Ariana Resource raises $7.3M in ASX debut

Ariana Resources (AIM: AAU) (ASX: AA2) officially entered the Australian capital markets on Wednesday with an A$11 million ($7.3m) capital raise. About 39.2 million Chess Depositary Interests, each representing 10 underlying shares of the company, were sold in its ASX debut a price of A$0.28 per CDI.The dual-listing, the London-based gold miner says, would help raise the profile of the company, in particular its 100%-owned Dokwe project in Zimbabwe, with the benefit of an extended shareholder base and enhanced liquidity.“Gold companies listed on the ASX have attracted significant investor interest of late. As such, we believe that the listing will help enable the company to achieve a more attractive valuation in respect of its major development-stage Dokwe gold project,” managing director Dr. Kerim Sener commented.Dokwe is hailed as the largest undeveloped gold project in Zimbabwe, with an estimated resource of over 1 million oz. A pre-feasibility study released this year outlined an open-pit mine operation capable of producing 65,000 oz. of gold annually over a 13-year period.The PFS mine plan was based solely on the Dokwe North deposit and excludes the smaller Dokwe Central deposit, which occupies a separate structural domain. The deposits are situated about 110km west of Bulawayo, within the western continuation of the Bulawayo-Bubi greenstone belt.The economic results are highlighted by a post-tax net present value (discounted at 10%) of $354 million and an internal rate of return of 75%, using a gold price of $2,750/oz. The project’s all-in sustaining cost is $1,144/oz. A capital investment of $82 million is required to build the mine, and the expected payback period is 1.8 years from the start of production.This PFS incorporates a revised financial model over a previous study in 2022, accounting for the rise in gold prices in recent years. With this, Ariana is currently working on the frameworks of a definitive feasibility study, targeting annual production of 100,000 oz. over at least 10 years.Dr. Sener said the company’s strategy is to continue its work to progress the Dokwe gold project during positive and dynamic economic times, in reference to the significant growth in gold demand expected in the coming years.In addition to Dokwe, Ariana also holds two gold-silver projects in Turkey, as well as interests in exploration projects in Cyprus and Kosovo. It has also invested in several early-stage exploration projects through its Australian subsidiary Asgard Metals.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com