Ariana Resources PLC has raised fresh funding for its Dokwe Gold Project in Zimbabwe after completing the sale of a minority stake in Turkish gold producer Zenit, in a move that provides additional cash for development work at its flagship asset, Mining Zimbabwe can report.
By Ryan Chigoche
The AIM- and ASX-listed company said it sold a 13.6% interest in Zenit for US$19.5 million in cash, generating net proceeds of about US$17.2 million after taxes. The stake was acquired by existing shareholder Özaltin Holding. Shares in Ariana rose 4.5% to 1.93p following the announcement.
In a statement, managing director Dr Kerim Sener said the deal releases capital from a mature investment and redirects it toward Dokwe, where development work is advancing.
“The transaction crystallises significant embedded value from a mature, cash-generative minority investment while allowing Ariana to redeploy capital into Dokwe, where the company is progressing a feasibility study.”
The company retains a 9.9% holding in Zenit, valued at roughly US$14.2 million under the terms of the transaction, alongside board representation and entitlement to dividends when declared.
The proceeds are expected to support ongoing work at the Dokwe Gold Project in Zimbabwe, where Ariana is continuing feasibility studies alongside drilling aimed at refining the scale and continuity of the mineral system.
Dokwe already ranks among Zimbabwe’s larger undeveloped gold projects, hosting a mineral resource of more than 1.4 million ounces across Dokwe North and Dokwe Central. The project sits within the country’s greenstone belt terrain and is increasingly being shaped into a multi-stage development opportunity, with two distinct deposits located a few kilometres apart.
Since Ariana acquired the asset through its 2024 merger with Rockover Holdings, the resource base has expanded materially, supported by ongoing drilling and improved geological interpretation. The company has consistently positioned Dokwe as its primary development focus in Zimbabwe.
