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- Last 2026-11-06
- A$0.11
- 1D
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- 1M
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- YTD
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- Fair value
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- Upside
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- Mkt cap
- A$230.3M
- EV
- A$176.6M
- Cash
- A$53.7M
- Debt
- A$0
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Sign in or enter a guest codeAnnouncements
Latest 12 of 7All sources ▸- ASX announcement: Non-Executive Director Retirement (29 October 2026)Governance
- Quarterly Activities and Appendix 5B Cash Flow Report, September 2026 quarterResults
- Asara Resources 2026 Annual Report (year ended 30 June 2026)Results
- Application for quotation of securities (15 September 2026)Financing
- Corporate presentation: The Rapidly Growing Kada Project (31 August 2026)Presentation
- ASX announcement: Acquisition of the Damissa Koura permits (31 August 2026)Transaction
- ASX announcement: Asara raises $60m to fast track exploration (8 May 2026)Financing
Event calendar · next 12 months
3 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| November 2026 (AGM scheduled for November 2026 per AR p23) | 2026 AGM and retirement of Brett Montgomery | Governance | Company Guided | Medium | Board changes after the AGM; Montgomery retires and the board drops to four directors. |
| Late January 2027 (quarterly cadence: 23 Jan 2026, 30 Apr, 30 Jul, 28 Oct 2026) | December 2026 quarterly activities and Appendix 5B | Results | Inferred | Medium | Updated cash, quarterly burn and drilling progress for the first quarter of FY2027. |
| Targeted for end of Q2 CY2027 | Kada DFS completion (earn-in to 75% and development decision) | Study | Company Guided | High | The DFS sets the capex, mine plan and reserve basis and triggers the earn-in to 75%; it is the central valuation catalyst. |
Executive roster
As of 2026-11-06Background checks ▸Named key management personnel and company secretary in the FY2026 annual report (note 16, p58) and corporate directory (p2), updated for the 1 May 2026 managing director appointment and the 18 May 2026 CFO appointment. Coverage is partial because the September 2026 quarter names the Mineral Resource manager and other staff without listing them as executives.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Matthew Sharples | Managing Director & Chief Executive Officer | Executive Director · Chief Executive | 2026-05-01 | Asara Resources 2026 Annual Report (year ended 30 June 2026) |
| Andrew de Klerk | Vice President Exploration | Technical · Senior Management | 2026-05-01 | Asara Resources 2026 Annual Report (year ended 30 June 2026) · Quarterly Activities and Appendix 5B Cash Flow Report, September 2026 quarter |
| A Douyere | Chief Financial Officer | Finance · Senior Management | 2026-05-18 | Asara Resources 2026 Annual Report (year ended 30 June 2026) |
| Joanna Kiernan | Company Secretary | Company Secretary | — | Asara Resources 2026 Annual Report (year ended 30 June 2026) |
| Ryan Langdon | Mineral Resource Competent Person (full-time employee) | Technical | — | Asara Resources 2026 Annual Report (year ended 30 June 2026) · Corporate presentation: The Rapidly Growing Kada Project (31 August 2026) |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Kada Gold Project (Kada and Bamfele permits, Massan and Bereko deposits)
GN
Resource Stage51% ownedGold
Asara holds 51% through Kada Holdings Limited and may increase to 75% by funding a DFS (no time frame prescribed). Updated interim MRE of 31 Aug 2026; drilling continues; DFS targeted for end of Q2 CY2027.
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves3
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated and Inferred (total) | 92.9M t | 0.70 g/t Au | Gold | 2026-08-31 |
| Mineral Resource | Indicated | 51.4M t | 0.77 g/t Au | Gold | 2026-08-31 |
| Mineral Resource | Inferred | 41.5M t | 0.61 g/t Au (tonnage-weighted) | Gold | 2026-08-31 |
Tenements5
Milestones2
- DFS completion (required for the earn-in to 75%)
Pending · High materiality
- Updated Mineral Resource after Phase 1 and Phase 2 drilling (no date given)
Pending · Medium materiality
Permits & approvals1
| Permit | Jurisdiction | Status | Expiry | Critical path |
|---|---|---|---|---|
| Mining licence for development (not yet applied for in documents read) | Guinea | Required | — | Yes |
Other
Damissa Koura and Kankan West exploration permits (Arafura Ouest Pte Ltd)
GN
Early Explorer100% ownedGold
Acquired 100% of Arafura Ouest; settlement expected about 7 Sept 2026 and 5,000,000 consultant shares issued 14 Sept 2026. Historical Newmont drilling; ~1 km >100 ppb Au auger anomaly.
Project location
Approximate location
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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements2
Other
Loreto Copper Project (Chile)
CL
Early Explorer100% ownedCopper
Option and joint venture with Teck Resources Chile Limitada: Teck may earn up to 75% for US$0.6m in payments and US$17m exploration expenditure; Teck is securing landowner access.
Project location
Approximate location
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© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Tenements1
Other
Paguanta Copper and Silver-Lead-Zinc Project (Chile)
CL
Care And Maintenance74.5% ownedZincLeadSilverCopperGold
On care and maintenance since 2018. Binding share sale to Ajax Resources PLC signed 19 Aug 2026 for up to US$1.4m; completion subject to conditions precedent.
Project location
Approximate location
Loading imagery…
© OpenStreetMap contributors. Basemap imagery © Esri (Maxar, Earthstar Geographics). Dated overlays contain modified Copernicus Sentinel data. Visible surface changes do not establish production or completion.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Measured and Indicated | 1.1M t | Zn 5.3%, Pb 1.8%, Ag 104 g/t, Au 0.3 g/t (6% ZnEq cut-off) | Zinc · Lead · Silver · Gold | 2017-05-30 |
| Mineral Resource | Inferred | 1.3M t | Zn 4.8%, Pb 1.1%, Ag 75 g/t, Au 0.3 g/t (6% ZnEq cut-off) | Zinc · Lead · Silver · Gold | 2017-05-30 |
Tenements1
Milestones1
- Completion of the Ajax sale (conditions precedent)
Pending · Low materiality
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Debt-free with A$53.7m cash at 30 September 2026 after the A$60m placement; the company is funded through the next drilling campaign but not through the DFS and any development capex, which is not yet estimated.
Capital structure
Ownership and dilution
- Ordinary shares
- 2.1B
- Fully diluted
- 2.1B
Shares on issue were 1,101,177,848 at 30 June 2025 and 2,055,930,993 at 30 June 2026 (AR Note 13). After the 2025 and 2026 placements, the quoted count was 2,093,351,479 at 15 September 2026 after 5,000,000 Arafura consultant shares were issued on 14 September 2026 (quotation). Fully diluted adds 37,000,000 performance rights and 15,700,000 options gross; exercise proceeds of about A$0.87m are added in the bridge. The A$547,859 FY2026 STI bonus provision is to be settled in shares and is not yet issued; it is excluded.
Security classes6
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| Ordinary fully paid shares (quoted) | Ordinary Share | 2.1B | — | — |
| Options AAN exercisable at A$0.075 | Option | 11.2M | A$0.075 | 2028-09-18 |
| Options AJ exercisable at A$0.015 | Option | 2M | A$0.015 | 2028-06-03 |
| Options AAJ, nil exercise price | Option | 2.5M | A$0 | 2027-02-24 |
| Performance rights AAM (issued 3 June 2025, expire 3 June 2029) | Performance Right | 24M | — | 2029-06-03 |
| Performance rights issued 22 July 2026 (expire 22 July 2030) | Performance Right | 13M | — | 2030-07-22 |
KPI history
Operating metrics
Operating metric source table3
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Cash and cash equivalents, 30 June 2026 | Company | FY2026 year end | Point In Time | 59,752,785 AUD | Reported |
| Cash and cash equivalents, 30 September 2026 | Company | September 2026 quarter | Point In Time | 53,689,000 AUD | Reported |
| Evaluation and exploration expenditure, September 2026 quarter | Kada | September 2026 quarter | Quarter | 8,480,000 AUD | Reported |
Company guidance1
| Metric | Project | Period | Low | High | Status |
|---|---|---|---|---|---|
| Definitive Feasibility Study Completion | kada | end of Q2 CY2027 | — | — date | Current |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-05-15Ann. 2026-05-08 | RaisingOrdinary Fully Paid | A$60M | 480M | A$0.125 | Completed | Two-tranche placement: tranche 1 of 400,004,932 shares (about A$50m) under Listing Rules 7.1 and 7.1A; tranche 2 of 79,995,068 shares (about A$10m) approved on 19 June 2026, with part settling on 2 July 2026.Max 480M · Holder approval required |
| 2025-08-01Ann. 2025-07-28 | RaisingOrdinary Fully Paid | A$25M | 500M | A$0.05 | Completed | Two-tranche placement of A$25m before costs to fund the Kada exploration program.Max 500M |
Contracts and ownership
Material economic arrangements These are deals that can affect sales, costs, funding or ownership. An arrangement marked “Included in valuation” may already be built into a project estimate or the bridge to shareholder value. A separate amount is shown only when one can be estimated; do not add it again.
Arrangements found in the FY2026 annual report, the September 2026 quarterly, the corporate presentation and the Damissa and Ajax announcements. Guinea state participation (the mining code grants the state a non-dilutable 15% carried interest at title, per a secondary search summary, not verified against the code) is not confirmed for Kada in any issuer document read, so coverage is partial.
Asara holds 51% of Kada Holdings Limited, which holds the Kada interests; the 49% partner shares funding and output. Asara controls the entity contractually and consolidates it (AR p61).
Joint Venture · Active- Counterparties
- Kada JV minority partner (49% of Kada Holdings Limited; not named in documents read)
- Applies to
- Kada Gold Project (Kada and Bamfele permits, Massan and Bereko deposits) · Gold
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Asara interest in Kada Holdings Limited: 51 pct
Asara consolidated control: 1 flag
How it affects our valuation
No valuation treatment is available for this arrangement.
Asara exercised its third earn-in tranche (additional 24%) in April 2022; it may increase its interest to 75% by funding the DFS. Tranche 3 of the performance rights ties vesting to a BFS that moves Kada from 51% to 75%.
Earn In · Conditional- Counterparties
- Kada JV partner
- Applies to
- Kada Gold Project (Kada and Bamfele permits, Massan and Bereko deposits) · Gold
- Economic direction
- Benefit
- Period
- From 2022-04-01; no end date stated
- Key terms
- Earn-in tranche 3 interest to 75%: 75 pct
Remaining earn-in: 24 pct
How it affects our valuation
No valuation treatment is available for this arrangement.
Option and joint venture agreement (US$17m OJVA): Teck can earn up to 75% through US$0.6m in payments and US$17m of exploration expenditure. Asara keeps 25% after the earn-in.
Farm In · Active- Counterparties
- Teck Resources Chile Limitada
- Applies to
- Loreto Copper Project (Chile) · Copper
- Economic direction
- Mixed
- Period
- Dates not stated
- Key terms
- Option to acquire up to 75% of Loreto: 75 pct
Committed exploration expenditure: 17 USD m
Option payments to Asara: 0.6 USD m
How it affects our valuation
No valuation treatment is available for this arrangement.
Binding share purchase agreement to sell the 74.79% interest in Paguanta for up to US$1.4m, subject to conditions precedent (Q p9; AR note 25).
Other · Conditional- Counterparties
- Ajax Resources PLC
- Applies to
- Paguanta Copper and Silver-Lead-Zinc Project (Chile) · Zinc · Lead · Silver · Copper
- Economic direction
- Benefit
- Period
- From 2026-08-19; no end date stated
- Key terms
- Upfront cash: 50,000 USD
Ajax shares: 350,000 USD
Deferred cash on two JORC Ore Reserve milestones: 1,000,000 USD
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
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Sensitivity lab
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Sign in or enter a guest codePeople, delivery and responsibility
Management background checks
Asara has a Guinea-focused exploration team with prior Kiniero/Siguiri project experience and named geology, finance and governance qualifications. The 2026 placement and Kada resource/drilling progress support continued exploration and DFS work, but do not constitute construction or production delivery. Sharples has a dated issuer-attributed role in restarting exploration; Keita’s prior drill/discovery work and credentials are more specific but remain mainly issuer/profile reported. Independent individual outcome, credential and Guinea safety/environmental evidence remains incomplete.
Decision-relevant facts
Material summary
Matthew Sharples
Managing Director and CEO
Role FitAnalyst Inference · Medium materiality
Professional background and role relevance
Issuer states degrees from Durham and Royal Holloway, London; fields and dates are not listed in reviewed company profile.
Responsibility not applicable · Sources provide selected background details, mostly issuer-reported; independent corroboration is incomplete.
About / Proven Team · Matthew Sharples biography
Corporate Presentation · leadership team p. 6
Personal SuccessIssuer Reported · High materiality
Kiniero resource growth and project sale experience
Asara says Sharples co-founded Sycamore Mining, expanded Kiniero Mine resources from 1.5 Moz to 3.5 Moz, and participated in its US$160m sale. The April 2026 presentation describes team advancement of Kiniero through DFS and sale; Micon records de Klerk’s geology role in the same project. Individual shares of resource growth, DFS and transaction work cannot be separated. In his current Asara tenure, the board says he helped restart and advance Kada exploration and expand Asara’s Guinea footprint; this is issuer-attributed leadership contribution, not a completed mine or production outcome.
Individual involvement documented · Issuer profile attributes co-founder role and Kiniero resource expansion/sale to Sharples, but does not quantify his personal contribution. Asara’s board separately credits his leadership with restarting/advancing exploration at Kada; no operating result is yet attributable.
About / Proven Team · Matthew Sharples biography
Growing the Micon Team: Andrew de Klerk · Kiniero development, DFS, financing and acquisition/sale context
Appointment of Matthew Sharples as Managing Director & Chief Executive Officer · p. 1; board attribution for Kada restart/advancement and Guinea expansion
FailureIssuer Reported · Medium materiality
Exploration-stage funding dependence; no producing mine
Asara’s 2025 report describes an exploration entity with no operating cash flow and dependence on external financing. Subsequent A$60m financing materially supports continued work. This is a stage/funding risk, not evidence of executive misconduct.
Role overlaps event; causation unproven · Company financial condition overlaps management but does not establish individual failure or poor capital allocation.
2025 Annual Report · material business risks, funding and cashflow
Quarterly Activities & Cashflow Report – June 2026 · June quarter financing and activities
Evidence gaps · 3
- Several management roles lack appointment dates and full biographies in dated filings.
- Open-source review is not an exhaustive background, credentials, sanctions, litigation or regulator-record check.
- Guinea safety/environmental and community evidence is mainly issuer-reported in sources reviewed.
Aurelien Douyere
Chief Financial Officer
Role FitAnalyst Inference · Medium materiality
Professional background and role relevance
Asara’s 18 May 2026 appointment announcement identifies Douyere as a CPA with 15+ years in senior finance roles and names him as CFO of Sahara Natural Resources immediately before Asara. Asara’s profile describes finance transformation, business improvement, operations, control/system implementation and English/French fluency. The reviewed public material does not provide dated role chronology, specific audited outcomes, or independent confirmation of prior titles.
Responsibility not applicable · Sources provide selected background details, mostly issuer-reported; independent corroboration is incomplete.
Asara appoints a Chief Financial Officer · appointment announcement, background and prior Sahara CFO role
About / Proven Team · Aurelien Douyere biography; finance remit and languages
Company SuccessIssuer Reported · Medium materiality
Kada resource and exploration growth under current team
Asara’s 2026 filings report a 923 koz resource at Massan/Kada and active drilling; a 2026 quarter describes substantial resource growth and a A$60m placement supporting further exploration. The team’s roles overlap company progress, but personal responsibility is not isolated.
Role overlaps event; causation unproven · These company outcomes overlap tenure for current management, where tenure is known; individual contribution is not separately established.
Quarterly Activities & Cashflow Report – June 2026 · June quarter resource/drilling and funding update
Corporate Presentation · Kada project/team
FailureIssuer Reported · Medium materiality
Exploration-stage funding dependence; no producing mine
Asara’s 2025 report describes an exploration entity with no operating cash flow and dependence on external financing. Subsequent A$60m financing materially supports continued work. This is a stage/funding risk, not evidence of executive misconduct.
Role overlaps event; causation unproven · Company financial condition overlaps management but does not establish individual failure or poor capital allocation.
2025 Annual Report · material business risks, funding and cashflow
Quarterly Activities & Cashflow Report – June 2026 · June quarter financing and activities
Evidence gaps · 4
- Several management roles lack appointment dates and full biographies in dated filings.
- Open-source review is not an exhaustive background, credentials, sanctions, litigation or regulator-record check.
- Guinea safety/environmental and community evidence is mainly issuer-reported in sources reviewed.
- Prior CFO tenure and individual finance outcomes at Sahara Natural Resources are not dated or independently corroborated in the reviewed public sources.
Joanna Kiernan
Company Secretary
Role FitAnalyst Inference · Medium materiality
Professional background and role relevance
Asara’s current profile reports 18+ years administering listed companies, chiefly in resources, across ASX, AIM and SGX issuers, and concurrent company-secretary roles at Asara and Marvel Gold. The 2026 presentation confirms this governance remit. Public biographies reviewed do not disclose education, a full prior-company chronology, or the Asara appointment date; no claim is made about governance outcomes at former issuers without tenure-specific evidence.
Responsibility not applicable · Sources provide selected background details, mostly issuer-reported; independent corroboration is incomplete.
About / Proven Team · Joanna Kiernan biography
Corporate Presentation · board and corporate governance, p. 5
Company SuccessIssuer Reported · Medium materiality
Kada resource and exploration growth under current team
Asara’s 2026 filings report a 923 koz resource at Massan/Kada and active drilling; a 2026 quarter describes substantial resource growth and a A$60m placement supporting further exploration. The team’s roles overlap company progress, but personal responsibility is not isolated.
Role overlaps event; causation unproven · These company outcomes overlap tenure for current management, where tenure is known; individual contribution is not separately established.
Quarterly Activities & Cashflow Report – June 2026 · June quarter resource/drilling and funding update
Corporate Presentation · Kada project/team
FailureIssuer Reported · Medium materiality
Exploration-stage funding dependence; no producing mine
Asara’s 2025 report describes an exploration entity with no operating cash flow and dependence on external financing. Subsequent A$60m financing materially supports continued work. This is a stage/funding risk, not evidence of executive misconduct.
Role overlaps event; causation unproven · Company financial condition overlaps management but does not establish individual failure or poor capital allocation.
2025 Annual Report · material business risks, funding and cashflow
Quarterly Activities & Cashflow Report – June 2026 · June quarter financing and activities
Evidence gaps · 3
- Several management roles lack appointment dates and full biographies in dated filings.
- Open-source review is not an exhaustive background, credentials, sanctions, litigation or regulator-record check.
- Guinea safety/environmental and community evidence is mainly issuer-reported in sources reviewed.
Andrew de Klerk
VP of Exploration
Role FitAnalyst Inference · Medium materiality
Professional background and role relevance
Micon gives BSc (Hons), Pr.Sci.Nat. and SAIMM membership; 2017 competent-person report identifies Rhodes University geology and environmental science degrees and additional qualifications.
Responsibility not applicable · Sources provide selected background details, mostly issuer-reported; independent corroboration is incomplete.
Growing the Micon Team: Andrew de Klerk · professional biography
About / Proven Team · Andrew de Klerk profile
Corporate Presentation · leadership team p. 6
Company SuccessDocumented · High materiality
Kiniero resource growth and development exposure
Micon reports de Klerk worked as Geology Director at Sycamore/Robex and was involved in Kiniero through resource growth, deposit discoveries, studies, fundraising and project development. These are team/company outcomes, not independently attributable solely to him.
Role overlaps event; causation unproven · His geology leadership overlapped the work; no source establishes sole individual causation.
Growing the Micon Team: Andrew de Klerk · employment and Kiniero project record
Corporate Presentation · leadership team p. 6
FailureIssuer Reported · Medium materiality
Exploration-stage funding dependence; no producing mine
Asara’s 2025 report describes an exploration entity with no operating cash flow and dependence on external financing. Subsequent A$60m financing materially supports continued work. This is a stage/funding risk, not evidence of executive misconduct.
Role overlaps event; causation unproven · Company financial condition overlaps management but does not establish individual failure or poor capital allocation.
2025 Annual Report · material business risks, funding and cashflow
Quarterly Activities & Cashflow Report – June 2026 · June quarter financing and activities
Evidence gaps · 3
- Several management roles lack appointment dates and full biographies in dated filings.
- Open-source review is not an exhaustive background, credentials, sanctions, litigation or regulator-record check.
- Guinea safety/environmental and community evidence is mainly issuer-reported in sources reviewed.
Andre Bezuidenhout
Principal Geologist
Role FitAnalyst Inference · Medium materiality
Professional background and role relevance
Asara reports more than 15 years across geology, mining, exploration, consulting and project development, particularly in West Africa. Its April 2026 presentation assigns him the Principal Geologist role. Reviewed public material does not identify his employers, dates, degrees, professional registration or quantified prior project outcomes; these remain specific evidence gaps.
Responsibility not applicable · Sources provide selected background details, mostly issuer-reported; independent corroboration is incomplete.
About / Proven Team · Andre Bezuidenhout biography
Corporate Presentation · leadership team, p. 6
Company SuccessIssuer Reported · Medium materiality
Kada resource and exploration growth under current team
Asara’s 2026 filings report a 923 koz resource at Massan/Kada and active drilling; a 2026 quarter describes substantial resource growth and a A$60m placement supporting further exploration. The team’s roles overlap company progress, but personal responsibility is not isolated.
Role overlaps event; causation unproven · These company outcomes overlap tenure for current management, where tenure is known; individual contribution is not separately established.
Quarterly Activities & Cashflow Report – June 2026 · June quarter resource/drilling and funding update
Corporate Presentation · Kada project/team
FailureIssuer Reported · Medium materiality
Exploration-stage funding dependence; no producing mine
Asara’s 2025 report describes an exploration entity with no operating cash flow and dependence on external financing. Subsequent A$60m financing materially supports continued work. This is a stage/funding risk, not evidence of executive misconduct.
Role overlaps event; causation unproven · Company financial condition overlaps management but does not establish individual failure or poor capital allocation.
2025 Annual Report · material business risks, funding and cashflow
Quarterly Activities & Cashflow Report – June 2026 · June quarter financing and activities
Evidence gaps · 4
- Several management roles lack appointment dates and full biographies in dated filings.
- Open-source review is not an exhaustive background, credentials, sanctions, litigation or regulator-record check.
- Guinea safety/environmental and community evidence is mainly issuer-reported in sources reviewed.
- A 2014 South African High Court search hit named an Andre Bezuidenhout in a Department of Correctional Services accounting-store fraud case; the primary judgment could not be opened in this review, and no employer, occupation, birth detail or other identifier links that respondent to Asara’s geologist. Identity and final disposition were therefore not independently resolved, and no allegation is attributed to this executive.
Mandjou Keita
Geology Manager
Role FitAnalyst Inference · Medium materiality
Professional background and role relevance
CEGA’s profile identifies Keita as Asara’s Director of Geology and states that he earned a Guinean geological-engineering degree in 2003 and a Mines Paris MIRIS specialized master in open-pit and underground mining in 2024. An undated professional profile reports prior SEMAFO Kiniero/Kouroussa exploration and mine-geology work (2003–09) and SAG mineral-resource work beginning in 2009, including drilling, geochemistry, hydrology, ore/dilution control and geological database duties. The profile’s “2009–present” SAG line conflicts with later Asara biographies and is not treated as proof of continuous employment.
Responsibility not applicable · Degree and work history are reported by a local professional organization and a profile page; dates and individual discovery attribution are not independently corroborated.
Mandjou Keita – CEGA staff biography · Mandjou Keita entry; education and Asara role
Almamy Mandjou KEITA professional profile · career and education sections
Corporate Presentation · leadership team, p. 6; Guinea/Kiniero exploration responsibilities
Company SuccessIssuer Reported · Medium materiality
Kada resource and exploration growth under current team
Asara’s April 2026 leadership presentation states that Keita was a principal in discovering the Maniantou deposit and growing the Saraya/Silakoro pit complex during prior SAG work, and that as Kiniero Exploration Manager he executed more than 150 km of drilling and discovered Sabali South and Mansounia. These are issuer-attributed project/team achievements; no independent source in this review isolates his share of deposit discovery or later project economics. Asara’s current Kada drilling/resource work remains exploration-stage, with no production delivered.
Role overlaps event; causation unproven · These company outcomes overlap tenure for current management, where tenure is known; individual contribution is not separately established.
Corporate Presentation · leadership team, p. 6; prior-project track record
Quarterly Activities & Cashflow Report – June 2026 · June quarter resource/drilling update
FailureIssuer Reported · Medium materiality
Exploration-stage funding dependence; no producing mine
Asara’s 2025 report describes an exploration entity with no operating cash flow and dependence on external financing. Subsequent A$60m financing materially supports continued work. This is a stage/funding risk, not evidence of executive misconduct.
Role overlaps event; causation unproven · Company financial condition overlaps management but does not establish individual failure or poor capital allocation.
2025 Annual Report · material business risks, funding and cashflow
Quarterly Activities & Cashflow Report – June 2026 · June quarter financing and activities
Evidence gaps · 4
- Several management roles lack appointment dates and full biographies in dated filings.
- Open-source review is not an exhaustive background, credentials, sanctions, litigation or regulator-record check.
- Guinea safety/environmental and community evidence is mainly issuer-reported in sources reviewed.
- Professional profile chronology for SAG is stale or internally inconsistent (“2009–present” despite subsequent Kiniero/Sycamore and Asara roles); exact departure dates and third-party employment verification are unavailable.
Souleymane Saadi
Country Manager
Role FitAnalyst Inference · Medium materiality
Professional background and role relevance
Asara describes Saadi as an established Guinean entrepreneur with local networks and complex-project experience but publishes no named prior employers, projects, education or dates. A 18 September 2026 report on the Chambre des Mines de Guinée identifies him as Asara Country Manager and reports that he represented Asara as it joined the sector association, including a public statement about industry coordination and local expectations. This corroborates his current country-facing role, not the broader “proven track record” claim.
Responsibility not applicable · Current title and association representation are independently reported; claimed prior complex-project delivery is issuer-reported without named projects or attributable outcomes.
About / Proven Team · Souleymane Saadi biography
2nd CMG Board session: 2025 accounts, governance revision and new members · paragraphs 21–30; association membership and Saadi statement
Company SuccessIssuer Reported · Medium materiality
Kada resource and exploration growth under current team
Asara’s 2026 filings report a 923 koz resource at Massan/Kada and active drilling; a 2026 quarter describes substantial resource growth and a A$60m placement supporting further exploration. The team’s roles overlap company progress, but personal responsibility is not isolated.
Role overlaps event; causation unproven · These company outcomes overlap tenure for current management, where tenure is known; individual contribution is not separately established.
Quarterly Activities & Cashflow Report – June 2026 · June quarter resource/drilling and funding update
Corporate Presentation · Kada project/team
FailureIssuer Reported · Medium materiality
Exploration-stage funding dependence; no producing mine
Asara’s 2025 report describes an exploration entity with no operating cash flow and dependence on external financing. Subsequent A$60m financing materially supports continued work. This is a stage/funding risk, not evidence of executive misconduct.
Role overlaps event; causation unproven · Company financial condition overlaps management but does not establish individual failure or poor capital allocation.
2025 Annual Report · material business risks, funding and cashflow
Quarterly Activities & Cashflow Report – June 2026 · June quarter financing and activities
Evidence gaps · 4
- Several management roles lack appointment dates and full biographies in dated filings.
- Open-source review is not an exhaustive background, credentials, sanctions, litigation or regulator-record check.
- Guinea safety/environmental and community evidence is mainly issuer-reported in sources reviewed.
- The issuer’s description of prior complex-project delivery is not supported by named employers, projects, dates or independent outcome evidence in the sources reviewed.
Company ownership
Investors & shareholders
Top registered shareholders
Register at 2026-09-11 · 2,088,851,099 issued shares
| # | Investor / registered holder | % issued shares | Shares held |
|---|---|---|---|
| 1 | 13.10% | 273,683,890 | |
| 2 | 11.59% | 242,160,711 | |
| 3 | 10.66% | 222,651,590 | |
| 4 | 9.72% | 202,958,168 | |
| 5 | 9.57% | 200,000,000 | |
| 6 | 6.90% | 144,160,474 | |
| 7 | 3.83% | 79,999,594 | |
| 8 | 3.59% | 74,998,324 | |
| 9 | 2.39% | 50,000,000 | |
| 10 | 2.26% | 47,293,619 | |
| 11 | 1.73% | 36,157,920 | |
| 12 | 1.64% | 34,219,066 | |
| 13 | 1.59% | 33,252,691 | |
| 14 | 1.05% | 21,882,332 | |
| 15 | 0.79% | 16,500,000 | |
| 16 | 0.79% | 16,422,336 | |
| 17 | 0.73% | 15,162,500 | |
| 18 | 0.70% | 14,583,333 | |
| 19 | 0.62% | 13,000,000 | |
| 20 | 0.54% | 11,200,000 |
Sources & review notesEvidence checked through 2026-10-09
Coverage and limitations
- The registered-holder list is unconsolidated, as explicitly stated by the issuer, and does not identify beneficial owners behind nominees or custodians. No later top-holder table was located in the available source cache.
Sources
- 2026 Annual Report
Asara Resources Limited / ASX · Published 2026-09-28 · Accessed 2026-10-09
Lists 20 largest unconsolidated ordinary-share accounts as at 11 September 2026 and total issued shares.
PDF page 77 (printed page 75), Additional Shareholder Information / twenty largest shareholders
Disclosed activity
Insider transactions
Trading activity3 buys · 0 sells shownNet cash last 12 months no tradesShow chartHide chart
On-market buyPlacement / plan subscriptionSaleMarker size = cash valueGrant, exercise, expiry or transferBars: cash bought (up) and sold (down) per month
| Date | Person / account | Activity / security | Quantity | Cash consideration | Price | Holding after |
|---|---|---|---|---|---|---|
| 2026-03-23 | Timothy Strong
Details & evidence for Timothy Strong on 2026-03-23As disclosed: Conversion of 3,000,000 options at $0.02 per option.
director · 2023-03-01 director · Start not disclosed Kangari Consulting LLC · indirect interests held through Kangari Consulting LLC, as stated in notices Appendix 3Y ↗ | ExerciseOrdinary fully paid shares issued on option conversion | 3,000,000 | AUD 60,000.00 | — | — |
| 2025-06-03 | Timothy Strong
Details & evidence for Timothy Strong on 2025-06-03As disclosed: 5,000,000 unlisted options ($0.02, 3 June 2028) acquired for nil consideration.
director · 2023-03-01 director · Start not disclosed Kangari Consulting LLC · indirect interests held through Kangari Consulting LLC, as stated in notices Change of Director's Interest Notice ↗ | GrantUnlisted options, exercise price A$0.02 | 5,000,000 | —Non Cash | — | — |
| 2023-02-23 | Douglas JonesDA & MF Jones Eburnean Superannuation Fund
Details & evidence for Douglas Jones on 2023-02-23As disclosed: Acquired 3,000,000 shares at $0.03 per share.
director · Start not disclosed DA & MF Jones Eburnean Superannuation Fund · reported indirect interest through DA & MF Jones Eburnean Superannuation Fund Change of Director's Interest Notice - Jones ↗ | SubscriptionOrdinary shares | 3,000,000 | — | AUD 0.03Disclosed price | — |
| 2023-02-02 | Craig MackayEarth Science Solutions Pty Ltd
Details & evidence for Craig Mackay on 2023-02-02As disclosed: Accepted entitlement offer for 1,059,575 shares at $0.03 per share.
director · Start not disclosed to 2023-02-28 Earth Science Solutions Pty Ltd · director notice states indirect interests through Earth Science Solutions Pty Ltd and Warrego Investments Appendix 3Y Change of Director's Interest - Davies, Mackay ↗ | SubscriptionOrdinary shares | 1,059,575 | — | AUD 0.03Disclosed price | — |
| 2023-02-02 | Kathryn DaviesKitaboni Pty Ltd
Details & evidence for Kathryn Davies on 2023-02-02As disclosed: Accepted entitlement offer for 226,750 shares at $0.03 per share.
director · Start not disclosed to 2023-04-08 Kitaboni Pty Ltd · related party holding indirect interests reported by the director Appendix 3Y Change of Director's Interest - Davies, Mackay ↗ | SubscriptionOrdinary shares | 226,750 | — | AUD 0.03Disclosed price | — |
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Narrative and provenance
Research & Sources
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Sign in or enter a guest codeChronological evidenceSource-document inventory9 documents
AS1 reference price: close on 6 November 2026 (local ASX eligible close)Market Data · LowMetadata Only
Local reference price: close A$0.11 on 6 November 2026 (fresh, 0 days), volume 600,159; security basis one ASX AS1 ordinary share.
- Document ID
- ref-price-2026-11-06
- Published UTC
- 2026-11-05T13:00:00+00:00
- Projects
- —
- Commodities
- —
Gold futures settlement series used for the commodity deck (spot 5 Nov 2026)Commodity Data · MediumMetadata Only
Gold spot US$4,113.50/oz on 5 Nov 2026; 1-year average US$4,452.54; 3-year average US$3,318.09; AUD per USD 1.4236 (market snapshot).
- Document ID
- gold-price-2026-11-05
- Published UTC
- 2026-11-04T13:00:00+00:00
- Projects
- —
- Commodities
- gold
ASX announcement: Non-Executive Director Retirement (29 October 2026)Governance · MediumExtracted
ASX announcement 29 Oct 2026: non-executive director Brett Montgomery will not seek re-election and retires at the conclusion of the 2026 AGM (read from the rendered page image).
- Document ID
- retirement-2026-10-29
- Published UTC
- 2026-10-29T05:17:16.000+00:00
- Projects
- —
- Commodities
- —
Quarterly Activities and Appendix 5B Cash Flow Report, September 2026 quarterResults · HighExtracted
September 2026 quarterly with Appendix 5B: updated Kada MRE 92.88 Mt at 0.70 g/t for 2.08 Moz (1.27 Moz indicated); quarterly exploration 8.48m; cash 53.689m at 30 Sep 2026; DFS targeted end Q2 CY2027; Loreto (Teck option) and Paguanta (Ajax sale) terms; Arafura settlement and 5m shares issued 14 Sep 2026.
- Document ID
- q-sep-2026
- Published UTC
- 2026-10-27T22:50:05+00:00
- Projects
- kada
- Commodities
- gold
Asara Resources 2026 Annual Report (year ended 30 June 2026)Results · HighExtracted
FY2026 annual report (year to 30 June 2026): exploration-stage gold company; loss after tax 3.66m; cash 59.75m; equity 101.09m; 2,055,930,993 shares at 30 June 2026; Kada 51% (earn-in to 75% on funding a DFS); MRE 30 June 2026 is the 2023 estimate; Note 25 subsequent events (Paguanta sale, Arafura acquisition, 31 Aug 2026 MRE).
- Document ID
- ar-fy2026
- Published UTC
- 2026-09-28T08:14:01+00:00
- Projects
- kada
- Commodities
- gold
Application for quotation of securities (15 September 2026)Financing · MediumExtracted
Application for quotation of securities, 15 Sep 2026: 5,000,000 shares issued 14 Sep 2026 (Arafura consultant shares); quoted ordinary shares 2,093,351,479; unquoted performance rights 37,000,000 and options (2,000,000 at A$0.015, 11,200,000 at A$0.075, 2,500,000 nil strike).
- Document ID
- quotation-2026-09-15
- Published UTC
- 2026-09-15T06:40:41+00:00
- Projects
- —
- Commodities
- —
Corporate presentation: The Rapidly Growing Kada Project (31 August 2026)Presentation · MediumExtracted
Corporate presentation of 31 Aug 2026: capital structure as at 26 Aug 2026 (price A$0.15, ~2.0bn shares, market cap A$300m, EV A$247m, cash A$53m, nil debt); regional AISC benchmark about US$1,300/oz (slide 5, image); peer MRE and reserve table (slide 29).
- Document ID
- corp-pres-aug-2026
- Published UTC
- 2026-08-30T23:43:39+00:00
- Projects
- kada
- Commodities
- gold
ASX announcement: Acquisition of the Damissa Koura permits (31 August 2026)Transaction · HighExtracted
ASX announcement 31 Aug 2026: acquisition of 100% of Arafura Ouest Pte Ltd (Damissa Koura and Kankan West permits); consideration SGD100 plus 5,000,000 Asara shares in 12-month escrow for three months of consulting; settlement expected about 7 Sep 2026.
- Document ID
- damissa-acq-2026-08-31
- Published UTC
- 2026-08-30T23:20:04+00:00
- Projects
- kada
- Commodities
- gold
ASX announcement: Asara raises $60m to fast track exploration (8 May 2026)Financing · HighExtracted
ASX announcement 8 May 2026: A$60m placement; tranche 1 of 400,004,932 shares (about A$50m, Listing Rules 7.1/7.1A); tranche 2 of 79,995,068 shares (about A$10m, subject to shareholder approval).
- Document ID
- placement-2026-05-08
- Published UTC
- 2026-05-07T23:19:09+00:00
- Projects
- kada
- Commodities
- gold