ASARA RESOURCES LIMITED — Board/Management Information 2020

Jan 15, 2020

ASX/Media Announcement 16 January 2020

Appointment of Non-Executive Chairman

Golden Rim Resources Ltd ( Company , Golden Rim ) (ASX: GMR), an ASX-listed West African gold explorer, today announced the appointment of Mr Adonis Pouroulis as a Non-Executive Chairman, effective immediately.

After more than 3 years as Chairman, Mr Glenister Lamont retires from that position and remains on the Board as an Independent Non-Executive Director.

Adonis, who is based in London, is a successful mining entrepreneur with over 25 years’ experience in the discovery, exploration and development of natural resources including precious/base metals, diamonds, coal and oil & gas projects across Africa. He holds a Bachelor of Science in Engineering (Mining) from the University of Witwatersrand, Johannesburg, South Africa and commenced his professional life in the gold mines of South Africa.

Adonis has held numerous senior positions and leadership roles over his extensive career. He has founded no less than eight mining companies including Petra Diamonds Limited, which under his leadership, grew into Africa’s largest diamond producer and a FTSE250 company; Alufer Mining, which produces bauxite in Guinea; and Toro Gold, which discovered and developed the Mako gold deposit in Senegal that was recently acquired by Resolute Mining for US$274 million.

Adonis currently is a Non-Executive Chairman or a Non-Executive Director of the following companies: Petra Diamonds Limited, Rainbow Rare Earths Limited and Chariot Oil & Gas Limited (all listed on the London Stock Exchange), Alufer Mining Limited, Piran Resources Limited and Pella Resources Limited.

Golden Rim recently acquired the Margou and Goueli permits in Burkina Faso from a consortium that included Westward Investments Limited ( Westward ), a company associated with Adonis. Westward was a significant contributor in the Company’s recent fundraising and now holds approximately 7% of the Company’s issued shares.

Outgoing Chairman, Glenister Lamont, said:

“ Adonis’ experience and leadership will assist the Board at a critical time as the Company embarks on a major drilling campaign with the objective of rapidly and significantly increasing the size of its Kouri Gold Project. Adonis’ extensive experience in West Africa and taking projects through feasibility studies and beyond as well as in financing is a real asset, particularly as we focus on ramping up exploration over the next 12 months or so. I, along with the other Board members, welcome him to the Board. ”

Regarding his appointment as Chairman, Adonis Pouroulis said:

“I am delighted to take on the role of Chairmanship of Golden Rim. I have tremendous faith in the leadership of Craig Mackay and the quality of his team, and firmly believe that Golden Rim has the makings of a very special project. I am passionate about developing projects and businesses in a responsible and sustainable manner in countries and communities who are crying out for investment and support and which can change the lives of people for the better. I believe that the Kouri Gold Project is one such project, and I look forward to bringing my experience and energy to bear

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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to help ensure that all stakeholders are winners. I thank Glenister for his role as Chairman to date and look forward to working with him and the rest of the Board going forward.”

Given Adonis’ relationship with Westward he is not considered to be an independent Director. In conjunction with and at the time of his appointment as Non-Executive Chairman, Adonis will be issued 5 million unlisted options to acquire fully paid ordinary shares in Golden Rim. Each option has an exercise price of $0.03 and an expiry date of 2 years from the date of issue.

-ENDS-

For Further Information Please Contact:

Golden Rim Resources

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

This ASX Announcement was authorised for released by the Board of Golden Rim Resources Ltd.

About Golden Rim Resources

Emerging West African gold developer, 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$13.1m Issued Shares : 1,163m

Competent Persons Statement

The information in this report relating to previous exploration results and the Mineral Resource at Kouri are 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. This announcement is 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.

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