Price, volume & events
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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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- 1Y
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- Fair value
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- Upside
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- Mkt cap
- A$229.5M
- EV
- A$169.7M
- Cash
- A$59.8M
- Debt
- A$0
3 newer ASX announcements not yet reflected in this valuation
- Non-Executive Director RetirementPost Annual Leadership Change
- Quarterly Activities and Cashflow Report - September 2026Latest Four Activities Reports
- 2026 Annual ReportLatest Annual Report
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Sign in or enter a guest codeAnnouncements
Latest 12 of 15All sources ▸- Quarterly Activities & Cshflow Report - June 2026Results
- Notification regarding unquoted securities - AS1Corporate Action
- Application for quotation of securities - AS1Corporate Action
- Application for quotation of securities - AS1Corporate Action
- Proposed issue of securities - AS1Corporate Action
- Application for quotation of securities - AS1Corporate Action
- Application for quotation of securities - AS1Corporate Action
- Quarterly Activities and Cashflow Report - March 2026Results
- Corporate PresentationPresentation
- Half Yearly Report and AccountsResults
- Quarterly Activities and Cashflow Report - December 2025Results
- Asara Expands Kada Gold ProjectTransaction
Event calendar · next 12 months
1 events| Timing | Event | Category | Confidence | Materiality | Investor relevance |
|---|---|---|---|---|---|
| By the end of Q2 2027 | Kada Definitive Feasibility Study completion target | Study | Company Guided | High | Would establish mine design, costs, capital and timing required to test resource calibration and conditional earn-in. |
Executive roster
As of 2026-09-26Background checks ▸Annual report and April presentation updated by June quarter leadership changes; no later roster disclosure identified.
| Executive | Title | Normalized role | Appointed | Sources |
|---|---|---|---|---|
| Matthew Sharples | Managing Director · Chief Executive Officer | Executive Director · Chief Executive | 2026-05-01 | Quarterly Activities & Cshflow Report - June 2026 |
| Aurelien Douyere | Chief Financial Officer | Finance | 2026-05-18 | Quarterly Activities & Cshflow Report - June 2026 |
| Joanna Kiernan | Company Secretary | Company Secretary | — | 2025 Annual Report · Corporate Presentation |
| Andrew de Klerk | VP of Exploration | Senior Management | — | Corporate Presentation |
| Andre Bezuidenhout | Principal Geologist | Senior Management | — | Corporate Presentation |
| Mandjou Keita | Geology Manager | Senior Management | — | Corporate Presentation |
| Souleymane Saadi | Country Manager | Senior Management | — | Corporate Presentation |
devCoverage status: Partial
Portfolio detail
Assets
Core asset
Kada Gold Project
Guinea
Resource Stage51% ownedGold
51% recorded current interest; another 24% is earned only by funding a DFS. The 2.08Moz MRE is on a 100% project basis.
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.
Resources & reserves2
| Type | Category | Quantity | Grade | Contained minerals | Date |
|---|---|---|---|---|---|
| Mineral Resource | Indicated | 1.3M oz contained gold | Not restated on issuer project page | Gold | 2026-08-31 |
| Mineral Resource | Inferred | 820K oz contained gold | Not restated on issuer project page | Gold | 2026-08-31 |
Tenements2
Milestones1
- Definitive Feasibility Study completion
Pending · High materiality
Material
Damissa Koura
Guinea
Early ExplorerGold
Arafura acquisition was conditional in June 2026; issuer investor centre lists 31 August acquisition update but final settlement terms were inaccessible. Do not assume beneficial ownership.
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
Kankan West
Guinea
Early ExplorerGold
Part of conditional Arafura acquisition; no Mineral Resource.
Tenements1
Other
Loreto Copper Project
Chile
Early Explorer74.74% ownedCopper
Loreto company interest may be diluted by Costa Rica Dos minority and Teck can earn up to 75%; site access remains a constraint.
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.
Other
Paguanta Project
Chile
Care And Maintenance74.79% ownedSilverZincLeadCopper
Binding conditional sale to Ajax for consideration up to US$1.4m; completion unverified.
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.
Funding, performance and ownership
Financials & Capital
Liquidity
Financial position
Cash covers the current exploration pace for approximately 5.5 quarters, but a future mine build is unfunded and June cash is a stale checkpoint.
Capital structure
Ownership and dilution
- Ordinary shares
- 2.1B
- Fully diluted
- 2.1B
July 27 filing shows 2,086,177,829 ordinary shares and 57.7m unquoted options/rights. Five million Arafura consulting shares are separately included as contingent dilution. The September 15 quotation filing is listed by the issuer but its contents were inaccessible; it may be the consulting shares, so they are counted only once. Fully diluted basis assumes one share for each unquoted or conditional security with no exercise proceeds.
Security classes8
| Class | Type | Quantity | Strike | Expiry |
|---|---|---|---|---|
| ASX quoted ordinary shares | Ordinary Share | 2.1B | — | — |
| Options expiring 3 June 2028 at A$0.015 | Option | 2M | A$0.015 | 2028-06-03 |
| Existing performance rights | Performance Right | 24M | — | — |
| Options expiring 18 September 2028 at A$0.075 | Option | 11.2M | A$0.075 | 2028-09-18 |
| Options expiring 24 February 2027 at nil exercise | Option | 2.5M | A$0 | 2027-02-24 |
| Options expiring 24 February 2027 at A$0.07 | Option | 5M | A$0.07 | 2027-02-24 |
| Performance rights expiring 22 July 2030 | Performance Right | 13M | — | 2030-07-22 |
| Five million consulting shares conditional on Arafura settlement; possible subject of later quotation filing, not counted twice | Other | 5M | — | — |
KPI history
Operating metrics
Operating metric source table1
| Metric | Project | Period | Period type | Value | Status |
|---|---|---|---|---|---|
| Other | Kada | quarter ended 30 June 2026 | Quarter | 33,593 m drilled | Reported |
Capital history
Capital events
| Date | Event | Amount | Shares | Price | Status | Terms |
|---|---|---|---|---|---|---|
| 2026-07-03Ann. 2026-05-08 | Raising | A$60M | 480M | — | Completed | — |
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.
Annual report and later local quarterlies, transaction release, and issuer project pages reviewed. Original August sale/acquisition releases and September cap-table filing inaccessible.
Asara currently has 51%; funding the DFS is the condition for increasing to 75%.
Earn In · Active- Counterparties
- Kada joint venture partner
- Applies to
- Kada Gold Project · Gold
- Economic direction
- Mixed
- Period
- From 2022-04-01; no end date stated
- Key terms
- Current interest: 51 %
Conditional additional interest: 24 %
How it affects our valuation
No valuation treatment is available for this arrangement.
Conditional acquisition of two Guinea permits; settlement and five million consulting shares require verification.
Other · Conditional- Counterparties
- Arafura Ouest vendors
- Applies to
- Damissa Koura · Kankan West · Gold
- Economic direction
- Mixed
- Period
- From 2025-12-09; no end date stated
- Key terms
- Cash consideration: 100 SGD
Consulting shares: 5,000,000 shares
How it affects our valuation
No valuation treatment is available for this arrangement.
Conditional 2% NSR on gold produced from acquired permits; no production forecast or royalty cash flow exists.
Royalty · Conditional- Counterparties
- Arafura Ouest vendors
- Applies to
- Damissa Koura · Kankan West · Gold
- Economic direction
- Burden
- Period
- Dates not stated
- Key terms
- NSR: 2 %
How it affects our valuation
No valuation treatment is available for this arrangement.
Teck can earn up to 75% in Loreto; project access and staged earn-in remain uncertain.
Farm Out · Active- Counterparties
- Teck Resources Chile Limitada
- Applies to
- Loreto Copper Project · Copper
- Economic direction
- Mixed
- Period
- From 2022-04-26; no end date stated
- Key terms
- Maximum interest Teck may earn: 75 %
Exploration commitment: 17,000,000 USD
Payments: 600,000 USD
How it affects our valuation
No valuation treatment is available for this arrangement.
Costa Rica Dos obtains 25.26% of the new Loreto holding company, paid from future profits.
Joint Venture · Active- Counterparties
- Costa Rica Dos SPA
- Applies to
- Loreto Copper Project · Copper
- Economic direction
- Burden
- Period
- From 2025-05-07; no end date stated
- Key terms
- Loreto holding-company minority: 25.26 %
How it affects our valuation
No valuation treatment is available for this arrangement.
Conditional sale of Paguanta; up to US$1.4m includes contingent reserve-linked payments.
Other · Conditional- Counterparties
- Ajax Resources PLC
- Applies to
- Paguanta Project · Silver · Zinc · Lead · Copper
- Economic direction
- Mixed
- Period
- From 2026-08-19; no end date stated
- Key terms
- Interest subject to sale: 74.79 %
Maximum consideration: 1,400,000 USD
How it affects our valuation
No valuation treatment is available for this arrangement.
Intrinsic value
Valuation
Valuation
Bear, base and bull values, investment cases, project valuations and the equity bridge are available to subscribers.
Sign in or enter a guest codeResource-price transmission
Sensitivity lab
Sensitivity lab
How our fair value responds to commodity prices and other drivers is available to subscribers.
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 activity9 buys · 8 sells shownNet cash last 12 months A$448.4kShow 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 |
|---|---|---|---|---|---|---|
| 2026-08-06 | Capital DI LimitedCapital DI Limited
Details & evidence for Capital DI Limited on 2026-08-06As disclosed: Sale of 36,000,000 ordinary shares for AUD 4,041,900.00.
Change in substantial holding ↗ | SaleOrdinary shares | 36,000,000 | AUD 4,041,900.00 | AUD 0.112275Calculated average | — |
| 2026-07-29 | Capital DI LimitedCapital DI Limited
Details & evidence for Capital DI Limited on 2026-07-29As disclosed: Purchase of 1,000,050 ordinary shares for AUD 115,350.77.
Change in substantial holding ↗ | PurchaseOrdinary shares | 1,000,050 | AUD 115,350.77 | AUD 0.115345Calculated average | — |
| 2026-06-29 | Capital DI LimitedCapital DI Limited
Details & evidence for Capital DI Limited on 2026-06-29As disclosed: Subscription of 5,115,338 ordinary shares for AUD 639,417.25.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 5,115,338 | AUD 639,417.25 | AUD 0.125Calculated average | — |
| 2026-05-11 | Capital DI LimitedCapital DI Limited
Details & evidence for Capital DI Limited on 2026-05-11As disclosed: Shares purchased through placement – T1; consideration AUD 3,735,576.50.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 29,884,612 | AUD 3,735,576.50 | AUD 0.125Calculated average | — |
| 2025-01-17 | BPM Investments LimitedBPM Investments Limited
Details & evidence for BPM Investments Limited on 2025-01-17As disclosed: Sale of 2,298,582 ordinary shares; consideration AUD 48,270.22.
Change in substantial holding ↗ | SaleOrdinary shares | 2,298,582 | AUD 48,270.22 | AUD 0.021Calculated average | — |
| 2025-01-16 | BPM Investments LimitedBPM Investments Limited
Details & evidence for BPM Investments Limited on 2025-01-16As disclosed: Sale of 2,151,418 ordinary shares; consideration AUD 47,182.62.
Change in substantial holding ↗ | SaleOrdinary shares | 2,151,418 | AUD 47,182.62 | AUD 0.021931Calculated average | — |
| 2025-01-09 | BPM Investments LimitedBPM Investments Limited
Details & evidence for BPM Investments Limited on 2025-01-09As disclosed: Sale of 50,000 ordinary shares; consideration AUD 950.00.
Change in substantial holding ↗ | SaleOrdinary shares | 50,000 | AUD 950.00 | AUD 0.019Calculated average | — |
| 2024-12-23 | BPM Investments LimitedBPM Investments Limited
Details & evidence for BPM Investments Limited on 2024-12-23As disclosed: Sale of 500,000 ordinary shares; consideration AUD 9,500.00.
Change in substantial holding ↗ | SaleOrdinary shares | 500,000 | AUD 9,500.00 | AUD 0.019Calculated average | — |
| 2024-10-25 | BPM Investments LimitedBPM Investments Limited
Details & evidence for BPM Investments Limited on 2024-10-25As disclosed: Sale of 296,663 ordinary shares; consideration AUD 6,526.59.
Change in substantial holding ↗ | SaleOrdinary shares | 296,663 | AUD 6,526.59 | AUD 0.022Calculated average | — |
| 2024-10-24 | BPM Investments LimitedBPM Investments Limited
Details & evidence for BPM Investments Limited on 2024-10-24As disclosed: Purchase of 1,140,000 ordinary shares; consideration AUD 25,720.00.
Change in substantial holding ↗ | PurchaseOrdinary shares | 1,140,000 | AUD 25,720.00 | AUD 0.022561Calculated average | — |
| 2024-10-22 | BPM Investments LimitedBPM Investments Limited
Details & evidence for BPM Investments Limited on 2024-10-22As disclosed: Purchase of 656,663 ordinary shares; consideration AUD 14,680.38.
Change in substantial holding ↗ | PurchaseOrdinary shares | 656,663 | AUD 14,680.38 | AUD 0.022356Calculated average | — |
| 2024-10-21 | BPM Investments LimitedBPM Investments Limited
Details & evidence for BPM Investments Limited on 2024-10-21As disclosed: Sale of 1,500,000 ordinary shares; consideration AUD 40,500.00.
Change in substantial holding ↗ | SaleOrdinary shares | 1,500,000 | AUD 40,500.00 | AUD 0.027Calculated average | — |
| 2024-04-15 | BPM Investments LimitedBPM Investments Limited
Details & evidence for BPM Investments Limited on 2024-04-15As disclosed: Sale of 1,371,852 ordinary shares; consideration AUD 13,718.52.
Change in substantial holding ↗ | SaleOrdinary shares | 1,371,852 | AUD 13,718.52 | AUD 0.01Calculated average | — |
| 2024-03-12 | BPM Investments LimitedBPM Investments Limited
Details & evidence for BPM Investments Limited on 2024-03-12As disclosed: Subscription of 7,000,000 ordinary shares; consideration AUD 63,000.00.
Change in substantial holding ↗ | SubscriptionOrdinary shares | 7,000,000 | AUD 63,000.00 | AUD 0.009Calculated average | — |
| 2024-01-10 | BPM Investments LimitedBPM Investments Limited
Details & evidence for BPM Investments Limited on 2024-01-10As disclosed: Purchase of 350,000 ordinary shares; consideration AUD 4,200.00.
Change in substantial holding ↗ | PurchaseOrdinary shares | 350,000 | AUD 4,200.00 | AUD 0.012Calculated average | — |
| 2024-01-09 | BPM Investments LimitedBPM Investments Limited
Details & evidence for BPM Investments Limited on 2024-01-09As disclosed: Purchase of 374,536 ordinary shares; consideration AUD 4,593.97.
Change in substantial holding ↗ | PurchaseOrdinary shares | 374,536 | AUD 4,593.97 | AUD 0.012266Calculated average | — |
| 2024-01-08 | BPM Investments LimitedBPM Investments Limited
Details & evidence for BPM Investments Limited on 2024-01-08As disclosed: Purchase of 647,316 ordinary shares; consideration AUD 7,767.79.
Change in substantial holding ↗ | PurchaseOrdinary shares | 647,316 | AUD 7,767.79 | AUD 0.012Calculated average | — |
Disclosed holding observations1 dated positions
Initial, final and threshold notices describe positions; these are not counted as purchases or sales.
| Holding at | Person / group | Type / security | Quantity | Percentage |
|---|---|---|---|---|
| 2026-08-06 | Capital DI Limited
Details & evidence for Capital DI Limited on 2026-08-06Reported holder aggregate position after the listed transactions.
Change in substantial holding ↗ | PositionOrdinary shares | 200,000,000 | 9.59%Voting Power |
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Sign in or enter a guest codeChronological evidenceSource-document inventory21 documents
Issuer Kada Gold Project pageResource Update · HighExtracted
Issuer website snapshot observed before cutoff; original page publication time unavailable. It incorporates the 31 August interim MRE.
- Document ID
- as1_issuer_kada_20260925
- Published UTC
- 2026-09-25T02:00:00Z
- Projects
- kada
- Commodities
- gold
Issuer South American projects pageTransaction · HighExtracted
Issuer website snapshot observed before cutoff; August Paguanta sale remains conditional.
- Document ID
- as1_issuer_chile_20260925
- Published UTC
- 2026-09-25T02:00:00Z
- Projects
- paguanta · loreto
- Commodities
- copper · silver · zinc · lead
Issuer investor centre listingOther · HighExtracted
Issuer website last-modified snapshot confirms dated 31 August MRE/acquisition and 15 September securities filing; underlying PDFs were not accessible in this run.
- Document ID
- as1_issuer_investors_20260925
- Published UTC
- 2026-09-25T02:00:00Z
- Projects
- kada
- Commodities
- gold
Gold spot price, 25 September 2026Commodity Data · HighExtracted
Kitco spot observation at about 14:40 US Eastern; used only as gold-price scenario reference, not as an issuer forecast.
- Document ID
- as1_gold_spot_20260925
- Published UTC
- 2026-09-25T04:00:00Z
- Projects
- kada
- Commodities
- gold
AS1 local ASX close 25 September 2026Market Data · HighExtracted
Latest eligible local close: A$0.125 per ordinary share, volume 2,480, market data provider via miners.reference_price.
- Document ID
- as1_price_20260925
- Published UTC
- 2026-09-25T06:00:00Z
- Projects
- —
- Commodities
- —
Independent Kada MRE commentaryResource Update · MediumExtracted
Accessible independent summary of the issuer MRE; used as a countercheck, not a valuation target.
- Document ID
- as1_outside_research_20260831
- Published UTC
- 2026-08-31T02:00:00Z
- Projects
- kada
- Commodities
- gold
Quarterly Activities & Cshflow Report - June 2026Results · HighExtracted
Quarterly Activities & Cshflow Report - June 2026; local PDF reviewed. Decision-relevant facts extracted.
- Document ID
- as1_20260730_03115787
- Published UTC
- 2026-07-29T23:22:39Z
- Projects
- —
- Commodities
- —
Notification regarding unquoted securities - AS1Corporate Action · HighExtracted
Notification regarding unquoted securities - AS1; local PDF reviewed. Decision-relevant facts extracted.
- Document ID
- as1_20260727_03114582
- Published UTC
- 2026-07-27T08:34:02Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - AS1Corporate Action · HighExtracted
Application for quotation of securities - AS1; local PDF reviewed. Decision-relevant facts extracted.
- Document ID
- as1_20260706_03108305
- Published UTC
- 2026-07-06T08:07:11Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - AS1Corporate Action · LowExtracted
Application for quotation of securities - AS1; local PDF reviewed. No additional valuation-changing fact extracted.
- Document ID
- as1_20260629_03105015
- Published UTC
- 2026-06-29T04:53:52Z
- Projects
- —
- Commodities
- —
Proposed issue of securities - AS1Corporate Action · LowExtracted
Proposed issue of securities - AS1; local PDF reviewed. No additional valuation-changing fact extracted.
- Document ID
- as1_20260629_03104897
- Published UTC
- 2026-06-28T23:48:41Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - AS1Corporate Action · LowExtracted
Application for quotation of securities - AS1; local PDF reviewed. No additional valuation-changing fact extracted.
- Document ID
- as1_20260626_03104392
- Published UTC
- 2026-06-26T03:28:28Z
- Projects
- —
- Commodities
- —
Application for quotation of securities - AS1Corporate Action · HighExtracted
Application for quotation of securities - AS1; local PDF reviewed. Decision-relevant facts extracted.
- Document ID
- as1_20260515_03090554
- Published UTC
- 2026-05-15T04:11:58Z
- Projects
- —
- Commodities
- —
Quarterly Activities and Cashflow Report - March 2026Results · LowExtracted
Quarterly Activities and Cashflow Report - March 2026; local PDF reviewed. No additional valuation-changing fact extracted.
- Document ID
- as1_20260430_03084479
- Published UTC
- 2026-04-29T23:19:51Z
- Projects
- —
- Commodities
- —
Corporate PresentationPresentation · HighExtracted
Corporate Presentation; local PDF reviewed. Decision-relevant facts extracted.
- Document ID
- as1_20260415_03078975
- Published UTC
- 2026-04-15T00:07:00Z
- Projects
- —
- Commodities
- —
Half Yearly Report and AccountsResults · HighExtracted
Half Yearly Report and Accounts; local PDF reviewed. Decision-relevant facts extracted.
- Document ID
- as1_20260316_03068710
- Published UTC
- 2026-03-16T01:45:20Z
- Projects
- —
- Commodities
- —
Quarterly Activities and Cashflow Report - December 2025Results · LowExtracted
Quarterly Activities and Cashflow Report - December 2025; local PDF reviewed. No additional valuation-changing fact extracted.
- Document ID
- as1_20260123_03048573
- Published UTC
- 2026-01-22T23:11:34Z
- Projects
- —
- Commodities
- —
Asara Expands Kada Gold ProjectTransaction · HighExtracted
Asara Expands Kada Gold Project; local PDF reviewed. Decision-relevant facts extracted.
- Document ID
- as1_20251209_03035039
- Published UTC
- 2025-12-08T22:28:42Z
- Projects
- kada
- Commodities
- gold
Quarterly Activities and Cashflow Report - September 2025Results · LowExtracted
Quarterly Activities and Cashflow Report - September 2025; local PDF reviewed. No additional valuation-changing fact extracted.
- Document ID
- as1_20251030_03016472
- Published UTC
- 2025-10-30T02:00:04Z
- Projects
- —
- Commodities
- —
2025 Annual ReportResults · HighExtracted
2025 Annual Report; local PDF reviewed. Decision-relevant facts extracted.
- Document ID
- as1_20250929_03000245
- Published UTC
- 2025-09-29T09:01:31Z
- Projects
- —
- Commodities
- —
Kada Mineral Resource Estimate Update Improves ConfidenceResource Update · HighExtracted
Kada Mineral Resource Estimate Update Improves Confidence; local PDF reviewed. Decision-relevant facts extracted.
- Document ID
- as1_20231010_02723202
- Published UTC
- 2023-10-09T23:02:17Z
- Projects
- kada
- Commodities
- gold
Evidence facts43
59753000 AUD
2026-06-3010905000 AUD
2026-06-305.48 quarters
2026-06-3033593 m
2026-06-30480000000 shares
2026-07-033843307 AUD
2026-07-02923000 oz gold
2023-10-01Matthew Sharples None
2026-05-01Aurelien Douyere None
2026-05-182086177829 shares
2026-07-2213000000 rights
2026-07-222086177829 shares
2026-07-0330746456 shares
2026-07-032006182760 shares
2026-05-15Sharples CEO, de Klerk VP Exploration, Bezuidenhout Principal Geologist, Keita Geology Manager, Saadi Country Manager, Kiernan Company Secretary None
2026-04-15US$0.6m payments and US$17m committed exploration None
2026-04-1521419811 AUD
2025-12-31Binding conditional HoA None
2025-12-092 %
2025-12-095000000 shares
2025-12-09Joanna Kiernan None
2025-09-2951 %
2025-06-3024 %
2025-06-3075 %
2025-06-3025.26 %
2025-05-07True None
2025-06-30923000 oz gold
2023-10-012080000 oz gold
2026-08-311270000 oz gold
2026-08-31820000 oz gold
2026-08-312040000 oz gold
2026-08-31Q2 2027 None
2026-09-25>95% oxide, >88% fresh None
2026-09-251400000 USD
2026-08-1974.79 %
2026-08-1917000000 USD
2026-09-252026-08-31 None
2026-08-312026-09-15 None
2026-09-152026-08-31 None
2026-08-314286.8 USD/oz
2026-09-252080000 oz gold
2026-08-310.125 AUD/share
2026-09-252480 shares
2026-09-25