Ariana Resources PLC (AIM:AAU, ASX:AA2) shares were on the front foot on Tuesday, thanks to news of new significant drilling plans at its wholly-owned Dokwe gold project in Zimbabwe, following the company's successful dual listing on the Australian Securities Exchange and an A$11 million IPO.
Drilling contracts for approximately 11,000 metres are expected to be awarded imminently, with operations scheduled to begin in early October.
The drilling campaign aims to grow the current JORC-compliant 1.4 million-ounce gold resource and 0.8 million-ounce reserve while supplying additional data for a Definitive Feasibility Study.
"The ASX listing provides a powerful platform for us to accelerate our growth strategy, broaden our investor base, and unlock the full potential of our asset portfolio.
Central to this is the 100% owned Dokwe Gold Project in Zimbabwe, a highly compelling development opportunity with significant scale, strong economics and exciting upside potential," said managing director Dr Kerim Sener.
Sener added: "With a gold price currently exceeding US$3,600/oz, the company continues to optimise the path forward for the fast-track development of Dokwe, deploying all our skills and capabilities to build up a planned annual gold production of at least 60,000 ounces of gold per annum over a thirteen-year mine life, based on the PFS.
"With a proven track record of discovery and delivery, Ariana is well positioned to continue building a long-term, sustainable and globally recognised gold company."
Dokwe is viewed as one of Zimbabwe’s most significant undeveloped gold assets. A revised pre-feasibility study issued in June 2025 estimated a post-tax NPV of $354 million and a potential internal rate of return of 75%, based on a gold price of $2,750/oz.
Broker SP Angel said: "Successful resource expansion may provide either mine life extension and/or opportunities to expand the planned 60,000 ounces a year gold production. We await the drilling results with interest."
In London, by Tuesday afternoon, Ariana shares were up around 7.4% changing hands at 1.53p each.