Asara Resources (ASX: AS1) has raised $2.3 million through a placement with Barbet L.L.C FZ to fund exploration at its flagship Kada Gold Project in Guinea. The placement strengthens Barbet’s commitment to the project, increasing its ownership stake in Asara to 19.89%. The proceeds will support an upcoming drilling program and general working capital.
The company has also announced executive changes, with Matthew Sharples appointed as Chief Executive Officer, effective 14 February 2025. Sharples, a mining professional with over 20 years of experience in mine development and gold project evaluation, previously worked as a consultant for Asara since October 2024 and played a key role in restarting operations at Kada. Tim Strong, formerly Managing Director, has transitioned to the role of Executive Director – Corporate Strategy & Affairs.
Sharples previously served as co-founder and CEO of Sycamore Mining, where he oversaw the growth of the Kiniero Mine’s resource from 1.5Moz to 3.5Moz of gold. The mine was later sold to Robex Resources in 2022 for a project valuation of US$160 million. His extensive experience in project development, from exploration through to production, is expected to benefit Asara as it advances Kada.
Asara remains focused on expanding the mineral resource estimate at Kada, which currently stands at 30.3Mt at 1.0g/t gold for 923Koz. The company believes there is significant potential for further oxide gold discoveries within the 150km² project area.
Beyond Kada, Asara also holds the Paguanta Copper and Silver-Lead-Zinc Project in Chile and the Loreto Copper Project, which is subject to an Option and Joint Venture agreement with Teck Chile.
