26 May 2026

AIM: AAU

ASX: AA2

Optimised Dokwe Gold Project PFS Yields Excellent Metrics

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 report the completion of a revised Pre-feasibility Study ("PFS") for the 100%-owned Dokwe Gold Project ("Dokwe") in Zimbabwe.

Highlights:

o  Long-life, low capital cost, high margin gold production occurring in two phases: 12-year initial open-pit Life of Mine ("LoM") phase at c.80,000oz p.a. and 8-year stockpile processing phase at c.20,000oz p.a. for total Life of Project ("LoP") production of 1.06Moz and peak production of 100,000oz p.a.¹

o  Ore Reserve increased by c.42% to 1.13Moz of gold at Dokwe North, comprising the following Proved and Probable categories, at a 0.2 g/t Au cut-off (Table 4 below):

§ High Grade: 11.0Mt @ 1.91 g/t Au (for 674,300 oz Au)

§ Medium Grade: 16.3Mt @ 0.57 g/t Au (for 297,700 oz Au)

§ Low Grade: 18.6Mt @ 0.27 g/t Au (for 163,200 oz Au)

o  Mineral Resource Estimate increased by 13% to 1.6Moz of gold at Dokwe North and Dokwe Central, at a 0.2 g/t Au cut-off (Table 1 below).

o  Pre-tax LoP NPV₁₀ of US$1,056m (A$1,509m), post-tax NPV₁₀ of US$740m (A$1,057m), approximate 1-year payback period from commissioning and 92% IRR at a US$4,250/oz gold price; total EBITDA of US$1,993m.

o  Low average strip ratio of 3.7, LoM C1 (operating) cost of US$1,685/oz², and low total pre-production CAPEX of US$164m.

o  Production schedule based on a maximum 2.5Mtpa plant throughput and a high-grading production strategy, reflecting the Strategic Optimisation Study ("SOS") undertaken by Whittle Consulting in 2025.

o  Production schedule includes 1.8Mt @1.38 g/t Au of Indicated Resources from Dokwe Central, accessible via open-pit but not yet converted to Ore Reserve³.

o  Dokwe sits within granted mining claims, which are wholly-owned by a subsidiary of Ariana, providing an uninhibited pathway to production.

o   Ariana remains well-funded with pro-forma cash and investments of A$53M and no debt.⁴

o  The completion of this revised PFS, together with the advanced stage of the metallurgical and geotechnical drilling underway, are important prerequisites for the work in progress for the Definitive Feasibility Study ("DFS").

1.     Mill recovered ounces from mining activity.

2.     C1 costs include mining, processing and G&A OPEX (mine site costs) during the LoM mining and processing phase. Mining and energy cost assumptions are based on indicative commercial terms to a PFS level of accuracy, which involved a scaling of mining fleet requirements from the 1.5Mtpa case to the 2.5Mtpa case. The C1 costs plus sustaining and growth capital costs, in addition to royalties/refining costs (off-site costs), provide an AISC of US$1,995/oz.

3.     As demonstrated from pit optimisation undertaken on the same basis as Dokwe North and representing less than 4% of LoP process feed tonnes, which are only mined and processed beyond expected payback period.  Additional geotechnical and metallurgical data is required to complete a conversion to Ore Reserves.

4.     Including the implied value of the remaining 9.9% interest in Zenit based on the recent sale of 13.6% interest and excluding 76% interest in Western Tethyan Resources Ltd, 61% of Venus Minerals Ltd and other minority interests.

Dr. Kerim Sener, Managing Director, commented:

"This is a major milestone for the Company as it progresses its DFS, which is due for delivery in Q1 2027. With the total ore reserve significantly increasing by 42% to 1.13Moz, this is a genuinely outstanding result and sets the scene for a significantly expanded mining and processing rate, which yields an NPV₁₀ in excess of US$1bn.

"The PFS update brings together a revised Mineral Resource Estimate, the SOS completed with Whittle Consulting in 2025 and an update to project input parameters enabling an increase to our Ore Reserves at Dokwe North. 

"The results provide further impetus to test other strategic opportunities identified in the SOS as we progress Dokwe into production. In particular, refinements to the mining fleet configuration and processing route may further improve the NPV and will be examined further in our ongoing studies. The Company is already ahead of schedule with its three-rig c.3,700m diamond drilling programme at Dokwe, supported by the Xinhai Mining Group, to provide additional geotechnical and metallurgical data for the DFS.

"There are immediate opportunities to further increase Ore Reserves through the conversion of Resources at Dokwe Central and recently reported extensions to Dokwe North and Dokwe Central identified in recent RC drilling. Geotechnical drilling and the metallurgical testwork programme for the DFS are expected to lead to further improvements to the Ore Reserves during H2 2026."

Summary of Pre-Feasibility Report

The Dokwe Gold Project consists of the Dokwe North and Dokwe Central deposits and is located approximately 110km west-northwest of Bulawayo, Zimbabwe.

The objective of this PFS revision was to revise the Resources last announced in March 2025, review the 2022 Minxcon PFS and update to a process feed rate of 2.5Mtpa (from 1.5Mtpa in the original PFS), as recommended from a Strategic Optimisation Study carried out by Whittle Consulting in 2025. This revision to the PFS also reports an updated Ore Reserve, key financial outputs and updated processing and operating costs estimated by Xinhai Mining Group.

This PFS was undertaken by Auralia Mining Consulting Pty Ltd (Auralia), which commenced in March 2026 and comprised a review of existing technical work and operating inputs and the acquisition of new data, to form the basis of new pit optimisation and designs, production scheduling and cashflow modelling.

Mineral Resource Estimate

The Dokwe North and Central Resource models provided by Ariana, which were announced in accordance with JORC (2012) as a Mineral Resource Estimate on 4 March 2025 (and to the AIM on 8 September 2025), were updated to reflect the increase in the gold price. Table 1 shows the updated 2026 MRE, reported at a cut-off grade of 0.2g/t Au within a pit shell generated using a US$5,000/oz gold price to demonstrate Reasonable Prospects for Eventual Economic Extraction.

Table 1: Dokwe Mineral Resource Estimate

Notes:
The Dokwe Mineral Resource Estimate is reported within a Dokwe North pit-shell optimised at US$5,000/oz Au. The Mineral Resource Estimate is reported in accordance with the JORC (2012) Code, using a cut-off grade of 0.2g/t Au. Errors may be present due to rounding. The Dokwe Mineral Resource Estimate is inclusive of Reserves. Figures presented above are both gross and net attributable to Ariana, via its subsidiary Canister Resources (Pvt) Ltd in Zimbabwe. This Mineral Resource Estimate was prepared by Ruth Woodcock, 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.

Processing

Processing capital and operating costs have been re-estimated by the Xinhai Mining Group using the 2022 PFS design criteria, with modifications for an increase in throughput from 1.5Mtpa to 2.5Mtpa, the exclusion of a heap leach process and the use of traditional wet disposal of process tailings.

Geotechnical

A geotechnical stable slope design study was completed by Open House Management Solutions for Dokwe North in 2021. The study and corresponding report are of a level of detail suitable for use in this PFS.

Mining Costs

Updated mining costs were obtained through a request for quotation ("RFQ") process carried out by Auralia in 2025, whereby mining contractors operating in southern Africa were approached to provide full costs for a contract mine operation. The mining and energy cost assumptions are based on indicative commercial terms to a PFS level of accuracy, which involved a scaling of mining fleet requirements from the 1.5Mtpa case to the 2.5Mtpa case.  It is expected that improvements can be made to the mining cost with appropriate fleet selection at the DFS stage.

Strategic Optimisation Study

Whittle Consulting carried out a Strategic Options Study in 2025 for the Dokwe Project. The objective was to generate a view of the scale and economic potential of the project based on the most significant strategic optimisation mechanisms to the 2025 MRE. The intended result was a significant upgrade in the project economics and a clearer view of the preferred development path.

The conclusion of the SOS was to set a processing limit of 2.5Mtpa and a mining capacity of 30-35Mt/y. By providing sufficient mining capacity and utilising long-term stockpiling, it is possible to raise the cut-off grade in early years and retime lower-grade ore to later in the plant life. The SOS also considered the optimal positioning of mine infrastructure (Figure 1).

Figure 1: Dokwe Gold Project preliminary surface layout

Pit Optimisation and Design

The industry benchmark Geovia Whittle open pit optimisation software was used to run base case optimisations for Dokwe North and Central using a gold price of US$4,000/oz and inputs generated through work for this PFS or using the 2022 PFS inputs where still relevant (Figures 2 and 3).

The 2025 SOS indicated that 2.5Mtpa was an optimal target and that using elevated cut-offs for process feed material would 'significantly shorten mining life, but at significant NPV upside'. As such, further optimisations were undertaken using elevated cut-offs and stockpiles to determine a cut-off that maximises discounted cashflow.

The results of the optimisations indicate that operating with an elevated cut-off would not only increase the head grade, but in doing so improve the discounted cashflow. A range of cut-offs were tested and a 0.6 g/t Au cut-off run returned the highest discounted cashflow. Given the 0.6 g/t Au cut-off total pit size was close to the base case pit shell, and it was determined that the base case optimisation shell would form the basis of the pit design, with elevated cut-offs applied in the scheduling process.

To allow faster access to ore and defer waste stripping to later in the mine life, it is necessary to mine Dokwe North in four stages (Figure 4). Dokwe Central is to be mined as a single-stage pit.

Figure 2: Dokwe North RF1 pit shell with grade distribution (left) and resource classification (right).

Figure 3: Dokwe Central RF1 pit shell with grade distribution (left) and resource classification (right).

Figure 4: Dokwe North all stages plan view (top) and long-section (north-east to south-west) view (bottom).

Production Schedule

The nameplate capacity of the processing plant is 2.5Mtpa (625kt/qtr) with the mining rate varying from 36Mtpa for the first three quarters, 30Mtpa for a further nine quarters, reducing to 18Mtpa (Figure 5).

The Dokwe production schedule includes 1.8Mt @ 1.38g/t Au of mineralised material from Dokwe Central, accessible via open-pit mining, which has not been converted to Ore Reserve. It is expected that conversion to Ore Reserve is possible once sufficient geotechnical and metallurgical data is obtained.  

Figure 5: Quarterly mining schedule by pit stage. Dokwe North (DN) stages 1 to 4 and Dokwe Central (DC) stage 1.

Mined material was separated into different categories based on grade, weathering and resource classification (Table 2). All 'unclassified' material was considered waste, as was all material with an in-situ gold grade less than 0.2g/t (the calculated economic cut-off grade, rounded to one decimal place and applied to all weathering types). Inferred material greater than or equal to 0.2g/t Au in-situ was grouped without further delineation between grade. For both Measured and Indicated mineral resources, ore was separated by in-situ grade into three grade bins, low-grade (LG, 0.2-0.5g/t Au), medium-grade (MG, 0.5-1.0g/t Au) and high-grade (HG, >=1.0g/t Au).

Table 2: Material classification of Mineral Resources (0.2 g/t Au to >1 g/t Au: Measured and Indicated) by grade for scheduling.

Annual mining by material classification is shown in Figure 6, with Year 0 representing the pre-production mining period prior to the commencement of commissioning of the process plant.

Figure 6: Annual mining schedule by material classification, including Ore Reserves, diluted Inferred resources and waste.

High-grade and medium-grade ore will be preferentially processed with low-grade ore stockpiled on a long-term stockpile and processed once high-grade ("HG") and medium-grade ("MG") ore stocks are exhausted, which is almost coincident with completion of the approximate 12-year mining operations. Low-grade ("LG") ore will extend the processing life by approximately eight years (Figure 7). None of the Inferred material has been included in the processing schedule.

Figure 7: Annual processing schedule by grade classification.  None of the Inferred material has been included in the processing schedule.

Ore mined from Dokwe Central is included in the processing schedule despite not being reported as Ore Reserves. Dokwe Central is likely to be included in the Ore Reserve Estimate once appropriate metallurgical and geotechnical studies have been completed. Mining and processing of Dokwe Central has been scheduled to occur well beyond the expected payback period to limit the impact on the financial analysis.

Cashflow Analysis

Capital costs for site establishment and construction have been estimated at US$117.4m, with a further US$46.5m for pre-production mining expenses to be capitalised for a peak funding requirement of US$163.9m. Sustaining capital costs of US$33.1m are to be expensed over the approximate 20-year mine life.

Life of Project operating costs for the project were calculated to be US$890.5m for mining operations, US$1,027.3m for processing operations, US$152.6m for general and administration costs and US$301.5m for refining and royalties. Mining and G&A costs are inclusive of capitalised pre-production expenses.

Gross gold sales over the LoP total US$4,515.9m, resulting in an overall cashflow of US$1,993.5m, generating a Pre-Tax Net Present Value ("NPV") of US$1,056.0m at a discount rate of 10%; post-tax NPV₁₀ of US$740m (A$1,057m). Project payback is expected approximately one year after the commencement of processing operations with an internal rate of return of 92% (Table 3).

Sensitivity analyses indicated that a change to the gold price ±10% has the single greatest impact on the project financials (Figure 8), followed by the discount rate ±2.5% (i.e., 7.5% and 12.5%).

Figure 8: Project sensitivity cyclone chart.

Table 3: Gold price sensitivity in US$500 increments.

The LoM C1 (operating) cost is US$1,685/oz, and the AISC is US$1,995/oz. The C1 costs include mining, processing and G&A OPEX (mine site costs) during the LoM mining and processing phase. The AISC includes mining, processing and G&A OPEX (mine site costs) during the LoM mining and processing phase, plus sustaining and growth capital costs and royalties/refining costs (off-site costs).

Reserve Statement

Measured Resources suitable for inclusion in the Ore Reserve Estimate were classified as Proved Ore Reserves and Indicated Resources suitable for inclusion in the Ore Reserve Estimate were classified as Probable Ore Reserves. Dokwe Central was not included in the Ore Reserve Estimate due to the lack of detail for process recovery and pit wall slope data.

The Ore Reserve Estimate has been reported by grade bin to highlight the elevated grade of the high and medium-grade ore that will be preferentially processed in the first 11 years of the project. Stated Ore Reserves are inclusive of mining dilution and mining recovery factors and reported above an in-situ grade of 0.2g/t Au (Table 4).

Table 4: Dokwe Project Ore Reserve grade differentiation.

Notes

The Dokwe North Ore Reserves are reported within the Dokwe North pit design and include mining dilution and recovery.  The Ore Reserves are reported in accordance with the JORC (2012) Code, using a cut-off grade of 0.2g/t Au, calculated and used to constrain the Ore Reserves, as at 22 May 2026.  Errors may be present due to rounding. Figures presented above are both gross and net attributable to Ariana, via its subsidiary Canister Resources (Pvt) Ltd in Zimbabwe. This Ore Reserve Estimate was prepared by Anthony Keers, a Competent Person who is a Member and Chartered Professional (CP Mining) of The Australasian Institute of Mining and Metallurgy and has sufficient experience that is relevant to the type of deposit and proposed mining method under consideration and to the activity being undertaken to qualify as a Competent Person.

Mineral Resource Estimate - ASX Listing Rule 5.8.1 Requirements

Geology and Interpretation:

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

Dokwe Central is a smaller, higher-grade pipe-like deposit containing abundant quartz veins and several steeply plunging high-grade zones. The Dokwe North and Central deposits are strongly structurally controlled, occupying two distinct structural domains within a broader ENE-trending shear zone. The Dokwe Central geological model includes a second fault zone constraining the resources towards the west.

Previous Resource Estimates:

Since 2004, the Dokwe Project area has undergone many phases of drilling involving over 53,000 metres, three MRE's, and several geotechnical and metallurgical studies. Of this drilling, 48,000m lies within the resource areas and have been included in the Mineral Resource Estimate. Over 40,000 metres of drill core have been analysed with a portable XRF to improve the geological model. This enabled the geology and mineralisation to be modelled utilising geological rather than assay domains, which is considered more appropriate for the style of mineralisation seen at Dokwe. This resulted in a Measured, Indicated and Inferred Resource totalling 1.6 million ounces of gold, across Dokwe North and Dokwe Central, as announced in this release.

This latest iteration of the MRE is constrained by a pit shell optimised at a US$5,000/oz gold price (previous estimate at US$2,750/oz), as shown in Figure 9. The updated resource is reported at a lower cut-off grade of 0.2g/t Au, as the PFS studies have shown this to be economic. The previous resource estimate was reported at a cut-off grade of 0.3g/t Au.

Figure 9: Cross-section through Dokwe North (left) and Dokwe Central (right) showing resource (blue) and reserve (red) pit outlines. The majority of blocks falling between the resource and reserve pits are currently classified as Inferred Resources.

MRE Sampling and Sub-Sampling Techniques:

Diamond drill core was logged from the top to the bottom of the drillhole, including all of the intersections. After logging, the drill core was marked for sampling by a senior geologist. The core was sampled nominally at 1m lengths, 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 retained in the core trays. In most drillholes, the entire core was sampled, apart from the younger sedimentary cover. In later drillholes, only the mineralised portions of the drill core were sampled. During reverse circulation percussion drilling, samples were collected every 1m into a large plastic bag and then split using a riffle splitter to the desired amount for laboratory analysis. Sample representivity was tested by taking field duplicates and internal laboratory duplicates (pulp and coarse). Sample size is in line with international practice and is appropriate to the grain size of the material being sampled.

MRE Drilling Techniques:

The extent of gold mineralisation at the two deposits is defined by 141 diamond drill holes, 57 percussion drill holes and 31 RC holes across both resource areas. For Dokwe North, the total metres included in the MRE is 34,470m (125 holes) and for Dokwe Central, 5,271m (25 holes), for a combined total of 37,957m of drilling (this excludes the 2025-26 RC drilling). Average collar spacing is approximately 50m and 30m in Dokwe North and Dokwe Central, respectively. At both deposits, there are indications that the mineralisation remains open in several directions. The results of the 2025-2026 RC Drilling Programme and ongoing Geotechnical and Metallurgical Drilling Programmes are not included in this resource estimate.

MRE Classification Criteria:

The Dokwe Project MRE (Dokwe North and Dokwe Central) is classified in accordance with the JORC (2012) Code, including Measured, Indicated and Inferred. The style of mineralisation has been identified, the controls on mineralisation are well understood, and measurements and sampling have been completed to a high degree of confidence for the mineralisation present (Further details in JORC Table 1). It is considered reasonable to expect that some of the Inferred Mineral Resources could be re-classified as Indicated Mineral Resources with continued exploration; however, due to the uncertainty of Inferred Mineral Resources, it should not be assumed that such upgrading will always occur. It is also reasonable to expect that portions of the Indicated Mineral Resources could be upgraded to Measured Mineral Resources with some additional infill data. Reporting of tonnages and metal content is based on the application of a 0.2g/t Au reporting cut-off for both Dokwe North and Dokwe Central. Confidence in the MRE is sufficient to allow the results of the application of technical and economic parameters to be used for further planning in a Feasibility Study. However, additional drilling is underway to help support metallurgical and other technical studies. In addition to supporting a Feasibility Study, this revised MRE will assist in the targeting of future exploratory and resource drilling to expand the resource, particularly in areas surrounding the northern and southwestern extents of Dokwe North and the deeper extents of Dokwe Central.

MRE Sample Analysis Method:

All diamond drill core samples used in this Mineral Resource Estimate have been processed at the ISO-credited Antech Laboratory in Zimbabwe. As part of Ariana's normal operational procedures, 10% of samples are duplicated from split core and sent to a second commercial laboratory (ALS Global in Johannesburg), for check assay. All samples were assayed for gold using a 50g fire assay. Reviews of the assay results have determined that all Quality Control and Quality Assurance samples (blanks, standards and duplicates) passed the quality control checks established by the company, with duplicate samples showing excellent correlation. Laboratory sample preparation, assaying procedures and chain of custody are appropriately controlled. The Company maintains an archive of core samples and a photographic record of all cores for future reference.

MRE Estimation Methodology:

Composites of gold grade within each domain were completed using a 1m best fit routine. The application of a "semi-soft" boundary with a 1-4 metre range (depending on the domain) was used in the estimation to allow data points outside (to a maximum distance of 4m) of the domain boundaries to influence the estimation of grade in blocks inside the boundary, realistically influencing the mineralisation domains at both a local and larger scale.

The core of the shear zone was mapped out by relogging multiple holes, paying particular attention to deformation textures and lithological offsets. From this, a central "core" plane was constructed to simulate the zone of maximum ductile deformation within Dokwe North. This was further modelled using rock fabric and lithological contact measurements collected from orientated drill core.

The Dokwe North shear zone has been defined to be approximately 150m wide, after which foliation intensity in the surrounding rocks decreases rapidly along with gold grades. Mineralisation, particularly in the high-grade domain, is not strictly constrained by ductile deformation features, but is significantly influenced by lithological contacts and changes in the characteristics of each rock unit. Therefore, to incorporate this into the modelling, the various geological contacts defined from over 40,000 pXRF readings and logging were coded into the structural model in Leapfrog, for more precise application of estimation search directions.

Gold grade within each domain was evaluated to identify the effect of higher gold values exceeding 20g/t Au. A closer evaluation of the data showed a reasonable clustering of higher-grade data exceeding 0.7g/t Au, which outlines the core of a major shear zone with several smaller parallel shear zones. Therefore, it was decided to sub-domain this population of data from the main shear zone model.

To preserve some of the high grades within the high-grade domain, it was determined that a hybrid method consisting of a 200g/t Au top-cut and an Outlier Restriction should be applied. The 200g/t Au top-cut reduces the outlier high grades to within range of other very high grades. The Outlier Restriction further reduces the bias by constraining the effect of high grades at a distance (approximately 5-10 metres in this case). Values beyond the restricted distance were clamped to 100g/t Au to prevent the excess influence of very high grades. The capping of the other domains was evaluated through variography analysis to support the Ordinary Kriging estimation method, and then it was backed up by an Outlier Restriction.

Variogram modelling for Dokwe North was completed to support the Ordinary Kriging estimation method. Each domain contained a single search pass, extrapolated to a maximum search of 180 metres. Good variograms were achieved for each domain in all ellipse axes. The Coefficient of Variation values within the supporting statistics were reviewed and deemed satisfactory, given the moderate nugget effect of the deposit.

The Dokwe North block model has been rotated to an azimuth of 47 degrees. The model is sub-blocked, using the mineralisation domain boundaries as a sub-blocking trigger. The parent blocks are 10m x 20m x 10m (X,Y,Z), with sub-blocks of 5m x 5m x 5m (X,Y,Z). The Dokwe Central block model is made up of 5m x 5m x 5m blocks, is not sub-blocked and is not rotated.

MRE Cut-off Grade:

The Mineral Resource has been reported at 0.2g/t Au cut-off grade. This cut-off grade has been used to approximate potential marginal mining cut-off grades for open-pit mining methods.

MRE Modifying Factors:

Modifying factors have not been applied to the Resources, but have been studied in detail for the Ore Reserve Estimate. Mining factors such as dilution, ore loss, recoverable resources at selective mining block sizes, etc. have been applied at the reserve estimation stage.

Ore Reserve Estimate - ASX Listing Rule 5.9.1 Requirements

Material Assumptions:

The material assumptions and outcomes from the updated PFS, which support the forecast financial information derived from the production target, are disclosed in the body of this announcement.

Criteria Used for the Classification of Ore Reserves:

Measured Resources suitable for inclusion in the Ore Reserve Estimate were classified as Proved Ore Reserves, and Indicated Resources suitable for inclusion in the Ore Reserve Estimate were classified as Probable Ore Reserves. Dokwe Central was not included in the Ore Reserve Estimate due to the lack of detail for process recovery and pit wall angle data.

Mining Method and Assumptions:

Updated mining costs were obtained through a request for quotation process carried out by Auralia in 2025, whereby mining contractors operating in southern Africa were approached to provide full costs for a contract mine operation.

The RFQ process consisted of a data pack shared with the contractors with schedules based on work completed in March 2025 and the utilisation of both rigid and articulated dump trucks and small to medium class excavators. An indicative site layout was also included, which assumed 2km haul distances to the ROM pad located next to the processing plant from both deposits and waste dumps being located proximally to the deposits. The schedules required contractor unit rate inputs for load and haul, drill and blast, fixed quarterly costs, and site establishment.

Processing Method and Assumptions:

The nameplate capacity of the processing plant is 2.5Mtpa (625kt/qtr) with the mining rate varying from 36Mtpa for the first three quarters, 30Mtpa for a further nine quarters, reducing to 18Mtpa.

High-grade ("HG") and medium-grade ("MG") ore will be preferentially processed, with low-grade ("LG") ore stockpiled on a long-term stockpile and processed once HG and MG ore stocks are exhausted, which is almost coincident with completion of the approximate 12-year mining operations. LG ore will extend the processing life by approximately eight years.

Processing capital and operating costs have been re-estimated by the Xinhai Mining Group using the 2022 PFS design criteria, with modifications for an increase in throughput from 1.5Mtpa to 2.5Mtpa, the exclusion of a heap leach process and the use of traditional wet disposal of process tailings.

Cut-Off Grades:

Mined material was separated into different categories based on grade, weathering and resource classification. All "unclassified" material was considered waste, as was all material with an in-situ gold grade less than 0.2g/t (the calculated economic cut-off grade, rounded to one decimal place and applied to all weathering types). Inferred material greater than or equal to 0.2g/t Au in-situ was grouped without further delineation between grade. For both Measured and Indicated mineral resources, ore was separated by in-situ grade into three grade bins, low-grade (LG, 0.2-0.5g/t Au), medium-grade (MG, 0.5-1.0g/t Au) and high-grade (HG, >=1.0g/t Au). Stated Ore Reserves are inclusive of mining dilution and mining recovery factors and reported above an in-situ grade of 0.2g/t Au. Mining dilution and mining recovery were applied as 5% and 95%, respectively.

Estimation Methodology:

The industry benchmark Geovia Whittle open pit optimisation software was used to run base case optimisations using a gold price of US$4,000/oz and inputs generated through work for this PFS or using the 2022 PFS inputs where still relevant.

Material Modifying Factors:

Material modifying factors have been discussed previously in this document. There are no known environmental, permitting, legal, title, taxation, socio-economic, marketing, political or other factors that will materially affect the Ore Reserve Estimate.

Glossary of Technical Terms

"Au" chemical symbol for gold;

"CIL" Carbon in Leach gold processing;

"g/t" grams per tonne;

"High Grade" In the context of the Dokwe Project, mineralised material which exceeds 1 g/t Au in grade;

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

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

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

"IRR" Internal Rate of Return (IRR) is the discount rate that makes the net present value (NPV) of all cash flows from an investment equal to zero. It represents the expected annualized effective compounded return rate of the investment.

"JORC" Joint Ore Reserves Committee;

"k" thousand

"km" Kilometres;

"LoP" Life of Project, relating to the processing-only phase;

"LoM" Life of Mine, relating to the mining and processing phase;

"Low Grade" In the context of the Dokwe Project, mineralised material which occupies a grade range between 0.2 g/t Au and 0.5 g/t Au in grade;

"m" Metres;

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

"Medium Grade" In the context of the Dokwe Project, mineralised material which occupies a grade range between 0.5 g/t Au and 1 g/t Au in grade;

"MRE" Mineral Resource Estimate;

"M" million;

"Mtpa" Million tonnes per annum;

"NPV" Net Present Value (NPV) is a financial method used to assess the value of an investment by calculating the present value of expected future cash flows and comparing it to the initial investment cost. A positive NPV indicates that the investment is likely to be profitable, while a negative NPV suggests a loss;

"oz" Troy ounces;

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

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

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

"t" tonnes.

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 the Mineral Resource Estimate at the Dokwe Gold Project is 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 information in this announcement that relates to Ore Reserves is based on information compiled by Anthony Keers, a Competent Person who is a Member and Chartered Professional (CP Mining) of The Australasian Institute of Mining and Metallurgy. Anthony Keers is Managing Director of Auralia Mining Consulting. Anthony Keers has sufficient experience that is relevant to the type of deposit and proposed mining method under consideration and to the activity being 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. Mr. Keers consents to the inclusion in this report of the matters based on the information compiled by him, 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 announcements.

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 operations 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.)

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.

Section 4 Estimation and Reporting of Ore Reserves
(Criteria listed in the preceding section also apply to this section.)

NOTE: THIS SECTION IS ONLY RELEVANT FOR DOKWE NORTH.

NOTE: Section 5 is not relevant to this work as there is no estimation or reporting of diamonds or other gemstones in this project.