Ariana Resources plc

Description

Ariana Resources plc is a gold company dual-listed on AIM (AAU) and the ASX (AA2) that is shifting from a Turkish producer to a Zimbabwe-focused developer. Its flagship is the 100%-owned Dokwe Gold Project, where a May 2026 pre-feasibility study reports a 1.13 Moz ore reserve. The study shows a post-tax NPV10 of US$740 million, a 92% IRR, initial capex of US$164 million and AISC of US$1,995/oz at US$4,250/oz gold.

Planned production is about 80,000 oz per year over a 12-year open-pit phase, followed by stockpile processing, and a definitive feasibility study is due in Q1 2027. Ariana holds a 9.9% stake in Zenit Madencilik, operator of the Tavşan mine in Türkiye, after selling 13.6% for US$19.5 million in May 2026. It also plans to sell its interest in the separated Kiziltepe entity to Proccea Construction.

Weakness

List of projects

1. Dokwe Gold Project (Flagship) — 100%-owned, Zimbabwe; PFS ore reserve 1.13 Moz Au; metals: Gold.
2. Zenit Madencilik interest (Tavşan mine and Salinbas project) — 9.9%, Türkiye; metals: Gold.
3. Kiziltepe entity interest — 9.9%, Türkiye, sale to Proccea Construction pending; metals: Gold.
4. Western Tethyan Resources and Venus Minerals — equity investments, South-East Europe; metals: Gold.

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