Haranga Drills 760m at Lincoln, Confirms 800m Gold Trend at Ibel South

Lincoln Gold Project, Drilling and Infrastructure Momentum

Haranga Resources has ramped up activity at its wholly owned Lincoln Gold Project, situated in California's historic Mother Lode Gold Belt. The December quarter saw the mobilisation of a Swick Gen II underground diamond drill rig, initiating a programme aimed at converting the existing 2015 NI 43-101 foreign resource estimate of approximately 286,000 ounces of gold into a JORC-compliant Mineral Resource Estimate. This conversion is critical for aligning the resource with Australian reporting standards and unlocking further development potential.

Supporting the drilling programme, the company has made significant progress in dewatering the 900-metre Stringbean Alley Decline, enabling access to key drilling positions. Despite some delays caused by unseasonal rainfall over the Christmas period, dewatering has advanced steadily, with electrical infrastructure upgrades, including the installation of 4160V switchgear and a refurbished 300kVa Mobile Power Centre, ensuring reliable power supply to at least the XC8 crosscut. These improvements are vital for sustaining drilling and pumping operations at depth.

Ibel South Gold Project, Confirming High-Grade Mineralisation

In Senegal, Haranga's Ibel South Gold Project continues to deliver encouraging results. Phase 1 drilling assays confirmed high-grade gold intercepts, with standout results such as 20 metres at 6.00 g/t gold, including 4 metres at 14.10 g/t. Building on this, the recently completed Phase 2 aircore drilling programme, comprising 3,197 metres over 65 holes, has extended and infilled the mineralised zones, revealing a potential continuous mineralised trend of approximately 800 metres.

Geological analysis suggests the mineralisation is consistent with Birimian-style orogenic gold systems, hosted within altered greywacke with quartz-sulphide veining. Structural interpretations indicate possible cross-faulting, which may influence mineralisation continuity and grade distribution. These insights set the stage for planned deeper drilling in early 2026 to target primary mineralisation beneath the supergene cover.

Capital Raising and Corporate Developments

To support its exploration and development ambitions, Haranga successfully raised $14 million through an oversubscribed two-tranche placement. The raise attracted strong support from existing shareholders and new institutional investors, notably the Collins St Gold Fund. This capital injection positions Haranga to fast-track the maiden JORC resource at Lincoln and advance the near-production-ready asset towards development.

At the quarter's end, the company held $12.4 million in cash reserves, reflecting a solid financial footing to sustain ongoing activities. The General Meeting held in December passed all resolutions, clearing the way for the placement shares issuance and reinforcing shareholder confidence.

Outlook and Strategic Positioning

Haranga's dual-asset strategy leverages the advanced infrastructure and permitting status of Lincoln alongside the high-grade exploration upside at Ibel South. The company’s methodical approach, combining underground diamond drilling, aircore drilling, and advanced assay techniques such as PhotonAssay™, demonstrates a commitment to rigorous resource definition and quality assurance.

While the timing of the JORC resource delivery at Lincoln faces some uncertainty due to assay laboratory demand and recent dewatering delays, the ongoing drilling results and infrastructure upgrades provide a strong foundation. Meanwhile, the identification of structural controls and continuous mineralised trends at Ibel South opens promising avenues for deeper exploration.