Gold producer Ariana Resources plc (LSE:AAU) has filed its prospectus for a fast-tracked listing on the Australian Securities Exchange (ASX), offering CDIs at 28 cents each in an effort to raise between $10 million and $15 million.
The public offer has just opened ahead of Ariana’s anticipated ASX debut scheduled for mid-September. This follows a swift institutional bookbuild, with Ariana already listed on London’s AIM and boasting a strong shareholder base that includes major gold miner Newmont.
AIM-listed Ariana Resources is pursuing a dual listing on the ASX, aiming to raise at least $10 million through an IPO to fund development progress in Zimbabwe and to expand production across its gold assets.
The company submitted its prospectus to ASIC, proposing to offer 53.57 million CDIs at 28 cents each. Shaw and Partners lead the IPO, with Leeuwin Wealth as co-manager. The offer is currently open and closes on August 14.
CDIs provide a straightforward way for international companies like Ariana to list on the ASX, with a share-to-CDI ratio of 10:1. The 28-cent offer price represents a 15.6% discount to Ariana’s last traded AIM price of 1.6 pence on July 25. The price closed at 1.7 pence on August 5.
Following the bookbuild that opened and closed in just one day last week, the offer implies a market capitalization of approximately A$64 million. Trading on the ASX under the ticker AA2 is expected to begin on September 15.
Not Your Typical ASX Explorer IPO
Ariana is backed by a solid production base and active development projects in Europe. It wholly owns the Dokwe project in Zimbabwe, the country’s largest undeveloped gold asset, with a JORC Measured, Indicated, and Inferred Resource of 1.1 million ounces.
Newmont holds a 4% stake, while Ariana’s directors and management collectively own 24%, showing strong insider commitment.
This capital raise follows a wave of junior mining IPO successes on the ASX, such as Tali Resources (ASX:TR2), Ballard Mining (ASX:BM1), and Broken Hill Mines (ASX:BHM), all benefiting from rising interest in gold, which has gained roughly 28% in price this year.
Strong Production Track Record
Ariana’s steady financial foundation is supported by output from its Kiziltepe gold-silver mine in Turkey, which has enabled consistent profitability since 2016 and dividend payments totaling GBP 7.74 million (A$15.8 million) since 2021.
The 2024 depleted resource at Kiziltepe is estimated at 3.3 million tonnes at 1.63 grams per tonne (g/t) gold, containing 171,700 ounces. Annual production in 2024 was 20,866 ounces.
Nearby, the Tavsan mine is nearing its inaugural gold pour, with its processing plant expected to be operational by the end of this month. Ongoing exploration drilling at Tavsan supports a 2024 resource estimate of 7.7 million tonnes at 1.26 g/t, totaling 311,000 ounces.
Growth Ambitions
Funds from the IPO will drive Ariana’s portfolio development, with significant growth anticipated at the Dokwe gold project.
Located just 110 km from Bulawayo, Zimbabwe’s second-largest city, Dokwe holds a current JORC resource of 1.1 million ounces, with a Definitive Feasibility Study (DFS) expected by mid-2026.
In June 2025, Ariana released an updated Pre-Feasibility Study (PFS) for the Dokwe North deposit, using a conservative gold price of US$2,750 per ounce. This study returned a post-tax Net Present Value (10%) of US$354 million and an internal rate of return of 75%.
Production is projected at 60,000 ounces per year, but Ariana is exploring opportunities to increase this to up to 100,000 ounces annually over a 10-year mine life as it advances the DFS.
Potential for Multi-Million Ounce Resource Expansion
Ariana recently discovered a significant gold and soil anomaly just 125 meters northeast of the planned Dokwe North pit rim, signaling the potential for additional deposits close to current development plans.
This new target is now prioritized for drilling.
Managing director Dr Kerim Sener commented:
“Similar systems are evident in exposed sections of the belt, and we believe this region remains one of the most prospective, yet underexplored gold provinces in southern Africa.
This latest discovery is an exciting new development for Dokwe, which could greatly improve our plans for the project.”
Importantly, the updated economic model does not yet include the Dokwe Central resource, which was not JORC-compliant at the time of the PFS release.
This content is for informational purposes only and does not constitute financial, investment, or other professional advice. It should not be considered a recommendation to buy or sell any securities or financial instruments. All investments involve risk, including the potential loss of principal. Past performance is not indicative of future results. You should conduct your own research and consult with a qualified financial advisor before making any investment decisions.
Leave a Reply