Half-year Results

Ariana Resources plc (AIM: AAU, ASX: AA2, “Ariana” or the “Company”), the mineral exploration and development company advancing the 1.6 Moz Dokwe Gold Project in Zimbabwe, is pleased to announce its unaudited interim results for the six months ended 30 June 2026.

Financial Highlights:

Profit before tax of £6.248 million (H1 2025: £0.151m) was recorded for the period.

Exploration assets included in the Statement of Financial Position have increased to £21.223 million (31 December 2025: £19.309m).

Sale of 13.6% of the Company’s 23.5% interest in Zenit to Özaltın for US$19.5 million.

Settlement and conversion of the outstanding loan balance of US$782,575 due under the RiverFort Facility Agreement.

Operational Highlights:

Revised Dokwe PFS demonstrates a long-life, low capital cost, high margin gold production occurring in two phases: 12-year initial open-pitLife 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.

Ore Reserve increased to 1.13Moz of gold at Dokwe North, comprising the following Proved and Probable categories, at a 0.2 g/t Au cut-off:

• 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)

Mineral Resource Estimate increased to 1.6Moz of gold at Dokwe North and Dokwe Central, at a 0.2 g/t Au cut-off.

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.

31-hole reverse circulation drilling programme completed for 5,659m, which targeted resource expansion at the Dokwe Gold Project; key intercepts from the programme included:

• 4m @16.90 g/t Au from 69m (DRC25)
• 10m @ 7.67 g/t Au from 110m (DRC23)
• 10m @ 4.91 g/t Au from 156m (DRC22)
• 22m @ 1.49 g/t Au from 111m (DRC29)
• 8m @ 1.20 g/t Au from 65m (DRC31)

Gold mineralisation is now confirmed to extend at least 150m beyond the current resource envelope at Dokwe North, remaining open along strike; extensions to gold mineralisation were also identified at Dokwe Central and at the Sinkwe Prospect, 750m to the east.

Metallurgical Sampling and Testwork Agreement completed with Hongkong Xinhai Mining Services ("Xinhai") to provide diamond drilling and Phase 1 metallurgical testwork for A$1m in Ariana CDIs.

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

Advancing Dokwe

Dokwe is the cornerstone of Ariana’s future, and during the Half-Year, work progressed across exploration, resource definition, project optimisation, metallurgical and geotechnical drilling, yielding key inputs to the pending Definitive Feasibility Study (“DFS”). In May, we released the updated Pre-Feasibility Study, incorporating an updated Mineral Resource Estimate, the results of the Strategic Optimisation Study undertaken by Whittle Consulting and revised project inputs. The resulting development plan envisages a larger 2.5Mtpa operation and strengthened the scale and economics of the project.

The updated Mineral Resource Estimate increased by 13% to 1.6Moz of gold across Dokwe North and Dokwe Central, while the Dokwe North Ore Reserve increased by 42% to 1.13Moz. The PFS outlines an initial 12-year open-pit mining phase producing approximately 80,000 ounces of gold per annum, followed by eight years of stockpile processing, for total forecast life-of-project production of approximately 1.06Moz over 20 years. These results provide a stronger foundation for the DFS now underway.

Drilling during the period also extended mineralisation at Dokwe North, identified extensions at Dokwe Central and confirmed shallow gold mineralisation at the Sinkwe Prospect. The work improved our understanding of the wider mineralised system and identified further exploration targets. Alongside progressing the existing reserves through feasibility and towards development, we see scope to grow the Dokwe through exploration to further extend the life of the project.

Progressing the Xinhai partnership

Following Xinhai’s investment in Ariana and its appointment as a strategic partner to advance the DFS development partner for Dokwe in 2025, our teams have been working together on the technical programs supporting the DFS. During the March quarter, members of our Board and management team visited Dokwe with representatives of Xinhai and inspected processing facilities constructed by Xinhai in Zimbabwe. This was followed by meetings with Xinhai’s management and technical teams in China.

During the June quarter, metallurgical drilling undertaken with Xinhai was completed ahead of schedule, with samples prepared for metallurgical testwork. This work will provide data for the process design and tailings management components of the DFS. Xinhai is now very much actively involved in the technical work required to advance Dokwe, building on the strategic partnership established last year.

Simplifying Ariana and funding Dokwe

During the Half-Year, we also began reshaping Ariana’s portfolio through the partial monetisation of our long-standing investment in Zenit Madencilik in Türkiye. In May, Ariana agreed to sell 13.6% of its 23.5% interest in Zenit to existing shareholder Özaltın for US$19.5 million in cash, generating approximately US$17.2 million after local taxes. The transaction realised value from an investment Ariana has helped build over many years, simplified our corporate structure and provided a substantial source of non-dilutionary capital for Dokwe.

Following the transaction, Ariana retained a 9.9% interest in Zenit, together with Board representation and an entitlement to dividends when declared. The sale took place as the Turkish operations reached a new stage in their development. Tavşan completed its ramp-up and achieved full operational production capacity during June, while operations at Kiziltepe were essentially wound down during the period. Zenit produced and sold 9,838 ounces of gold and 28,194 ounces of silver during the six months to 30 June. Ariana ended the half with cash and cash equivalents of approximately £17.3 million, compared with £5.4 million at the beginning of the year, leaving the Company well-funded to continue the Dokwe DFS and associated work programs.

Subsequent to period end, we continued this process through the sale of our residual 9.9% interest in the Kiziltepe sector for US$3.7 million. The transaction provided further non-dilutionary funding for Dokwe and simplified Ariana’s Turkish interests. We retain a 9.9% interest in Zenit’s Tavşan Mine and Salinbaş Project, preserving exposure to future dividends and potential value creation. We are realising value from mature Turkish interests and redirecting capital towards the asset where we see the greatest opportunity to increase Ariana’s value and scale, while retaining meaningful exposure to Zenit.

Board evolution

In April, I succeeded Michael de Villiers as Non-Executive Chairman, with Michael moving to the role of Deputy Chairman. In September, my role as Chairman was elevated to Executive Chairman. Michael de Villiers has provided strong leadership to Ariana over many years and helped guide the Company through its development from explorer to producer, the acquisition of Dokwe and, more recently, its successful listing on the Australian Securities Exchange. I am pleased that Ariana continues to benefit from his experience as Deputy Chairman.

Having joined the Board in 2025 and been closely involved in supporting Ariana’s ASX listing, I have seen first-hand the changes taking place across the Company. I assumed the Chairmanship as Dokwe advances towards production, our balance sheet strengthens, and the Company becomes increasingly focused on delivering the Dokwe project.

Looking ahead

The principal focus for the remainder of 2026 is progressing the Dokwe Definitive Feasibility Study and the technical work required to move the project towards development. In parallel, we will continue to assess opportunities to expand the existing resource and test the broader exploration potential across Dokwe with a view to extending the life of the open pit mining at Dokwe.

The work completed during the half year has put Ariana in a stronger position to pursue these objectives. We have advanced and materially strengthened our principal development asset, realised value from part of our mature Turkish investment and substantially increased the capital available to fund Dokwe without issuing new equity.

I thank my fellow Board members, and our employees, advisers and partners, including Xinhai and our partners in Türkiye, for their work during the period, and our shareholders for their continued support as we advance Dokwe and the next stage of Ariana’s development. I would also like to acknowledge the tremendous effort that our Managing Director, Dr Kerim Sener, continues to put into the management of Ariana, and I look forward to continuing our strong working relationship.

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:

Condensed Consolidated Statement of Comprehensive Income

For the six months ended 30 June 2026

Other comprehensive income Items that may be reclassified subsequently to profit or loss:

Notes to the interim financial statements

For the six months ended 30 June 2026

General information

Ariana Resources Plc (the “Company”) is a public limited company incorporated, domiciled and registered in the U.K. The registration number is 05403426 and the registered address is 5th Floor, 16 Great Queen Street, Covent Garden, London, WC2B 5DG.

The Company’s ordinary shares are listed on the Alternative Investment Market (“AIM”) of the London Stock Exchange and commenced trading on the Australian Securities Exchange (“ASX”) on the 10 September 2025. The principal activities of the Company and its subsidiaries (together the “Group”) are related to the exploration for and development of gold, copper and technology metals.

Basis of preparation

The condensed consolidated interim financial statements have been prepared using accounting policies consistent with International Financial Reporting Standards. The condensed consolidated interim financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2025, which have been prepared in accordance with UK-adopted international accounting standards.

The condensed consolidated interim financial statements set out above do not constitute statutory accounts within the meaning of the Companies Act 2006. They have been prepared on a going concern basis in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS) as adopted by the UK. Statutory financial statements for the year ended 31 December 2025 were approved by the Board of Directors on 30 March 2026. The financial information for the periods ended 30 June 2026 and 30 June 2025 are unaudited.

Significant accounting policies

The same accounting policies have been followed in these condensed consolidated interim financial statements as were applied in the preparation of the Group’s financial statements for the year ended 31 December 2025.

These financial statements have been prepared on a going concern basis.

Administrative costs net of exchange gains

Administrative costs are stated after exchange gains of £94,000, compared to an exchange gain of £337,000 in the prior year. Over the six months to 30 June 2026, the Turkish Lira strengthened by approximately 6% against Sterling, while the US Dollar declined by approximately 2%. This compares to the prior year, when the Lira fell by 20%, exposing the Group to significantly greater exchange rate volatility and its impact on transactions and balances.

Finance costs

The RiverFort loan facility with Rockover Holdings Limited is described in Note 11. On 24 June 2025, the revised loan agreement was assessed as a substantial modification, resulting in derecognition of the original financial liability and immediate expensing of the US$120,000 unamortised costs carried forward from the prior period, along with a US$250,000 reprofile fee for restructuring and increased credit exposure. Both amounts were expensed on recognition as costs of modifying the existing liability.

Interest is recognised using the Effective Interest Rate (“EIR”) method over the loan's tenure, with the associated charge accounted for in the condensed consolidated statement of comprehensive income.

In February 2026, RiverFort issued a Conversion Notice to discharge the then-outstanding balance of US$782,575. The Company issued CDIs per the Facility Agreement's terms and pricing, see Note 11 for further details.

Exploration assets

The Group, through its subsidiary and associate companies holds several exploration licences or mining claims in Zimbabwe, Türkiye, Cyprus and Kosovo.

Expenditure capitalised during the period is set out below:

The Group’s 76.36% owned subsidiary, Western Tethyan Resources Limited (“WTR”), entered into an option and earn-in agreement with Avrupa Minerals Limited (TSX-V: AVU), granting WTR the right to acquire up to an 85% interest in the Slivova Gold Project. Under the terms of the agreement, WTR committed to funding and completing a series of exploration and development milestones prior to achieving its target ownership level. From the inception of the option through to 31 December 2024, staged payments and qualifying development expenditure totalled £755,000. On 3 April 2025, the Group announced that WTR had fulfilled the remaining earn-in expenditure requirements and formally acquired a 51% interest in the Slivova Gold Project. Following this milestone, the cumulative earn-in expenditure and the Slivova Gold Project licence were reclassified as part of the Group’s exploration expenditure. These assets are now held by WTR’s newly incorporated, Kosovo-registered subsidiary, AVU Kosovo LLC.

During the period, the Company issued 3,333,333 CDI’s, the equivalent of A$1 million (£531,000), to Hongkong Xinhai Mining Services Ltd as part of the Binding Definitive Agreement. Xinhai is providing technical services in relation to a Metallurgical Sampling and Testwork Programme and completing a Definitive Feasibility Study of the Dokwe Gold Project. The fair value of these CDIs has been capitalised to the exploration asset in line with the Group’s accounting policy.

Equity accounted investments

The Group investments comprise the following:

Investment in Venus

The Company’s shareholding in Venus increased from 58% to 61% during February 2024, following the conversion of loan finance into equity. The Board determined that this additional equity stake was solely to assist with the short-term funding of Venus and has no direct impact on its operational control. On this basis, the Board believes it is appropriate to continue to use the equity method of accounting for its investment in Venus. The Group’s share of loss for the period to 30 June 2026 amounted to £105,000.

Investment in Zenit

During August 2024, the merger of Zenit and Pontid was completed such that all interests in Kiziltepe, Tavşan and Salinbaş are now held through a 23.5% share of Zenit. This merger concluded the reorganisation process that started in 2021, following the then partial divestment in Türkiye to Özaltin Holding A.S. The original cost of investment amounting to £4.139 million was reallocated to Zenit.

The Group previously accounted for its 23.5% interest in Zenit Madencilik San. ve Tic. A.S. ("Zenit") using the equity method in accordance with IAS 28. Up to 30 June 2025, the Group recognised its share of Zenit’s profit or loss and other comprehensive income based on the ownership interest, under which profits were shared: 23.5% to the Group, 23.5% Proccea and the remaining 53% interest to Özaltin Holding A.S. Zenit is incorporated in Ankara, Türkiye, where it maintains its principal place of business. During the period ended 30 June 2025, Zenit’s profit amounted to £4.86 million, of which £1.14 million was attributable to the Company.

On 1 July 2025, it was determined that the Group ceased to exercise significant influence over Zenit Madencilik San. ve Tic. A.Ş. and accordingly the investment was reclassified from an associate accounted for under the equity method to a financial asset measured at fair value through profit or loss in accordance with IFRS 9. The carrying estimate and disclosure of the associate at the date significant influence was lost was £21.236 million. In accordance with IAS 21, the cumulative translation loss of £6.75 million previously recognised in the translation reserve has been reclassified to profit or loss on the date of reclassification.

Following a reassessment of the Group's ability to exercise significant influence, the Group has measured its investment in Zenit at fair value through profit or loss with effect from 1 July 2025.

Group Consolidated position £’000

Segmental analysis

Management currently identifies one division as an operating segment – mineral exploration. This operating segment is monitored, and strategic decisions are made based upon this and other non-financial data collated from exploration activities.

Principal activities for this operating segment are as follows:

• Mineral exploration – incorporates the acquisition, exploration and development of gold resources.
• Other reconciling items include non-mineral exploration costs and transactions between Group and associate companies.

Geographical segments

The Group’s mineral assets and liabilities are located primarily in Zimbabwe and Türkiye.

Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss includes the Group’s listed and unlisted investments.

The movement in financial assets measured at fair value through profit or loss is summarised below:

Group £’000

In May 2026, Ariana sold 13.6% of its 23.5% interest in Zenit to Özaltın for US$19.5 million, resulting in a gain on disposal of £4.5 million recognised in profit or loss.

Included within fair value movement is £3.283 million gain relating to the remaining 9.9% interest in Zenit being revalued to its fair value of US$14.2 million at 30 June 2026.

The fair value adjustments reflect market movements in the underlying securities, while exchange differences arise from the translation of foreign currency denominated investments.

Earnings per share

The calculation of basic profit per share is based on the profit attributable to ordinary shareholders of £6.248 million divided by the weighted average number of shares in issue during the period, being 2,655,988,850.

The Group has also assessed the potential dilutive impact of 25,000,000 share options granted to RiverFort and 4,444,444 CDI options granted to lead managers and Xinhai that remained outstanding at 30 June 2026 (Note 14). Only the RiverFort options were deemed dilutive, reducing earnings per share from 0.24p per share to 0.21p per share.

Trade and other receivables

The fair value of trade and other receivables is not materially different to the carrying values presented.

Trade and other payables

With the exception of the Riverfort loan facility in the prior periods, the above listed payables are all unsecured. Due to the short-term nature of current payables, their carrying values approximate their fair value.

RiverFort Loan Facility

On 8 November 2024, Ariana Resources plc, via subsidiary Rockover Holdings Limited (principal borrower) and other subsidiaries (co-borrowers), entered a US$5,000,000 loan facility with RiverFort at 15% annual interest, originally repayable over 18 months with final maturity on 8 July 2026. Rockover drew down US$2,000,000, recognised as a financial liability at amortised cost (net of transaction costs). The agreement allows either party to settle portions of the loan through equity issuance, subject to agreed conditions.

In the six months to 30 June 2025, Rockover repaid its first instalment (US$125,000, due 8 February 2025). A March 2025 amendment paused monthly repayments, and a revised agreement on 24 June 2025 added a second reprofile fee of US$250,000, compensation for deferred repayments and increased credit exposure, payable within three trading days of the planned ASX listing. Though settled post-IPO, the fee was recognised in the June 2025 accounts.

Under the 24 June 2025 Deed of Amendment, the outstanding balance was to be reduced from ASX Public Offer proceeds. In September 2025, the Company repaid US$1,266,780.82 (including the reprofile fee), leaving a balance of US$1,000,000. Repayments were deferred until November 2025, with the balance to be cleared over a 13-month schedule ending November 2026.

In February 2026, RiverFort issued a Conversion Notice to discharge the then-outstanding balance of US$782,575 via 4,043,531 CDIs (each representing 10 fully paid ordinary shares), per the Facility Agreement's terms and pricing.

As at 30 June 2026, the Company holds no debt under the facility, but retains access to the undrawn US$3,000,000 for the next three years, should further funding be required.

Non-current payables

Under the 24 June 2025 Deed of Amendment, the outstanding balance to Riverfort had been reclassified to current in the 31 December 2025 financial statements. See Note 13 for further details.

Called up share capital and share premium

In February 2026, the Company issued 40,435,311 ordinary shares to RiverFort to discharge the outstanding loan balance of US$782,575, in accordance with the terms and pricing under the Facility Agreement, see Note 11.

In May 2026, the Company issued 3,333,333 CDI’s (at a 1:10 ratio to fully paid ordinary shares) to Xinhai as the Tranche 2 subscription under the Metallurgical Sampling and Testwork ("MST") Agreement, to advance the Dokwe drilling programme in lieu of a cash payment of A$1 million (£531,000).

In May 2026, an additional 133,333 CDI’s were issued to lead managers as success fees relating to the Xinhai transaction, in lieu of cash consideration.

Share Options

As part of the A$8 million strategic investment with Xinhai, the Company issued three tranches of free-attaching CDI options to Xinhai and the lead managers during the period:

13,333,333 CDI options issued to Xinhai on 29 April 2026, upon completion of Tranche 1 of the Investment and following receipt of shareholder approval;

533,333 CDI options issued to the lead managers on 30 April 2026, in lieu of cash consideration; and

1,666,667 CDI options issued to Xinhai on 22 May 2026, upon completion of the Tranche 2 conditions; and

66,667 CDI options issued to the lead managers on 30 April 2026, in lieu of cash consideration.

These CDI options were issued free-attaching to the CDIs issued during the period (Note 13), and are exercisable at AU$0.50 per share, expiring 31 December 2027. As the CDIs were valued within equity based on the cash consideration they were issued in lieu of, the options are deemed to have no separate value, and no additional expense has been recognised in the condensed consolidated statement of comprehensive income.

In the prior period, the Company recognised a fair value charge of £117,000 relating to 25,000,000 share options granted under the Funding Agreement with RiverFort. The Black-Scholes valuation was based on the following inputs:

The exercise price of these four-year options was £0.0150, with an expected volatility of 49.52%, and using an expected dividend yield of nil, and a risk-free interest rate of 4.21%, gives rise to a fair value of £0.0046 per option, or £117,000 in total, which was recognised in full with a corresponding credit to the share option reserve.

On 24 June 2025, the Company amended the terms of these options as follows:

• The exercise price was reset to match the placing price of the Qualifying Raise in the forthcoming ASX listing, being A$0.28.
• The expiry date was extended to 8 September 2029.
• The options remained subject to escrow restrictions until 12 November 2025, in line with ASX listing requirements.

These options were granted at no cost to RiverFort as part of the broader refinancing arrangement and continue to confer subscription rights under the revised terms. There is no contractual obligation or expectation of cash settlement, and the transaction remains classified as equity-settled in accordance with IFRS 2.

Post balance sheet events

On 29 July 2026, the Group completed the sale of the 9.9% interest in the Kiziltepe sector for US$3.7 million. The transaction provided further non-dilutionary funding for Dokwe and simplified Ariana’s Turkish interests. The Group still retains a 9.9% interest in Zenit’s Tavşan Mine and Salinbaş Project.

Approval of interim financial statements

The interim financial statements were approved by the Board of Directors on 28 September 2026.

ASX COMPLIANCE INFORMATION

Table 1 – Dokwe Mineral Resource Estimate

Notes:

The Dokwe Mineral Resource Estimate is reported within a Dokwe North pit-shell optimized 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.

Previous AIM Announcements – Reverse Circulation Drilling Programme

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

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.