Ariana Resources: Analysts visit Zimbabwe project. Here’s their take

By proactiveinvestors.co.uk

Panmure Liberum analysts have returned from a visit to Ariana Resources PLC (AIM:AAU) Dokwe gold project in Zimbabwe, describing it as a potential multi-million-ounce asset with strong prospects for development.

The firm’s latest research note highlights an upcoming resource update, new exploration results, and an ongoing feasibility study that could push annual gold production beyond earlier estimates.

Ariana acquired Dokwe through a merger with Rockover Holdings in 2024 and has since increased the total resource estimate by 40% to 1.8 million ounces.

The company is now working on a definitive feasibility study, due for completion in early 2026, while an updated pre-feasibility study will be released in the interim.

The DFS is expected to confirm a more ambitious mine plan, with the possibility of raising annual output beyond the 60,000 ounces outlined in the previous assessment.

The analysts noted that Zimbabwe’s mining sector is more supportive of new projects than some investors may assume, with permitting processes that could be completed faster than in other regions where Ariana operates.

The company is targeting first production within three to four years, assuming approvals and funding proceed smoothly.

Exploration drilling is already expanding Dokwe’s potential. Ariana recently assayed samples from earlier drill holes that were previously untested and found high-grade gold mineralisation, strengthening confidence in the resource.

The company also sees further upside in areas such as Dokwe South and the gap between the North and Central pits, where drilling planned for mid-2025 could reveal more gold-bearing structures.

Strategy endorsed

Panmure Liberum highlighted Ariana’s strategy of starting production at the Dokwe Central deposit, which has less overburden, making it easier to mine in the early years.

The miner is also considering increasing its processing capacity to 2 million tonnes per year, up from the 1.5 million tonnes assumed in previous plans.

Ariana’s expansion plans extend beyond Zimbabwe. The company’s partnership with Newmont Mining is progressing, with the precious metals giant investing an additional $871,000 into Ariana’s exploration activities in Kosovo and North Macedonia.

This funding will support further drilling in the region, where early results have already confirmed the presence of copper and gold systems.

In afternoon trading, the stock was changing hands for 1.83p, valuing the junior gold digger at £33 million.