Asara Resources : Corporate Presentation

The Kada Gold Project

Developing a Premier Gold Asset in the Siguiri Basin, Guinea April 2026

CORPORATE PRESENTATION

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INVESTMENT HIGHLIGHTS

Large Siguiri Basin footprint with 0.9 Moz1 anchor deposit and clear expansion opportunity

PREMIER GOLD DISTRICT

Positioned in the Siguiri Basin of Guinea, a geologically endowed district producing ~18% of West Africa's gold.

Regional AISC averages ~US$1,300/oz.

GROWING GOLD INVENTORY

923 koz Au MRE1 at the Massan and Bereko deposits, both of which remain open along strike and down-dip with demonstrated expansion potential.

SIGNIFICANT UPSIDE POTENTIAL

Over 15 km of highly prospective strike within the Siguiri gold trend, with applications for the Banan and Talico permits positioned to expand total strike coverage to >35 km.

PROVEN TRACK RECORD

A Board and management team with extensive experience and a proven track record in the exploration, discovery, permitting and financing of gold projects across West Africa.

STRONG SHAREHOLDER BACKING

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Supported by a high-quality register of domestic and international gold-focused institutional investors and experienced high net worth individuals.

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1. 224 koz Indicated and 699 koz Inferred, Mineral Resource details provided in Appendix 1

2. Mineral Resource details provided in Appendix 2

A GUINEA GOLD OPPORTUNITY

Strategic basin-central position in a growing world-class gold district

West Africa, a Leading Gold Province: Guinea contributes ~18% of West Africa's (WA) gold production from the Siguiri Basin within the world's largest gold-producing region.

Stable, Mining-Friendly Jurisdiction: Guinea is a low security risk, a growing mining sector, the world's third-largest bauxite producer, and home to the Simandou iron ore project, one of the world's largest current mining development projects.

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Siguiri Basin, a Proven Gold District: Part of the Birimian gold system, hosting five world-class producing operations, with ongoing investment driven by underexplored potential.

Asara has a premium geological package in the centre of the Siguiri Basin, directly along strike of the Siguiri Gold Trend

CORPORATE OVERVIEW

Strong share price and market capitalisation growth driven by operational progress

CAPITAL STRUCTURE1 OWNERSHIP

Share Price

AS$ 0.14

Enterprise Value

203M

MAJOR SHAREHOLDERS

LISTINGS

Shares on Issue

4

Market Cap

1.6B

AS$ 225M

Cash Balance2

Debt

21M

Nil

Barbet LLC FZ Capital DI

………

.………….

14.94%

12.47%

MARKET ACTIVITY & PERFORMANCE - MARKET CAP (AS$M) AND WEEKLY SHARE PRICE (AS$)

180

01 and 09/12/25

Drill results and acquisition of Arafura Permits

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1 and 3/04/25

Drilling contract for Kada awarded and sale of Burkina Fasso Assets

28/07/25

A$25m raise to accelerate exploration at Kada

30/09/25

Initial drill

results

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140

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17/10/24

Barbet A$1.42m

placement

14/02/25

Barbet A$2.3m placement and Matthew Sharples appointed CEO

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Share Price growth in Period: 900%

Market Cap growth in Period: 1,728%

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1. As of 14 April, 2026 2. Cash balance at 31 December 2025

BOARD OF DIRECTORS & CORPORATE GOVERNANCE

Experienced board with a proven track record in gold discovery and development

JEFF QUARTERMAINE

Non-Executive Chairman

• Mr Quartermaine is an MBA-qualified mining executive with 20+ years' technical, financial and strategic experience

• As CEO of Perseus Mining for nearly 13 years, he built it into a profitable, multi-mine African gold producer exceeding 500,000 ounces a year.

BRETT MONTGOMERY

Non-Executive Director

• Experienced mining executive with a strong track record in public company leadership and equity and debt financing.

• Has held executive and non-executive roles across projects in West Africa, Australia, North America, Europe and Indonesia.

DOUG JONES

Non-Executive Director

• A PhD-qualified geologist and JORC competent person with 45 years of international experience

• Discovery track record includes >10 Moz Siguiri deposit in Guinea and the 1.3 Moz Saramacca deposit in Suriname, along with reserve growth at Yaouré and Edikan with Perseus Mining.

TIM STRONG

Non-Executive Director

• An economic geologist with 17+ years of experience specialising in West African orogenic gold.

• Capital markets expertise across seed, pre-IPO and listed company financings with a broad European and North American investor network.

JOANNA KIERNAN

Company Secretary

• A governance professional with over 18 years' experience in the operation and administration of publicly listed companies, primarily in the resources sector.

• Held the role of Company Secretary for numerous ASX, AIM and SGX listed companies.

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LEADERSHIP TEAM

Proven team with extensive experience advancing Guinean gold projects to production

MATTHEW SHARPLES

Chief Executive Officer

• Mining professional with >25 years experience in M&A, development and consulting. Worked globally with major firms and holds degrees from Durham and Royal Holloway, London.

• Co-founded Sycamore Mining, he expanded Kiniero Mine from 1.5Moz to 3.5Moz, sold for US$ 160m.

ANDREW DE KLERK

VP of Exploration

• Exploration Geologist with

  >20 years global experience, specialising in gold in West Africa, particularly in Guinea.

• Served as Global Exploration Manager for Deloitte. At Sycamore and Robex he expanded the Kiniero Mine from 1.5Moz to 3.5Moz, discovering the Sabali South and Mansounia Deposits.

ANDRE BEZUIDENHOUT

Principal Geologist

• Over 15 years' experience across the geology and mining industry, spanning exploration, consulting, and project development, particularly in West Africa.

• Strong ability to integrate technical and financial disciplines to advance projects efficiently and maximise shareholder value.

MANDJOU KEITA

Geology Manager

• Exploration geologist with 20 years Guinea experience. Project Geologist at SAG Mine. Principal in discovering the Maniantou Deposit and the growth of the Saraya & Silakoro Pit Complex.

• Exploration Manager at Kiniero, he executed >150km of drilling, discovering Sabali South & Mansounia deposits.

SOULEYMANE SAADI

Country Manager

• Established Guinean entrepreneur with a proven track record of delivering complex projects.

• Recognised and respected, he leverages strong local networks to navigate challenges, secure opportunities, and drive success in Guinea's unique business environment.

Asara's leadership has a proven track record in the Siguiri Basin, Guinea, advancing the Kiniero Gold Mine to DFS completion and its sale and subsequent acquisition by Robex Resources

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ESG AND COMMUNITY INITIATIVES

Strengthening local communities through partnership and sustainable economic development, whilst upholding commitment to environmental responsibility

LOCAL ECONOMIC

PARTICIPATION

• Local communities are key stakeholders

• Priority given to local employment, local contractors, and local procurement where feasible

COMMUNITY

INFRASTRUCTURE INVESTMENT

• Targeted investment in roads, bridges, water wells, and essential services to support longterm sustainable community development

ROBUST CORPORATE

GOVERNANCE

• Clear accountability and independent board oversight

• Strong risk management protecting shareholders and supports sustainable value creation

ENVIRONMENTAL

RESPONSIBILITY

• Commitment to best-practice environmental management, rehabilitation, and low-impact, sustainable exploration, guided by a "do no harm" approach

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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.

Massan Deposit (Flagship): Most advanced asset with a 2023 maiden MRE of 224 koz Indicated and 682 koz Inferred1; mineralisation remains open along strike and at depth, with demonstrated down-dip continuity.

Bereko Deposit: Under-drilled, currently 18 koz Inferred1. Mineralisation open along strike and interpreted to extend north into adjacent northern Banan Permit.

Arafura Acquisition (November 2025): Proposed addition of the Damissa Koura permit (~98 km²), 7 km east of the Massan Deposit within the same highly prospective geological setting. The acquisition is ongoing and not yet completed.

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Banan, Talico and Syli Resources Permits under application: Potential further expansion along the Siguiri Trend into Greenfields territories - no drilling to date. Extensive historical and active in-situ artisanal mining hosts demonstrated mineralisation along the same N-S geological trend.

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1. Mineral Resource details provided in Appendix 1

MASSAN DEPOSIT: JORC 2023 MRE

A Resource constrained by drill coverage, not mineralisation continuity

Massan 2023 MRE Indicated and Inferred Material

Material Type	Indicated Tonnes Grade Mt g/t	Inferred Tonnes Grade Mt g/t	Total Tonnes Grade Gold Mt g/t Ounces
Oxide 4.60 1.07 7.28 0.93 11.88 0.99 Transition 1.07 0.88 3.80 0.91 4.94 0.90 Fresh 1.25 0.90 11.65 0.93 12.9 0.93				377,000 143,000 386,000
TOTAL 6.92 1.01 22.8 0.93 29.72 0.95 906,000
	224 koz Au 682 koz Au

Highlights

• MRE was constrained using a US$1,800/oz gold price

• The pit shell is shallow due to limited drilling at depth, with an average pit depth of ~140 m

• The MRE incorporated ~48 km of RC and DD

• As of March 2026, an additional ~25 km has been completed, with ~60 km targeted ahead of the next MRE update in Q3 of 2026

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MASSAN DEPOSIT: THE UPSIDE

Mineralised Domains highlight significant Resource upside through continued drilling

Highlights

Massan 2023 MRE Mineralised Domains

• Proven strike continuity of mineralisation >3,500 m

• Mineralisation demonstrated to depths exceeding 600 m

• Significant potential to discover additional high-grade 'core' zones along strike through further drilling

• The extent of the 2023 MRE is therefore constrained primarily by the current drilling density required to support higher confidence resource categories, rather than by a lack of geological continuity

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MASSAN'S POTENTIAL QUICK WINS

Demonstrated strike and depth potential to expand Indicated and Inferred Resources

1 1 1

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1• Strike Continuity Confirmed by Drilling: The current Inferred

2 3

Recent Asara drilling

confirms mineralisation

Resource captures only ~1.3 km of the N-S mineralised strike, while wider-spaced drilling has already confirmed consistent, significant downhole gold intercepts over >2.4 km strike

2• Depth Extension Proven: Historical drilling and the current 2025 Asara drilling campaign confirm down-dip continuity beyond 600m below surface, ending in mineralisation.

continuity beyond the data-constrained pit saddle 2

ending in grade

3• Pit saddle depth expansion: Planned drilling to extend the pit saddle from the current ~100 m depth to >250 m depth, targeting additional near-pit mineralisation.

4• Untested depth extension: Significant opportunity to systematically test down-dip extensions along the entire strike.

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Note: Drill holes pending assay results are excluded. The long section shows only NS strike-aligned holes.

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	16	116	100 m	3.2 g/t
MSRC26-017C*	18	139	120 m	1.2 g/t
NSAC066	95	115	20 m	4.8 g/t
MSRC024	0	37	37 m	2.0 g/t
KRC021	0	28	28 m	2.4 g/t
NSRC245	55	74	19 m	3.5 g/t
KRC008	0	21	21 m	3.1 g/t
KRC020R	0	34	34 m	1.9 g/t
MSRC26-022*	97	120	23 m	2.7 g/t
MSRC25-004B*	0	16	16 m	3.5 g/t

MSRC25-019*	226	316	90 m	1.0 g/t
KDH003	71	102	31 m	2.4 g/t
MSRC25-023B*	174	249	75 m	0.9 g/t
MSRCD25-001B*	145	166	21 m	2.6 g/t
KRC132	107	128	21 m	1.8 g/t
KRC049	165	183	18 m	1.9 g/t
TC3	382	393	11 m	3.0 g/t
NSC001	167	179	12 m	2.6 g/t
MSDD011	149	157	8 m	3.8 g/t
TC9	196	209	13 m	2.1 g/t

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*Asara 2025/26 Drillhole *Asara 2025/26 Drillhole

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1. A downhole significant intercept represents the total mineralised interval at a given grade, calculated from economically composited intervals using a 0.3 g/t Au cut-off, a minimum composite length of 2 m, and allowing up to 3 m of internal waste dilution.

A DEPOSIT FAVOURABLE FOR MINING

Stockwork mineralisation, low-strip ratio, free-digging and excellent recoveries

Mineralisation is controlled by the intersection of two major cross-cutting regional structures, forming distinct high-grade lodes within a broader stockwork mineralised system

Broad, continuous mineralised zones (>0.2 g/t Au) support the potential for a low strip ratio in open pit mining

A deeply developed weathering profile (~120 m average) underpins significant volumes of free-digging oxide material

Fresh rock medium hardness (BWI)

Cross-regolith bulk composite metallurgical testwork (ALS Perth) demonstrates strong recoveries, with oxide and fresh material achieving >95% and ~88% respectively

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MASSAN'S CLEAR PATHWAY TO RESOURCE GROWTH

Two concurrent, aggressive drill campaigns

Massan remains significantly under-drilled, with mineralisation open along strike and at depth.

Historical drilling defined ~3.5 km of mineralised strike, with both ends still open.

Depth continuity confirmed by Newmont and validated by Asara drilling below the 2023 US$1,800 pit shell.

To unlock this upside, Asara is executing two focused, concurrent drill programs:

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Phase 1 - Indicated Growth Plan: Convert Inferred to Indicated resources over ~1.3 km of strike, while extending depth coverage to a minimum of ~250 m, compared to the

~150 m average pit floor depth in the 2023 pit shell.

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1. Mineral Resource details provided in Appendix 1

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Phase 2 - Inferred Growth Plan: Expand the Inferred resource strike length to ~3.5 km, from the current ~1.3 km, testing the broader mineralised corridor.

MASSAN INDICATED DRILL PLAN

Drilling to rapidly grow the Indicated Resource

N-S Strike & Depth Extension Drilling: Approximately 315 RC/DD drill holes targeting a minimum depth of 250m, for a total planned program of ~80,000m.

The program is designed to expand the Indicated Resource footprint from approximately 300m × 4000m x 140m to

>1,300m × 600m x 250m along the N-S trend.

The 2023 pit shell included areas with maximum depths of approximately 140 m; Phase 1 drilling has confirmed the continuation of mineralisation to depths exceeding 250 m.

Depth extension mineralisation remains consistent with the established, deposit-wide style, characterised by broad, continuous zones of gold mineralisation.

Significant portion of drilling ends in mineralisation

Ongoing drilling focuses on further delineating mineralisation at Massan to a depth of at least 250 m

Potential to deepen the pit shell across the deposit to at least 250 m under a higher gold price scenario

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DRILLING SUPPORTS A DEEPER PIT SHELL AT MASSAN

Phase 1 drilling confirms continuous mineralisation beyond the 2023 US$1,800 pit shell

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INFERRED GROWTH PLAN

Systematic drilling to expand strike and depth

Planned Strike Extension Drilling: Approximately 160 RC/AC drill holes targeting a minimum depth of 120m to 150m, for a total planned program of ~20,000m.

The Inferred programme will test two key extensions:

• The broadly mineralised north-south trending T1 structural corridor, which extends over >3.5 km

• Additional high-grade, cross-cutting NE-SW T2 structures, and their continuity along the NE-SW trend beyond the main N-S mineralised corridor

The program is designed to expand the existing Inferred Resource footprint from ~1,300m × 600m to >3.5km × 600m along the north-south mineralisation trend.

The scale of the Inferred drilling programme highlights the significant upside potential at the Massan deposit and the limited drilling across the broader mineralised corridor and cross-cutting NE-SW structures.

Asara is actively advancing drilling to unlock this potential

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A CLEAR, NEAR-TERM GROWTH STRATEGY

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Accelerated drilling to expand the pit shell and advance strike and depth extensions

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Note: Drill holes pending assay results are excluded. The long section shows only NS strike-aligned holes.

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 and depth continuity provides clear potential to expand the Inferred Resource and upgrade substantial material to Indicated

STRONG METALLURGICAL PERFORMANCE

EXCELLENT INFRASTRUCTURE AND LOCATION

Massan metallurgical testwork confirms free-milling mineralisation with high gold recoveries, averaging 95 to 97% in oxide and ~88% in transition and fresh material

SCALABLE DEVELOPMENT OPPORTUNITY

Potential to establish Massan as a large starter deposit, with scope to progressively add multiple satellite deposits feeding a centralised processing hub

FAVOURABLE MINING CHARACTERISTICS

Massan's thick saprolite profile, averaging ~120m, supports free-digging potential to depth, complemented by a low strip ratio (<3.5:1 W:O)

Proximity to the established mining centres of Siguiri, Kankan and Kouroussa providing access to infrastructure, skilled labour, contractors, and services, reducing development risk

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