Resources Top 5: Termites point to golden success for Haranga in Senegal

• Results from HAR’s maiden drill program in Senegal have exceeded expectations
• LKY inks non-binding antimony ore sales agreement with EVR
• MBK signs non-binding $2.3m all scrip deal to pick up the WA gold assets of HAS

Your standout small cap resources stocks for Wednesday, September 10, 2025

Haranga Resources (ASX:HAR)

In parts of Africa and Australia termite mounds often provide an indication of what lies in the soil below, including minerals when they are present.

Sampling of termite mounds in southeast Senegal, West Africa, resulted in Haranga Resources (ASX:HAR) identifying strong gold anomalism at the Ibel South project which has now been confirmed in its maiden drilling program.

The 2,000-metre aircore program covered 41 drill holes across four lines targeting anomalies and artisanal workings, with results pointing to broad, shallow and high-grade gold zones. 

Highlights from the initial assay results included 20m at 6.54 g/t gold from 12m, including 4m at 14.64 g/t, and 10m at 6.35 g/t from 44m, with the hole ending in mineralisation.

Other results include: 

• 4m at 14.83g/t Au from 8m;
• 4m at 4.92g/t Au from 4m;
• 8m at 1.58g/t Au from 24m, and
• 12m at 1.30g/t Au from 32m, including 4m at 1.96g/t.

Results indicate that mineralisation could extend laterally over 700m or more, with potential for greater strike length if zones connect.

Further drilling planned by HAR will test extensions and untouched anomalies with large termite mound anomalies to the west and north not covered by this campaign.

The eye-catching Ibel South results have seen HAR increase 45.35% to 12.5c, a new 12-month high, on volume of more than 45m.

“These are exciting results from our maiden drill program and exceed the company’s expectations,” MD Peter Batten said.  

“Indicated in these results are broad, high-grade zones with strike continuity from the first group of TMS anomalies drill tested at the Ibel South gold project, which is in a major gold district with known multi-million ounce mines. 

“Future work will include strike extension drilling and depth testing of these new intercepts, including drilling of the remaining TMS anomalies on the lower plateaus to the northeast of these intercepts.”

The results provide the company with multi-jurisdiction options with the primary current focus being on drilling its high-grade, permitted Lincoln gold project, in California USA, which has a historical, non-JORC gold resource reported in 2015 under NI 43-101 of 286,000oz at 9.3 g/t Au.

Locksley Resources (ASX:LKY)

As interest in its DeepSolv processing technology grows, Locksley Resources (ASX:LKY/OTCQB:LKYRF) has inked a non-binding antimony ore sales agreement with EV Resources (ASX:EVR).

LKY says if the deal proceeds it will open access to the US$1 billion domestic US antimony market, while also expanding and diversifying feedstock for development of DeepSolv.

The technology is being developed by LKY in collaboration with Rice University as an ore-agnostic processing technology that promises much lower energy requirements compared to traditional pyrometallurgy methods, as well as reduced emissions, higher metal recoveries and scalable, modular plants.

Locksley and EV Resources will seek to enter a binding ore sales agreement with a clear commercial framework for a long-term supply partnership, subject to EVR shareholder approval, with LKY to make a $750,000 strategic investment.

This has seen Locksley lift almost 34.0% to 29.5c and EVR by 30% to 1.3c.

Locksley’s core strategy is to build out a domestic mine-to-market critical mineral supply chain within the US, taking advantage of a highly supportive government and capital framework.

LKY chair Pat Burke said the agreement had the potential to strengthen the company’s strategy by complementing the Mojave development with additional concentrate supply.

“By securing nearshore feedstock alongside our fast-tracked mining plans in California, Locksley will be well positioned to accelerate the US return to domestic antimony processing,” he said.

“With Rice University’s support and the deployment of our DeepSolv technology, our pathway demonstrates that Locksley is assembling the resources, partnerships and technology to ensure secure, scalable, and independent antimony supply for the United States.”

Meanwhile, EVR has locked in $4.75m and up to $5.5m via a placement, with a chunk of that tied to finalising the deal with LKY.

The cash will go into pushing ahead its Los Lirios project in Mexico and the newly acquired Dollar Antimony project in Nevada, including drilling and development studies.

EVR also just grabbed full ownership of Dollar Antimony, giving it a foothold in a US critical minerals hub with assays hitting up to 40% antimony.

Metal Bank (ASX:MBK)

Metal Bank (ASX:MBK) climbed 53.9% to 2c after signing a non-binding $2.3m all scrip deal to pick up the WA gold assets of Hastings Technology Metals (ASX:HAS), subject to due diligence and shareholder approval. 

The agreement includes Great Western Gold, which holds 75% of the Whiteheads project near Kalgoorlie, Ark project northeast of Carnarvon and Darcy project in the East Kimberley.

“Adding the HAS gold assets plus experienced management to MBK provides MBK with scale for future gold production,” MBK chair Ines Scotland said. 

“The HAS gold projects complement our strategy for the Kingsley and Homestead projects at Livingstone that we are advancing to scoping study stage. 

“The HAS acquisition furthers our strategy of building a gold portfolio in WA with assets that have the potential for near-term production utilising nearby third-party processing infrastructure, as well as significant exploration upside. 

“We are looking forward to welcoming Charles Lew to the board and Tim Gilbert joining as CEO to assist us in implementing our strategy.”

D3 Energy (ASX:D3E)

After having a Production Right Application over part of its ER315 permit in South Africa’s Free State Province accepted for processing by regulator Petroleum Agency SA, D3 Energy (ASX:D3E) reached a record 54.5c, a lift of 36.25%.

Submission of the application about 12 months ahead of schedule and under budget marks a technical and commercial milestone for the company.

It follows the recent maiden reserve certification completed by global consultancy Sproule ERCE confirming net 2P reserves of 10.91 bcf methane and 0.706 bcf helium, covering only a small portion, around 3%, of D3 Energy’s total portfolio.

The application, which covers only 15% of ER315 and 9% of D3E’s broader portfolio, includes a development plan for the initial 16 wells along the Virginia fault line, supported by robust flow testing and independent reserve certification.

The modular processing plant design and low-cost development model included in the application, enhance commercial viability, with first sales of methane and helium targeted for late 2027 or early 2028.

Equatorial Resources (ASX:EQX)

(Up on no news)

Although there has been no news, Equatorial Resources (ASX:EQX) hit a four-year high of 25c, an increase of 38.9% on the previous close.

The company is awaiting a final hearing in arbitration brought by Mauritian subsidiary, EEPL Holdings, against the Republic of Congo regarding two iron ore projects – Badondo and Mayoko-Moussondji.

This postponed hearing under the dispute resolution procedures of the International Centre for Settlement of Investment Disputes has been confirmed to take place in Washington, D.C. from November 7 to 12, 2025.

The ICISD arbitral tribunal has also ordered Congo to pay EEPL $1.2 million, reflecting costs incurred as a result of the last-minute postponement of the final hearing. 

From July 13, 2025, interest began accruing on these costs at 5.10% per annum and EEPL is preparing for enforcement activities in relation to this award.

Meanwhile, EQX is seeking clarification from the relevant authorities in Guinea as to the status of its exploration permits there.

This article does not constitute financial product advice. You should consider obtaining independent financial advice before making any financial decisions. While Locksley Resources is a Stockhead advertiser, it did not sponsor this article.