Haranga Resources [ASX: HAR]
Metals & Mining
Haranga Delivers Maiden JORC Resource of 2.46Mt @ 5.1g/t Au for 402koz Au at Lincoln
We revise our target price for Haranga Resources (ASX: HAR) to A$0.53, implying ~324% upside from the current share price of A$0.13 and representing a 39% increase from our previous valuation published in November 2025. Our revised valuation is underpinned by significant operational progress across both the Lincoln Gold Project in California and the Ibel South Gold Project in Senegal, alongside a supportive macroeconomic backdrop for gold developers and explorers. Haranga has increasingly transitioned toward a gold-focused growth strategy with exposure to both near-term development potential and district-scale exploration upside. Key developments during the review period include delivery of a maiden JORC-compliant MRE of 2.46Mt @ 5.1g/t Au for 402koz Au, completion of the first underground HQ diamond drilling programme at Lincoln in more than 12 years, continued drilling success at Ibel South, completion of an oversubscribed A$14m capital raising and the appointment of Scott Jackson as an Independent Non-Executive Director.
Lincoln Delivers High-Grade Maiden JORC Resource with Significant Infrastructure and Growth Potential
The Lincoln Gold Project represents the cornerstone of Haranga’s gold growth strategy. Located within California’s prolific Mother Lode Gold Belt, the Project combines highgrade gold mineralisation with substantial existing infrastructure and advanced permitting. Historical investment exceeding A$90m has funded underground development and a fully permitted processing facility, positioning the Project for a potentially accelerated development pathway. Haranga recently completed the first underground HQ diamond drilling programme at the Project in more than 12 years, alongside the delivery of a maiden JORC-compliant MRE of 2.46Mt @ 5.1g/t Au for 402koz of contained gold. Recent drilling across underground crosscuts XC3–XC8 supported the interpretation of repeated mineralised lodes at depth, reinforcing broader resource growth potential. Haranga has also defined a South Spring Hill Exploration Target of 1.16Mt–1.64Mt @ 5.4 – 5.8g/t Au for 202k-308koz Au, with additional exploration targets expected during the second half of 2026.
Ibel South Demonstrating Significant Gold Potential
Alongside Lincoln, Haranga continues to advance the Ibel South Gold Project in Senegal, where drilling programmes have identified extensive shallow gold mineralisation across multiple target areas. Recent exploration success confirmed an ~800m continuous mineralised trend that remains open along strike and at depth. The Company recently completed its 4,000m Phase 3 RC drilling programme, with assay results expected during late June 2026. We believe Ibel South provides meaningful discovery leverage and complements the Lincoln Gold Project's more advanced development profile.
Valuation range of A$0.49–0.57 per share
Using an SOTP-driven asset-comparable valuation methodology, we value HAR at a midpoint target price of A$0.53, representing a Price/NAV of 0.24x and implying ~324% upside relative to the current share price. We believe Haranga is entering a catalyst-rich period supported by a strong gold price environment and multiple operational milestones across both the Lincoln and Ibel South Gold Projects. Key near-term catalysts include assay results from the recently completed RC drilling programme at Ibel South, with results expected in late June 2026. At Lincoln, drilling is expected to recommence during July 2026, targeting resource growth, resource classification upgrades and additional exploration targets across the broader Mother Lode corridor. The Company is also advancing rapid-restart workstreams at Lincoln, including plant audits, mining studies, and scoping-level technical assessments. Additional corporate initiatives under evaluation include a potential OTC listing, appointment of a new Managing Director and a possible spin-out of the Saraya uranium assets. Key risks include exploration risk, development and funding risk, and commodity price volatility.
Disclaimer: Directors of East Coast Research hold shares in Haranga Resources (ASX: HAR)