🆕IPO Listing: Ariana Resources Plc (ASX: AA2) – Gold Mining Story at Scale from Zimbabwe to Türkiye.
- Noel Ong
- 10 hours ago
- 7 min read
Ariana Resources Plc (ASX: AA2 | AIM: AAU) is entering into the ASX spotlight with a dual listing that combines global operational success with a bold growth vision anchored in Zimbabwe’s emerging gold sector. With producing mines in Türkiye and a 100%-owned flagship gold project at Dokwe in Zimbabwe (Figure 1), Ariana offers a rare blend of cash-generating assets, a robust pipeline, and resource expansion upside. Following a consistent profit streak since 2016 and a proven development model, Ariana’s entry onto the ASX sets the stage for a fresh valuation re-rate.
Figure 1: Location of Dokwe Project in Zimbabwe (July 2025) (source: AA2)
This move comes at a pivotal time in the gold cycle, with Ariana looking to capitalise on its multi-million-ounce portfolio, a strategic alliance with Newmont, and a disciplined capital strategy. The upcoming IPO aims to raise up to A$15 million via CHESS Depositary Interests (CDIs) priced at A$0.28.
ASX Listing Details
ASX Code: AAU
Listing Date: Expected 15 September 2025
IPO Offer Price: A$0.28 per CDI
Current Share Price (as at August 2025): Not yet trading on ASX. Current AIM market capitalisation is ~£34.02M (≈A$70.42M)
Market Capitalisation (on Admission):
At Minimum Subscription (A$10M raise): ~A$92.8M
At Maximum Subscription (A$15M raise): ~A$105.5M
Industry Group: Materials – Mineral Exploration & Development
Investment Highlights – Ariana, a Gold Mining Story at a Glance.
Multi-Asset Gold Exposure:
Dokwe Gold Project (Zimbabwe) – 1.42Moz in JORC (2012) Resources; DFS underway targeting 100koz/year (Figure 2).
Figure 2: Dokwe Gold Project (source: AA2)
Zenit Partnership (Türkiye) – Producing mines at Kiziltepe (172koz Au at 1.63g/t Au grade MRE) and Tavşan (311koz Au at 1.26g/t Au grade MRE) with 2Moz in total Resources.
Proven Developer & Operator:
Two mines built in Türkiye – Kiziltepe (producing since 2017) and Tavşan (2024).
Over 81,900m drilled FY21–24; further drilling in 2025.
Financial Strength & Track Record:
Special dividends of £7.74 million paid across 2021–22.
£1.8 million raised in Q1 2025; US$2 million debt facility drawn.
Consistent profitability since 2016.
Undervalued Resource Base:
Ariana's EV/resource ounce of A$27/oz is low compared to peers – ASX listing designed to close this valuation gap.
Strategic Relationships:
Newmont holds ~4% of Ariana and is funding generative exploration in SE Europe.
JV structure in Zenit includes Proccea (23.5%) and Özaltin Holding (53%).
Core Asset: Dokwe Gold Project – Zimbabwe’s Largest Undeveloped Gold Resource.
The Dokwe Gold Project lies at the heart of Ariana’s strategy, boasting:
JORC Resource: 22.9Mt @ 1.52g/t for 1.1Moz Au (0.6g/t cut-off).
JORC Reserve: 18.25Mt @ 1.36g/t Au for 795.8koz Au.
Scalable Development:
2024 PFS outlines a 65koz p.a. operation.
DFS underway targeting 100koz p.a. with completion due mid-2026.
Estimated capex: US$82M (A$124.6M), payback in 1.8 years.
Use of IPO Funds:
Up to A$6M allocated to accelerating DFS and expanding Resources/Reserves.
Strong potential for strike and depth extensions.
Turkish Cash Engine: Zenit Operations
Kiziltepe Gold-Silver Mine (Figure 3)
126koz gold in JORC Resources.
Historic cash flow generator.
Figure 3: Kiziltepe Location Map, also showing Kepez, Karakavak and Kizilcukur Projects (September 2024) (source: AA2)
Tavşan Gold-Silver Mine (Figure 4)
Recently commissioned (2024).
311koz gold in Resources with 30koz p.a. production target.
New heap leach plant scheduled for Q3 2025.
Figure 4: Tavşan Location Map (June 2025) (source: AA2)
Salinbaş-Ardala Gold Project (Figure 5)
Large-scale 1.5Moz gold Resource across NE Türkiye.
High exploration upside.
Figure 5: Salinbas Gold Project (source: AA2)
Growth Beyond Core: Kosovo and Cyprus
Newmont Partnership – Backed by US$3.3M investment to fund Kosovo exploration, with follow-on funding tied to licences and drilling at Hertica Project confirming a Cu-Au porphyry system.
Slivova (Kosovo) (Figure 6)
76% indirect interest in Western Tethyan Resources Ltd, which owns 51% of the Slivova Gold Project.
Advancing through earn-in.
Figure 6: Slivova Gold Project (source: AA2)
Magellan (Cyprus)
61% indirect interest via Venus Minerals.
Resource: 96.7kt Cu and 26.8kt Zn.
Asgard Metals
100%-owned investment vehicle targeting early-stage discovery companies across the Eastern Hemisphere.
🔹 Offer Summary
Details | Minimum | Maximum |
Offer Price | A$0.28 | A$0.28 |
Funds Raised | A$10M | A$15M |
CDIs Issued | 35.7M | 53.6M |
Use of Funds | DFS, exploration, RiverFort debt repayment (A$3.4M), working capital | |
Market Cap on Listing | ~A$70M | ~A$75M (undiluted) |
The Road Ahead – Key Near-Term Catalysts
Completion of DFS at Dokwe by mid-2026.
Full-scale Tavşan ramp-up and heap leach plant commissioning in Q3 2025.
New drill programs across Zimbabwe, Türkiye, and Kosovo.
Potential monetisation of non-core holdings (Zenit, WTR, Venus, Asgard).
Newmont-supported exploration across SE Europe.
ASX re-rate opportunity based on resource growth and production scalability.
Board and Management – Proven Leadership Across Continents
A seasoned board leads Ariana Resources with deep experience in exploration, mine development, and capital markets. Chairman Michael de Villiers brings strong financial oversight, while Dr. Kerim Sener, Managing Director, drives strategy and discovery—having led the development of Ariana’s Turkish mines and now focused on unlocking value at Dokwe in Zimbabwe.
The team is rounded out by operational specialist Galip Sener, financial expert William Payne, and ESG-focused Dr. Lucy Morgan, combining technical capability with disciplined governance. Their global perspective and in-country expertise underpin Ariana’s success across Türkiye, Africa, and Europe.
Board of Directors – Ariana Resources Plc
Dr Ahmet Kerim Sener – Managing Director and CEO (founder, appointed April 2005). A long-serving executive, holding both leadership and board responsibilities.
Michael John de Villiers – Executive Chairman & Company Secretary (since approximately 2009–2010). Also chairs the Audit Committee.
William J. B. Payne – CFO and Non-Executive Director (appointed December 2010). Chairs Compensation Committee and sits on Audit Committee.
Michael William Atkins – Independent Non-Executive Deputy Chairman; serves on Audit Committee. (Appointed Aug 2018)
Christopher John Stuart Sangster – Independent Non-Executive Director; sits on Compensation Committee. Appointed August 2016.
Nicholas John Graham – Non-Executive Director (appointed June 2024); founder and substantial shareholder.
Andrew John du Toit – Operations Director & Director (appointed June 2024); part of the executive leadership.
Use of IPO Funds – Summary (Actual vs Budget)
Ariana Resources will use its IPO funds to progress the Dokwe Gold Project, allocating A$1.0M to feasibility studies, A$1.8–4.0M to drilling, and up to A$1.0M for environmental work, while also supporting the Slivova Project (A$0.4–0.9M), Western Tethyan Alliance (A$0.4–0.5M), and Venus Minerals (A$0.2M).
In addition, A$3.4M is earmarked for part repayment of the RiverFort Facility (pre- and post-Admission), alongside A$1.8–2.7M for working capital and A$1.4–1.7M for Offer costs. Under the maximum raise of A$15M, Ariana will significantly expand drilling and complete a full EIA, strengthening the Dokwe development pathway.
Investor Takeaway: The funding strategy prioritises fast-tracking Dokwe while maintaining a balance between growth, debt reduction, and portfolio development.
Samso Concluding Comments
Ariana Resources is anchored by a producing asset base in Türkiye, but it is the potential scale of the Dokwe Gold Project in Zimbabwe that could transform Ariana into a mid-tier gold producer. With an experienced board, a proven management team, and the support of strategic partners such as Newmont, Ariana is well-positioned to deliver on both near-term cash flow and long-term growth.
The strength of this story lies in balance. Ariana has demonstrated its ability to generate shareholder returns — through dividends, disciplined capital management, and smart partnerships — while still pushing forward aggressively on resource growth. This is not a one-dimensional exploration story; it is a growth strategy underpinned by production, feasibility, and discovery.
For investors, Ariana has multi-jurisdictional exposure, tangible development pathways, and exploration blue-sky potential. The next two years will be critical, as the DFS at Dokwe progresses and Ariana seeks to unlock the broader copper-gold opportunities in Kosovo under its Newmont alliance.
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