Rainfall Delays Dewatering at Lincoln Gold Project, JORC Resource Update Postponed

Drilling Progress and Geological Context

Haranga Resources Limited (ASX, HAR) has provided a comprehensive update on its Lincoln Gold Project, located in California’s renowned Mother Lode Gold Belt. The company has completed diamond drilling at Cross Cut 3 (XC3) and is nearing completion of drilling at Cross Cut 4 (XC4), with further drilling planned at XC5 and beyond. Geological observations from the drilling to date are consistent with the expected lode structures, reinforcing confidence in the mineralisation model derived from the 2015 NI 43-101 resource estimate.

The Lincoln Gold Project benefits from extensive underground development, including the Stringbean Alley decline, which allows direct access to mineralised zones. This infrastructure advantage reduces exploration risk and facilitates efficient drilling and sampling.

Operational Challenges, Rainfall and Dewatering

Heavy rainfall over the Christmas period in late 2025 temporarily constrained dewatering activities within the underground workings. Approximately 840mm of rain was recorded locally, forcing a pause in pumping due to permit restrictions on mine water discharge during significant rainfall events. This led to a short-term rise in underground water levels, effectively delaying progress by an estimated 15 days.

Despite these challenges, Haranga has managed the situation effectively, with dewatering resuming and access to XC5 expected shortly. The company anticipates improved drainage rates at subsequent crosscuts (XC6 to XC8) due to prior dewatering of upper development drives.

Assay Validation and Resource Estimation

Haranga has undertaken initial test work using Chrysos PhotonAssay™, a cutting-edge analytical technique, on high-grade samples from the project. Results demonstrated strong agreement with previous screen fire assays, ranging from 94% to 102% of the earlier values. This validation supports the reliability of Haranga’s current sampling and analytical protocols and bolsters confidence in the high-grade nature of the Lincoln mineralisation.

The company is preparing to convert the existing non-compliant NI 43-101 resource estimate, 958,910 tonnes at 9.29 grams per tonne gold (approximately 286,000 ounces), to a JORC-compliant Mineral Resource Estimate (MRE). Samples from drilling at crosscuts XC3 through XC8 will be reported as a single batch, with the updated JORC MRE expected in the weeks following receipt of assay results. However, the timeline for this update has been pushed back due to the rainfall-related delays and current high demand for laboratory assay services.

Strategic Outlook

Managing Director Peter Batten emphasised the strategic advantage of the project’s existing underground infrastructure and the quality of the drilling results so far. He highlighted that the drill program is designed not only to validate historical data but also to explore higher-grade zones and potential extensions at depth. With gold prices at record highs, advancing a well-positioned asset like Lincoln is timely.

Haranga plans to continue a pragmatic approach to drilling, balancing operational risks such as weather with the need to maintain momentum. The company will provide further updates on assay results and resource estimation timelines as clarity improves.