London Stock Exchange-listed exploration firm Ariana Resources has raised US$7.14 million to advance its Dokwe Gold Project in Zimbabwe ahead of its debut secondary listing on the Australian Securities Exchange (ASX) next month, Mining Zimbabwe can report.
By Ryan Chigoche
The fundraising follows the company’s recent announcement that the project will require significantly more than the initially budgeted US$82 million.
This figure came as updated assessments suggest Dokwe’s production potential could reach 100,000 ounces of gold per year, well above earlier estimates.
In May, Ariana announced that further exploration had identified resources of over one million ounces of gold. At current market prices, this could translate into potential revenue of approximately US$3.29 billion.
:Ariana Resources plc, the mineral exploration and development company with gold project interests in Africa and Europe, is pleased to advise that it has raised AUD11 million in gross proceeds under its Australian Securities Exchange (ASX) dual listing offer (ASX offer) which closed at 5pm AEST on August 14, 2025,” Ariana said in a statement.
“The ASX offer, to raise between AUD10-15 million (US$6.48 million to US$9.77 million) at a price of AUD0.28 per CDI (CHESS Depositary Interest), was open to eligible investors in Australia and certain other jurisdictions. Each CDI represents 10 underlying ordinary shares in the capital of the company.”
Ariana said the company was pleased to announce the capital raise.
“Accordingly, the company will issue 39,285,714 CDIs under the ASX Offer. An additional 157,062 CDIs will be issued under the separate ‘director offer’ under the prospectus in connection with the ASX Offer,” Ariana said.
On the ASX, a CDI is a unit of beneficial ownership in a foreign company’s financial product, such as shares, that is listed and traded on the ASX. CDIs allow Australian investors to buy shares in foreign companies that otherwise might be difficult to trade or settle on the CHESS system due to differences in legal systems.
“Application will be made for the new ordinary shares which on issue will rank pari passu side by side; at the same rate or on an equal footing] in all respects with the existing ordinary shares in issue to be admitted to trading on AIM (admission) and admission is expected to become effective on or around September 15, 2025.” the company added.
Upon admission, Ariana’s issued ordinary share capital will consist of 2,338,378,041 ordinary shares (including ordinary shares underlying the CDIs) with one voting right each.
However the company does not hold any ordinary shares in treasury. Therefore, from admission, the total number of ordinary shares (including ordinary shares underlying the CDIs) and voting rights in the company will be 2,338,378,041.
Meanwhile,Ariana is currently working towards completing the outstanding ASX conditions ahead of its listing next month.
Ariana owns 100% of the Dokwe Gold Project in Zimbabwe.
The project is made up of the Dokwe North and Dokwe Central gold deposits, which are located in the Tsholotsho District near the city of Bulawayo.
The deposits have a combined in-pit JORC Measured, Indicated, and Inferred Resource of over 1.42 million ounces of gold (as at March 2025), and the project represents the largest undeveloped gold project in Zimbabwe.
