ASARA RESOURCES LIMITED — Capital/Financing Update 2017

Nov 8, 2017

ASX/Media Announcement 9 November 2017

SALE OF TECHNICAL INFORMATION FOR ~A$790,000 AND KOURI DRILLING UPDATE

• US$600,000 (~A$790,000) received under an agreement with Endeavour Exploration Ltd.

• Major resource definition drilling program at the Kouri Gold Project ( Kouri ) in Burkina Faso is progressing well.

• The planned diamond drilling at Kouri has been completed and approximately one third of the planned reverse circulation ( RC ) drilling has been completed.

• Samples for approximately 42 drill holes have now been submitted to a laboratory in Burkina Faso for gold analysis and the first results are expected to be announced shortly.

Golden Rim Resources Ltd (ASX: GMR) ( Golden Rim or Company ) is pleased to advise that it has transferred some of its technical information relating to previously owned projects in West Africa to Endeavour Exploration Ltd, a subsidiary of Endeavour Mining Corporation ( Endeavour ) (TSX:EDV). The consideration payable under the agreement with Endeavour is US$600,000, converting to approximately A$790,000[1] .

Receipt of the funds strengthens the Company’s financial position as it continues through its busy exploration period at Kouri.

Kouri Drilling Update

Golden Rim is also pleased to announce that it has completed its diamond drilling program at the Banouassi Prospect ( Banouassi ) at Kouri. The program was comprised of 12 holes of HQ drilling for a total of 1,527m. The program commenced early in October 2017 and has been completed ahead of schedule. Logging and sampling of the drill core has been completed and all samples for the diamond drilling have been submitted to a laboratory in Burkina Faso for gold analysis.

An RC drilling program comprised of approximately 120 holes for approximately 15,000m of drilling is ongoing at Banouassi. The proposed drill hole locations are depicted on Figure 1. The RC drilling commenced on 10 October 2017 and to date 37 holes for a total of 4,400m have been completed. Samples for 30 holes have now been submitted to the laboratory for gold analysis.

1 Using a conversion rate of US$1 = AU$0.76 (as at 8 November 2017)

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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Both the diamond and RC drilling programs include infill drilling and drilling to test for extensions to the gold mineralisation at depth and along strike. The programs are designed to target the more than 20 north-east trending, parallel gold mineralised zones (Guitorga Lodes) that comprise the bulk of the current Exploration Target at Banouassi of approximately 500,000 to 610,000 ounces of gold at an approximate grade range of 1.8 g/t to 2.2 g/t gold and a number of east-west trending cross-structures that may have the potential to host high grade gold mineralisation. Cautionary Statement: The potential quantity (tonnage) and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resources and it is uncertain if further exploration will result in the estimation of Mineral Resources.

Historical drilling at Banouassi extends to only 70m below surface. The current drilling has been extended to approximately 120m below surface. RC drilling is planned to be conducted on a 50m x 25m spacing around significant gold mineralisation identified in historical drilling and a 100m x 50m spacing in areas where no previous drilling has been conducted, such as the current 650m gap in the drilling on the Guitorga Lodes.

The results from these programs and the Company’s other recent RC drilling program are expected to be combined with the previously identified mineralisation that was included in the Exploration Target with the aim of delivering a maiden Mineral Resource for Kouri following the completion of the drilling program.

-ENDS-

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Figure 1. RC drill collars labelled with >10 m x g/t gold intercepts and the interpreted zones of gold mineralisation over a satellite image at the Banouassi Prospect. The location of the diamond holes recently completed are shown in red circles. The planned RC holes are shown as green circles.

Contact Information

Hayley Butcher Golden Rim Resources Ltd Company Secretary +61 0409 880 009

Tony Dawe Citadel Magnus tdawe@citadelmagnus.com +61 405 989 743

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Competent Persons Statement

The information in this report relating to previous exploration results and the Exploration Target are extracted from the announcements Initial Exploration Target Defined for Korongou dated 16 July 2015; and Gold Intercepts Move Kouri Closer to Maiden Resource dated 6 July 2017; Guitorga Delivers Significant Drilling Results dated 11 May 2015; and Korongou Project Delivers Significant RC Drilling Results dated 18 June 2013, 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.

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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