'Tsholotsho Gold Project has 1 million gold ounces potential'

United Kingdom-based mining company Ariana Resources Plc has announced that its flagship Dokwe Gold Project in Zimbabwe has the potential to yield more than one million ounces of gold, reinforcing investor confidence as the company prepares for a planned listing on the Australian Stock Exchange (ASX).

The Dokwe project, located in the Tsholotsho District roughly 110 kilometres northwest of Bulawayo, was recently valued at a net present value (NPV) of US$160 million. The revised valuation followed an updated technical and financial assessment completed in April 2025. NPV is a key financial indicator used to assess a project's profitability by comparing the present value of anticipated future cash flows against the initial investment.

Ariana Resources Managing Director Kerim Sener said the company is in a strong position ahead of its upcoming ASX initial public offering (IPO), which had been postponed last year to accommodate full-year audited financial statements and to appoint a new lead manager.

"During this period, we have significantly advanced our understanding of the opportunity at Dokwe," Sener said in a statement. "We have now demonstrated the potential for over 1 million ounces of gold within optimised pit shells, and there is substantial exploration upside across Dokwe North and Central."

The company has raised additional capital since late 2024 to support ongoing exploration and development activities. This funding effort has been backed by major stakeholders, including Newmont Mining Corporation, Riverfort Global Opportunities, and Proccea Construction Co.

The dual listing on the ASX is aimed at expanding Ariana's access to capital markets that are more familiar with junior gold explorers and developers. According to Sener, the move will also enhance trading liquidity and could potentially improve the company's market valuation.

Ariana shareholders will have the option to transfer their existing shares to an Australian register to trade directly on the ASX. The company also plans to raise new equity during the listing process, with the proceeds earmarked for further exploration and technical studies at the 100%-owned Dokwe Gold Project.

The exact date of the ASX listing and the capital raise target are yet to be confirmed.

As the company gears up for the next phase of growth, Ariana's progress in Zimbabwe underscores a growing international interest in the country's mineral potential, particularly in underexplored districts such as Tsholotsho.