Ariana Resources raises $27 million by selling Zenit stake to fund Zimbabwe’s Dokwe Gold project

Ariana Resources Plc sold a 13.6% share of its 23.5% holding in the Turkish gold‑silver joint venture Zenit Medencilik to Özaltın Holding for US$27.4 million, reducing its interest to 9.9%. After local taxes the cash proceeds amount to US$17.2 million, bringing Ariana’s pro‑forma cash and investments to about US$53 million with no debt.

The funds will be redeployed to accelerate feasibility work on the Dokwe Gold Project, a wholly‑owned, 1.1 Moz undeveloped gold deposit in Zimbabwe’s Tsholotsho District. The project is projected to produce 60,000‑65,000 ounces of gold annually over a 13‑year mine life. Ariana plans to release an updated pre‑feasibility study this quarter and target a definitive feasibility study in Q1 2027. The company retains board representation at Zenit and exposure to future dividends, while the remaining 9.9% stake is valued at roughly US$19.9 million.

Managing Director Kerim Sener said the transaction reflects “disciplined capital allocation” and will “minimise shareholder dilution while accelerating the development of the flagship Dokwe Gold Project.”