Ariana Resources (AIM:AAU) has sold its legacy 9.9% interest in the Kiziltepe Sector in Türkiye to Proccea Construction Co. for $3.7 million gross cash, or roughly $3.3 million after local taxes.
The mineral exploration and development company, which holds gold project interests across Africa and Europe, completed the sale on 29 July with proceeds already received.
Ariana has also collected $0.8 million from Zenit Madencilik San. ve Tic. A.Ş. to settle an outstanding intercompany debt in full.
The company retains a 9.9% stake and a board seat in Zenit, which owns the producing Tavşan gold-silver mine and the Salinbaş development project, and remains entitled to its pro rata share of future dividends.
Managing director Dr Kerim Sener said Kiziltepe had produced more than 162,000 ounces of gold and 1.78 million ounces of silver, generating approximately $69 million in cash returns for Ariana from a total investment of just $8 million.
Those returns funded special dividends totalling $10 million in 2021 and 2022.
"This transaction monetised a residual interest, relieves Ariana from future liabilities and further simplifies Ariana's portfolio," Sener said.
The sale hands Ariana pro forma cash of A$39 million, with its remaining Zenit stake carried at A$15 million.
Ariana said the deal provides non-dilutionary funding as it advances the definitive feasibility study at its 100%-owned, 1.6 million ounce Dokwe Gold Project in Zimbabwe, now its core focus.
News Intelligence what this means for the company
Ariana has liquidated its final legacy stake in Türkiye's Kiziltepe for $3.7m gross ($3.3m net), completing a high-return exit from a project that generated $69m in cash on an $8m investment. The sale, combined with a $0.8m debt recovery from Zenit and a prior $19.5m stake sale to Özaltın in May 2026, leaves Ariana with A$39m pro-forma cash—non-dilutionary fuel to advance its 100%-owned 1.6m-ounce Dokwe Gold Project in Zimbabwe, now its stated core focus.
The Kiziltepe exit removes a residual, non-core holding and simplifies the portfolio while preserving Ariana's 9.9% Zenit stake and dividend entitlement. The cash injection materially strengthens the balance sheet for Dokwe feasibility work, though the company remains a junior developer dependent on project advancement and future financing to reach production.
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