ARUMA RESOURCES LIMITED — Capital/Financing Update 2019

Apr 16, 2019

==> picture [157 x 66] intentionally omitted <==

17 April 2019

ASX Announcement

ASX: AAJ

ARUMA COMMENCES DRILLING AT KOPAI GOLD PROJECT

Eastern Goldfields explorer, Aruma Resources Limited ( ASX: AAJ ) ( Aruma or the Company ) is pleased to announce the commencement of its maiden drilling program at the Kopai Gold Project located 20km west of Kalgoorlie.

Capital Structure 621M Shares on Issue 12M Options on issue

All preparation for drilling has been completed and all approvals are in place, and drilling is planned to commence Monday 22 April.

The drilling program at Kopai will consist of up to 13 Reverse Circulation (RC) holes (at a nominal 75 metre spacing) for a total of approximately 1,950 metres. Drill holes are planned to be drilled to a depth of around 150 metres, with the aim of intersecting gold mineralisation at depth beneath cover. The location of drill targets is shown in Figure 2.

The first phase of drilling is expected to be completed by early May, and results will be reported as they become available. A second phase drilling program is planned in the coming months, to follow up the results of the initial program.

==> picture [359 x 426] intentionally omitted <==

Board of Directors

Non-Executive Chairman Paul Boyatzis Managing Director Peter Schwann

Non-Executive Director Mark Elliott

Company Secretary Phillip MacLeod

Active Gold Projects

KOPAI PROJECT

SLATE DAM PROJECT

BEOWULF PROJECT

Head Office

Level 1, 6 Thelma Street West Perth, WA 6005 T +61 8 9321 0177 F +61 8 9226 3764

E info@arumaresources.com W www.arumaresources.com

Postal Address

PO Box 152 West Perth, WA 6872

ABN 77 141 335 364

Figure 1. The location and surrounding mines at Kopai

About the Kopai Drilling Program

The Kopai Gold Project represents a highly prospective and, to this point, underexplored gold exploration asset for Aruma. The Project is situated directly along strike of Evolution Mining's (ASX: EVN) major White Foil gold mine (see Figure 1).

The initial priority drill targets at Kopai are situated within a current know strike length of 2.8km on the Strzelecki Trend (see Figures 1 and 2).

Magnetics surveys at the Project area have identified structures of two main types;

1. North northeast feeder structures similar to the Sovereign and Mary Faults; and

2. Northeast faults (Compton Shears) known to control mineralisation at Coolgardie and White Foil.

Inspection of drill chips from previous RC drilling at Kopai has shown the area to have similar geology to Focus Minerals’ (ASX: FML) nearby Brilliant-Tindals gold deposits. In addition, an historic intersection on the western edge of the Project area (4m at 1.06g/t Au, in conglomerate, in drill hole KDRC 11) reflects Aruma’s targeted Black Flag Group-style mineralisation (source: Wamex Open File - a110171 - MetalsX Limited Annual Mineral Exploration Report 2016, M15/1306, page 9).

==> picture [380 x 451] intentionally omitted <==

Figure 2. The location of planned drilling with gold geochemistry at Kopai on magnetics

Aruma Resources Limited (ASX: AAJ) | www.arumaresources.com | ABN 77 141 335 364 2

The >8ppb gold (Au) anomaly is outlined in orange with the major co-incident Au, tellurium (Te), bismuth (Bi) and tungsten (W) anomaly in the top left of the Kopai project area (source: the geochemistry is from WAMEX a57419 open file "Delta Gold NL Annual Report on Kopai Lake Project ,1998.) Of note is the highly magnetic pod at the base of the lease area with anomalies situated to the north of the magnetic high.

The bottom anomaly consists of stratigraphic anomalies around a possible intrusive shown in the white magnetic highs. Again this is consistent with the model.

For further information please contact:

Peter Schwann - Managing Director Media and Investor Relations Aruma Resources Limited Mandate Corporate Telephone: +61 8 9321 0177 Mobile: +61 420 991 574 Mobile: +61 417 946 370 Email: james@mandatecorporate.com.au Email: info@arumaresources.com

Competent Person’s Statement

The information in this release that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Peter Schwann who is a Fellow of the AIG and Australasian Institute of Mining and Metallurgy. Mr Schwann is Managing Director and a full time employee of the Company. Mr Schwann has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserve’. Mr Schwann consents to the inclusion in the release of the matters based on his information in the form and context in which it appears. All historic exploration results reported have been sourced from the Western Australian Mineral Exploration reports (WAMEX) on the DMIRS site and are available to be viewed on the WAMEX open file site of the DMIRS under the reference number supplied. The Company confirms it is not aware of any new information that materially affects the information included in the original reports.

Forward Looking Statement

Certain statements contained in this document constitute forward looking statements. Such forward-looking statements are based on a number of estimates and assumptions made by the Company and its consultants in light of experience, current conditions and expectations of future developments which the Company believes are appropriate in the current circumstances. These estimates and assumptions while considered reasonable by the Company are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, achievements and performance of the Company to be materially different from the future results and achievements expressed or implied by such forward-looking statements. Forward looking statements include, but are not limited to, statements preceded by words such as “planned”, “expected”, “projected”, “estimated”, “may”, “scheduled”, “intends”, “anticipates”, “believes”, “potential”, “could”, “nominal”, “conceptual” and similar expressions. There can be no assurance that Aruma plans to develop exploration projects that will proceed with the current expectations. There can be no assurance that Aruma will be able to conform the presence of Mineral Resources or Ore Reserves, that any mineralisation will prove to be economic and will be successfully developed on any of Aruma’s mineral properties. Investors are cautioned that forward looking information is no guarantee of future performance and accordingly, investors are cautioned not to place undue reliance on these forward-looking statements.

Aruma Resources Limited is a proud supporter and member of the Association of Mining and Exploration Companies, 2019.

==> picture [87 x 85] intentionally omitted <==

Aruma Resources Limited (ASX: AAJ) | www.arumaresources.com | ABN 77 141 335 364 3