Ariana Resources PLC (AIM:AAU, ASX:AA2, FRA:4A6) has published an updated pre-feasibility study for its wholly owned Dokwe Gold Project in Zimbabwe, lifting the project’s economic case, with pre-tax NPV10 now estimated at US$1.06bn.
The updated study models Dokwe as a two-phase operation producing 1.06Moz over the life of project.
The first phase is planned as a 12-year open-pit operation producing around 80,000oz per year, followed by an eight-year stockpile processing phase producing around 20,000oz per year. Peak annual output is forecast at 100,000oz.
Ore reserves at Dokwe North increased by around 42% to 1.13Moz of gold, while the mineral resource estimate rose 13% to 1.6Moz across Dokwe North and Dokwe Central. Ariana said the project carries estimated pre-production capex of US$164m, a one-year payback from commissioning and a 92% IRR at a US$4,250/oz gold price.
Managing director Kerim Sener called the revised PFS “a major milestone” as Ariana progresses the definitive feasibility study, which is due in the first quarter of 2027. He said the reserve increase “sets the scene for a significantly expanded mining and processing rate”.
Ariana said ongoing metallurgical and geotechnical drilling is already ahead of schedule and is expected to support further reserve work during the second half of 2026. Dokwe is located around 110km west-northwest of Bulawayo and sits within granted mining claims wholly owned by an Ariana subsidiary.