HAR appoints Patrick Mutz as Managing Director and CEO

Our US gold Investment Haranga Resources (ASX: HAR) has appointed a new Managing Director and CEO.

HAR’s new MD is Patrick Mutz who has built mines both in Australia and (important to HAR) in the USA.

Previously Patrick was MD and CEO of Image Resources, where he took the company from advanced exploration to a producing mine in WA.

Patrick was behind securing a A$75M debt and equity funding piece to build that mine “on time and on budget”.

Image's market cap went from ~$15M to a high of ~$275M during that period. (source)

Here is more information on that asset from Image’s website:

(source)

Earlier in his career Patrick worked for $564BN Chevron and privately company General Atomics (revenues in the billions) across the US, including in California, right where HAR's Lincoln Gold Project sits.

We think the combination of mine development experience and experience in the US is important for HAR.

(source)

More on HAR’s US gold project

HAR's gold project sits on California's Mother Lode gold belt and already has a 402koz at 5.1g/t gold JORC resource.

It also has existing infrastructure including a processing plant and underground decline, plus a permit that allows gold production.

(source)(source)(source)

When HAR first acquired its US asset a big part of the reason we liked it was because the project sits in California's legendary "Mother Lode" Gold Belt.

Home to the original gold rush and where there were multiple mines running down to depths of up to ~2,000m.

HAR's project sits across ~6km of that trend and up until now had only ever been drilled down to ~150m depths.

(source)

So HAR is now in a position where it has:

• Gold ground in the famous “California gold rush” Mother Lode Gold Belt.
• ~A$90M of capital recently invested into infrastructure by previous owners, which includes:
  • 100% owned 315,000tpa gold processing plant (last operated in 2022 ie NOT an old rustbucket)
  • Offices, workshop, and laydown yard
• A “Conditional Use Permit” that allows production of gold.
• And A JORC resource estimate of 402k ounces at 5.1g/t gold.

We are Invested in HAR not for today’s resource - but the future one - we think this could evolve into a multi-million ounce asset with time.

(source - our pics from a site visit last year, see that here)

With Phase 2 drilling getting started and restart studies underway, mine building experience is exactly what HAR needs next:

You can check out our recent update on the planned drilling to come here (which shouldn’t be too far off): HAR to start drilling US gold project this month

What's Next for HAR?

🔄 Phase 2 underground drilling at US asset (mid-2026)

HAR has flagged that a phase 2 drilling program is planned to commence soon. (source)

We are especially looking forward to the deeper drilling below the current resource and toward the Comet mineralisation.

We have already seen hole #280 and #281 from the last round of drilling hit gold well below the existing decline - with the next round we should know if those were isolated OR part of bigger structures at depth.

Remember there have been mines running down to ~2km in this part of California:

(source - HAR presentation November 2025)

🔄 3x more exploration targets (H2 CY26)

HAR also mentioned in a recent announcement that it was working on an exploration target across three of its other targets:

1. Old Lincoln
2. Wildman / Mahoney
3. Keystone Deeps

All three sit on the same 6km strike as the current resource.

All three have historical workings, historical drilling, and historical sampling data.

(source)(source)

🔄 Scoping study for a ~315 ktpa mining operation

HAR’s prior presentation said it would start identifying items to replace/upgrade and the big one “provide an indicative start-up cost”:

(source)

This will be the first time we get a look at any capital costs required to bring the processing plant (and associated project infrastructure back online).

✅ Senegal drilling results

HAR has now finished drilling its asset in Senegal with a deeper RC rig and released the results. (source)

Here are the milestones we are tracking for the Senegal asset:

• ✅ Drilling started
• ✅ Drilling completed
• ✅ Assay results
• 🔄 Decision to come back and do more drilling (permit renewal process underway, all geological data to be reviewed for drill planning) (source)