BRITISH miner Ariana Resources entered 2026 with about £5,4 million (US$7,39 million) in cash, supported by fresh equity funding from a new Chinese strategic partner as it accelerates development of its Dokwe Gold Project in Zimbabwe.
The cash position follows the company’s successful conclusion of a strategic investment agreement with Hongkong Xinhai Mining Services, which injected immediate funding into Ariana while underpinning plans to complete a definitive feasibility study at Dokwe.
The funding strengthens Ariana’s balance sheet and positions the miner to advance Dokwe towards development at a time when Zimbabwe is seeking to unlock large-scale gold projects to boost output, foreign currency inflows and mining-led economic growth.
Ariana recently secured AU$8 million (US$5,57 million) in immediate equity funding from Hongkong Xinhai as part of a broader AU$11 million (US$7,66 million) strategic investment package.
The investment is intended to fast-track metallurgical test work and complete a definitive feasibility study at Dokwe, with Ariana and Hongkong Xinhai now finalising technical services agreements to advance the project.
“Binding definitive agreement was signed with Hongkong Xinhai Mining Services Ltd to provide AU$8 million in immediate funding, and up to a further AU$3 million (payable in equity) for a metallurgical sampling and testwork programme and to progress the definitive feasibility study at the Dokwe Gold project in Zimbabwe; cash balance of the company at year end was c. £5,4 million,” Ariana said in its quarterly report ended December 31, 2025.
During the quarter, Ariana spent £571 000 (US$781 753) on exploration activities, largely related to drilling and associated costs at the Dokwe Gold Project.
Ariana estimates the Dokwe Gold Project hosts a mineral resource of 1,416 million ounces of gold, making it one of the largest undeveloped gold assets in the country.
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Managing director Kerim Sener said the final quarter of 2025 saw heightened activity across Ariana’s flagship Dokwe project and its operations in Türkiye.
This followed the commencement of a reverse circulation (RC) drilling programme at Dokwe, alongside continued strong results from diamond drilling at the Tavşan Mine and Kizilcukur Deposit in Türkiye.
“We continued to receive significant strategic investor interest in the company and our flagship Dokwe Project specifically,” Sener said.
“This ultimately culminated in the completion of our agreement with the Xinhai Group to help drive the Dokwe Project through to the completion of its Definitive Feasibility Study, scheduled for later this year.
“The speed and efficiency with which we completed this deal bodes well for our ongoing relationship with Xinhai and the delivery of further project milestones.”
At Dokwe, four priority target areas are being tested under an initial 26-hole, 4 000-metre reverse circulation drilling campaign aimed at identifying potential resource expansion.
This marks the first phase of an 11 000-metre drilling programme planned across Dokwe North, Dokwe Central and their extensions.
In October, Ariana completed a soil geochemical programme comprising 10 086 samples across the Dokwe project area.
“This work, in addition to an extensive assessment and reprocessing of the previous geological, geophysical, and geochemical data, has resulted in a much-improved understanding of the distribution of gold mineralisation at Dokwe North and Central,” Ariana said.
These soil samples revealed several new target areas being defined or known target areas being further refined; hence, the planning of an RC drilling programme to test some of the highest priority targets.
These targets include near-mine extensional targets and several regional exploration targets.
