ASARA RESOURCES LIMITED — Board/Management Information 2020

Mar 22, 2020

ASX/Media Announcement 23 March 2020

Director Retirement

Golden Rim Resources Ltd (ASX: GMR) ( Golden Rim , Company ) announces that Non-Executive Director, Mr Glenister Lamont, will retire from the Board of the Company, with effect from 1 April 2020.

Mr Lamont has been a Non-Executive Director of Golden Rim since July 2007. From October 2016 to January 2020, he was also the Chairman of the Board. He is currently Chairman of the Remuneration Committee and a member of the Audit Committee.

The board would like to thank Mr Lamont for his valuable contribution to the Company.

Mr Lamont said:

"It has been a pleasure working with the Board, as well as Craig and his team. I am optimistic about the Kouri Gold Project and that the Company, under the guidance of the Chairman, Adonis Pouroulis, will continue to develop the Golden Rim story.”

Chairman, Mr Adonis Pouroulis, said:

“Glenister has been a long standing and highly valued member of Golden Rim’s Board. The Company has benefited from his extensive engineering and commercial knowledge. In particular, during his leadership the Company delineated a 1.4Moz gold Mineral Resource at the Kouri Gold Project in Burkina Faso. His contribution has been greatly appreciated and we wish him well in his future endeavours.”

Effective from Mr Lamont’s retirement, the functions of the Audit and Remuneration Committees will not be performed by separate committees and the full Board will undertake such responsibilities.

-ENDS-

For further information, visit www.goldenrim.com.au or please contact:

Golden Rim Resources

Craig Mackay Managing Director Golden Rim Resources +61 3 9836 4146 craig@goldenrim.com.au

This ASX Announcement was authorized for release by the Board of Golden Rim Resources Ltd.

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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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$6m

Issued Shares: 1,163m

Competent Persons Statements

The information in this report relating to the Mineral Resource at Kouri is extracted from the announcement: 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.

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