Haranga Hits Milestones: 40M Shares Converted, Escrow Extended to May

Performance Rights Conversion and Escrow Extension

Haranga Resources Limited has taken a significant step forward in its Lincoln Gold Mine acquisition by converting 40 million Class A and B Performance Rights into fully paid ordinary shares. This conversion follows the achievement of critical project milestones, including the commencement of drilling and validation of historical data for resource estimation. The move not only rewards Seduli Holdings (Australia) Ltd, the vendor, but also aligns interests ahead of the next phase of development.

In a related agreement, Haranga and Seduli have mutually extended the escrow period on Seduli’s upfront and milestone shares from 30 January to 1 May 2026. This extension is balanced by a reduction in the warranty period for the acquisition from 18 months to 12 months, effectively shortening the timeframe for post-acquisition obligations and potential claims.

Advancing Drilling at Lincoln Gold Mine

Drilling activities at the Lincoln Gold Mine in California’s historic Mother Lode Gold Belt continue apace. The company is focused on converting an existing NI 43-101 foreign resource estimate of approximately 286,000 ounces of gold into a JORC-compliant Mineral Resource Estimate (MRE). This conversion is crucial for Australian investors, as JORC compliance is the industry standard for reporting mineral resources in Australia.

Haranga’s operational teams are concurrently dewatering the underground decline to facilitate ongoing drilling and exploration. The recent milestones have also confirmed the validity of the company’s Conditional Use Permit, enabling the re-opening of the mine and supporting community and regulatory confidence in the project’s progress.

Promising Prospects at Ibel South Gold Project

Beyond California, Haranga is gearing up for a new drilling campaign at its Ibel South Gold Project in Senegal. Following two phases of aircore drilling that identified an 800-metre continuous mineralised trend, the company plans to commence reverse circulation (RC) drilling in the first quarter of 2026. This next step aims to test the depth potential of high-grade zones and explore previously undrilled priority targets.

The aircore results have revealed broad zones of gold mineralisation near surface, with some drill holes ending in mineralisation, suggesting the deposit remains open at depth. The upcoming drilling program is expected to provide greater clarity on the size and grade of the resource, potentially enhancing the project’s value.

Strategic Implications and Outlook

Haranga’s management emphasises the importance of these developments in underpinning shareholder value. The alignment with Seduli through the escrow extension and warranty period adjustment reflects a collaborative approach to risk management and project delivery. Meanwhile, the focus on converting foreign resource estimates to JORC standards and advancing exploration in two jurisdictions highlights the company’s dual-asset strategy.

Investors will be watching closely for the maiden JORC Mineral Resource Estimate at Lincoln and the results from the upcoming Ibel South drilling campaign. These milestones will be key indicators of Haranga’s potential to transition from exploration to development and, ultimately, production.