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LONDON-listed gold developer Ariana Resources plc is targeting a listing on the Victoria Falls Stock Exchange (VFEX), opening an investment window for Zimbabweans to participate in the development of its US$164 million Dokwe Gold Project in Matabeleland North.
The planned secondary listing, to be preceded by a private placement of up to US$5 million, will allow local investors to acquire shares in the company, which is developing one of Zimbabwe’s potentially significant gold mining projects.
Ariana, whose ordinary shares trade on London’s Alternative Investment Market (AIM) under the ticker AAU, has an AIMX market capitalisation of about US$51 million.
It is also listed on the Australian Securities Exchange through CHESS Depositary Interests.
According to IH Securities, the VFEX listing will provide Zimbabwean investors with an opportunity to invest directly in the company, which wholly owns the Dokwe Gold Project.
“Ariana intends to enter the Victoria Falls Stock Exchange (VFEX) via a private placement followed by a secondary listing. Zimbabwean investors can invest directly into Ariana that owns 100% of the Dokwe Gold Project in Matabeleland North, alongside the existing international shareholders,” reads part of the notice.
The project has a 1,6 million-ounce gold resource and a 1,13 million-ounce ore reserve, with an updated Pre-Feasibility Study (PFS) outlining plans for a low-capital-intensive, high-margin open-pit operation.
At peak production, Dokwe is expected to produce up to 100 000 ounces of gold annually over a projected 20-year mine life, potentially positioning it among Zimbabwe’s five largest gold producers.
At the PFS gold price assumption of US$4 250 per ounce, annual production of 100 000 ounces translates to theoretical revenue of approximately US$425 million.
The project’s financial projections point to significant potential returns, with the feasibility assessment indicating a pre-tax net present value (NPV) of US$1,05 million, equivalent to US$740 million post-tax, and a pre-tax internal rate of return of 92 percent.
The estimated payback period is approximately 1,2 years, against pre-production capital expenditure of US$164 million.
Life-of-mine C1 cash costs are projected at US$1 685 per ounce, providing a substantial cost advantage under the study’s gold price assumptions.
IH Securities said Ariana was debt-free and held cash of approximately US$27,7 million, alongside a 9,9 percent interest in Zenit, which owns the Tavşan gold mine in Türkiye.
The company also has a track record of developing gold assets in Türkiye, including the Kiziltepe mine, which was developed from a greenfield discovery and generated approximately US$69 million in cash from an investment of about US$8 million.
At Dokwe, strategic equity partner Xinhai Mining is leading the Definitive Feasibility Study (DFS).
“Xinhai has built mines in Zimbabwe before and keeps a permanent workforce in the country,” IH Securities said.
The planned capital raise will finance a two-year programme aimed at expanding the project’s resource base and reducing development risks.
Of the proposed proceeds, US$1,5 million will go towards resource-extension drilling at Dokwe North and Central, while US$1,35 million will finance target generation through aeromagnetic and geochemical surveys.
Up to US$1,8 million is earmarked for exploration and sterilisation drilling, with a further US$240 000 allocated towards identifying new projects across Zimbabwe.
The placement will raise between US$3 million and US$5 million, with Dendere Asset Management, a Securities and Exchange Commission of Zimbabwe-licensed investment manager, having committed US$1 million as an early investor.
Its shares will be held in escrow for 12 months after listing.
The placement comprises up to 221 343 874 shares, including the early investment shares, priced at US$0,023 each.
The subscription period runs from November 11 to December 2, 2026, while trading on the VFEX is expected to commence on December 11, 2026.
The proposed listing comes as Zimbabwe seeks to deepen domestic participation in the mining sector, mobilise investment capital and strengthen the contribution of mineral resources to economic growth and foreign currency generation.
