Unlock the Power of Junior Explorers to Drive Zimbabwe’s Mining Future, Dolan
ZIMBABWE must urgently address policy gaps and create a compelling investment case for junior exploration companies if it is to discover new mines and unlock the country’s immense geological wealth, a top exploration expert has warned, Mining Zimbabwe can report.
By Rudairo Mapuranga
Speaking at the inaugural Mining Exploration Symposium on the sidelines of the Mine Entra Conference in Bulawayo, Duration Gold Director Allan Dolan said junior explorers now account for nearly 90 percent of all new mineral discoveries globally, a figure that has “constantly increased over the past 40 years.”
Yet in Zimbabwe, Dolan noted, no active TSX Venture-listed junior explorers are operating in the country, with only three listed on the ASX and three on the LSE/AIM. This stands in stark contrast to the 96 TSX- and TSX Venture-listed companies exploring 299 properties across 33 African countries, which raised US$1.5 billion.
“The discovery of new mines, and the harnessing of their economic power, is a Government imperative. The challenge has been laid down,” Dolan said.
The Junior Explorer Model: A Financing Mechanism for Discovery
Dolan, who has 30 years of international exploration experience focused on Africa, explained that junior explorers represent a fundamentally different business model from large mining companies.
“Junior exploration companies are, by an order of magnitude, the most successful funding structure for exploration,” he said.
Seniors are “typically run by engineers, accountants and lawyers” in a corporate atmosphere, driven by production and cash flow. Juniors, by contrast, are “entrepreneurial, driven by exploration and discovery” and want to “find the next Tier One or Tier Two deposit.”
He defined a junior exploration company as “a financing mechanism to spread the exceptionally high risk of exploration across a large shareholder base,” usually listed on the TSX Venture Exchange, the ASX, or the LSE’s AIM market.
The funding reality is modest. In 2025, there were 898 TSX Venture-listed companies with an average market capitalisation of US$71 million. They completed 1,249 equity raisings totalling US$5.75 billion, with an average equity raise of US$4.6 million each.
“The takeaway is to attract junior explorers, the annual expenditure level to retain a mineral right needs to fit within the average junior’s budget, which means within its annual equity fundraising, which is between US$2 million and US$4 million per year,” Dolan said.
A Personal Journey: From Sierra Leone to Zimbabwe
Dolan illustrated the transformative power of junior exploration using the discovery of Sierra Leone’s Tonkolili iron ore mine, a project he helped establish from the ground up.
In 1996, Dolan and an Australian geologist relocated to Freetown, Sierra Leone, to begin prospecting. Between 1996 and 2004, his company was granted 20 exclusive prospecting licences covering more than 36,000 square kilometres. In 2011, the mine, processing plant, and a 200-kilometre rehabilitated railway were commissioned, capping a US$2.8 billion investment.
“The mine continues to contribute up to US$3 billion annually to the Sierra Leone economy through taxes, royalties, a 10% free carry interest for Government, and local employment. For this small country, this represents between 20% and 25% of GDP,” Dolan said.
What Juniors Need to Succeed
Dolan said that for juniors, “it’s all about the EXIT”, whether through a trade sale, takeover bid, or joint venture with a senior producer.
“Those who invest in junior explorers have to see a clear and certain path to exit in an environment where a competitive bidding process will deliver the best possible return,” he said.
Currently, however, Dolan noted that “there are no major or intermediate Western mining companies operating in the country,” excluding platinum miners Zimplats and Mimosa. Chinese companies have been the most active acquirers, with Huayou Cobalt’s US$378 million acquisition of Prospect Lithium’s Arcadia Mine in 2022 a standout example.
He stressed that Zimbabwe’s fiscal policy must be “stable, predictable, supportive and consistent over the lengthy exploration, mining development and production lifecycle”, which can span decades.
“It must be not only competitive but superior to other jurisdictions competing for the same exploration and development capital,” he added. “Recent studies have confirmed that these policy factors are now actually more important than a country’s mineral prospectivity.”
Concrete Recommendations
Dolan proposed four specific actions for the Government:
Commission an independent study benchmarking Zimbabwe’s mining exploration and fiscal policy against African and international peers.
Investigate why no senior or intermediate Western miners operate in Zimbabwe.
Conduct a thorough analysis of why the country, despite its rich mineral endowment, has not yet developed internationally recognised Tier One, Tier Two, or Tier Three gold mines.
Commission a mining impact assessment analysing existing mines, their remaining reserves and resources, depletion rates, and the potential contribution of new discoveries to future GDP.
VFEX Venture Board: A Step in the Right Direction
In a potentially game-changing development, the Victoria Falls Stock Exchange is set to launch a dedicated Venture Board in 2026 to help junior and exploration-stage mining companies raise capital.
The new platform will offer a specialised listing segment for high-growth mining companies still in the exploration or early development phases, providing “a vital pathway to attract investors willing to take higher risks in exchange for potential returns.”
Access to long-term finance has long been a challenge for Zimbabwean miners, with most local banks offering only short-term loans at interest rates of around 35%. The Venture Board aims to bridge this financing gap by unlocking funding otherwise unavailable through traditional banking channels.
“It is expected to help miners grow, operate safely, and increase production while supporting economic growth and job creation,” a statement from the Zimbabwe Stock Exchange said.
Dolan’s call for a more attractive junior explorer framework comes as Zimbabwe seeks to expand mineral production and achieve its National Development Strategy 2026–2030 targets.
“No mining industry can remain sustainable without continuously discovering new mineral deposits to replace exhausted resources,” Dolan said.
He concluded:
“Success will create a pipeline of new mines, bringing fresh capital into the country while creating jobs and opportunities for local suppliers and communities. It will also benefit Government through taxes, royalties, export earnings, and wider economic activity.”
