Haranga’s Oversubscribed Placement Faces Shareholder Approval Hurdle

Placement Success and Strategic Funding

Haranga Resources Limited (ASX, HAR) has successfully raised $14 million through a strongly supported two-tranche placement, with $2 million cornered by the Collins St Gold Fund. This oversubscribed capital raise reflects investor confidence in Haranga’s strategy to rapidly advance its high-grade gold assets amid favourable macroeconomic conditions driving sustained demand for gold.

The funds will underpin a series of ambitious exploration and development activities at two key projects, the near production-ready Lincoln Gold Project in California and the promising Ibel South Gold Project in Senegal. Both projects offer compelling opportunities, with Lincoln boasting substantial infrastructure and permitting, and Ibel South revealing recent high-grade drill intercepts that hint at a new discovery.

Lincoln Gold Project, Infrastructure and Permitting Advantages

Located in Amador County, California, the Lincoln Gold Project covers a 5.8-kilometre strike within the prolific Mother Lode belt, historically producing millions of ounces of gold. The project benefits from over $90 million in sunk capital, including underground development, a fully equipped processing plant, and offices. Importantly, it holds a perpetual Conditional Use Permit, authorising mining and processing activities, supported by a pro-mining local community.

Haranga plans to commence a maiden 2,500-metre diamond drilling program aimed at converting historical resource estimates, currently reported under Canadian NI 43-101 standards, into a JORC-compliant resource by year-end. This step is critical to advancing feasibility studies and moving closer to production decisions.

Ibel South Gold Project, High-Grade Potential in Senegal

The Ibel South Gold Project lies within a prolific gold province in Senegal, near established mines. Recent aircore drilling has confirmed shallow, high-grade gold intercepts, including standout results such as 20 metres at 6.0 grams per tonne and 7 metres at 9.06 grams per tonne. These results validate earlier termite mound sampling anomalies and suggest the mineralised zone remains open along strike and at depth.

Haranga is preparing for a follow-up 3,000-metre aircore drilling campaign to infill and extend known mineralisation and test additional high-priority targets. This program aims to delineate the geometry and continuity of high-grade shoots, potentially unlocking a new discovery in this underexplored region.

Placement Structure and Investor Support

The placement involved issuing 100 million new shares at A$0.14 each, representing a discount to recent trading prices but reflecting market norms for capital raises of this nature. The first tranche raised $9.8 million under the company’s placement capacity, while the second tranche of $4.2 million awaits shareholder approval at an upcoming extraordinary general meeting.

Existing shareholders, including SP Capital, and new institutional investors participated strongly, underscoring broad support for Haranga’s growth plans. The company also re-engaged StocksDigital for investor relations support, aligning communication efforts with its accelerated development timeline.

Looking Ahead, Advancing Towards Production and Discovery

With this capital injection, Haranga is positioned to rapidly advance its dual gold projects. The Lincoln drilling and resource upgrade will be pivotal in refining the project’s economics and feasibility, while the Ibel South drilling could reveal new high-grade zones that materially enhance the company’s resource base. The combination of a permitted, near-production asset and an emerging exploration target offers a balanced growth profile that investors will watch closely.