BULAWAYO, ZIMBABWE – October 23, 2025 – Ariana Resources (AIM:AAU, ASX:AA2) has officially commenced an extensive 11,000-meter drilling campaign at its 100%-owned Dokwe gold project in Zimbabwe. This aggressive exploration drive, initiated in mid-October 2025, marks a pivotal moment for the company, aiming to significantly expand the project's existing 1.1 million ounce (Moz) gold resource and 0.8 Moz reserve. The immediate implications are profound, positioning Dokwe for a substantial resource upgrade and accelerating its path towards becoming a major gold producer in a highly prospective, yet historically underexplored, region.

The drilling program is strategically designed to not only delineate extensions of the known Dokwe North and Central deposits but also to test a series of newly identified regional targets. With initial assay results anticipated before the end of 2025, this campaign is a critical step in de-risking the project and providing essential technical data for a forthcoming Definitive Feasibility Study (DFS). For Ariana Resources, this represents the active deployment of recently raised capital, a potential catalyst for increased shareholder value, and a major stride in solidifying its strategic presence in the African gold sector.

Dokwe's Defining Moment: A Deep Dive into the Drilling Campaign

The ambitious 11,000-meter drilling campaign at the Dokwe Gold Project is a comprehensive program combining both Reverse Circulation (RC) and diamond drilling. The initial phase, entrusted to Torque Africa Group, involves a 26-hole RC drilling program totaling approximately 4,000 meters. This phase is meticulously targeting extensions of the high-priority Dokwe North and Central deposits, along with the promising Dokwe Northeast Extension, where significant gold-in-soil anomalies suggest mineralization beyond current estimates. Additionally, follow-up drilling is planned for historical high-grade intercepts at prospects like Sinkwe (7.3 meters at 6.63 g/t gold) and Siduli Pan (0.5 meters at 81.09 g/t gold), alongside new regional targets such as Wabayi and Mpunzi.

The journey to this drilling campaign has been meticulously planned, spanning over two decades since Rockover Holdings Limited initially discovered Dokwe North and Central in 2002. After initial drill testing in 2004, the project gained significant momentum with an independent Pre-Feasibility Study (PFS) in March 2022. Ariana Resources (AIM:AAU, ASX:AA2) strategically acquired 100% of Rockover Holdings in June 2024, following extensive due diligence and an initial drilling program. This acquisition led to a revised Mineral Resource Estimate (MRE) of 1.83 Moz of gold in June 2024, later updated to 1.12 Moz in-pit in March 2025. A revised PFS in June 2025, based on Dokwe North only, projected a robust post-tax NPV10 of US$354 million at a gold price of US$2,750/oz. The pivotal moment arrived on September 10, 2025, with Ariana's successful dual listing on the Australian Securities Exchange (ASX:AA2) and an A$11 million IPO, specifically earmarked to fund this drilling program and the DFS. The drill rig mobilization in mid-October culminated in the official commencement of drilling on October 23, 2025.

Key players in this endeavor include Ariana Resources' Managing Director Dr. Kerim Sener, who has spearheaded the project's development. Torque Africa Group is the contracted drilling specialist, while firms like Minxcon (Pty) Ltd contributed to earlier PFS work. Broader stakeholders include the Zimbabwean government and local communities in the Tsholotsho District, where the project is located. Initial market reactions have been mixed; while the ASX listing and capital raise were viewed positively as a platform for growth, some technical indicators on October 23, 2025, showed a 'Sell' signal, despite the overwhelmingly positive project fundamentals and strong prevailing gold prices, which currently exceed US$3,600/oz.

Corporate Fortunes: Winners and Losers in the Dokwe Play

The 11,000-meter drilling campaign at Dokwe is a high-stakes endeavor with the potential to significantly reshape the fortunes of several companies, most notably Ariana Resources (AIM:AAU, ASX:AA2) itself.

As the 100% owner of the Dokwe Gold Project, Ariana Resources stands to be the primary beneficiary of a successful drilling program. Positive results, characterized by high-grade intercepts and confirmed resource extensions, would lead to a substantial increase in the project's JORC resource and overall valuation. This de-risking would accelerate Dokwe's progression towards a Definitive Feasibility Study (DFS) and, ultimately, into production, potentially delivering 75,000 to 100,000 ounces of gold annually. Such success would not only significantly boost Ariana's share price but also enhance its market position, attracting further investment and solidifying its status as a significant mid-tier gold producer, building on its existing operational mines in Turkey. Conversely, should the drilling yield disappointing results—poor grades or limited extensions—it could negatively impact resource estimates, delay the DFS, and lead to a significant decrease in Ariana's market valuation, making future funding more challenging.

Beyond Ariana, several other entities have direct or indirect stakes. Rockover Holdings Limited, the original discoverers of Dokwe, were fully acquired by Ariana in July 2024. Therefore, their former shareholders are now directly tied to Ariana's performance. Torque Africa Group, the drilling contractor, stands to gain from successful execution, enhancing its reputation and securing future contracts. Newmont Mining Corporation, a global gold major, holds over a 4% stake in Ariana (AIM:AAU, ASX:AA2), and positive Dokwe developments would validate their investment and potentially lead to further strategic collaborations. Similarly, Proccea Construction Co., Ariana's Turkish industrial partner, could secure significant development contracts if Dokwe progresses to construction.

The ripple effects extend to competitors in Zimbabwe's gold sector, such as Caledonia Mining Corporation Plc (AIM:CMCL) (operator of Blanket Mine) and Kuvimba Mining House (operator of Freda Rebecca Mine). While a major discovery at Dokwe could intensify competition for resources and skilled labor, it could also elevate the overall investment profile of Zimbabwe's mining industry, attracting more capital and indirectly benefiting other established producers. However, the current strain on local laboratory capacity, already overwhelmed by Zimbabwe's gold exploration boom, could worsen, posing a challenge for all active explorers.

A Golden Resurgence: Dokwe's Place in Broader Trends

Ariana Resources' (AIM:AAU, ASX:AA2) 11,000-meter drilling campaign at Dokwe is not merely a company-specific event; it is a microcosm of broader trends shaping the global and African gold mining industry. The timing is particularly auspicious, aligning with a prolonged period of surging gold prices, which have exceeded US$3,500 per ounce in 2025. This robust market environment, fueled by geopolitical instability and economic uncertainties, incentivizes aggressive exploration and development, making projects like Dokwe exceptionally attractive.

Africa continues to solidify its position as a critical player in global gold production, contributing approximately 30% of the world's supply. Zimbabwe, in particular, is experiencing a remarkable resurgence, with its gold output increasing by 40% in the first seven months of 2025. The Dokwe campaign, aiming to significantly expand its 1.4 Moz resource, underscores this continent-wide drive to capitalize on rich geological endowments within underexplored greenstone belts. Furthermore, Ariana's utilization of advanced exploration technologies, such as Portable X-ray Fluorescence (pXRF) and detectORE™ for rapid geochemical analysis, exemplifies a growing industry trend towards more efficient and cost-effective exploration methods. This technological edge is crucial for identifying buried mineralization that traditional methods might have missed, unlocking new potential in historically overlooked areas.

From a regulatory standpoint, Zimbabwe's mining sector is in flux. The Mines and Minerals Bill, 2025, gazetted in June 2025, aims to modernize the outdated 1961 Act, introducing greater transparency, a Mining Cadastre Register, and a "use it or lose it" principle for mining titles. While the government is actively courting investors with incentives, the foreign currency retention policy, which mandates converting a portion of export earnings to the local currency, remains a point of contention for miners. Dokwe's development will be closely watched as a test case for how effectively these new policies support large-scale foreign investment and adhere to evolving Environmental, Social, and Governance (ESG) benchmarks, particularly in a country grappling with historical issues of illegal mining and environmental degradation. The project's success could further validate Zimbabwe's efforts to attract international capital and establish a more stable and transparent mining environment.

The Road Ahead: Dokwe's Trajectory Towards Production

With the 11,000-meter drilling campaign now underway, the Dokwe gold project is entering a critical period that will define its short-term and long-term trajectory. The immediate focus will be on the initial assay results, anticipated before the end of 2025. These results are paramount, as they will directly feed into a targeted JORC Resource upgrade, which Ariana Resources (AIM:AAU, ASX:AA2) aims to achieve in 2026. This resource upgrade, coupled with the technical data from the drilling, is essential for the advancement of the Definitive Feasibility Study (DFS), which will further refine the mine plan, optimize project economics, and potentially integrate Dokwe Central into the mining schedule.

Looking further ahead, the long-term vision for Dokwe is clear: transition to mine development and sustained gold production. The project is on a "clear pathway to production" as a conventional open-pit Carbon-In-Leach (CIL) operation, targeting an annual production rate of 75,000 to 100,000 ounces of gold over a 10 to 15-year mine life. This scale of operation has the potential to be transformative for Ariana, elevating it to a mid-tier gold producer. Strategic pivots, such as the successful ASX listing in September 2025, have already broadened Ariana's investor base and provided crucial capital. Continued strategic partnerships for process design and mine scheduling will be vital in optimizing throughput to achieve higher production targets.

The market opportunities for Dokwe remain strong, primarily driven by the robust gold price environment, which significantly exceeds the project's estimated breakeven price of $1,329/oz for a 10% return. This provides substantial resilience against potential market fluctuations. Zimbabwe's re-emergence as an attractive mining jurisdiction also presents an opportunity, with government initiatives aiming to boost gold output. However, challenges persist, including the need for continued political and economic stability in Zimbabwe, potential infrastructure development requirements, and navigating the evolving regulatory and permitting landscape. The most likely scenario sees successful resource upgrades, a positive DFS in early 2026, followed by securing development funding and moving towards mine construction, with first gold production within the next few years. An upside scenario could see unexpectedly high-grade intercepts or new discoveries, leading to an even larger, more profitable operation. Conversely, a downside scenario would involve less compelling drilling results or unforeseen operational/political hurdles, potentially delaying or scaling back the project.

Dokwe's Golden Horizon: A Concluding Outlook

Ariana Resources' (AIM:AAU, ASX:AA2) 11,000-meter drilling campaign at the Dokwe gold project represents a defining chapter for both the company and Zimbabwe's resurgent mining sector. The comprehensive exploration effort, backed by robust economic projections and strategic capital raises, underscores Dokwe's potential to become a cornerstone asset and a significant contributor to global gold supply. The key takeaway is the aggressive pursuit of resource expansion and project de-risking, aiming to unlock substantial value in a highly favorable gold market.

Moving forward, the market will keenly assess the initial assay results, which are the most immediate catalyst for Ariana's share performance. A positive outcome will validate the company's strategy and further enhance Dokwe's already compelling economics. The completion of the Definitive Feasibility Study (DFS), targeted for mid-2026, will provide the ultimate blueprint for development, detailing capital requirements, operational parameters, and production forecasts.

The lasting impact of Dokwe's success could extend beyond Ariana, potentially attracting further foreign direct investment into Zimbabwe and showcasing the country's rich, underexplored geological potential. It serves as a testament to modern exploration techniques and strategic corporate development in challenging but rewarding jurisdictions. Investors should closely watch for the imminent drilling results, any updates on the DFS progress, and further details on the integration of Dokwe Central into the mining plan. The ambition to increase annual production to 100,000 ounces will also be a key metric. Dokwe is not just a project; it's a statement of intent, poised to transform Ariana Resources into a prominent mid-tier gold producer and add a significant new chapter to Zimbabwe's golden heritage.

This content is intended for informational purposes only and is not financial advice