Ariana Resources plc (AIM: AAU, ASX: AA2) has published its quarterly activities report for the three months ended 30 September 2026, highlighting significant progress at its 100%-owned Dokwe Gold Project in Zimbabwe. The company completed a 2,822-metre metallurgical drilling programme returning high-grade intercepts, while advancing multiple feasibility study workstreams. Ariana ended the quarter with cash of GBP17.3m and also completed the sale of its remaining 9.9% interest in the Kiziltepe Sector in Türkiye for US$3.7m. Investors are watching the timeline for completion of the independent Mineral Resource Estimate and the broader feasibility study.

Key Points

  • Ariana Resources plc (AIM: AAU, ASX: AA2) — gold development and royalty company advancing the Dokwe Gold Project in Zimbabwe
  • Metallurgical drilling programme completed at 2,822 metres across 15 holes, with standout intercepts including 98m at 2.85g/t Au and 24m at 4.71g/t Au
  • Cash position of GBP17.3m at quarter end; Kiziltepe interest sold for US$3.712m; Zenit produced 17,940 oz gold year-to-date for US$81.4m total revenue
  • Investors should watch for the revised Mineral Resource Estimate from AMC Consultants and completion of feasibility study workstreams including metallurgical testwork and water-bore drilling

Dokwe Metallurgical and Exploration Drilling Returns High-Grade Gold Intercepts

The metallurgical drilling programme at Dokwe, initiated in May 2026, concluded with 2,822 metres drilled across 15 holes. Standout results from Dokwe North included 24 metres at 4.71 grams per tonne gold from 172 metres in hole DPD141, with a high-grade interval of 2 metres at 46.95g/t Au, and 7 metres at 9.75g/t Au from 47 metres in DPD144. At Dokwe Central, hole DPD150 returned 98 metres at 2.85g/t Au, including 1 metre at 93.72g/t Au. A subsequent four-hole exploration programme totalling 1,005 metres on the eastern flank of Dokwe North identified a north-eastern extension to the mineralised zone, with DPD155 returning 2 metres at 17.31g/t Au from 174 metres.

Dokwe Feasibility Study Workstreams Progress Across Metallurgy, Water and Infrastructure

AMC Consultants (UK) Limited has been engaged to produce an independent Mineral Resource Estimate under the JORC Code (2012), incorporating results from recent metallurgical and extensional drilling. Eight tonnes of metallurgical samples have been dispatched to Xinhai Mining Services' laboratory in Yantai, China, with additional composites to be tested in Perth, Western Australia. Wellfield Geosciences has commenced water-bore drilling across twelve priority holes totalling 2,155 metres, targeting the Forest Sandstone aquifer north of Dokwe. Knight Piesold is evaluating layout design options for waste rock dumps and the tailings storage facility, while sterilisation drilling of 23 holes for 2,300 metres is planned for Q4 2026. The company spent GBP737,000 on exploration during the quarter.

Kiziltepe Sale Completed for US$3.7m as Tavşan Mine Delivers Record Quarterly Revenue

Ariana completed the sale of its remaining 9.9% legacy interest in the Kiziltepe Sector to Proccea Construction Co. on 29 July 2026, receiving US$3,712,500 in cash plus an additional US$0.8m from Zenit to settle an outstanding intercompany debt. Ariana retains a 9.9% interest in Zenit, the owner-operator of the Tavşan Mine, and remains entitled to its pro-rata share of future dividends. In Q3 2026, Zenit produced and sold 8,102 ounces of gold for US$34.6m in revenue from Tavşan, with heap-leach operations running at full capacity. Year-to-date production stands at 17,940 ounces for total revenue of US$81.4m, with revenue averaging US$4,540 per ounce during the quarter.

Michael Atkins Appointed Executive Chairman as Ariana Targets Dokwe Production

Ariana announced on 14 September 2026 that Michael Atkins had been appointed Executive Chairman, having previously served as Non-Executive Chairman, strengthening the board's focus on advancing Dokwe towards production. The Dokwe Gold Project carries a pre-tax NPV10 of US$1.056 billion and a current mineral resource of 1.6 million ounces. The total mineral resource stands at 62,467 thousand tonnes at 0.80g/t Au for 1,598,000 contained ounces, with ore reserves of 45,871 thousand tonnes at 0.77g/t Au for 1,135,200 ounces. Key risks include the timely completion of feasibility study components, permitting in Zimbabwe, and the inherent uncertainty of resource and reserve estimates at this stage of project development.