Business
Sale of 13.6% Interest in Zenit for US$19.5m Cash
Ariana Resources plc has sold a 13.6% interest in Zenit Madencilik San. ve Tic. A.Ş. for US$19.5 million in cash, retaining a 9.9% stake. The transaction, which completed on May 15, 2026, has resulted in pro-forma cash and investments of A$53 million (£29 million) with no debt. These net proceeds provide significant non-dilutionary funding for the company's 100% owned 1.1Moz Dokwe Gold Project in Zimbabwe. The sale of the Zenit interest, valued at approximately US$17.2 million after taxes, is expected to accelerate the development of the Dokwe project. Disclaimer*
About this update from Ariana Resources Plc
18 May 2026 AIM: AAU Sale of 13.6% Interest in Zenit for US$19.5 million in Cash Ariana Resources plc (AIM: AAU, ASX: AA2, "Ariana" or "the Company"), the mineral exploration and development company with gold project interests in Africa and Europe, is pleased to advise that it has agreed to sell 13.6% out of its 23.5% interest in Zenit Madencilik San. ve Tic. A.Ş. ("Zenit") to existing Zenit shareholder Özaltin Holding A.Ş. ("Özaltin"). Highlights: · 13.6% interest in Zenit sold to Özaltin for gross cash proceeds of US$19.5 million equating to an estimated c.US$17.2 million after local taxes ("Sale"). · Ariana retains a 9.9% interest in Zenit, for which the terms of the Sale imply a value of US$14.2 million, and is entitled to dividends when declared by Zenit, in addition to continued board representation. · Completion occurred on the 15 May 2026, and the proceeds have been received by the Company; pro-forma cash and investments now of A$53m (£29m)[1] and no debt. · Net sale proceeds provide significant non-dilutionary funding as Ariana progresses its Feasibility Study at the 100% owned 1.1Moz[2] Dokwe Gold Project in Zimbabwe ("Dokwe"). · Zenit is making preparations for a local public listing and advancing its strategy in Türkiye accordingly. Dr. Kerim Sener, Managing Director, commented: "We are delighted to have reached this agreement with Özaltın to partially monetise our interest in Zenit at a strategically important point in Ariana's growth trajectory. The transaction reflects our disciplined capital allocation strategy and active portfolio optimisation, with a clear focus on accelerating the development of the flagship Dokwe Gold Project while minimising shareholder dilution. "Zenit is a mature, cash-generative minority investment in producing operations. This transaction crystallises significant embedded value from that holding while retaining meaningful upside exposure, enabling Ariana to redeploy capital into a potentially company-making, 100%-owned gold development project with long-term growth potential. "Dokwe is a transformational asset for Ariana, which represents a large-scale, long-life asset, underpinned by strong economics, as demonstrated in the pre-feasibility study update announced in 2025. As the project advances, it continues to att...
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