How Ariana Resources Plans to Expand Dokwe Gold After ASX Dual-Listing
Ariana Resources has completed a successful ASX dual-listing, raising A$11 million to accelerate exploration at its flagship Dokwe Gold Project in Zimbabwe, while commissioning the Tavsan Gold Mine in Türkiye.
- Raised A$11 million via ASX dual-listing IPO
- Major soil geochemical program at Dokwe identifies new drill targets
- 26-hole RC drilling campaign underway post-quarter
- Tavsan Gold Mine commissioned; heap-leach operations commenced
- Strong revenue from Türkiye operations with record year expected
Corporate Milestone and Capital Raise
Ariana Resources plc marked a transformative quarter ending September 2025 with the successful completion of its dual-listing on the Australian Securities Exchange (ASX). The Initial Public Offer (IPO) raised A$11 million, providing the company with fresh capital to fast-track development at its flagship Dokwe Gold Project in Zimbabwe. Trading of CHESS Depositary Interests (CDIs) began on 10 September, welcoming a new wave of institutional and retail investors to the company’s shareholder base.
Exploration Momentum at Dokwe Gold Project
Despite the corporate focus, Ariana maintained strong exploration momentum at Dokwe, one of Zimbabwe’s most significant gold projects with a JORC-compliant resource of 1.4 million ounces. A major soil geochemical program covering 44 square kilometres was completed, collecting over 10,000 samples analyzed with rapid on-site technology. This work uncovered a 500-metre-long gold-in-soil anomaly adjacent to the planned Dokwe North pit, mirroring known mineralisation signatures and highlighting promising new drill targets.
Preparations for a substantial reverse circulation (RC) drilling campaign advanced throughout the quarter, culminating in the mobilisation of a 26-hole, approximately 11,000-metre program from South Africa. This drilling aims to expand the resource base at Dokwe North and Central, with operations now underway post-quarter.
Operational Progress in Türkiye
In Türkiye, Ariana’s 23.5% interest via Zenit Mining Operations continues to deliver robust results. The Tavsan Gold Mine was commissioned during the quarter, with ore loading onto the heap-leach pad commencing shortly after period-end and irrigation operations now underway. Tavsan holds a JORC resource of 311,000 ounces of gold and 1.1 million ounces of silver, underpinning an eight-year mine life. Meanwhile, the Kiziltepe Gold-Silver Mine sustained steady production, contributing to combined revenue of US$21.5 million in the quarter and a forecast record revenue year for 2025, buoyed by elevated gold prices.
Broader Project Portfolio and Financial Position
Beyond Zimbabwe and Türkiye, Ariana maintains exploration interests in Cyprus and Kosovo through its stakes in Venus Minerals and Western Tethyan Resources. These projects offer additional upside potential, with ongoing technical studies and planned drilling campaigns. Financially, the company ended the quarter with a healthy cash balance of £3.468 million and no material variances in expenditure since its ASX listing, positioning it well to fund upcoming exploration and development activities.
Looking ahead, Ariana plans to leverage its strengthened balance sheet to accelerate the Dokwe feasibility study and resource expansion drilling, while continuing to optimise production and exploration across its diverse asset base.
Bottom Line?
With fresh capital and drilling underway, Ariana Resources is poised to unlock further value at Dokwe and beyond in the coming months.
Questions in the middle?
- What initial results will the ongoing Dokwe RC drilling campaign yield?
- How will the commissioning of Tavsan’s heap-leach operations impact overall production and cash flow?
- What are the timelines and prospects for advancing the Kosovo and Cyprus exploration projects?
