Ariana Resources (AAU): Dokwe RC drilling campaign

This situation live

AAU Ariana Resources

£36m · 1.4p · −14% since the first step

31 Oct 2025 · RC rig on site; first hole being positioned · +0% until the next step Four initial targets are to be tested through a 26-hole programme, including extensions to the Dokwe North and Central deposits, among others.

9 Dec 2025 · Term sheet signed; A$500k fee paid · −6% until the next step The Definitive Agreements are expected to be completed by 31 January 2026.

22 Dec 2025 · Binding agreement signed; Tranche 1 funding in transfer · +18% until the next step Admission is expected on or around 30 December 2025.

30 Jan 2026 · 18 of 26 holes drilled; only DRC9 assayed · +1% until the next step By the year-end camp closure, the Company had completed 3,317 metres of RC drilling across 18 holes.

31 Mar 2026 · Investment completed; Xinhai joins board · +3% until the next step Initially, Xinhai will provide technical services in relation to a Metallurgical Sampling and Testwork Programme and the completion of a Definitive Feasibility Study of Dokwe, under the management of

30 Apr 2026 · RC completed (31 holes); remaining assays pending · +1% until the next step During the quarter, the Company completed a reverse circulation drilling programme of 5,659 metres across 31 holes.

14 May 2026 · All RC assays received; diamond drilling next · +2% until the next step All assay results from the 2025-2026 RC drilling programme at the 1.1Moz[1] Dokwe Project have now been received.

18 May 2026 · Funded by Zenit sale; diamond drilling next · +7% until the next step Net sale proceeds provide significant non-dilutionary funding as Ariana progresses its Feasibility Study at the 100% owned 1.1Moz[2] Dokwe Gold Project in Zimbabwe ("Dokwe").

26 May 2026 · Revised PFS completed; DFS in progress · −30% until the next step This is a major milestone for the Company as it progresses its DFS, which is due for delivery in Q1 2027.

31 Jul 2026 · PFS done; metallurgical samples awaiting delivery · +1% until the next step We are now awaiting delivery of the samples obtained from this programme to China for the first round of metallurgical testwork with Xinhai.

14 Sep 2026 · DFS under way; Executive Chairman appointed · −2% until the next step Michael’s progression into an executive role will strengthen the leadership resources available to the Company as we progress the Definitive Feasibility Study and consider the financing and developmen

29 Sep 2026 · Drilling done; testwork pending · −5% since 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.

Project milestones

Dokwe RC drilling campaign

Drilling done; testwork pending

Next: Phase 1 metallurgical testwork in China

Every step · 12

31 Oct 2025 RC rig on site; first hole being positioned – Four initial targets are to be tested through a 26-hole programme, including extensions to the Dokwe North and Central deposits, among others. ↗
9 Dec 2025 Term sheet signed; A$500k fee paid – The Definitive Agreements are expected to be completed by 31 January 2026. ↗
22 Dec 2025 Binding agreement signed; Tranche 1 funding in transfer – Admission is expected on or around 30 December 2025. ↗
30 Jan 2026 18 of 26 holes drilled; only DRC9 assayed – By the year-end camp closure, the Company had completed 3,317 metres of RC drilling across 18 holes. ↗
31 Mar 2026 Investment completed; Xinhai joins board – Initially, Xinhai will provide technical services in relation to a Metallurgical Sampling and Testwork Programme and the completion of a Definitive... ↗
30 Apr 2026 RC completed (31 holes); remaining assays pending – During the quarter, the Company completed a reverse circulation drilling programme of 5,659 metres across 31 holes. ↗
14 May 2026 All RC assays received; diamond drilling next – All assay results from the 2025-2026 RC drilling programme at the 1.1Moz[1] Dokwe Project have now been received. ↗
18 May 2026 Funded by Zenit sale; diamond drilling next – Net sale proceeds provide significant non-dilutionary funding as Ariana progresses its Feasibility Study at the 100% owned 1.1Moz[2] Dokwe Gold Project in... ↗
26 May 2026 Revised PFS completed; DFS in progress – This is a major milestone for the Company as it progresses its DFS, which is due for delivery in Q1 2027. ↗
31 Jul 2026 PFS done; metallurgical samples awaiting delivery – We are now awaiting delivery of the samples obtained from this programme to China for the first round of metallurgical testwork with Xinhai. ↗
14 Sep 2026 DFS under way; Executive Chairman appointed – Michael’s progression into an executive role will strengthen the leadership resources available to the Company as we progress the Definitive Feasibility... ↗
29 Sep 2026 Drilling done; testwork pending – The principal focus for the remainder of 2026 is progressing the Dokwe Definitive Feasibility Study and the technical work required to move the project... ↗

What is happening

Ariana Resources: Dokwe RC drilling campaign – Drilling done; testwork pending. ['Drilling done; testwork pending']

In short: Xinhai signed a binding deal in December 2025 (A$8m Tranche 1) and shareholders approved the further tranches on 25 Feb 2026. The 29 Sep 2026 interims confirm metallurgical drilling finished ahead of schedule in the June quarter, with samples prepared for testwork feeding process design and tailings management in the DFS.
Announced: 31 Oct 2025 · RC rig on site; first hole being positioned
Latest: 29 Sep 2026 · DFS under way; funded
Cash: £5.4m at 31 December 2025 (2024: £0.9m)
Tranche 1: 26,666,667 CDIs issued 30 December 2025 for A$8m
Tranche 2: 3,333,333 CDIs and 1,666,667 options on completion of Tranche 2 work
Tranche 3: Up to 6,666,667 CDIs and 3,333,333 options on completion of Tranche 3 work
Technical services: Up to A$3m of services at Dokwe, approved
Next milestone: Metallurgical testwork feeding DFS process design
Progress: Metallurgical drilling completed ahead of schedule in June quarter; samples prepared
Testwork agreement: Diamond drilling and Phase 1 testwork for A$1m in Ariana CDIs

What comes next

Phase 1 metallurgical testwork in China.

From the company's own announcements. Not investment advice.

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Also at Ariana Resources 0 open

Disposal of a part (break-up)Sale of Kiziltepe interest – Sold post-period for US$3.7m · closed Disposal of a part (break-up)Sale of 13.6% Zenit stake – Completed 15 May 2026, cash received · closed Ariana Resources – company page →