Ariana Resources (ASX:AA2) has divested its legacy 9.9% interest in the Kiziltepe Sector in Türkiye to Proccea Construction Co., following the conclusion of commercial operations at the mine.

The Kiziltepe Sector formed part of Ariana's Red Rabbit project portfolio in western Türkiye's Biga Peninsula, a region known for its epithermal gold-silver mineralisation along the Tethyan metallogenic belt.

Managing Director Dr Kerim Sener said the agreement marks the end of Ariana's two-decade involvement at Kiziltepe, which the company transformed from a greenfields exploration project into a profitable gold-silver operation.

"We are immensely proud of what has been achieved and I would like to sincerely thank the Kiziltepe team, our partners and the local communities, whose support has been instrumental to the mine's success over the past 20 years," Dr Sener said.

Over its operating life, Kiziltepe has produced more than 162,000 ounces of gold and 1.78 million ounces of silver, generating approximately US$69 million in cash returns for Ariana from a total investment of US$8 million. Those returns enabled the company to reward shareholders with special dividends totalling US$10 million across 2021 and 2022.

"This transaction monetised a residual interest, relieves Ariana from future liabilities and further simplifies Ariana's portfolio," Dr Sener said. "Most significantly this sale further strengthens our balance sheet and further refines our focus on advancing our flagship Dokwe Gold Project in Zimbabwe, while retaining exposure to future value creation through our 9.9% interest in the producing Tavşan Mine and the Salinbaş project."

The sale underscores Ariana's strategic pivot toward southern Africa, where the Dokwe Gold Project in southwestern Zimbabwe represents the company's primary growth vehicle. The divestment also leaves Tavşan — the final producing asset in Ariana's Turkish portfolio — as the company's remaining operational exposure in Türkiye.

Under the sale agreement, Ariana — through its wholly-owned Turkish subsidiary Galata Mineral — transferred 98,693,287 registered shares to Proccea, representing 9.9% of Kiziltepe's total issued share capital. The aggregate cash consideration was US$3,712,500, which has been received in full, with the share transfer occurring simultaneously with payment.

Additionally, Galata received a US$800,000 reimbursement from Zenit to fully settle an outstanding debt. The transaction follows the division of Zenit and an in specie distribution of Kiziltepe Sector interests to Zenit shareholders, which included the underlying assets and liabilities associated with Kiziltepe.

AA2 shares were steady at 28.5¢, with a market capitalisation of $879.8 million.