Can Haranga Overcome Regulatory Hurdles to Unlock Senegal and US Gold Potential?

Transformational Acquisition of Lincoln Gold Project

Haranga Resources has marked a pivotal moment with the completion of its acquisition of the Lincoln Gold Project in California, USA. This advanced asset boasts significant prior capital investment estimated at around $90 million, including a processing plant capable of handling 315,000 tonnes per annum, extensive underground development, and key permits already in place. The project holds a historic NI 43-101 mineral resource estimate of approximately 286,000 ounces of gold at an average grade of 9.29 grams per tonne, though this remains non-JORC compliant pending further evaluation.

Following thorough due diligence, Haranga has commenced dewatering operations and secured underground access, unlocking the nearly 900-metre Stringbean Alley Decline. This infrastructure readiness positions the company to rapidly initiate its maiden underground drilling campaign, contracted to Swick Mining Services, with drilling scheduled to begin in November 2025. The primary objective is to convert the existing resource to JORC compliance and expand it through step-out drilling.

Promising High-Grade Results at Ibel South, Senegal

In parallel, Haranga’s maiden aircore drilling program at the Ibel South Gold Project in Senegal has delivered impressive results. The 41-hole, 2,000-metre campaign revealed broad zones of high-grade gold mineralisation, with individual samples reaching up to 32.09 grams per tonne. Mineralisation appears to extend laterally over 700 metres and remains open along strike and at depth, highlighting the project's significant exploration upside.

Following the maiden program, Haranga secured all necessary approvals for a second-phase 3,000-metre aircore drilling campaign, set to commence in early November. This follow-up aims to infill and extend the high-grade zones, further defining the resource potential in a region known for prolific gold deposits.

Corporate Strengthening and Capital Raising

To support its aggressive exploration and development plans, Haranga realigned its board by appointing two experienced directors intimately involved in the Lincoln acquisition process, ensuring continuity and strategic focus. The company also successfully raised $14 million through an oversubscribed two-tranche placement, anchored by the Collins St Gold Fund. This capital injection provides the financial firepower to fast-track the JORC resource conversion at Lincoln and advance the near-production-ready asset.

Additionally, Haranga renewed its Saraya Uranium exploration permit in Senegal, extending it through 2027. This permit covers a JORC-compliant uranium resource of 17.6 million pounds of contained eU3O8, reinforcing the company’s multi-commodity strategy across gold and uranium.

Looking Ahead

With operational momentum building at both the Lincoln and Ibel South projects, Haranga is poised for a busy period of drilling and resource development. The company’s focus on converting historic resources to JORC compliance, expanding mineralisation, and leveraging existing infrastructure could unlock substantial value. However, investors should watch closely for upcoming drilling results and regulatory developments, particularly regarding the Ibel South project’s proximity to a UNESCO buffer zone, which may require additional approvals.