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(Sharecast News) - Ariana Resources announced the appointment of Australian firm Shaw & Partners as the lead manager for its planned dual listing on the Australian Securities Exchange on Thursday, which was targeted for completion in the third quarter.
Shaw would be supported by Leeuwin Wealth, which would act as co-manager under a separate agreement.
The AIM-traded firm said the proposed ASX listing was intended to enhance access to capital, improve liquidity, and increase its visibility in a market familiar with junior gold explorers.
Ariana was also planning to raise new equity alongside the listing to support exploration and technical studies at its wholly owned Dokwe Gold Project in Zimbabwe.
The timing and size of the capital raise had not yet been finalised.
"Ariana is pleased to advise that the company is now well-positioned for its planned ASX listing this year," said managing director Dr Kerim Sener.
"At the end of last year, Ariana postponed the planned IPO to accommodate full-year audited financial statements in the prospectus to help us prepare for the IPO at the company's annual general meeting, and to adopt a new lead manager, in particular.
"Within this time, we have also made significant advances in our understanding of the opportunity at the Dokwe Gold Project and have demonstrated the potential for over one million ounces of gold within optimised pit shells, in addition to substantial exploration upside across Dokwe North and Central."
Dr Sener said that since late 2024 and early 2025, the firm had raised additional capital specifically to advance those and other activities, supported by some of its larger shareholders, including Newmont Mining Corporation, Riverfort Global Opportunities and its partners, Proccea Construction.
"We look forward to working closely with Shaw and Leeuwin in the next two months as the company approaches its dual-listing on the ASX via an IPO."
At 1425 BST, shares in Ariana Resources were down 14% at 1.08p.
Reporting by Josh White for Sharecast.com.