# AA2: Dokwe Project Feasibility Programme Update Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03145736 Publisher: asx Original announcement: 2026-09-29T22:20:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-29T23:21:24.825Z Atlas analysis updated: 2026-09-29T23:21:24.825Z - Company: Ariana Resources plc - Ticker: AA2 - Exchange: ASX - Region: Zimbabwe - Primary commodity: Gold - Secondary commodities: None reported - Document categories: Resource update, Metallurgy, Drill results - Extracted: 2026-09-29 23:21:25 UTC Narrative sentiment: 0.70 · Bullish ## Minestarters Atlas summary Ariana Resources provides an update on its Dokwe Gold Project Feasibility Study in Zimbabwe. Key progress includes an independent Mineral Resource Estimate underway, metallurgical testwork with Xinhai and IMO, and completed geotechnical drilling. The company is also advancing water bore drilling and planning further exploration and sterilisation drilling. Reasoning: Ariana Resources provides a comprehensive update on its Dokwe Gold Project Feasibility Study, detailing significant progress across multiple workstreams including resource estimation, metallurgical testwork, and site investigations, indicating advancement towards development, though the MRE itself is a re-statement. - Positive factor: Feasibility Study program advancing on multiple fronts - Positive factor: Independent Mineral Resource Estimate underway - Positive factor: Metallurgical testwork underway with multiple labs - Positive factor: Geotechnical drilling completed for pit design - Positive factor: Water bore drilling underway to define processing water source - Positive factor: Exploration planning and sterilisation drilling to commence - Negative factor: Mineral Resource Estimate is a re-statement of a prior estimate - Negative factor: No new metallurgical testwork results reported yet Low confidence — this extraction should be reviewed alongside the original source. Facts used in scoring: 15 ## Classification and evidence **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: The Mineral Resource Estimate is reported in accordance with the JORC \(2012\) Code, indicating a high reporting standard. Evidence · text > JORC \(2012\) Code **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: The announcement explicitly states that Dr. Kerim Sener and Ms. Ruth Woodcock, both Competent Persons under JORC, are responsible for the information. Evidence · text > Dr. Kerim Sener, Managing Director of Ariana Resources plc. Dr. Sener is a Fellow of The Geological Society of London and a Member of The Institute of Materials, Minerals and Mining and has sufficient experience relevant to the styles of mineralisation and type of deposit under consideration and to the activity that has been undertaken to qualify as a Competent Person as defined by the 2012 edition of the Australasian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves \(JORC Code\) **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document provides an update on the Mineral Resource Estimate as part of the Feasibility Study Programme. Evidence · text > Dokwe Project Feasibility Programme Update **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: The company confirms that the MRE is a re-statement of a previous announcement from May 2026, indicating no new material changes. Evidence · text > The Company confirms that it is not aware of any new information or data that materially affects the information included in the Previous Market Announcement and, in the case of estimates of Mineral Resources and Ore Reserves, that all material assumptions and technical parameters underpinning the estimates in the Previous Market Announcement continue to apply and have not materially changed. **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: The cut-off grade of 0.2 g/t Au used for the resource estimate is clearly stated. Evidence · text > using a cut-off grade of 0.2g/t Au **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: A significant portion of the total resource \(12.08 Mt\) is in the Inferred category, which has lower geological confidence. Evidence · table > 12,080 Context: Inferred **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: The resource includes a Measured category of 21.055 Mt, representing the highest confidence level. Evidence · table > 21,055 Context: Measured **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: The resource includes an Indicated category of 29.331 Mt, providing good geological confidence. Evidence · table > 29,331 Context: Indicated **Bench Scale Only** Polarity: negative Definition: Only preliminary bench tests completed — no locked-cycle or pilot work. Why it applies: Metallurgical testwork is described as 'underway' with 'composites prepared' and 'bulk composites will be tested', suggesting bench or batch scale rather than pilot plant operations. Evidence · text > Metallurgical testwork underway with Xinhai and IMO **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The JORC Table 1 provides extensive details on QA/QC procedures for drilling and sampling, including blanks, standards, duplicates, and certified laboratories. Evidence · text > An adequate number of control samples were utilised during core sampling. **Apparent Width Only** Polarity: negative Definition: Interval given as downhole width with no true width or drill orientation — apparent width may overstate true thickness. Why it applies: The JORC Table 1 explicitly states that 'Downhole true widths are not calculated' for the drilling results. Evidence · text > Downhole true widths are not calculated. **Heap Leach Route** Polarity: neutral Definition: Processing via heap leach — lower CAPEX and OPEX, lower recovery expected. Why it applies: the document describes a heap\_leach route \("heap leach"\) **Mill Route** Polarity: neutral Definition: Processing via mill or concentrator \(CIL, CIP, tank leach, flotation\). Why it applies: the document describes a flotation route \("concentrate"\) **Gravity Route** Polarity: neutral Definition: Gravity separation forms a material part of the flowsheet. Why it applies: the document describes a gravity route \("DMS"\) **Single Domain Only** Polarity: negative Definition: Testing limited to one composite or domain — representativeness not established. Why it applies: only one composite was tested ## Extracted facts Stored fact records: 15. Some facts used in scoring do not have a stored record. ## Drill Results (6) ### DPD133 [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-drill-facts-9) Dokwe North Historical result Needs review: historical\_restatement #### Identity - Hole ID: DPD133 - Project: Dokwe North - Region: zimbabwe - Reported Region: zimbabwe - Ticker: AA2 #### Geometry - Hole Depth: 250 m #### Classification - Program: resource - Sample Type: drill #### Location - Easting: 575097 - Northing: 7787953 - CRS: UTM Zone 35S WGS84 - Elevation: 1157 m - Azimuth: 325 ° - Dip: -60 ° - Loc. Confidence: high - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Interp. Status: scored - Historical: Yes #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Geotechnical drilling at Dokwe Central is a positive step for pit design, providing necessary data for the Feasibility Study. - Positive factor: Geotechnical drilling completed for pit design - Positive factor: High confidence in collar location from table - Negative factor: Downhole true widths not calculated for drilling in general Evidence · table > DPD133 Context: 575097 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DPD134 [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-drill-facts-10) Dokwe North #### Identity - Hole ID: DPD134 - Project: Dokwe North - Region: zimbabwe - Reported Region: zimbabwe - Ticker: AA2 #### Geometry - Hole Depth: 250 m #### Classification - Program: resource - Sample Type: drill #### Location - Easting: 574873 - Northing: 7787931 - CRS: UTM Zone 35S WGS84 - Elevation: 1156 m - Azimuth: 40 ° - Dip: -60 ° - Loc. Confidence: high - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Geotechnical drilling at Dokwe Central is a positive step for pit design, providing necessary data for the Feasibility Study. - Positive factor: Geotechnical drilling completed for pit design - Positive factor: High confidence in collar location from table - Negative factor: Downhole true widths not calculated for drilling in general Evidence · table > DPD134 Context: 574873 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DPD135 [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-drill-facts-11) Dokwe North #### Identity - Hole ID: DPD135 - Project: Dokwe North - Region: zimbabwe - Reported Region: zimbabwe - Ticker: AA2 #### Geometry - Hole Depth: 250 m #### Classification - Program: resource - Sample Type: drill #### Location - Easting: 574838 - Northing: 7788177 - CRS: UTM Zone 35S WGS84 - Elevation: 1156 m - Azimuth: 110 ° - Dip: -60 ° - Loc. Confidence: high - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Geotechnical drilling at Dokwe Central is a positive step for pit design, providing necessary data for the Feasibility Study. - Positive factor: Geotechnical drilling completed for pit design - Positive factor: High confidence in collar location from table - Negative factor: Downhole true widths not calculated for drilling in general Evidence · table > DPD135 Context: 574838 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DPD136 [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-drill-facts-12) Dokwe North #### Identity - Hole ID: DPD136 - Project: Dokwe North - Region: zimbabwe - Reported Region: zimbabwe - Ticker: AA2 #### Geometry - Hole Depth: 250 m #### Classification - Program: resource - Sample Type: drill #### Location - Easting: 575041 - Northing: 7788269 - CRS: UTM Zone 35S WGS84 - Elevation: 1156 m - Azimuth: 190 ° - Dip: -60 ° - Loc. Confidence: high - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Geotechnical drilling at Dokwe Central is a positive step for pit design, providing necessary data for the Feasibility Study. - Positive factor: Geotechnical drilling completed for pit design - Positive factor: High confidence in collar location from table - Negative factor: Downhole true widths not calculated for drilling in general Evidence · table > DPD136 Context: 575041 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DPD137 [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-drill-facts-13) Dokwe North #### Identity - Hole ID: DPD137 - Project: Dokwe North - Region: zimbabwe - Reported Region: zimbabwe - Ticker: AA2 #### Geometry - Hole Depth: 72.3 m #### Classification - Program: resource - Sample Type: drill #### Location - Easting: 575165 - Northing: 7788086 - CRS: UTM Zone 35S WGS84 - Elevation: 1156 m - Azimuth: 295 ° - Dip: -60 ° - Loc. Confidence: high - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Geotechnical drilling at Dokwe Central is a positive step for pit design, providing necessary data for the Feasibility Study. - Positive factor: Geotechnical drilling completed for pit design - Positive factor: High confidence in collar location from table - Negative factor: Downhole true widths not calculated for drilling in general Evidence · table > DPD137 Context: 575165 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ### DPD151 [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-drill-facts-14) Dokwe North #### Identity - Hole ID: DPD151 - Project: Dokwe North - Region: zimbabwe - Reported Region: zimbabwe - Ticker: AA2 #### Geometry - Hole Depth: 178.9 m #### Classification - Program: resource - Sample Type: drill #### Location - Easting: 575175 - Northing: 7788067 - CRS: UTM Zone 35S WGS84 - Elevation: 1157 m - Azimuth: 300 ° - Dip: -55 ° - Loc. Confidence: high - Loc. Source: document #### QA/QC - QA/QC Disclosed: Yes - Lab Certified: Yes - QP Signed: Yes - QA/QC Methods: standards, blanks, duplicates #### Deleterious - Deleterious Flag: No #### Review - Needs Review: No - Interp. Status: scored - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Geotechnical drilling at Dokwe Central is a positive step for pit design, providing necessary data for the Feasibility Study. - Positive factor: Geotechnical drilling completed for pit design - Positive factor: High confidence in collar location from table - Negative factor: Downhole true widths not calculated for drilling in general Evidence · table > DPD151 Context: 575175 #### Tags used in scoring **QA/QC Disclosed** Polarity: positive Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: qaqc\_disclosed is true **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **Infill Drilling** Polarity: neutral Definition: Confirmatory drilling to raise resource confidence, not new discovery. Why it applies: drill\_program\_type is "resource" ## Resource Estimates (8) ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-resource-facts-0) Dokwe Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Dokwe Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: AA2 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock - Resource group id: resource:1af5ba3017681fa2c04e - Deposit or zone: Dokwe North #### Resource Data - Category: measured - Tonnes: 21055000 - Grade: 0.92 - Grade Unit: g/t - Contained Metal: 621500 - Contained Unit: oz - Cutoff Grade: 0.2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-05-28 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-28T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Measured resource for Dokwe North provides high confidence data for the project, though it is a re-statement of a previous estimate. - Positive factor: High confidence Measured category - Positive factor: JORC 2012 compliant - Positive factor: QP/CP signed off - Negative factor: Estimate is a re-statement of prior data Evidence · table > 21,055 Context: Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-resource-facts-1) Dokwe Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Dokwe Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: AA2 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock - Resource group id: resource:ce31da49b21091df48a0 - Deposit or zone: Dokwe North #### Resource Data - Category: indicated - Tonnes: 27224000 - Grade: 0.71 - Grade Unit: g/t - Contained Metal: 617400 - Contained Unit: oz - Cutoff Grade: 0.2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-05-28 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-28T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Indicated resource for Dokwe North provides good confidence data for the project, though it is a re-statement of a previous estimate. - Positive factor: Good confidence Indicated category - Positive factor: JORC 2012 compliant - Positive factor: QP/CP signed off - Negative factor: Estimate is a re-statement of prior data Evidence · table > 27,224 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-resource-facts-2) Dokwe Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Dokwe Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: AA2 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock - Resource group id: resource:83a3dcb0d2f5332daa4e - Deposit or zone: Dokwe North #### Resource Data - Category: inferred - Tonnes: 11963000 - Grade: 0.67 - Grade Unit: g/t - Contained Metal: 258500 - Contained Unit: oz - Cutoff Grade: 0.2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-05-28 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-28T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Inferred resource for Dokwe North provides an indication of potential but has lower geological confidence, and is a re-statement of a previous estimate. - Positive factor: JORC 2012 compliant - Positive factor: QP/CP signed off - Negative factor: Estimate is a re-statement of prior data - Negative factor: Inferred category has lower geological confidence Evidence · table > 11,963 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-resource-facts-3) Dokwe Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Dokwe Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: AA2 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock - Resource group id: resource:52544587bef2a20a3607 - Deposit or zone: Dokwe Central #### Resource Data - Category: indicated - Tonnes: 2107000 - Grade: 1.39 - Grade Unit: g/t - Contained Metal: 94300 - Contained Unit: oz - Cutoff Grade: 0.2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-05-28 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-28T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Indicated resource for Dokwe Central provides good confidence data for the project, though it is a re-statement of a previous estimate. - Positive factor: Good confidence Indicated category - Positive factor: JORC 2012 compliant - Positive factor: QP/CP signed off - Negative factor: Estimate is a re-statement of prior data Evidence · table > 2,107 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-resource-facts-4) Dokwe Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Dokwe Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: AA2 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock - Resource group id: resource:d8502a41c745dc0d1b70 - Deposit or zone: Dokwe Central #### Resource Data - Category: inferred - Tonnes: 117000 - Grade: 1.66 - Grade Unit: g/t - Contained Metal: 6200 - Contained Unit: oz - Cutoff Grade: 0.2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-05-28 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-28T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This Inferred resource for Dokwe Central provides an indication of potential but has lower geological confidence, and is a re-statement of a previous estimate. - Positive factor: JORC 2012 compliant - Positive factor: QP/CP signed off - Negative factor: Estimate is a re-statement of prior data - Negative factor: Inferred category has lower geological confidence Evidence · table > 117 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### measured [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-resource-facts-5) Dokwe Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Dokwe Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: AA2 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock - Resource group id: resource:f798a67357622703e828 - Deposit or zone: Total #### Resource Data - Category: measured - Tonnes: 21055000 - Grade: 0.92 - Grade Unit: g/t - Contained Metal: 621500 - Contained Unit: oz - Cutoff Grade: 0.2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-05-28 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-28T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This total Measured resource for the Dokwe Project provides high confidence data, though it is a re-statement of a previous estimate. - Positive factor: High confidence Measured category - Positive factor: JORC 2012 compliant - Positive factor: QP/CP signed off - Negative factor: Estimate is a re-statement of prior data Evidence · table > 21,055 Context: Total Measured #### Tags used in scoring **Measured Resource** Polarity: positive Definition: Highest confidence category — tonnage, grade, shape well-established from closely-spaced drilling. Basis for Proven Reserves. Why it applies: category is "measured" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-resource-facts-6) Dokwe Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Dokwe Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: AA2 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock - Resource group id: resource:61f375a954de2b0d01e6 - Deposit or zone: Total #### Resource Data - Category: indicated - Tonnes: 29331000 - Grade: 0.75 - Grade Unit: g/t - Contained Metal: 711700 - Contained Unit: oz - Cutoff Grade: 0.2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-05-28 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-28T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This total Indicated resource for the Dokwe Project provides good confidence data, though it is a re-statement of a previous estimate. - Positive factor: Good confidence Indicated category - Positive factor: JORC 2012 compliant - Positive factor: QP/CP signed off - Negative factor: Estimate is a re-statement of prior data Evidence · table > 29,331 Context: Indicated #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-resource-facts-7) Dokwe Gold Project · gold Historical result Needs review: historical\_restatement #### Identity - Project: Dokwe Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: AA2 #### Resource scope - Estimate type: resource - Reporting standards: jorc - QP Signed: Yes - Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock - Resource group id: resource:12286885c7633c633107 - Deposit or zone: Total #### Resource Data - Category: inferred - Tonnes: 12080000 - Grade: 0.68 - Grade Unit: g/t - Contained Metal: 264700 - Contained Unit: oz - Cutoff Grade: 0.2 - Cutoff Unit: g/t Au #### Prior Estimate - Resource Date: 2026-05-28 #### Metal Equivalent - Assumptions Disclosed: No #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-05-28T00:00:00.000Z #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: This total Inferred resource for the Dokwe Project provides an indication of potential but has lower geological confidence, and is a re-statement of a previous estimate. - Positive factor: JORC 2012 compliant - Positive factor: QP/CP signed off - Negative factor: Estimate is a re-statement of prior data - Negative factor: Inferred category has lower geological confidence Evidence · table > 12,080 Context: Inferred #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Disclosed** Polarity: positive Definition: Cut-off grade used for resource reporting is clearly stated, enabling like-for-like comparison. Why it applies: cutoff\_grade is stated **QP/CP Signed** Polarity: positive Definition: Qualified Person \(QP\) or Competent Person \(CP\) named and signed off — a member of a recognized professional association \(e.g., AusIMM, SME, AIG, P.Geo\) with relevant experience. Why it applies: qp\_signed is true **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc ## Metallurgical Results (1) ### unspecified [Link to this fact](https://atlas-staging.minestarters.com/news/aa2-dokwe-project-feasibility-programme-update--1f9d2746-2b4c-4f36-8b36-ffa6d1dcb28c#fact-metallurgical-facts-8) Dokwe Gold Project · gold #### Identity - Project: Dokwe Gold Project - Commodity: gold - Region: zimbabwe - Reported Region: Zimbabwe - Ticker: AA2 #### Test Work - Program Status: detailed - Test Type: unspecified - Processing Route: unspecified - Sample: 28 composites prepared, including three bulk composites and remaining mine schedule and variability composites #### Lab - Laboratory: Xinhai and IMO - Consultant: Independent Metallurgical Operations Pty. Ltd. #### Review - Needs Review: No - Historical: No #### Dates - Event date: 2026-09-29T00:00:00.000Z Reasoning: Metallurgical testwork is a critical step for the Feasibility Study, and its commencement with multiple composites and labs is a positive development, though results are pending. - Positive factor: Metallurgical testwork is underway for Feasibility Study - Positive factor: Multiple composites being tested, including bulk and variability samples - Positive factor: Work being conducted by reputable laboratories \(Xinhai, IMO\) - Negative factor: No metallurgical testwork results reported yet Evidence · text > Metallurgical testwork underway with Xinhai and IMO, in China and Australia respectively. ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.