Ariana Secures Funding to Advance Dokwe Gold Project

Ariana Resources PLC has taken a significant step toward advancing its Dokwe gold project in Zimbabwe after agreeing a funding term sheet with Hongkong Xinhai Mining Services. The proposed A$8 million investment is designed to accelerate the project’s transition from development toward production, while also strengthening its technical and financial foundations. This partnership reflects Ariana’s strategy of aligning with an experienced international mining group to unlock value from one of its key African assets.

Under the terms of the agreement, Xinhai will invest through Australian listed depositary interests priced at A$0.30 per share, providing Ariana with staged funding to support both corporate and project level activities. An initial A$500,000 signing fee is payable immediately, offering near term funding certainty. In addition to direct capital injection, Xinhai has committed to undertaking approximately A$1 million in metallurgical sampling and testwork, which is essential for confirming processing routes and recovery rates for the Dokwe orebody.

The partnership also covers the completion of a definitive feasibility study, with costs of up to A$2 million to be funded through the issue of shares rather than cash. This approach reduces Ariana’s upfront financial burden while ensuring that detailed technical, economic, and engineering assessments are completed to an industry standard. Subject to the final agreements, Xinhai will receive up to 18.3 million options exercisable at A$0.50 per share until the end of 2027, aligning its interests with the long term success of the project.

Beyond funding and technical input, the agreement provides Xinhai with the right to appoint a board member once definitive documentation is completed, which is expected by 31 January 2026. This governance involvement signals a deeper strategic relationship rather than a purely financial investment. The term sheet also allows for a potential follow on placing of up to A$2 million on the same terms, offering additional flexibility to fund further development milestones if required.

From a broader perspective, this funding arrangement could have positive implications for Zimbabwe’s gold mining sector. Accelerated feasibility work at Dokwe increases the likelihood of near term mine development, which could support local employment, infrastructure investment, and export revenues. For Ariana Resources, securing both capital and technical expertise strengthens its long term development plans and enhances its ability to bring Dokwe into production, contributing to renewed investor confidence in Zimbabwe as a destination for responsible mining investment.

Mini-Glossary

• Funding term sheet: A non-binding document outlining the key financial and commercial terms of a proposed investment.
• Depositary interests: Financial instruments that represent ownership of shares in a company, allowing them to be traded on a different exchange.
• Metallurgical testwork: Laboratory and pilot scale testing to determine how ore can be processed and how much metal can be recovered.
• Definitive feasibility study: A detailed technical and economic assessment used to support a final investment decision for a mining project.
• Options: Financial instruments that give the holder the right, but not the obligation, to buy shares at a fixed price within a certain time period.

Editor: Vural Burç ÇAKIR