ASARA RESOURCES LIMITED — Capital/Financing Update 2025

Nov 30, 2025

ASX: AS1

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Massan resource infill and extension drilling delivers more positive results

West African gold explorer Asara Resources Limited (ASX: AS1; Asara or Company ) is pleased to announce the second set of results from 11 drill holes (totalling 2,455m) from the Phase 1 Reverse Circulation ( RC ) drilling program within the Massan deposit Mineral Resource Estimate ( MRE ) area at its flagship Kada Gold Project ( Kada ) in Guinea.

HIGHLIGHTS

• Drilling to date has focused on increasing geological confidence and on extending the down-dip mineralisation envelope at the Massan deposit within the Kada project.

• The latest results demonstrate continuity between drillholes across the remaining Inferred areas, reinforcing confidence in the geological model and confirming consistent, broad zones of mineralisation.

• Depth-extension drilling beyond the US$1,800/oz pit shell confirms that mineralisation continues at depth , returning robust gold intersections within fresh rock and identifying new zones of deeper mineralisation.

• Phase 2 drilling will target strike extensions to the north and south to further grow the resource footprint.

• Notable gold intersections from the assays received for the most recent eleven drillholes include:

• MSRC25-014: 55m @ 1.0 g/t gold from 17m. Including,

• 7m @ 3.1 g/t gold from 28m.

12m @ 1.35 g/t gold from 239m. Including,

5m @ 2.3 g/t gold from 244m.

• MSRC25-015: 26m @ 0.9 g/t gold from 121m.

• MSRC25-016: 7m @ 1.4 g/t gold from 143m.

• 18m @ 1.1 g/t gold from 154m. Including,

• 5m @ 2.0 g/t gold from 146m.

• MSRC25-017: 23m @ 1.2g/t gold from 64m. Including,

• 6m @ 3.8 g/t gold from 64m.

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ASARA RESOURCES ASX:AS1 Suite 1, 130 Hay Street, Subiaco WA 6008 T + 61 8 6374 2654 | E info@asararesources.com | asararesources.com

ASX: AS1

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o MSRC25-018: 12m @ 3.0g/t gold from 22m. Including, 7m @ 4.1 g/t gold from 26m. 18m @ 1.0g/t gold from 221m. Including, 6m @ 2.0 g/t gold from 227m. 6m @ 2.0g/t gold from 282m. o MSRC25-019: 1m @ 20.8g/t gold from 21m. 90m @ 1.0g/t gold from 226m. Including, 9m @ 1.8 g/t gold from 234m; and 10m @ 3.0 g/t gold from 301m. o MSRC25-020: 5m @ 2.9g/t gold from 6m. 13m @ 2.1g/t gold from 29m. Including, 4m @ 4.8 g/t gold from 35m. 30m @ 1.9g/t gold from 109m. Including, 16m @ 3.0 g/t gold from 118m. 20m @ 2.3g/t gold from 144m. Including, 9m @ 4.1 g/t gold from 144m. o MSRC25-021: 57m @ 1.2g/t gold from 3m. Including, 12m @ 2.0 g/t gold from 12m. 41m @ 0.7g/t gold from 64m. o MSRC25-023: 33m @ 0.5 g/t gold from 41m. o MSRC25-023B: 8m @ 0.7 g/t gold from 0m. o MSRC25-024: 19m @ 1.5 g/t gold from 0m. Including, 8m @ 2.1 g/t gold from 0m. 56m @ 0.7 g/t gold from 23m. 10m @ 1.3 g/t gold from 156m. Including, 5m @ 2.2 g/t gold from 156m.

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ASARA RESOURCES LIMITED ASX:AS1

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Additional RC Drilling Results Confirm High-Grade Continuity at Massan Prospect

The Company is pleased to announce the receipt of assay results from a further eleven RC drill holes, totalling 2,455 metres, completed at the Massan prospect (Figure 1 and Figure 2). This phase of drilling has been strategically designed to both infill the existing drilling dataset by improving geological confidence in the mineralised zones to a vertical depth of ~150 metres, and to test the down-dip depth extensions of the deposit beyond previously defined depth limits (Figure 3 and Figure 4).

As with the previous set of assay results reported in September, this batch of assay results from the drill holes drilled within the central portion of the Massan deposit has again returned significant mineralised intersections, reinforcing the continuity and robustness of the mineralisation within the core zone and validating the accuracy of the geological model against which drillhole planning has been based.

Matt Sharples, CEO of Asara, commented:

“The latest batch of assay results from the Phase 1 drilling program at the Massan deposit at Kada is highly encouraging. Not only do they confirm the widths and tenures of the expected grades, but most importantly, the intercepts were encountered exactly where predicted. This validates the accuracy of our geological model, strengthens our understanding of the genesis of the gold and derisks our exploration targeting. This enhances our success rate and continues to lower our $/oz discovery cost at a deposit which continues to grow in scale.

Both the reported depth-extension results and the near-surface infill drilling have validated our targeting and underscore the scale of Massan. We will continue to refine and update our drill plan, and we look forward to receiving the next batch of assays, which will further guide and shape our near-term exploration strategy to increase geological confidence and confirm depth extensions.

Drilling activity at Massan is due to ramp up with the imminent arrival of the Sahara Resources AC/RC rig, which will undertake a strike extension drilling campaign, designed to confirm the scale of the Massan deposit along strike, north and south, and potentially grow the Inferred Mineral Resource component of the Kada Project.”

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Kada Exploration Drilling

The 2025 drilling programme at Massan comprises 22,000m of RC drilling and 4,000m of diamond core drilling ( DD ). The current Phase 1 priority plan consists of 12,000m. Phase 1 was designed to meet two distinct objectives:

1. to infill the existing drilling at Massan to increase geological confidence, and

2. to explore down-dip (Phase 1) and along-strike (Phase 2) extensions to the known mineralised structures.

To date, the Phase 1 program comprises 12,000 m of planned drilling (Figure 2), focusing on infilling and extending the down-dip mineralisation envelope at Massan. Drilling has identified new deeper mineralisation zones and highlighted the potential to expand gold resources at depth in fresh rock.

Completed drill hole collar details are provided in Table 1. All significant new gold intersections (≥2m 0.3 g/t Au) are presented in Table 2.

Current Progress & Next Steps

The drilling campaign is continuing. Currently, deeper holes are being drilled using RC pre-collars down to fresh rock with DD tails extending past 300m depth. An additional RC drill rig will be added to the campaign to test and infill along-strike extensions of the main mineralisation domains (Figure 1). Drilling is expected to continue into Q3 FY2026.

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0m 00m
ranite
olcanosediments
afic onglomerate
ig iri ediments
ompleted with Assa s
ompleted Assa s Pending
istorical
2 0 g t A
1 0 2 0 g t A
0 1 0 g t A
0 2 0 g t A
Pit hell ( 1, 00 o
ndicated aterial
nferred aterial
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Figure 1: Kada gold project drill collar plan map showing potential strike extensions beyond the current MRE.

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ompleted with Assa s This Press elease 2 0 g t A Pit hell ( 1, 00 o
ompleted with Assa s Pre io s es lts 1 0 2 0 g t A ndicated aterial
ompleted Assa s Pending 0 1 0 g t A nferred aterial
Planned istorical 0 2 0 g t A
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Figure 2 : Kada gold project drill collar plan map of the Massan deposit showing cross-section locations.

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incl m g t
incl m 2g t
incl m 2g t
incl m 1 2g t
Thic ness 0m
oo ing
Pl nge 00 incl 10m 0g t 0m 100m
A im th 02
ompleted with Assa s ignificant ntercept nter al 2 0 g t A 2 0 g t A Topograph
ompleted Assa s Pending 1 0 2 0 g t A 1 0 2 0 g t A Pit hell ( 1, 00 o
Planned This Press elease 0 1 0 g t A 0 1 0 g t A ndicated aterial
istorical Pre io sl eported es lts 0 2 0 g t A 0 2 0 g t A nferred aterial
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Figure 3 : Cross section A-B indicating the existing MRE Block Model, 2023 Indicated and Inferred classifications, the 2023 pit shell (US$1,800), and recent drilling results (Intercept cut-off grade ≥0.3g/t Au, intervals ≥2m in length, intervals are reported with ≤ 3m of continuous internal dilution)

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incl 11m g t
m g t
incl m g t
incl m 2 g t
Thic ness 0m incl m 2 g t
oo ing incl m g t
Pl nge 00 0m 100m
A im th 02
ompleted with Assa s ignificant ntercept nter al 2 0 g t A 2 0 g t A Topograph
ompleted Assa s Pending 1 0 2 0 g t A 1 0 2 0 g t A Pit hell ( 1, 00 o
Planned This Press elease 0 1 0 g t A 0 1 0 g t A ndicated aterial
istorical Pre io sl eported es lts 0 2 0 g t A 0 2 0 g t A nferred aterial
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Figure 4 : Cross section C-D indicating the existing MRE Block Model, 2023 Indicated and Inferred classifications, the 2023 pit shell (US$1,800), and recent drilling results (Intercept cut-off grade ≥0.3g/t Au, intervals ≥2m in length, intervals are reported with ≤ 3m of continuous internal dilution)

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Contact Information:

Matthew Sharples Chief Executive Officer +44 7498 970173

msharples@asararesources.com

This announcement was authorised for release by the Board of Directors.

About Asara Resources

Asara Resources Limited is an ASX listed exploration company with a portfolio of advanced minerals projects in Guinea, West Africa and in Chile, South America.

The ompan ’s flagship project is the ad anced Kada old Project in eastern inea inea remains one of the most under-explored countries in West Africa. Asara has outlined an Indicated and Inferred Mineral Resource Estimate of 30.3Mt at 1.0g/t gold for 923Koz[1] , the majority of which is shallow oxidetransitional gold mineralisation. Asara is focussed on growing the Mineral Resource Estimate. Most of the 150km[2] project area remains under explored and there is considerable upside for the discovery of additional oxide gold mineralisation.

Asara also holds the Paguanta Copper and Silver-Lead-Zinc Project in northern Chile which has a Measured, Indicated and Inferred Mineral Resource of 2.4Mt at 88g/t silver, 5.0% zinc and 1.4% lead for 6.8Moz silver, 265Mlb zinc and 74Mlb lead[2] at the Patricia Prospect, which remains open. The Company is seeking to divest these projects to focus on Kada.

At the adjacent Loreto Copper Project in Chile, Asara has signed a US$17m Option and Joint Venture agreement with Teck Resources Chile Limitada ( Teck ) whereby Teck can acquire up to a 75% interest in the project.

Competent Persons Statement

The information in this report that relates to exploration results is based on information compiled by Dan Tucker, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Tucker is a full-time employee of Athelney Limited and serves as a technical advisor to the Company.

Mr Tucker has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 dition of the ‘A stralasian ode for eporting of Exploration Results, Mineral eso rces and Ore eser es’

Mr Tucker consents to the inclusion in the report of the matters based on his information, in the form and context in which they appear.

1 ASX Announcement: Kada Mineral Resource Estimate Update improves confidence; more than 40% of oxide gold now indicated dated 09 October 2023.

2 ASX Announcement: New Resource Estimation for Paguanta dated 30 May 2017 (Total Mineral Resource includes: Measured Mineral Resource of 0.41Mt at 5.5% zinc, 1.8% lead, 88g/t silver, 0.3g/t gold; Indicated Mineral Resource of 0.61Mt at 5.1% zinc, 1.8% lead, 120g/t silver, 0.3g/t gold; Inferred Mineral Resource of 1.3Mt at 4.8% zinc, 1.1% lead, 75g/t silver, 0.3g/t gold).

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Mineral Resource Estimate

The Company confirms that it is not aware of any new information or data that materially affects the information regarding the Kada Mineral Resource Estimate first reported by the Company in an ASX announcement dated 9 October 2023 or the Paguanta Mineral Resource Estimate first reported by the Company in an ASX Announcement dated 30 May 2017, and confirms that all material assumptions and technical parameters underpinning the Kada and Paguanta Mineral Resource estimate continue to apply and have not materially changed. The announcements are available to view at www.asararesources.com.au

Forward Looking Statements

ertain statements in this doc ment are or ma be “forward-loo ing statements” and represent Asara’s intentions, projections, expectations or beliefs concerning among other things, future exploration activities. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Asara, and which may cause Asara’s act al performance in f t re periods to differ materially from any express or implied estimates or projections. Nothing in this document is a promise or representation as to the future. Statements or assumptions in this document as to future matters may prove to be incorrect and differences may be material. Asara does not make any representation or warranty as to the accuracy of such statements or assumptions.

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Table 1 : Collar information for drill holes reported.

Hole ID	Easting (m)	Northing (m)	RL (m)	Dip (o)	Azimuth (o)	EOH (m)	Status
MSRC25-014 456529 1224105 379 -60 295 300 Results this release
MSRC25-015 456639 1223955 385 -60 295 163 Results this release
MSRC25-016 456611 1223964 385 -60 295 298 Results this release
MSRC25-017 456583 1223987 382 -60 295 210 Results this release
MSRC25-018 456530 1224007 383 -60 295 300 Results this release
MSRC25-019 456604 1224102 378 -60 295 350 Results this release
MSRC25-020 456646 1224149 375 -60 295 250 Results this release
MSRC25-021 456579 1224184 374 -60 295 230 Results this release
MSRC25-023 456508 1224249 376 -60 295 85 Results this release
MSRC25-023B 456516 1224236 372 -60 295 90 Results this release
MSRC25-024 456618 1224197 370 -60 295 179 Results this release

Notes:

• MS prefix denotes drilling within Massan Prospect.

• RC means Reverse Circulation drilling

• RCD means Reverse Circulation with a diamond drill core tail.

• Co-ordinate projection UTM, WGS 84 zone 29 North.

Table 2: Significant intercepts from RC drilling reported in this Press Release

	Hole ID	From (m)	To (m)	Significant Intercept Au Grade (g/t)			Hole ID	From (m)	To (m)	Significant Intercept Au Grade (g/t)
	MSRC25-014	1m 11m 10m at 0.50g/t				MSRC25-019 0m 6m 6m@1.01g/t
		17m 72m **55m at 1.03g/t **				10m 12m 2m@0.42g/t
	Incl.	28m 35m 7m @ 3.10g/t				21m 22m **1m@ 20.77g/t **
		77m 84m 7m@0.56g/t				29m 34m 5m@0.57g/t
		88m 114m 26m@0.92g/t				52m 54m 2m@2.89g/t
	Incl.	88m 91m 3m @ 2.87g/t				61m 63m 2m@1.35g/t
		128m 154m 26m@0.39g/t				88m 94m 6m@0.63g/t
		191m 203m 12m@1.28g/t				111m 120m 9m@0.65g/t
	Incl.	198m 203m 5m @ 2.20g/t				164m 189m 25m@0.62g/t
		218m 235m 17m@0.70g/t				Incl. 168m 173m 5m@1.24g/t
		239m 251m **12m@ 1.35g/t **				194m 202m 8m@0.64g/t
	Incl.	244m 249m 5m @ 2.29g/t				211m 220m 9m@0.33g/t
		257m 273m 16m@0.49g/t				226m 316m **90m@ 0.97g/t **
		285m 300m 14m@0.45g/t				Incl. 234m 243m **9m@ 1.83g/t **
	MSRC25-015	74m 84m 10m@0.34g/t				Incl. 301m 311m 10m @ 3.02g/t
		98m 101m 3m@0.48g/t				329m 338m 9m@0.43g/t
		121m 147m **26m@ 0.93g/t **				MSRC25-020 6m 11m **5m@ 2.86g/t **
		152m 155m 3m@0.34g/t				29m 42m **13m@ 2.14g/t **
	MSRC25-016	20m 27m 7m@0.56g/t				Incl. 35m 39m **4m@ 4.75g/t **
	Incl.	25m 27m 2m @ 1.37g/t				47m 53m 6m@1.19g/t
		61m 64m 3m@1.66g/t				Incl. 47m 49m **2m@ 2.94g/t **
		71m 90m 19m@0.61g/t				69m 74m 5m@0.82g/t
	Incl.	81m 86m 5m @ 1.09g/t				78m 103m 24m@0.70g/t
		99m 101m 2m@0.42g/t				109m 139m 30m @ 1.86g/t
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Hole ID	From (m)	To (m)	Significant Intercept Au Grade (g/t)			Hole ID	From (m)	To (m)	Significant Intercept Au Grade (g/t)
105m 110m 5m@0.72g/t						Incl. 118m 134m **16m@ 2.98g/t **
MSRC25-016 143m 150m **7m@ 1.37g/t **						MSRC25-020 144m 164m **20m@ 2.28g/t **
154m 172m **18m@ 1.12g/t **						Incl. 144m 153m **9m@ 4.12g/t **
Incl. 166m 171m 5m @ 1.99g/t						173m 198m **24m@ 1.05g/t **
180m 204m **24m@ 0.61g/t **						210m 216m 6m@0.35g/t
227m 229m 2m@1.02g/t						221m 230m 9m@0.35g/t
237m 239m 2m@0.46g/t						MSRC25-021 3m 60m **57m@ 1.15g/t **
250m 256m 6m@0.77g/t						Incl. 12m 24m **12m@ 2.01g/t **
276m 278m 2m@0.48m						64m 105m **41m@ 0.68g/t **
296m 298m 2m@0.58m						Incl. 80m 87m 7m@1.12g/t
MSRC25-017 16m 23m 7m@0.63g/t						148m 162m 14@0.35g/t
41m 60m 19m@0.52g/t						174m 176m 2m@0.39g/t
64m 87m **23m@ 1.24g/t **						191m 193m 2m@0.34g/t
Incl. 64m 70m 6m @ 3.77g/t						MSRC25-023 0m 11m 11m@0.67g/t
92m 105m 13m@0.34g/t						15m 21m 6m@1.00g/t
110m 112m 2m@0.37g/t						26m 33m 7m@0.49g/t
127m 130m 3m@0.33g/t						41m 74m **33m@ 0.49g/t **
139m 143m 4m@0.52g/t						Incl. 61m 68m 7m@1.18g/t
172m 177m 5m@0.31g/t						81m 85m 4m@0.91g/t
189m 194m 5m@0.64g/t						MSRC25-023B 0m 8m 8m@0.71g/t
198m 204m **6m@ 1.97g/t **						15m 18m 3m@0.40g/t
MSRC25-018 22m 34m **12m@ 3.02g/t **						35m 68m 33m@0.46g/t
Incl. 26m 33m 7m @ 4.12g/t						74m 85m 11m@0.50g/t
56m 62m 6m@0.42g/t						MSRC25-024 0m 19m **19m@ 1.47g/t **
69m 71m 2m@0.42g/t						Incl. 0m 8m **8m@ 2.10g/t **
105m 108m 3m@1.27g/t						23m 79m **56m@ 0.74g/t **
158m 163m 5m @ 0.88g/t Incl. 161m 163m 2m@1.79g/t						Incl. 34m 37m 3m @ 2.15g/t
						and 66m 73m 7m@1.16g/t
179m 182m 3m@0.38g/t						91m 94m 3m@1.49g/t
188m 195m 7m@0.39g/t						102m 110m 8m@0.70g/t
204m 212m 8m@0.34g/t						Incl. 103m 105m 2m@1.31g/t
221m 239m 18m @ 1.03g/t						123m 142m 19m @ 0.73g/t
Incl. 227m 233m 6m @ 2.05g/t						Incl. 132m 136m **4m@ 2.10g/t **
267m 274m 7m@0.92g/t						156m 166m **10m@ 1.33g/t **
282m 288m **6m@ 1.95g/t **						Incl. 156m 161m **5m@ 2.18g/t **
293m 297m 4m@0.69g/t						170m 172m 2m@0.49g/t

Notes:

• Intercept cut-off grade is 0.3g/t gold.

• Intervals must be 3m or greater in length.

• Intervals are reported no more than 3m of continuous internal dilution.

• Sample preparation and assaying conducted by Proslabs Laboratory in Kouroussa, Guinea.

• Assayed by 50g charge fire assay with Atomic Absorption Spectrometry (AAS) finish (FAA515).

• EOH means end of hole.

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Appendix 1: JORC Code (2012 Edition), Assessment and Reporting Criteria

Section 1: Sampling Techniques and Data

Criteria	JORC Code Explanation	Explanation
Sampling Techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	The sampling described in this report refers to reverse circulation (RC) drilling. Samples were all collected by qualified geologists or under the supervision of geologists. The samples are judged to be representative of the rock being drilled. The nature and quality of sampling is carried out under QAQC procedures as per industry standards. RC samples are collected by a three-tier riffle splitter using downhole sampling hammers with nominal 127 to 140mm holes.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Sampling is guided by Asara’s protocols and Q alit ontrol procedures as per industry standards. To ensure representative sampling, 1m RC samples are collected from a cyclone, passing them through a 3-tier riffle splitter (producing a 2kg sample). Duplicate samples are taken every 20thsample. Measures were taken to avoid wet RC drilling.
	Aspects of the determination of mineralisation that are Material to the Public Report.	RC drilling samples are firstly crushed using a Jaw Crusher and there after crushed to 90% passing -2mm using a RSD Boyd crusher. A 250g-300g split sample is then pulverised via LM2 or ALSTO to a nominal 85% passing - μm Assayed by 50g charge fire assay with Atomic Absorption Spectrometry (AAS) finish (FAA50)
Drilling Techniques	Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc.).	RC drilling 139.7mm rods and face-sampling bit. The location of each hole was recorded by handheld GPS with positional accuracy of approximately +/-5m. Location data was collected in WGS 84, UTM zone 29N. The majority of drill holes were planned to be drilled at -60° on azimuth 295°. These angles were determined in a drillhole orientation and spacing study to be best to intersect the multiple directions of veining. The study was conducted by Micon International Ltd. Downhole surveying occurred (where-ever possible) at 30m intervals down hole.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	All RC samples are weighed to determine recoveries. Samples are recovered directly from the rig (via the cyclone and a 3-tier riffle splitter) in 1m intervals.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	All RC drill samples are visually checked for recovery, moisture and contamination. A technician and geologist is always present at the rig to monitor and record recovery. Recoveries are recorded in the database.

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Criteria	JORC Code Explanation	Explanation
		Reduced recovery sometimes occurred when the transitional zone was intersected. This was due to a high volume of water entering the hole within this zone. The RC rig has an auxiliary compressor and boosters to help maintain dry samples. When wet samples are encountered, the RC drilling is discontinued.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No relationship is seen to exist between sample recovery and grade. No sample bias is due to preferential loss/gain of any fine/coarse material due to the acceptable sample recoveries obtained by RC drilling methods.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Logging of RC chips recorded lithology, mineralogy, mineralisation, weathering, alteration, colour and other features of the samples. The geological logging was done using a standardised logging system. This information and the sampling details were transferred into Seequent’s MX Deposit geological database. All drilling has been logged to a standard that is appropriate for the category of Resource which is being reported.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Logging is both qualitative and quantitative, depending on the field being logged. The drill chips were photographed in both dry and wet form.
	The total length and percentage of the relevant intersections logged.	All holes are logged in full and to the total length of each drill hole. 100% of each relevant intersection is logged in detail.
Sub- sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	N/A for RC drilling. No diamond core samples have been reported in this press release.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	RC samples were collected on the rig using a three-tier riffle splitter. Most of the samples were dry. On the rare occasion that wet samples were encountered, they were dried before splitting with a riffle splitter. The standard RC sample interval was 1m.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples were transported by road to Proslabs laboratory in Kouroussa, Guinea. The sample preparation for all samples follows industry best practice. At the laboratory, all samples were weighed, dried and crushed to -2mm in a jaw crusher. A split of the crushed sample was subsequently pulverised in a mill to achieve a nominal particle si e of 90% passing μm
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	Asara has protocols that cover the sample preparation at the laboratories and the collection and assessment of data to ensure that accurate steps are used in producing representative samples. The crusher and pulveriser are flushed with barren material at the start of every batch and cleaned with compressed air before each sample..

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Criteria	JORC Code Explanation	Explanation
	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.	Sampling is carried out in accordance with Asara’s protocols as per industry best practice. Field QC procedures involve the use of certified reference material as assay standards and blanks, as well as field duplicates. The insertion rate of these averaged 1:20.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample sizes are considered appropriate to correctly represent the style of mineralisation, the thickness and consistency of the intersections.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Assayed by 50g charge fire assay with Atomic Absorption Spectrometry (AAS) finish (FAA50) The analytical method is considered appropriate for this mineralisation style and is of industry standard. The quality of the assaying and laboratory procedures are appropriate for this deposit type.
	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	No geophysical tools were used to determine any element concentrations.
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Sample preparation checks for fineness were carried out by the laboratory as part of their internal procedures to ensure the grind size of 90% passing 75 microns. The laboratory reports internal laboratory QAQC checks. QA/QC performance of the results reported in this press release were satisfactory with a 99% pass rate on Blanks and <5% CRM failure rate.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	eported res lts are compiled and erified b the ompan ’s Senior Geologist and the Technical Advisor.
	The use of twinned holes.	None of the drill holes in this report are twinned.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Asara geologists collect primary field data on standardised logging sheets. This data is compiled and digitally captured. The compiled digital data is verified and validated by the ompan ’s Senior Geologist.
	Discuss any adjustment to assay data.	The primary data is kept on file. There were no adjustments to the assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Down-hole surveys were completed using a north-seeking down-hole gyro survey tool. Measurements were taken every 30 meters when possible. Collars are surveyed with a handheld GPS (+/- 5m accuracy) while drilling is ongoing, then all holes are surveyed with a DGPS, which has locational accuracy of +/- 0.1m, X, Y and Z at the completion of drilling.
	Specification of the grid system used.	Location data was collected in UTM grid WGS84, zone 29 North.
	Quality and adequacy of topographic control.	Topographic control was established by traversing from the nearest national control point in the town of Siguiri and by installing multiple concrete control points in the prospect area.

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Criteria	JORC Code Explanation	Explanation
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Drilling spacing in the Massan Prospect was determined in a study conducted by Micon International Ltd. The study's outcome revealed that a spacing of 30m x 30m was optimal for establishing geological and grade continuity.
	Whether the data spacing, and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	Drill data spacing and distribution are sufficient to establish the geological and grade continuity appropriate for a JORC- compliant resource.
	Whether sample compositing has been applied.	There was no sample compositing.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	All drill holes reported here were drilled at 295°, which was determined to be the best azimuth for intersecting the three major vein orientations.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	No orientation-based sampling bias has been identified in the data at this point.
Sample security	The measures taken to ensure sample security.	Samples are stored on site prior to collection by laboratory staff and then transported by road to the laboratory in Kouroussa, Guinea.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	RPM Global reviewed Asara’s sampling techniq es prior to the release of a JORC-compliant resource in March 2022. Sampling was deemed to be appropriate. Since then, a higher quantity of QA/QC insertions has been adopted, only improving the procedures.

Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation	Explanation
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The reported drilling results are from the Kada permit. This permit is currently under permit A/2021/1638/MMG/SGG. Asara can acquire up to a 75% interest in the Kada permit by funding a Feasibility Study.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Following a country-wide review of all mineral exploration licenses by the Guinean Ministry of Mines, the Company has received confirmation from the Guinean authorities that its existing Kada and Bamféle licences remain in good standing, and the Company anticipates that both licenses will be renewed upon the reopening of the cadastre.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	The area currently covered by the Kada permit has undergone previous mineral exploration. Newmont explored the permit between 2009 and 2012.
Geology	Deposit type, geological setting and style of mineralisation.	The Kada Project spans an area of ~100 km² and is situated in the central Siguiri Basin. It lies 36km along strike from and to the south of the 10Moz Siguiri Gold Mine operated by AngloGold Ashanti.

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Criteria	JORC Code explanation	Explanation
Drill hole Information	A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length.	Appropriate locality plan maps accompany this announcement with supporting cross sections. Further information referring to previous drill hole results can be found on Asara’s website ASX Announcements–Asara Resources
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	There has been no exclusion of information.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high-grades) and cut-off grades are usually Material and should be stated.	All RC samples were collected at 1m intervals. For the 0.3 g/t gold cut-off calculations, up to 3m (down hole) of continuous internal waste could be included in the intersections. No weighting or high-grade cutting techniques have been applied to the data reported. Assay results are generally quoted rounded to 1 decimal place.
	Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Any aggregation done uses a length weighted average.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	Metal equivalent values are not reported in this announcement.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	The orientation of the mineralised zone has been established and the drilling was planned in such a way as to intersect mineralisation in a perpendicular manner.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	All results are listed in down-hole lengths. The orebody is considered to be a stockwork of veins with three major orientations.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e g ‘down hole length, tr e width not nown’	All results are listed in down-hole lengths. The orebody is considered to be a stockwork of veins with three major orientations.

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Criteria	JORC Code explanation	Explanation
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Maps and cross sections are provided in the main text.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high- grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	The accompanying document is considered to represent a balanced report.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	There is no other exploration data which is considered material to the results reported in the announcement.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	Further exploration and infill drilling are currently ongoing and will continue to target the Massan MRE area as well as explore extensions to the south, north and at depth.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Refer to main body of this report.

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