Quarterly Activities Report 31 March 2026

30 April 2026

AIM: AAU

ASX: AA2

Quarterly Activities Report For the Quarter Ended 31 March 2026

Ariana Resources plc (AIM: AAU, ASX: AA2, "Ariana" or the "Company"), the mineral exploration and development company with gold project interests in Africa and Europe, is pleased to report on the activities for the three months ending 31 March 2026 ("the Period").

Highlights:

o  31-hole reverse-circulation ("RC") drilling programme completed for 5,659m, targeting resource expansion at the Dokwe Gold Project.

o  Key intercepts from the programme included:

§ 4m @ 16.90 g/t Au from 69m (DRC25)

§ 10m @ 7.67 g/t Au from 110m (DRC23)

§ 10m @ 4.91 g/t Au from 156m (DRC22)

o  Assay results from the remaining drill holes are pending, with assays expected to be announced imminently.

o  Diamond drilling programme underway at Dokwe, focusing on Dokwe Central, for geotechnical purposes.

o  Preparations underway for the metallurgical sampling and testwork programme being undertaken as part of the Xinhai Strategic Investment to progress the Definitive Feasibility Study.

o  Resource and exploration RC drilling programme continued at the Tavşan Gold Mine in Türkiye, with results reported during the period from the Main and South zones.

o 4,533 ounces of gold and 10,305 ounces of silver were produced from the Zenit Mining Operations in Türkiye, with heap-leach operations at Tavşan Gold Mine remaining in ramp-up.

o  Settlement of the outstanding loan balance due under the RiverFort Facility Agreement.

o  General meeting approval obtained for the issue of CDIs and CDI Options to Hongkong Xinhai Mining Services Ltd as part of the A$8 million equity funding, and for the provision of technical services up to A$3 million in value at the Dokwe Gold project in Zimbabwe.

Dr Kerim Sener, Managing Director, commented:

"The past quarter has marked a period of consolidation of our focused strategy to deliver on the Dokwe Gold Project in Zimbabwe. Our RC drilling programme was not only extended during the period but also continued to provide compelling results, particularly along the strike extension of Dokwe North towards the north-east. We are confident that this will lead to further oxide mineralisation being defined in due course.

"Meanwhile, work progressed on the Dokwe Feasibility Study, including a Pre-Feasibility Study 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. 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.

"In Türkiye, mining and processing operations for Zenit Mining Operations continued primarily at Tavşan during the period. Ramp-up of the heap-leach operation has been progressing very well, and the mine recorded gold and silver production results in line with expectations. Tavşan remains on track to deliver most of the gold and silver production during the year, with approximately 75% of the gold having been derived from this mine in the period from total production of 4,533 ounces."

Dokwe Gold Project, Zimbabwe

The Company holds a 100% interest in the Dokwe Project, which represents one of the most significant gold projects in Zimbabwe and is Ariana's flagship growth project. The project hosts a substantial in-pit JORC-compliant mineral resource estimate of 1.4Moz of gold (see Table 1) with a robust grade profile and hosts significant exploration upside across the broader licence area.

RC Drilling Programme

During the quarter, the Company completed a reverse circulation drilling programme of 5,659 metres across 31 holes.

The programme commenced in November 2025 and was originally planned as a 26-hole 4,000m RC drilling programme designed to test four target areas within the Dokwe Gold Project. On 12 December 2025, Ariana announced an update on the programme and outlined several geological interpretations of holes drilled within the Dokwe Central area.

The results from drillholes DRC19 to DRC25 were announced on AIM on 11 March 2026.

Key intercepts included the following:

· 23m @ 1.69g/t Au from 84m (DRC19)

· 3m @ 6.65g/t Au from 92m (DRC20)

· 3m @ 9.27g/t Au from 63m, 4m @ 11.00g/t Au from 113m and 10m @ 4.91g/t Au from 156m (DRC22)

· 10m @ 7.67g/t Au from 110m and 16m @ 3.70g/t Au from 147m (DRC23)

· 7m @ 1.29g/t Au from 95m (DRC24)

· 4m @ 16.90g/t Au from 69m (DRC25)

These high-grade intercepts confirm continuity within and beyond the principal shear zone at Dokwe North and potential for near-surface oxide resource growth, up to 150 metres beyond the current resource envelope to the north-east.

The intercept from 69m in DRC25 (4m @ 16.90g/t Au from 69m) represents one of the highest-grade RC intersections drilled during the 2025-2026 programme and occurs within the Inferred part of the current resource model.

The mineralisation geometry remains consistent with a NE-SW trending shear-hosted gold system, characterised by strong structural control, intense foliation and mylonitisation. Occasional visible gold has been documented in association with quartz veins and sulphide micro-fractures.

Assay results from the other drill holes are pending, with assays expected to be announced imminently.

For further information, please see the AIM announcements on 23 October 2025, 4 November 2025, 12 December 2025, 23 December 2025 and 11 March 2026.

Figure 1: Summary map showing locations of all RC drill holes completed in the 2025-2026 programme. High-grade outline (in red) of the block model is shown.

Diamond Drilling Programme

Following these positive results from the RC Drilling Programme, the Company has commenced a targeted diamond drilling programme at Dokwe in the same area to:

o  Confirm structural interpretations

o  Test depth extension of mineralisation

o  Conduct further step-out drilling to define potential strike extensions

o  Assess opportunities to expand and upgrade the existing Mineral Resource

o  Further review and revise optimisation parameters

This latest programme aims to confirm the structural interpretation, test further extensions of the system and support future resource growth at Dokwe.

At the completion of this programme, the Company plans to undertake a review of the existing mineral resource estimates in the second half of 2026.

Türkiye Projects

Ariana has a 23.5% interest in the Kiziltepe Gold-Silver Mine, the Tavşan Gold Mine and the Salinbaş-Ardala Project located in Türkiye through its holding in Zenit Mining Operations ("Zenit"). Ariana's partners, Proccea Construction Co. (23.5%), manage the operations, with the remaining 53% held by Özaltin Holding A.Ş.

In Q1 2026, Zenit produced and sold 4,533 ounces of gold and 10,305 ounces of silver for US$23.5 million in revenue from its combined Tavşan and Kiziltepe operations, the latter of which remained in ramp-up during the period. Quarterly revenue continues at record levels, as a result of the higher gold price environment, and Tavşan remains on track for completion of ramp-up during Q2 2026. Average production costs for the Zenit combined operations were US$1,696/oz for 2025.

Tavşan Gold Mine

The Tavşan Gold Mine contains a JORC 2012 Mineral Resource of 311,000 ounces of gold and 1.1 million ounces of silver and associated Mineral Reserve, underpinning an expected total eight-year mine life (see Tables 2 and 3). Tavşan has been operational since early 2024.

Drilling Programme

A resource and exploration diamond drilling programme is ongoing, having completed 15,692m for 316 holes by the end of Q1 2026, of a drilling programme originally planned for 15,000m, which was subsequently extended during the period to test additional targets and potential resource extensions in the vicinity of the planned open-pits. This drilling programme remains ongoing and is expected to conclude during Q2 2026 at c.17,500m.

The programme includes infill holes to aid mine planning but also drilling around the periphery of the currently defined resources, with mineralisation now confirmed to extend beyond the current resource outlines, both at depth and along strike.

During the quarter, the Company released the results of 3,887m of drilling across 85 holes at the Tavşan Main and South Zones. The results included the following key intercepts:

o  15.7m @ 1.51g/t Au + 7.82g/t Ag from surface (TAV-D014-25)

o  7.4m @ 2.76g/t Au + 3.10g/t Ag from 16.9m (TAV-D030A-25)

o  9.7m @ 1.91g/t Au + 3.27g/t Ag from 0.8m (TAV-D079-25)

The infill drilling in the Main Zone has also confirmed the continuity of the high-grade domain, as previously modelled, whilst the results from the South Zone indicate significant potential to extend mineralisation and expand the resource.

A JORC Resource update will be completed at the end of the drilling programme at Tavşan and is currently expected in Q2 2026.

For further information, please refer to the AIM announcement on 21 January 2026.

Mining Operations

Mining commenced in early 2024 at the Tavşan Main Zone, with high-grade ore being trucked to the Kiziltepe Mine for processing through the CIL plant and Run of Mine ore being stockpiled at the Tavşan Mine site, in preparation for the commencement of heap-leaching operations. Trucking operations of high-grade ore were continued to the Kiziltepe CIL processing plant through Q1 2026 to benefit from the higher gold recovery inherent to the CIL plant.

The heap-leach processing of Run of Mine ore commenced at the Tavşan mine site in October 2025 following the receipt of the final permitting for commercial operations. During Q1 2026, 3,408 ounces of gold and 5,908 ounces of silver, as doré, had been produced on-site at the Tavşan Mine.

Zenit spent two years mining and stockpiling Run of Mine ore at Tavşan from 2024 through 2025; the operation remains on schedule for its ramp-up to commercial operation through Q2 2026. The heap-leach pad is currently loaded with c.250,000 tonnes of ore, with a further c.750,000 tonnes of stockpiled ore scheduled for loading over the next year.

For further information, please see the AIM announcements on 8 October 2025 and 3 December 2025.

Kiziltepe Gold-Silver Mine

The Kiziltepe Gold-Silver Mine commenced operations in 2017 and has delivered multiple years of profitable production from its CIL plant, including the payment of dividends to its shareholders from 2018 through to early 2021. Since then, cash flow from the mine has largely funded the development of a second operation for Zenit at the Tavşan Gold Mine. Operations at Kiziltepe continued with the processing of both Kiziltepe and Tavşan ore throughout the period. Preparations also continued for the development of the Kizilcukur Deposit, located 22km northeast of the Kiziltepe mine. Kizilcukur is being advanced towards providing satellite ore feed to the producing Kiziltepe Gold-Silver Mine.

Salinbaş Gold-Silver Project

The Salinbaş Gold-Silver Project is in north-eastern Türkiye and comprises two primary areas of differing, although related mineralisation, Salinbaş and Ardala, located across two adjacent licences held by Zenit. A third contiguous licence, located further to the south, contains the Hizarliyayla Gold Prospect. A drilling programme that commenced in late 2021 is currently paused, with a restart expected in due course. The Company continues to maintain the tenements in good standing.

South-east European Projects

The Company has several projects in Cyprus through its 61% interest in Venus Minerals Limited ("Venus"). During the quarter, Venus continued to maintain its tenements in good standing through the completion of the appropriate geological work and periodic reporting to the Mines Service of Cyprus.

Corporate

General Meeting Approval of Xinhai Securities Issues

The Company announced on 22 December 2025 that it had entered into a binding Definitive Agreement with Hongkong 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.

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.

Settlement of RiverFort Debt Facility Loan Balances

The Company announced on 4 February 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.

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 5 February 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 3 years as it continues to advance the Dokwe Gold Project in Zimbabwe.

Board and Management Changes

Chief Financial Officer: The Company announced on 31 March 2026 the appointment of Mr Simon Acomb as Chief Financial Officer ("CFO"). Simon is a Chartered Accountant and qualified Governance Professional with over 11 years' experience in the areas of accounting, external audit and corporate governance.

Mr William Payne, who previously held the position of CFO, will continue in his position as Non-Executive Director.

Non-Executive Chairman: In the post Period, the Company announced on 14 April 2026 the appointment of Mr Michael Atkins as Non-Executive Chairman.

Mr Michael de Villiers has stepped down as Non-Executive Chairman and taken on the role of Non-Executive Deputy Chairman, whilst continuing his duties as Company Secretary.

Listing Rule Disclosures

Exploration Expenditure

In accordance with ASX Listing Rule 5.3.1, the Company spent £620,000 on exploration work during the quarter, which largely comprised the drilling campaign and associated costs at the Dokwe Gold Project, Zimbabwe.

Mining Production and Development Expenditure

In accordance with ASX Listing Rule 5.3.2, there were no substantive mining production and development activities or expenditure during the quarter. The Company notes that production and development expenditure incurred by Zenit in relation to the Türkiye Projects are not included within the Appendix 5B Cash Flows, as Zenit is not considered to be a subsidiary of the Group.

Tenement Information

In accordance with ASX Listing Rule 5.3.3, the Company advises the following:

(1) During the quarter there were no tenements acquired or disposed of;

(2) The mining tenements held by the Company as of 31 March 2026 are set out in the table overleaf;

(3) There were no new farm-in or farm-out agreements entered during the quarter; and

(4) The Company held no beneficial percentage interests in farm-in or farm-out agreements as at the end of the quarter.

Use of Funds

In accordance with ASX Listing Rule 5.3.4, a comparison of the Company's actual cash expenditure since listing against the "use of funds" statement outlined in the Pre-Quotation Disclosure is included below:

1 Exchange rate used on date of Pre-Quotation Disclosure announcement on 8 September 2025 A$1: £0.4865.

Since listing, there have been additional corporate administration costs incurred, largely due to the Xinhai placement, associated capital raising costs and general meeting expenses.

There are no other material variances in relation to the allocation of funds, as outlined in the Pre-Quotation Disclosure, requiring further explanation.

Payments to Related Parties

In accordance with ASX Listing Rule 5.3.5, the Company advises that the payments to related parties of the Company and their associates, as advised in the Appendix 5B, for the quarter ended 31 March 2026, were £317,000 for related Directors' fees, accounting and company secretarial related services.

Schedule of Tenements

* Access Agreement between Venus Minerals and Red Metals - it is anticipated that the beneficial interest may match Ariana's 61% ownership of Venus Minerals if certain future agreements are completed

Table 1 - Dokwe Mineral Resource Estimate

Notes:

1. The Dokwe Mineral Resource Estimate is reported in accordance with the JORC Code. Reported using cut-offs grades of 0.3g/t Au and 0.6g/t Au As at 4 March 2025

2. Refer to sections 4.8.5 and 4.8.6 of the IGR for further information regarding the Dokwe Mineral Resource Estimate including information required by ASX Listing Rule 5.8

3. The Dokwe Mineral Resource Estimate is inclusive of Reserves

Table 2 - Tavşan Mineral Resource Estimate

Notes:

1. The Tavşan Mineral Resource Estimate is reported in accordance with the JORC Code. Reported using variable cut-off grades of low domain of 0.5g/t Au and high domain of 1.5g/t Au

2. The Tavşan Mineral Resource Estimate is reported inclusive of Reserves

3. Refer to sections 5.6.6 and 5.6.7 of the Independent Geologist's Report (IGR) for further information regarding the Tavşan Mineral Resource Estimate including the information required by ASX Listing Rule 5.8

Table 3 - Tavşan Ore Reserve Estimate

Notes:

1. The Tavşan Ore Reserves are reported in accordance with the JORC Code. Reported using variable cut-off grades of low domain of 0.5g/t Au and high domain of 1.5g/t Au

2. Refer to section 5.6.8 of the IGR for further information regarding the Tavşan Ore Reserves including the information required by ASX Listing Rule 5.9

Compliance Statements

The information in this announcement relating to Mineral Resources and Ore Reserves has been reported by the Company in accordance with the 2012 Edition of the 'Australasian Code for Reporting of Exploration results, Mineral Resources and Ore Reserves' (JORC Code) previously (refer to the Company's replacement prospectus which was released to the ASX market platform on 8 September 2025 (Prospectus) and is available on the Company website at http://www.arianaresources.com/) (Previous Market Announcement).

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.

The information in this announcement that relates to the Dokwe PFS production target, or the forecast financial information derived from that production target was first reported on the ASX in the Previous Market Announcement. The Company confirms that all the material assumptions underpinning the production target, and the forecast financial information derived from the production target, in the Previous Market Announcement continue to apply and have not materially changed.

Competent Persons Statements

The information in the Investment Overview Section of the prospectus (included at Section 3), the Company and Projects Overview (included at Section 5), and the Independent Geologist's Report (included at Annexure A of the prospectus), which relate to exploration targets, exploration results, mineral resources, Ore Reserves and forward looking financial information is based on, and fairly represents, information and supporting documentation prepared by Alfred Gillman, Ruth Woodcock, Izak van Coller, Hovhannes Hovhannisyan (together, the JORC Competent People), and Richard John Siddle, Andrew Bamber and Daniel Van Heerdan (together, the Qualified People). Refer to the Independent Geologist's Report for further information in relation to the information compiled by each of the JORC Competent People and the Qualified People, their professional memberships, their relevant qualifications and experience and their relationship with the Company.

The information in this announcement relating to Exploration Results at the Dokwe Gold Project is also based on, and fairly represents, information and supporting documentation prepared by Ms. Ruth Woodcock, Exploration Group Leader, Ariana Resources plc. Ms. Woodcock is a member of Recognised Professional Organisations as defined by JORC 2012: a Chartered Geologist (CGeol, Geological Society of London) and European Geologist (EurGeol, European Federation of Geologists) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity upon which she is reporting as a Competent Person as defined in the 2012 Edition of "The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves." Ms. Woodcock consents to the inclusion in this report of the matters based on the information compiled by her, in the form and context in which it appears.

The information in this announcement that relates to Exploration Results at Tavsan is based upon information compiled by Ms. Ruth Woodcock, Exploration Group Leader, Ariana Resources plc. Ms. Woodcock is a member of Recognised Professional Organisations as defined by JORC 2012: a Chartered Geologist (CGeol, Geological Society of London) and European Geologist (EurGeol, European Federation of Geologists) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity upon which she is reporting as a Competent Person as defined in the 2012 Edition of "The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves." Ms. Woodcock consents to the inclusion in this report of the matters based on the information compiled by her, in the form and context in which it appears.

The Company confirms that the form and context in which the Competent Persons' findings are presented have not been materially modified from the Previous Market Announcements.

Forward-looking statements and disclaimer

This announcement contains certain "forward-looking statements". Forward-looking statements can generally be identified by the use of forward looking words such as "forecast", "likely", "believe", "future", "project", "opinion", "guidance", "should", "could", "target", "propose", "to be", "foresee", "aim", "may", "will", "expect", "intend", "plan", "estimate", "anticipate", "continue", "indicative" and "guidance", and other similar words and expressions, which may include, without limitation, statements regarding plans, strategies and objectives of management, anticipated production dates, expected costs or production outputs for the Company, based on (among other things) its estimates of future production of the Projects.

To the extent that this document contains forward-looking information (including forward-looking statements, opinions or estimates), the forward-looking information is subject to a number of risk factors, including those generally associated with the gold exploration, mining and production businesses. Any such forward-looking statement also inherently involves known and unknown risks, uncertainties and other factors that may cause actual results, performance and achievements to be materially greater or less than estimated. These factors may include, but are not limited to, changes in commodity prices, foreign exchange fluctuations, general economic and share market conditions, increased costs and demand for production inputs, the speculative nature of exploration and project development (including the risks of obtaining necessary licenses and permits and diminishing quantities or grades of reserves), changes to the regulatory framework within which the Company operates or may in the future operate, environmental conditions including extreme weather conditions, geological and geotechnical events, and environmental issues, and the recruitment and retention of key personnel.

- ENDS -

The Board of Ariana Resources plc has approved this announcement and authorised its release.

For further information on the Company, please visit the website, or please contact the following:

Contacts:

Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated Adviser and is authorised and regulated by the FCA. Beaumont Cornish's responsibilities as the Company's Nominated Adviser, including a responsibility to advise and guide the Company on its responsibilities under the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed solely to the London Stock Exchange. Beaumont Cornish is not acting for and will not be responsible to any other persons for providing protections afforded to customers of Beaumont Cornish nor for advising them in relation to the proposed arrangements described in this announcement or any matter referred to in it.

About Ariana Resources:

Ariana is a mineral exploration and development company, dual listed on AIM (AIM: AAU) and ASX (ASX: AA2), with an exceptional track record of creating value for its shareholders through its interests in active mining projects and investments in exploration companies. Its current interests include a major gold development project in Zimbabwe, gold-silver production in Türkiye and copper-gold-silver exploration and development projects in Kosovo and Cyprus.

For further information on the vested interests Ariana has, please visit the Company's website at www.arianaresources.com.

Zeus Capital Limited, Fortified Securities and Shaw and Partners Limited are the brokers to the Company, and Beaumont Cornish Limited is the Company's Nominated Adviser.