Ariana to speed up Zimbabwe gold project with up to $11m from Chinese mining services heavyweight

By heraldsun.com.au

Special Report: Ariana Resources (ASX:AA2) has secured up to $11m in funding and technical support to fast-track development of its 1.1Moz Dokwe gold project in Zimbabwe after signing a strategic investment term sheet with Hongkong Xinhai Mining Services.

The proposed investment delivers $8m in immediate funding at 30c a share in the first tranche of the deal, to be used for general working capital.

The global mining services group will also provide technical support of up to $3m to move Dokwe towards construction and production as quickly as possible, at the same issue price as the $8m equity investment.

That will come in the form of metallurgical testwork worth $1m (tranche 2) and completion of the definitive feasibility study for up to $2m (tranche 3). Ariana aims to release the DFS in late 2026.

Combining strengths

Xinhai is a global engineering, procurement and construction management firm with more than 1300 employees across its operations.

In Zimbabwe it has completed the design and construction of a 2Mtpa lithium beneficiation plant in just over a year and is nearing completion of a fully owned gold processing plant due to start up in January 2026.

MD Dr Kerim Sener said: “We are very excited to be entering into this funding term sheet with Xinhai at this pivotal time for our business.

“Xinhai has recognised the value of the Dokwe Gold Project and the exploration and development capabilities of Ariana.

“In turn, we recognise in Xinhai the opportunity to build a lasting partnership capable of unlocking the value of Dokwe through the acceleration of the feasibility study programme with a view to progressing Dokwe to production as swiftly as possible.

“Xinhai has demonstrated significant capacity to undertake large-scale projects, such as Dokwe, globally and has a substantial in-country presence in Zimbabwe, undertaking a number of projects. We look forward to developing our partnership with Xinhai in the years ahead and seeing Dokwe through to production.”

Unlocking Dokwe

Dokwe currently contains 1.1Moz at 1.52g/t, making it Zimbabwe’s largest undeveloped gold asset, with only 10% of its highly prospective 12km of strike tested so far.

Currently underway at the project is a 4000m exploration program, testing four high-priority targets and seeking to identify potential areas for future resource expansion.

The DFS work will be completed under Ariana’s management, and will be governed by separate technical services agreements with Xinhai. That will be finalised alongside definitive investment documents, expected by January 31, 2026.

Upon completion of the initial investment tranche, Xinhai will be entitled to nominate a director to the Ariana board, with John Zhang flagged as the initial nominee.

The proposed investment may be coupled with a further $2m follow-on placement conducted via Shaw and Partners.

Gold pouring in Türkiye

Ariana’s news on Dokwe closely follows the first doré pour at the Tavşan gold-silver mine as the operation moves toward full commercial production.

Tavşan and the Kiziltepe Gold Silver Mine are part of Ariana’s Turkish portfolio held via its 23.5% stake in Zenit Mining Operations.