ASARA RESOURCES LIMITED — Capital/Financing Update 2015

May 19, 2015

ASX/Media Announcement 20 May 2015

Balogo Sale Completed US$5 million (A$6.2 million) Received

• Golden Rim’s cash position strengthened with receipt of the initial proceeds, being US$5 million (A$6.2 million[1] ), from the Balogo sale.

• Follow up drilling of priority targets at Korongou to commence shortly.

• Short term loan to be repaid immediately.

Golden Rim Resources Ltd (ASX: GMR, Company or Golden Rim ) is pleased to announce that all conditions under the Balogo Sale Agreement have been satisfied and it has received the initial proceeds of US$5 million (A$6.2 million) from MNG Gold Burkina Sarl.

Golden Rim’s balance sheet is now in a strong position. This is particularly critical for the Company in the current market where many junior explorers are experiencing financial difficulty. A stronger cash position also means there is no short term need for capital raisings.

Golden Rim will immediately repay its short term loan of A$1.25 million (announced on 1 May 2015).

Receipt of the funds will also enable Golden Rim to shortly commence further reverse circulation ( RC ) drilling of priority follow up targets at Koroungou, prior to the wet season.

Recent RC drilling at Korongou discovered significant new mineralised zones in the SW and NE portions of the Guitorga anomaly. Hole BARC083 in the SW intersected two mineralised zones with 21m at 5.6 g/t gold , including 8m at 11.8 g/t gold (from 13m) followed by 12m at 1.1 g/t gold (from 51m). The near-surface, high grade gold mineralisation in Hole BARC083 is open at depth and along strike.

As a priority, the follow-up drilling is planned to test beneath the gold intercept in BARC083 and along strike.

The payments under the Balogo Sale Agreement total US$10 million (A$12.5 million at current exchange rate). In addition to the US$5 million (A$6.2 million) described above, Golden Rim is to receive a further US$2 million upon the earlier of the granting of an exploitation permit for mining; or within 24 months of the conditions precedent being satisfied or waived. Upon commercial production at Balogo, Golden Rim will receive an additional US$3 million in cash. Golden Rim will also receive a Net Smelter Return (NSR) of 1% on gold production at Balogo. MNG has the right to purchase the NSR from Golden Rim for a further US$5 million in cash.

1 All references to A$ have been calculated at the conversion rate of US$1 = A$0.80

Golden Rim Resources Ltd I ABN 39 006 710 774 I Level 2, 10 Outram Street, West Perth WA 6005, Australia I PO Box 378, West Perth WA 6872, Australia www.goldenrim.com.au I info@goldenrim.com.au I T + 61 8 9481 5758 I F + 61 8 9481 5759

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Craig Mackay, Golden Rim’s Managing Director, said “The completion of the Balogo sale is significant for the Company. We now have a strong cash position that will allow us to progress our exploration at Korongou and to consider new opportunities for the Company.”

-ENDS-

The information in this report relating to previous results is extracted from the announcements Guitorga Delivers Significant Drilling Results dated 11 May 2015; 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.

For further information, please contact:

Craig Mackay Hayley Butcher Golden Rim Resources Golden Rim Resources Managing Director Company Secretary +61 3 9890 2311 +61 8 9481 5758

Further Company Information

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

Capital Structure

Issued Shares: 1,438,520,000 Unlisted Options: 229,625,067

Major Shareholders

Sprott 17.95% Aurora Minerals 13.44% Acorn Capital 10.13% Royal Group, Abu Dhabi 3.79%

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

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