Slide 1: The Kada Gold Project: 2.1Moz Au and rapidly growing
THE KADA GOLD PROJECT 2.1Moz Au and rapidly growing Guinea’s Next Gold Mine Corporate Presentation · 2026 ASX: AS1 ASARARESOURCES.COM ASX : AS1 0
Slide 2: Disclaimer / Forward-Looking Statements
DISCLAIMER / FORWARD-LOOKING STATEMENTS This presentation has been prepared by Asara Resources Limited (ABN 39 006 710 774) (“Asara”) based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the info
Slide 3: Investment Highlights
INVESTMENT HIGHLIGHTS A 2.04Moz¹ anchor deposit, district-scale growth, and a fully-funded path to the DFS ~12% 2.1Moz >35km A$53M A PREMIER GOLD DISTRICT A DRILL-DRIVEN RESOURCE DISTRICT-SCALE UPSIDE A FUNDED PATHWAY The Siguiri Basin produces Mineral Resource more than 20km of the Siguiri Pro-form
Slide 4: Kada combines a proven gold jurisdiction with a team that has a track record of project delivery
0 1 · P R O J E C T, O W N E R S H I P & T E A M Kada combines a proven gold jurisdiction with a team that has a track record of project delivery ~12% of West Africa’s gold · Kiniero: dormant mine to construction ASX : AS1 ASARARESOURCES.COM ASX: AS1 ASARARESOURCES.COM 3
Slide 5: Located in a Premier Gold District
LOCATED IN A PREMIER GOLD DISTRICT Centrally located in the Siguiri Basin, source of ~12% of West Africa’s gold1 Proven gold district Multiple gold operations Regional AISC ~US$1,300/oz Established infrastructure Siguiri, Kankan and Kouroussa nearby Roads, power, skilled labour, contractors Active d
Slide 6: Project Ownership Structure
PROJECT OWNERSHIP STRUCTURE A clear pathway to 75%1 of the flagship Kada Permit within a consolidated land package 106km² EXISTING · IN GOOD STANDING Kada (51% → 75% on DFS completion1) and Bamfele (100%), hosting the 2.1Moz2 Massan and Bereko MRE. +195km² RECENTLY ACQUIRED Damissa Koura, adjoining
Slide 7: Proven Track Record in Guinea
PROVEN TRACK RECORD IN GUINEA A team that took Kiniero from a dormant mine to construction in 5 years Exploration License Awarded Exploitation License Awarded Kiniero PFS Completed Exploration licenses awarded Last gold exploitation license to PFS completed, underpinning the within three months of b
Slide 8: Board of Directors & Corporate Governance
BOARD OF DIRECTORS & CORPORATE GOVERNANCE Experienced board with a proven track record in gold discovery and development JEFF MATTHEW BRETT DOUG TIM JOANNA QUARTERMAINE SHARPLES MONTGOMERY JONES STRONG KIERNAN Non-Executive Managing Director & Non-Executive Non-Executive Non-Executive Company Chairm
Slide 9: Leadership Team
LEADERSHIP TEAM Proven team with extensive experience advancing Guinean gold projects to construction MATTHEW ANDREW AURELIEN ANDRE MANDJOU SOULEYMANE SHARPLES DE KLERK DOUYERE BEZUIDENHOUT KEITA SAADI Managing Director & Vice President Chief Financial Principal Deputy Director & Country Chief Execu
Slide 10: ESG & Community
ESG & COMMUNITY Strengthening local communities through partnership and sustainable economic development, whilst upholding commitment to environmental responsibility LOCAL CONTENT COMMUNITY INVESTMENT ENVIRONMENT GOVERNANCE Local management, Targeted investment in Commitment to best- Experienced, ac
Slide 11: 2Moz Massan anchor deposit within 20km of prospective strike along the Siguiri Mineralised Trend
02 · THE ASSET 2Moz Massan anchor deposit within 20km of prospective strike along the Siguiri Mineralised Trend 2Moz anchor Resource · significant growth potential · drilling continuous ASX : AS1 ASARARESOURCES.COM ASX: AS1 ASARARESOURCES.COM 10
Slide 12: The Kada Gold Project
THE KADA GOLD PROJECT A district-scale land position on the Siguiri Mineralised Trend 301km2 total land package Damissa Koura acquisition adds 98km2 to Kada package Applications can expand the total footprint to 593km2 20km of strike along the Siguiri Mineralised Trend The same mineralised corridor
Slide 13: Interim MRE Update Delivers Over 2Moz at Massan
INTERIM MRE UPDATE DELIVERS OVER 2Moz AT MASSAN Massan hosts 1.3Moz Indicated to underpin the DFS, with further conversion and growth ahead INDICATED MASSAN DEPOSIT · 2026 1.27 Moz Indicated Inferred 51Mt @ 0.77 g/t Au RPEEE shell @ US$3,500 gold price Foundation for the DFS MRE cut-off grade @ 0.32
Slide 14: Resource Growth
RESOURCE GROWTH More than doubled to 2.1Moz Au, including 1.3Moz Indicated to underpin the DFS DFS completion planned Q2 2027 KADA MRE GROWTH · OCT ’23 → AUG ‘26 2.1Moz Underpinned by 1.3Moz Indicated +1.2 Moz added in one drilling campaign Inferred 0.8Moz >2Moz at Massan alone A majority single dep
Slide 15: Campaign Delivered
CAMPAIGN DELIVERED 2025/26 drill plan executed in full, Resource expanded to 2.1Moz¹ ~73,000m in 12 months 510 RC, AC and Diamond drillholes completed across Massan in a single intensive campaign Planned, then delivered The published programme was executed to plan, whilst adapted hole-by-hole as res
Slide 16: A Deposit Well Suited to Open Pit Mining
A DEPOSIT WELL SUITED TO OPEN PIT MINING Broad stockwork system, low-strip ratio, deep free-digging oxide and strong recoveries Broad stockwork system MASSAN RPEEE BLOCK MODEL · 2026 Bulk-tonnage mineralisation with discrete RPEEE shell @ US$3,500 gold price high-grade lodes >0.32g/t >0.40g/t >0.90g
Slide 17: Massan's Robust Resource Across a Wide Cut-off Range
MASSAN’S ROBUST RESOURCE ACROSS A WIDE CUT-OFF RANGE Indicated ounces remain resilient to higher cut-off grades, supporting a flexible resource base Indicated ounces are highly resilient ~86% retained from 0.2 to 0.5 g/t Au cut-off The Indicated inventory remains stable across a 2.5× increase in cut
Slide 18: Massan Anchors a Much Larger Growth Opportunity
MASSAN ANCHORS A MUCH LARGER GROWTH OPPORTUNITY Multiple pathways for near-mine and district-scale growth Massan is established and still growing Sufficient Indicated Resource to underpin the DFS Total deposit scale still being defined, drilling ongoing Pipeline of drill-ready satellite targets Bere
Slide 19: Damissa Koura: Drill Ready
DAMISSA KOURA: DRILL READY Multiple high-priority targets, including Sogosogoba, a historically Newmont-drilled1 prospect Sogosogoba Target High-priority target <10 km from Massan Historical Newmont drilling defined a ~550 m mineralised envelope, with broad stockwork-style mineralisation comparable
Slide 20: Our Growth Strategy
OUR GROWTH STRATEGY Advancing a multi-deposit growth pipeline across the prolific Siguiri Basin 1 Grow Massan Q3 2026 – Q2 2027 Massan remains open, with resource conversion and extension drilling continuing alongside the DFS, focus on down-dip extension 2 Deliver the DFS Q2 2027 Advance the DFS to
Slide 21: A strong balance sheet underpinning an accelerated growth strategy
03 · THE INVESTMENT A strong balance sheet underpinning an accelerated growth strategy A$53M cash · debt-free · leading institutional register ASX : AS1 ASARARESOURCES.COM ASX: AS1 ASARARESOURCES.COM 20
Slide 22: Corporate & Shareholder Overview
CORPORATE & SHAREHOLDER OVERVIEW Robust capital structure supported by leading institutional investors CAPITAL STRUCTURE1 & PERFORMANCE INSTITUTIONAL INVESTORS Share Price A$ 0.15 Shares on Issue 2.0B Market Cap A$ 300M Enterprise Value A$ 247M Cash Balance A$ 53M Debt Nil SHARE PRICE · 24 MONTHS ·
Slide 23: Clear Pathway to Fast Track Development
CLEAR PATHWAY TO FAST TRACK DEVELOPMENT Funded through the DFS, new camp upgrade, and the next drill campaigns Q3 2026 Q4 2026 Q1 2027 Q2 2027 New camp upgrade Massan drilling Satellite target drilling DFS technical workstreams DFS report DFS targeted completion, leading to Final Investment Decision
Slide 24: The Re-Rate Pathway
THE RE-RATE PATHWAY Kada is early in its growth curve, with clear upside to re-rate1 toward peer benchmarks2 West African developers re-rate through: 1. MRE Updates 2. Studies Completed 3. Funding Secured Asara is at step one, with steps two and three dated and funded 1. There is no guarantee that A
Slide 25: The Asara Case
THE ASARA CASE 2.1Moz Au, including 1.3Moz Indicated after one drill campaign The team that developed Kiniero, chaired by the builder of Perseus 20km of the Siguiri Trend, in a proven gold mining district Funded through the DFS, target completion Q2 2027 ASX : AS1 · asararesources.com ASX: AS1 ASARA
Slide 26: Join Our Shareholder Community
JOIN OUR SHAREHOLDER COMMUNITY Asara Resources The Kada Gold Project 2Moz Au and growing +61 8 6374 2654 Matthew Sharples MD & CEO info@asararesources.com Asara Resources | ASX : AS1 | FRA : ALM The Park Business Centre asararesources.com 45 Ventnor Avenue West Perth WA 6005 ABN: 39 006 710 774 LATE
Slide 27: Kada Mineral Resource (2026)
APPENDIX 1 Kada Mineral Resource ( 2026) Notes: Deposit Classification Material Type Tonnes (Mt) Gold Grade (g/t) Contained Gold (Moz) 1. The Mineral Resource Estimate has been prepared in Oxide 28.27 0.81 0.73 accordance with JORC Code (2012) with an effective date of 31 August 2026. The Competent
Slide 28: Appendix 2: South American Portfolio
APPENDIX 2: SOUTH AMERICAN PORTFOLIO Non-core Chilean assets partner-funded or divested with retained upside; focus on Kada US$17M LORETO COPPER · TECK EARNING UP TO 75% Under the Option and Joint Venture Agreement, Teck Resources Chile Limitada can earn up to a 75% interest in the Loreto Copper Pro
Slide 29: Appendix 3: Reference Data
APPENDIX 3: REFERENCE DATA Material valuation gap relative to peers MRE Event Date MRE (Moz) Reserves (Moz) Source: Company ASX Announcement Asara Resources (AS1) Maiden 10-Oct-23 0.92 - "Kada Mineral Resource Estimate Update Improves Confidence" Update 1 31-Aug-26 2.10 - “Kada Interim Mineral Resou