HAR completes gold drilling program in Senegal - assays due by the end of June

Our US gold Investment Haranga Resources (ASX: HAR) just completed an RC drill program at its gold project in Senegal.

HAR drilled a total of 19 holes across ~3,244 metres with 10 of the 19 holes hitting visual “alteration and pyrite mineralisation” (good early indications there could be gold in the holes).

We also noticed HAR confirmed “3 holes ended in altered and mineralised material at the bottom of the hole”.

Meaning whatever HAR is intersecting could actually be extending at depth, well below where HAR has drilled down to.

Visual alterations are a good early sign - but ultimately it will be the assay results (due in June) that tell us what HAR’s found.

(source)

(The standouts we are looking forward to assays from are hole 3 - where HAR hit ~75m of structures (from 168m to 243m) and hole 17, which hit ~45m of structure (ending in visual alterations at 300m depths).

A quick reminder on what HAR’s drilling for in Senegal:

• HAR’s first round of drilling was a shallow aircore program last year.
• HAR hit 20m at 6.54g/t gold and managed to define gold mineralisation across ~800m.
• Drilling was down to depths of ~20-70m (average ~30m) and one hole ended in mineralisation.
• HAR then did soil sampling showing that the 800m area was part of a broader 5km soil anomaly.
• Now this latest round of drilling is the first time HAR is properly testing the project with deeper holes down to 306m depths.

Here is a look at where the drill program is targeting:

(source)

The bigger picture for the Senegal asset - what success would look like for HAR

In our last note we said HAR’s Senegal asset reminds us of the early days of ~$3.7BN Predictive Discovery.

Predictive’s success in Africa was based around:

• Shallow aircore hits (that the market didn’t really notice)
• More high grade shallow hits (that the market started noticing)
• Deeper RC drilling confirming a big discovery (when the re-rate really started)

Predictive Discovery's timeline ran:

• Shallow auger drilling in Feb 2020.
• Deeper holes in April 2020.
• Expanded target area by July 2020.
• And ~6 years on, it's gone from ~0.6c per share to $1 per share, a 4.9Moz discovery and as high as ~$4.7BN market cap plus a merger.

HAR is now sitting at the "deeper RC drilling complete, assay results pending" stage of that timeline.

Of course there are no guarantees. Early stage exploration is hard and the probabilities are stacked against HAR - most junior explorers fail to discover anything commercially viable.

The Predictive discovery story is extremely rare to see (congratulations to those guys and shareholders).

Check out the deep dive on the HAR vs Predictive comparison we did in our last note here.

Today's announcement is the third of HAR's "3 catalysts in 90 days"

Back in April we published our deep dive HAR: 3 major share price catalysts in the next ~90 days, framing the H1 2026 setup as three sequential catalysts:

1. US assay results - ✅ delivered (final batch on 15 May, peak result 0.4m @ 84.7 g/t gold)
2. US maiden JORC MRE - ✅ delivered (25 May, 2.46Mt @ 5.1 g/t goldfor 402,000 ounces)
3. Senegal deeper RC drill results - 🔄 drilling now complete, assays pending (end June 2026)

Today's announcement is the completion of the drilling that will produce the third catalyst, with the assay results as of now ~4 weeks away.

How this sits next to the US asset

Just as a reminder, HAR is a two-asset story, and today's announcement is only about the secondary asset.

The primary asset is what HAR acquired last year - the Lincoln Gold Project in California.

On Monday (this week) it delivered its maiden JORC MRE (25 May 2026): 2.46Mt @ 5.1 g/t gold for 402,000 ounces, a 40.6% increase on the historic non-JORC estimate.

So not only was it good to get the historic foreign resource validated, but it did so keeping a high grade of over 5g/t gold, with more drilling planned.

Historic mines on either side of HAR’s project area were mined down to as far as 2km deep, HAR has only drilled ~150m so far…

Plus there is an exploration target for a nearby target and more exploration targets to come for more of the adjacent historical workings here:

(source)(source)

Rapid Restart studies are also underway and Phase 2 underground drilling is scheduled to commence in July 2026.

We covered that result in detail here:HAR: High grade gold, processing plant, permits to mine, in the USA. And now this…

What's Next for HAR?

🔄 Phase 2 underground drilling at US asset (mid-2026)

HAR has flagged that a phase 2 drilling program would start on the project in July.

We are especially looking forward to the deeper drilling below the current resource.

We have already seen hole #280 and #281 from the last round of drilling hit gold well below the existing decline - with the next round we should know if those were isolated OR part of bigger structures at depth.

Remember there have been mines running down to ~2km in this part of California:

(source - HAR presentation November 2025)

🔄 3x more exploration targets (H2 CY26)

HAR also mentioned in today’s announcement that it was working on an exploration target across three of its other targets:

• Old Lincoln
• Wildman / Mahoney
• Keystone Deeps

All three sit on the same 6km strike as the current resource.

All three have historical workings, historical drilling, and historical sampling data.

(source)(source)

🔄 Scoping study for a ~315 ktpa mining operation

HAR’s presentation today said it would start identifying items to replace/upgrade and the big one “provide an indicative start-up cost”:

(source)

This will be the first time we get a look at any capital costs required to bring the processing plant (and associated project infrastructure back online).

🔄 Senegal drilling results

HAR has now finished drilling its asset in Senegal with a deeper RC rig.

As mentioned earlier, here we are hoping that previous hit (20m @ 6.54 g/t gold from just 12m depth) can be followed up and proven as part of a larger gold system.

The drilling visuals reported have shown positive signs, so we wait for the actual confirmation from the assays. (source)

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

• ✅ Drilling started
• ✅ Drilling completed (today)
• 🔄 Assay results (due from around 4 weeks time)
• 🔲 Decision to come back and do more drilling