Ariana Resources (ASX:AA2) has agreed to sell 13.6% out of its 23.5% interest in Zenit Madencilik to an existing shareholder, for up to US$19.5 million ($27.25 million) in cash.
Zenit is an investment in Türkiye, operating the Kiziltepe and Tavşan gold-silver mines, as well as the Salinbaş Development Project in addition to numerous other gold projects in Türkiye.
Following completion of the deal, Ariana’s wholly owned Turkish subsidiary Galata Mineral Madencilik will retain 60 million Class A and 39 million Class D shares in Zenit, representing a 9.9% interest. Existing shareholder Ӧzaltin Holding currently holds 53% in Zenit.
The deal is expected to be completed on or before 20 May 2026.
Ariana Resources intends to use the funds to progress a Feasibility Study at its 1.1-million-ounce Dokwe Gold Project in Zimbabwe.
Managing Director Kerim Sener says Zenit is a mature, cash-generative minority investment in producing operations.
“The 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,” Sener says.
“Dokwe is a transformational asset for Ariana, which represents a large-scale, long-life asset underpinned by strong economics, as demonstrated in the Prefeasibility Study update announced in 2025.
“The transaction, which is now complete and not subject to further approvals of any kind, provides substantial non-dilutive funding to support the rapid advancement of Dokwe through feasibility and development.”
Ariana Resources is a dual-listed mineral explorer and developer focused on its copper, gold, and silver assets in Zimbabwe, Kosovo, and Cyprus.
Write to Aaliyah Rogan at Mining.com.au
Images: Ariana Resources
