HARARE – UK-listed Ariana Resources plc is seeking to raise up to US$5 million from selected investors in Zimbabwe ahead of a secondary listing on the Victoria Falls Stock Exchange (VFEX), creating a new route for domestic investors to gain exposure to its flagship Dokwe Gold Project in Matabeleland North.
In a prospectus dated November 9, the company outlined a private placement of up to 221.3 million ordinary shares, with a minimum fundraising target of US$3 million. The capital raising will precede the admission of its shares to the VFEX by way of introduction. Ariana is already traded on London’s Alternative Investment Market (AIM) and has securities quoted on the Australian Securities Exchange.
The placement includes a US$1 million cornerstone subscription by Zimbabwean investment firm Dendere Asset Management, which has agreed to subscribe for 45.45 million shares at US$0.022 each. The prospectus also provides for a potential additional subscription through a call option, subject to its stated terms.
Ariana intends to direct the net proceeds towards a two-year exploration and development programme at Dokwe. The proposed allocation prioritises US$1.5 million for resource-extension drilling and US$1.35 million for geological mapping, geochemical work and geophysical surveys. Further funding would support exploration drilling and the generation of additional projects elsewhere in Zimbabwe.
Dokwe, located approximately 110 kilometres north-west of Bulawayo, is the company’s principal development asset and is held through its wholly owned Zimbabwean subsidiary, Canister Resources. The project comprises 81 gold-claim blocks and 22 copper and base-metal claim blocks across 4,040 hectares.
Ariana’s May 2026 pre-feasibility study reported a gold ore reserve of approximately 1.13 million ounces at Dokwe North and a combined mineral resource of about 1.6 million ounces. At an assumed gold price of US$4,250 an ounce, the study estimated a post-tax net present value of US$740 million, a pre-tax internal rate of return of 92% and pre-production capital expenditure of US$164 million. These are project-study estimates, not realised earnings or guaranteed investment returns.
The company also reported a pro forma cash position of approximately US$27.7 million and no borrowings, following asset disposals and the settlement of an outstanding intercompany balance in July. Its remaining international portfolio includes a 9.9% interest in Zenit, owner of the producing Tavşan gold mine in Türkiye, alongside interests in projects in Kosovo and Cyprus.
The Zimbabwe Mail’s assessment is that Ariana’s proposed VFEX listing could broaden Zimbabwe’s mining investment market by giving local investors access to an internationally traded mining company with a substantial domestic development project. It also offers the exchange an opportunity to attract capital beyond its existing pool of locally focused issuers.
However, the distinction between exploration funding and mine-development finance is important. The proposed US$3 million to US$5 million placement is intended to finance drilling and technical work; it is not sufficient to fund the full US$164 million pre-production requirement identified in the pre-feasibility study.
Ariana will still need to advance the project through further studies, secure financing and address the operational and regulatory requirements of bringing Dokwe into production.
The prospectus describes the shares as highly speculative and makes clear that the placement is directed at selected eligible investors rather than constituting an invitation to the general public. The VFEX listing and commencement of trading remain subject to the relevant approvals and listing requirements.
