Ariana Resources raises capital for Zimbabwe gold project

Published: 19 May 2026

AIM and ASX-listed mineral exploration and development company Ariana Resources Plc has announced the partial disposal of its stake in Zenit Madencilik, with part of the proceeds set to finance feasibility studies for Zimbabwe's Dokwe Gold Project.

The company said it sold 13.6 percent of its 23.5 percent shareholding in Zenit for gross cash proceeds of US$19.5 million, translating to approximately US$17.2 million after local taxes.

Following the transaction, Ariana will retain a 9.9 percent stake in Zenit.

Ariana Resources managing director Kerim Sener described the deal as a strategically important move aimed at optimising capital allocation while supporting the company's long-term growth plans.

"We are delighted to have reached this agreement with Ozaltin to partially monetise our interest in Zenit at a strategically important point in Ariana's growth trajectory," Sener said.

He added that the transaction allows Ariana to unlock value from a mature, cash-generating investment while redirecting capital towards the fully owned Dokwe Gold Project, which he described as a potentially transformational development asset.

Ariana said the terms of the transaction imply a valuation of approximately US$14.2 million for its remaining stake in Zenit.

Zenit currently operates the Kiziltepe and Tavsan gold-silver mines in Turkey and is reportedly preparing for a domestic public listing.

The company also revealed that, following completion of the transaction, Ariana will hold pro-forma cash and investments totalling about AUD53 million (GBP29 million) and remains debt free.

Located in Tsholotsho District in Zimbabwe, the Dokwe Gold Project is regarded as one of the country's largest undeveloped open-pit gold deposits.

The project reportedly hosts more than 1.4 million ounces of gold, with ongoing drilling programmes continuing to extend mineralised zones beyond existing boundaries.

According to company projections, the mine could produce between 60,000 and 65,000 ounces of gold annually over an estimated 13-year mine life.
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Tags: Gold,