Asara Resources Limited · ASX:AS1
Asara Resources — Investor Presentation (January 2026)
23 slides from Asara Resources's investor presentation, Jan 4, 2026
Slide 1: The Kada Gold Project
The Kada Gold Project Developing a Premier Gold Asset in the Siguiri Basin, Guinea January 2026 ASX : AS1 asararesources.com CORPORATE PRESENTATION ASX: AS1 www.asararesources.com 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 Large Siguiri Basin footprint with 0.9 Moz1 anchor deposit and clear expansion opportunity TIER 1 LOCATION GROWING GOLD INVENTORY SIGNIFICANT UPSIDE POTENTIAL Positioned in the Siguiri Basin of Guinea, a 923 koz Au MRE1 at the Massan and Over 15 km of highly prospective strike
Slide 4: A Guinea Gold Opportunity
A GUINEA GOLD OPPORTUNITY Strategic basin-central position in a growing world-class gold district West Africa, a Leading Gold Province: Guinea contributes ~18% W ’ (W ) Siguiri Basin within the world’s largest gold-producing region. Stable, Mining-Friendly Jurisdiction: Guinea is a low security k, ,
Slide 5: Leadership Team
LEADERSHIP TEAM Proven team with extensive experience advancing Guinean gold projects to production MATTHEW SHARPLES ANDREW DE KLERK ANDRE BEZUIDENHOUT MANDJOU KEITA SOULEYMANE SAADI Chief Executive Officer VP of Exploration Principal Geologist Geology Manager Country Manager ➢ Mining professional w
Slide 6: ESG and Community Initiatives
ESG AND COMMUNITY INITIATIVES Strengthening local communities through partnership and sustainable economic development, whilst upholding commitment to environmental responsibility COMMUNITY EDUCATION AND LOCAL ECONOMIC ENVIRONMENTAL INFRASTRUCTURE COMMUNITY PARTICIPATION RESPONSIBILITY INVESTMENT SP
Slide 7: Corporate Overview
CORPORATE OVERVIEW Strong share price and market capitalisation growth driven by operational progress CAPITAL STRUCTURE1 OWNERSHIP Share Price AS$ 0.1 Enterprise Value 140M MAJOR SHAREHOLDERS LISTINGS Shares on Issue 1.6B Cash Balance2 23M Barbet LLC FZ …………14.94% Market Cap AS$ 157.1M Debt Nil Capi
Slide 8: The Kada Gold Project
THE KADA GOLD PROJECT District-scale gold project with flagship Resource Kada Project: Contiguous 101 km² land package (Kada & Bamfele permits) located along the N–S-trending Siguiri Mineralisation Trend. Arafura Acquisition (November 2025): Addition of the Damissa Koura permit (~98 km²), located 7
Slide 9: Massan Deposit: JORC 2023 MRE
MASSAN DEPOSIT: JORC 2023 MRE A resource constrained by drill coverage, not mineralisation continuity Massan Deposit Long Section >2,400m S N >610m Inferred Mineral Resources are constrained to the US$1,800/oz Pit Shell Long Section Details JORC 2023 MRE (based on 42 DD holes and 199 RC holes (27,21
Slide 10: Massan Deposit: The Upside
MASSAN DEPOSIT: THE UPSIDE Demonstrated strike and depth potential to expand both Indicated and Inferred Resources Massan Deposit Long Section >2,400m 1 1 1 1 4 3 4 4 4 S N >610m 2 1 Strike Continuity Confirmed by Drilling: The current Inferred Recent Asara drilling confirms mineralisation Resource
Slide 11: Consistent Gold Intercepts Across Massan
CONSISTENT GOLD INTERCEPTS ACROSS MASSAN Broad mineralised zones are characteristic of both oxide and fresh rock, as demonstrated by the selected significant intercept1 highlights below OXIDE ZONE FRESH ZONE HOLE ID FROM TO WIDTH GRADE HOLE ID FROM TO WIDTH GRADE KRC025 78 100 22 m 8.4 g/t KDH003 71
Slide 12: Clear Pathway to Resource Growth at Massan
CLEAR PATHWAY TO RESOURCE GROWTH AT MASSAN Massan remains significantly under-drilled, with mineralisation open along strike and at depth. Historical, widely spaced shallow drilling has returned significant gold intercepts over ~3.5 km of strike, with both the northernmost and southernmost drill fen
Slide 13: Massan Indicated Growth Plan
N INDICATED STRIKE MASSAN INDICATED GROWTH PLAN EXTENSION Drilling to rapidly grow the Indicated Resource Looking Down N-S Strike & Depth Extension Drilling: >2.00 Assays (g/t Au) Approximately 315 RC/DD drill holes targeting a 1–2 minimum depth of 250m, for a total planned 0.5 – 1 0.2 – 0.5 program
Slide 14: Drilling Supports a Deeper Pit Shell at Massan
DRILLING SUPPORTS A DEEPER PIT SHELL AT MASSAN Phase 1 drilling confirms continuous mineralisation beyond the 2023 US$1,800 pit shell The 2023 pit shell included areas with maximum depths of approximately 150 m; Phase 1 drilling has confirmed the continuation of mineralisation to depths exceeding 21
Slide 15: Depth Continuity Below the Massan Pit Shell
DEPTH CONTINUITY BELOW THE MASSAN PIT SHELL Drilling below the 250 m pit shell confirms grade continuity and underground potential The 2023 US$1,800/oz pit shell reached a maximum depth of approximately 250 m below surface in a localised area Historical drilling by Newmont intersected the same broad
Slide 16: Massan Inferred Growth Plan
INFERRED STRIKE N 1 MASSAN INFERRED GROWTH PLAN EXTENSION Systematic drilling to expand strike and depth 1 Planned N-S Strike Extension Drilling: Approximately 160 RC/AC drill holes targeting a minimum depth of 120m, for a total planned program of ~20,000m. ➢ The program has been designed to expand
Slide 17: A Clear, Near-Term Growth Strategy
A CLEAR, NEAR-TERM GROWTH STRATEGY Accelerated drilling to expand the pit shell and advance strike and depth extensions S N Massan Deposit Long Section >2,400m 250m OPEN OPEN PHASE 2 DRILLING 1,200m TARGET COMPLETION Q2 2026 >610m OPEN OPEN Inferred strike extension program to test Long Section Deta
Slide 18: Massan Deposit and Kada Project Highlights
MASSAN DEPOSIT AND KADA PROJECT HIGHLIGHTS High-quality gold asset with scale, growth, and development potential FLAGSHIP MASSAN DEPOSIT WITH MATERIAL GROWTH UPSIDE Drilling to date has validated the targeting and underscored the scale of the prospectivity of the Massan Deposit. Demonstrated strike
Slide 19: Our Strategy
OUR STRATEGY Advancing a multi- W ’ 01 02 03 04 05 Accelerate Resource Unlock Bereko’s Advance Damisso Expand the Build a Multi-Deposit Growth at Massan Potential Koura Targets Regional Footprint Development (906 koz Au1) (18 koz Au2) Pipeline Prioritise aggressive Undertake systematic Drill four re
Slide 20: Next Steps
NEXT STEPS 2026 ’ I I PROGRAMME 2025 2026 & ACTIVITY Q4 Q1 Q2 Q3 Q4 MASSAN DRILLING DECISION POINT Inferred RC/AC Strike Extension ~20,000m Update the MRE or continue Inferred DD Depth Extension drilling to expand the dataset prior to the next MRE update Indicated RC Strike & Dip Extension ~80,000m
Slide 21: Join our shareholder community
Join our shareholder community Matthew Sharples +61 8 6374 2654 Chief Executive Officer info@asararesources.com Asara Resources | ASX : AS1 | FRA : ALM Suite 1, 130 Hay Street, asararesources.com Subiaco WA 6008 AUSTRALIA ABN: 39 006 710 774 This presentation was authorised for release to the ASX by
Slide 22: Appendix 1: Kada Mineral Resource
APPENDIX 1 Kada Mineral Resource (1 October 2023) Measured Indicated Inferred Total Deposit Material Type Tonnes Gold Tonnes Gold Tonnes Gold Tonnes Gold Gold Mt g/t Mt g/t Mt g/t Mt g/t Ounces Oxide - - 4.6 1.07 7.28 0.93 11.88 0.99 377,000 Transitional - - 1.07 0.88 3.8 0.91 4.94 0.9 143,000 Massa
Slide 23: Appendix 2: Paguanta Mineral Resource
APPENDIX 2 Paguanta Mineral Resource Resource Category Tonnes Zn (%) Pb (%) Ag (g/t) Au (g/t) Zn Eq (%) Ag Eq (g/t) Measured (M) 490,000 5.5 1.8 88 0.3 Indicated (I) 610,000 5.1 1.8 120 0.3 M+I 1,100,000 5.3 1.8 100 0.3 Inferred 1,300,000 4.8 1.1 75 0.3 TOTAL 2,400,000 5 1.4 88 0.3 9.7 236 NOTES: 1.
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