HAR assays and JORC resource due for US gold asset now "imminent"

Our US gold Investment Haranga Resources (ASX: HAR) is now a few weeks away from a maiden JORC resource at its project in California.

HAR just announced an 3,270m drill program was "nearing completion", assays were "imminent" AND a JORC resource for its project were coming in "late April to early May". (source)

(source)

The key takeaway for us from today's announcement was the following image, which gives us a much better idea of just how big HAR's resource could be (when that JORC resource comes out).

We note:

1. HAR labelled the zone its existing non-JORC 288k ounce gold resource sits (the red and purple sections in the image below)
2. Where the ~308k ounce exploration target sits at the "South Spring Hill" target
3. Where HAR has a new exploration target coming from, AND
4. The biggest ones - HAR's drilling could be hitting repetitions to the non-JORC resource at depth with holes 280 and 281 AND all of the work done so far is only across ~2km of strike (whereas the project covers ~6km of strike).

(we have marked those points as numbers in the image below)

So far, most of the drilling around the project is down to depths of ~150m.

Holes 280 and 281 are HAR's hail mary's testing for repetitions to the historic resource at depth.

(source)

And in today's announcement HAR said both holes hit zones of interest over 34m in hole 280 and ~20m in hole 281:

(source)

So HAR is hitting potential repetitions to the mineralisation that makes up that non-JORC 191k ounce at Lincoln-Comet - below the 150m depths the old workings tested down to:

When HAR first acquired its US asset a big part of the reason we liked it was because the project sits in California's legendary "Mother Lode" Gold Belt.

Home to the original gold rush and where there were multiple mines running down to depths of up to ~2,000m.

HAR's project sits across ~6km of that trend and up until now had only ever been drilled down to ~150m depths.

Which is why we think the next few months could be interesting for HAR (with drill results below those depths and a JORC resource coming).

(source - HAR presentation November 2025)

HAR's project already has:

• ~A$90M of sunk infrastructure built by previous owners
• A 100% owned and permitted 350,000tpa gold processing plant (last operated in 2022)
• An 880m underground decline
• Offices, workshop, and laydown yard
• AND a Conditional Use Permit that allows production of gold

So whatever resource the company can define also has a realistic pathway to being put back into production.

(source - our pics from a site visit last year, see that here)

That existing processing infrastructure is a big part of the reason why we think a JORC resource is actually a fairly material catalyst for HAR.

IF HAR can define a resource that is at the same level as the historic resource (or bigger) then the market can start to value HAR as if its a late stage developer (looking to restart a project that was in production in the past).

Instead of valuing HAR as one that's still in the exploration stage.

We especially like that HAR's market cap right now sits at ~$58M (with $12.4M cash in the bank at 31 Dec 2025) - so HAR's enterprise value is only ~$45.6M.

Plus HAR has its African gold asset that should be drilling again soon, we also covered that in our most recent deep dive: HAR: Going for fast, high grade gold production in the USA - gold's wild ride continues.

What's next for HAR?

🔄 Maiden JORC resource estimate (due end of April/earlry May)

We want to see HAR convert its ~286koz non-JORC gold resource estimate into JORC compliance.

HAR's latest update confirmed the 3,270m drill program was "nearing completion" and prior to this, that the program had been expanded from 30 holes to ~40 holes (for a total of ~3,370m).

HAR expects assay results from drilling during April and a maiden JORC resource estimate by early May.

As mentioned earlier, we are especially looking forward to results from those two holes drilled at depth (hole 280 and 281).

(source)

Here are the milestones we are tracking for the US asset:

• ✅ Drilling commenced (December 2025)
• ✅ Drilling expanded to 40 holes / 3,370m
• 🔄 Drilling at XC7, XC8 drilling (XC8 drilling nearly complete)
• 🔄 Assay results ("imminent")
• ⬜ Maiden JORC Mineral Resource Estimate (Expected by early May)
• ⬜ Deep hole to test at depth

🔄 Senegal gold - deeper drilling

HAR also confirmed earlier this month that it would start deeper RC drilling at its Senegal gold project, following up on 800m of continuous gold mineralisation from shallow aircore drilling - including 20m @ 6.54 g/t gold from just 12m depth.

This was due in early April pending regulatory approvals, so we should get an update here soon also. (source)

See our most recent coverage of the Senegal asset here: HAR: 800m of continuous gold mineralisation - deeper drilling to start this quarter