ARUMA RESOURCES LIMITED — Capital/Financing Update 2020

Oct 6, 2020

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7 October 2020

ASX: AAJ

Agreement for Sale of Slate Dam

Aruma Resources Limited (ASX: AAJ) is pleased to advise that a subsidiary company, Aruma Exploration Pty Ltd has entered into a binding Sale and Purchase Agreement for the sale of the Slate Dam Gold Project, including the Trojan Resource and Clinker Hill Project, to Black Cat (Bulong) Pty Ltd ("Black Cat Bulong") for a cash consideration of $500,000. Black Cat Bulong is a subsidiary of Black Cat Syndicate Limited (ASX:BC8). Black Cat Bulong has paid a non-refundable deposit of $50,000 with the balance of the consideration, $450,000, to be paid at settlement.

Settlement is to occur within 10 business days after satisfaction of the condition precedent that Aruma Exploration Pty Ltd obtain Ministerial approval (or in principle approval) to the transfer of M25/104.

Capital Structure

1,119M Shares on Issue 74M Options on issue

Board of Directors

Non-Executive Chairman Paul Boyatzis Managing Director Peter Schwann Non-Executive Director

Mark Elliott

Company Secretary Phillip MacLeod

Yilgarn Gold Projects

The tenements covered by the Sale and Purchase Agreement are: E25/526, E25/534, E25/553, E25/556, E25/558, E25/568, E25/571, P25/2320, P25/2333 and M25/104.

The sale of the Slate Dam project allows Aruma to focus its exploration efforts on its other four existing Gold Projects:

SCOTIA SOUTH

Pilbara Gold Projects

MELROSE

SALTWATER

• Saltwater – 736km[2] with a strike of more than 65km of the highly significant Nanjilgardy fault, in the Pilbara region of WA.

• Melrose – 216km[2] with a strike of more than 20km of the highly significant Nanjilgardy fault adjacent to Northern Star Resources’ Paulsens Gold Mine in the Pilbara region of WA.

NSW Gold Project

CAPITAL

Head Office

• Scotia South –217km[2] , at the southern end of the prolific NorsemanWiluna greenstone belt, in south-east WA.

• Capital – 372km[2] in three leases covering an extension of the stratigraphy and structure of Sky Metals’ significant Hume gold discovery, in the Goulburn region of NSW.

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

Authorised for release by Peter Schwann, Managing Director.

For further information please contact:

Peter Schwann Managing Director Aruma Resources Limited Mobile: +61 417 946 370 E:info@arumaresources.com

James Moses Media and Investor Relations Mandate Corporate Mobile: +61 420 991 574 El: james@mandatecorporate.com.au

PO Box 152 West Perth, WA 6872

ABN 77 141 335 364

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ABN 77 141 335 364 ASX: AAJ 1st Floor, 6 Thelma St West Perth W.A. 6005 PO Box 152, West Perth WA 6872, Australia T +61 8 9321 0177 I F +61 8 9226 3764 I W www.arumaresources.com

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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 exploration results reported have previously been released to ASX and are available to be viewed on the Company website www.arumaresurces.com.au .

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ABN 77 141 335 364 ASX: AAJ 1st Floor, 6 Thelma St West Perth W.A. 6005 PO Box 152, West Perth WA 6872, Australia T +61 8 9321 0177 I F +61 8 9226 3764 I W www.arumaresources.com