UK 04:13 Saturday, 17 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I own shares in one or more of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Ariana Resources (AAU) has issued an announcement titled “High-Grade Intercepts Identified at Dokwe North” and including that also the “results confirm that the Dokwe North mineralised system continues beyond the limits of the current resource model towards the north-east”. The shares are more than 5% up to 2p in response, but the following is why there looks much more upside from here.
There are highlighted intercepts including 4 metres at 16.90 g/t gold and 10 metres at 7.67g/t, which are very strong and noted to “highlight the strength and continuity of the mineralised shear zone”, whilst it is also emphasised “the programme has successfully tested extensions both along strike and down‑dip of the shear zone… Our next planned phase of diamond drilling for later this month in this area aims to confirm the structural interpretation, test further extensions of the system and support future resource growth at Dokwe”.
That’s a material potential further share price catalyst as the existing Dokwe mineral resource is 1.1 million ounces at 1.52g/t, with Dokwe being the company’s flagship gold project in Zimbabwe. We previously noted its NPV could easily, even at $3000 gold, be $400 million and there’s also already production from a joint venture in Turkey which should, at current gold prices, be throwing off $20 million a year to Ariana and also some private company stakes with IPO potential.
There are obvious risks with the above, including Dokwe currently still being two to three years from first mining and the joys of life in Zimbabwe. However, the market cap is still only £53.1 million, approx. $71 million, which suggests compelling risk/reward value from anywhere around current share price levels. With we considering there still news flow potential for the shares to double by Christmas as TW also explained yesterday HERE, still a Buy.
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