Ariana Resources kicks off new drilling in Zimbabwe after dual listing success

By Agencies

Ariana Resources PLC (AIM:AAU, ASX:AA2) has entered a new phase of growth, launching exploration drilling at its flagship gold project in Zimbabwe and bringing its second Turkish gold mine into operation, following a busy quarter capped by a successful listing on the Australian Securities Exchange.

The London- and Sydney-listed gold explorer said it raised A$11 million (£5.5 million) through its Australian IPO in September, giving it fresh capital to accelerate development of the 1.4 million ounce Dokwe Gold Project in Zimbabwe. Trading began on 10 September under the ticker AA2.

Ariana said a major soil sampling programme at Dokwe during the September quarter had identified several new gold anomalies.

Preparations were completed for a 26-hole drilling campaign to expand the project’s existing resource, and a high-capacity rig brought in from South Africa arrived on site shortly after the end of the period.

Managing director Dr Kerim Sener described the past three months as “transformative”, highlighting that Ariana had managed to advance its exploration programmes while completing its dual listing.

“A high-capacity RC drilling rig has now arrived on site and the team is fully deployed to execute this work efficiently over the course of the next few months,” he said.

In Türkiye, Ariana’s 23.5%-owned Tavşan Gold Mine was commissioned during the quarter, with ore loading onto the heap-leach pad beginning soon after the period ended.

The company expects first gold from the heap-leach operation by the end of the year. Tavşan joins the producing Kiziltepe mine, which together generated revenue of $21.5 million in the September quarter.

Despite earlier permitting delays, full-year output from Ariana’s Turkish operations is expected to reach 18,000 to 20,000 ounces of gold, while higher bullion prices have lifted revenue to $47.6 million so far this year, already above expectations.

Elsewhere, Ariana continues to progress its interests across south-eastern Europe, including copper and gold projects in Cyprus through its stake in Venus Minerals, and in Kosovo via Western Tethyan Resources, which has partnered with US mining group Newmont.

The company spent £359,000 on exploration during the quarter, mainly on the Zimbabwe fieldwork, and reported no material changes to its exploration licences. Payments to related parties totalled £232,000, covering directors’ fees and company services.

Ariana said its fresh capital and simplified structure would support feasibility studies and further drilling at Dokwe, positioning it for potential development decisions in 2026.