HAR delivers more high grade gold from US project - JORC resource due next week

Our US gold Investment Haranga Resources (ASX: HAR) just delivered the final batch of assays from its diamond drill program at the Lincoln Gold Project in California.

The drill program is now complete (3,237.2m drilled in total) and the standout news today is:

• More high-grade gold hits from the final 4 holes - including a peak of 0.4m @ 84.7 g/t Au
• Maiden JORC Mineral Resource Estimate confirmed for release next week
• Medean Exploration Target also expected next week

We are hoping to see HAR add to its existing 958kt @ 9.29 g/t gold, ~286koz non-JORC historic resource.

Here is the image we keep referring back to which visualises how we think HAR gets there.

We have it labelled:

1. The non-JORC 288k ounce gold resource (the red and purple sections in the image below)
2. A ~308k ounce exploration target sitting at the "South Spring Hill" target
3. A new exploration target coming from Medean in “mid-May”,

The maiden JORC resource will be from areas 1 & 2:

(source)

This is zooming out further to where that fits in with what HAR is up to:

(source)(source)(source)

HAR also included a look at the current drilling and the existing workings immediately either side of the drilling(not the historic mined ares called out above):

(source)

Why we think a JORC resource here is a catalyst

The existing ~286koz non-JORC resource at 9.29 g/t gold can’t currently be reported under JORC standards.

Converting it to JORC compliance unlocks the ability for the market to actually value HAR’s resource against ASX peers.

And importantly - HAR’s Lincoln Project already has ~A$90M of sunk infrastructure built by previous owners, which includes:

• 315ktpa processing plant (last operated in 2022, permitted)
• 880m underground decline + 900m of development drives
• Workshops and offices
• Key mining permits in place

So whatever resource HAR can define has a realistic and near term 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 it's 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.

If HAR delivers a JORC resource at or above the ~286koz historic figure, the market can start re-rating HAR as a late-stage developer with a path to restart, rather than as a pure exploration play.

What we are most interested in seeing in the MRE

Three things we’re watching closely when the MRE drops next week:

1. Total ounce count - does it match or exceed the ~286koz historic figure?
2. Resource category split - how much sits in the higher-confidence Indicated/Measured categories vs Inferred?
3. Grade - does the JORC MRE hold the ~9 g/t Au grade of the historic resource? (this would put Lincoln among the highest-grade gold projects on the ASX.)

The Medean Exploration Target dropping at the same time should also give us a feel for the growth potential beyond the maiden MRE.

The drilling included both high-grade hits AND lower-grade holes to provide the spatial coverage required for JORC compliance.

That last point matters as JORC requires geological coverage, not just headline-grade intercepts.

What's Next for HAR?

🔄 Maiden JORC resource estimate (next week)

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

HAR expects to have one more batch of results out before then with the JORC resource estimate due “”next week” - from today’s announcement

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

• ✅ Drilling commenced (December 2025)
• ✅ Drilling expanded to 40 holes / 3,270m
• ✅ Assays results #1
• ✅ Assay results #2 (XC8)
• ⬜ Maiden JORC Mineral Resource Estimate (Expected next week)

🔄 Senegal gold - deeper drilling

HAR is also drilling at its asset in Senegal with a deeper RC rig.

Here we are hoping that the 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.

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

• ✅ Drilling started
• 🔄 Assay results
• ⬜ Decision to come back and do more drilling

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