Ariana Resources plc announced an interim revision to the Dokwe Pre-Feasibility Study in Zimbabwe. Dokwe is 100% owned by Rockover Holdings Limited ("Rockover") and is subject to outright acquisition by Ariana through the merger announced on AIM: 25 April 2024. Pre-Feasibility Study ("PFS") financial model update on the Reserves at Dokwe North provide a post-tax NPV10 of USD 160 million and an IRR of 41% at a gold price of USD 2,000/oz.

PFS outlines a mine life of c.13 years producing at a rate of c.60,000 ounces of gold per annum (up to 76,000 ounces p.a.) from a single, staged, open-pit with processing primarily via CIL, at an all-in sustaining cost ("AISC") of USD 1,144 per ounce. Several potential exploration opportunities to increase the Resource have been identified at Dokwe North and Dokwe Central, and across the wider area. The Dokwe North and Dokwe Central gold deposits are located 2km apart ("Dokwe" or "Dokwe Project") and are situated in the Tsholotsho Communal Land 110km WNW of Bulawayo, Zimbabwe (Figure 1).

Bulawayo is the second largest city in Zimbabwe (population 660,000) with excellent road, rail and air links to the rest of the country and internationally, and represents a significant mining services and educational centre, hosting both the Zimbabwe School of Mines and the National University of Science and Technology. The Dokwe Project was discovered by Rockover in 2002, utilising innovative soil geochemical exploration methods capable of detecting mineralisation beneath cover, subsequently drill-tested for the first time in 2004. It represents the largest undeveloped gold project in Zimbabwe and is currently 100% owned by Rockover Holdings Limited.