ASARA RESOURCES LIMITED — AGM Information 2019

Oct 28, 2019

ASX/Media Announcement 29 October 2019

Annual General Meeting Chairman’s Address

Golden Rim Resources Ltd ( Company ) (ASX: GMR) is pleased to provide the Chairman’s Address to be presented at the Company’s Annual General Meeting later today.

Chairman’s Address

It has been a busy year with substantial activity focussed on the Company’s flagship Kouri Gold Project, in Burkina Faso.

Last year we reported a maiden Mineral Resource at Kouri. This year we reached a second significant milestone when we upgraded the Indicated and Inferred Mineral Resource to 32 million tonnes at 1.4g/t gold for 1.4 million ounces of contained gold. This represents an increase of approximately 40% over the previous Mineral Resource estimate.

Further, a significant strategic transaction was completed towards the end of the 2019 financial year when the Company acquired two permits, Margou and Gouéli, which adjoin Kouri. This transaction increased the Kouri project area fourfold and field work commenced on permits with some exciting results to date.

As a strong vote of confidence in the project, the Pella Group, who have considerable experience in Africa, agreed to take Golden Rim shares as consideration for the transaction and became a substantial shareholder in the Company.

The gold lodes that comprise the Mineral Resource extend directly into the newly acquired permits and we believe this area provides significant potential to increase the existing Mineral Resource.

Our drilling programs continue to be highly successful and give us reason to believe there is significant upside potential for the existing Mineral Resource.

To allow us to conduct this drilling and other exploration work, the Company has had to raise substantial funds. As has been the case for a number of years, it is still difficult for junior exploration companies to raise funds. We are encouraged however, with the continued support from existing and new shareholders. In particular, during the 2019 financial year we welcomed Capital Drilling as a substantial shareholder. It is of note also that Acorn Capital continues to maintain its substantial shareholding in Golden Rim. The support of these larger shareholders as well as our many other smaller investors, is very much appreciated.

I wish to thank our Managing Director, Craig Mackay, our Country Manager in Burkina Faso, Mr Richard Zongo, along with the other Board members and the whole team, who continue to work diligently for the Company.

Thank you also to all of our loyal shareholders. We look forward to an exciting year ahead.

Glenister Lamont Chairman

-ENDS-

Golden Rim Resources Ltd I ABN 39 006 710 774 I Level 2, 609 Canterbury Road, Surrey HillsVIC3127, Australia I PO Box 124, Surrey Hills VIC 3127, Australia www.goldenrim.com.au I info@goldenrim.com.au I T + 61 3 9836 4146

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Contact Information

Hayley Butcher

Golden Rim Resources Ltd General Manager, Corporate & Company Secretary +61 409 880 009

Competent Persons Statements

The information in this report relating to the Mineral Resources at Kouri is extracted from the announcements: 1Moz of Gold in Maiden Mineral Resource at Kouri dated 3 May 2018 and 1.4 Million Oz of Gold in Upgraded Kouri Mineral Resource dated 3 December 2018, and has been reported in accordance with the 2012 edition of the JORC Code. These announcements are available on the Company’s website (www.goldenrim.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in these announcements and, in the case of the Mineral Resource estimate, that all material assumptions and technical parameters underpinning estimate continue to apply and have not materially changed.

Forward Looking Statements

Certain statements in this document are or maybe “forward-looking statements” and represent Golden Rim’s intentions, projections, expectations or beliefs concerning among other things, future exploration activities. The projections, estimates and beliefs contained in such forward looking statements necessarily involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Golden Rim, and which may cause Golden Rim’s actual performance in future periods to differ materially from any express or implied estimates or projections. Nothing in this document is a promise or representation as to the future. Statements or assumptions in this document as to future matters may prove to be incorrect and differences may be material. Golden Rim does not make any representation or warranty as to the accuracy of such statements or assumptions.

About Golden Rim Resources

West African gold explorer, Golden Rim Resources Limited (ASX: GMR), is focused on the discovery and development of gold projects in West Africa.

With a decade of experience working in Burkina Faso, the Company is well placed to turn discoveries into real value for shareholders.

The Kouri Gold Project, located in north-east Burkina Faso, contains over 1.4Moz in defined Mineral Resources, with significant upside potential to grow.

Kouri is traversed by a significant NE-trending fault splay that is connected to the major Markoye Fault system. This fault system controls a number of major gold deposits in Burkina Faso, including Kiaka (5.9 Moz gold), Bomboré (5.2 Moz gold), Essakane (7 Moz gold) and Sanbrado (2.8 Moz gold). The mineralised fault system extends into western Niger where the 2.5 Moz Samira Hill is located.

For more information: www.goldenrim.com.au

ASX Code: GMR Market Capitalisation: A$16.3m Issued Shares: 1,163m

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