HAR starts drilling at US gold project - one hole down already

Our US gold Investment Haranga Resources (ASX: HAR) just started drilling at its gold project in California, USA.

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

PLUS 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)

With this next round of drilling, HAR is looking to expand that existing resource AND upgrade some of it into a higher confidence indicated status.

Basically, HAR is drilling in and around its resource to improve the confidence it has in its estimate - which eventually feeds into feasibility studies that HAR will do for the project.

🎓 Learn more about resource confidence levels here: What is a JORC resource? How does a company define a resource?

(source)

We also note HAR is currently 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.

So with some drilling and re-assay work, HAR COULD 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 a laydown yard.
• A “Conditional Use Permit” that allows production of gold.
• And A JORC resource estimate of 402k ounces at 5.1g/t gold.

What's Next for HAR?

🔄 Phase 2 underground drilling at US asset (mid-2026)

HAR has now started its second phase of drilling.

We are especially looking forward to the deeper drilling below the current resource.

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”.

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).

(source)