Highlights:

  • Major soil geochemical programme at Dokwe identified new drill targets, with a 26-hole RC drilling campaign underway.
  • Tavşan Gold Mine in Türkiye commissioned; ore loading on the heap-leach pad and irrigation operations have commenced.
  • Dual ASX listing raised AUD 11 million to support Dokwe Gold Project development and feasibility studies.

Ariana Resources plc (LSE:AAU) (ASX:AA2) has released its quarterly activities report for the period ending 30 September 2025, outlining progress across its gold projects in Africa and Europe. The company highlighted new exploration initiatives at the Dokwe Gold Project in Zimbabwe, commissioning of the Tavşan Gold Mine in Türkiye, and the completion of a dual listing on the Australian Securities Exchange (ASX), raising AUD 11 million.

Exploration Momentum at Dokwe Gold Project

During the quarter, Ariana Resources initiated a major soil geochemical programme at the Dokwe Gold Project, identifying multiple areas for upcoming drill testing. Post-period, a total of 10,086 soil samples were collected across 44 km² for multi-element analysis, enhancing the understanding of gold mineralisation at Dokwe North and Central.

A notable 500m long gold-in-soil anomaly was detected near the planned Dokwe North pit rim, exhibiting overlapping gold and arsenic signatures similar to the existing mineralisation. Preparations for a 26-hole Reverse Circulation (RC) drilling campaign targeting four initial areas were completed during the quarter, with the drilling rig mobilised from South Africa and positioned for its first hole post-period.

Progress at Türkiye Operations

Ariana holds a 23.5% stake in Zenit Mining Operations, which operates the Kiziltepe Gold-Silver Mine, Tavşan Gold Mine, and Salinbaş-Ardala Project in Türkiye. During the quarter, Zenit produced and sold 5,948 ounces of gold, generating USD 21.5 million in revenue. Full-year production for 2025 is projected between 18,000 and 20,000 ounces, while revenue to date has reached USD 47.6 million, supported by elevated gold prices.

The Tavşan Gold Mine, containing 311,000 ounces of gold and 1.1 million ounces of silver in JORC 2012 resources, was commissioned during the quarter. Ore loading on the heap-leach pad commenced post-period, with irrigation operations now underway. High-grade ore continues to be processed at the Kiziltepe CIL plant, while approximately 800,000 tonnes of ore remain stockpiled for leaching. A 2,555 kW solar power project was also approved for the Tavşan site.

European Project Portfolio

In Europe, Ariana maintains interests in Cyprus and Kosovo through Venus Minerals Limited and Western Tethyan Resources (WTR). The Magellan Project in Cyprus progressed with scoping and pit optimisation studies, while other tenements, including Mariner, remained in good standing. In Kosovo, WTR continues development of the Slivova gold-silver project, with additional technical studies planned and Newmont Mining Corporation investing USD 3.3 million to date through an exploration alliance.

Corporate Developments and ASX Dual Listing

Ariana completed its dual listing on the ASX in September 2025, raising AUD 11 million via an Initial Public Offer. Trading of CHESS Depositary Interests (CDIs) commenced on 10 September 2025, with 39,285,715 CDIs issued at Aud 0.28 per CDI. The funds raised are earmarked to accelerate exploration and development at the Dokwe Gold Project, including resource expansion and the advancement of a Feasibility Study.

AAU shares were trading at GBX 1.60 per share at the time of writing on 31 October 2025.