Ariana today updates its PFS for the Dokwe project and now boasts a greenfield project in Zimbabwe with a pre-tax NPV10 in excess of $1bn and a post-tax NPV10 of $740m with an IRR of 92% at a gold price of $4,250/oz and generating nearly $2.0bn of EBITDA over the life of the project. We place our fair value of 7.9p per share under review this morning to incorporate fully the new numbers.
