Latest news with #Newmont
Yahoo
16 hours ago
- Business
- Yahoo
Newmont (NEM) Surges 36% Over Last Quarter Following Strong Q2 2025 Earnings
Newmont recently announced its second quarter 2025 results, revealing a substantial increase in sales and net income compared to the prior year. The company also declared a quarterly dividend, authorized a significant share repurchase program, and completed a lease renewal in Ghana. Despite a decline in gold production, these developments likely bolstered investor confidence, contributing to the company's 36% share price increase over the last quarter. This upward movement aligns broadly with the market's positive trend, which included record highs in the Nasdaq and increased overall investor optimism amidst additional stock buyback activity and dividends within the sector. Every company has risks, and we've spotted 1 warning sign for Newmont you should know about. Diversify your portfolio with solid dividend payers offering reliable income streams to weather potential market turbulence. With Newmont's latest results showing a boost in sales and net income, the company's operational and strategic developments could reinforce its current narrative of resilience, focusing on gold demand and asset synergies. However, despite a recent uptick in its share price—36% this past quarter—the stock has achieved a total shareholder return of 63.75% over the past three years. This long-term performance reflects a complex mix of operational efficiency and market conditions, aligning with the company's efforts to maintain stability amidst fluctuating gold production rates. Over the last year, Newmont's performance has outpaced the broader US Metals and Mining industry, which returned 24.1%. This indicates a strong relative positioning, likely aided by the company's proactive engagement in shareholder returns through dividends and share repurchase programs. As for revenue and earnings forecasts, the recent lease renewal in Ghana and other long-term initiatives might offer sustained revenue support, though the decline in gold production introduces a risk to achieving the expected 1.6% annual revenue growth over the next three years. Currently trading at US$68.98, Newmont's share price aligns closely with the consensus price target of US$70.36, suggesting the market views the stock as fairly priced given current conditions. The modest price differential indicates skepticism about substantial immediate upside but acknowledges the potential for incremental value in alignment with forecasted earnings of US$6.3 billion by 2028. As such, the current developments signal a stable, though cautious, investor sentiment focused on sustainable growth. Unlock comprehensive insights into our analysis of Newmont stock in this financial health report. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NEM. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
3 days ago
- Business
- Globe and Mail
Barrick Mining Gains 19% in 3 Months: Is it the Right Time to Buy?
Barrick Mining Corporation 's B shares have rallied 18.8% in the past three months. The upside has been largely driven by a rally in gold prices amid economic and geopolitical uncertainties. Barrick has outperformed the Zacks Mining – Gold industry's 15.1% increase, and has topped the S&P 500's rise of 12.9% in the past three months. Among its gold mining peers, Newmont Corporation NEM, Kinross Gold Corporation KGC and Agnico Eagle Mines Limited AEM have racked up gains of 28%, 24.6% and 15.7%, respectively, over the same period. Newmont's gains are partly aided by the strong production performance of its managed Tier 1 portfolio. Kinross Gold's impressive performance has been driven by its strong operational execution, advancement of its growth strategy and consistent strong performance of its two biggest assets — Tasiast and Paracatu. Agnico Eagle's gains have been driven by its forecast-topping earnings performance, higher realized prices and strong production. B's 3-month Price Performance The B stock broke out above its 50-day simple moving average (SMA) on May 30, 2025. Barrick is also currently trading above its 200-day SMA, suggesting a long-term uptrend. The 50-day SMA is reading higher than the 200-day SMA since the golden crossover on April 9, 2025, indicating a bullish trend. B Trades Above 50-Day SMA Let's take a look at Barrick's fundamentals to better analyze how to play the stock. Key Projects to Underpin Production Growth for Barrick Barrick is well-placed to benefit from the progress in key growth projects, which should significantly contribute to its production. Its major gold and copper growth projects, including Goldrush, the Pueblo Viejo plant expansion and mine life extension, Fourmile, Lumwana Super Pit and Reko Diq, are underway. These projects are advancing on schedule and within budget, laying the groundwork for the next generation of profitable production. The Goldrush mine is ramping up to the targeted 400,000 ounces of production per annum by 2028. Bordering Goldrush is the 100% Barrick-owned Fourmile, which is yielding grades double those of Goldrush and is anticipated to become another Tier One mine. The project has progressed to a prefeasibility study on the back of a successful drilling program. The Reko Diq copper-gold project in Pakistan is designed to produce 460,000 tons of copper and 520,000 ounces of gold annually in its second development phase. The first production is expected by the end of 2028. Also, the $2 billion Super Pit Expansion Project at its Lumwana mine is progressing steadily, accelerating its shift into a Tier One copper mine. Barrick recently stated that the Lumwana expansion is the result of a significant turnaround, transforming the mine from an underperforming asset into a vital part of both its global copper portfolio and Zambia's long-term development strategy. Higher Gold Prices to Drive B's Margins and Cash Flow Gold prices have rallied roughly 29% this year, largely attributable to aggressive trade policies, including sweeping new import tariffs announced by President Donald Trump that have intensified global trade tensions and heightened investor anxiety. Also, central banks worldwide have been accumulating gold reserves, led by risks arising from Trump's policies. Gold prices shot up to a record high of $3,500 per ounce on April 22. While gold prices have fallen from their April 2025 high, they remain favorable, aided by geopolitical tensions, and are currently hovering near the $3,400 per ounce level. Increased purchases by central banks and geopolitical tensions are factors expected to help the yellow metal sustain the rally. Higher gold prices should translate into strong profit margins and free cash flow generation for Barrick. Barrick's Strong Liquidity & Attractive Dividend Bode Well Barrick has a solid liquidity position and generates healthy cash flows, positioning it well to take advantage of attractive development, exploration and acquisition opportunities, drive shareholder value and reduce debt. At the end of first-quarter 2025, Barrick's cash and cash equivalents were around $4.1 billion. It generated strong operating cash flows of roughly $1.2 billion in the quarter, up 59% year over year. Free cash flow surged to around $375 million in the first quarter from $32 million in the prior-year quarter. Barrick returned $1.2 billion to its shareholders in 2024 through dividends and repurchases. Barrick's board, in February 2025, authorized a new program for the buyback of up to $1 billion of its outstanding common shares. It repurchased shares worth $143 million under this program during the first quarter. Barrick offers a dividend yield of 1.8% at the current stock price. Its payout ratio is 28% (a ratio below 60% is a good indicator that the dividend will be sustainable), with a five-year annualized dividend growth rate of roughly 3%. Barrick's Earnings Estimates Northbound Earnings estimates for Barrick have been revised upward over the past 60 days. The Zacks Consensus Estimate for 2025 and 2026 has been revised higher over the same time frame. The Zacks Consensus Estimate for B's 2025 and 2026 earnings implies a year-over-year rise of 55.6% and 24.1%, respectively. A Look at Barrick Stock's Valuation B stock is currently trading at a forward price/earnings of 10.12X, a roughly 24.8% discount to the industry's average of 13.45X. It also has a Value Score of A. Barrick is also trading at a discount to Newmont, Agnico Eagle and Kinross Gold. B's P/E F12M Vs. Industry, NEM, AEM & KGC How Should Investors Play the B Stock? Barrick presents a compelling investment case with a strong pipeline of growth projects, solid financials, rallying gold prices and a healthy growth trajectory. Its actions to boost production, rising earnings estimates, attractive valuation and a safe dividend yield paint a promising picture. Higher gold prices should boost its profitability and drive cash flow generation. B's cheap valuation also offers an attractive entry point. Investors seeking exposure to the gold mining sector, particularly in a market environment that favors gold as a safe-haven asset, may find this Zacks Rank #1 (Strong Buy) stock a worthwhile addition as it has upbeat growth prospects. You can see the complete list of today's Zacks #1 Rank stocks here. See our %%CTA_TEXT%% report – free today! 7 Best Stocks for the Next 30 Days Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Newmont Corporation (NEM): Free Stock Analysis Report Kinross Gold Corporation (KGC): Free Stock Analysis Report Agnico Eagle Mines Limited (AEM): Free Stock Analysis Report Barrick Mining Corporation (B): Free Stock Analysis Report This article originally published on Zacks Investment Research (
News.com.au
3 days ago
- Business
- News.com.au
Monsters of Rock: Greatland responds to ASX's burning questions, Chinese backer tips $50m into Liontown
Greatland Resources responds to burning questions on FY26 guidance Chinese lithium refiner joins Aussie government as strange bedfellows in $316m Liontown raise Miners float higher in big week for gold and critical minerals Monsters of Rock covers the big news in the large cap ASX mining space. In the quiet morning fog of the days post Diggers and Dealers, two of the mid-tier mining space's most closely watched stocks have shifted under the cover of darkness to respond to some burning questions. One is Greatland Resources (ASX:GGP), which today dropped an extensive response to ASX queries about the radical shift in its guidance versus prospectus forecasts from an ASX IPO that saw its shares charge to $7.30 on listing in late June. The Andrew Forrest backed owner of the Telfer gold mine is now trading at just $5.12, its lowest point since adding Australia to its primary London listing. In essence, Greatland told the ASX in a response to a price and volume query that the miner, which bought the operations and 70% of the Havieron discovery it didn't own from Newmont for US$475m last year, only made the decisions that resulted in its changing production, capex and cost expectations after reviewing its operations and plans in July. The release of its June quarterly report and guidance, which saw FY26 gold output cut from 320-360,000oz to 260-310,000z and cost guidance changed from $2400-2600/oz to $2400-2800/oz, prompted a 24% one day decline in its share price. In a detailed response to questions on Friday, Greatland said information in its ASX prospectus advised investors it would review operations in a way that could incur additional costs. It also stated that updates to its production target, operating cost forecast and capital costs were not determined until after a board meeting on July 24, with its decision based on a FY26 budget prepared between the start of a management review on July 10 and July 23. "The proposed FY26 budget board paper and proposed updated production target information, updated capital cost information and updated operating cost information, was first provided to the Board on Wednesday, 23 July 2025," the $3.4 billion company said. No one's spoken to us... Greatland MD Shaun Day addressed the controversy fronting up to media at Diggers and Dealers in Kalgoorlie on Tuesday. He said the prospectus info had been based on the data the company had at its disposal at the time. "That was the due diligence process kind of leading to that prospectus. We were comfortable with it and you saw the March quarter, it was really strong," Day said. "Post FY25, we provided an update." Day also denied a claim made in an AFR article that Greatland had been contacted by Australia's corporate watchdog ASIC. He also believes the company has delivered productivity gains at site despite lifting its operating cost forecast, noting the change was proportionately smaller than the decrease in its planned production rate. It's come amid concerns inflation is starting to creep up in the gold sector and swallow margins. "Of course there's some inflation in the sector, but we've more than offset that by the productivity improvements, which we think we maintain into FY 26," Day said. Liontown gets Canberra backing The other big one was the revelation Liontown Resources (ASX:LTR) had hit up the market for fresh equity, including a $50m tip from Aussie taxpayers. Only a few days after Resources Minister Madeleine King indicated government equity investments in critical minerals projects were potentially on the table, the National Reconstruction Fund – previously a backer of rare earths developer Arafura Rare Earths (ASX:ARU) – picked up a sizeable chunk of a $316m raise to provide a cash buffer for the Kathleen Valley lithium mine owner. The raising has seen a small tyre-fire put out by LTR boss Tony Ottaviano, apologising for comments he made that the company's largest shareholder was turning focus from Aussie lithium to US rare earths and fossil fuels. That's none other than Gina Rinehart's Hancock Prospecting, which had around 18% of the company before Thursday's 73c per share raise. Hancock, which initially acquired close to 20% of the stock in a 2023 raid that killed a $6.6bn takeover by US lithium giant Albemarle, was reportedly not participating in this week's cash call. The Kathleen Valley mine opened this year, but the need for additional cash has been a live issue with spodumene prices currently in the order of US$775/t and trading as low as US$610/t as recently as mid-June. Intriguingly, a $50m placement to China's Canmax Technologies, also a major shareholder in WA junior Global Lithium Resources (ASX:GL1), has been added to the original $266m placement. It's subject to Liontown shareholder approval and Chinese outbound investment sign-off. That means LTR has $472m to play with ahead of a potential $20m from a share purchase plan to retail investors. It comes after Liontown boss Tony Ottaviano floated the potential entry of Chinese capital into the business in July despite previous comments about the company's intention to supply markets outside the major lithium refiner. "I'm very pleased with the strong support we've received for this Placement, which attracted significant demand from high-quality institutional investors, both in Australia and offshore," Ottaviano said in comments to the market today. "Despite challenging market conditions, the backing from the equity markets, who have contributed 84% of the money raised, alongside support from the National Reconstruction Fund Corporation, underscores the quality, long-term value, and strategic importance of Kathleen Valley to the Australian economy and national interest. "The investment in Liontown by Canmax, a world leading producer of lithium chemicals, in the Conditional Placement reflects confidence in the long-term value of the Kathleen Valley Operation, and we think is a strong positive indicator for the demand outlook of lithium products." The capital raising will "support the ramp up and transition to 100% underground operations" at KV, Ottaviano said. Liontown shares fell 7.1% after the placement was finalised on Friday morning. The ASX 300 Metals and Mining index rose 5.45% over the past week. Which ASX 300 Resources stocks have impressed and depressed? Making gains Catalyst Metals (ASX:CYL) (gold) +27% Westgold Resources (ASX:WGX) (gold) +19.9% WA1 Resources (ASX:WA1) (niobium) +19.9% Lynas (ASX:LYC) (lithium) +19.6% Eating losses Sims Metal Management (ASX:SGM) (metal recycling) -3.6% IperionX (ASX:IPX) (titanium) -2.2% Develop Global (ASX:DVP) (copper) -0.9% Bluescope Steel (ASX:BSL) (steel) -0.6% It was a good week for miners in general, with gold heading back towards US$3390/oz and critical minerals plays like Lynas (ASX:LYC) buoyed by news
Globe and Mail
4 days ago
- Business
- Globe and Mail
AngloGold Ashanti Up 26% Since Q2 Results: How to Play the Stock?
AngloGold Ashanti PLC AU shares have gained 26% since it reported its second-quarter 2025 results on Aug. 1. AU reported year-over-year improvement in both its top and bottom lines. While revenues beat the Zacks Consensus Estimate, earnings fell short of expectations on higher costs. The stock broke above its 50-day simple moving average (SMA) on Aug. 1, indicating a potential short-term bullish trend. AU Breaks Out Above the 50-Day Moving Average AngloGold Ashanti's stock has skyrocketed 152.5% year to date, outperforming the Zacks Mining – Gold industry's 71.1% growth. During this time, the Basic Materials sector has risen 11.7% and the S&P 500 has rallied 7.7%. AU Stock's YTD Performance vs. Industry, Sector & S&P 500 AngloGold Ashanti has also outpaced peers like Newmont Corporation NEM, Agnico Eagle Mines AEM and Barrick Mining Corporation B, which have advanced 82.5%, 73.2% and 46.7%, respectively, so far this year. AU's YTD Performance vs. Newmont, Agnico Eagle & Barrick Is this the right time to buy AU shares to gain from the potential upside? Let us delve deeper into its second-quarter results and evaluate the stock's fundamentals to find out. AU Q2: Earnings Surge Amid Rising Operating Costs AngloGold Ashanti reported a 21% year-over-year increase in gold production to 804,000 ounces, boosted by the recent acquisition of the Sukari mine and stronger output at Obuasi, Geita, Cerro Vanguardia, Cuiabá and Siguiri. Gold revenues were up 78% to $2.4 billion and earnings per share increased 108% to $1.25 due to higher sales volumes and prices. However, these gains were partially offset by higher total operating costs, including increased royalty expenses and costs associated with the initial inclusion of Sukari, elevated costs related to legacy TSFs and higher costs relating to mining contractor rate adjustments. Total cash costs per ounce for the group were up 8% to $1,226. All-in-sustaining costs (AISC) per ounce increased 7% to $1,666. For managed operations, total cash costs rose 6% year over year to $1,241 per ounce while AISC rose 4% to $1,694 per ounce. These increases were driven primarily by a 28% increase in sustaining capital expenditure, inflationary cost pressures of approximately 5% and a $60 per ounce average increase in the overall royalty charge linked to the higher gold price. These factors were partly offset by higher gold sales volumes. AngloGold Ashanti Continues to Lower Debt Levels The company generated $535 million in free cash flow in the second quarter, a 149% year-over-year increase. It has managed to lower its adjusted net debt by 92% year over year to $92 million at the second-quarter end. The adjusted net debt to adjusted EBITDA ratio improved to 0.02X in the second quarter from 0.62X in the year-ago quarter. AngloGold Ashanti ended the quarter with $3.4 billion in liquidity, including cash and cash equivalents of $2 billion. AU's FY25 Guidance Suggests Upside, FY26 View Flat Gold production for 2025 is projected at 2.9-3.225 million ounces. This suggests year-over-year growth of 9-21%. For 2026, the company expects similar output levels to those in 2025. AngloGold Ashanti Sees Mixed Estimate Revision Activity The Zacks Consensus Estimate for AngloGold Ashanti's 2025 sales is $9.01 billion, indicating 55.6% year-over-year growth. The consensus mark for the year's earnings is $5.16 per share, indicating a year-over-year upsurge of 133.5%. The Zacks Consensus Estimate for 2026 sales implies 2.8% year-over-year growth. The same for earnings indicates a decline of 6%. Image Source: Zacks Investment Research Image Source: Zacks Investment Research EPS estimates for 2025 have remained unchanged over the past 60 days, while the estimates for 2026 have moved down over the past 60 days. AU's Valuation is Attractive AU is currently trading at a forward 12-month earnings multiple of 11.78X, a discount to the industry average of 13.45X. Meanwhile, Agnico Eagle and Newmont are trading higher at 19.64X and 13.26X, respectively. Barrick Mining is a cheaper option, trading at 10.12X. AngloGold Ashanti's Average Target Price Suggests Downside The average price target on AU suggests a 15.49% downside from its last closing price of $58.28. The highest target of $63 implies growth of 8%. AU's Lower Dividend Yield Than Industry & Peers AU declared an interim dividend of 80 cents per share for the second quarter, which includes the minimum quarterly dividend of 12.5 cents and its decision to pay half of its free cash flow in the first half of 2025. AngloGold Ashanti has a current dividend yield of 0.86, lower than the industry's 1.22. In comparison, Agnico Eagle Mines, Newmont and Barrick Mining offer higher dividend yield of 1.18%, 1.47% and 1.76%, respectively. AngloGold's Growth Strategy Intact AngloGold Ashanti is executing a clear strategy of organic and inorganic growth. The acquisition of Egyptian gold producer Centamin in November 2024 added the large-scale, long-life, world-class Tier 1 asset, Sukari, to its portfolio. It has the potential to produce 500,000 ounces annually. Obuasi remains a significant pillar of its long-term strategy, which is expected to deliver 400,000 ounces of annual production at competitive costs by 2028. At Siguiri, efforts are underway to improve mining volumes through ongoing improvements to fleet availability and utilization, and to introduce gravity recovery in the processing plant to further improve metallurgical recovery. AngloGold Ashanti is intensifying its efforts to streamline operations and sharpen its focus on core assets, particularly in the United States. AU recently inked a deal to sell its interest in the Mineração Serra Grande mine in Brazil — one of its higher-cost assets. This follows the sale of its interests in two gold projects in Côte d'Ivoire. The company recently divested its stake in Canada's G2 Goldfields. AU's joint venture (announced in May 2023) with Gold Fields to combine their Tarkwa and Iduapriem gold mines had been on hold as they had not obtained the requisite approvals from the Ghana government. So, divesting the stake is a wise move. AngloGold Ashanti's proposed acquisition of Augusta Gold will strengthen its position in the most significant emerging Beatty district. How Should Investors Approach AU Stock Post Q2 Earnings? AngloGold Ashanti has delivered strong year-to-date stock performance and reported improved second-quarter results, supported by higher gold prices and increased sales volumes. However, rising costs remain a key concern. Earnings missed expectations, and critical operating metrics such as AISC and cash costs per ounce continued to rise. Looking ahead, the 2026 outlook is less encouraging. The company expects production to remain flat. Analysts are anticipating a decline in earnings and estimates have been trending lower recently. Additionally, the stock's average price target suggests a double-digit decline from current levels. AU's dividend yield also trails behind the industry and major peers. Given these factors, it may be wise for investors to avoid the stock for now. AngloGold Ashanti currently holds a Zacks Rank #4 (Sell). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Beyond Nvidia: AI's Second Wave Is Here The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. Little-known AI firms tackling the world's biggest problems may be more lucrative in the coming months and years. See "2nd Wave" AI stocks now >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Newmont Corporation (NEM): Free Stock Analysis Report AngloGold Ashanti PLC (AU): Free Stock Analysis Report Agnico Eagle Mines Limited (AEM): Free Stock Analysis Report Barrick Mining Corporation (B): Free Stock Analysis Report
The Australian
4 days ago
- Business
- The Australian
AIM-listed Ariana Resources eyes ASX
Ariana Resources' ASX listing ambitions took a huge step forward with lodgement of its prospectus outlining an offer of 53.57m CDIs at 28c each for an IPO of $10-15m The offer follows the AIM-listed gold producer's fast-paced wholesale bookbuild to support its dual listing on the local market Funds will be put towards exploration at the feasibility-stage 1.1Moz Dokwe project, where Ariana aims to complete a DFS by mid-2026 Special Report: Gold producer Ariana Resources plc has filed its prospectus for its run at the ASX, offering CDIs at 28c each in its bid to raise a minimum of $10 million and a maximum of $15 million. The public offering has just opened ahead of Ariana's mid-September ASX debut. Lodgement of the prospectus follows a high-speed bookbuild for the company that's already listed on London's AIM with a strong register, including major miner Newmont. AIM-listed Ariana Resources is seeking a dual listing on the ASX as it launches an IPO raise a minimum of $10 million to fund progress at its Zimbabwe development asset and boost production across its gold portfolio. The company has lodged its prospectus with ASIC, outlining its plans to offer 53.57m CDIs at 28 cents apiece in an IPO led by Shaw and Partners and co-managed by Leeuwin Wealth. The offer has just opened and is set to close on 14 August. CDIs are a simple mechanism allowing international companies to list on the ASX and for Ariana the ratio of shares to CDI is ten to one. The offer price of 28c is equivalent to a 15.6 per cent discount to the last traded price on AIM on 25 July of 1.6 pence. It closed on 5 August at 1.7 pence. After the institutional bookbuild opened and closed within just a day last week, Ariana's market capitalisation implied by the offer is A$64 million. The company expects to start trading on the ASX on September 15 under the ticker AA2. Not your typical ASX explorer IPO Ariana already boasts a solid production base and development assets in Europe. It's also the 100 per cent owner of the Dokwe project, Zimbabwe's largest undeveloped gold project with a Measured, Indicated and Inferred JORC Resource of 1.1Moz. The company's current register includes Newmont, with the gold heavyweight currently a 4 per cent shareholder, whilst Ariana directors and management have their own skin in the game with a total of 24 per cent between them. The raise follows the recent run of success for juniors including Tali Resources (ASX:TR2), Ballard Mining (ASX:BM1) and Broken Hill Mines (ASX:BHM). All have surged on debut, mirroring strong interest in ASX listed goldies as the metal records a price rise of about 28 per cent this year. Strong track record Underpinning Ariana's robust support is production from the Kiziltepe gold-silver mine in Turkey, which has enabled the company to be consistently profitable since 2016 and pay GBP 7.74 million (A$15.8 million) in dividends since 2021. The 2024 depleted resource at Kiziltepe stands at 3.3Mt at 1.63 grams per tonne (g/t) gold for 171,700oz. Annual production in 2024 was 20,866oz. The nearby Tavsan mine is nearing its first gold pour with its processing plant expected to achieve operational status by the end of this month. Ongoing resource and exploration drilling is also under way at Tavsan, which boasted a 2024 Resource of 7.7mt at 1.26 g/t for 311,000oz of gold. Way to grow Ariana will put the IPO funds towards advancing its portfolio of projects, but it's at the Dokwe gold project the company is looking for material growth. Just 110km from Zimbabwe's second city Bulawayo, Dokwe has a current JORC resource of 1.1Moz and a definitive feasibility study (DFS) scheduled to be released by mid 2026. The company released an updated pre-feasibility study (PFS) for the Dokwe North deposit in June 2025, based on a conservative gold price of US$2,750/oz. This yielded a post-tax Net Present Value (10%) of US$354 million and a healthy 75 per cent internal rate of return. Current production projections are for 60,000oz annually, but Ariana is examining ways to increase this to up to 100,000oz per year over a 10-year mine life as it progresses the DFS. Multi-million ounce potential Key to its resource growth outlook is a significant gold and soil anomaly Ariana identified just 125 metres northeast of the Dokwe North planned pit rim in July. This indicates the potential for additional discoveries within close range of the planned development for Dokwe to host a multi-million-ounce exploration and development opportunity. The area is now a priority for drill testing. Managing director Dr Kerim Sener said: 'Similar systems are evident in exposed sections of the belt, and we believe this region remains one of the most prospective, yet underexplored gold provinces in southern Africa. 'This latest discovery is an exciting new development for Dokwe, which could greatly improve our plans for the project.' Also importantly, the newly updated economic model does not yet factor in the Dokwe Central resource as it had not been estimated in accordance with JORC 2012 at the time of the PFS release. This article was developed in collaboration with Ariana Resources, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
