China, where 28 composite samples were prepared for testing. Further analysis will also take place in Australia.
Water exploration drilling is underway, with 12 priority holes planned for a combined 2,155 metres to investigate potential groundwater sources.
The company also completed six geotechnical holes totalling 1,251 metres at Dokwe Central, while engineering studies continued into waste rock storage, tailings facilities and mine infrastructure.
Further sterilisation drilling is planned for the fourth quarter of 2026 to assess areas proposed for future infrastructure.
Managing Director Dr. Kerim Sener commented:
“The Company has continued to make excellent progress on its 100%-owned Dokwe Gold Project in Zimbabwe towards its Feasibility Study.”
Ariana Completes $3.7 Million Kiziltepe Disposal
In Türkiye, Ariana completed the sale of its remaining 9.9% interest in the Kiziltepe Sector to Proccea Construction Co. for US$3.7 million in cash during July.
The company also received US$0.8 million from Zenit in settlement of an outstanding intercompany debt.
Ariana retains a 9.9% interest in Zenit, which operates the Tavşan Gold Mine and holds the Salinbaş Gold-Silver Project.
Tavşan produced and sold 8,102 ounces of gold during the third quarter, generating US$34.6 million in revenue.
For the nine months ended 30 September, Zenit reported gold production and sales of 17,940 ounces, generating total revenue of US$81.4 million.
Heap-leach operations at Tavşan reached full production capacity following completion of the ramp-up phase in June 2026.
Dokwe Development Remains Ariana’s Main Priority
Ariana said its priorities include completing the Dokwe feasibility study, finalising updated resource and reserve estimates, and advancing metallurgical, water supply, power and environmental assessments.
The company also intends to continue exploration targeting potential extensions to the existing mineralisation.
Following the appointment of Michael Atkins as Executive Chairman, Ariana is evaluating development and financing options for Dokwe as it progresses the project towards potential gold production.
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