Highlights

• Asara Resources (ASX: AS1) has commenced a 242-hole air core grade control drilling program for 11,616m at the Massan Deposit within the Kada Gold Project in Guinea.

• The program is designed to test mineralisation continuity at Mining scale, reconciling closely-spaced data against the existing Mineral Resource Estimate to inform DFS inputs.

• Two panels target the central fault zone and the north-eastern high-grade shoot of the Massan Deposit, both classified as Indicated Mineral Resources.

• As at 4 November 2026, 62 holes for 2,976m (26% of the program) had been completed, with the rig averaging approximately eight holes per day — ahead of schedule.

Asara Resources Limited (ASX:AS1), an ASX-listed exploration company with a portfolio of advanced gold projects in Guinea, West Africa and in Chile, has commenced a grade control drilling program at the Massan Deposit within its flagship Kada Gold Project. The program, comprising 242 air core drill holes for 11,616 metres, represents a critical step in the progression of Kada towards a Definitive Feasibility Study (DFS), providing the closely spaced data needed to reconcile the existing Mineral Resource Estimate at the scale at which mining would actually be conducted.

Program Design and Strategic Purpose

The grade control program is designed on an 11.7m by 11.7m grid, equivalent to one-third of the 35m resource drill spacing that underpins the Massan Mineral Resource Estimate (MRE). All drill holes are oriented at the same azimuth and dip as the resource drilling, allowing a direct like-for-like comparison. The purpose is to build a grade control block model from the new data and compare it against the MRE, quantifying any differences in tonnes, grade and contained gold at selective mining unit scale. This information will directly feed into the DFS mining engineering assumptions on dilution, ore loss, bench height and cut-off selection.

Two panels have been selected to test specific aspects of the deposit. The West Panel straddles the central fault that divides the core of the Massan Deposit into its western and eastern structural zones, testing grade continuity across this structure. The East Panel covers the north-eastern high-grade shoot, the area of highest modelled grades in the MRE, and tests the short-range continuity of that mineralisation. Both panels lie within the Indicated Mineral Resource classification in the shallow central sector of the deposit, which would form the basis for any future Ore Reserve.

Drilling Progress and Next Steps

Drilling is progressing ahead of schedule, with the air core rig averaging approximately eight holes per day across two 12-hour shifts. As at 4 November 2026, 62 holes for 2,976 metres had been completed, representing 26% of the program. All holes have reached their planned depth of 48 metres and 3,158 samples have been collected including quality assurance and quality control samples. On completion of drilling and receipt of assay results, a grade control block model will be built for each panel and reconciled against the Massan MRE model by panel, bench and mineralised domain. The results will be provided to the company's mining consultants to inform mine design and scheduling for the Kada DFS.

Kada Project Background

The Kada Gold Project in eastern Guinea hosts a substantial Mineral Resource Estimate of 92.9 million tonnes at 0.7 g/t gold for 2.08 million ounces, including an Indicated portion of 51.37 million tonnes at 0.77 g/t gold for 1.27 million ounces. Guinea remains one of the most under-explored countries in West Africa, with significant upside potential across the largely unexplored 150km² project area. Asara owns 51% of the Kada project and has earned a further 24% interest, bringing its total to 75%, contingent on funding the DFS. The company also holds the Loreto Copper Project in Chile, subject to a joint venture agreement with Teck Resources Chile.

Key Insights

The commencement of grade control drilling is a significant de-risking step, as it validates the MRE at mining scale before potentially costly DFS commitments are made.

The fact that the program is running ahead of schedule and the two panels are positioned at the most critical geological features — the central fault and the high-grade shoot — maximises the informational value of the data.

Asara's intention to incorporate the grade control results directly into the next MRE update and the DFS shows an integrated and sequenced approach to project development.

The 2.08 million ounce total resource across the Kada project, with significant shallow oxide material, provides a material base from which a DFS mining scenario can be developed.