ACF Equity Research

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Research from ACF Equity Research, ACF Equity Research

Research from ACF Equity Research

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