Significant Enhancement of the Dokwe Gold Project

Ariana Resources plc ("Ariana" or "the Company"), the AIM-listed mineral exploration and development company with gold project interests in Africa and Europe, is pleased to announce an updated economic model and Strategic Options Study for the 100% owned Dokwe Gold Project ("Dokwe" or "the Project") in Zimbabwe.

Highlights:

• Revised Dokwe North Pre-Feasibility Study ("PFS") economic model on Reserves at a gold price of US$2,750/oz provides:
• Net Present Value ("NPV10") of US$354 million
• Internal Rate of Return ("IRR") of 75%*

At the time of acquisition in 2024, the NPV10 and IRR amounted to US$69 million and 24% respectively.

• Up to 76,000 ounces p.a. from a single, staged, open-pit with processing primarily via Carbon-in-Leach.
• Expected payback period is 1.8 years from the start of production at an estimated all-in sustaining cost ("AISC") of US$1,144 per ounce.
• Dokwe Central resource is not included in the revised model and provides for additional upside.
• Whittle Consulting and Auralia Mining Consulting engaged in a Strategic Options Study to examine the optimal mining and processing scenarios for the development of Dokwe North and Central.
• Annual production of up to 100,000 ounces of gold over 10-year Life of Mine targeted for the Definitive Feasibility Study ("DFS").
• Kerim Sener, Managing Director, commented:

"Over the past 12 months we have been making excellent headway with our understanding of the Dokwe Project, its current value to our business and its significant upside potential. In that time, the gold price has advanced from about US$2,300 to US$3,300/oz, prompting several revisions to fundamental project inputs. Accordingly, we have determined that now is an opportune moment to re-run our financial model for Dokwe North (excluding Central) based on the 2024 PFS update, announced in May 2024, which used a gold price of US$2,000/oz. The results speak for themselves, underscoring the significant value of the Dokwe asset to the Company and spurring further impetus for our project development work.

"Meanwhile we are continuing to make substantial progress towards our DFS for Dokwe. In addition to the work completed recently on a revised geological model and consequent Mineral Resource Estimate, which outlined 23Mt at 1.5g/t Au for 1.1 million ounces (all categories at a cut-off of 0.6g/t Au) within pit-shells optimised at US$2,750/oz across Dokwe North and Central, we have been investigating opportunities to further enhance the project beyond what was envisaged in the PFS. Most significantly, work towards better characterisation of the ore types through the deposit is providing important insights into metallurgical performance, influencing and potentially improving our processing flow-sheet.

"Most recently we have been working with Whittle Consulting and Auralia Mining Consulting in Australia towards a Strategic Options Study for the Dokwe Project. This work has highlighted several opportunities to further enhance the value of the project through modified mining and processing approaches and schedules. In particular, we are exploring the optimal sequence of mining across Dokwe North and Central, the potential for enhancing the mining and processing rate and the effects of compressing mine life. This integrated approach suggests that we will achieve our objective of producing up to 100,000 ounces of gold per annum over at least 10 years from Dokwe.

"We are starting to put together detailed mining and processing information for the DFS and have approached various local mining contractors for current mining cost estimates and indications of fleet options and availability. We are also engaging with Proccea Construction Co., one of our partners in Türkiye and shareholder of Ariana, to provide process flow-sheets, plant design and capital cost-estimates for the DFS once new metallurgical data becomes available."

* For the purposes of this update, the gold price was increased and South African CPI and exchange rate changes reviewed but the pits were not re-optimised and quotes for individual CAPEX and OPEX components were not revised.

PFS Mineral Resources and Ore Reserves (2022)

Since 2004, the Project has undergone ten phases of drilling involving over 42,000 metres (of which c.38,000m is at Dokwe North and Central), three Mineral Resource Estimates, and several geotechnical and metallurgical studies. In March 2022, Minxcon (Pty) Ltd in South Africa (Minxcon) produced a Pre-feasibility Study based on their estimate of a JORC 2012 classified in-pit resource of 35.7Mt at 1.05g/t Au for 1.2 million ounces of gold at Dokwe North. Dokwe Central was not included in this estimate as it had not been estimated in accordance with JORC 2012 at that time. This resulted in an estimated Proven and Probable JORC 2012 Ore Reserve comprising 18.25Mt at 1.36g/t Au for 795,800 ounces of gold for Dokwe North based on a gold price of US$1,650 per ounce (Table 1), which is used as the basis of the revised economic model.

Table 1: Mineral Reserves for Dokwe North as at 1 March 2022. The Mineral Reserve includes diluted Measured and Indicated Mineral Resources only. Ore Reserve estimate is stated as dry metric tonnes, with 5% ore losses and 5% mining dilution applied, completed using a gold price of US$1,650/oz over the Life of Mine. Figures may not sum due to rounding applied.

Dokwe Site Plan

A potential site plan has been envisaged for the Dokwe Project as part of the Strategic Options Study, with a ROM pad, a low-grade stockpile, a tailings storage facility and two waste rock dumps (Figure 1). The infrastructure is planned to be located in an area between the two deposits, which has been assessed as most suitable from a geological, engineering and cost perspective. Potential resource extensions along strike from Dokwe North and Dokwe Central constrain the placement of the planned infrastructure and have been taken into account.

Figure 1: Dokwe site plan as envisaged for the Strategic Options Study and which will form the basis of the ongoing Definitive Feasibility Study. The Dokwe North and Central orebodies are shown in red, sitting within the US$2,750/oz Au pit shells.

Economic Model Review

The model which has been used as the basis for testing the effect of various gold prices is a post-tax model, assuming a c.25% tax rate. The model also includes a 5% government royalty. Based on the 795,454oz Au in Reserves (post dilution and mining recovery adjustments), a mine life of 13 years is envisaged.

OPEX and CAPEX have not been adjusted since the PFS, for which the gold price was updated in May 2024. Work is currently underway with Whittle Consulting and Auralia Mining Consulting in Australia towards a Strategic Options Study for the Dokwe Project. This work has highlighted several opportunities to further enhance the value of the project through modified mining and processing approaches and schedules. The current economic model relates the parameters as set out in the PFS.

The PFS outlined a plan to develop the project as an open pit mining operation producing 1.5Mt of ore per annum from a single pit, at a stripping ratio of 5:1. The mine is envisaged to be contractor-operated with an owner's management team. The pit development is staged, prioritising high-grade ore. Ore will be processed at a treatment plant to be constructed on-site with a treatment capacity of 125,000tpm, allowing for production of c.60,000 ounces per annum (up to 76,000 ounces p.a.). Both Carbon in Leach ("CIL") and Heap Leach ("HL") treatment methods were considered viable for the purposes of the PFS, demonstrating similar

economics.

The PFS economic model has been updated with a range of gold prices as shown in Table 2 and provides for a mine life of 13 years at a post-tax NPV10 of US$354 million and an IRR of 75% at a gold price of US$2,750/oz. This is based on a CIL processing route. As the model currently stands, the break-even gold price is US$1,329/oz.

To fund the Project, a capital investment of US$82 million (peak funding requirement) is required, assuming implementation of the full mining and processing plan from mine start-up,

rather than a potential scaled and staged approach to capital investment. At a gold price of US$2,750, the expected payback period for the Project is 1.8 years from the start of production. Sensitivity analyses indicate that the Project is most affected by changes in grade and gold price, while it is least sensitive to capital requirements.

Table 2: Comparison table showing the effect of changing gold price on the post-tax economic model for Dokwe North at different post-tax NPVs in US$ millions. The quoted case (US$2,750/oz gold price) is shown in bold italic font.

Dokwe Project: General Information

The Dokwe gold deposits are located 110km west of Bulawayo, within the western continuation of the Bulawayo-Bubi Greenstone Belt (Figure 2), where the basement rocks hosting the deposits are overlain by 25-40m of Karoo and Kalahari sedimentary units.

Figure 2: Aeromagnetic image showing the location of the Dokwe Project, and large gold mines and deposit clusters in the Bulawayo-Bubi Greenstone Belt.

The Dokwe North deposit (Figure 3) consists of a sequence of Archaean intermediate to felsic volcanic rocks, interbedded with layers of agglomerate and tuff. A quartz-feldspar porphyry 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 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 where they interact with the shear zone, with the principal host rocks being dacite, tuff and porphyry. Coarse visible gold is a characteristic feature of this deposit, with higher-grade zones developing along discrete shear zones.

Dokwe Central (Figure 3) 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. The extent of gold mineralisation at the two deposits is defined by 141 diamond drill holes and 57 percussion and RC drill holes across both resource areas. For Dokwe North, the total metres drilled is 32,686m (116 holes) and for Dokwe Central, 5,271m (25 holes), for a combined total of 37,957m of 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.

Figure 3: Summary map of Dokwe North and Central showing the outline of the designed PFS pit for Dokwe North and the optimised pit, not included in the PFS, for Dokwe Central (both in yellow). The 2024 optimisation pits are based on Measured and Indicated Resources only, and are shown in blue. For Dokwe Central a "Best Case" pit is shown in red, and represents an optimisation run including Inferred Resources. Less than 1,000 metres of drilling is required to test and re-classify the Inferred resources at Dokwe Central. The 2024 MRE domain outlines are shaded in pink. Ariana's 2023-2024 due diligence drilling collars are also shown in magenta.

Editors' Note:

The information in this report that relates to Exploration Results is based upon information compiled by Ruth Woodcock, Exploration Group Leader, Ariana Resources plc. Ruth 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.

"k" thousand

"km" Kilometres;

"m" Metres;

"MRE" Mineral Resource Estimate;

"M" million

"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 Proven Ore Reserve;

"Proven Ore Reserve" is the economically mineable part of a Measured Mineral Resource. A Proven 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;

Ends.