Gold producer Ariana Resources bursts on to ASX today in $11m IPO

• Gold producer Ariana Resources plc will list at noon AEST today after its $11m ASX IPO, which includes big name gold miner Newmont as a shareholder
• It hits the boards with a $54m EV, which equates to just A$29/oz EV/resource, compared to the peer group average of A$183/oz
• Ariana’s JV assets in Türkiye are expected to deliver ~$8m net cash annually once its Tavsan Mine enters full production

Special Report: Ariana Resources plc hits the ASX boards today with a rare mix of production, a history of dividends and deep value, listing at 28c per CDI through an $11m IPO that complements its London AIM presence.

Backed by Newmont and already trading at a 25 per cent premium on AIM, Ariana offers ~$54m enterprise value equating to just A$29/oz, a fraction of the sector average, while its producing Zenit JV assets in Türkiye are set to deliver ~$8m net cash annually from the end of 2025.

The newest goldie to chart a path to the ASX is not like most of the others. Ariana Resources is already a dividend-paying producer, having returned ~$15.8m to shareholders since 2016 through its 23.5% interest in the Kiziltepe gold mine in Türkiye.

Newmont is on the register with a 3% holding, and Ariana’s structure is free from seed and pre-IPO investors that can often negatively weigh on aftermarket performance of IPO stock.

Already trading at premium offshore

Ariana’s AIM-listed shares have been trading at a significant premium to the ASX offer price since the institutional bookbuild closed on July 28.

At current exchange rates, the ASX offer price of 28c equates to ~1.36p, while Ariana closed at 1.7p recently in London – a 25% premium – after trading as high as 1.925p in the past month or 39c in ASX equivalent terms.

Tailwinds from record gold

The IPO lands at a prime time for gold, with the price hitting a record of almost US$3680/oz on COMEX.

In line with that record setting rally the ASX Gold Index has jumped 26% since Ariana’s IPO launched in late July 2025 and the global benchmark VanEck Junior Gold Miners ETF has surged more than 30% over the same period.

Deep value compared to peers

At the IPO price Ariana carries an enterprise value of ~$54m against equity ounces of ~1.87Moz Au (1.4Moz in its core development asset, Dokwe).

That equates to just A$29/oz EV/resource — some of the best value ounces available to ASX investors when compared to peers averaging A$183/oz as at September 8, 2025, according to Shaw and Partners.

The value proposition is backed by cash flow: from the end of CY25 Ariana expects to net at least $8m per year for a minimum of seven years from its stake in the Zenit JV mining operation in Türkiye, which is fully financed and has been producing up to 25,000oz-plus annually.

Going for growth

IPO proceeds will primarily fund a definitive feasibility study at Ariana’s flagship 1.4Moz Dokwe project in Zimbabwe (using a 0.3 g/t Au cut-off), already the largest undeveloped gold project in the country.

Ariana is modelling a two-pit operation across Dokwe North and Dokwe Central, with potential to expand resources through step-out drilling and testing of a soil anomaly northeast of Dokwe North that could point to a plunging shoot of buried mineralisation.

Managing director Dr Kerim Sener said drilling to date supported resource upgrades into higher JORC categories and underpinned Ariana’s target of building a production profile of ~100,000oz per annum over a decade-long mine life.

“Further upside exists across both Dokwe North and Central,” he said. “If new mineralised zones of similar grade and depth are confirmed, that could materially alter the Feasibility Study by significantly boosting the project’s overall resource base.”

Drilling is set to resume now that the ASX listing is complete. Beyond Dokwe, Ariana also owns development-stage projects in Türkiye, Kosovo and Cyprus.

This article was developed in collaboration with Ariana Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.