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Equity Bottom-Up

<ul><li>Ariana Resources plc (LSE:AAU; ASX:AA2), an AIM and ASX-quoted gold miner, has re-based into a focused, single-asset gold developer: 100% owner of the 1.13Moz JORC Ore Reserve Dokwe project in Zimbabwe, following a phased reduction of its Turkish minority interests.</li><li>The May 2026 PFS values Dokwe at a post-tax NPV10 of US$740m and a 92% IRR at $4,250 toz — against an Ariana post balance sheet event (PBSE) EV of ~£15m, a gap that is central to the investment case.</li><li>The realised Turkish disposal proceeds and a Hong Kong strategic investor (Xinhai) have led to £17.3m of cash and a multi-quarter runway before any Dokwe construction-financing decision is required.</li></ul>

Ariana Resources plc (LSE:AAU; ASX:AA2), an AIM and ASX-quoted gold miner, has re-based into a focused, single-asset gold developer: 100% owner of the 1.13Moz JORC Ore Reserve Dokwe project in Zimbabwe, following a phased reduction of its Turkish minority interests.The May 2026 PFS values Dokwe at a post-tax NPV10 of US$740m and a 92% IRR at $4,250 toz — against an Ariana post balance sheet event (PBSE) EV of ~£15m, a gap that is central to the investment case.The realised Turkish disposal proceeds and a Hong Kong strategic investor (Xinhai) have led to £17.3m of cash and a multi-quarter runway before any Dokwe construction-financing decision is required.

Ariana Resources AAU.L AA2.AX Core Investment Case 14102026

Thematic (Sector/Industry)

<ul>
<li>Zimbabwe is widely priced for its past — hyperinflation, land seizures and currency collapse.</li>
<li>The current data tells a different story.</li>
<li>Inflation was 3.7% y/y by Sep 2026, the IMF approved its first Staff-Monitored Programme in over a decade, the 2024 fiscal deficit was just 0.7% of GDP.</li>
</ul>


Zimbabwe is widely priced for its past — hyperinflation, land seizures and currency collapse.
The current data tells a different story.
Inflation was 3.7% y/y by Sep 2026, the IMF approved its first Staff-Monitored Programme in over a decade, the 2024 fiscal deficit was just 0.7% of GDP.


United Kingdom

Ariana Resources is an AIM and ASX-listed mineral exploration and development company focused on precious and technology metals, primarily gold, silver, copper, and zinc. The company is involved in the acquisition, exploration, and development of mineral resources, with interests in active mining projects and investments in exploration companies across Turkey, Zimbabwe, Cyprus, and Kosovo. Ariana Resources plc was incorporated in 2005 and is headquartered in London, United Kingdom.

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Ariana Resources (AAU LN)

Ariana Resources AAU.L AA2.AX Core Investment Case 14102026

Ariana Resources plc (LSE:AAU; ASX:AA2), an AIM and ASX-quoted gold miner, has re-based into a focused, single-asset gold developer: 100% owner of...

ACF Equity Research

Zimbabwe Thematic Note 14102026

Inflation was 3.7% y/y by Sep 2026, the IMF approved its first Staff-Monitored Programme in over a decade, the 2024 fiscal deficit was just 0.7% of...

ACF Equity Research

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