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Highlights
- Haranga Resources has raised AUD 14 million (before costs) through an oversubscribed two-tranche placement.
- The placement was cornered by Collins St Gold Fund with a AUD 2 million investment.
- Funds will accelerate development of the Lincoln Gold Project (California) and the Ibel South Gold Project (Senegal).
- Upcoming work includes 5,500m of drilling and JORC resource estimation.
Haranga Resources Limited (ASX:HAR) (FRA:65E0) has raised AUD 14 million through an oversubscribed two-tranche placement. The placement was undertaken amid favourable demand for gold, enabling the company to accelerate development across its high-grade projects — the near production ready Lincoln Gold Project in California and the Ibel South Gold Project in Senegal.
The placement was cornered by Collins St Gold Fund by AUD 2 million. The placement saw participation from existing shareholders, including SP Capital with approximately AUD 667,000, as well as new institutional and wholesale investors.
Funds to Drive Key Gold Projects
The proceeds from the placement will be used to fast-track exploration and development activities across Haranga’s 100%-owned projects.
The placement is expected to fund these activities-
Placement Details
Under the placement, the company will issue 100,000,000 new shares at an issue price of AUD 0.14 per share. This pricing reflects a17.65% discount to the last traded price of AUD 0.17, an 11.8% discount to the 5-day VWAP of UD 0.159, a 3.05% discount to the 10-day VWAP of AAUD 0.144 and a 5.24% premium to the 15-day VWAP of AUD 0.133. The two-tranche placement includes:
- Tranche One: AUD 9.8 million via 70 million shares
- Tranche Two: AUD 4.2 million via 30 million shares, subject to shareholder approval at an upcoming Extraordinary General Meeting
Overview of Lincoln Gold Project
Located in the prolific Mother Lode gold belt, the project sits within a Tier-1 mining district that has historically produced over 3.4 million ounces of gold from local leases and approximately 8.4 million ounces from the broader Jackson Plymouth segment.
The project presents further exploration opportunities, with non-JORC NI 43-101 resources totalling 286,000 ounces of gold at 9.3 g/t (Indicated and Inferred).
The project benefits from over AUD 90 million in sunk capital, including 1,780m of underground development, a processing plant, mine facilities, offices, and workshops.
Importantly, the project holds a perpetual Conditional Use Permit (CUP), which fully authorises mining, processing of up to 315,000 tonnes per year, and exploration drilling.
Overview of Ibel South Gold Project
Recent aircore drilling at Ibel South has confirmed shallow, high-grade gold intercepts. Notable results include:
- 20m @ 6.0 g/t Au from 12m (incl. 4m @ 14.1 g/t Au)
- 12m @ 6.12 g/t Au from 42m (incl. 7m @ 10.05 g/t Au; hole ended in mineralisation)
- 7m @ 9.06 g/t Au from 7m
- 5m @ 4.7 g/t Au from 5m (incl. 3m @ 7.8 g/t Au)
Several high-priority termite mound anomalies are yet to be drilled.
Joint Lead Managers and Fees
CPS Capital Group Pty Ltd, Lodge Partners Pty Ltd and Arq Capital Pty Ltd acted as Joint Lead Managers for the placement. For their services, they will receive a 6% placement fee and 13,000,001 options issued at AUD 0.00001 per option.
HAR Shares Rally
HAR shares were trading 14.71% higher at AUD 0.195 per share at the time of writing on 15 October 2025.
