Ariana Resources (AIM:AAU) posted a pre-tax profit of £6.248 million for the six months to 30 June, reversing a £0.151 million profit in the same period last year.
The AIM and ASX-listed miner, which is advancing the 1.6 million ounce Dokwe Gold Project in Zimbabwe, said the swing was driven largely by a £6.123 million profit on disposal of part of its associate interest in Zenit Madencilik, alongside a £1.043 million share of Zenit's profit.
Ariana sold 13.6% of its 23.5% stake in the Turkish gold producer to Özaltın Holding for $19.5 million in May, retaining a 9.9% interest with board representation and dividend rights; the company said the proceeds, worth approximately $17.2 million after tax, provide non-dilutionary funding for Dokwe.
Cash and cash equivalents stood at approximately £17.3 million at period end, up from £5.4 million at the start of the year, while exploration assets on the balance sheet rose to £21.223 million from £19.309 million at the end of December.
Basic earnings per share came in at 0.24p, against 0.01p a year earlier.
At Dokwe, a revised pre-feasibility study released in May lifted the Ore Reserve 42% to 1.13 million ounces and increased the wider Mineral Resource Estimate by 13% to 1.6 million ounces, underpinning a pre-tax NPV10 of $1,056 million and a post-tax NPV10 of $740 million.
"The work completed during the half year has put Ariana in a stronger position to pursue these objectives," said Michael Atkins, who was appointed Executive Chairman in September having previously served as Non-Executive Chairman.
Ariana's Turkish Zenit operations produced 9,838 ounces of gold and 28,194 ounces of silver during the half, with the Tavşan mine reaching full operational production capacity towards the end of June.
Since period end, the company sold its residual 9.9% Kiziltepe interest to Proccea Construction for $3.7 million gross and shipped eight tonnes of metallurgical samples to Xinhai's laboratory in China, ahead of a Definitive Feasibility Study targeted for the first quarter of 2027.