Ariana shares rise with positive study results at Dokwe gold site

(Alliance News) - Ariana Resources PLC on Tuesday provided a financing update, alongside promising pre-feasibility study results for its Dokwe project.

Shares in the company, which targets gold in Africa and Europe, rose 6.1% to 1.96 pence on Tuesday afternoon in London, having climbed 63% over the past year.

Spot gold was quoted at USD4,530.33 an ounce on Tuesday, down from USD4,574.47 at the same time on Monday.

Ariana has issued tranche 2 Crest Depository Interests, priced at AUD0.30 or USD0.21 each, under an agreement with Hongkong Xinhai Mining Services Ltd, which is owned by Shandong Xinhai Mining Technology & Equipment Inc.

Back in December, Ariana entered a binding definitive agreement with Xinhai to provide Ariana with AUD8.0 million, or USD5.7 million, in funding, alongside carrying out a sampling programme to progress the Dokwe definitive feasibility study in Zimbabwe.

It noted that Xinhai "has served nearly 2,500 mines across multiple jurisdictions and...has an established track record in Zimbabwe".

As of Tuesday, it has issued 3.3 million CDIs, representing 33.3 million new ordinary shares, and 1.7 million options over an aggregate of 16.7 million shares to Xinhai. It has issued 133,333 CDIs representing 1.3 million new shares and 66,667 CDIs options over 666,670 shares to Hongmen Capital Holdings Pty Ltd.

To create the CDIs, Ariana has applied to list 34.6 million new shares on London's AIM, with trading slated to start on or around June 1.

Separately on Tuesday, Ariana posted an updated PFD for Dokwe. Based on a 12-year initial open-pit life of mine phase at an annual production rate of about 80,000 ounces, and an eight-year stockpile processing phase at an annual rate of 20,000 ounces, the company is eyeing total life-of-project production of 1.1 million ounces, peaking at an annual output of 100,000 ounces.

The ore reserve estimate has increased by roughly 42% from previous assumptions to 1.1 million ounces of gold at Dokwe North. The overall mineral resource estimate is up 13% from prior assumptions to 1.6 million ounces of gold at Dokwe North and Dokwe Central, at a gold grade cut-off of 0.2 grammes per tonne.

Pretax life-of-project net present value is estimated at USD1.1 million, with a 92% internal return rate at gold prices of USD4,250 per ounce, for total earnings before interest, tax, depreciation and amortisation in the region of USD2.0 million.

Ariana added that it "remains well-funded" with AUD53 million in pro-forma cash and investments, and no debt.

Managing Director Kerim Sener said: "The results provide further impetus to test other strategic opportunities identified in the [strategic optimisation study] as we progress Dokwe into production. In particular, refinements to the mining fleet configuration and processing route may further improve the NPV and will be examined further in our ongoing studies."

Sener noted that Ariana is ahead of schedule on a diamond drilling programme at Dokwe, in partnership with Xinhai, providing additional data for the DFS. The company expects further improvement in its ore reserve estimates in the second half of 2026.

By Holly Munks, Alliance News reporter

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