Ariana Resources secures $27.4 million to advance Zimbabwe mining project

Ariana Resources, mineral exploration and development company, has raised $27.4 million through the sale of a 13.6% stake in its Turkish joint venture Zenit Madencilik, reinforcing liquidity as it accelerates development of its flagship Zimbabwe asset.

The transaction lifts Ariana’s pro forma cash position to roughly $53 million with no debt, giving the miner additional flexibility ahead of major technical milestones across its portfolio. The company will retain a 9.9% holding in Zenit, preserving board representation and ongoing dividend exposure.

Funding targets Dokwe development push

Proceeds will primarily support an updated prefeasibility study for the 1.1-million-ounce Dokwe gold project in western Zimbabwe, due this quarter. A potential resource upgrade is expected in the second half of the year, as drilling continues to expand mineralisation beyond the current resource envelope.

Management is targeting a definitive feasibility study for the first quarter of 2027, positioning Dokwe for potential advancement into a full-scale development decision cycle.

Exploration upside expands resource narrative

Recent drilling at Dokwe has identified additional shallow gold zones, strengthening the project’s development case and supporting comparisons with emerging African pre-production peers.

The deposit, comprising Dokwe North and Central, is located in the Tsholotsho District, about 110km west-northwest of Bulawayo. Discovered in the early 2000s, it remains Zimbabwe’s largest undeveloped gold project and is fully owned by Ariana, subject to a 0.5% net smelter return royalty.

Portfolio strategy and long-term positioning

Ariana Resources, listed on AIM and ASX, continues to position itself as a multi-asset developer with exposure to gold production in Türkiye and exploration projects across Cyprus and Kosovo.

The latest capital move underscores a broader strategy: monetise mature assets to de-risk balance sheet exposure while concentrating capital on high-impact development projects such as Dokwe, which is emerging as a core driver of long-term value creation.