ARUMA RESOURCES LIMITED — Capital/Financing Update 2021

Oct 31, 2021

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1 November 2021

Aruma Commences Drilling at Salmon Gums Gold Project

Highlights

• Maiden drill program commenced at Salmon Gums Gold Project in WA’s goldfields region

• Program to consist of up to 5,000m RC drilling and planned to be complete in November – results to be released when available

• Drilling will target multiple stratigraphic zones over an 8.5km strike plus trends to the North

• A second PoW has been submitted to facilitate further drilling at the Project

ASX: AAJ

Capital Structure 126M Shares on Issue 22M Options on issue CASH $3.5m

Board of Directors

Non-Executive Chairman Paul Boyatzis Managing Director Peter Schwann

Non-Executive Director Mark Elliott

Company Secretary Phillip MacLeod

Aruma Resources Limited (Aruma) is pleased to announce the commencement of its maiden drilling program at the Salmon Gums Gold Project in the Goldfields region of Western Australia.

The Salmon Gums Project consists of two exploration licences (EL63/2037, EL63/2122) over a total area of 222km[2] . It is located 200km south of the major regional centre of Kalgoorlie, and 60km south of the mining town of Norseman.

The Project is situated 30km south and directly along strike in the same stratigraphy as Pantoro Limited’s (ASX: PNR) rapidly expanding highgrade Scotia Gold Project.

The drilling at Salmon Gums is the first phase of drilling conducted by Aruma at the Project. Aruma will undertake up to 5,000 metres of reverse circulation (RC) drilling across up to fifty holes in this program, comprising up to ten lines of drilling with up to eight holes in each line.

Aruma has negotiated twelve land access agreements with local landholders at the Project area covering an area of eighty-two km[2] . This includes the main portion of the known gold-in-soils anomalies where historic drilling returned intersections of up to 7m at 2.74g/t Au in drillhole T26R002 (ASX announcement 6 July 2021) (Figure 1). This will be a priority target area for this first phase of drilling.

Exploration Manager Stephen Denn

Gold Projects -1,696km[2]

Norseman

SALMON GUMS - 222km[2] Pilbara

MELROSE - 372km[2] SALTWATER -744km[2] NSW Lachlan Fold Belt CAPITAL - 358km[2 ] Li Ta Project -Norseman MT DEANS 1.44 km[2]

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

The initial phase of drilling will take about one month. Results will be released when available.

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Aruma Resources Limited is a proud supporter and member of the Association of Mining and Exploration Companies, 2021

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A second Program of Works (PoW) for drilling at exploration licence E63/2122 is awaiting approval by the Western Australian Department of Mines, Industry Regulation and Safety (DMIRS) covering the new access areas.

Background to Salmon Gums Gold Project Aruma’s initial exploration licence application at Salmon Gums (EL63/2037) covered the continuation of the Norseman-Scotia stratigraphy, to the South of Pantoro’s Scotia project area.

As part of its assessment of the Salmon Gums Project area, Aruma acquired historic digital data of Pan Australian Exploration’s Pty Ltd (Pan Australian) exploration of the Yilgarn Extension Project (1998 MINEDEX Report A54463). This revealed defined geochemical anomalies as well as high-grade gold intersections from limited drilling.

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Figure 1 : Salmon Gums Tenure and gold in soil anomalies

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Aruma Resources Limited is a proud supporter and member of the Association of Mining and Exploration Companies, 2021.

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This historical data is significant as the soil anomalies identified from the drilling by Pan Australia are coincident with the target area for Aruma’s planned first phase of drilling and confirms Aruma’s exploration model for the Salmon Gums Project.

The recently granted Exploration licence E63/2122 (ASX announcement, 15 September 2021) represents a strategic addition to the Project area. It covers an area of 20km[2] over an anomalous area in the southwestern extension of the Project (Figure 1), where the prospective greenstone sequence shows in rock samples and geophysical data.

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Figure 2 : Proposed drill lines on geochemical anomalies and geological trend at Salmon Gums. The accessed area of farmland is green and new negotiated areas olive. Figure 3 location is on star labelled 7m @2.71g/t.

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Aruma Resources Limited is a proud supporter and member of the Association of Mining and Exploration Companies, 2021.

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The strike length of the magnetically defined stratigraphy with coincident soil anomalies is over 22km long and shows convincing evidence of multiple zones, like the Scotia Deposits to the North. This shown in Figure 2 above and reinforced in Figure 3 below. The multiple anomalous gold trends will be drilled over >8.5km of RC drill traverses as well as a drill traverses to the north of the lease.

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Figure 3: Gold anomaly on drill hole plan with Section locations and Pan Australian (1997) intersection projections shaded. The drilling area is on the star for the Pan Australian discovery shown in Figure 2

The initial holes will be located on and along strike of the drilling around the highly anomalous intersections of gold as shown in Figures 4 and 5 below.

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Aruma Resources Limited is a proud supporter and member of the Association of Mining and Exploration Companies, 2021.

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Figure 4: Gold anomaly on Drill Section 1 on Figure 3

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Figure 5: Gold anomaly on Drill Section 2 on Figure 3 with an intersection of 6m at 1.2g/t Au from 9m in T26T058 not followed up to the east and at depth.

Aruma Resources Managing Director Peter Schwann stated:

“Aruma’s 100 % owned Salmon Gums project has 24km of prospective strike which hosts at least two gold zones defined by historic geochemical sampling and minor drilling. Drilling the known gold bearing stratigraphy with shallow zones of >3m at >2.5g/t gold is a great starting point. Just to start our journey with the maiden drilling is exciting especially with pyrite/sericite alteration noted in the first hole.”

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Aruma Resources Limited is a proud supporter and member of the Association of Mining and Exploration Companies, 2021.

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Authorised for release by Peter Schwann, Managing Director.

For further information please contact:

Peter Schwann James Moses Managing Director Media and Investor Relations Aruma Resources Limited Mandate Corporate Mobile: +61 417 946 370 Mobile: +61 420 991 574 E: info@arumaresources.com El: james@mandatecorporate.com.au

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. 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 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 released to ASX and are available in the Western Australian DMIRS WAMEX and MINEDEX Reports. The Company confirms it is not aware of any latest information that materially affects the information included in the original reports. The Company confirms that the form and context in which the Competent Person’s findings presented have not been materially modified from the original announcements.

Forward Looking Statement

Certain statements contained in this document constitute forward looking statements. Such forward-looking statements are based on estimates and assumptions made by the Company and its consultants considering 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.

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Aruma Resources Limited is a proud supporter and member of the Association of Mining and Exploration Companies, 2021.