AFROTROPICAL MINING INTELLIGENCE NETWORK
VFEX PROSPECTUS APPROVED
Ariana Resources Wins VFEX Prospectus Approval for Proposed Zimbabwe Secondary Listing
US$3M–US$5M Private Placement · Dokwe Gold Project
Ariana Resources has had its prospectus approved by Zimbabwe’s Victoria Falls Stock Exchange (VFEX),
clearing the way for a private placement and a proposed secondary listing by introduction. The company
is advancing its 1.6-million-ounce Dokwe Gold Project toward a potential development investment decision in 2027.
9 November 2026 · Pan-African Mining Intelligence
US$5M
Target, not completed
1.598M oz
Contained ounces (JORC 2012)
US$1.056B
May 2026 PFS update estimate
2027
Management target
Ariana Resources Targets 2027 Dokwe Development Decision
Managing Director Dr Kerim Sener discusses the Dokwe Gold Project, exploration results,
metallurgical testing and the company’s development programme.
Source: Proactive, distributed through Yahoo Finance. An authorised player can be displayed here
when its official embed URL is available.
Interview Intelligence Highlights
| Topic | Reported Development |
|---|---|
| High-grade drilling | 24m at 4.71 g/t Au |
| High-grade interval | 2m at 46.95 g/t Au, included in the 24m interval |
| Metallurgical testing | Approximately 8 tonnes of samples sent to China |
| Additional laboratory work | Perth, Australia |
| Resource update | Targeted toward late 2026 |
| Reserve update | Expected in early 2027 |
| Development decision | Targeted during 2027 |
Zimbabwe’s Emerging Gold Capital Market
The VFEX has approved Ariana Resources’ VFEX prospectus dated 9 November 2026, which was issued solely
in connection with a proposed secondary listing in Zimbabwe. The listing is to follow a private placement
to selected eligible institutional and qualifying retail investors in Zimbabwe, with shares then admitted
to the VFEX by way of introduction.
The placement aims to raise a minimum of US$3 million and up to US$5 million through the issue of up to
221,343,874 new ordinary shares, including the shares for the cornerstone investor. The net proceeds are
intended principally for a two-year exploration and development programme in Zimbabwe, undertaken alongside
the Dokwe feasibility study.
Dendere Asset Management has agreed to a US$1 million cornerstone subscription, subject to conditions,
and has agreed to use best endeavours to take up a further US$1 million if the company offers it.
Dendere will also receive a call option over additional shares.
Listing approval, however, does not mean the capital raise has been completed, that the shares are
trading on the VFEX, or that commercial production has commenced.
Capital Raising Targets
Placement Range (US$ Million)
Proposed financing targets, not funds already raised. The US$3 million minimum is measured across the
private placement and the cornerstone subscription together.
Maximum Placement Structure
Maximum allocation illustration. The cornerstone arrangement is an initial US$1 million subscription
plus a possible second US$1 million tranche, offered at the company’s discretion. Total proceeds are
capped at US$5 million.
Dokwe Gold Resource Breakdown
Select a view to compare contained gold by deposit or resource classification.
Figures represent contained gold ounces, not annual production or recoverable reserves.
Dokwe Mineral Resource Estimate
| Deposit | Classification | Tonnage (Mt) | Grade (g/t Au) | Gold (oz) |
|---|---|---|---|---|
| Dokwe North | Measured | 21.055 | 0.92 | 621,500 |
| Dokwe North | Indicated | 27.224 | 0.71 | 617,400 |
| Dokwe North | Inferred | 11.963 | 0.67 | 258,500 |
| Dokwe North total | 60.242 | 0.77 | 1,497,400 | |
| Dokwe Central | Indicated | 2.107 | 1.39 | 94,300 |
| Dokwe Central | Inferred | 0.117 | 1.66 | 6,200 |
| Dokwe Central total | 2.225 | 1.41 | 100,600 | |
| Project total | 62.467 | 0.80 | 1,598,000 |
JORC 2012 mineral resources, inclusive of reserves, reported at a 0.2 g/t Au cut-off within a
Dokwe North pit shell optimised at US$5,000/oz gold. Figures may not sum because of rounding.
Mineral resources are not equivalent to economically recoverable reserves.
Recent High-Grade Drilling Results
Gold Grade (g/t Au)
The 2m high-grade interval is contained within the 24m interval. These are drill-intercept grades,
not independent resource totals or mine-wide production grades.
Share Placement and Investor Structure
| Transaction | Price | Maximum Shares |
|---|---|---|
| General placement | US$0.023 | 130,434,784 |
| Cornerstone Tranche 1 (US$1.0M) | US$0.022 | 45,454,545 |
| Cornerstone Tranche 2 (up to US$1.0M, at company’s option) | US$0.022 | 45,454,545 |
| Total placement ceiling | Mixed | 221,343,874 |
| Separate Dendere call option | US$0.035 | 28,571,428 (if Tranche 2 not taken up) to 57,142,857 (if taken up in full) |
The call option is separate from the 221,343,874-share placement ceiling. It becomes exercisable from the
secondary listing date and expires 12 months after completion of the cornerstone subscription. Cornerstone
shares are held in escrow for 12 months after listing, and the cornerstone subscription is conditional on,
among other things, at least US$3.0 million being raised by 18 December 2026 (extendable in limited circumstances).
Project and Listing Timeline
Proactive interview discusses drilling, feasibility work and the 2027 development target.
VFEX prospectus approval announced.
Expected opening of private placement.
Expected placement closing date.
Expected announcement of placement results and share allotment.
Expected settlement.
Expected official listing and start of VFEX trading.
Date by which cornerstone conditions must be met, including the US$3.0 million minimum raise (extendable in limited circumstances).
Targeted resource and reserve estimate updates.
Targeted development investment decision, subject to feasibility results and financing.
Future milestones are indicative and subject to change at the company’s discretion.
Why This Matters for African Mining Finance
The proposed VFEX listing offers a pathway for eligible Zimbabwean institutions and investors to
participate in financing a domestic gold development project.
Ariana’s geological, metallurgical, feasibility and environmental programmes illustrate the complexity
of moving from mineral resources toward a development decision.
Key variables include updated reserve estimates, processing recovery performance, capital expenditure,
project financing, gold price assumptions, regulatory approvals and the outcome of the private placement.
| Intelligence Signal | Status |
|---|---|
| VFEX prospectus | Approved |
| Private placement | Proposed |
| Secondary listing | Proposed, follows completion of the placement |
| Cornerstone subscription | Conditionally committed |
| Feasibility study | In progress |
| Investment decision | Targeted for 2027 |
| Commercial production | Not established by this report |
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