BRITISH miner, Ariana Resources Plc (Ariana) is due to release an updated pre-feasibility study for its Dokwe Gold Project within weeks, reassessing mine economics, costs and development plans after fresh drilling at the Zimbabwe gold asset.
The company holds a 100% interest in the Dokwe Project, one of Zimbabwe’s most significant gold projects and Ariana’s flagship growth project.
The project hosts a substantial in-pit mineral resource estimate of 1,41 million ounces of gold with a robust grade profile and hosts significant exploration upside across the broader licence area.
“Work progressed on the Dokwe feasibility study, including a pre-feasibility study (PFS) update following work completed last year on revised optimisations and economic inputs. We are expecting to announce the results of the updated PFS in the coming weeks,” Ariana managing director Kerim Sener told shareholders yesterday.
“Most significantly, we had the opportunity as a board to meet with the Xinhai team on site at Dokwe in February and to visit other processing plants which they have built in Zimbabwe.
“These operations were very impressive, and the confidence that this inspires was further reinforced following a visit to meet with the Xinhai management and technical team in China during March.”
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The Xinhai or Hong Kong Xinhai Mining Services visit comes as back in January, the miner announced that it had finalised a strategic investment with the Chinese based company, leading to it holding a 10,19% stake in Ariana.
“The company announced on December 22, 2025 that it had entered into a binding definitive agreement with Hong Kong Xinhai Mining Services Ltd (Xinhai).
“The company, on receipt of the subscription amount of A$8 million subsequently issued 26 666 667 Tranche 1 CDI’s to Xinhai on December 30, 2025,” Ariana said.
“A general meeting of shareholders was held in London on 25 February 2026 where the company received approval to: Ratify the prior issue of 26 666 667 Tranche 1 CDIs to Xinhai; Issue 13 333 333 Tranche 1 CDI Options to Xinhai; Issue 3 333 333 CDIs and 1 666 667 CDI Options to Xinhai upon the completion of the Tranche 2 work; and Issue up to 6 666 667 CDIs and 3 333 333 CDI Options to Xinhai upon the completion of the Tranche 3 work.”
This comes as Ariana completed a dual listing on the Australian Securities Exchange (ASX) on September 10, 2025.
Ariana issued CDIs or Chess Depositary Interests on the ASX to raise funds for its gold projects, marking its secondary listing in addition to its primary listing on the London Stock Exchange Alternative Investment Market.
“The company announced on February 4, 2026 that it had received a conversion notice from RiverFort Global Opportunities PCC Limited (RiverFort) to discharge all outstanding loan balances due under the facility agreement with RiverFort,” Ariana said.
“The conversion notice provided for the settlement of the outstanding loan balance of US$782 575,08 through the issue of 40 435 311 ordinary shares in accordance with the loan terms and pricing under the facility agreement.”
The shares were subsequently issued in the UK on February 5, 2026.
“The company, however, retains access to the remaining undrawn US$3 million of the original US$5 million under the facility agreement, should it require additional loan financing during the next three years as it continues to advance the Dokwe Gold Project in Zimbabwe,” Ariana said.