Partial Zenit Stake Sale Narrows Ariana’s Exposure Amid Project Funding Focus

Partial Exit from Zenit Unlocks US$17.2m Post-Tax

Ariana Resources plc (ASX:AA2) has completed a strategic partial sale of its 23.5% interest in Zenit Madencilik San. ve Tic. A.Ş., offloading 13.6% to majority shareholder Özaltın Holding A.Ş. for gross proceeds of US$19.5 million. After local taxes, Ariana expects approximately US$17.2 million in net cash, which was received on 15 May 2026, instantly bolstering its liquidity position.

The transaction leaves Ariana with a 9.9% stake in Zenit, valued at about US$14.2 million on the sale terms. Importantly, Ariana retains board representation and dividend rights, maintaining exposure to Zenit's producing gold-silver operations in Türkiye, including the Kiziltepe and Tavşan mines and the Salinbaş development project. Zenit itself is gearing up for a local public listing, signalling potential value crystallisation for all shareholders.

Cash Injection Supports Dokwe Gold Project Development

The timing of the sale aligns with Ariana's focus on accelerating its flagship 100%-owned Dokwe Gold Project in Zimbabwe, which holds a substantial 1.1 million ounce JORC-compliant resource. The net proceeds provide significant non-dilutive funding to advance the ongoing feasibility study and development activities at Dokwe, a project that has attracted industry interest due to its scale and strong economics demonstrated in a 2025 pre-feasibility update.

This capital boost complements other recent initiatives, such as Ariana's A$1 million metallurgical drilling contract with Hongkong Xinhai and extensive drilling campaigns aimed at refining resource estimates and supporting a definitive feasibility study targeted for early 2027. The sale thus fits into Ariana's disciplined capital allocation strategy, balancing portfolio optimisation with growth ambitions. The company’s cash and investments now stand at approximately A$53 million (£29 million), with zero debt, a marked increase from the A$11 million cash reported in February 2026 after extinguishing a US$783K loan with RiverFort.

Accounting Shift Reflects Strategic Portfolio Management

From 1 July 2025, Ariana transitioned from equity accounting to measuring its Zenit interest as a financial asset at fair value through profit or loss. This change offers a clearer economic picture of its minority investment. As of 31 December 2025, the 23.5% stake was carried at £17.46 million, with the 13.6% portion sold attributed a fair value of £10.1 million. The profit or loss on disposal will be reflected in upcoming financial statements, alongside any fair value adjustments.

Zenit’s 2025 financials showed Ariana's share of profit at £1.142 million, but no dividends have been received to date. The sale crystallises embedded value in a mature, cash-generative asset while freeing capital to prioritise the potentially transformative Dokwe project, which continues to deliver promising drilling results and resource extensions, as seen in the recent 5,659m RC drilling campaign that supports an updated JORC resource.

Zenit’s Local Listing and Future Prospects in Türkiye

Zenit is advancing plans for a local public listing in Türkiye, which could unlock further value for shareholders. Ariana's retention of a near 10% stake ensures ongoing upside participation. The company’s Turkish subsidiary, Galata Mineral Madencilik San. ve Tic. A.Ş., executed the share transfer, conveying 136 million registered shares to Özaltın, who already holds 53% of Zenit.

This move follows Ariana’s broader strategy of active portfolio management, where selective divestments fund growth projects without shareholder dilution. As the Dokwe feasibility study progresses, supported by recent drilling and technical work, Ariana’s balance sheet strength and focused asset base position it to navigate macroeconomic uncertainties.

With the sale complete and funds in hand, the spotlight turns to Ariana’s next steps in advancing Dokwe’s development and monitoring Zenit’s evolving corporate structure amid its public listing preparations.

Investors will be watching how Ariana leverages this capital injection alongside ongoing exploration successes to convert Dokwe’s resource potential into production-ready economics, while retaining meaningful exposure to Zenit’s operational upside in Türkiye.

Ariana’s recent significant gold mineralisation extensions at Dokwe underscore the project’s growth potential that this sale aims to accelerate. Meanwhile, the company’s $1 million metallurgical drilling deal highlights the technical momentum supporting the feasibility study.