Ariana Resources (LSE:AAU), the mineral exploration and development company with gold project interests in Africa and Europe, has sold 13.6% of its 23.5% interest in Zenit Madencilik to Özaltın Holding A.Ş. for gross cash consideration of US$19.5 million.
The company said the proceeds equate to an estimated c.US$17.2 million after local taxes, and that pro-forma cash and investments are now A$53 million (£29 million) with no debt.
"We are delighted to have reached this agreement with Özaltın to partially monetise our interest in Zenit at a strategically important point in Ariana's growth trajectory," Dr Kerim Sener said.
As at 31 December 2025 the Group carried its 23.5% interest in Zenit at £17.46 million, the 13.6% sale was attributed a fair value of £10.1 million, and any profit or loss on disposal will be reflected in the next financial statements. Following completion on 15 May Ariana retains a 9.9% interest in Zenit, remains entitled to dividends and board representation, and said Zenit is preparing for a local public listing in Türkiye.
Ariana said the net sale proceeds provide significant non-dilutive funding as it advances the Feasibility Study at the 100%‑owned, 1.1Moz Dokwe Gold Project in Zimbabwe.
