Ariana Resources plc is set to list on the Victoria Falls Stock Exchange (VFEX) as it seeks to unlock funding for the development of its flagship 1.6-million-ounce Dokwe Gold Project in Zimbabwe, marking a significant step towards transforming one of the country’s largest undeveloped gold assets into a producing mine.
The company announced that the VFEX had approved its prospectus for a proposed secondary listing, which will follow a private placement targeting a minimum raise of US$3 million and a maximum of US$5 million from Zimbabwean institutional and qualifying retail investors.
Funds raised through the private placement will be directed towards a two-year exploration and project development programme at the Dokwe Gold Project, which is being advanced alongside a fully funded feasibility study. The work programme will include target generation, resource extension drilling, sterilisation drilling and broader project development activities aimed at moving the project closer to production.
The Dokwe Gold Project, located in Matabeleland North and held through Ariana’s wholly owned Zimbabwean subsidiary, Canister Resources (Private) Limited, hosts a JORC-compliant mineral resource of approximately 1.598 million ounces of gold. The resource comprises the Dokwe North and Dokwe Central deposits, making it one of Zimbabwe’s most significant undeveloped gold projects.
Under the current resource estimate, Dokwe North contains approximately 1.497 million ounces of gold, while Dokwe Central hosts an additional 100,600 ounces, bringing the total resource to 62.47 million tonnes grading 0.80 grams of gold per tonne.
Ariana said the VFEX listing would provide access to United States dollar-denominated capital while enabling Zimbabwean investors and institutions to participate directly in the development of the project.
Managing Director Dr Kerim Sener said the planned listing represented a major milestone in the company’s Zimbabwe growth strategy.
“Our principal focus is the development of the 1.6Moz Dokwe Gold Project in Matabeleland North, near Bulawayo, which we are advancing through feasibility and ultimately towards production,” said Dr Kerim Sener.
He added that the listing would broaden Ariana’s investor base while creating opportunities for local participation in a major domestic gold development project.
“A VFEX listing provides an opportunity for Zimbabwean investors and institutions to participate directly in the development and future success of this major domestic gold project, strengthening local ownership and stakeholder alignment while potentially providing access to US-dollar capital for Dokwe’s development,” he said.
Zimbabwean investment firm Dendere Asset Management (Private) Limited has agreed to anchor the capital raising exercise through a US$1 million cornerstone investment and may commit a further US$1 million under a second tranche arrangement. The fund manager will also receive an option to subscribe for additional shares under agreed terms.
Commenting on the investment, Jubelah Magutakuona, Managing Director of Dendere Asset Management, said the firm’s decision was driven by confidence in the quality of the Dokwe resource and Ariana’s development plans.
“We have been impressed by Ariana’s work in creating a world-class JORC-compliant resource and their plan for bringing Dokwe to production,” said Jubelah Magutakuona.
According to Ariana, the private placement will open on November 11 and close on December 2, with the company expecting to announce the results on December 7. Trading of its shares on the VFEX is expected to commence on December 11 following completion of the capital raising exercise.
The listing comes as Zimbabwe continues to attract investment into gold exploration and mine development, with Dokwe increasingly emerging as a potential large-scale gold operation capable of contributing to the country’s drive to expand mineral production and export earnings. 
