HAR extends shallow, high grade gold discovery in Senegal

Our gold exploration Investment Haranga Resources (ASX: HAR) just hit more shallow high-grade gold at its project in Senegal.

This is the project that HAR ran a round of shallow aircore drilling over back in September last year.

AND unexpectedly (to us) hit 20m at 6g/t gold - which started a big run up in HAR’s share price:

(source)(source)(source)

Now HAR’s completed a 19-hole RC program - the first time HAR’s tested the targets with a rig capable of drilling at depth.

The best hits announced today were:

• 14m at 7.29 g/t gold from just 23m came from right beside last year's aircore intercept of 20m at 6.0 g/t gold, and
• Another hole - 12m at 5.24 g/t gold

(source)

So the shallow high-grade gold picked up by the earlier, cheaper aircore drilling is real.

Here is a look at the drill plan and the results from today:

(source)

And we've overlaid the results from the prior drill plan:

(source)(source)

So there is more of that shallow, high grade gold, but HAR hasn’t quite hit the extensions at depth (YET).

HAR is planning that follow-up drill campaign for the late 2026 / Q1 2027 dry season.

The gold here should be simple to process

The high-grade gold sits in the shallow oxide zone, the same easy-processing style as the gold resources already being mined across this part of West Africa.

And with the region full of established operations, there could be an opportunity down the track for HAR to get its ore processed off site (rather than building its own plant).

Here is where HAR’s project sits relative to a few of the bigger players in the area:

(source)

What else is HAR up to?

Over in California, HAR's Lincoln Gold Project delivered a maiden resource of 402koz at 5.1 g/t gold back in May.

Lincoln is fully permitted for mining and comes with significant existing infrastructure already in place.

This is a look at the resource and the exploration targets to come:

(source)(source)

This project 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 TODAY - JORC resource estimate of 402k ounces at 5.1g/t gold.
• Capped at $42M with $9M cash in the bank (31 March 2026) - an enterprise value of ~$33M.

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.

As it stands, HAR has only really focussed on ~2km of the 6km strike its project sits on and has:

1. A 402k ounce gold JORC resource estimate at Lincoln/Comet and Medean.
2. A ~308k ounce exploration target at the "South Spring Hill" target,
3. Multiple exploration targets coming from the other old mines in the area

There are almost 700k ounces defined (JORC resource + a single exploration target).

So we wait to see how much bigger the resource can become and what a rapid restart scenario would look like:

(source)

We covered HAR's plans across both projects in our most recent note: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:

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 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 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)