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Mining and exploration junior, Ariana Resources PLC, has raised A$11 million (US$7.3 million) through its official listing on the Australian Securities Exchange, a move the company says will elevate the profile of its flagship Dokwe gold project in Tsholotsho, Mining Zimbabwe can report.
By Rudairo Mapuranga
The London-based, AIM-listed miner issued approximately 39.2 million Chess Depositary Interests (CDIs), each representing ten underlying shares, at a price of A$0.28 per CDI. The dual-listing is intended to broaden the shareholder base and enhance liquidity, providing a platform to showcase the high-value Dokwe asset to a market receptive to gold developers.
Managing Director Dr. Kerim Sener stated the ASX listing positions the company to achieve a “more attractive valuation” for the Dokwe project, which is among Zimbabwe’s largest undeveloped gold deposits with an estimated resource exceeding one million ounces.
A pre-feasibility study for Dokwe, located 110 km west of Bulawayo, outlines a potential open-pit operation producing 65,000 ounces of gold annually over a 13-year mine life. The study, based solely on the Dokwe North deposit, projects a post-tax NPV (10%) of $354 million and an IRR of 75%, using a gold price of $2,750/oz. The all-in sustaining cost is estimated at $1,144/oz, with a capital cost of $82 million and a payback period of 1.8 years.
Ariana is now advancing a definitive feasibility study targeting an expanded production profile of 100,000 ounces per year for at least a decade. Beyond Dokwe, Ariana also holds gold-silver projects in Turkey and exploration interests in Cyprus and Kosovo.
