Chart Analysis
HAR Daily Timeframe Chart as of 25 May 2026
Haranga Resources (ASX: HAR) Delivers 402,000oz Maiden JORC Resource at 5.1 g/t Gold — One of the Highest-Grade Development Assets on the ASX With A$90M of Existing Infrastructure
The Lincoln Gold Project in California's Mother Lode Belt now has a maiden JORC resource of 2.46Mt at 5.1 g/t gold for 402,000 ounces — 40.6% more ounces than the historical NI 43-101 foreign estimate — backed by approximately A$90 million of existing infrastructure including an 880-metre underground decline, a 315 ktpa processing plant, and mining permits. At a higher 4.25 g/t cut-off comparable to the 2015 foreign estimate, the Lincoln-Comet deposit grades 9.17 g/t Au for 194,000 oz, confirming a high-grade core. Rapid Restart studies will now commence to assess the pathway to potential near-term production. The stock moved +31.8% to $0.145 on 25 May 2026.
The Resource — Two Deposits, Two Different Confidence Levels
| Deposit | Classification | Tonnes (kt) | Grade (g/t Au) | Ounces |
|---|---|---|---|---|
| Lincoln-Comet | Indicated | 429 | 6.6 | 91,000 |
| Lincoln-Comet | Inferred | 1,068 | 5.4 | 184,000 |
| Lincoln-Comet Total | 1,497 | 5.7 | 275,000 | |
| Medean | Inferred | 961 | 4.1 | 127,000 |
| Combined | 2,458 | 5.1 | 402,000 |
Lincoln-Comet is the more advanced deposit, with 33% classified as Indicated across 12 separately modelled domains (zones 100 through 1100). The Indicated material in the 100 and 200 zones contains approximately 71% of Lincoln-Comet's metal count at 6.6 g/t. Medean is entirely Inferred, estimated using inverse distance squared rather than kriging due to a more limited drilling dataset. Medean's grade is lower than the 2015 foreign estimate because historic underground backs sampling (including 26m at 8.8 g/t Au) was excluded as the company could not verify these values — a conservative approach.
The MRE was prepared using Ordinary Kriging (Lincoln-Comet) and ID² (Medean) in Leapfrog Edge, with a 75 g/t Au top cut applied to Lincoln-Comet. Bulk density averaged 2.60 t/m³ from inverse distance squared interpolation.
What Makes Lincoln Different — A$90M of Infrastructure Already in Place
Most ASX-listed gold explorers announce maiden resources into greenfield sites requiring years of permitting, feasibility work, and capital expenditure before production is possible. Lincoln is different because approximately A$90 million has already been spent by prior operators. The String Bean Alley decline extends 880 metres with 900 metres of crosscut development, providing underground drilling platforms and potential mining access. A 315 ktpa processing plant operated as recently as 2022 (though it did not achieve sustained commercial production). A Conditional Use Permit from Amador County allows mining up to 1,000 short tons per day and processing of 315 ktpa. Workshops, offices, and surface infrastructure are in place.
The caveat: the plant has never achieved sustained production, some permits (blasting, mining development) have lapsed and require reinstatement, and no economic study has been completed to determine whether the existing infrastructure can support a viable operation.
Growth Pathways — South Spring Hill, Deep Drilling, and Tailings
The South Spring Hill Exploration Target of 1.16–1.64Mt at 5.4–5.8 g/t Au for 202,000–308,000 oz represents the most immediate resource growth opportunity. Additional deep and targeted drilling is planned for July 2026, along with systematic assessment of further targets at Old Lincoln, Wildman-Mahoney, and Keystone Deeps — all within Haranga's 6 km mineral rights position along the Mother Lode Belt, which has produced over 13 million ounces of gold from hard rock mining over 170 years (including approximately 3.4 million ounces within Haranga's tenure).
Separately, approximately 3,000 tonnes of tailings at 1.2 g/t Au from prior milling (2013 and 2022) has been submitted for gravity recovery testwork.
Risks & Considerations
The resource is 77% Inferred (311,000 of 402,000 oz), with Medean entirely Inferred and estimated using ID² rather than kriging. A substantial portion of the drill database predates 2006 with limited QAQC documentation — the Competent Person has flagged moderate database integrity risk, though the 2025–2026 Phase 1 drilling (44 HQ diamond holes, 3,237m) has provided validation. Coarse gold introduces inherent sampling variability despite screen fire assay protocols.
The narrow vein mining challenge is significant. Lincoln-Comet's mineralised zones are structurally controlled quartz veins within shear zones — narrow, steeply dipping structures that introduce dilution and grade control complexity underground. No mining method has been selected, and no scoping or feasibility study has been completed.
The company held approximately A$2.7 million in cash at end March 2026. The cost of Rapid Restart studies, additional drilling, potential decline extension, and plant restart has not been disclosed. Further capital is likely required — Haranga completed a A$14 million oversubscribed placement in the December 2025 quarter.
Key Dates & Timeline
| Date | Event |
|---|---|
| July 2025 | Lincoln Gold Project acquisition completed |
| November 2025 | Phase 1 underground diamond drilling commences (44 holes, 3,237m) |
| December 2025 | A$14 million oversubscribed placement |
| March 2026 | South Spring Hill Exploration Target announced (202K–308K oz) |
| 25 May 2026 | Maiden JORC MRE — 402,000 oz @ 5.1 g/t Au; share price moved +31.8% |
| July 2026 | Additional deep and targeted drilling planned |
| H2 2026 | Rapid Restart studies and additional Exploration Target assessment |
Price Data
- Previous Close: $0.110
- Close Price (25 May 2026): $0.145
- Change (25 May 2026): +31.8%
- 52-Week Range: $0.052 – $0.250
Notable Price Levels
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$0.250 — 52-week high, set during the initial rally following the Lincoln Gold acquisition in mid-2025 and the A$14 million oversubscribed placement. The stock retraced approximately 56% from this peak to the $0.110 pre-announcement base. At ~72% above the current close, this level represents the maximum valuation the market assigned during peak acquisition enthusiasm — before any JORC resource had been defined.
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$0.145 — announcement-day close, near the $0.150 intraday high (3.3% spread). The tight close-to-high spread indicates buyers maintained control into the session's end. At this level, HAR's market capitalisation is approximately A$69 million against 402,000 oz at 5.1 g/t — implying approximately A$172 per resource ounce, which can be benchmarked against peer high-grade underground gold developers.
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$0.110 — undisturbed close and the base of the pre-announcement consolidation range ($0.10–$0.13). The stock spent several weeks around this level after retracing from the $0.250 peak. A retracement here would fully unwind the maiden MRE premium.
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$0.052 — 52-week low, set before the Lincoln Gold acquisition was announced. A return here would reverse the entire acquisition, placement, drilling, and MRE arc — pricing HAR back to its pre-Lincoln valuation as a Senegal-focused gold and uranium explorer.
Summary
Haranga Resources delivered a maiden JORC resource of 2.46Mt at 5.1 g/t gold for 402,000 ounces at the Lincoln Gold Project in California's Mother Lode Belt — 40.6% more ounces than the historical NI 43-101 foreign estimate, with a high-grade core grading 9.17 g/t at the comparable cut-off. The project is differentiated by approximately A$90 million of existing infrastructure including an 880-metre underground decline, a 315 ktpa processing plant, and mining permits. The stock moved +31.8% to $0.145 on 25 May 2026. Rapid Restart studies will now commence, with additional drilling planned for July 2026 and the South Spring Hill Exploration Target (202,000–308,000 oz) representing the most immediate growth pathway. The resource is 77% Inferred, no economic study has been completed, the processing plant has not achieved sustained commercial production, and the company held A$2.7 million in cash at end March 2026.
This article is for informational purposes only and does not constitute financial advice. Market Flow does not recommend buying or selling any securities. Past performance is not indicative of future results. Readers should conduct their own independent research and consult a licensed financial adviser before making any investment decisions. This content is published in accordance with ASX Market Rules and is not a financial product recommendation.
