ASARA RESOURCES LIMITED — Capital/Financing Update 2014

Feb 23, 2014

ASX/Media Announcement

24 February 2014

Golden Rim Completes Placement

Golden Rim Resources Ltd ( Golden Rim or Company , ASX:GMR) today announced it has completed a placement of 49,100,000 fully paid ordinary shares in the Company ( Shares ) at an issue price of 1 cent each, with one free attaching option for every three Shares issued, to raise $491,000 ( Placement ). Each option has an exercise price of 1.5 cents and an expiry date 12 months from the date of issue. The options will not be quoted on the Australian Securities Exchange.

The Placement was made to a number of sophisticated investors (as defined in section 708 of the Corporations Act 2001). Shares subject to the Placement were issued under the Company’s placement capacity under ASX Listing Rule 7.1 and accordingly shareholder approval will not be sought.

Primarily, the Placement was made to ensure the Company continues to progress work at the Balogo Project while it investigates longer term funding options. The Company is currently undertaking environmental and metallurgical studies that form part of its feasibility study at the Balogo Project.

Golden Rim is currently in discussions with several parties interested in funding the entire feasibility study at Balogo.

As previously announced, the Company has signed an Indicative Terms Sheet with RMB Resources Limited for RMB Australia Holdings Ltd to provide up to A$4 million for the feasibility study.

In the past few weeks, several of the other interested parties have conducted site visits to inspect Golden Rim’s projects in Burkina Faso, as part of their due diligence process. It is the Company’s intention to assess the various alternatives available over the next few weeks and to determine the best funding option for Balogo.

Until a decision is made regarding a longer term funding option, Golden Rim continues to seek ways to manage its funds efficiently while also ensuring that progress is made on the Company’s core projects. It endeavours to ensure expenditure decisions are focused on returning value.

-ENDS-

For further information, please contact:

Hayley Butcher

Golden Rim Resources Company Secretary +61 8 9481 5758 F

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Further Company Information

E: info@goldenrim.com.au W:goldenrim.com.au

Share Registry

Security Transfer Registrars Pty Ltd 770 Canning Highway APPLECROSS WA 6153 AUSTRALIA

T: + 61 8 9315 2333 F: + 61 8 9315 2233

E: registrar@securitytransfer.com.au W: securitytransfer.com.au

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