UNITED Kingdom-based miner, Ariana Resources Plc, says its Dokwe Gold Project has the potential to produce over 1 million ounces of gold.
In April, Ariana valued its Dokwe Gold Project’s profitability at US$160 million following an updated assessment that found the project to have a net present value (NPV) of the same amount.
NPV is defined as a financial tool used to evaluate the profitability of an investment or project by comparing the present value of future cash flows to the initial investment cost.
The Dokwe Gold Project is in the Tsholotsho District, 110 kilometres west and northwest of Bulawayo.
“Ariana is pleased to advise that the company is now well-positioned for its planned ASX [Australian Stock Exchange] listing this year. At the end of last year, Ariana postponed the planned IPO [initial public offering] to accommodate full-year audited financial statements in the prospectus to help us prepare for the IPO at the company’s AGM [annual general meeting] and to adopt a new lead manager, in particular,” Ariana managing director Kerim Sener said in a statement.
“Within this time, we have also made significant advances in our understanding of the opportunity at the Dokwe Gold Project and have demonstrated the potential for over 1 million ounces of gold within optimised pit shells, in addition to substantial exploration upside across Dokwe North and Central.”
He said that since late 2024 and early 2025, the company had raised additional capital to advance these and other activities, which was supported by some of Ariana’s larger shareholders.
These include Newmont Mining Corporation, Riverfort Global Opportunities, and its partners, Proccea Construction Co.
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“We look forward to working closely with Shaw and Leeuwin in the next two months as the company approaches its dual listing on the ASX via an IPO,” Sener said.
The proposed ASX listing is expected to provide Ariana’s shareholders with exposure to a market that understands and supports small-to-medium-sized gold explorers and developers. The intention is to provide Ariana with greater access to capital and increased liquidity, which may facilitate an improved valuation for the company.
“Ariana investors wishing to trade securities on the ASX will also be able to transfer their existing shareholding to the proposed Australian register,” the miner said.
“The company also intends to raise new equity in conjunction with its ASX listing, with the funds raised to be directed towards the exploration and technical studies scheduled at the company’s 100%-owned Dokwe Gold Project in Zimbabwe.”
The precise timing of Ariana’s ASX listing and the amount of any capital raised in conjunction with the listing are yet to be determined.
