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Ariana Resources Plc has strengthened its drive to advance the Dokwe Gold Project in Zimbabwe after securing a US$5.31 million strategic investment to fund metallurgical test work and complete a definitive feasibility study (DFS), Mining Zimbabwe can report.
By Ryan Chigoche
The funding marks a significant step in Ariana’s efforts to accelerate the development of what is shaping up to be one of the country’s most promising new gold assets. The company recently launched a fresh phase of drilling aimed at expanding and refining its mineralisation model at Dokwe. Current estimates put the deposit at over one million ounces of gold, giving it an in-ground value of nearly US$4 billion at prevailing prices.
To support progress toward feasibility, Ariana has entered into a strategic partnership with Hong Kong Xinhai Mining Services. Xinhai has already paid a non-refundable AU$500,000 (about US$332 244) exclusivity fee, allowing Ariana to continue advancing the project while both sides work toward finalising binding agreements for the full investment.
Under the proposed terms, Ariana will receive up to AU$11 million (US$7.3 million) once all agreements are executed and conditions are met. In exchange, the company will issue up to 36 666 667 CHESS Depositary Interests (CDIs) at AU$0.30 per CDI, subject to shareholder approval where necessary and compliance with ASX and AIM requirements. CDIs enable investors to trade shares of foreign-incorporated companies on the Australian Securities Exchange.
The investment will be rolled out in three stages, each tied to specific technical milestones for the Dokwe project.
The first tranche will see Ariana receive AU$8 million (US$5.31 million) in cash for 26,666,667 CDIs. This amount includes the earlier signing fee, which will convert to CDIs if the parties fail to conclude definitive agreements by 31 January 2026. Completion of the tranche will also give Xinhai the right to nominate John Zhang to the Ariana board.
In the second tranche, Ariana will receive AU$1 million (US$664 450.70) worth of metallurgical sampling and test work services. These services, critical for understanding Dokwe’s processing characteristics, will be settled through the issuance of 3,333,333 CDIs.
The third and final tranche covers technical services valued at up to AU$2 million (US$1.32 million) to complete the DFS. Ariana will issue up to 6,666,667 CDIs in return. This stage is expected to deliver the detailed technical and economic analyses required to move Dokwe toward development readiness.
Ariana said all funds and service value from the investment will be channelled toward working capital and project advancement, giving the company greater financial flexibility as it pushes the project through its next development phases.
This development comes at a time when gold prices are projected to maintain a bullish trajectory, supported by strong investor sentiment, persistent global economic uncertainty and sustained demand for safe-haven assets.
