Ariana Resources
Ariana Resources plc is a dual-listed (AIM/ASX) gold exploration and development company holding a 9.9% interest in the producing Kiziltepe gold-silver mine in Türkiye and developing the 1.42Moz Dokwe Gold Project in Zimbabwe, supplying gold and silver into commodity markets.
- Company typePublic
- Founded2004
- HeadquartersLondon, United Kingdom
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Ariana Resources does
Ariana Resources plc is an AIM (LON:AAU) and ASX (AA2) dual-listed mineral exploration and development company headquartered in London, with operational offices in Ankara (Türkiye) and Perth (Australia). The company operates a portfolio of gold and silver assets centred on the Zenit Madencilik joint venture in western Türkiye — comprising the operating Kiziltepe mine, the Tavsan mine under construction, and the Salinbas exploration project — and the flagship Dokwe Gold Project in Zimbabwe, a 1.42Moz JORC feasibility-stage development with a planned 12-year open-pit mine targeting approximately 80,000 ounces of gold per annum at a pre-tax NPV10 of US$1.056 billion. Following the November 2025 sale of a 13.6% Zenit stake for US$19.5 million, Ariana retains a 9.9% interest in the producing Turkish assets.
The company's business model combines production-stage cash flow from its residual Zenit JV interest with capital-intensive development of the Dokwe project, alongside minority exploration investments through Western Tethyan and Venus Minerals (Cyprus and Kosovo copper-gold) and the Asgard Metals subsidiary managing Australian gold and copper-gold exploration interests (Altai, Annamite, Pallas, Panther Metals). Ariana monetises its economic share of gold and silver produced at Kiziltepe (20,830oz Au and 136,260oz Ag in 2024, generating US$54.7 million of JV-level production revenue) into commodity spot markets, while funding development of the next asset via equity raises on its dual-listed platform. The go-to-market is investor-relations-led through ASX and AIM regulatory announcements, financial reports, presentations, and broker coverage by Zeus Capital, Shaw and Partners and Fortified Securities. The company highlights industry-leading unit economics, including CO2 emissions of 0.32 t/oz, cash costs of US$1,200/oz versus an international average of US$1,400/oz, and discovery cost of US$11/oz Au versus an industry average of US$62/oz.
Ariana serves the gold mining vertical, with a primary focus on supplying gold and silver into commodity markets from Türkiye and advancing the Dokwe development toward production in Zimbabwe. The customer base is commodity buyers (bullion markets and refiners) rather than identified enterprise end-customers, and pricing is fully exposed to spot gold and silver. Capital structure includes a significant cornerstone stake by Hong Kong Xinhai Mining Services Limited at 10.19% as of December 2025, alongside directors and related parties at 19.12%, Newmont Mining Corporation at 2.79%, and substantial retail holdings via Hargreaves Lansdown, Interactive Investor, and Barclays Direct Investing.
Ariana Resources firmographics
Firmographics- Name
- Ariana Resources
- Legal name
- Ariana Resources plc
- Website
- https://arianaresources.com
- Company type
- Public
- Founded year
- 2004
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Ariana Resources plc is a dual-listed (AIM/ASX) gold exploration and development company holding a 9.9% interest in the producing Kiziltepe gold-silver mine in Türkiye and developing the 1.42Moz Dokwe Gold Project in Zimbabwe, supplying gold and silver into commodity markets.
- Ownership category
- akta.pro rank
Ariana Resources industry classification
Industry- Product category
- Gold Mining
- NAICS
- Gold Ore and Silver Ore Mining (21222)
- SIC
- Gold And Silver Ores (1040)
- akta.pro primary industry
- Gold Mining (IMAKAEAA)
- akta.pro secondary industry
- Precious Metals Exploration & Project Development (IMAKAEAI)
Keywords
Where Ariana Resources is headquartered
LocationHeadquarters
- HQ city
- London
- HQ country
- United Kingdom
- HQ region
- Europe
Offices3 records
Markets served
Ariana Resources business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Infrastructure, Supply Chain
Revenue model
- Gold and Silver Production: Revenue generated from gold and silver production at the Kiziltepe mine in western Turkey, with the Tavsan mine in construction. Total revenue from group interests to date of $328 million.
- Mineral Development: Development of the Dokwe Gold Project in Zimbabwe as a +1Moz feasibility-stage project, with a 12-year open-pit mine planned producing approximately 80,000 ounces of gold per annum.
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
Ariana Resources product offering
Product offeringCore offering
Ariana Resources is a publicly listed mineral exploration and development company that operates gold and silver producing mines, develops feasibility-stage gold projects, and conducts mineral exploration across multiple jurisdictions. The company's core revenue-generating asset is the Kiziltepe gold-silver mine in western Turkey (via the Zenit Madencilik joint venture), with the Tavsan mine under construction. The flagship growth asset is the Dokwe Gold Project in Zimbabwe, a 1.42Moz feasibility-stage development targeting approximately 80,000 ounces of gold per annum over a 12-year open-pit mine life.
Product overview
Ariana Resources is an AIM and ASX-listed mineral exploration and development company. The company operates a portfolio of gold production and development assets centered on Turkey and Zimbabwe, with copper-gold-silver-zinc exploration across Cyprus and Kosovo, and Australian investments through its Asgard Metals subsidiary. The core offerings include the operating Kiziltepe gold-silver mine and the Tavsan mine under construction in Turkey (held via the Zenit Madencilik joint venture), the flagship Dokwe Gold Project in Zimbabwe (1.42Moz feasibility-stage development), and the Salinbas exploration project in Turkey. The company generates revenue from gold and silver production while advancing its flagship Dokwe development project toward production.
Differentiator
Problem solved
Functional benefit
Brands
- Zenit Madencilik: Joint venture operating Kiziltepe and Tavsan gold-silver mines in western Turkey
- Dokwe Gold Project
- Kiziltepe Mine
- Tavsan Mine
Products and services
- Kiziltepe Mine An operating gold-silver mine in western Turkey operated through the Zenit Madencilik joint venture, generating revenue from gold and silver production sold to commodity buyers.
- Tavsan Mine A gold-silver mine under construction in western Turkey via the Zenit Madencilik joint venture, intended to become the company's second producing gold and silver operation.
- Dokwe Gold Project A 1.42Moz (JORC measured, indicated, inferred) feasibility-stage gold development project in Zimbabwe, designed as a 12-year open-pit mine targeting approximately 80,000 ounces of gold per annum.
- Salinbas Project A gold exploration project located in Turkey, part of the Zenit Madencilik joint venture portfolio and a multi-million ounce gold system in the region.
- Western Tethyan Exploration Projects Strategic exploration partnership covering copper-gold, silver, and zinc projects in Cyprus and Kosovo, held as an investment in Western Tethyan.
- Venus Minerals Exploration Copper-gold exploration projects in SE Europe held through an equity investment in Venus Minerals.
- Asgard Metals Exploration Portfolio Australian exploration subsidiary with investments in Altai Resources, Annamite Resources, Pallas Resources, and Panther Metals for gold and copper-gold exploration across Australia.
Quantifiable outcome
- CO2 emissions of 0.32 t/oz vs international average
- +3 more outcomes
Companies that use Ariana Resources
Customer profileSegments1 record
Ideal customer profiles2 records
Ariana Resources technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Ariana Resources partnerships and signals
Strategic signalPartnerships
Four partnerships are on record, tiered core and minor.
- Zenit MadencilikcoreJoint venture in Türkiye for gold production operations including the Kiziltepe mine and Tavsan mine. Ariana sold a 13.6% stake for $19.5 million, retaining 9.9% stake.
- Western TethyancoreInvestment in Western Tethyan - copper-gold exploration projects in Cyprus and Kosovo.
- Venus MineralsminorInvestment in Venus Minerals - copper-gold exploration in Cyprus.
- Asgard Metals Pty. Ltd.coreRegional office in Perth, Australia managing Australian investments including Altai Resources, Annamite Resources, Pallas Resources, and Panther Metals.
Scale indicators14 records
Recent moves6 records
Expansion highlights5 records
Ariana Resources competitors and assessment
Company assessmentDirect peers
- Caledonia Mining Corporation: AIM-listed mid-tier gold producer with its flagship operation in Zimbabwe (Blanket Mine). Directly comparable to Ariana given the shared AIM listing, gold focus, and primary operating jurisdiction (Zimbabwe).
- Hummingbird Resources: AIM-listed gold producer-developer with the Yanfolila mine in Mali and the Kouroussa project in Guinea. Comparable mid-cap gold company building multi-jurisdictional African production, similar to Ariana's Dokwe build.
- Pan African Resources: AIM-listed mid-tier gold producer with operations across South Africa. Comparable on AIM listing, gold-only focus, and a portfolio of producing plus development assets producing tens of thousands of ounces per year.
- Chaarat Gold Holdings: AIM-listed gold mining and exploration company with assets in the Kyrgyz Republic and Armenia. Comparable to Ariana as an AIM/ASX mid-tier gold developer pursuing an integrated exploration-development-production model in emerging-market jurisdictions.
- Anglo Asian Mining: AIM-listed gold and copper producer with operating mines in western Azerbaijan. Closely comparable to Ariana's operations in Türkiye, including gold-silver concentrate production, mid-tier scale, and AIM-listing structure.
Others
- Panther Metals: ASX-listed exploration company in which Ariana (via Asgard Metals) holds an interest. Comparable as a small-cap Australian gold and base-metals explorer relevant to Ariana's Australian exploration portfolio.
Broad incumbents
- Centamin plc: Larger gold miner listed on the LSE and TSX, operator of the Sukari mine in Egypt. Comparable gold-jurisdiction profile (EMEA/North Africa) and mid-tier production scale, though significantly larger than Ariana.
Emerging players
- ECR Minerals: AIM-listed early-stage gold and critical minerals explorer with assets in Australia. Comparable as a smaller AIM-listed precious-metals explorer with diversified exploration interests, though earlier-stage than Ariana.
- SolGold plc: AIM- and TSX-listed copper-gold explorer/developer advancing the Alpala project in Ecuador. Comparable on AIM-listing structure, copper-gold porphyry/epithermal commodity focus, and multi-jurisdiction development exposure.
- Condor Gold: AIM-listed developer of the La India gold project in Nicaragua. Comparable as a single-asset, mid-stage gold developer focused on advancing a feasibility/permittable resource into production, similar to Ariana's Dokwe stage.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
Ariana Resources social profiles
Digital presenceAriana Resources financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ariana Resources leadership team
Management profileNumber of profiles
Profiles7 records
Ariana Resources subsidiaries and ownership
Company hierarchySubsidiaries4 records
Ariana Resources funding detail
Funding detailFunding overview
Funding rounds3 records
Investors3 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ariana Resources M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ariana Resources
What does Ariana Resources do?
Ariana Resources is a publicly listed mineral exploration and development company that operates gold and silver producing mines, develops feasibility-stage gold projects, and conducts mineral exploration across multiple jurisdictions. The company's core revenue-generating asset is the Kiziltepe gold-silver mine in western Turkey (via the Zenit Madencilik joint venture), with the Tavsan mine under construction. The flagship growth asset is the Dokwe Gold Project in Zimbabwe, a 1.42Moz feasibility-stage development targeting approximately 80,000 ounces of gold per annum over a 12-year open-pit mine life.
Is Ariana Resources a public or private company?
Ariana Resources is a public company. It is classified as public and is currently operating.
When was Ariana Resources founded?
Ariana Resources was founded in 2004. It employs 11 to 50 people.
Where is Ariana Resources based?
Ariana Resources is headquartered in London, United Kingdom, in the Europe region.
How does Ariana Resources make money?
Two revenue lines are on record. Gold and Silver Production is the primary driver. The others are mineral Development.
Who are Ariana Resources's main competitors?
Direct peers on record are Caledonia Mining Corporation, Hummingbird Resources, Pan African Resources, Chaarat Gold Holdings and Anglo Asian Mining. Panther Metals is listed as an others. Centamin plc is listed as a broad incumbent. Emerging players are ECR Minerals, SolGold plc and Condor Gold.
Does Ariana Resources have an API?
No public API is recorded for Ariana Resources.
What industry is Ariana Resources in?
Ariana Resources's product category is Gold Mining. Its primary akta.pro industry code is IMAKAEAA, Gold Mining, with a secondary code of IMAKAEAI, Precious Metals Exploration & Project Development. Its NAICS code is 21222 and its SIC code is 1040.