Ariana Resources PLC (AIM:AAU, ASX:AA2) hailed considerable operational progress in the first half of the year, along with the continuing strength in the gold price during the period.
The gold explorer made a profit before tax of £0.2 million for the first six months of 2025, from its £1 million share of profits from 23.5% owned Zenit mining operations in Türkiye. Gold production at Zenit totalled 10,513 ounces in the period, generating US$34.6 million in revenue.
Zenit completed construction of the Tavşan mine processing plant during the period and, with the final regulatory approvals process underway with the Turkish authorities, is expected to begin commercial production before long. The project has been financed through a US$20 million loan and retained income.
Elsewhere, a revised pre-feasibility study of Ariana’s wholly owned Dokwe gold project in Zimbabwe recorded an updated post-tax NPV10 of US$354 million and IRR of 75%, based on a US$2,750/oz gold price.
Total measured, indicated and inferred resources at Dokwe increased to 977,000 ounces at 1.54 g/t across 19.7Mt, with new drilling identifying an eastern extension to mineralisation and a new geochemical anomaly 125 metres northeast of the pit rim.
During the period, Ariana secured 51% of the Slivova gold project in Kosovo through Western Tethyan Resources, in which it holds a 76% interest. Further funding was raised, including £686,000 from Newmont Mining Corporation and £1.13 million from UK institutions.
Post-period, Ariana completed its dual-listing on the Australian Securities Exchange, raising A$11 million before costs.
Managing Director Kerim Sener said: "The first half of 2025 saw marked and continuing strength in the gold price, having increased by c.34% since then, benefiting the company's future projects and enhancing the long-term value of our assets.
"Most notably, it is clear that our acquisition of the Dokwe gold project in Zimbabwe was perfectly timed, with the gold price having increased from US$2,000 per ounce to US$3,750 per ounce since we first commenced our due diligence work on the project in 2023."
He said exploration and development work at Dokwe has been focused on regional exploration, resource estimation and other feasibility study related work.
"More recently, the company announced the identification of a coincident gold-arsenic anomaly akin to that which first identified Dokwe North, located just 125m to the northeast of the planned pit-rim at that location. This will become a priority for drill testing in our upcoming c.11,000m drilling programme."
He added that the successful listing on the Australian Securities Exchange, which was completed last month, broadened the company's access to the capital markets and increased the company's visibility among international and institutional investors, particularly in the Asia-Pacific region.