ARUMA RESOURCES LIMITED — Capital/Financing Update 2021

Jun 7, 2021

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8 June 2021

Aruma to Commence 2021 Field Season

9,000m of Drilling across four key projects

ASX: AAJ

Capital Structure 106M Shares on Issue 22M Options on issue CASH $2.8M

Highlights

Board of Directors

• Aruma to undertake aggressive exploration drilling programs across its project portfolio in its 2021 field season.

• Drilling will include;

• Follow-up 2,000m RC program at the Saltwater Gold project in the Pilbara region of WA

• 3,000m RC program at the Melrose Gold Project in the Pilbara

• 3,000m RC program at the Scotia South Gold Project in WA’s southern Goldfields

• 1,000m RC program at the Mt Deans Lithium Project in the ‘lithium corridor’ in the Eastern Goldfields Terrane of the Yilgarn Craton

• 2021 field season to commence this month with geophysics and geochemical programs plus mapping and soil sampling

• Exploration Licences now granted at all drill target areas

• Drilling of all WA projects planned for the following quarter

• Results to be released when available and follow-up drilling to be carried out subject to results

Aruma Resources Limited (ASX: AAJ) (Aruma or the Company) is pleased to announce details of its 2021 field season at its portfolio of strategically located 100% owned gold projects, and the Mt Deans Lithium Project, in Western Australia.

Aruma is focused on aggressively exploring its three Western Australian prospective gold projects, located in active gold domains, and the Mt Deans Project in WA’s ‘lithium corridor’ in the Eastern Goldfields terrane of the Yilgarn Craton, to deliver value to shareholders.

The Company plans to undertake targeted drilling programs at all projects in its 2021 field season, which is scheduled to commence this month.

Non-Executive Chairman Paul Boyatzis

Managing Director Peter Schwann

Non-Executive Director Mark Elliott

Company Secretary Phillip MacLeod

Exploration Manager Stephen Denn

Gold Projects -1,576km[2] Norseman

SCOTIA SOUTH - 202km[2] Pilbara

MELROSE - 368km[2] SALTWATER -646km[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

Melrose Gold Project, Pilbara region, WA

The key Exploration Licences (EL) at the Melrose Project have now been granted (E08/3183, E08/3184, E08/3188, E08/3210 E08/3219, E08/3244, E47/4362 and E47/4414) following presentations by the Company to the traditional owners in late May.

PO Box 152 West Perth, WA 6872

ABN 77 141 335 364

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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 Project now comprises eight granted Exploration Licences (with four additional licences still to be granted), over an area of 200km[2] , adjacent to and surrounding Northern Star Resources’ (ASX: NST) Paulsens Gold Mine (Figure 1).

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Figure 1: The Melrose Project area with the granted licences in yellow and the licence applications shaded. E08/3210 was granted after winning the ballot for the lease.

The trend north of Paulsens, combined with the eastern extension of the Merlin stratigraphic trend, now extends for over 13km within the Melrose Project area, and hosts multiple priority targets (Figure 1).

Figure 1 above also shows that the central ELA (EL08/3351) secures the northern extent of the Paulsens Trend, in E08/3188, and links it to extensions of both the Paulsens and Merlin anomalies to the north within the project area.

The project area will be explored with the help of the PKKP group who will be involved in the sampling of new areas. The opportunity to work with all the stakeholders will be influential in the progress of the project.

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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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Gossan Hill Area Consolidated

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Figure 2: Left - The new ELA (E08/3351) at the Melrose Project showing the strategic location with respect to the Gossan Hill anomaly, and the Paulsens and the Merlin trends. Right - Gossan hill blown up with the initial drill target in orange ellipse.

With the licences granted, Aruma will now commence plans for a maiden 3,000 metre Reverse Circulation (RC) drill program at the priority Gossan Hill target (Figure 1 and Figure 2). This program will consist of five lines of six holes. Drilling is expected to commence in the following quarter, upon completion of geophysics and geochemical programs plus mapping and soil sampling to refine drill targets.

The drill holes that demonstrate the untested potential are shown in Figure 2 and listed below in Table 1. All the drill holes listed are from open file data and were previously reported in ASX:AAJ announcement of the 28/7/2020.

Drillhole Number	**Easting **	Northing	Depth from(m)	length of zone(m)	Avg. >0.1 Aug/t	>1g/t Aug/t	Depth from(m)	length of zone(m)
	GDA 94	GDA 94
GHC0004*	420350	7507700	8	11	0.42	2.74	14	1
GHC0005*	420460	7507490	0	29	0.14
GHC0006*	420354	7507513	63	18	0.26	1.44	63	1
PGHRC03#	420556.9	7507808	7	4	0.10
PGHRC04#	420582	7507649	49	14	0.25
PGHRC22#	420571.5	7507727	0	27	0.30

• from Minedex report A71564

from Minedex report A96294

Table 1 - The thick and highly anomalous holes from Figure 2

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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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PLA46/1985
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Figure 3: New PL application (PL08/802) at the Melrose Project situated between E08/3183 and 3244 on the Belvedere Structures to be sampled in the coming Quarter

The thin Prospecting Licence Application (PL08/828) joins the Belvedere West licences, E08/3183 and 3244, so that the Belvedere trend is now continuous within the Melrose Project area as shown in Figure 3 above. The thin PL47/1985 also adds to the extent of E46/4414. The addition of E08/3210 by the success in the ballot also adds to the coverage of the main structure to the south.

Saltwater Gold Project, Pilbara region, WA

Aruma completed a maiden 40 hole - 4,518m RC drilling program at the Saltwater Project in the previous quarter, which resulted in the definition of a potential new gold camp (ASX announcement, 17 February 2021). Drilling focused on the Saltwater Ring Structure, a large 60km[2] magnetic ring structure that sits within E52/3818 at Saltwater, as shown in Figure 4.

Based on the encouraging results of the initial program, the Company plans to conduct a second phase of drilling at Saltwater, consisting of 2,000 metres – across four lines of drilling with five holes on each line. This drilling will focus on two target areas (Figure 4), to followup and test stratigraphic and increasing grade trends from the first-pass program.

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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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Drilling is planned for the following quarter, after the interpretation of geophysics and geochemical data to refine drill targets.

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Figure 4: Anomalous drill results >0.1g/t from first-pass drilling at Saltwater Project - showing cluster on the historic area (red shaded) and the projected extension to the East Line (orange shaded) with new target areas in yellow dash outlined stars

Scotia South Gold Project, Goldfields, WA

The Scotia South Gold Project consists of Exploration Licence EL63/2037, and covers an area of 202km[2] . It is located approximately 200 kilometres south of the major regional centre of Kalgoorlie, and approximately 60 kilometres south of the mining town of Norseman.

Aruma plans to undertake a maiden 3,000m RC drill program at the project, comprising five lines of drilling with six holes in each line.

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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 5: Scotia South Project on 1VD RTP magnetics showing gold occurrences with stratigraphy continuity and the target areas as the ellipses

Drilling is expected to commence in the following quarter, after geophysics and geochemical programs as well as mapping and soil sampling have been undertaken to refine drill targets.

The Exploration Licence has been granted, and an area of approximately 40km[2] within the project area has been covered by land access agreements with local landowners and the Esperance Shire which will facilitate the early commencement of drilling in the initial targeted areas.

Aruma’s initial assessment of the project has identified three priority drill targets (circled in Figure 5), which will be the focus of the first phase of drilling. The Company plans to test

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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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these initial targets with regional drilling (along roads initially) with follow-up drilling to target defined anomalies.

The Scotia South Project has only been partially drill tested for gold, but historic drilling by Pan Australian in the 1990s identified soil anomalies that agree with the lowest target area in Figure 5. The full data package is being collated and digitised.

Mt Deans Lithium Project, Norseman WA

The Mt Deans Lithium Project (PL63/2063) is located near Norseman in south-east WA, and covers an area of 1.44km[2] . It is highly prospective for lithium minerals, as wells as tantalum and rare earth element (REE) minerals, and previous exploration has identified swarm pegmatites over a strike length of greater than 1 kilometre.

Aruma plans to conduct an initial 1,000 metre RC drill program at Mt Deans consisting of five lines with two holes on each line. This drilling is designed to test an interpreted highgrade "cauldron" beneath the limbs of mineralisation defined in previous drilling (Figure 6).

Currently the Company is undertaking a fauna survey to enable the PoW to be approved.

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Figure 6: Aruma's Mt Deans drilling targets with the projected target Cauldron

Aruma conducted a site visit to the Capital Gold Project in the Lachlan Fold Belt, near Goulburn in New South Wales last month, and is currently assessing its options for the project. No exploration at the Capital Project is planned at this time.

Authorised for release by Peter Schwann, Managing Director.

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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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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 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 . The Company confirms it is not aware of any new information that materially affects the information included in the original announcement. The Company confirms that the form and context in which the Competent Person’s findings are 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 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.

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