Quarterly Activities Report Ended 30 June 2026

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 on its activities for the three months ended 30 June 2026 ("the Period").

Highlights:

• Release of Optimised Pre-Feasibility Study ("PFS") for the 100%-owned Dokwe Project, delivering excellent metrics:
• RC drilling at Dokwe identified gold mineralisation beyond the currently defined resources at Dokwe North and Dokwe Central, and indications of shallow gold mineralisation at the Sinkwe Prospect, highlighting further resource potential.
• Metallurgical sampling at Dokwe North and Central and geotechnical drilling at Dokwe Central progressed, with some follow-up exploration drilling undertaken on the eastern flank of Dokwe North (for 1,005m).

o Corporate structure simplified to enhance focus on Dokwe, with the sale of the majority of Ariana's holding in the Zenit Mining Operation, yielding US$17.2m (net of tax) in non-dilutionary funding.

o 9,838 ounces of gold and 28,194 ounces of silver were produced from the Zenit Mining Operations in Türkiye for the six months ending 30 June 2026, with heap-leach operations at Tavşan Gold Mine achieving full operational production capacity towards the end of June.

Kerim Sener, Managing Director, commented:

"We continue to make excellent headway with the Dokwe Feasibility Study and during the period completed an important update to the Pre-feasibility Study which outlined the opportunity for a substantially larger operation providing for 2.5Mtpa throughput. This yielded very favourable economic metrics across the range of gold price sensitivity and provided for a manageable capital cost requirement.

"Meanwhile our drilling programmes, undertaken with three diamond drill rigs, continued and were brought to a close through the period. The drilling undertaken for metallurgical purposes with Xinhai went very well and was completed ahead of schedule. We are now awaiting delivery of the samples obtained from this programme to China for the first round of metallurgical testwork with Xinhai. A single diamond drill rig was retained to complete some additional exploratory drilling on the eastern flank of the Dokwe North deposit, to test some new ideas that emerged from the earlier RC programme.

"Following the completion of the updated PFS, we are very confident about the Dokwe Feasibility Study, and we remain substantially on track for the DFS metallurgical testwork programme. This testwork will provide important new data for the process design and tailings management components of the Feasibility Study. This work is expected to be undertaken partly in China and partly in Australia under the overall guidance of Independent Metallurgical Operations Pty. Ltd., based in Perth.

"In Türkiye, mining and processing operations for Zenit Mining Operations continued primarily at Tavşan while Kiziltepe was wound down during the period. Our interest in Zenit was reduced during the quarter through the sale of a 13.6% stake for US$19.5 million in cash. In the post-period, our 9.9% stake in the Kiziltepe Sector was sold for a further US$3.7 million, leaving Ariana with a remaining 9.9% interest in the Tavşan Mine and Salinbas Project. Tavşan achieved full operational production capacity in June 2026, while overall gold output for the year to date reached 9,838 ounces."

Dokwe Gold Project, Zimbabwe

The Company holds a 100% interest in the Dokwe Project, which represents one of the most significant gold projects in Zimbabwe and is Ariana's flagship asset. The project hosts a substantial in-pit JORC-compliant mineral resource estimate of 1.6Moz of gold (see Table 1), with a robust grade profile and significant exploration upside across the broader licence area.

On 26 May 2026, Ariana released a revised Pre-Feasibility Study for the Dokwe Project.

The PFS update brings together a revised Mineral Resource Estimate, the Strategic Optimisation Study completed with Whittle Consulting and an update to project input parameters enabling an increase to the Ore Reserves at Dokwe North.

The completion of this revised PFS, together with the advanced stage of the metallurgical and geotechnical drilling underway, is an important prerequisite for the work in progress for the Definitive Feasibility Study.

The key highlights from the PFS were:

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 per annum, 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.

o Ore Reserve Estimate ("ORE") increased by 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 (see Table 2):

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

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

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

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

o Pre-tax LoP NPV10 of US$1,056m (A$1,509m), post-tax NPV10 of US$740m (A$1,057m), with an 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/oz, and low total pre-production CAPEX of US$164m.

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

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

The objective of the PFS revision was to upgrade the previous MRE 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. The revision to the PFS also reported an updated ORE, 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.

Reverse Circulation Drilling Programme

The Company announced on 14 May 2026 the remaining results from the reverse circulation ("RC") drilling programme that had been completed in March 2026. The programme had commenced in November 2025 and comprised a total of 5,659 metres across 31 holes.

The programme was originally planned for 26 holes over 4,000 metres and was designed to test four target areas within the Dokwe Gold Project. Updates to the programme were announced in December 2025 following several geological interpretations of holes drilled within the Dokwe Central area.

Dokwe North

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. Diamond drill holes are being planned to follow up on this promising development.

Key intercepts from Dokwe North included:

• 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)

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

Dokwe Central

Extensions to gold mineralisation were also identified at Dokwe Central within zones of strong chlorite-pyrite alteration along strike and across a predicted faulted offset.

Key intercepts from Dokwe Central included:

• 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)

Multiple intercepts >0.5 g/t Au were recorded, with a peak intercept of 2m @ 4.67 g/t Au from 174m in DRC17. 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.

Sinkwe

The Sinkwe prospect is located within the Central Shear Zone ~750m east of Dokwe Central, and is of interest owing to a significant intercept defined in historical drilling. 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, with the best intercept being 1m @ 1.36 g/t Au from 50m. The 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.

Summary

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 identified 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 the Dokwe North geological and geophysical targets 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

For further information on the RC drilling programme, please refer to the AIM announcements on 23 October 2025, 27 October 2025, 4 November 2025, 12 December 2025, 23 December 2025, 11 March 2026 and 14 May 2026.

Diamond Drilling Programme

Following the positive results from the RC Drilling Programme, the Company was undertaking a targeted diamond drilling programme at Dokwe to confirm the structural interpretation, test for further extensions of the system and support future resource growth at Dokwe. This programme was brought to a close post-period end for 1,005m drilled over four holes.

Türkiye Projects

Sale of 13.6% Interest in Zenit for US$19.5 million

Ariana previously held a 23.5% interest in the Kiziltepe Gold-Silver Mine, the Tavşan Gold Mine and the Salinbaş-Ardala Project located in Türkiye through its holding in Zenit Madencilik San. ve Tic. A.Ş. ("Zenit"). Ariana's partners, Proccea Construction Co. (23.5%), manage the operations, with the remaining 53% held by Özaltin Holding A.Ş ("Özaltin").

Ariana announced on 18 May 2026 that it had agreed to sell 13.6% of its 23.5% interest in Zenit to existing Zenit shareholder Özaltın. The 13.6% interest in Zenit was sold for gross cash proceeds of US$19.5m, equating to an estimated c.US$17.2m after local taxes.

Ariana retains a 9.9% interest in Zenit, for which the terms of the Sale imply a value of US$14.2m, and is entitled to dividends when declared by Zenit, in addition to continued board representation. Zenit is making preparations for a local public listing and advancing its strategy in Türkiye accordingly.

Tavşan Gold Mine

In Q2 2026, Zenit produced and sold 5,305 ounces of gold and 17,889 ounces of silver for US$23.0 million in revenue from its combined Tavşan and Kiziltepe operations, the latter of which completed ramp-up during the period to full production capacity. In the year to date, Zenit has produced and sold 9,838 ounces of gold and 28,194 ounces of silver, with the majority of this production being derived from the Tavşan Mine. Quarterly revenue continues at record levels, as a result of the higher gold price environment, while Tavşan completed ramp-up during Q2 2026.

Mining commenced in early 2024 at the Tavşan Mine, with high-grade ore being trucked to the Kiziltepe Mine for processing through the CIL plant and Run of Mine ore being stockpiled at the Tavşan Mine site, in preparation for the commencement of heap-leaching operations. Trucking operations of fines from the crushers and any high-grade ore were continued to the Kiziltepe CIL processing plant through Q2 2026 to benefit from the higher gold recovery inherent to the CIL plant.

The heap-leach processing of Run of Mine ore commenced at the Tavşan mine site in October 2025 and since that time has been in a period of ramp-up, which concluded at the end of the current quarter. The heap-leach pad is currently loaded with c.350,000 tonnes of ore, with a further c.750,000 tonnes of stockpiled ore scheduled for loading over the next year. Various other operational improvements were made during the reporting period, including to the crushers, screens, agglomerator and conveyor belt systems.

For further information, please see the AIM announcements on 8 October 2025, 4 December 2025 and 22 July 2026.

Salinbaş Gold-Silver Project

The Salinbaş Gold-Silver Project is located in north-eastern Türkiye, and comprises two primary areas of differing although related mineralisation, Salinbaş and Ardala, located across two adjacent licences held by Zenit. A third contiguous licence, located further to the south, contains the Hizarliyayla Gold Prospect. A drilling programme that commenced in late 2021 is currently paused with a re-start expected in due course. Zenit continues to maintain the tenements in good standing.

Listing Rule Disclosures

Exploration Expenditure

In accordance with ASX Listing Rule 5.3.1, the Company spent £662,000 on exploration work during the quarter, which largely comprised the drilling campaign, feasibility studies and associated costs at the Dokwe Gold Project, Zimbabwe.

Mining Production and Development Expenditure

Tenement Information

In accordance with ASX Listing Rule 5.3.3, the Company advises the following:

• During the quarter there were no tenements acquired or disposed of;
• The mining tenements held by the Company as of 30 June 2026 are set out in the table overleaf;
• There were no new farm-in or farm-out agreements entered into during the quarter; and

Use of Funds

1 Exchange rate used on date of Pre-Quotation Disclosure announcement on 8 September 2025: A$1:£0.4865.

Since listing, due to additional funds raised via the Xinhai placement and Zenit sale, there have been additional corporate administration costs, including associated capital raising costs and general meeting expenses. The additional funds raised have also been allocated to an expanded drilling programme at the Dowke Gold Project.

There are no other material variances in relation to the allocation of funds, as outlined in the Pre-Quotation Disclosure, requiring further explanation.

Payments to Related Parties

In accordance with ASX Listing Rule 5.3.5, the Company advises that the payments to related parties of the Company and their associates, as advised in the Appendix 5B, for the quarter ended 30 June 2026 were £221,000 for related Directors' fees, accounting and company secretarial related services.

Schedule of Tenements

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 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.

Table 2 - Dokwe Ore Reserve Estimate

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. 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.

Compliance Statements

Appendix 5B

Mining exploration entity or oil and gas exploration entity

quarterly cash flow report

Name of entity

Ariana Resources plc

Answer: N/A

Answer: N/A

Answer: N/A

Compliance statement

2 This statement gives a true and fair view of the matters disclosed.

Date: 31 July 2026

Authorised by: By the Board of Ariana Resources plc

(Name of body or officer authorising release - see note 4)

Notes