26 June 2025

AIM: AAU

SIGNIFICANT ENHANCEMENT OF THE DOKWE GOLD PROJECT

VIA UPDATED ECONOMIC MODEL & STRATEGIC OPTIONS STUDY

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold project interests in Africa and Europe, is pleased to announce an updated economic model and Strategic Options Study for the 100% owned Dokwe Gold Project ("Dokwe" or "the Project") in Zimbabwe.

Highlights:

·    Revised Dokwe North Pre-Feasibility Study ("PFS") economic model on Reserves at a gold price of US$2,750/oz provides:

·    Net Present Value ("NPV₁₀") of US$354 million

·    Internal Rate of Return ("IRR") of 75%*

At the time of acquisition in 2024, the NPV₁₀ and IRR amounted to US$69 million and 24% respectively.

·    Up to 76,000 ounces p.a. from a single, staged, open-pit with processing primarily via Carbon-in-Leach.

·    Expected payback period is 1.8 years from the start of production at an estimated all-in sustaining cost ("AISC") of US$1,144 per ounce.

·    Dokwe Central resource is not included in the revised model and provides for additional upside.

·    Whittle Consulting and Auralia Mining Consulting engaged in a Strategic Options Study to examine the optimal mining and processing scenarios for the development of Dokwe North and Central.

·    Annual production of up to 100,000 ounces of gold over 10-year Life of Mine targeted for the Definitive Feasibility Study ("DFS").

Dr. Kerim Sener, Managing Director, commented:

"Over the past 12 months we have been making excellent headway with our understanding of the Dokwe Project, its current value to our business and its significant upside potential. In that time, the gold price has advanced from about US$2,300 to US$3,300/oz, prompting several revisions to fundamental project inputs. Accordingly, we have determined that now is an opportune moment to re-run our financial model for Dokwe North (excluding Central) based on the 2024 PFS update, announced in May 2024, which used a gold price of US$2,000/oz. The results speak for themselves, underscoring the significant value of the Dokwe asset to the Company and spurring further impetus for our project development work.

"Meanwhile we are continuing to make substantial progress towards our DFS for Dokwe. In addition to the work completed recently on a revised geological model and consequent Mineral Resource Estimate, which outlined 23Mt at 1.5g/t Au for 1.1 million ounces (all categories at a cut-off of 0.6g/t Au) within pit-shells optimised at US$2,750/oz across Dokwe North and Central, we have been investigating opportunities to further enhance the project beyond what was envisaged in the PFS. Most significantly, work towards better characterisation of the ore types through the deposit is providing important insights into metallurgical performance, influencing and potentially improving our processing flow-sheet.

"Most recently we have been working with Whittle Consulting and Auralia Mining Consulting in Australia towards a Strategic Options Study for the Dokwe Project. This work has highlighted several opportunities to further enhance the value of the project through modified mining and processing approaches and schedules. In particular, we are exploring the optimal sequence of mining across Dokwe North and Central, the potential for enhancing the mining and processing rate and the effects of compressing mine life. This integrated approach suggests that we will achieve our objective of producing up to 100,000 ounces of gold per annum over at least 10 years from Dokwe.

"We are starting to put together detailed mining and processing information for the DFS and have approached various local mining contractors for current mining cost estimates and indications of fleet options and availability. We are also engaging with Proccea Construction Co., one of our partners in Türkiye and shareholder of Ariana, to provide process flow-sheets, plant design and capital cost-estimates for the DFS once new metallurgical data becomes available."

* For the purposes of this update, the gold price was increased and South African CPI and exchange rate changes reviewed but the pits were not re-optimised and quotes for individual CAPEX and OPEX components were not revised.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

PFS Mineral Resources and Ore Reserves (2022)

Since 2004, the Project has undergone ten phases of drilling involving over 42,000 metres (of which c.38,000m is at Dokwe North and Central), three Mineral Resource Estimates, and several geotechnical and metallurgical studies. In March 2022, Minxcon (Pty) Ltd in South Africa (Minxcon) produced a Pre-feasibility Study based on their estimate of a JORC 2012 classified in-pit resource of 35.7Mt at 1.05g/t Au for 1.2 million ounces of gold at Dokwe North. Dokwe Central was not included in this estimate as it had not been estimated in accordance with JORC 2012 at that time. This resulted in an estimated Proven and Probable JORC 2012 Ore Reserve comprising 18.25Mt at 1.36g/t Au for 795,800 ounces of gold for Dokwe North based on a gold price of US$1,650 per ounce (Table 1), which is used as the basis of the revised economic model.

Table 1: Mineral Reserves for Dokwe North as at 1 March 2022. The Mineral Reserve includes diluted Measured and Indicated Mineral Resources only. Ore Reserve estimate is stated as dry metric tonnes, with 5% ore losses and 5% mining dilution applied, completed using a gold price of US$1,650/oz over the Life of Mine. Figures may not sum due to rounding applied.

Dokwe Site Plan

A potential site plan has been envisaged for the Dokwe Project as part of the Strategic Options Study, with a ROM pad, a low-grade stockpile, a tailings storage facility and two waste rock dumps (Figure 1). The infrastructure is planned to be located in an area between the two deposits, which has been assessed as most suitable from a geological, engineering and cost perspective. Potential resource extensions along strike from Dokwe North and Dokwe Central constrain the placement of the planned infrastructure and have been taken into account.

Figure 1: Dokwe site plan as envisaged for the Strategic Options Study and which will form the basis of the ongoing Definitive Feasibility Study. The Dokwe North and Central orebodies are shown in red, sitting within the US$2,750/oz Au pit shells.

Economic Model Review

The model which has been used as the basis for testing the effect of various gold prices is a post-tax model, assuming a c.25% tax rate. The model also includes a 5% government royalty. Based on the 795,454oz Au in Reserves (post dilution and mining recovery adjustments), a mine life of 13 years is envisaged.

OPEX and CAPEX have not been adjusted since the PFS, for which the gold price was updated in May 2024. Work is currently underway with Whittle Consulting and Auralia Mining Consulting in Australia towards a Strategic Options Study for the Dokwe Project. This work has highlighted several opportunities to further enhance the value of the project through modified mining and processing approaches and schedules. The current economic model relates the parameters as set out in the PFS.

The PFS outlined a plan to develop the project as an open pit mining operation producing 1.5Mt of ore per annum from a single pit, at a stripping ratio of 5:1. The mine is envisaged to be contractor-operated with an owner's management team. The pit development is staged, prioritising high-grade ore. Ore will be processed at a treatment plant to be constructed on-site with a treatment capacity of 125,000tpm, allowing for production of c.60,000 ounces per annum (up to 76,000 ounces p.a.). Both Carbon in Leach ("CIL") and Heap Leach ("HL") treatment methods were considered viable for the purposes of the PFS, demonstrating similar

economics.

The PFS economic model has been updated with a range of gold prices as shown in Table 2 and provides for a mine life of 13 years at a post-tax NPV₁₀ of US$354 million and an IRR of 75% at a gold price of US$2,750/oz. This is based on a CIL processing route. As the model currently stands, the break-even gold price is US$1,329/oz.

To fund the Project, a capital investment of US$82 million (peak funding requirement) is required, assuming implementation of the full mining and processing plan from mine start-up,

rather than a potential scaled and staged approach to capital investment. At a gold price of US$2,750, the expected payback period for the Project is 1.8 years from the start of production. Sensitivity analyses indicate that the Project is most affected by changes in grade and gold price, while it is least sensitive to capital requirements.

Table 2: Comparison table showing the effect of changing gold price on the post-tax economic model for Dokwe North at different post-tax NPVs in US$ millions. The quoted case (US$2,750/oz gold price) is shown in bold italic font.

Dokwe Project: General Information

The Dokwe gold deposits are located 110km west of Bulawayo, within the western continuation of the Bulawayo-Bubi Greenstone Belt (Figure 2), where the basement rocks hosting the deposits are overlain by 25-40m of Karoo and Kalahari sedimentary units.

Figure 2: Aeromagnetic image showing the location of the Dokwe Project, and large gold mines and deposit clusters in the Bulawayo-Bubi Greenstone Belt.

The Dokwe North deposit (Figure 3) consists of a sequence of Archaean intermediate to felsic volcanic rocks, interbedded with layers of agglomerate and tuff. A quartz-feldspar porphyry intruded into the upper part of the sequence. The Archaean rocks have been folded, metamorphosed to greenschist facies and sheared. Gold is particularly concentrated where a sub-vertical shear zone interacts with lithological contacts, which typically dip towards the southeast at a moderate angle. All Archaean rock types exhibit some degree of gold mineralisation where they interact with the shear zone, with the principal host rocks being dacite, tuff and porphyry. Coarse visible gold is a characteristic feature of this deposit, with higher-grade zones developing along discrete shear zones.

Dokwe Central (Figure 3) is a smaller, higher-grade pipe-like deposit containing abundant quartz veins and several steeply plunging high-grade zones. The Dokwe North and Central deposits are strongly structurally controlled, occupying two distinct structural domains. The extent of gold mineralisation at the two deposits is defined by 141 diamond drill holes and 57 percussion and RC drill holes across both resource areas. For Dokwe North, the total metres drilled is 32,686m (116 holes) and for Dokwe Central, 5,271m (25 holes), for a combined total of 37,957m of drilling. Average collar spacing is approximately 50m and 30m in Dokwe North and Dokwe Central, respectively. At both deposits there are indications that the mineralisation remains open in several directions.

Figure 3: Summary map of Dokwe North and Central showing the outline of the designed PFS pit for Dokwe North and the optimised pit, not included in the PFS, for Dokwe Central (both in yellow). The 2024 optimisation pits are based on Measured and Indicated Resources only, and are shown in blue. For Dokwe Central a "Best Case" pit is shown in red, and represents an optimisation run including Inferred Resources. Less than 1,000 metres of drilling is required to test and re-classify the Inferred resources at Dokwe Central. The 2024 MRE domain outlines are shaded in pink. Ariana's 2023-2024 due diligence drilling collars are also shown in magenta. 

Contacts:

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

Editors' Note:

The information in this announcement that relates to exploration results is based on information compiled by Dr. Kerim Sener BSc (Hons), MSc, PhD, Managing Director of Ariana Resources plc. Dr. Sener is a Fellow of The Geological Society of London and a Member of The Institute of Materials, Minerals and Mining and has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity that has been undertaken to qualify as a Competent Person as defined by the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code) and under the AIM Rules - Note for Mining and Oil & Gas Companies. Dr. Sener consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The information in this report that relates to Exploration Results is based upon information compiled by Ruth Woodcock, Exploration Group Leader, Ariana Resources plc. Ruth Woodcock is a member of Recognised Professional Organisations as defined by JORC 2012: a Chartered Geologist (CGeol, Geological Society of London) and European Geologist (EurGeol, European Federation of Geologists) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity upon which she is reporting as a Competent Person as defined in the 2012 Edition of "The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves." Ms. Woodcock consents to the inclusion in this report of the matters based on the information compiled by her, in the form and context in which it appears.

About Ariana Resources:

Ariana is an AIM-listed mineral exploration and development company with an exceptional track-record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include a major gold development project in Zimbabwe, gold production in Türkiye and copper-gold exploration and development projects in Cyprus and Kosovo.

Ariana owns 100% of the Dokwe Gold Project ("Dokwe") in Zimbabwe. Dokwe is made up of the Dokwe North and Dokwe Central gold deposits which are located in the Tsholotsho District near the city of Bulawayo. The deposits have a combined in-pit JORC Measured, Indicated and Inferred Resource of over 1.42 million ounces of gold (as at March 2025) and the project represents the largest undeveloped gold project in Zimbabwe.

The Company holds 23.5% interest in Zenit Madencilik San. ve Tic. A.S. a joint venture with Ozaltin Holding A.S. and Proccea Construction Co. in Türkiye which contains a depleted total of c. 2.2 million ounces gold equivalent (as at March 2024, using a price ratio of 90 Ag to 1 Au). The joint venture comprises the Kiziltepe and Tavsan mines and the Salinbas project.

The Kiziltepe Gold-Silver Mine is located in western Türkiye and contains a depleted JORC Measured, Indicated and Inferred Resource of 171,700 ounces gold and 3.3 million ounces silver (as at March 2024). The mine has been in profitable production since 2017 and has been producing at an average rate of c.22,000 ounces of gold per annum. A Net Smelter Return ("NSR") royalty of 2.5% on production is being paid to Franco-Nevada Corporation.

The Tavsan Gold Mine is located in western Türkiye and contains a JORC Measured, Indicated and Inferred Resource of 311,000 ounces gold and 1.1 million ounces silver (as at March 2024). Following the approval of its Environmental Impact Assessment and associated permitting, Tavsan is being developed as the second gold mining operation in Türkiye and is currently in construction. A NSR royalty of up to 2% on future production is payable to Sandstorm Gold.

The Salinbas Gold Project is located in north-eastern Türkiye and contains a JORC Measured, Indicated and Inferred Resource of 1.5 million ounces of gold (as at July 2020). It is located within the multi-million ounce Artvin Goldfield, which contains the "Hot Gold Corridor" comprising several significant gold- copper projects including the 4 million ounce Hot Maden project, which lies 16km to the south of Salinbas. A NSR royalty of up to 2% on future production is payable to Eldorado Gold Corporation.

Ariana owns 76% of UK-registered Western Tethyan Resources Ltd ("WTR"), which operates across south-eastern Europe and is based in Pristina, Republic of Kosovo. The company is targeting its exploration on major copper-gold deposits across the porphyry-epithermal transition. WTR is being funded through a five-year Alliance Agreement with Newmont Ventures Limited (www.newmont.com) and is separately earning-in to up to 85% of the Slivova Gold Project.

Ariana owns 61% of UK-registered Venus Minerals PLC ("Venus") which is focused on the exploration and development of copper-gold projects in Cyprus, some of which are in application, containing a combined JORC Indicated and Inferred Resource of 16.6Mt @ 0.45% to 0.80% copper (excluding additional gold, silver and zinc).

Ariana owns several investments in listed and private companies via its Australian subsidiary Asgard Metals Pty. Ltd. ("Asgard"), which also provides technical input into the various investee company exploration programmes. Investments have been made in high-value potential, discovery-stage mineral exploration companies located across the Eastern Hemisphere and within easy reach of Ariana's operational hubs in Australia, Türkiye, UK and Zimbabwe. Its most advanced interest is through a 4.1% holding of Panther Metals Limited (ASX: PNT).

Zeus Capital Limited, Fortified Securities and Shaw and Partners are the brokers to the Company and Beaumont Cornish Limited is the Company's Nominated Adviser.

For further information on Ariana, you are invited to visit the Company's website at www.arianaresources.com.

Glossary of Technical Terms:

"Au" chemical symbol for gold;

"g/t" grams per tonne;

"Global Resources" Total project resources, both contained within pits and outside, including mineralisation with potential for underground development;

"In Pit Resources" Resources which are constrained by optimisation pit shells, with "current" economic inputs, which define minable mineralisation, and demonstrates reasonable prospects for economic extraction;

"Inferred Mineral Resource" is that part of a Mineral Resource for which quantity and grade (or quality) are estimated on the basis of limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade (or quality) continuity. It is based on exploration, sampling and testing information gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to an Ore Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration;

"Indicated Mineral Resource" is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape and physical characteristics are estimated with sufficient confidence to allow the application of Modifying Factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Geological evidence is derived from adequately detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to assume geological and grade (or quality) continuity between points of observation where data and samples are gathered. An Indicated Mineral Resource has a lower level of confidence than that applying to a Measured Mineral Resource and may only be converted to a Probable Ore Reserve;

"JORC" Joint Ore Reserves Committee;

"k" thousand

"km" Kilometres;

"m" Metres;

"Measured Mineral Resource" is that part of a Mineral Resource for which quantity, grade (or quality), densities, shape, and physical characteristics are estimated with confidence sufficient to allow the application of Modifying Factors to support detailed mine planning and final evaluation of the economic viability of the deposit. Geological evidence is derived from detailed and reliable exploration, sampling and testing gathered through appropriate techniques from locations such as outcrops, trenches, pits, workings and drill holes, and is sufficient to confirm geological and grade (or quality) continuity between points of observation where data and samples are gathered. A Measured Mineral Resource has a higher level of confidence than that applying to either an Indicated Mineral Resource or an Inferred Mineral Resource. It may be converted to a Proved Ore Reserve or under certain circumstances to a Probable Ore Reserve;

"MRE" Mineral Resource Estimate;

"M" million

"oz" Troy ounces;

"Probable Ore Reserve" is the economically mineable part of an Indicated, and in some cases, Measured Mineral Resource. The confidence in the Modifying Factors applying to a Probable Ore Reserve is lower than that applying to a Proven Ore Reserve;

"Proven Ore Reserve" is the economically mineable part of a Measured Mineral Resource. A Proven Ore Reserve implies a high degree of confidence in the Modifying Factors;

"Reasonable Prospects for Eventual Economic Extraction" or RPEEE is a term used in the JORC code which states that the resource as reported should have an assumed profitability within a realistic and defined time period. It is accepted that the method of extraction (open pit or underground) and the method of processing needs to have been reasonably determined (but not necessarily finalised) at the time of reporting;

"t" tonnes;

Ends.