Ariana Resources PLC (AIM:AAU, ASX:AA2, FRA:4A6) has banked US$3.7 million from the sale of its remaining interest in Türkiye’s Kiziltepe operation, strengthening the balance sheet as it advances the Dokwe Gold Project in Zimbabwe.
The company sold its 9.9% holding to Proccea Construction, receiving around US$3.3 million after local taxes. It also collected US$800,000 from Zenit Madencilik to settle an outstanding intercompany debt.
The proceeds lift Ariana’s pro forma cash position to £20.68 million, equivalent to A$39.6 million, and provide non-dilutive funding for the definitive feasibility study at the 100%-owned, 1.6-million-ounce Dokwe project.
Ariana retains a 9.9% stake and board representation in Zenit, which owns the producing Tavşan gold-silver mine and the Salinbaş development project. The remaining investment is carried at around US$10.5 million, or A$15 million.
Kiziltepe produced more than 162,000 ounces of gold and 1.78 million ounces of silver over its operating life, generating approximately US$69 million in cash returns for Ariana from an initial US$8 million investment.
