It has been able to harness a maiden resource, released on Monday, and had the good fortune of coming out of a halt as uranium's stock price has hit US$70 per pound, and Jefferies lifted its 2024 forecast uranium price from $65/lb to $80/lb on tight markets and supply constraints.
The A$2.86 million placement was organised by CPS Capital at 11c, an 18% discount, and is backed by a number of sophisticated, professional and institutional investors, including existing substantial shareholder Jason Peterson who is increasing his stake.
The cash is primarily directed towards increasing resources at Haranga's Saraya uranium project in Senegal, where it has an inferred resource of 12.5 million tonnes grading 587 parts per million for 16.1Mlb uranium.
The resource covers just 200sq.m.
The deposit is still open along strike and at depth, with anomalism extending from Saraya over a 25km strike, and is one of seven prospects defined so far within the 1650sq.km project, three of which are being worked up for drilling, including Diobi prospect that is five times larger than Saraya.
Termite mound sampling has been completed over just 40% of the project.
Saraya was first defined by in the 1950s.
Haranga's own drilling has validated the historical data and helped it define an initial exploration target of 5-20Mtpa at 350-750ppm for 4-35Mlb.
Haranga owns 70% of the project, with partner Mandinga Resources.
Shares in the microcap hit a 12-month high of 26c this morning, and were still up 40% this morning at 21c, capitalising it at $14 million.
