Asara Resources

Investor Insight

Asara Resources is advancing a 923,000 oz gold project in Guinea’s Siguiri Basin, led by the team that grew Kiniero Gold to ~3.5 Moz. Phase 1 drilling confirmed continuity, and a ~20,000 m Phase 2 program is underway to expand resources. Regional land acquisitions increase strike control, positioning Kada as the cornerstone of a new West African gold district.

Overview

Asara Resources (ASX:AS1, FSE:ALM) is advancing a district-scale gold development opportunity in Guinea’s Siguiri Basin, part of the Birimian gold system that hosts multiple world-class operations. The basin continues to attract investment due to its scale, favourable mining characteristics, and infrastructure.

The flagship Kada Gold Project hosts a 923,000 oz, oxide-dominant resource and is pursuing a scalable “string-of-pits” development model. Shallow, laterally extensive mineralisation, low strip ratios, and strong metallurgical performance underpin a low-capital, oxide-first pathway with potential to expand into fresh material.

In 2025, Asara expanded its footprint through the acquisition of the Damissa Koura and Kankan West exploration permits, increasing its total landholding to ~296 sq km, adding multiple drill-ready targets with artisanal workings and geochemical anomalies.

Guinea is an established mining jurisdiction with a long history of gold production and continued foreign investment. Supported by a proven in-country team, existing infrastructure, and strong gold price fundamentals, Asara is focused on rapidly growing its resource base and advancing Kada toward a development decision.

Company Highlights

• Flagship Kada Gold Project – 923,000 oz with upside: JORC 2012 resource of 30.3 Mt @ 0.95 g/t gold, comprising 224 koz Indicated and 699 koz Inferred. Mineralisation remains open along strike and at depth.
• High-recovery metallurgy: Free-milling mineralisation delivers 95–97  percent gold recovery in oxide and 88 percent in transition/fresh rock.
• Rapid growth potential: Drilling covers only ~1.3 km of a 15 km corridor. Additional permits and regional targets could extend strike control to >35 km.
• Proven Guinea-focused leadership: Management scaled Kiniero from 1 Moz to ~3.5 Moz, applying the same strategy at Kada.
• Strategic basin-central location: Kada sits in the heart of the Siguiri Basin, 35 km south of AngloGold Ashanti’s Siguiri Mine.

Key Projects

Kada Gold Project

The Kada Gold Project is Asara’s flagship asset and the cornerstone of its West African growth strategy. Located in the highly prospective Siguiri Basin, Kada hosts a shallow, laterally extensive gold system ideal for a “string-of-pits” development model. The project combines a significant oxide-dominant resource with strong metallurgy and open-ended exploration potential, making it a key driver for resource expansion and value creation.

• Resource: 30.3 Mt @ 0.95 g/t gold for 923,000 oz (224 koz Indicated; 699 koz Inferred).
• Massan & Bereko deposits: Massan accounts for 906 koz; Bereko ~18 koz, with mineralisation remaining open along strike and depth.
• Drilling: Phase 1 confirmed continuity; Phase 2 (~20,000 m RC/AC program) underway to expand the Indicated resource and strike.
• Infrastructure: Close to Siguiri regional centre, paved road access, and reliable water supply.

Damissa Koura & Kankan West

The Damissa Koura and Kankan West permits significantly expand Asara’s footprint in the Siguiri Basin, providing access to multiple drill-ready targets immediately adjacent to the flagship Kada project. These highly prospective areas feature extensive artisanal workings and geochemical anomalies, offering strong potential for near-term discovery and resource growth.

• Acquisition: 100 percent via binding Heads of Agreement; located 7 km east of Massan.
• Area: Expands Siguiri Basin footprint to ~296 sq km.
• Targets: Adds multiple drill-ready zones with potential for both oxide and transitional mineralisation.

Loreto Copper Project

The Loreto Copper Project is a 100 percent owned exploration asset in northern Chile, positioned in a prolific porphyry copper region between tenements held by BHP and Codelco. Under a joint venture with Teck, the project benefits from partner-funded exploration while retaining upside exposure to a potential tier-one porphyry discovery.

• Ownership: 100 percent Asara; Teck may earn 75 percent through exploration funding.
• Project potential: Large alteration footprint with geophysical evidence of a concealed porphyry system.
• Strategy: Fully carried under JV, giving Asara upside with limited capital risk.

Paguanta Project

Paguanta is an advanced silver-zinc-lead-gold asset in Chile, offering complementary exposure to base and precious metals. With a significant JORC resource and a history of extensive drilling and partial feasibility work, the project provides optionality to unlock value while supporting Asara’s strategic focus on its core Guinea gold projects.

• Ownership: 75 percent Asara interest.
• Resource: 2.4 Mt grading 5 percent zinc, 1.4 percent lead, 88 g/t silver, 0.3 g/t gold.
• Strategy: Evaluating strategic options to realise value while maintaining focus on Guinea gold growth.

Leadership Team

Matthew Sharples – Chief Executive Officer

Matthew Sharples is a mining professional with over 20 years of global experience in mine development, investment consulting, and M&A. He specialises in geological evaluation and project development from discovery through to production, having co‑founded Sycamore Mining and grown the Kiniero Mine in Guinea from 1.5 Moz to 3.5 Moz before its sale. Sharples has worked across the UK, Africa, Asia, and Australia with major firms including BHP Billiton and Xstrata.

Brett Montgomery – Non‑Executive Chairman

Brett Montgomery is a well‑respected figure in the international mining community with extensive experience in corporate leadership, equity and debt financing, and public company management. He has served in executive and non‑executive roles across multiple jurisdictions, including West Africa, Australia, North America, Europe, and Indonesia. Montgomery also holds board positions with other resource companies, bringing a breadth of strategic and governance expertise.

Tim Strong – Executive Director, Corporate & Strategy

Tim Strong is an experienced economic geologist with over 13 years of experience working across six continents in commodities including gold, copper, cobalt, nickel, lead, and zinc. His expertise spans target generation, exploration planning and strategy, resource estimation, and feasibility studies, with notable work including the Yaouré gold deposit drill‑out in Côte d’Ivoire. Strong has also been involved in capital raising, joint venture negotiations, and investor relations in the resources sector.

Dr. Doug Jones – Non‑executive Director

Dr. Doug Jones is a geologist with 45 years of international technical, commercial, and project management experience spanning Sub‑Saharan Africa, Australia, Europe, and the Americas. A JORC ‘Competent Person’, he has been involved in projects from grassroots exploration to feasibility studies, including the discovery of the +10 Moz Siguiri gold deposit in Guinea. Jones’ senior roles in exploration and corporate governance add deep strategic and technical insight to the board.

André Bezuidenhout – Principal Geologist, Strategy and Evaluation

André Bezuidenhout is an economic geologist with over 13 years’ experience across mining and management consulting, specialising in geological evaluation, project development, and economic analysis of mineral assets. He has held senior technical and advisory roles with firms including Micon International and Sycamore Mining, contributing to project advancement through prefeasibility and construction phases. Bezuidenhout’s multidisciplinary expertise supports strategic decision‑making and resource evaluation.

Andrew de Klerk – VP of Exploration

Andrew de Klerk is a seasoned exploration geologist with over 20 years of global experience, including more than a decade in gold exploration and project development in West Africa’s Siguiri Basin. He has led exploration initiatives, conducted due diligence and techno‑economic assessments, and played a key role in expanding the Kiniero Gold Project’s resource base. de Klerk’s technical leadership extends to both field operations and compliant reporting for public listings.