Highlights:
- Sale of Lincoln Gold Project to Haranga Resources complete
- Seduli to receive 40 million HAR shares, with up to 120 million additional shares tied to key milestones
- Seduli gains strategic exposure to Haranga’s growth and exploration success
- Seduli’s nominee, Bruce McCracken, appointed to Haranga’s board
- Haranga’s due diligence sampling confirmed consistency of high-grade gold mineralisation
- Seduli shareholders retain exposure to a high-potential asset backed by a well funded exploration strategy
Seduli Holdings (Australia) Limited (“Seduli”) is pleased to confirm the completion of the sale of its 100% interest in the Lincoln Gold Project, located in Sutter Creek, California, USA, to Haranga Resources Limited (ASX: HAR) on 29 July 2025.
Seduli’s Managing Director Toby Davis commented: “We’re very pleased to have completed the transaction and delivered this outcome for Seduli shareholders. Haranga has moved quickly and decisively throughout the process, and we believe their upcoming drilling program will unlock significant value at Lincoln. The confirmation of high-grade continuity through their sampling further supports the potential of this project. We look forward to seeing Lincoln progress and to participating in its success through our strategic equity position.”
In April 2025, Seduli signed a binding agreement with Haranga for the sale of the Lincoln Gold Project (refer to Seduli’s update dated 16 April 2025). Under the terms of the transaction, Seduli will receive up to 160 million HAR shares, comprising:
- 40 million shares issued at Completion (29 July 2025), and
- Up to 120 million performance-based shares, contingent upon the achievement of project milestones within 24 months of Completion (refer Seduli update dated 16 April 2025 for further details).
Of the initial 40 million HAR shares, 30 million are subject to a six-month escrow, with the balance available to cover Seduli’s transaction costs and working capital requirements. Haranga has appointed Seduli’s nominee, Bruce McCracken, to its board of directors, ensuring Seduli retains strategic input into the future direction of the Lincoln Gold Project.
Haranga has identified the Lincoln Project as a high-grade, near-term development opportunity and has outlined plans to launch an aggressive drilling campaign to increase the scale of the existing gold resource and convert the current NI 43-101 estimate to JORC-compliant status. As part of its due diligence, Haranga undertook comprehensive sampling of historical drill core and pulps, confirming the consistency and tenor of high-grade gold mineralisation across the deposit. (refer to ASX Announcement “Due diligence sampling of historic drill core and pulps confirm exceptional high grade gold assays”).
Seduli remains optimistic that Haranga’s proposed work program will satisfy the agreed milestones for the additional 120 million HAR shares. In the meantime, the Company will continue to evaluate options and timing to best deliver value to shareholders. This will likely occur once there is more certainty around the status of the performance milestones and the quantum of HAR shares available for distribution.
Further updates will be provided to shareholders as developments occur.
For further information, please contact:
Toby Davis
Managing Director
Seduli Gold
Phone: +61 409 282 893