Ariana Resources Reports US$71.8M Revenue and Strong Drilling Results in Q4 2025

Funding Boost for Dokwe Gold Project

Ariana Resources plc has taken a significant step forward in advancing its flagship Dokwe Gold Project in Zimbabwe by signing a binding definitive agreement with Hongkong Xinhai Mining Services Ltd. The deal provides an immediate injection of A$8 million in equity funding, with up to an additional A$3 million payable in equity to support metallurgical sampling, testwork, and the progression of the Definitive Feasibility Study (DFS) scheduled for later this year. This strategic partnership not only strengthens Ariana’s financial position but also brings technical expertise to the project’s development phase.

Exploration Momentum at Dokwe and Türkiye

The quarter saw Ariana initiate a 26-hole reverse circulation drilling campaign at Dokwe, targeting resource expansion across four priority zones identified through recent soil sampling and data reprocessing. Early results from drill hole DRC9 are encouraging, revealing multiple gold intercepts including a standout 14 metres at 2.17 grams per tonne (g/t) gold, with a high-grade 6-metre section at 4.15 g/t. These findings suggest the South Zone mineralisation remains open and could potentially increase the project’s resource base.

Meanwhile, in Türkiye, Ariana’s 23.5% owned Zenit Mining Operations continued to deliver strong exploration results and production progress. At the Tavşan Gold Mine, a comprehensive diamond drilling programme has completed over 12,000 metres, confirming continuity and extensions of high-grade gold and silver mineralisation. Notable intercepts include 5.10 metres at 7.23 g/t gold plus 3.61 g/t silver and 15.7 metres at 1.51 g/t gold plus 7.82 g/t silver from surface. A revised Mineral Resource Estimate is anticipated in the second quarter of 2026.

Commercial Production Commences at Tavşan

Operationally, the Tavşan Gold Mine marked a key milestone with the commencement of heap-leach processing in early October 2025. The first doré pour, comprising 13.4 kilograms of gold and silver, was produced in December, signalling the start of commercial production on-site. This complements ongoing trucking of high-grade ore to the Kiziltepe CIL plant, optimising gold recovery. Zenit Mining’s combined revenue from Kiziltepe and Tavşan reached a record US$71.8 million in 2025, buoyed by favourable precious metals prices and robust production volumes.

Broader Exploration and Corporate Developments

Beyond Zimbabwe and Türkiye, Ariana maintains active exploration interests in Kosovo and Cyprus through its holdings in Western Tethyan Resources and Venus Minerals Limited. These projects continue to be advanced with technical studies and licence applications underway, supported by strategic alliances including a US$3.3 million commitment from Newmont Mining Corporation.

On the corporate front, Ariana’s strong cash position of approximately A$11 million at year-end provides a solid foundation for ongoing exploration and development activities. A shareholder meeting is scheduled for February 2026 in London to approve further equity tranches and options related to the Xinhai funding agreement, which will be pivotal in sustaining momentum at Dokwe.