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Initial Drilling Results - Dokwe Gold Project

RNS Number : 5566M

Ariana Resources PLC

23 December 2025

Ariana Resources PLC NEW

Trade on AIM logo

23 December 2025

AIM: AAU

ASX: AA2

Initial Drilling Results - Dokwe Gold Project

Ariana Resources plc (AIM: AAU, ASX: AA2, "Ariana" or the "Company"), the mineral exploration, development and production company with gold project interests in Africa and Europe, is pleased to announce new assay results from its ongoing exploration drilling at its 100% held Dokwe Gold Project in Zimbabwe, focusing on near-term potential resource growth opportunities at Dokwe.

Highlights:

· Mineralisation extended beyond the current Dokwe Central resource, with intercepts from DRC9 including:

o 4m @ 1.98g/t Au from 188m

o 9m @ 1.33g/t Au from 194m

o 11m @ 1.37g/t Au from 206m

o 14m @ 2.17g/t Au from 220m, including 6m @ 4.15g/t Au from 220m

· Considerable potential to increase the resource; follow-up planned in January 2026.

· DRC9 did not probe the full limits of the mineralisation due to a lack of air return.

· To date, 3,317 metres of reverse circulation drilling have been completed and 1,320 samples dispatched for assay; further results expected in early 2026.

· Drilling to resume in early 2026 following the year-end camp closure.

Dr. Kerim Sener, Managing Director, commented:

"These results are a positive end to a big year for Ariana, which has seen several major milestones at the corporate and technical levels, capped by the listing of the Company on the ASX and the first gold pour at Tavsan.

"We believe that Dokwe has the potential to increase in scale, and less than two months into our first exploration drilling campaign, we have shown that the Dokwe Central deposit is richly mineralised for a considerable distance beyond the current resource envelope. Other drilling undertaken in the vicinity has also confirmed our understanding of the geology, and we await further drilling results to determine the potential for further extensions.

"The year-end camp closure allows time for the team to consider the data acquired from this drilling programme to date and to complete plans for further drilling to support the feasibility programme, both RC and diamond, in the year ahead. From early next year, we expect to be undertaking more exploratory drilling with the RC rig, in addition to diamond drilling, which will be focused on obtaining suitable material for detailed metallurgical testwork. We look forward to progressing the Dokwe project further in 2026."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Background

On 4 November 2025, Ariana announced the initiation of a 26-hole 4,000m RC drilling campaign designed to test four target areas within the 100% owned Dokwe Gold Project. On 12 December 2025, Ariana announced an update of the programme and outlined several geological and data interpretations of holes drilled within the Dokwe Central.

This release expands on previous announcements by providing the first laboratory assay results supporting the geological interpretations. DRC9 was prioritised at the lab, with the results of other holes still pending. To date, 3,317 meters of drilling have been completed (Figure 1). Based on the logged geology and supporting data, the exploration team plans to continue the current drilling programme into January 2026, to complete further testing of interesting features seen in the programme so far.

Figure 1: Summary map showing locations of all RC drill holes completed to date and the additional drilling positions expected to be utilised as the programme continues.

Dokwe Central

Dokwe Central is host to steeply plunging mineralisation within strongly sheared volcanic rocks of the Dokwe Shear Zone. Mineralisation comprises the North Zone, a brecciated felsic schist that hosts the majority of the gold, and the meta-dolerite-hosted South Zone.

The North Zone is a tabular body with a strike length of ~75m (Figure 2), which extends from beneath the Karoo cover to 350m depth, where it remains open at depth. It is approximately 20m south of and sub-parallel to footwall sedimentary units, which define the northern limit of the deposit (Figure 2).

A map of a geological study AI-generated content may be incorrect.

Figure 2: Plan view of the Dokwe Central deposit, highlighting the faulted offset of the geology. The drilling target areas occur along the southern continuation of the South Zone on the east side of the fault, and the displaced geology on the west side. (Note: 'py' refers to pyrite)

The South Zone has a strike length of ~50m and extends to ~150m depth from beneath the Karoo cover. Between the zones, Dokwe Central hosts an Indicated and Inferred Mineral Resource of 1.93Mt @ 1.61g/t Au for 100,000oz Au (JORC 2012) (Table 3). In combination, the two zones deliver a positive potential mining scenario as a satellite pit to the larger Dokwe North deposit based on pit optimisations undertaken at a gold price of US$2,750/oz. Owing to the 'pipe-like' geometry of the resource, expanding the deposit laterally is likely to lower the strip ratio and improve economics.

The Dokwe Central phase of the current drilling programme seeks to confirm the offset mineralisation on the western side of the fault (Figure 2), and the potential continuation of the South Zone. To test these scenarios, five holes have been drilled to the west of Dokwe Central, and one hole has been drilled southwards through the resource area (Figure 2).

Drilling to Date

DRC9 was drilled southwards through the Dokwe Central Resource, testing for continuity of mineralisation between the North Zone and the South Zone (Figure 2), and now confirms that the South Zone remains open further to the south. The hole passed through the North Zone as predicted, and at ~155m, the hole passed through the boundary of the meta-dolerite (as indicated by pXRF and magnetic changes), which hosts the South Zone. Strong shearing, silicification, quartz veins, and pyrite were encountered soon thereafter. This mineralisation continued to 230m, some 45m beyond the current resource envelope, which is now confirmed to be mineralised. The hole was terminated prematurely due to a lack of air return, and so this does not represent a full intersection.

Extensions of the Dokwe Central South Zone confirmed (DRC9):

o 4m @ 1.98g/t Au from 188m

o 9m @ 1.33g/t Au from 194m

o 11m @ 1.37g/t Au from 206m

o 14m @ 2.17g/t Au from 220m, including 6m @ 4.15g/t Au from 220m

Other significant intercepts within the North and the South zones of the resource include (DRC9):

o 19m @ 0.87g/t Au from 90m (North Zone)

o 9m @ 0.88g/t Au from 145m (South Zone)

o 29m @ 0.88g/t Au from 156m (South Zone)

The scale and grade of the intercepts from the first hole drilled beyond the current resource in this area encourage that the resource can be increased, and Ariana looks forward to following up on these results in early 2026. Assay results for samples from the other holes drilled to date in the 2025 RC Programme are pending at the laboratory.

Figure 3: Section through the Dokwe Central deposit highlighting the continuity of known mineralisation and the potential to extend the mineralised envelope beyond current limits

Table 1: 2025 RC Drilling Programme Intercepts for DRC9. Cut-off grade of 0.3g/t Au and maximum consecutive dilution below 0.3g/t Au of 1m

Hole ID		From (m)	To (m)	Interval (m)	Gold Grade (g/t)
DRC9		82	83	1	0.31
DRC9		85	88	3	0.63
DRC9		90	109	19	0.87
DRC9	including	107	108	1	3.54
DRC9		145	154	9	0.88
DRC9	including	153	154	1	2.14
DRC9		156	185	29	0.88
	including	166	167	1	3.58
	including	181	182	1	2.38
DRC9		188	192	4	1.98
DRC9	including	190	191	1	3.69
DRC9		194	203	9	1.33
DRC9		206	217	11	1.37
	including	208	209	1	2.40
	including	213	214	1	2.22
	including	216	217	1	2.42
DRC9		220	234	14	2.17
	including	220	226	6	4.15
	including	228	229	1	2.69

Table 2: All new RC drill holes drilled to date, totalling 3,317m. Coordinates are UTM Zone 35S WGS84

Hole ID	Easting	Northing	Elevation (m)	Depth (m)	Dip (°)	Azimuth (°)	Target Area
DRC1	574997	7790710	1152	135	50	320	Dokwe NE
DRC2	575029	7790672	1153	199	60	320	Dokwe NE
DRC3	574953	7790608	1150	186	60	321	Dokwe NE
DRC4	574935	7790630	1150	271	60	321	Dokwe NE
DRC5	575034	7790665	1150	166	57	360	Dokwe NE
DRC6	574900	7788000	1156	97	50	360	Central West
DRC7	574850	7787950	1158	136	50	0	Central West
DRC8	574850	7787935	1156	253	60	0	Central West
DRC9	574978	7788143	1156	235	50	200	Central
DRC10	574850	7788039	1156	217	50	180	Central West
DRC11	575750	7788050	1159	68	50	0	Sinkwe
DRC12	575750	7787995	1158	163	50	0	Sinkwe
DRC13	575800	7788025	1159	158	50	0	Sinkwe
DRC14	574800	7788000	1155	127	55	180	Central West
DRC15	574815	7788004	1156	277	55	190	Central West
DRC16	574766	7787983	1156	166	55	180	Central West
DRC17	574840	7788000	1156	198	50	180	Central West
DRC18	574800	7787950	1156	265	60	180	Central West
Total Metres				3,317

Dokwe Mineral Resource Estimate

Table 3: In-pit Mineral Resource Estimate for the Dokwe Gold Project

PROJECT	CLASSIFICATION (REPORTING CUT-OFF GRADE 0.3g/t Au)	TONNAGE (t)	GRADE (g/t Au)	CONTAINED GOLD (oz)
Dokwe North	Measured	17,309,000	1.06	592,000
	Indicated	18,562,000	0.90	537,000
	Inferred	7,095,000	0.82	187,000
	Total	42,966,000	0.95	1,316,000
Dokwe Central	Indicated	1,811,000	1.60	93,000
	Inferred	120,000	1.69	7,000
	Total	1,931,000	1.61	100,000
Total	Measured	17,309,000	1.06	592,000
	Indicated	20,373,000	0.96	631,000
	Inferred	7,214,000	0.83	193,000
TOTAL		44,896,000	0.98	1,416,000

PROJECT	CLASSIFICATION (REPORTING CUT-OFF GRADE 0.6g/t Au)	TONNAGE (t)	GRADE (g/t Au)	CONTAINED GOLD (oz)
Dokwe North	Measured	10,220,000	1.50	493,000
	Indicated	8,260,000	1.50	399,000
	Inferred	3,123,000	1.33	134,000
	Total	21,604,000	1.48	1,025,000
Dokwe Central	Indicated	1,207,000	2.19	85,000
	Inferred	98,000	1.98	6,000
	Total	1,306,000	2.18	91,000
Total	Measured	10,220,000	1.50	493,000
	Indicated	9,468,000	1.59	484,000
	Inferred	3,222,000	1.35	140,000
TOTAL		22,909,000	1.52	1,116,000

Notes:

1. The Dokwe Mineral Resource Estimate is reported in accordance with the JORC Code. Reported using cut-offs grades of 0.3g/t Au and 0.6g/t Au As at 4 March 2025.

2. Refer to sections 4.8.5 and 4.8.6 of the IGR for further information regarding the Dokwe Mineral Resource Estimate including information required by ASX Listing Rule 5.8.

3. The Dokwe Mineral Resource Estimate is inclusive of Reserves.

Compliance Statements

The information in this announcement relating to Mineral Resources and Ore Reserves has been reported by the Company in accordance with the 2012 Edition of the 'Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves' (JORC Code) previously refer to the Company's replacement prospectus which was released to the ASX market platform on 8 September 2025 (Prospectus) and is available on the Company website at http://www.arianaresources.com/ (Previous Market Announcement).

The Company confirms that it is not aware of any new information or data that materially affects the information included in the Previous Market Announcement and, in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the Previous Market Announcement continue to apply and have not materially changed.

Competent Persons Statement

The information in the Investment Overview Section of the prospectus (included at Section 3), the Company and Projects Overview (included at Section 5), and the Independent Geologist's Report (included at Annexure A of the prospectus), which relate to exploration targets, exploration results, mineral resources, Ore Reserves and forward looking financial information is based on, and fairly represents, information and supporting documentation prepared by Alfred Gillman, Ruth Woodcock, Izak van Coller, Hovhannes Hovhannisyan (together, the JORC Competent People), and Richard John Siddle, Andrew Bamber and Daniel Van Heerdan (together, the Qualified People). Refer to the Independent Geologist's Report for further information in relation to the information compiled by each of the JORC Competent People and the Qualified People, their professional memberships, their relevant qualifications and experience, and their relationship with the Company.

The information in this announcement relating to Exploration Results at the Dokwe Gold Project is based on, and fairly represents, information and supporting documentation prepared by Mr Zack van Coller, BSc (Hons). Mr van Coller is a full-time employee of Ariana Resources plc. Mr van Coller is a Member of the Australian Institute of Mining and Metallurgy, a Fellow of the Geological Society London (a Registered Overseas Professional Organisation as defined in the ASX Listing Rules), and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (the JORC Code 2012).

The information in this announcement relating to Exploration Results at the Dokwe Gold Project is also based on, and fairly represents, information and supporting documentation prepared by Ms. Ruth Woodcock, Exploration Group Leader, Ariana Resources plc. Ms. 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.

The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the Previous Market Announcement.

Forward-looking statements and disclaimer

This announcement contains certain "forward-looking statements". Forward-looking statements can generally be identified by the use of forward looking words such as "forecast", "likely", "believe", "future", "project", "opinion", "guidance", "should", "could", "target", "propose", "to be", "foresee", "aim", "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", "indicative" and "guidance", and other similar words and expressions, which may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production dates, expected costs or production outputs for the Company, based on (among other things) its estimates of future production of the Projects.

To the extent that this document contains forward-looking information (including forward-looking statements, opinions or estimates), the forward-looking information is subject to a number of risk factors, including those generally associated with the gold exploration, mining and production businesses. Any such forward-looking statement also inherently involves known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated. These factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations, general economic and share market conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development (including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves), changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, geological and geotechnical events, and environmental issues, and the recruitment and retention of key personnel.

- ENDS -

The Board of Ariana Resources plc has approved this announcement and authorised its release.

For further information on the Company, please visit the website, or please contact the following:

Contacts:

Ariana Resources plc Michael de Villiers, Chairman Dr. Kerim Sener, Managing Director		Tel: +44 (0) 20 3476 2080

Beaumont Cornish Limited (Nominated Adviser) Roland Cornish / Felicity Geidt		Tel: +44 (0) 20 7628 3396

Zeus Capital (Joint Broker) Harry Ansell / Katy Mitchell Fortified Securities (Joint Broker) Guy Wheatley Yellow Jersey PR Limited (UK Financial PR) Dom Barretto / Shivantha Thambirajah M&C Partners (Aus Financial PR) Christina Granger / Ben Henri Shaw and Partners Limited (Lead Manager - ASX) Damien Gullone		Tel: +44 (0) 203 829 5000 Tel: +44 (0) 203 411 7773 Tel: +44 (0) 7983 521 488 [email protected] Tel: +61 438 227 286 [email protected] Tel: +61 (0)2 9238 1268

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.

About Ariana Resources:

Ariana is a mineral exploration, development and production company dual listed on AIM (AIM: AAU) and ASX (ASX: AA2), 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-silver production in Türkiye and copper-gold-silver exploration and development projects in Kosovo and Cyprus.

For further information on the vested interests Ariana has, please visit the Company's website at www.arianaresources.com.

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

Ends.

JORC Table 1 - Dokwe

Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Sampling techniques	· Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. · Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. · Aspects of the determination of mineralisation that are Material to the Public Report. · In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	· Soil samples were collected from 15cm deep pits, screened to -1mm, on lines 400m apart with 50m samples composited over 400m. The samples were analysed by Intertek Genalysis in Perth Australia using their partial extraction method (TL1) to determine Au, Ag, As, Co, Cu, Sb by ICP-MS. Sampling was carried in the Regional, Intermediate, follow-up and Detailed phases. For regional samples +-2kg samples were collected and sent to Peacock & Simpson & Associates laboratory in Harare for heavy mineral concentration, and the concentrate sent to Intertek Genalysis laboratory in Perth. Intermediate, follow-up, and detailed samples were passed through a -1mm sieve, and +-100g of the fine sample was sent to Intertek Genalysis. There was no QA/QC on the soil analyses apart from internal lab checks. · Portable XRF analysis for approximately 40,000 readings was taken across 138 archived diamond drill holes. Readings were taken at 1m intervals directly onto cleaned core surfaces. The results obtained were used to identify relative geochemical characteristics of the Dokwe geology. The pXRF unit used was an Olympus Vanta. QA/QC samples were utilised at the start of each session and then at approximately every 100 readings. · Portable XRF analysis for a total of 10,086 soil samples were collected across the tenement area. Samples were collected on a grid of 50 m by 200 m, reducing spacing to 50 m by 100 m in areas of priority interest. Once the soil sample is dry, a pXRF reading is taken from the soil sample to obtain multi-element geochemistry. The pXRF unit used was an Olympus Vanta. QA/QC samples were utilised at the start of each session and then at approximately every 100 readings. · Next, a 250g sub-sample is weighed and placed into a plastic pouch with 500ml of reagent added and a collector device (CD) attached to the inside of the cap of the pouch. The pouches are placed in a barrel and tumbled for 12 hours. After this, the pouches are removed from the drum and CDs are removed from the pouches, rinsed gently in water, and dried in a dehydrator oven for three hours. This detectORE^TM technology has been used to analyse 811 of the pXRF soil samples from priority areas. · Reverse circulation drill samples taken in 2025 were split using a multi-tiered splitter to obtain a 3-5kg representative sample for dispatch to the laboratory. RC chip samples for every meter were collected straight from the drill rig using a sample cyclone. Wet samples were speared multiple times to obtain a representative sample mass. Less than 10% of the obtained samples were wet. · The drill rig cyclone was typically cleaned after every rod run (3m).
Drilling techniques	· Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).	· Diamond drillholes were collared with HQ core size (63.5mm diameter) to a more competent ground and then continued with NQ core size (47.6mm diameter) to the end of drillhole. Some drillholes drilled between 2003 and 2007 were drilled with narrower BQ core size (36.4mm diameter). The diameter of the percussion drillholes was 152mm. Diamond drillholes drilled in 2020 for metallurgical purposes were collared with PQ core size (85mm) to more competent ground and then continued with HQ core to the end of hole and the diameter of sterilisation percussion drillholes was 133mm. Diamond drillholes drilled in 2023-2024 for due diligence purposes were predominantly drilled using standard HQ drill rods. However, some holes were collared with PQ-sized rods to approximately 100m. Deeper holes (>250 metres), were drilled to final depth using NQ rods after HQ (DPD132). · The drill core since 2019 was oriented using the Boart Longyear TruCore^TM UPIX core orientation system. The NQ core was oriented but highly weathered and broken HQ core was not oriented. The whole of the geotechnical drillhole core was oriented. The due diligence drillholes (DPD129 - DPD132) core were oriented. · Reverse Circulation drilling completed in 2025 used a Thor 5000 drill rig with a 5-inch hammer size and 24 bars of air pressure on the rig, with an additional 14 bars of pressure from an off-rig booster. All RC holes drilled were surveyed using a multishot and later gyroscopic survey tool on approximately 20m intervals.
Drill sample recovery	· Method of recording and assessing core and chip sample recoveries and results assessed. · Measures taken to maximise sample recovery and ensure representative nature of the samples. · Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	· Drillhole recoveries were measured during each diamond drilling campaign and a total average recovery of 94% was achieved for the diamond drillholes to 2020, whereas 73% was achieved for the 2021 sterilisation percussion drillholes. However, recovery data pertaining to the percussion drillholes (32 drillholes) and five additional diamond drillholes drilled between 2003 and 2004 were not available at the time of reporting. Recovery for the 2023-2024 programme was 98.62%. · The sample recoveries were maximised through drilling techniques and consistent monitoring. · Sample recoveries versus grade relationships were not assessed. It is the CP's opinion that there is no bias with respect to drilling technique and sampling methodology utilised. · Drill sample recovery for the 2025 RC drilling was monitored by weighing each raw sample directly from the cyclone for every meter. The average sample mass of all samples to date is 32kg (80% recovery). Samples with poor recovery (i.e. <40%) were dominantly samples from within 10 meters of the surface, where poor recoveries are expected due to the lithology (Kalahari sands). No mineralisation intervals were documented within the first 10 metres of any of the holes drilled.
Logging	· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. · Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. · The total length and percentage of the relevant intersections logged.	· All drillholes drilled on Dokwe Project were logged geologically and the logging included "from" and "to" depth, lithology, colour, grain size, weathering, oxidation, and mineralisation. · All drillholes have been geologically logged to a level of detail to support Mineral Resource estimation. · Drillhole logging is qualitative in nature. During the 2019 drilling, the diamond drill core was also photographed both wet and dry at the drill site and photos. · All diamond core and percussion chips were completely logged from the top to the bottom of drillhole including all intersections. · RC chips for every metre of drilling completed during the 2025 campaign were sieved, washed and logged. The company has retained a full archive of chips for every metre drilled. These have been photographed in their respective chip trays for further documentation. Geological logs are digitised and loaded into Leapfrog software to review.
Sub-sampling techniques and sample preparation	· If core, whether cut or sawn and whether quarter, half or all core taken. · If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. · For all sample types, the nature, quality and appropriateness of the sample preparation technique. · Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. · Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. · Whether sample sizes are appropriate to the grain size of the material being sampled.	· During sampling, samples were marked at 1m intervals apart from where the sampling crossed lithological boundaries where each side of the lithological contact was sampled separately. · After logging and marking of samples, the diamond drill core was then split in half by a diamond saw with one half stored for future reference and the other half core was sent to the laboratory for analyses. · Diamond drill core was logged from the top to the bottom of the drillhole including all the intersections, after logging, the drill core was marked for sampling by a senior geologist. The core was sampled nominally in 1m length apart from where sampling crossed lithological boundaries where each side of the boundary was sampled separately. Drill core was split in half with a diamond saw with one half core sample bagged in a plastic bag and then sent to the laboratory and the other half was retained in the core trays. In most drillholes, the entire core was sampled apart for the younger sedimentary cover. In later drillholes, only the mineralised portions of the drill core were sampled. · During percussion drilling, samples were collected every 1m into a large plastic bag and then split using a riffle splitter to desired amount for the laboratory analysis. · Sample representativity was tested by taking field duplicates and internal laboratory duplicates. · Sample size is in line with international practice and is appropriate to the grain size of the material being sampled. · Sample preparation and handling for the 2025 RC drilling were all completed at the drill site as each hole progressed. The illustration below is a summary of the sample splitting procedure used during this programme.
Quality of assay data and laboratory tests	· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. · For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. · Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	· Sample analyses were carried out at Antech, SGS Lakefield Research Africa, Intertek Genalysis Laboratories and ALS Global in South Africa. · Sample preparation at Antech laboratories involved drying the sample, crushing, pulverising, riffle splitting, and packaging. A small portion of the pulverised material, 50g, was analysed for gold by fire assay with atomic absorption ("AA") finish. · At Intertek Genalysis South Africa, the sample preparation involved drying the sample, crushing, pulverising, riffle splitting, and packaging. After going through the sample preparation stages, the final sample for analysis weighed approximately 50g and was shipped to Australia for analysis. All samples were assayed for gold by 50g fire assay with optical emission spectrometers ("OES") finish. · Details pertaining to the analytical procedure at SGS Lakefield Research Africa was not available at the time of reporting. · Analytical techniques utilised at the laboratories are considered total. · No assay methods other than those conducted at the accredited laboratory (Antech, Intertek Genalysis, SGS Lakefield Research Africa Laboratory), were utilised in the generation of the Dokwe sampling database. Note that the details pertaining to the accreditation status for SGS Lakefield Research Africa Laboratory was not available, however, this data was not used in the MRE work outlined here. · Between 2003 and 2007, blanks and duplicates were inserted into the sampling sequence. Between 2008 and 2011, CRMs, blanks and duplicates were inserted into the sampling sequence. · During 2019 and 2020 sampling campaigns, the QA/QC protocol for insertion of QA/QC samples was that one in every 10th sample sent to the laboratory will either be a blank or one of the four CRM. · During the 2023 sampling, every batch of 34 samples sent to Antech included 1 CRM, 1 blank, 1 field duplicate and 1 pulp duplicate. · An adequate number of control samples were utilised during core sampling. · During Ariana's 2023 due diligence review of the Dokwe Project approximately 10% of samples extracted from DPD129 (Dokwe North) and DPD131 (Dokwe Central) were duplicated as quarter core and sent to ALS Global in South Africa for check analysis against the Antech laboratory in Zimbabwe. Results are satisfactory. · pXRF readings are taken on diamond drill core using a 3-beam Vanta M Series (VMR) with test timings set to Beam 1: 30s - Beam 2: 20s - Beam 3: 20s. Soil samples for pXRF are collected and air dried prior to analysis. Test timings for soils are set to Beam 1: 40s - Beam 2: 30s - Beam 3: 30s. For all pXRF analyses the unit is calibrated (cal check) at the start of the session. Following this, other QA/QC samples (blank, CRM, calibration disc) were utilised at the start and end of each session and at approximately every 100 readings. · For detectORE^TM analyses, each batch of 90 samples contains two reference materials supplied by Portable PPB which are processed and analysed in the same way as the other samples. The reference materials are not certified but have known concentrations of gold. They are used to check that the leach and collection process has worked as intended for that batch. In addition, two blanks and two field duplicates were included in every 90 samples. The pXRF detectORE^TM mode is firmware installed on portable XRF devices to allow detection of gold values from the CD's, controlled via API coupled to pLIMS™ software that also manages the QA/QC. The pXRF detectORE^TM mode is calibrated using five Calibrated Collector Devices of varying concentrations of gold from 0 to 1,000 ppb equivalent. Once dried, the CDs are analysed for gold using Evident's detectORE^TM mode on a Vanta M Series (VMR) pXRF. · RC samples from 2025 were submitted to the Antech Laboratory and subjected to the same 50g shot assay procedure as used in all other programs described above. · Every batch of 34 RC samples sent to Antech included 1 CRM, 1 blank, 1 field duplicate and 1 pulp duplicate for a QA/QC insertion rate of 12%. · An adequate number of control samples were utilised during RC sampling.
Verification of sampling and assaying	· The verification of significant intersections by either independent or alternative company personnel. · The use of twinned holes. · Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. · Discuss any adjustment to assay data.	· Dokwe North is an advanced exploration property that has a database with 101 diamond drillholes, 15 percussion drillholes and 25 sterilisation RC drillholes. · Less than 2km SE, Dokwe Central has 19 diamond drill holes and 5 percussion holes and has been audited by Digital Mining Services (DMS) in the past. Individual significant intersections were, therefore, not verified separately. In addition to the Dokwe North and Central holes 40 holes were drilled in prospects in the vicinity of Dokwe. · As part of verification, the QA/QC for the various drilling campaigns were reviewed and the drilling database was verified. · The original Dokwe drilling database was in the form of Microsoft Access database. The Dokwe drillhole database included 2003- 2004, 2007, 2008, 2009, 2010, 2019 and 2020 drilling campaigns. The database was checked for duplicates, overlapping, and missing intervals, whilst all fields were checked for spurious or out-of-range values. · The database has been uploaded to MXDeposit as part of the Due Diligence study. · The Due Diligence drilling included a twin hole (DPD129), which correlated very well with its twin DPD49. · For detectORE^TM analyses all samples and sample information are tracked using the bar codes on the pouches and the CD's. The sample numbers are entered into proprietary pLIMS^TM software, Portable PPB's software interface for sample management and results. The barcodes prevent manual errors in data entry. · For detectORE^TM analyses the gold concentration is calculated based on the weight of the original sample and moisture content, and the amount of gold on the CD (i.e., gold leached into solution). The gold concentration is given as dU (detectORE^TM units), where a dU represents the leached and collected gold in micrograms of gold. This is a partial extraction, not a total gold result. The laboratory results from the trial batches are compared to the detectORE^TM results, and a correlation coefficient is established. This equation is used to predict the ppm (g/t) values the dU correlates with, and thus help define samples to be analysed at a laboratory using conventional assay. The detectORE™ results when compared to fire assays also provide detailed geometallurgical insights and leach characteristics, further adding value to this process. · During pXRF analyses, samples are analysed in numerical order, and a sheet is completed to note the inserted QA/QC samples. These are digitised and combined with the data export from the pXRF on a daily basis. No adjustment is made to pXRF data for soils or core in the raw data set.
Location of data points	· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. · Specification of the grid system used. · Quality and adequacy of topographic control.	· The coordinate utilised for Dokwe is WGS84 Universal Transverse Mercator ("UTM") Zone 35 South. · All drillhole collars up to 2019 have been surveyed by qualified professional surveyors Drysdale and Associates using RTK GPS (3 - 5mm accuracy) which is linked to the national grid. The coordinates were provided in Universal Transverse Mercator ("UTM") on Cape Datum. The geotech, metallurgical and due diligence holes were located using hand-held GPS. · During 2019 and 2020 drilling programme, all drillholes were downhole surveyed at 6m intervals using Boart Longyear - TruShotTM digital survey tools. In order to obtain the complete survey of the holes, the surveys were done separately for the HQ and NQ diameter of the holes. Earlier drillholes (DPD001 - 010) were downhole surveyed at 50m intervals using Reflex EZ- Shot™ equipment. Subsequently drillholes were downhole surveyed with Reflex EZ-Shot (Reflex single shot) and DeviFlexi tools and were surveyed at 25m and from DPD060 to DPD084 the interval decreased to 4m to 6m. No downhole survey was carried out on the percussion drillholes and six diamond drillholes drilled between 2003 and 2004 as well as the sterilisation drillholes drilled in 2021. Downhole surveys were carried out for the 2023-24 drilling. · In 2016, Southern Mapping Company (Pty) Ltd, was contracted by Canister to carry out a LiDAR survey of the topography. This was tied into WGS84 with better than 10cm accuracy, non-ground points were filtered out and an orthophoto and topographical contours were generated at 0.5m contour intervals. · In 2023, a drone survey over the Dokwe North area captured 2,600 detailed 12-megapixel aerial images to produce a high- resolution (4cm/pixel) photogrammetry map. This was used to validate and locate all historic collars within the immediate Dokwe North area to within 1m accuracy. · Collar positions of the 2025 RC drilling were recorded in the field by handheld GPS. · Each collar was preserved by a concrete block with the hole ID and coordinates clearly engraved. · Downhole surveys for the 2025 RC drilling were completed on 20m intervals using an OMNIx42 multishot tool, and then later after the first four holes a DeviGyro gyroscopic survey tool.
Data spacing and distribution	· Data spacing for reporting of Exploration Results. · Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. · Whether sample compositing has been applied.	· Data spacing and distribution are sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource estimation and classification. · A 1m compositing interval was selected and applied to the de- surveyed drillholes. Composites were selected from all drill holes except sterilisation RC holes. DOKWE NORTH · A total of 141 drillholes (including percussion and geotechnical drillholes) have been drilled at Dokwe North. At Dokwe North, drillholes were systematically laid out on 15 section lines (approximately 320º azimuth) spaced 50m apart and the collars were also spaced at 50m along the section lines. · Of these 141 holes, a total of 25 sterilisation percussion drillholes were drilled on a square grid of 350m over the proposed waste dump, plant, heap leach, tailings dam, and solar farm sites to the southeast of Dokwe North. · The total metres drilled within the resource area (i.e. excluding sterilisation holes) is 32,727m (116 holes). DOKWE CENTRAL · A total of 24 drillholes (including percussion drillholes) have been drilled at Dokwe Central. At Dokwe Central, most drillholes were systematically laid out on 3 section lines (E-W azimuth) spaced 50m apart and the collars were also spaced at 25m along the section lines, resulting in an average of 30m between holes. · In the resource area there are 5,166m (24 holes).
Orientation of data in relation to geological structure	· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. · If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	· Dokwe North drillholes were systematically laid out on a section line (approximately 320º azimuth) generally perpendicular to the strike and most of the drillholes were drilled towards the northwest to intersect the mineralised orebodies very close to normal relative to the reef plane. · At Dokwe Central, drillholes were systematically laid out on section lines (E-W azimuth) generally perpendicular to the strike and most of the drillholes were drilled towards the north to intersect the mineralised orebodies very close to normal relative to the reef plane. · Available information indicates that the drilling orientation would provide unbiased sampling of the mineralisation zones. · Due diligence drilling in 2023 drilled from various orientations to better test the mineralisation and confirm that the drilling has provided unbiased sampling. · The geotechnical drilling was also completed in various orientations.
Sample security	· The measures taken to ensure sample security.	· The core was then transported to the core yard for geological logging and sampling. After logging and marking of samples, the diamond drill core was then cut in half by a diamond saw with one half stored for future reference and the other half core was sent to the laboratory for analyses. · During percussion drilling, samples were collected in large bags and then split using a sample riffle splitter. After splitting, samples were bagged in plastic bags, the remaining bulk sample was transported to the main office about 125km from site and stored at a shed in the early years, but stored on site in the recent sterilization program. · All samples were transported by company personnel to the laboratory. They were signed off for dispatch from the core yard and on receipt to the laboratory. · All drill core is stored at the Dokwe Camp. · RC drilling completed during 2025 - all samples were handled on the active drill sites. Split samples for laboratory analysis were bagged, securely sealed, and stored at the base camp sample dispatch (approximately 2km from the drill site) until ready to be sent directly to Antech.
Audits or reviews	· The results of any audits or reviews of sampling techniques and data.	· In 2008 Digital Mining Services completed a data review and verification of the drilling results to date. · The sampling for the Due Diligence study has been supervised by the CP of this MRE.

Criteria

JORC Code explanation

Commentary

Sampling techniques

· Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling.

· Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.

· Aspects of the determination of mineralisation that are Material to the Public Report.

· In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.

· Soil samples were collected from 15cm deep pits, screened to -1mm, on lines 400m apart with 50m samples composited over 400m. The samples were analysed by Intertek Genalysis in Perth Australia using their partial extraction method (TL1) to determine Au, Ag, As, Co, Cu, Sb by ICP-MS.

Sampling was carried in the Regional, Intermediate, follow-up and Detailed phases. For regional samples +-2kg samples were collected and sent to Peacock & Simpson & Associates laboratory in Harare for heavy mineral concentration, and the concentrate sent to Intertek Genalysis laboratory in Perth. Intermediate, follow-up, and detailed samples were passed through a -1mm sieve, and +-100g of the fine sample was sent to Intertek Genalysis. There was no QA/QC on the soil analyses apart from internal lab checks.

· Portable XRF analysis for approximately 40,000 readings was taken across 138 archived diamond drill holes. Readings were taken at 1m intervals directly onto cleaned core surfaces. The results obtained were used to identify relative geochemical characteristics of the Dokwe geology. The pXRF unit used was an Olympus Vanta. QA/QC samples were utilised at the start of each session and then at approximately every 100 readings.

· Portable XRF analysis for a total of 10,086 soil samples were collected across the tenement area. Samples were collected on a grid of 50 m by 200 m, reducing spacing to 50 m by 100 m in areas of priority interest. Once the soil sample is dry, a pXRF reading is taken from the soil sample to obtain multi-element geochemistry. The pXRF unit used was an Olympus Vanta. QA/QC samples were utilised at the start of each session and then at approximately every 100 readings.

· Next, a 250g sub-sample is weighed and placed into a plastic pouch with 500ml of reagent added and a collector device (CD) attached to the inside of the cap of the pouch. The pouches are placed in a barrel and tumbled for 12 hours. After this, the pouches are removed from the drum and CDs are removed from the pouches, rinsed gently in water, and dried in a dehydrator oven for three hours. This detectORE^TM technology has been used to analyse 811 of the pXRF soil samples from priority areas.

· Reverse circulation drill samples taken in 2025 were split using a multi-tiered splitter to obtain a 3-5kg representative sample for dispatch to the laboratory. RC chip samples for every meter were collected straight from the drill rig using a sample cyclone. Wet samples were speared multiple times to obtain a representative sample mass. Less than 10% of the obtained samples were wet.

· The drill rig cyclone was typically cleaned after every rod run (3m).

Drilling techniques

· Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc).

· Diamond drillholes were collared with HQ core size (63.5mm diameter) to a more competent ground and then continued with NQ core size (47.6mm diameter) to the end of drillhole. Some drillholes drilled between 2003 and 2007 were drilled with narrower BQ core size (36.4mm diameter). The diameter of the percussion drillholes was 152mm. Diamond drillholes drilled in 2020 for metallurgical purposes were collared with PQ core size (85mm) to more competent ground and then continued with HQ core to the end of hole and the diameter of sterilisation percussion drillholes was 133mm. Diamond drillholes drilled in 2023-2024 for due diligence purposes were predominantly drilled using standard HQ drill rods. However, some holes were collared with PQ-sized rods to approximately 100m. Deeper holes (>250 metres), were drilled to final depth using NQ rods after HQ (DPD132).

· The drill core since 2019 was oriented using the Boart Longyear TruCore^TM UPIX core orientation system. The NQ core was oriented but highly weathered and broken HQ core was not oriented. The whole of the geotechnical drillhole core was oriented. The due diligence drillholes (DPD129 - DPD132) core were oriented.

· Reverse Circulation drilling completed in 2025 used a Thor 5000 drill rig with a 5-inch hammer size and 24 bars of air pressure on the rig, with an additional 14 bars of pressure from an off-rig booster. All RC holes drilled were surveyed using a multishot and later gyroscopic survey tool on approximately 20m intervals.

Drill sample recovery

· Method of recording and assessing core and chip sample recoveries and results assessed.

· Measures taken to maximise sample recovery and ensure representative nature of the samples.

· Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.

· Drillhole recoveries were measured during each diamond drilling campaign and a total average recovery of 94% was achieved for the diamond drillholes to 2020, whereas 73% was achieved for the 2021 sterilisation percussion drillholes. However, recovery data pertaining to the percussion drillholes (32 drillholes) and five additional diamond drillholes drilled between 2003 and 2004 were not available at the time of reporting. Recovery for the 2023-2024 programme was 98.62%.

· The sample recoveries were maximised through drilling techniques and consistent monitoring.

· Sample recoveries versus grade relationships were not assessed. It is the CP's opinion that there is no bias with respect to drilling technique and sampling methodology utilised.

· Drill sample recovery for the 2025 RC drilling was monitored by weighing each raw sample directly from the cyclone for every meter. The average sample mass of all samples to date is 32kg (80% recovery). Samples with poor recovery (i.e. <40%) were dominantly samples from within 10 meters of the surface, where poor recoveries are expected due to the lithology (Kalahari sands). No mineralisation intervals were documented within the first 10 metres of any of the holes drilled.

Logging

· Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.

· Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.

· The total length and percentage of the relevant intersections logged.

· All drillholes drilled on Dokwe Project were logged geologically and the logging included "from" and "to" depth, lithology, colour, grain size, weathering, oxidation, and mineralisation.

· All drillholes have been geologically logged to a level of detail to support Mineral Resource estimation.

· Drillhole logging is qualitative in nature. During the 2019 drilling, the diamond drill core was also photographed both wet and dry at the drill site and photos.

· All diamond core and percussion chips were completely logged from the top to the bottom of drillhole including all intersections.

· RC chips for every metre of drilling completed during the 2025 campaign were sieved, washed and logged. The company has retained a full archive of chips for every metre drilled. These have been photographed in their respective chip trays for further documentation. Geological logs are digitised and loaded into Leapfrog software to review.

Sub-sampling techniques and sample preparation

· If core, whether cut or sawn and whether quarter, half or all core taken.

· If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.

· For all sample types, the nature, quality and appropriateness of the sample preparation technique.

· Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

· Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

· Whether sample sizes are appropriate to the grain size of the material being sampled.

· During sampling, samples were marked at 1m intervals apart from where the sampling crossed lithological boundaries where each side of the lithological contact was sampled separately.

· After logging and marking of samples, the diamond drill core was then split in half by a diamond saw with one half stored for future reference and the other half core was sent to the laboratory for analyses.

· Diamond drill core was logged from the top to the bottom of the drillhole including all the intersections, after logging, the drill core was marked for sampling by a senior geologist. The core was sampled nominally in 1m length apart from where sampling crossed lithological boundaries where each side of the boundary was sampled separately. Drill core was split in half with a diamond saw with one half core sample bagged in a plastic bag and then sent to the laboratory and the other half was retained in the core trays. In most drillholes, the entire core was sampled apart for the younger sedimentary cover. In later drillholes, only the mineralised portions of the drill core were sampled.

· During percussion drilling, samples were collected every 1m into a large plastic bag and then split using a riffle splitter to desired amount for the laboratory analysis.

· Sample representativity was tested by taking field duplicates and internal laboratory duplicates.

· Sample size is in line with international practice and is appropriate to the grain size of the material being sampled.

· Sample preparation and handling for the 2025 RC drilling were all completed at the drill site as each hole progressed. The illustration below is a summary of the sample splitting procedure used during this programme.

A diagram of a sample AI-generated content may be incorrect.

Quality of assay data and laboratory tests

· The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.

· For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.

· Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.

· Sample analyses were carried out at Antech, SGS Lakefield Research Africa, Intertek Genalysis Laboratories and ALS Global in South Africa.

· Sample preparation at Antech laboratories involved drying the sample, crushing, pulverising, riffle splitting, and packaging. A small portion of the pulverised material, 50g, was analysed for gold by fire assay with atomic absorption ("AA") finish.

· At Intertek Genalysis South Africa, the sample preparation involved drying the sample, crushing, pulverising, riffle splitting, and packaging. After going through the sample preparation stages, the final sample for analysis weighed approximately 50g and was shipped to Australia for analysis. All samples were assayed for gold by 50g fire assay with optical emission spectrometers ("OES") finish.

· Details pertaining to the analytical procedure at SGS Lakefield Research Africa was not available at the time of reporting.

· Analytical techniques utilised at the laboratories are considered total.

· No assay methods other than those conducted at the accredited laboratory (Antech, Intertek Genalysis, SGS Lakefield Research Africa Laboratory), were utilised in the generation of the Dokwe sampling database. Note that the details pertaining to the accreditation status for SGS Lakefield Research Africa Laboratory was not available, however, this data was not used in the MRE work outlined here.

· Between 2003 and 2007, blanks and duplicates were inserted into the sampling sequence. Between 2008 and 2011, CRMs, blanks and duplicates were inserted into the sampling sequence.

· During 2019 and 2020 sampling campaigns, the QA/QC protocol for insertion of QA/QC samples was that one in every 10th sample sent to the laboratory will either be a blank or one of the four CRM.

· During the 2023 sampling, every batch of 34 samples sent to Antech included 1 CRM, 1 blank, 1 field duplicate and 1 pulp duplicate.

· An adequate number of control samples were utilised during core sampling.

· During Ariana's 2023 due diligence review of the Dokwe Project approximately 10% of samples extracted from DPD129 (Dokwe North) and DPD131 (Dokwe Central) were duplicated as quarter core and sent to ALS Global in South Africa for check analysis against the Antech laboratory in Zimbabwe. Results are satisfactory.

· pXRF readings are taken on diamond drill core using a 3-beam Vanta M Series (VMR) with test timings set to Beam 1: 30s - Beam 2: 20s - Beam 3: 20s. Soil samples for pXRF are collected and air dried prior to analysis. Test timings for soils are set to Beam 1: 40s - Beam 2: 30s - Beam 3: 30s. For all pXRF analyses the unit is calibrated (cal check) at the start of the session. Following this, other QA/QC samples (blank, CRM, calibration disc) were utilised at the start and end of each session and at approximately every 100 readings.

· For detectORE^TM analyses, each batch of 90 samples contains two reference materials supplied by Portable PPB which are processed and analysed in the same way as the other samples. The reference materials are not certified but have known concentrations of gold. They are used to check that the leach and collection process has worked as intended for that batch. In addition, two blanks and two field duplicates were included in every 90 samples. The pXRF detectORE^TM mode is firmware installed on portable XRF devices to allow detection of gold values from the CD's, controlled via API coupled to pLIMS™ software that also manages the QA/QC. The pXRF detectORE^TM mode is calibrated using five Calibrated Collector Devices of varying concentrations of gold from 0 to 1,000 ppb equivalent. Once dried, the CDs are analysed for gold using Evident's detectORE^TM mode on a Vanta M Series (VMR) pXRF.

· RC samples from 2025 were submitted to the Antech Laboratory and subjected to the same 50g shot assay procedure as used in all other programs described above.

· Every batch of 34 RC samples sent to Antech included 1 CRM, 1 blank, 1 field duplicate and 1 pulp duplicate for a QA/QC insertion rate of 12%.

· An adequate number of control samples were utilised during RC sampling.

Verification of sampling and assaying

· The verification of significant intersections by either independent or alternative company personnel.

· The use of twinned holes.

· Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.

· Discuss any adjustment to assay data.

· Dokwe North is an advanced exploration property that has a database with 101 diamond drillholes, 15 percussion drillholes and 25 sterilisation RC drillholes.

· Less than 2km SE, Dokwe Central has 19 diamond drill holes and 5 percussion holes and has been audited by Digital Mining Services (DMS) in the past. Individual significant intersections were, therefore, not verified separately. In addition to the Dokwe North and Central holes 40 holes were drilled in prospects in the vicinity of Dokwe.

· As part of verification, the QA/QC for the various drilling campaigns were reviewed and the drilling database was verified.

· The original Dokwe drilling database was in the form of Microsoft Access database. The Dokwe drillhole database included 2003- 2004, 2007, 2008, 2009, 2010, 2019 and 2020 drilling campaigns. The database was checked for duplicates, overlapping, and missing intervals, whilst all fields were checked for spurious or out-of-range values.

· The database has been uploaded to MXDeposit as part of the Due Diligence study.

· The Due Diligence drilling included a twin hole (DPD129), which correlated very well with its twin DPD49.

· For detectORE^TM analyses all samples and sample information are tracked using the bar codes on the pouches and the CD's. The sample numbers are entered into proprietary pLIMS^TM software, Portable PPB's software interface for sample management and results. The barcodes prevent manual errors in data entry.

· For detectORE^TM analyses the gold concentration is calculated based on the weight of the original sample and moisture content, and the amount of gold on the CD (i.e., gold leached into solution). The gold concentration is given as dU (detectORE^TM units), where a dU represents the leached and collected gold in micrograms of gold. This is a partial extraction, not a total gold result. The laboratory results from the trial batches are compared to the detectORE^TM results, and a correlation coefficient is established. This equation is used to predict the ppm (g/t) values the dU correlates with, and thus help define samples to be analysed at a laboratory using conventional assay. The detectORE™ results when compared to fire assays also provide detailed geometallurgical insights and leach characteristics, further adding value to this process.

· During pXRF analyses, samples are analysed in numerical order, and a sheet is completed to note the inserted QA/QC samples. These are digitised and combined with the data export from the pXRF on a daily basis. No adjustment is made to pXRF data for soils or core in the raw data set.

Location of data points

· Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.

· Specification of the grid system used.

· Quality and adequacy of topographic control.

· The coordinate utilised for Dokwe is WGS84 Universal Transverse Mercator ("UTM") Zone 35 South.

· All drillhole collars up to 2019 have been surveyed by qualified professional surveyors Drysdale and Associates using RTK GPS (3 - 5mm accuracy) which is linked to the national grid. The coordinates were provided in Universal Transverse Mercator ("UTM") on Cape Datum. The geotech, metallurgical and due diligence holes were located using hand-held GPS.

· During 2019 and 2020 drilling programme, all drillholes were downhole surveyed at 6m intervals using Boart Longyear - TruShotTM digital survey tools. In order to obtain the complete survey of the holes, the surveys were done separately for the HQ and NQ diameter of the holes. Earlier drillholes (DPD001 - 010) were downhole surveyed at 50m intervals using Reflex EZ- Shot™ equipment. Subsequently drillholes were downhole surveyed with Reflex EZ-Shot (Reflex single shot) and DeviFlexi tools and were surveyed at 25m and from DPD060 to DPD084 the interval decreased to 4m to 6m. No downhole survey was carried out on the percussion drillholes and six diamond drillholes drilled between 2003 and 2004 as well as the sterilisation drillholes drilled in 2021. Downhole surveys were carried out for the 2023-24 drilling.

· In 2016, Southern Mapping Company (Pty) Ltd, was contracted by Canister to carry out a LiDAR survey of the topography. This was tied into WGS84 with better than 10cm accuracy, non-ground points were filtered out and an orthophoto and topographical contours were generated at 0.5m contour intervals.

· In 2023, a drone survey over the Dokwe North area captured 2,600 detailed 12-megapixel aerial images to produce a high- resolution (4cm/pixel) photogrammetry map. This was used to validate and locate all historic collars within the immediate Dokwe North area to within 1m accuracy.

· Collar positions of the 2025 RC drilling were recorded in the field by handheld GPS.

· Each collar was preserved by a concrete block with the hole ID and coordinates clearly engraved.

· Downhole surveys for the 2025 RC drilling were completed on 20m intervals using an OMNIx42 multishot tool, and then later after the first four holes a DeviGyro gyroscopic survey tool.

Data spacing and distribution

· Data spacing for reporting of Exploration Results.

· Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.

· Whether sample compositing has been applied.

· Data spacing and distribution are sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource estimation and classification.

· A 1m compositing interval was selected and applied to the de- surveyed drillholes. Composites were selected from all drill holes except sterilisation RC holes.

DOKWE NORTH

· A total of 141 drillholes (including percussion and geotechnical drillholes) have been drilled at Dokwe North. At Dokwe North, drillholes were systematically laid out on 15 section lines (approximately 320º azimuth) spaced 50m apart and the collars were also spaced at 50m along the section lines.

· Of these 141 holes, a total of 25 sterilisation percussion drillholes were drilled on a square grid of 350m over the proposed waste dump, plant, heap leach, tailings dam, and solar farm sites to the southeast of Dokwe North.

· The total metres drilled within the resource area (i.e. excluding sterilisation holes) is 32,727m (116 holes).

DOKWE CENTRAL

· A total of 24 drillholes (including percussion drillholes) have been drilled at Dokwe Central. At Dokwe Central, most drillholes were systematically laid out on 3 section lines (E-W azimuth) spaced 50m apart and the collars were also spaced at 25m along the section lines, resulting in an average of 30m between holes.

· In the resource area there are 5,166m (24 holes).

Orientation of data in relation to geological structure

· Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.

· If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.

· Dokwe North drillholes were systematically laid out on a section line (approximately 320º azimuth) generally perpendicular to the strike and most of the drillholes were drilled towards the northwest to intersect the mineralised orebodies very close to normal relative to the reef plane.

· At Dokwe Central, drillholes were systematically laid out on section lines (E-W azimuth) generally perpendicular to the strike and most of the drillholes were drilled towards the north to intersect the mineralised orebodies very close to normal relative to the reef plane.

· Available information indicates that the drilling orientation would provide unbiased sampling of the mineralisation zones.

· Due diligence drilling in 2023 drilled from various orientations to better test the mineralisation and confirm that the drilling has provided unbiased sampling.

· The geotechnical drilling was also completed in various orientations.

Sample security

· The measures taken to ensure sample security.

· The core was then transported to the core yard for geological logging and sampling. After logging and marking of samples, the diamond drill core was then cut in half by a diamond saw with one half stored for future reference and the other half core was sent to the laboratory for analyses.

· During percussion drilling, samples were collected in large bags and then split using a sample riffle splitter. After splitting, samples were bagged in plastic bags, the remaining bulk sample was transported to the main office about 125km from site and stored at a shed in the early years, but stored on site in the recent sterilization program.

· All samples were transported by company personnel to the laboratory. They were signed off for dispatch from the core yard and on receipt to the laboratory.

· All drill core is stored at the Dokwe Camp.

· RC drilling completed during 2025 - all samples were handled on the active drill sites. Split samples for laboratory analysis were bagged, securely sealed, and stored at the base camp sample dispatch (approximately 2km from the drill site) until ready to be sent directly to Antech.

Audits or reviews

· The results of any audits or reviews of sampling techniques and data.

· In 2008 Digital Mining Services completed a data review and verification of the drilling results to date.

· The sampling for the Due Diligence study has been supervised by the CP of this MRE.

Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
Mineral tenement and land tenure status	· Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. · The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	· Ariana owns 100% of the Dokwe Project following the all-share merger with Rockover Holdings Limited in June 2024. · Dokwe is held through 81 blocks of gold claims and 22 copper base metal claims totalling 4,040ha which are protected up until at least April 2026. The claims can be extended through annual inspection. Canister made application to the Ministry of Mines and Mining Development in March 2021 under Part VIII of the Mines and Minerals Act (MMA) to convert the claims into a Mining Lease with the aim is to facilitate the development of a significant new gold mine at Dokwe. The Mining Lease application is for gold and base metals, and the area applied for is 6,622ha. The Ministry requested additional information in support of the application which has been submitted. · The Project is currently not subjected to payment of royalties or other payments. Government royalties will be payable once mining operations are developed. A private royalty of 0.5% will also be payable once production starts. · As far as the CP is aware, no statutory instrument has been gazetted implementing an environmental fund as yet, so no fees are due or anticipated. In addition, the CP is not aware of any requests being made to Rockover by the Minister to implement an environmental fund. As such, no environmental rehabilitation trusts and guarantees have been established for Dokwe.
Exploration done by other parties	· Acknowledgment and appraisal of exploration by other parties.	· Acknowledgement is hereby made for the historical exploration conducted by Reunion Mining in 1993. Reunion Mining undertook a detailed airborne magnetic survey over an area of approximately 1,000km². The detailed airborne magnetic survey indicated the presence of an east-northeast trending linear magnetic feature buried beneath the younger sedimentary cover.
Geology	· Deposit type, geological setting and style of mineralisation.	GENERAL DOKWE AREA · The Dokwe gold deposits are situated in Archaean basement rocks buried by up to 40 metres of Karoo and Kalahari sedimentary cover. · The Dokwe area can be subdivided into a number of litho-structural domains which are juxtaposed against each other by a series of shear zones. The three known gold occurrences within the Claims Area are within shear zones, which have a combined strike length of approximately 12km. DOKWE NORTH · The geology of Dokwe North primarily consists of a sequence of Late Archean-aged greenstone volcaniclastics. These include dacite-to-andesite flows featuring amygdaloidal rich horizons, interbedded felsic tuffs, agglomerates, and irregular rhyolite flows. · The sequence is intruded by earlier quartz-feldspar porphyries and later altered dolerite. Brittle deformation, characterised by fracturing, is common in felsic tuff whilst more ductile deformation characterises dacite and andesite. · A major brittle fault, the "Western" fault is post-mineralised structure dissecting offsetting mineralisation. · The main Dokwe North orebody occurs within a NE-SW trending shear zone that displays a central core with intense foliation and mylonitisation of the host rocks. · Primary gold mineralisation at Dokwe is preserved as free gold and occasionally as inclusions in quartz veins, micro-fractures in pyrite, and other open-space micro-features. · The mineralisation is primarily structurally controlled and associated with the intensity of shearing and with lithological contacts. Visible gold has been documented multiple times and is often associated within the foliation planes formed by shearing. · Overlying all the basement stratigraphy is a sequence of barren sedimentary rocks. DOKWE CENTRAL · Dokwe Central is higher-grade pipe-like deposit containing abundant quartz veins and several steeply plunging high-grade zones. Mineralisation is contained within a series of strongly sheared intermediate chlorite schists and biotite-chlorite schists in a covered Archean Greenstone Belt, extending from the border with Botswana (Maitengwe Greenstone Belt) and linking up with the Bulawayo-Bubi Greenstone Belt to the east. The Archaean greenstone units are overlain by Karoo and Kalahari sedimentary units of up to 25-40m in thickness. · Mineralisation appears to be dominantly constrained within intensely sheared and brecciated zones, and in association with disseminated sulphides (dominantly pyrite). · The defined mineralisation extent is abruptly terminated against a package of sedimentary rocks to the north, marking a major east-west trending fault.
Drill hole Information	· A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level - elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. · If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	DOKWE NORTH · Drillhole database consists of a total of 141 drillholes totalling 34,477m. The database is split with: o 101 diamond drillholes (incl. 5 geotechnical holes) totalling 31,286m. o 15 percussion drillholes totalling 1,441m. o 25 RC sterilisation holes totalling 1,750m. DOKWE CENTRAL · Drillhole database consisted of a total of 24 drillholes, totalling 5,166m. The database is split with: o 19 diamond drillholes totalling 4,816m. o 5 percussion drillholes totalling 350m. Details of the ongoing 2025 RC Drilling Programme are provided within the main body of this announcement.
Data aggregation methods	· In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. · Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. · The assumptions used for any reporting of metal equivalent values should be clearly stated.	· The sample intervals from the raw de-surveyed drillhole dataset were analysed for the most appropriate composite length to be applied for geostatistical analysis. The mean of the population is 1.13m, with approximately 75% of the population being exactly 1m in length. Given the data, a 1m compositing interval was selected and applied to the de-surveyed drillholes. Composites were selected from all drill holes, except RC sterilisation drilling data. · No metal equivalents were calculated.
Relationship between mineralisation widths and intercept lengths	· These relationships are particularly important in the reporting of Exploration Results. · If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. · If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg 'down hole length, true width not known').	· At Dokwe North, drillholes were systematically laid out on section lines (approximately 320º azimuth) generally perpendicular to the strike, and most of the drillholes were drilled towards the northwest to intersect the mineralised orebodies very close to normal relative to the structural plane. · At Dokwe Central, drillholes were systematically laid out on section lines (E-W azimuth) generally perpendicular to the strike and most of the drillholes were drilled towards the north to intersect the mineralised orebodies very close to normal relative to the reef plane. · Downhole true widths are not calculated. All significant grades presented represent the value attributable to the real sample length and not corrected true width.
Diagrams	· Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported. These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	· All relevant diagrams pertaining to sampling type and its distribution, as well as geological and block models are presented in their respective sections and have been generated in accordance with the guidelines described in the JORC Code.
Balanced reporting	· Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	· The Mineral Resource Estimate is based on the information resulting from sampling and drilling campaigns. This Mineral Resource estimation summary contains information for all sampling and drilling campaigns within the Project Area to date. · All material intercepts are included in the Intercepts Table in this announcement.
Other substantive exploration data	· Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	· Exploration works other than drilling conducted by or on behalf of the issuer includes soil geochemistry, geophysical survey (induced polarisation survey, real section induced polarisation, magnetic survey), and lidar survey. Some of this data has been incorporated into the Mineral Resource Estimation work completed here. · Soil geochemistry surveys have been completed in the periphery of Dokwe North and at the Dokwe Central prospect. A total of 10,086 samples have been collected to date. detectORE^TM technology has been used to analyse 811 of these samples in the first instance. · pXRF soil sampling grid. · detectORE^TM soil sampling grid.
Further work	· The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). · Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	· Further exploration will be carried out in the region, particularly exploring the downdip of Dokwe North. Additional target areas defined previously will also be followed up. · pXRF work is ongoing across all Dokwe North drillholes, and is being used in the geological modelling. Approximately 40,000 readings have been taken to date. · Follow up of significant grades intercepted in DPD004 approximately 800m east of Dokwe Central. · Exploration drilling at Dokwe North and Dokwe Central extensions.

Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in the preceding section also apply to this section.)

NOTE: THIS SECTION IS ONLY RELEVANT FOR DOKWE NORTH AND DOKWE CENTRAL.

Criteria	JORC Code explanation	Commentary
Database integrity	· Measures taken to ensure that data has not been corrupted by, for example, transcription or keying errors, between its initial collection and its use for Mineral Resource estimation purposes. · Data validation procedures used.	· The original Dokwe drilling database was in the form of a Microsoft access database. The Dokwe drillhole database included all drilling prior to 2023. This data was imported to MXDeposit. All data collected during the 2023-2024 due diligence drilling programme was added directly to MXDeposit. · The QA/QC for the various drilling campaigns was reviewed and deemed suitable for the results to be used in a mineral resource estimate. The Dokwe drillhole database was checked for duplicates, overlapping and missing intervals on import into Leapfrog, whilst all fields were checked for spurious or out-of-range values. Any errors were corrected prior to modelling.
Site visits	· Comment on any site visits undertaken by the Competent Person and the outcome of those visits. · If no site visits have been undertaken indicate why this is the case.	· As Competent Person for the Mineral Resources presented in this Report, Zack van Coller conducted site visits in November 2023, March 2024 and January 2025. Drillhole collar positions were confirmed, and diamond drill core was inspected in the core yard. It was confirmed that the mineralisation is disseminated and not related to a distinct lithology or structural feature. Varying degrees of deformation were observed in association with more mineralisation. The CP was present for some of the due diligence diamond drilling programme and sampling.
Geological interpretation	· Confidence in (or conversely, the uncertainty of ) the geological interpretation of the mineral deposit. · Nature of the data used and of any assumptions made. · The effect, if any, of alternative interpretations on Mineral Resource estimation. · The use of geology in guiding and controlling Mineral Resource estimation. · The factors affecting continuity both of grade and geology.	· There is a high level of confidence in the geological interpretation, the deposit is well sampled, and the density of data allows for a suitable interpretation of the grade distribution. · A sub-selection of the original drillhole logs and laboratory assay certificates were compared to the final Dokwe drillhole database. The CP was present during the logging of the 2023-2024 drillholes, and again in January 2025 for detailed review of high-grade zones. DOKWE NORTH · Digital Mining Services completed an MRE as an updated statement in January 2020. This estimate was largely focused around two explicitly modelled grade wireframes at 0.5g/t and 0.2g/t Au. Only composites from within the 0.5g/t Au grade shell were considered in that estimate, whilst for the 0.2g/t Au shell estimate, the remainder of the composites (excluding composites from within the 0.5g/t Au shell) were used for interpolation of that shell. This resulted in a distinct grade boundary between the two shell estimates. This "hard" boundary in grades may not necessarily be evident in the distribution of grades present in the drillhole data. · The estimation and Mineral Resource categorisation methodologies between the January 2020 estimate and the estimate presented in the 2022 PFS, are significantly different, and have resulted in significant differences in terms of both volume and grade for all Mineral Resource categories. · The 2022 Minxcon Mineral Resource estimate presented in the PFS represents a broader implicit grade shell (at 0.2g/t Au) estimate, and an internal 0.7g/t Au sub-domain, and would result in larger volumes and lower average grades than the previous estimation methodology. · 2024 Estimation: A lithological model was used to constrain the estimation of grade into the block model, with gold estimated separately into each lithology domain. Grade clamping was applied (instead of a top-cut) so as to preserve the high grades, but minimise the distance the grade can be spread. This was a 50, 20 and 10g/t Au clamp for passes 1, 2 and 3, respectively. · 2025 Estimation: The biggest change since the previous resource work is the new mineralisation model, which constrains mineralisation in three geologically and structurally defined domains, leading to a far more robust mineralisation interpretation model. A high-grade interpolant model at a modelling cut-off of 0.7g/t Au was used to isolate high-grade data through the deposit. High-grade within this particular domain was capped to 200g/t Au and then further constrained with the application of an Outlier Restrictor, clamping of high grades were set to 100g/t Au and limited to 5-10 meter extrapolation. High grades were also evaluated during the variography analysis stage of the estimation, where further capping was applied to improve variogram correlation. DOKWE CENTRAL · DMS completed an MRE in 2011. The 2011 estimation domains were manually constructed wireframes base on three vertically dipping bodies. The 2011 MRE was evaluated to be very conservative with wireframe boundaries being very restrictive in joining clusters of mineralised composites. · 2024 and 2025 Ariana Estimates: A lithological model was used to constrain the estimation of grade into the block model, with gold estimated separately into each lithology domain. A top-cut of 30g/t Au was applied to minimise the distance the grade can be spread. The estimate was completed in two search passes of 10x20x40m and 20x40x80m. · The 2024 and 2025 estimation domains are based on a lithological model between two primary geological packages (hanging wall biotite schists (mineralised) and footwall sedimentary gritstones/conglomerates (barren)). Separating the two geological packages is a significant east-west trending fault (very similar to the 2011 interpretations). Mineralisation was restricted from extrapolating across to the "barren" sedimentary units. Within the biotite mineralisation package search ellipse inputs were used from the 2011 MRE to re-establish and validate mineralisation continuity in the new model. · Interpolation modelling with support from pXRF data from eight diamond drill holes, as well as additional new drill holes drilled at the deposit since 2011 (mainly two new holes drilled by Ariana in 2023), is thought to have made more representative iso-surface volumes as an update to mineralisation interpretations. · In 2025 the Dokwe Central geological model was further refined to include a second major N-S fault zone, adding restrictions to the model's mineralisation extrapolation. As a result, Inferred resources were reduced to better reflect the influence of the bounding structures.
Dimensions	· The extent and variability of the Mineral Resource expressed as length (along strike or otherwise), plan width, and depth below surface to the upper and lower limits of the Mineral Resource.	· The Dokwe North orebody is 780m along strike, 470m across strike (across the thickest portion of the deposit), and the depth from the surface is between 42m and 320m. · The Dokwe Central orebody is 260m by 200m across and the depth from the surface is between 25m and 350m.
Estimation and modelling techniques	· The nature and appropriateness of the estimation technique(s) applied and key assumptions, including treatment of extreme grade values, domaining, interpolation parameters and maximum distance of extrapolation from data points. If a computer assisted estimation method was chosen include a description of computer software and parameters used. · The availability of check estimates, previous estimates and/or mine production records and whether the Mineral Resource estimate takes appropriate account of such data. · The assumptions made regarding recovery of by-products. · Estimation of deleterious elements or other non-grade variables of economic significance (eg sulphur for acid mine drainage characterisation). · In the case of block model interpolation, the block size in relation to the average sample spacing and the search employed. · Any assumptions behind modelling of selective mining units. · Any assumptions about correlation between variables. · Description of how the geological interpretation was used to control the resource estimates. · Discussion of basis for using or not using grade cutting or capping. · The process of validation, the checking process used, the comparison of model data to drill hole data, and use of reconciliation data if available.	· Leapfrog Geo 2023.2 software was used to construct the geological wireframes/mineralised halos, while Leapfrog Edge 2023.2 was used to conduct statistical and geostatistical analyses and generate the estimated block model. · No assumptions were made in terms of selective mining units with respect to the cell size selected. · No assumptions were made regarding correlation between variables. · Several data-model reconciliations were performed. Firstly, a visual inspection of drillhole composite values with respect to the estimated block model was completed. DOKWE NORTH · An Ordinary Kriging estimate was completed. Swath plots indicate a good correlation between drilling data and estimated block grades. · A variography study was completed for each mineralisation domain used in the estimation. All domains produced good variograms. To reduce bias and improve the variography, a top-cut analysis was completed during the variography study. This is separate from the additional top-cut and Outlier Restriction analysis completed later in the estimation. · In summary, the various validations and reconciliation techniques demonstrate that the block model estimates show a good correlation between interpolation methods and with the informing composites. Furthermore, the estimation quality and low conditional bias parameters appear to indicate that the estimation technique has provided an acceptable estimate without excessive smoothing. · A 47 degree rotated sub-block model was established using block sizes determined to be optimal for the dataset (50m collar spacing) and wireframe geometry, with sub-blocks triggered by mineralisation boundaries. For Dokwe North the parent blocks are 10m x 20m x 10m (X,Y,Z), with sub-blocks of 5m x 5m x 5m (X,Y,Z). · Three domains were modelled and estimated. 1) Zones of intense ductile deformation logged through the deposit as foliation intensity; as a means to map out the primary extent of a mineralising shear zone (Shear Zone Domain) 2) A sub-domain within the Shear Zone Domain, which is statistically defined to be a sub-population of "high-grade" data, which uses a 0.7g/t Au interpolant shell with extrapolation to a maximum distance of 150m (High-grade Domain) 3) A wider interpolant, modelling the maximum footprint of mineralisation in all peripheral areas away from the main shear zone; modelled at a 0.1g/t Au model cut-off with a 150m extrapolation (Low-grade Domain). Table below: Kriging ellipse input for all domains: Table below from top to bottom, Low-grade domain, High-grade domain and wider Shear Zone domain: Summary of Variography inputs used for the High Grade Domain: Summary of Variography inputs used for the Low Grade Domain: Summary of Variography inputs used for the Shear Zone Domain: DOKWE CENTRAL · An IDW2, Inverse Distance estimation, was used for Dokwe Central, as this was deemed most appropriate for the nature of the deposit, and statistical outputs An Ordinary Kriging estimate was also completed as a means to check the IDW2 estimation. This produced similar grades and tonnages to the IDW2 method. However, suitable variograms were not defined. · In summary, the various validations and reconciliation techniques demonstrate that the block model estimates show a good correlation between various interpolation methods and with the informing composites. Furthermore, the estimation quality and conditional bias parameters appear to indicate that the estimation technique has provided an acceptable estimate without excessive smoothing. · An orthogonal non-rotated block model was established using block sizes determined to be optimal for the dataset (30m collar spacing) and wireframe geometry. For Dokwe Central this was 10m x 10m x 5m (X,Y,Z).
Moisture	· Whether the tonnages are estimated on a dry basis or with natural moisture, and the method of determination of the moisture content.	· The density is based on water displacement measurements which give the dry rock mass.
Cut-off parameters	· The basis of the adopted cut-off grade(s) or quality parameters applied.	· Using the mining factors refined from the 2022 pre-feasibility study on Dokwe, the actual cut-off grade that was determined was 0.26g/t Au. However, the CP have opted for a higher cut-off grade of 0.6g/t Au for the Mineral Resource cut-off grade.
Mining factors or assumptions	· Assumptions made regarding possible mining methods, minimum mining dimensions and internal (or, if applicable, external) mining dilution. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential mining methods, but the assumptions made regarding mining methods and parameters when estimating Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the mining assumptions made.	· Table below: Optimisation inputs used for the 2024/2025 MRE work for Dokwe North and Dokwe Central: DOKWE NORTH · Measured, Indicated and Inferred Mineral Resources have been stated within a revised 2025 optimisation resource pit shell based on a $2750 gold price. DOKWE CENTRAL · The Mineral Resource has been declared both within a resource open pit shell and no pit shell. The pit shell is a preliminary optimisation carried out in 2022 by Axe Valley Mining Consultants Limited. · Work was completed post-resource update to review the optimisation outputs based on a revised gold oz price ($2,000/oz and $2,500/oz).
Metallurgical factors or assumptions	· The basis for assumptions or predictions regarding metallurgical amenability. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider potential metallurgical methods, but the assumptions regarding metallurgical treatment processes and parameters made when reporting Mineral Resources may not always be rigorous. Where this is the case, this should be reported with an explanation of the basis of the metallurgical assumptions made.	DOKWE NORTH · The processing of oxide material is envisaged to be done using conventional CIL processing as limited preg-robbing properties were identified. The transitional and sulphide material will likely be processed through flotation with high-intensity leaching (CIP) of the flotation concentrate. · The table below shows the metal recoveries determined from metallurgical test work. In summary, of the total gold content, 25.9% is recovered by gravity, with 61.35% by flotation and intense leach - giving a total recovery of 87.35%. Table Below: Dokwe North MRE in 2025 optimisation pit (at $2750 gold price), by oxidation state of mineralisation based on detailed drill core logging. Reporting at a 0.3g/t Au cut-off. DOKWE CENTRAL · Detailed metallurgical testwork has not been completed on Dokwe Central but some samples were included in early composites. There are no indications that gold recovery will be problematic, particularly following the results of the detectORE^TM analysis undertaken on the due diligence drilling core. · Oxide and Transitional components of the sulphide zone dominant Dokwe Central mineralisation have been defined and make up a small proportion of the mineralisation. Since Dokwe Central will be processed alongside Dokwe North, it is assumed processing of oxide material will be done using conventional CIL processing. The transitional and sulphide material will likely be processed through flotation with high-intensity leaching (CIP) of the flotation concentrate. Table Below: Dokwe Central MRE in 2025 optimisation pit (at US$2750/oz gold price), by oxidation state of mineralisation based on detailed drill core logging. Reported at a 0.3g/t Au cut-off.
Environmental factors or assumptions	· Assumptions made regarding possible waste and process residue disposal options. It is always necessary as part of the process of determining reasonable prospects for eventual economic extraction to consider the potential environmental impacts of the mining and processing operation. While at this stage the determination of potential environmental impacts, particularly for a greenfields project, may not always be well advanced, the status of early consideration of these potential environmental impacts should be reported. Where these aspects have not been considered this should be reported with an explanation of the environmental assumptions made.	· No environmental factors or assumptions were applied to this Mineral Resource Estimation.
Bulk density	· Whether assumed or determined. If assumed, the basis for the assumptions. If determined, the method used, whether wet or dry, the frequency of the measurements, the nature, size and representativeness of the samples. · The bulk density for bulk material must have been measured by methods that adequately account for void spaces (vugs, porosity, etc), moisture and differences between rock and alteration zones within the deposit. · Discuss assumptions for bulk density estimates used in the evaluation process of the different materials.	· Specific gravity measurements have been collected during the resource drilling at Dokwe. A programme of sampling across strike on 3 lines was undertaken on the pre-2019 drilling resulting in 100 density measurements. During the 2019 drilling campaign, 6 drillholes on 6 lines in the south-eastern portion of the project were sampled for density in a much more comprehensive programme, with 327 measurements being taken. · On average, 18cm core samples were measured. The samples were weighed in the air, and then weighed in water, the SG was calculated, by dividing the weight of the sample in the air by the weight of the sample in the water. Samples were sealed with grease to prevent water ingress and ensure that they any porosity was taken into account. The table below presents average SG for different oxidation type. · A Specific Gravity ("SG") estimation model was established for Dokwe North. 475 SG readings from 22 drillholes were coded into the final block model. This data includes 158 verification samples taken by Ariana during the company's due diligence review. Average SG measurements across Dokwe North range from 2.71g/cm³ in the oxide zone, 2.76g/cm³ in the transitional zone to 2.81g/cm³ in the sulphide zone. · No historical SG data exists for Dokwe Central. However, Ariana acquired 92 measurements through the deposit profile from two drill holes completed during its 2023 due diligence drilling programme. The average SG for these 92 measurements is 2.69g/cm³. This was applied to the Dokwe Central model as a representative flat rate.
Classification	· The basis for the classification of the Mineral Resources into varying confidence categories. · Whether appropriate account has been taken of all relevant factors (ie relative confidence in tonnage/grade estimations, reliability of input data, confidence in continuity of geology and metal values, quality, quantity and distribution of the data). · Whether the result appropriately reflects the Competent Person's view of the deposit.	DOKWE NORTH · The Mineral Resource is classified and reported in accordance with the 2012 JORC Code as Measured, Indicated, and Inferred. The classification is determined based on kriging efficiency and distance from drilling. These are given in more detail under the section "Estimation and modelling techniques". · Measured Mineral Resources have been defined using a search pass ellipse with a search diameter of 30mx15mx10m, as well as a review of kriging efficiency and slope of regression statistics. From this, a volume was built to capture the most appropriate volume for the highest confidence-spaced data. · Indicated Mineral Resources have been defined using a search pass ellipse with a search diameter of 60mx30mx20m, as well as a review of kriging efficiency and slope of regression statistics. From this, a volume was built to capture the most appropriate volume for the next highest confidence-spaced data. · Inferred Mineral Resources have been defined using a search pass ellipse with a search diameter of 180mx60mx40m, as well as a review of kriging efficiency and slope of regression statistics. From this, the remaining available volume within the mineralisation model was filled to maximise the expanse of mineralisation extrapolation to a maximum distance of 180m. DOKWE CENTRAL · The Mineral Resource is classified and reported in accordance with the 2012 JORC Code as Measured, Indicated and Inferred. The classification is determined based on search pass spacing, with increasing confidence with proximity to drill holes. These are given in more detail under section "Estimation and modelling techniques". · Measured Mineral Resources have not been defined. · Indicated Mineral Resources have been defined by Pass 1 (up to 10m x 20m x 40m). · Inferred Mineral Resources have been defined in areas beyond the Indicated search radius to the limits of the resource wireframes in Pass 2 (up to 20m x 40m x 80m).
Audits or reviews	· The results of any audits or reviews of Mineral Resource estimates.	· Internal reviews of the Mineral Resource estimate were completed.
Discussion of relative accuracy/ confidence	· Where appropriate a statement of the relative accuracy and confidence level in the Mineral Resource estimate using an approach or procedure deemed appropriate by the Competent Person. For example, the application of statistical or geostatistical procedures to quantify the relative accuracy of the resource within stated confidence limits, or, if such an approach is not deemed appropriate, a qualitative discussion of the factors that could affect the relative accuracy and confidence of the estimate. · The statement should specify whether it relates to global or local estimates, and, if local, state the relevant tonnages, which should be relevant to technical and economic evaluation. Documentation should include assumptions made and the procedures used. · These statements of relative accuracy and confidence of the estimate should be compared with production data, where available.	· Several data-model reconciliations were performed. Firstly, a visual inspection of drillhole composite values with respect to the estimated block model was completed. Visually there is a good correlation between the estimated ordinary kriging gold values and the composite gold values, and the raw assay data. · Basic statistics have been compiled comparing the model estimates and composites. · In summary, the various validations and reconciliation techniques demonstrate that the block model estimates show a good correlation between various interpolation methods and with the informing composites. Furthermore, the estimation quality and conditional bias parameters appear to indicate that the estimation technique has provided an acceptable estimate without excessive smoothing. · Overall wider block distribution accuracy is considered acceptable as evidenced by direct drillhole verses block model checks, ensuring acceptable localised accuracy. · Accuracy of the estimate relative to production data cannot be ascertained at this point as there is production.

NOTE: Section 4 isn't provided here as no ore reserves are being reported. Section 5 is not relevant to this work as there is no estimation or reporting of diamonds or other gemstones in this project.

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DRLDLLFLELLXFBB

TIDM	AAU
Share Price	1.57p-6.25%
Market Cap	£41.70m

Date	23 Dec 2025
Time	07:00:03
Category	Corporate updates
ID	5566M

TIDM	AAU
Share Price	1.57p-6.25%
Market Cap	£41.70m

Date	23 Dec 2025
Time	07:00:03
Category	Corporate updates
ID	5566M

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Initial Drilling Results - Dokwe Gold Project