Ariana secures cash position to advance Zimbabwe project studies
ASX-listed Ariana Resources has secured $27.4-million in cash through the sale of a 13.6% stake in Turkish joint venture Zenit Madencilik to strengthen its balance sheet ahead of key development milestones at its Dokwe gold project, in Zimbabwe.
The transaction increases Ariana’s pro forma cash and investments to about $53-million with no debt. Ariana will retain a 9.9% stake in Zenit, and keep its board representation and future dividend exposure.
The funding will support the completion of an updated prefeasibility study for the 1.1-million-ounce Dokwe gold project during the current quarter, while a potential resource upgrade is targeted for the second half of this year.
A definitive feasibility study is targeted for the first quarter of 2027.
Ariana highlights that recent drilling at Dokwe has extended mineralisation beyond the current resource envelope and identified new shallow gold upside, with the project continuing to compare favourably with African pre-development gold peers such as gold production and development company Predictive Discovery and gold exploration company WIA Gold.
