HAR to start Phase 2 drilling at US gold project

Our US gold Investment Haranga Resources (ASX: HAR) is now a few weeks away from its phase 2 drill program at its US gold project in California.

HAR's Lincoln gold project sits on California's Mother Lode gold belt and already has a JORC resource of 402koz at 5.1g/t gold.

Plus there is existing infrastructure including a processing plant and an underground decline, and a permit that allows for gold production.

(Here are some pics from our site visit last year)

HAR’s maiden resource came off the back of HAR's first drill program on the project, which was put together with the help of historical drilling and the existing foreign resource estimate.

This next round of drilling is 16 holes for ~1,500m, focusing on areas deeper down the decline and closer to the historic workings at Lincoln, now that HAR can access them.

HAR can now drill into the gaps in its resource model to see if there are any zones of gold in between:

(source)

The drilling can now go ahead because dewatering of the decline is complete, and a Mine Power Centre (MPC) has been installed deep into the decline - meaning power wont be an issue with the next round of drilling (or any other future underground works).

(source)

HAR is also re-assaying some old core from South Spring Hill, aiming to upgrade the existing exploration target there (202koz to 308koz gold) into an Inferred JORC resource.

(Exploration targets are conceptual in nature and there is no guarantee that this further work converts it into a resource)

Including old historic hits of ~10.2m at 8.91g/t gold:

(source)

So with some drilling and re-assay work, HAR SHOULD be able to upgrade its resource over the coming months…

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.
• And A 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.

You can check out our recent update on the planned drilling to come here: HAR to start drilling US gold project this month

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 soon, with the rig to arrive later this week. (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 ~315ktpa 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).