Ariana Resources reported first-half 2026 profit before tax of £6.25 million, compared with £151,000 a year earlier, as the company advanced the 1.6-million-ounce Dokwe Gold Project in Zimbabwe and monetized part of its Turkish investment portfolio.
Ariana’s exploration assets increased to £21.2 million, compared with £19.3 million at the end of 2025.
The company generated a substantial portion of its first-half profit through financial asset gains, including a £4.5 million gain on disposal and £3.3 million of fair-value gains.
During the half, Ariana sold 13.6% of its 23.5% interest in Zenit Madencilik to Özaltın, generating approximately $17.2 million after local taxes.
Following the transaction, Ariana retained a 9.9% interest in Zenit, along with board representation and rights to future dividends when declared.
Cash and cash equivalents increased to approximately £17.3 million from £5.4 million at the beginning of the year, strengthening the company’s ability to fund work at Dokwe without relying entirely on new equity.
Dokwe remains Ariana’s principal development project.
An updated pre-feasibility study increased the project’s Mineral Resource Estimate by 13% to 1.6 million ounces of gold, while the Dokwe North Ore Reserve increased to 1.13 million ounces.
The current development plan contemplates an initial 12-year open-pit phase producing approximately 80,000 ounces annually, followed by about eight years of stockpile processing.
Total life-of-project production is estimated at approximately 1.06 million ounces over 20 years, with peak annual output of around 100,000 ounces.
Using a $4,250-per-ounce gold price assumption, the pre-feasibility study produced a pre-tax NPV10 of $1.06 billion and total projected EBITDA of approximately $1.99 billion.
Ariana also completed 5,659 meters of reverse-circulation drilling across 31 holes, identifying extensions to mineralization outside the existing resource envelope.
The company is now progressing a Definitive Feasibility Study with strategic partner Xinhai, which is contributing to metallurgical, processing, and technical work.
