14 May 2026

AIM: AAU

Resource Growth Potential Identified Along Strike at Dokwe

Ariana Resources plc (AIM: AAU, ASX: AA2, "Ariana" or "the Company"), the mineral exploration and development company with gold project interests in Africa and Europe, is pleased to announce further positive assay results from its 2025-2026 Reverse Circulation ("RC") drilling programme at its 100% owned Dokwe Gold Project ("Dokwe" or "the Project") in Zimbabwe.

Highlights:

·    All assay results from the 2025-2026 RC drilling programme at the 1.1Moz[1] Dokwe Project have now been received.

·    Gold mineralisation is now confirmed to extend at least 150m beyond the current resource envelope at Dokwe North, remaining open along strike and warranting an update of the Dokwe JORC Resource during H2 2026.

·    Key intercepts from the latest results at Dokwe North include:

o  22m @ 1.49 g/t Au from 111m (DRC29)

o  8m @ 1.20 g/t Au from 65m (DRC31)

o  1m @ 3.77 g/t Au from 101m (DRC30)

·    Such intercepts occur at shallow depths in moderately to strongly oxidised dacite, suggesting the material will be amenable to mining and processing.

·    Extensions to gold mineralisation (including 2m @ 4.67 g/t Au from 174m and 4m @ 1.56 g/t Au from 52m) were also identified at Dokwe Central within zones of strong chlorite-pyrite alteration along strike and across a predicted faulted offset.

·    Initial drilling at the Sinkwe Prospect, 750m east of Dokwe Central, continues to demonstrate potential for shallow gold mineralisation in this area.

·    Follow-up of these RC drilling results with diamond drilling is required to test the continuity and extent of the mineralisation at all three prospect areas.

Dr. Kerim Sener, Managing Director, commented:

"We have successfully confirmed the presence of a significant extension to gold mineralisation to the immediate NE of Dokwe North at a depth of roughly 100m from surface.The gold appears to extend through the unit identified as being one of the most prospective in the area, and the extension of this unit further to the NE bodes well for future resource development.  This mineralisation also occurs in the weathered zone and represents material that would be classified as oxide, making it more amenable to straightforward mining and processing.

"At Dokwe Central, the drilling results have confirmed an extension to the SW of the mineralised zone at depth and along a NW-oriented fault which offsets the mineralisation on the western side by up to 100m to the south. This has confirmed our understanding of the geological controls at Dokwe Central and suggests the potential for further mineralisation across the NW-oriented fault. Importantly, some of this newly identified mineralisation has the potential to extend within the currently planned pit shell and will become the subject of future drill confirmation. Likewise, at the Sinkwe prospect, which suggests that fault offsets may be controlling the distribution of the shallow gold mineralisation encountered in this area.

"We are now focused on the diamond drilling of the Dokwe Project for the purposes of sourcing suitable material for the feasibility study testwork programme and the geotechnical drilling of Dokwe Central. In addition to providing definitive data for the Dokwe feasibility study, this work will also allow for Dokwe Central to be included in our future reserves when a JORC resource review is undertaken later this year."

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

Programme Overview

On 4 November 2025, Ariana announced the initiation of a 26-hole 4,000m RC drilling programme designed to test four target areas within the 100% owned Dokwe Gold Project. On 12 December 2025, Ariana announced an update on the programme and outlined several geological interpretations of holes drilled within the Dokwe Central area. On the 23 December 2025, these interpretations were updated again when the first assay results (DRC9) were announced for Dokwe Central were announced. On 11 March 2026 Ariana announced the first results from Dokwe North.

The programme has now been completed, comprising 5,659 metres of drilling across 31 holes. This release summarises the remaining results from the RC programme, and expands on previous announcements relating to Dokwe North, Dokwe Central, Sinkwe and Dokwe Northeast.  All assays have now been received. 

Significant intercepts:

The results from drillholes DRC1 to DRC8, DRC10 to DRC18, and DRC26 to DRC31 are reported in this announcement, with the significant intercepts set out in Table 1. Key intercepts include the following:

Dokwe North

·    22m @ 1.49 g/t Au from 111m (DRC29)

·    8m @ 1.20 g/t Au from 65m (DRC31)

·    1m @ 3.77 g/t Au from 101m (DRC30)

Dokwe Central

·    2m @ 4.67 g/t Au from 174m (DRC17)

·    4m @ 1.56 g/t Au from 52m (DRC18)

·    1m @ 3.65 g/t Au from 107m (DRC15)

Dokwe North

Gold mineralisation at the +1Moz Dokwe North deposit is situated within a NE-SW trending shear zone characterised by structural and lithological controls resulting in strongly deformed and altered volcanic and volcaniclastic units. The three principal host rocks are dacite, felsic tuff and quartz feldspar porphyry. Gold mineralisation has been shown to be late in the deformation sequence, and is associated with an intense chlorite-sericite foliation, strong silicification, brecciation, and pyrite mineralisation.

Drill holes are typically oriented toward the northwest to intersect the mineralised shear zone approximately perpendicular to its strike, providing representative sampling of the mineralised system. The 2025 - 2026 RC drillholes were primarily designed to test the northeast end of the deposit, which was interpreted to remain open following recognition of a jog in the main shear zone, suggesting deviation into an area with no historical drilling (Figure 4).

The RC drilling reported herein has confirmed the strike continuity of the host lithologies, deformation, silicification, pyritisation and gold mineralisation, which have been demonstrated to continue northeastwards for approximately 150m beyond historical drill holes and the current resource envelope (Figures 2 & 4).

Figure 1: Summary map showing locations of all RC drill holes completed in the 2025-2026 programme.  High-grade outline of the block model is shown (red).

Figure 2: Plan view of the Dokwe North drilling showing key intercepts from the 2025-2026 RC drilling programme and the extension to the block model outline.

 Figure 3: Cross-sections through the Dokwe North deposit highlighting the continuity of mineralisation and the potential to extend the mineralised envelope beyond current limits.

Figure 4: Geological interpretation that led to the discovery of the extension to the Dokwe North mineralisation. This proof of concept has implications for the parallel lodes to follow the same trend.

The RC drilling at Dokwe North has been successful in extending the mineralisation along the main shear zone by at least 150m. Mineralisation remains open along strike and at depth. Parallel lodes that form part of the resource are now interpreted to change their orientation in a similar way, and further drilling is required to confirm this opportunity (Figure 4). Diamond drill holes are being planned to follow up on this promising development.

Dokwe Northeast

Background

The Dokwe Northeast prospect is ~550m northeast of DRC31 reported above. It is the location of a detectORE^TM gold-in-soil anomaly identified by Ariana in 2025 (Figure 5). A 70m vertical RC hole was drilled there in the past, and prior to this programme little was known about the geology or prospectivity.

Results

Five holes were drilled at the prospect for a total of 856m, and a picture emerged of strongly foliated felsic tuff and dolerite, and ferruginous chlorite-sericite schists. The meta-dolerite has a magnetic core, and is reminiscent of a range of differentiated dolerites that are present in many of the great gold bearing Archaean terranes such as the Eastern Goldfields in Australia and the Abitibi Belt in Canada.

Figure 5: Dokwe Northeast soils anomaly and RC locations (DRC1-5) relative to the proposed Dokwe North pit and the Dokwe North RC extension holes reported above (DRC25 & 29-31).

The magnetic core has been an important discovery. Using the regional aeromagnetic data, it appears that the Dokwe North geology can be inferred to continue on the NE side of a significant dextral fault (Figures 6 & 7).

Where it was intercepted in four of the five holes, the dolerite was pervasively foliated, siliceous, brecciated and strongly pyritised, and appeared visually similar to the mineralisation seen in the meta-dolerite-hosted Southern Lode at Dokwe Central. Despite this intense alteration, no significant assays were returned.

However, the presence of the Dokwe North stratigraphy to the southwest of an intensely altered meta-dolerite which is reminiscent of the alteration assemblage associated with gold mineralisation, makes this a highly promising exploration target (Figure 7).

Figure 6: Geological map superimposed on the regional aeromagnetic image highlighting the highly magnetic core in the differentiated dolerite. The location of the detectORE^TM anomaly is shown in outline.

Figure 7: Aeromagnetic image showing the trace of the magnetic high (A) at Dokwe Northeast and its equivalent on the other side of the dextral fault to the north of Dokwe Central. The implication of this is that the geology hosting the Dokwe North deposit is situated just to the southeast of the original target.

Dokwe Central

Background

RC drilling at Dokwe Central was designed to test the potential for mineralisation to continue west of a NW trending fault that was interpreted to truncate the western end of the deposit (Figure 8).

Nine holes (DRC10 - DRC18) were planned with a view to confirming the offset and the westward continuation of mineralisation beyond this fault. One hole (DRC9) was planned to test the continuation of mineralisation to the south of the resource, where it was interpreted that historical drilling had not adequately closed off the mineralisation. The results for DRC9 were previously reported, and all results have now been received and are reported here.

Geology and Mineralisation

Three holes drilled to the north, which confirmed that the volcanic-sedimentary contact has been faulted southwards by ~70m, and the interpreted offset is correctly interpreted. Six holes were then drilled southwards within the volcanic sequence, which is the host of the mineralisation to the east. Broad zones of silicification, containing quartz veins and pyrite mineralisation were observed within meta-dolerite along a strike length of ~100m.

Multiple intercepts >0.5 g/t Au were recorded, with a peak intercept of 2m @ 4.67 g/t Au from 174m in DRC18 (Figure 9).  At Dokwe Central, narrow zones of mineralisation can increase markedly with depth and along strike. This proof of concept is very encouraging, and a methodical follow up programme is warranted to test whether these narrow lodes become more substantial along strike and at depth, particularly given where they fall within the current Dokwe Central pit shell.

Figure 8: RC holes drilled to the west of the fault that offsets the western geology to the south. Multiple intercepts, whils narrow, are proof of concept and further work is warranted to test whether these may increase with depth and along strike.

Figure 9: Cross-sections through the Dokwe Central western continuation confirming that gold mineralisation continues beyond the fault that may have terminated the mineralisation.

Sinkwe

Background

The Sinkwe prospect is located within the Central Shear Zone ~750m east of Dokwe Central. It is of interest owing to a significant intercept defined in historical drilling (DPD4: 7.3m @ 6.63 g/t Au from 32.2m) which has not been adequately followed up.  Three holes were drilled for a total of 386m to test for an extension to this mineralisation.

DRC13 intercepted several narrow zones of siliceous schists with minor pyrite and gold mineralisation, the best intercept being 1m @ 1.36 g/t Au from 50m. This mineralisation appears to be off-set from the intercept in DPD4 (Figure 10).  However, these intercepts at shallow depths confirm the presence of gold mineralisation in the vicinity. The Sinkwe prospect remains poorly understood and sparsely explored, and a follow-up drilling pattern is warranted.

Figure 10: Cross section from Sinkwe, where narrow zones of mineralisation were intercepted. The prospect remains sparsely explored and more work is warranted.

Summary and Conclusions

The RC drilling has identified gold mineralisation beyond the currently defined resources at Dokwe North and Dokwe Central, and indications of shallow gold mineralisation at the Sinkwe Prospect. In each occurrence the mineralisation remains open, and follow up drilling is required. The drilling has provided positive indications that there is scope for additional mineralisation to be indetified beyond the current resources.

The drilling has also enabled Ariana to improve its geological model around the peripheries of the deposits, where there has been little or no historical drilling, and this has resulted in the identification of a significant structural and lithological target to the northeast of Dokwe North.

Future activities are currently being prioritised, including:

·      Test extensions to strike, depth and parallel lodes at Dokwe North

·      Test Dokwe North geological and geophysical target at Dokwe Northeast

·      Follow up intercepts at Dokwe Central and Sinkwe

·      Assess opportunities to expand and upgrade the existing Mineral Resource

·      Further review and revise optimisation parameters

Table 1: Significant intercepts from the 2025-2026 RC Drilling Programme. Cut-off grade of 0.3 g/t Au and maximum consecutive dilution below 0.3 g/t Au of 1m.

Table 2: All new RC drill holes drilled to date, totalling 5,659 m. Coordinates are UTM Zone 35S WGS84. Results in this announcement relate to those holes listed in bold below.

Dokwe Mineral Resource Estimate

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

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.   The Dokwe Mineral Resource Estimate is stated both gross and net attributable to Ariana's 100% interest and is inclusive of Reserves.

Compliance Statements

The information in this announcement relating to Mineral Resources 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 this announcement which relates 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 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:

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 and development 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.

JORC Table 1 - Dokwe

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

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

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.

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.