Haranga Resources Nears Maiden JORC Resource at Lincoln Gold Project

Haranga Resources Delivers Final High-Grade Assays, Sets Stage for Maiden JORC Resource at Lincoln Gold Project

Haranga Resources Limited (ASX: HAR; FRA: 65E0) has announced final assay results from its completed 3,237.2m HQ diamond drilling programme at the Lincoln Gold Project in California's storied Mother Lode Gold Belt. The Haranga Resources Lincoln Gold Project maiden JORC resource estimate is now expected within days, capping a drilling campaign that has consistently confirmed high-grade gold mineralisation across multiple crosscuts.

This announcement marks one of the most significant milestones in Haranga's evolution as a gold developer — the conversion of a legacy NI 43-101 foreign estimate into a fully JORC-compliant resource that meets Australian market standards. Furthermore, with a pipeline of near-term catalysts lined up, investors have a compelling suite of developments to watch closely.

Final Batch of Holes Confirms High-Grade Gold System at Crosscut XC8

The final four holes drilled from Crosscut 8 (XC8) rounded off the programme on a strong note. Across DDH0289 through DDH0293, multiple high-grade intervals were returned, including standout results that reinforce the continuity and richness of the Lincoln orebody.

Key Intercepts from XC8

Note: Reported downhole lengths. True widths not confirmed. Mineralised zones are typically observed at true widths of between 0.5 and 6m in underground development.

The headline result — 0.4m at 84.7 g/t Au in DDH0290 — is the highest individual assay returned from the entire Phase 1 programme, surpassing the previously recorded maximum of 69.1 g/t Au.

DDH0289 is also notable for delivering seven discrete mineralised intervals within a single 70m hole, demonstrating the multi-lode character of the system and the vertical persistence of grade.

Chairman Michael Davy commented: "The final batch of results from XC8 has once again confirmed the quality of the Project. All four final holes have intersected additional high-grade gold mineralisation, including assays of up to 84.7g/t Au. With multiple key developments expected in the near term, including the JORC Mineral Resource Estimate, we look forward to keeping shareholders updated as the Company advances through this important phase of growth."

A Programme Designed With Purpose: What the Drilling Was Built to Achieve

The 3,237.2m Phase 1 HQ diamond drilling programme — comprising 44 drillholes (DDH251 to DDH293) completed between December 2025 and April 16, 2026 — was not a speculative exploration campaign. Rather, it was systematically designed to satisfy the technical and data requirements necessary to upgrade the existing resource from a foreign estimate to a fully JORC-compliant MRE.

The Five Specific Objectives

1. Define the true width, orientation, and structural geometry of mineralised lodes
2. Validate historical drilling data for potential inclusion in the MRE
3. Confirm geological and grade continuity to support Indicated/Measured classification
4. Assess grade variability across high and low-grade zones
5. Provide data coverage across peripheral and lesser-tested lode systems

Drilling was conducted from underground positions along the existing Stringbean Alley Decline, using metric HQ drill equipment with full core orientation — a methodological improvement on historical programmes. An enhanced sampling protocol was also implemented to address the inherent challenges of assaying in a coarse gold environment.

In addition, this included the use of screen fire assay and planned confirmation by Chrysos PhotonAssay™ on all significant intervals. The programme paused over Christmas and for dewatering works before resuming in early January 2026. The receipt of the final 115 sample work order from ALS Laboratory in Reno, combined with finalised collar surveys, now clears the way for JORC reporting.

Understanding JORC Compliance: Why It Matters for Investors

What Is a JORC-Compliant Mineral Resource Estimate?

The JORC Code (Joint Ore Reserves Committee) is the Australian and internationally recognised standard for reporting mineral resources. A JORC-compliant resource is one where an independent Competent Person has reviewed all geological data, drill results, and sampling procedures and certified that the resource estimate meets defined standards of confidence and transparency.

Why Does the Distinction Matter Here?

Haranga's existing resource — 958,910 tonnes at 9.29 g/t Au for approximately 286,000 ounces — was estimated in 2015 under the Canadian NI 43-101 standard. While credible, this is classified as a "foreign estimate" under ASX Listing Rules, meaning it cannot be directly adopted as a JORC resource without additional validation work. That work is now complete.

A JORC-compliant resource is a prerequisite for securing project financing, progressing scoping and feasibility studies, and being assessed by institutional investors and fund managers using standard screening criteria. The conversion therefore represents a genuine step-change in the investability of the Lincoln Gold Project.

The company has also noted its intention to report resources at multiple cut-off grades, including the agreed formal reporting cut-off of 2.0 g/t Au. In the current gold price environment, this is expected to capture a materially larger portion of the known mineralisation than the legacy 4.2 g/t Au cut-off applied in the foreign estimate.

Beyond the Resource: A Growing Exploration Pipeline

The Haranga Resources Lincoln Gold Project maiden JORC resource estimate is only the first of multiple near-term catalysts. The company is simultaneously advancing the delineation of additional Exploration Targets that sit close to existing underground infrastructure, meaning any future resource additions carry lower incremental development costs.

South Spring Hill Exploration Target

• 1.16 Mt to 1.64 Mt at 5.4 g/t Au to 5.8 g/t Au
• Estimated gold content: 202,000 to 308,000 oz Au (at 2.0 g/t Au cut-off)

A second Exploration Target is now being delineated at the Medean Lode, which sits in proximity to South Spring Hill. The Medean target will be in addition to an anticipated Inferred Resource component included within the maiden JORC MRE.

Cautionary Note: Exploration Targets are conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource at these targets, and it is uncertain whether further exploration will result in a Mineral Resource estimate.

Near-Term Catalysts Summary

Infrastructure Already in the Ground: A Critical Differentiator

One of the most compelling aspects of the Lincoln Gold Project is the scale of existing infrastructure. The project benefits from approximately $90 million of prior capital investment, which includes a processing plant with 315,000 tonne per annum capacity and an 880-metre underground decline (Stringbean Alley Decline).

Furthermore, the site features development drives totalling 900 metres, workshops and offices already on site, and key mining permits already in place. These include a Conditional Use Permit from Amador County permitting mining up to 1,000 short tons per day. Notably, the mill circuit produced gold as recently as 2022.

Infrastructure Position vs. Typical Explorer

This infrastructure position means that any future development pathway at Lincoln does not start from a greenfield baseline. The processing plant, decline access, and permitting framework — all historically the most capital-intensive and time-consuming elements of bringing a mine to production — are already substantially in place.

Mother Lode Gold Belt: Understanding California's Historic Gold Province

What Is the Mother Lode Gold Belt?

The Mother Lode Gold Belt is a geological structure extending approximately 190 kilometres through the Sierra Nevada foothills of California. This belt represents one of the world's most prolific gold-producing regions, hosting numerous historic and modern gold mines.

Formation and Geology

The Mother Lode formed through intense geological processes during the Late Jurassic to Early Cretaceous periods (approximately 150–100 million years ago). During this time, extensive deformation involving folding and faulting created structurally controlled gold deposits within what geologists call the "Gold Fault Zone."

Gold mineralisation occurs primarily within sheeted quartz veins that developed along major shear zones. These shear zones created pathways for gold-bearing fluids to travel through the rock, depositing gold where conditions were favourable. The Lincoln Gold Project sits firmly within this proven geological environment.

Historical Significance and Modern Exploration Advantage

The Mother Lode Gold Belt sparked California's famous Gold Rush of 1849 and has produced millions of ounces of gold over more than 170 years. Many mines within the belt operated at grades exceeding 10 g/t Au, demonstrating the high-grade potential of this geological setting.

For companies like Haranga, operating within the Mother Lode provides several advantages:

• Well-understood geological controls on mineralisation
• Extensive historical data from decades of mining activity
• Established infrastructure and mining-friendly regulatory environment
• Proven potential for high-grade gold deposits

The Investment Thesis: Grade, Infrastructure, and Imminent Validation

Haranga's Lincoln Gold Project presents a relatively rare combination in the junior gold exploration space. In particular, the convergence of high-grade results, near-term resource validation, and substantial sunk infrastructure creates a genuinely differentiated opportunity.

• High-grade mineralisation confirmed by systematic modern drilling, with the highest individual assay reaching 84.7 g/t Au
• A near-term, hard resource catalyst in the form of the Haranga Resources Lincoln Gold Project maiden JORC resource estimate, expected within days
• Substantial existing infrastructure worth approximately $90 million, already in the ground and permitted
• Multiple additional resource growth vectors via South Spring Hill, the pending Medean Exploration Target, and planned deep drilling in July
• A healthy cash position of $9.3 million as at end of March 2026, supporting continued execution

The non-compliant foreign estimate of ~286,000 ounces at 9.29 g/t Au provides a reference point. However, the maiden JORC MRE — which the company has indicated it will report at the lower 2.0 g/t Au cut-off in addition to other grades — has the potential to present the market with a meaningfully different picture of the opportunity at Lincoln.

In a gold market supportive of high-grade underground projects, and with the company now at the cusp of delivering its first market-accepted resource, the timing of this announcement places Haranga at a genuinely important inflection point in its development trajectory.

Glossary of Key Terms

• JORC Code: The Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves — the accepted standard for resource reporting on the ASX.
• NI 43-101: The Canadian equivalent reporting standard. Estimates prepared under this standard are treated as "foreign estimates" on the ASX and require additional work to be adopted as JORC resources.
• HQ Diamond Drilling: A surface-to-underground diamond core drilling method using a core diameter of approximately 63.5mm. HQ-size core provides a larger sample mass, important in coarse gold environments.
• MRE (Mineral Resource Estimate): A quantified estimate of the amount of material (tonnage) and grade (gold content) within a defined portion of the earth's crust, classified by confidence level (Inferred, Indicated, Measured).
• g/t Au: Grams per tonne of gold — the standard measure of gold grade in resource reporting.
• Cut-off Grade: The minimum grade at which material is considered economic to mine. Material above the cut-off is included in the resource; below it is excluded.
• Exploration Target: A conceptual estimate of mineralisation potential based on available data. It is not a Mineral Resource and carries significant uncertainty.
• PhotonAssay™: A technology developed by Chrysos Corporation that uses high-energy X-rays to measure gold content, offering advantages in coarse gold environments due to its large sample charge of approximately 500 grams.
• Screen Fire Assay: A fire assay technique that first screens crushed material, then assays all fractions separately to account for coarse gold — more accurate than standard fire assay in high-nugget environments.

Ready to Catch the Next Major ASX Gold Discovery the Moment It Hits?

Discovery Alert's proprietary Discovery IQ model scans ASX announcements in real time, instantly identifying high-grade mineral discoveries like those shaping the junior gold sector — delivering actionable insights to subscribers before the broader market reacts. Explore how historic discoveries have generated exceptional returns on Discovery Alert's dedicated discoveries page, and begin your 14-day free trial today to position yourself ahead of the next significant find.