Ariana opens Zimbabwe capital route for Dokwe development

Ariana secures VFEX approval and Zimbabwe funding pathway

Ariana Resources plc (ASX:AA2) has cleared a key hurdle in its push to develop the Dokwe Gold Project, securing approval for a prospectus from Zimbabwe's Victoria Falls Stock Exchange and outlining a private placement of between US$3 million and US$5 million.

The placement will fund a two-year exploration and project development programme at Dokwe, which Ariana describes as a 1.6 million-ounce development asset in Matabeleland North. The work will run alongside the project's fully funded feasibility study and include target generation, sterilisation drilling, resource extension drilling and further project generation elsewhere in Zimbabwe.

The financing gives local investors a direct route into the project after recent Dokwe drilling results reported broad gold intercepts as feasibility work accelerated. The current filing does not change the project's previously reported resource estimate, which stands at 1.598 million ounces under the JORC 2012 framework.

Dendere anchors the raise but future equity remains possible

Dendere Asset Management has agreed to subscribe for US$1 million of Ariana shares at US$0.022 each. It may also be offered a further US$1 million of shares at the same price, although Dendere has committed only to use its best endeavours to secure the funds and will be bound only if it accepts the offer.

The cornerstone agreement also gives Dendere a call option over additional shares at US$0.035 each. If the second tranche is taken in full, the option could cover up to 57.1 million shares for US$2 million; otherwise, it will be reduced proportionately. The option will be exercisable from the VFEX listing and expire 12 months after completion of the cornerstone subscription.

At the maximum placement size, Ariana could issue up to 221.3 million new ordinary shares. That would take its issued share count to as many as 2.912 billion shares if Dendere takes the second tranche in full, compared with 2.867 billion if it does not. The issue is therefore a meaningful source of project funding, but also a source of dilution for existing holders.

VFEX listing brings local access to Dokwe capital story

Following the placement, Ariana intends to admit its existing ordinary shares to the VFEX by way of introduction. The listing will not create a new class of security: the shares will rank equally with Ariana's existing ordinary shares traded on AIM and represented by CHESS Depositary Interests on the ASX.

The placement is expected to open on 11 November and close on 2 December 2026, with VFEX trading targeted to begin on 11 December. The new shares will initially sit on the company's Zimbabwe branch register and will not be quoted on the ASX unless transferred into CDI form.

Ariana says the listing is intended to broaden its investor base and provide access to US-dollar capital from Zimbabwean institutional and qualifying retail investors. The offer under the VFEX prospectus is not available to persons in Australia, while the final amount raised, the Dendere second tranche and the listing timetable remain subject to conditions and may change.