Asara Resources Ltd (ASX:AS1), a gold-focused exploration company, has released its Annual Report for the financial year ended 30 June 2026, disclosing two capital raisings totalling $85 million before costs, a substantial acceleration of exploration activity at its flagship Kada Gold Project in Guinea, and the appointment of Matthew Sharples as Managing Director and CEO.

Key Points

  • Two placements completed during FY2026 raised a combined $85 million before costs to fund exploration at the Kada Gold Project in Guinea, West Africa.
  • Exploration activity at the Kada Gold Project accelerated, including Phase 1 Indicated Resource growth drilling at the Massan Deposit and commencement of a Phase 2 Inferred Resource growth drilling program.
  • A 125% increase in the Kada Mineral Resource Estimate was announced in August 2026 following the intensive drilling program.
  • The company entered into a binding Heads of Agreement to acquire Arafura Ouest PTE Ltd, owner of the Damissa Koura and Kankan West Projects in Guinea.
  • Jeffrey Quartermaine joined the Board as Non-Executive Chairman in April 2026.

Kada Gold Project Exploration Activity in FY2026

According to the filing, the 2026 financial year saw a substantial acceleration of exploration activity at the Kada Gold Project, strategically located in the prolific Siguiri Basin in eastern Guinea. Activity included the continuation of the Phase 1 Indicated Resource growth drilling program at the Massan Deposit, the commencement of the Phase 2 Inferred Resource growth drilling program, and extensive regional geochemical programs across the Bamféle licence and the Damissa Koura permit. Multiple drill rigs operated across the project during this period, with the program focused on resource definition, resource conversion, and testing extensions to known mineralisation.

Mineral Resource Estimate Increase and Portfolio Expansion

The filing states that the intensive exploration program at Kada culminated in a 125% increase in the Kada Mineral Resource Estimate, announced in August 2026. Alongside the resource growth program, the company moved to expand its footprint in Guinea by entering into a binding Heads of Agreement to acquire Arafura Ouest PTE Ltd, the owner of the Damissa Koura and Kankan West Projects. The company also progressed applications for several permits adjoining the Kada Project. The Paguanta Copper and Silver-Lead-Zinc Project in northern Chile remained on care and maintenance throughout the year while discussions with several parties continued.

Leadership Changes and Capital Raisings

The company disclosed two key leadership appointments during FY2026. Matthew Sharples was appointed as Managing Director and CEO, and Jeffrey Quartermaine joined the Board as Non-Executive Chairman in April 2026. The filing notes that Brett Montgomery previously served as Chair. To fund the expanded exploration program, the company completed two placements during the year, raising a combined $85 million before costs. Company Secretary Joanna Kiernan is listed in the corporate directory, with HLB Mann Judd named as auditors and Computershare Investor Services Pty Limited acting as share registry.