# Dokwe Project Feasibility Programme Update

Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4

Original source: https://www.londonstockexchange.com/news-article/AAU/dokwe-project-feasibility-programme-update/17811389

Publisher: lse

Original announcement: 2026-09-30T05:00:03.000Z

Analysis by Minestarters Atlas

Atlas analysis published: 2026-09-30T09:07:49.896Z

Atlas analysis updated: 2026-09-30T09:07:49.896Z

- Company: Ariana Resources plc

- Ticker: AAU

- Exchange: LSE

- Region: Zimbabwe

- Primary commodity: Gold

- Secondary commodities: None reported

- Document categories: Resource update, Metallurgy, Drill results

- Extracted: 2026-09-30 09:07:50 UTC

Narrative sentiment: 0.10 · Bullish

## Minestarters Atlas summary

Ariana Resources provides an update on its Feasibility Study for the Dokwe Gold Project in Zimbabwe, highlighting ongoing independent Mineral Resource Estimate work, initiated metallurgical testwork with Xinhai and IMO, and completed geotechnical drilling at Dokwe Central. The company is also advancing water bore drilling and planning further exploration and sterilisation drilling programs. The resource estimate presented in the document is a re-statement of a May 2026 estimate.

Reasoning: The announcement provides a comprehensive update on the Feasibility Study for the Dokwe Gold Project, detailing progress in resource estimation, metallurgical testwork, and geotechnical studies, which are crucial steps towards project development. While no new assay results or resource figures are presented, the advancement of the project is a positive signal.

- Positive factor: Feasibility Study program advancing

- Positive factor: Independent Mineral Resource Estimate underway

- Positive factor: Metallurgical testwork initiated

- Positive factor: Geotechnical drilling completed for pit design

- Positive factor: Water bore drilling underway to secure supply

- Positive factor: Future exploration and sterilisation drilling planned

- Negative factor: No new drill assay results reported in this announcement

- Negative factor: Resource estimate presented is a re-statement of a prior estimate, not a new one

- Negative factor: No metallurgical test results available yet

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.

Evidence · text

> The Mineral Resource Estimate is reported in accordance with the 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 information in this announcement is based on information compiled by Dr. Kerim Sener and Ms. Ruth Woodcock, who are Competent Persons as defined by the JORC Code.

Evidence · text

> The information in this announcement that relates to Exploration Results is based on information compiled by Dr. Kerim Sener BSc \(Hons\), MSc, PhD, Managing Director of Ariana Resources plc. ... The information in this announcement relating to the Mineral Resource Estimate at the Dokwe Gold Project is based on, and fairly represents, information and supporting documentation prepared by Ms. Ruth Woodcock, Exploration Group Leader, Ariana Resources plc.

**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 Mineral Resource Estimate is reported using a cut-off grade of 0.2g/t Au.

Evidence · text

> using a cut-off grade of 0.2g/t Au

**Stale Estimate**

Polarity: negative

Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding.

Why it applies: The Mineral Resource Estimate presented in Table 2 was announced on 26 May 2026, making it a re-statement of a prior estimate rather than a new one.

Evidence · text

> The Dokwe Mineral Resource Estimate \(as announced 26 May 2026\)

**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 Feasibility Study program, including the ongoing independent Mineral Resource Estimate process.

Evidence · text

> Independent Mineral Resource Estimate underway

**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 details extensive QA/QC procedures including blanks, CRMs, duplicates, and external laboratory checks, with laboratories being SADCAS accredited.

Evidence · text

> Antech Laboratories and Performance Laboratories are both SADCAS accredited \(ISO/IEC 17025:2017\).

**Bench Scale Only**

Polarity: negative

Definition: Only preliminary bench tests completed — no locked-cycle or pilot work.

Why it applies: Metallurgical testwork is 'underway' with 'composites prepared' and 'bulk composites will be tested', implying early-stage bench-scale work rather than pilot plant operations.

Evidence · text

> Metallurgical testwork underway with Xinhai and IMO, in China and Australia respectively. ... Eight tonnes of metallurgical samples arrived at Xinhai’s laboratory in Yantai, China ... where 28 composites have been prepared ... Three bulk composites will be tested in Yantai, with the remaining ‘mine schedule’ composites and variability composites to be shipped to Perth, Western Australia, where they will be analysed further.

**Multi-Domain Tested**

Polarity: positive

Definition: Variability across ore domains \(oxide, transition, fresh\) has been addressed.

Why it applies: The metallurgical testwork involves '28 composites' and 'variability composites', suggesting an intent to test different ore domains.

Evidence · text

> where 28 composites have been prepared ... with the remaining ‘mine schedule’ composites and variability composites to be shipped to Perth, Western Australia

**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 states that 'Downhole true widths are not calculated' for drill holes.

Evidence · text

> Downhole true widths are not calculated. All significant grades presented represent the value attributable to the real sample length and not corrected true width.

**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/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#fact-drill-facts-9)

Dokwe Central

Historical result

Needs review: historical\_restatement

#### Identity

- Hole ID: DPD133
- Project: Dokwe Central
- Region: zimbabwe
- Reported Region: zimbabwe
- Ticker: AAU

#### Geometry

- Hole Depth: 250 m

#### Classification

- Sample Type: drill

#### Location

- Location: Dokwe Central
- Easting: 575097
- Northing: 7787953
- CRS: UTM Zone 35S WGS84
- Elevation: 1157 m
- Azimuth: 325 °
- Dip: -60 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: Performance Laboratories, Antech Laboratories, SGS Lakefield Research Africa, Intertek Genalysis Laboratories, ALS Global
- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Interp. Status: scored
- Historical: Yes

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Geotechnical drilling has been completed for DPD133 at Dokwe Central, providing data for pit design, but no assay results are available as it is a geotechnical hole.

- Positive factor: Geotechnical drilling completed to inform pit design

- Positive factor: Collar coordinates and drill parameters provided

- Positive factor: QA/QC procedures disclosed

- Negative factor: No assay results reported \(geotechnical hole\)

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

### DPD134

[Link to this fact](https://atlas-staging.minestarters.com/news/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#fact-drill-facts-10)

Dokwe Central

#### Identity

- Hole ID: DPD134
- Project: Dokwe Central
- Region: zimbabwe
- Reported Region: zimbabwe
- Ticker: AAU

#### Geometry

- Hole Depth: 250 m

#### Classification

- Sample Type: drill

#### Location

- Location: Dokwe Central
- Easting: 574873
- Northing: 7787931
- CRS: UTM Zone 35S WGS84
- Elevation: 1156 m
- Azimuth: 40 °
- Dip: -60 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: Performance Laboratories, Antech Laboratories, SGS Lakefield Research Africa, Intertek Genalysis Laboratories, ALS Global
- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Geotechnical drilling has been completed for DPD134 at Dokwe Central, providing data for pit design, but no assay results are available as it is a geotechnical hole.

- Positive factor: Geotechnical drilling completed to inform pit design

- Positive factor: Collar coordinates and drill parameters provided

- Positive factor: QA/QC procedures disclosed

- Negative factor: No assay results reported \(geotechnical hole\)

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

### DPD135

[Link to this fact](https://atlas-staging.minestarters.com/news/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#fact-drill-facts-11)

Dokwe Central

#### Identity

- Hole ID: DPD135
- Project: Dokwe Central
- Region: zimbabwe
- Reported Region: zimbabwe
- Ticker: AAU

#### Geometry

- Hole Depth: 250 m

#### Classification

- Sample Type: drill

#### Location

- Location: Dokwe Central
- Easting: 574838
- Northing: 7788177
- CRS: UTM Zone 35S WGS84
- Elevation: 1156 m
- Azimuth: 110 °
- Dip: -60 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: Performance Laboratories, Antech Laboratories, SGS Lakefield Research Africa, Intertek Genalysis Laboratories, ALS Global
- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Geotechnical drilling has been completed for DPD135 at Dokwe Central, providing data for pit design, but no assay results are available as it is a geotechnical hole.

- Positive factor: Geotechnical drilling completed to inform pit design

- Positive factor: Collar coordinates and drill parameters provided

- Positive factor: QA/QC procedures disclosed

- Negative factor: No assay results reported \(geotechnical hole\)

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

### DPD136

[Link to this fact](https://atlas-staging.minestarters.com/news/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#fact-drill-facts-12)

Dokwe Central

#### Identity

- Hole ID: DPD136
- Project: Dokwe Central
- Region: zimbabwe
- Reported Region: zimbabwe
- Ticker: AAU

#### Geometry

- Hole Depth: 250 m

#### Classification

- Sample Type: drill

#### Location

- Location: Dokwe Central
- Easting: 575041
- Northing: 7788269
- CRS: UTM Zone 35S WGS84
- Elevation: 1156 m
- Azimuth: 190 °
- Dip: -60 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: Performance Laboratories, Antech Laboratories, SGS Lakefield Research Africa, Intertek Genalysis Laboratories, ALS Global
- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Geotechnical drilling has been completed for DPD136 at Dokwe Central, providing data for pit design, but no assay results are available as it is a geotechnical hole.

- Positive factor: Geotechnical drilling completed to inform pit design

- Positive factor: Collar coordinates and drill parameters provided

- Positive factor: QA/QC procedures disclosed

- Negative factor: No assay results reported \(geotechnical hole\)

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

### DPD137

[Link to this fact](https://atlas-staging.minestarters.com/news/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#fact-drill-facts-13)

Dokwe Central

#### Identity

- Hole ID: DPD137
- Project: Dokwe Central
- Region: zimbabwe
- Reported Region: zimbabwe
- Ticker: AAU

#### Geometry

- Hole Depth: 72.3 m

#### Classification

- Sample Type: drill

#### Location

- Location: Dokwe Central
- Easting: 575165
- Northing: 7788086
- CRS: UTM Zone 35S WGS84
- Elevation: 1156 m
- Azimuth: 295 °
- Dip: -60 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: Performance Laboratories, Antech Laboratories, SGS Lakefield Research Africa, Intertek Genalysis Laboratories, ALS Global
- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Geotechnical drilling has been completed for DPD137 at Dokwe Central, providing data for pit design, but no assay results are available as it is a geotechnical hole.

- Positive factor: Geotechnical drilling completed to inform pit design

- Positive factor: Collar coordinates and drill parameters provided

- Positive factor: QA/QC procedures disclosed

- Negative factor: No assay results reported \(geotechnical hole\)

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

### DPD151

[Link to this fact](https://atlas-staging.minestarters.com/news/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#fact-drill-facts-14)

Dokwe Central

#### Identity

- Hole ID: DPD151
- Project: Dokwe Central
- Region: zimbabwe
- Reported Region: zimbabwe
- Ticker: AAU

#### Geometry

- Hole Depth: 178.9 m

#### Classification

- Sample Type: drill

#### Location

- Location: Dokwe Central
- Easting: 575175
- Northing: 7788067
- CRS: UTM Zone 35S WGS84
- Elevation: 1157 m
- Azimuth: 300 °
- Dip: -55 °
- Loc. Confidence: high
- Loc. Source: document

#### QA/QC

- Laboratory: Performance Laboratories, Antech Laboratories, SGS Lakefield Research Africa, Intertek Genalysis Laboratories, ALS Global
- QA/QC Disclosed: Yes
- Lab Certified: Yes
- QP Signed: Yes
- QA/QC Methods: standards, blanks, duplicates

#### Review

- Needs Review: No
- Interp. Status: scored
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Geotechnical drilling has been completed for DPD151 at Dokwe Central, providing data for pit design, but no assay results are available as it is a geotechnical hole.

- Positive factor: Geotechnical drilling completed to inform pit design

- Positive factor: Collar coordinates and drill parameters provided

- Positive factor: QA/QC procedures disclosed

- Negative factor: No assay results reported \(geotechnical hole\)

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

## Resource Estimates (8)

### measured

[Link to this fact](https://atlas-staging.minestarters.com/news/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#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: AAU

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock
- Resource group id: resource:2860a6ecf1b1051e5122
- 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: 2026-05-26

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-05-26T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a re-statement of a previously announced Measured resource for Dokwe North, providing no new information but confirming the existing estimate's details.

- Positive factor: JORC compliant

- Positive factor: QP/CP signed

- Positive factor: Cut-off grade disclosed

- Negative factor: Stale estimate \(re-statement of prior MRE\)

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/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#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: AAU

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock
- Resource group id: resource:ef742dc4617814959d8c
- 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: 2026-05-26

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-05-26T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a re-statement of a previously announced Indicated resource for Dokwe North, providing no new information but confirming the existing estimate's details.

- Positive factor: JORC compliant

- Positive factor: QP/CP signed

- Positive factor: Cut-off grade disclosed

- Negative factor: Stale estimate \(re-statement of prior MRE\)

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/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#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: AAU

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock
- Resource group id: resource:8eb6a873299352552936
- 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: 2026-05-26

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-05-26T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a re-statement of a previously announced Inferred resource for Dokwe North, providing no new information and representing a lower confidence category.

- Positive factor: JORC compliant

- Positive factor: QP/CP signed

- Positive factor: Cut-off grade disclosed

- Negative factor: Stale estimate \(re-statement of prior MRE\)

- Negative factor: Inferred resource category has lower 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/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#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: AAU

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock
- Resource group id: resource:16a9d48765694721d543
- 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: 2026-05-26

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-05-26T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a re-statement of a previously announced Indicated resource for Dokwe Central, providing no new information but confirming the existing estimate's details.

- Positive factor: JORC compliant

- Positive factor: QP/CP signed

- Positive factor: Cut-off grade disclosed

- Negative factor: Stale estimate \(re-statement of prior MRE\)

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/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#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: AAU

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock
- Resource group id: resource:7c5fc59f7689d45d945b
- 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: 2026-05-26

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-05-26T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a re-statement of a previously announced Inferred resource for Dokwe Central, providing no new information and representing a lower confidence category.

- Positive factor: JORC compliant

- Positive factor: QP/CP signed

- Positive factor: Cut-off grade disclosed

- Negative factor: Stale estimate \(re-statement of prior MRE\)

- Negative factor: Inferred resource category has lower 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/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#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: AAU

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock
- Resource group id: resource:62455b82a8e9030c4244
- 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: 2026-05-26

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-05-26T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a re-statement of the total Measured resource for the Dokwe Gold Project, providing no new information but confirming the existing estimate's details.

- Positive factor: JORC compliant

- Positive factor: QP/CP signed

- Positive factor: Cut-off grade disclosed

- Negative factor: Stale estimate \(re-statement of prior MRE\)

Evidence · table

> 21,055

Context: Total

#### 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/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#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: AAU

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock
- Resource group id: resource:1298c78412d8b4eeac2d
- 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: 2026-05-26

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-05-26T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a re-statement of the total Indicated resource for the Dokwe Gold Project, providing no new information but confirming the existing estimate's details.

- Positive factor: JORC compliant

- Positive factor: QP/CP signed

- Positive factor: Cut-off grade disclosed

- Negative factor: Stale estimate \(re-statement of prior MRE\)

Evidence · table

> 29,331

Context: Total

#### 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/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#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: AAU

#### Resource scope

- Estimate type: resource
- Reporting standards: jorc
- QP Signed: Yes
- Qualified person names: Dr. Kerim Sener, Ms. Ruth Woodcock
- Resource group id: resource:267f17bfc9b3d069967a
- 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: 2026-05-26

#### Review

- Needs Review: Yes
- Review Reason: historical\_restatement
- Historical: Yes
- Historical Source Date: 2026-05-26T00:00:00.000Z

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: This is a re-statement of the total Inferred resource for the Dokwe Gold Project, providing no new information and representing a lower confidence category.

- Positive factor: JORC compliant

- Positive factor: QP/CP signed

- Positive factor: Cut-off grade disclosed

- Negative factor: Stale estimate \(re-statement of prior MRE\)

- Negative factor: Inferred resource category has lower confidence

Evidence · table

> 12,080

Context: Total

#### 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/dokwe-project-feasibility-programme-update--99fb765c-cffb-44a0-8e8f-d642c28b98a4#fact-metallurgical-facts-8)

Dokwe Gold Project · gold

#### Identity

- Project: Dokwe Gold Project
- Commodity: gold
- Region: zimbabwe
- Reported Region: Zimbabwe
- Ticker: AAU

#### Test Work

- Program Status: detailed
- Test Type: unspecified
- Sample: Eight tonnes of metallurgical samples arrived at Xinhai’s laboratory in Yantai, China, where 28 composites have been prepared

#### Lab

- Laboratory: Xinhai and IMO
- Consultant: Independent Metallurgical Operations Pty. Ltd.

#### Review

- Needs Review: No
- Historical: No

#### Dates

- Event date: 2026-09-30T00:00:00.000Z

Reasoning: Metallurgical testwork has commenced with multiple composites at two laboratories, indicating progress towards the Feasibility Study, though no results are yet available.

- Positive factor: Metallurgical testwork initiated for Feasibility Study

- Positive factor: Multiple composites prepared for variability testing

- Positive factor: Two laboratories involved for comprehensive analysis

- Negative factor: No metallurgical results reported yet

- Negative factor: Test scale not explicitly stated beyond 'composites prepared'

Evidence · text

> Eight tonnes of metallurgical samples arrived at Xinhai’s laboratory in Yantai, China \(Figure 4\), where 28 composites have been prepared under the auspices of Ariana’s consultants, Independent Metallurgical Operations Pty. Ltd. in Perth, Australia.

## 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.