HAR expands US gold project - drilling to start this month

Our gold Investment Haranga Resources (ASX: HAR) just added more ground to its US gold project.

HAR's gold project sits on California's Mother Lode gold belt and already has a 402koz at 5.1g/t gold JORC resource, existing infrastructure including a processing plant and underground decline, plus a permit that allows gold production.

Yesterday HAR signed a Purchase and Sale Agreement to acquire 100% of the surface and mineral rights over two properties.

These totalled 60 acres, immediately adjacent to the project, for US$1.55M in staged cash payments.

Here is a look at what HAR has acquired, this is the pocket of land right amongst the “Mother Lode” section of its project and adjoins the decline:

(source)

The new ground does a few things for HAR:

1. Unencumbered exploration - HAR can now explore the interpreted mineralisation at depth, after deeper Phase 1 drilling hinted at west-dipping mineralisation below the current resource.
2. Decline extension - the ground makes it easier to extend the underground decline north towards Medean, South Spring Hill and Keystone, which have a combined production history of ~1.0Moz gold.
3. Tailings options - tailings from a future operation could be piped or trucked to a proposed Surface Fill Unit on ground HAR now owns.

That last point we think could be the most valuable bit to come from today’s announcement.

HAR mentioned today that the lack of a viable life-of-mine tailings solution was a flaw in the two previous attempts to restart processing at the project (in 2012-13 and 2020-21). (source)

So today's purchase removes what has historically been a development bottleneck at Lincoln.

(source)

Meanwhile, preparations for HAR's next round of drilling remain underway, with the program due to start later this month, this is to be done from the deepest parts of the decline.

We covered the drilling plans here in our most recent HAR Quick Take.

What is the Mother Lode?

(source)(source)(source)

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.

(source)

So HAR is now in a position where it has:

• Gold ground in the famous “California gold rush” Mother Lode Gold Belt.
• ~A$90M of capital recently invested into infrastructure by previous owners, which includes:
  • 100% owned 315,000tpa gold processing plant (last operated in 2022 ie NOT an old rustbucket)
  • Offices, workshop, and laydown yard
• A “Conditional Use Permit” that allows production of gold.
• NEW - recent - JORC resource estimate of 402k ounces at 5.1g/t gold.

We are Invested in HAR not for today’s resource - but the future one - we think this could evolve into a multi-million ounce asset with time.

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

What's Next for HAR?

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

HAR has flagged that a phase 2 drilling program is planned to commence late August. (source)

We are especially looking forward to the deeper drilling below the current resource and toward the Comet mineralisation.

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 a recent announcement that it was working on an exploration target across three of its other targets:

1. Old Lincoln
2. Wildman / Mahoney
3. 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 prior presentation 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 and released the results. (source)

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

• ✅ Drilling started
• ✅ Drilling completed
• ✅ Assay results (today)
• 🔄 Decision to come back and do more drilling (permit renewal process underway, all geological data to be reviewed for drill planning) (source)