ASARA RESOURCES LIMITED — Capital/Financing Update 2017

Jul 5, 2017

ASX/Media Announcement 6 July 2017

NEW HIGH GRADE GOLD INTERCEPTS MOVE KOURI CLOSER TO MAIDEN RESOURCE

• Discovery of extensive new zones of gold mineralisation, well outside the current JORC Exploration Target[1] of approximately 500,000 to 611,000 ounces of gold, highlight the potential at Kouri for the delineation of a large gold resource at a moderate gold grade.

• New high grade intercepts include:

• 10m at 11.0 g/t gold from 111m, including 1m at 104.7 g/t gold (Hole BARC118);

• 7m at 8.4 g/t gold from 34m, including 2m at 27.3 g/t gold (Hole BARC125);

• 2m at 45.6g/t gold from 18m, including 1m at 82.9g/t gold (Hole BARC114); and

• 2m at 11.6g/t gold from 38m, including 1m at 22.5g/t gold (Hole BARC114).

• Additional significant intercepts include:

• 6m at 3.8 g/t gold from 109m, including 1m at 22.1g/t gold (Hole BARC112);

• 10m at 3.0g/t gold from 67m, including 1m at 12.0g/t gold (Hole BARC114); and

• 11m at 1.3g/t gold from 98m (BARC116).

• Gold mineralisation occurs in multiple parallel zones over 3km within a major shear zone corridor. The combined true width of the mineralisation in this corridor ranges approximately from 20m to 40m .

• On track to deliver maiden Mineral Resource at Kouri by the end of 2017.

Golden Rim Resources Ltd (ASX: GMR, Golden Rim, Company) advises that it has received the gold assays for a 19 hole (2,747m) reverse circulation (RC) drilling program recently conducted at the Banouassi Prospect (Banouassi) within its 100% owned Kouri Gold Project (Kouri) in Burkina Faso.

Golden Rim’s Managing Director, Craig Mackay, said “The recent RC drilling program at Kouri has outlined extensive new zones of gold mineralisation well outside the current Exploration Target of approximately 500,000 to 611,000 ounces of gold.”

“This is an important step towards delineating a maiden Mineral Resource at Kouri. Our next step is further infill drilling, including deeper drilling, which is planned for October and November 2017.”

1. Exploration Target details in ASX Announcement dated 16 July 2015 “Initial Exploration Target Defined for Korongou”.

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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“The planned infill drilling will continue to target the gap in previous drilling. This gap now extends for 650m and covers the Guitorga Lodes where the bulk of the gold mineralisation at Banouassi is hosted and where we have previously received encouraging auger gold results.”

“Of note also, is that the current Exploration Target includes mineralisation to a depth of only 70m. With deeper drilling, we believe there is potential to expand the mineralisation that will be captured in a maiden resource estimate.”

“The strategy therefore is to combine the newly discovered mineralisation, any additional mineralisation outlined in the planned infill and deeper drilling program, and the previously identified mineralisation that was included in the Exploration Target into a maiden Mineral Resource for Kouri.”

“Our work at Kouri continues to reinforce our long held view that the project has the potential to deliver Golden Rim with a large, open pittable gold resource at a moderate grade and to create significant value for our shareholders.”

“Burkina Faso is the fastest growing gold mining region in Africa with 9 new gold mines commissioned in the past decade and several others under construction. Very large gold deposits are being outlined and merger and acquisition activity in the country seems to be accelerating. We look forward to an exciting time ahead for Golden Rim as we progress Kouri,” said Mr Mackay.

New Banouassi Drilling Results

The drill hole location details and significant gold intercepts for the new RC drilling are listed in Tables 1 and 2.

The bulk of the gold mineralisation at Banouassi is hosted in more than 20 north-east trending, parallel zones (Guitorga Lodes) extending over 3km and with a combined true width ranging approximately from 20m in the southwest to 40m in the northeast.

The new RC drilling at Banouassi included infill and strike extensional drilling of the Guitorga Lodes and also targeted several east-south-east trending cross-structures that may have the potential to host high grade gold mineralisation (Figure 1).

The drilling was successful with the discovery of extensive and multiple new zones of gold mineralisation well outside the current JORC Exploration Target of approximately 500,000 to 611,000 ounces of gold at an approximate grade range of 1.8 g/t to 2.2 g/t gold. These new zones of mineralisation are depicted on Figure 1 and the better new gold intercepts are described below:

• New significant gold intercepts (6m at 3.8 g/t gold in BARC112, and 2m at 45.6 g/t gold and 10m at 3.0 g/t gold in BARC114) have extended the known mineralisation 200m to the northeast (Figure 2);

• An intercept of 10m at 11 g/t gold in BARC118 has extended one of the southern mineralised lodes for a further 200m south-west; and

• Infill drilling in a 900m gap in the previous drilling that was used to define the Exploration Target has outlined significant mineralisation over a further 250m with new intercepts including 4m at 6.1 g/t gold in BARC124, 7m at 8.4 g/t gold in BARC125 and 20m at 0.5 g/t gold in BARC121. The gap in the drilling in this area has now been reduced to 650m.

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Golden Rim believes several of the new high grade gold intercepts (7m at 8.4 g/t gold in BARC125 and 4m at 6.1 g/t gold in BARC124) and some of the high grade intercepts from previous drilling (21m at 5.6 g/t gold, including 8m at 11.8 g/t gold in BARC083 and 7m at 11.0 g/t gold in BARC001) may be influenced by their proximity to several distinct east-south-east trending crossstructures. Further drilling along the trend of these cross-structures is required to assess the continuity of the high grade mineralisation in these areas.

The mineralisation intersected in the drilling at Banouassi has several styles. Generally the higher grade gold mineralisation is associated with quartz veins with disseminated pyrite, carbonate minerals and hematite, whereas the broader, lower grade gold mineralisation is generally associated with silicified andesite with disseminated pyrite and carbonate minerals.

Regional Exploration Upside

The gold mineralisation at Kouri is hosted in a major NE-trending shear zone that extends for 16km through the licence.

To date, only the gold mineralisation at Banouassi, which is situated in the north-east portion of Kouri and extends over a strike of 3km, has been systematically explored. The remaining 13km of the shear zone within the licence remains under-explored.

The existence of substantial artisanal workings and the discovery of gold in previous rock chip sampling, auger drilling and RC drilling (e.g. 11m at 3.6 g/t gold at the Namagdo prospect) conducted by Golden Rim suggests the remainder of the shear zone is also strongly mineralised and that the area offers extensive future exploration upside for Kouri (Figure 3).

Forward Work Program

The recent RC drilling program was the first stage of Golden Rim’s 2017 strategy of outlining a maiden JORC Mineral Resource for Banouassi by the end of the year.

Subject to available funds, the Company plans to conduct a second larger drilling program in October - November 2017, which will include further infill and extensional RC as well as diamond drilling at Banouassi. The drill holes are planned for a depth of 150m to allow the resource estimate to be extended deeper than the current Exploration Target which on average only extends to 70m below surface.

Following this second drilling program the Company expects to be able to calculate a JORC Mineral Resource in December 2017.

- ENDS -

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Contact Information

Hayley Butcher Golden Rim Resources Ltd Company Secretary +61 0409 880 009 E: info@goldenrim.com.au W:goldenrim.com.au

Richard Glass Citadel-MAGNUS +61 8 6160 4902 rglass@citadelmagnus.com

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 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.

The information in this report that relates to exploration results is based on information compiled by Mr Craig Mackay, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Mr Mackay is a full-time employee of Golden Rim Resources Ltd. Mr Mackay has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Mackay consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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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Figure 1. RC drill collars labelled with >10 m x g/t gold intercepts and the interpreted zones of gold mineralisation over a auger gold image at the Banouassi prospect. New gold intercepts are depicted in the orange boxes.

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Figure 2. Drill section 11,500mN at Banouassi prospect.

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Figure 3. Location of prospects, rock chip samples and auger gold anomalies over an airborne magnetic image at Kouri. The Banouassi prospect covers approximately 3km of the gold mineralised shear zone that extends for 16km through the licence.

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Table 1. RC drill hole collar details:

Hole ID	Easting (m)	Northing (m)	RL (m)	Dip (o)	Azimuth (o)	EOH (m)
BARC112	180,632	1,409,147	290	-55	150	200
BARC113	180,672	1,409,082	291	-55	150	200
BARC114	180,711	1,409,014	289	-55	150	130
BARC115	180,138	1,408,922	282	-55	150	156
BARC116	180,175	1,408,855	282	-55	150	180
BARC117	180,219	1,408,777	282	-55	150	150
BARC118	180,256	1,408,707	281	-55	150	150
BARC119	180,298	1,408,639	281	-55	150	80
BARC120	179,852	1,408,826	279	-55	150	150
BARC121	179,887	1,408,756	279	-55	150	150
BARC122	179,925	1,408,686	279	-55	150	150
BARC123	179,962	1,408,619	279	-55	150	153
BARC124	179,345	1,408,369	275	-55	150	150
BARC125	179,384	1,408,302	275	-55	150	100
BARC126	179,409	1,408,256	275	-55	150	150
BARC127	178,644	1,407,999	271	-55	150	174
BARC128	179,371	1,408,561	276	-55	150	150
BARC129	179,405	1,408,493	276	-55	150	100
BARC130	178,683	1,407,926	271	-55	150	74

Notes:

• All holes are Reverse Circulation (RC) holes • Coordinate projection is UTM, WGS 84, zone 31 North

Table 2. Significant intercepts from the RC drilling at Kouri

Hole ID	From (m)	To (m)	Significant Intersections (>0.5g/t gold)
BARC112	2	3	1m at 1.0g/t Au
BARC112	8	13	5m at 0.9g/t Au
BARC112	18	20	2m at 45.6g/t Au
incl.	18	19	1m at 82.9g/t Au
BARC112	41	42	1m at 0.8g/t Au
BARC112	68	70	2m at 3.4g/t Au
BARC112	90	94	4m at 2.2g/t Au
incl.	90	91	1m at 6.4g/t Au
BARC112	109	115	6m at 3.8g/t Au
Incl.	109	110	1m at 22.1g/t Au
BARC112	189	190	1m at 5.2g/t Au
BARC113	0	1	1m at 0.5g/t Au
BARC113	43	49	6m at 1.4g/t Au
BARC113	72	73	1m at 0.6g/t Au
BARC113	92	93	1m at 0.9g/t Au
BARC113	113	114	1m at 0.8g/t Au

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BARC113	123	124	1m at 0.5g/t Au
BARC114	13	14	1m at 0.6g/t Au
BARC114	38	40	2m at 11.6g/t Au
incl.	39	40	1m at 22.5g/t Au
BARC114	67	77	10m at 3.0g/t Au
incl.	75	76	1m at 12.0g/t Au
BARC115	38	39	1m at 6.0g/t Au
BARC115	83	84	1m at 1.3g/t Au
BARC115	94	95	1m at 0.8g/t Au
BARC115	136	138	2m at 1.2g/t Au
BARC115	148	150	2m at 2.8g/t Au
BARC116	37	38	1m at 1.8g/t Au
BARC116	46	50	4m at 1.1g/t Au
BARC116	54	55	1m at 0.7g/t Au
BARC116	62	65	3m at 0.7g/t Au
BARC116	98	109	11m at 1.3g/t Au
BARC116	114	115	1m at 1.0g/t Au
BARC116	118	119	1m at 0.7g/t Au
BARC116	123	124	1m at 0.8g/t Au
BARC116	153	154	1m at 2.0g/t Au
BARC116	174	175	1m at 0.6g/t Au
BARC117	17	18	1m at 0.7g/t Au
BARC117	64	65	1m at 0.5g/t Au
BARC117	91	92	1m at 3.6g/t Au
BARC117	102	109	7m at 0.8g/t Au
BARC118	111	121	10m at 11.0g/t Au
Incl.	118	119	1m at 104.7g/t Au
BARC119	39	40	1m at 0.6g/t Au
BARC120	103	104	1m at 0.7g/t Au
BARC120	117	118	1m at 1.8g/t Au
BARC120	126	136	10m at 0.8g/t Au
BARC121	28	29	1m at 0.5g/t Au
BARC121	79	80	1m at 0.7g/t Au
BARC121	92	95	3m at 0.6g/t Au
BARC121	101	102	1m at 0.6g/t Au
BARC121	106	109	3m at 0.6g/t Au
BARC121	118	138	20m at 0.5g/t Au
BARC122	1	17	16m at 0.7g/t Au
BARC122	23	29	6m at 1.3g/t Au
BARC122	78	79	1m at 2.1g/t Au
BARC122	98	101	3m at 0.8g/t Au
BARC122	124	125	1m at 0.7g/t Au
BARC123	4	5	1m at 0.6g/t Au
BARC123	25	26	1m at 0.5g/t Au
BARC123	31	32	1m at 0.5g/t Au
BARC123	35	36	1m at 0.5g/t Au
BARC123	109	110	1m at 0.5g/t Au

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BARC124	21	22	1m at 1.3g/t Au
BARC124	43	44	1m at 0.9g/t Au
BARC124	79	83	4m at 6.1g/t Au
incl.	82	83	1m at 21.9g/t Au
BARC124	102	105	3m at 4.8g/t Au
incl.	103	104	1m at 8.5g/t Au
BARC124	111	115	4m at 1.4g/t Au
BARC124	122	123	1m at 1.8g/t Au
BARC125	26	27	1m at 12.0g/t Au
BARC125	34	41	7m at 8.4g/t Au
incl.	34	36	2m at 27.3g/t Au
BARC125	60	62	2m at 1.5g/t Au
BARC125	68	70	2m at 2.7g/t Au
BARC125	87	88	1m at 0.5g/t Au
BARC126	16	17	1m at 0.7g/t Au
BARC126	29	30	1m at 0.7g/t Au
BARC126	37	41	4m at 0.9g/t Au
BARC126	93	94	1m at 17.7g/t Au
BARC127	6	7	1m at 0.6g/t Au
BARC127	38	39	1m at 0.6g/t Au
BARC127	67	69	2m at 1.5g/t Au
BARC127	154	155	1m at 0.6g/t Au
BARC127	163	164	1m at 0.5g/t Au
BARC128	58	59	1m at 1.4g/t Au
BARC128	64	65	1m at 0.5g/t Au
BARC128	84	87	4m at 0.6g/t Au
BARC128	99	100	1m at 0.9g/t Au
BARC128	107	113	6m at 1.1g/t Au
BARC128	149	150	1m at 0.5g/t Au
BARC130	51	65	14m at 0.5g/t Au

Notes:

• All reported intersections are assayed at 1m intervals

• • Intercept cut-off grade is 0.5 g/t gold • Intervals are reported with a maximum of 4 metres of internal dilution unless the total intercept grade falls below 0.5 g/t gold

• Sample preparation and assaying conducted by BIGS Laboratory in Ouagadougou.

• • Assayed by 50g charge fire assay with AAS finish

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Appendix 1: JORC Code (2012 Edition), Assessment and Reporting Criteria

Section 1: Sampling Techniques and Data

Criteria	JORC Code Explanation	Explanation
Sampling Techniques	• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.	• All the sampling described in this report refers to reverse circulation (RC) drill samples. The RC drilling was used to obtain 1m samples, from which 2kg was pulverised to produce a 50g charge for fire assay. • The RC samples were reduced to a 2kg sample by riffle splitting on site. • Measures were taken to avoid wet RC drilling. • Samples were all collected by qualified geologists or under geological supervision. • The samples are judged to be representative of the rock being drilled, because representative sub sampling of the RC samples was achieved. • Location of each hole was recorded by hand held GPS with positional accuracy of approximately +/- 5 metres. This was then followed up by surveying with a differential GPS, which is accurate to +/- 0.1m in X, Y and Z. Location data was collected in WGS 84, UTM zone 30N or 31N.
Drilling techniques	• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).	• RC drilling was carried out sing a 4.5-inch face sampling hammer.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• RC recoveries are logged and recorded in the database. Overall recoveries are >75% for the RC. There are no significant sample recovery problems. A technician is always present at the rig to monitor and record recovery. • RC samples were visually checked for recovery, moisture and contamination. • The style of mineralisation, with common higher-grade, requires good recoveries to evaluate the mineralisation adequately. The consistency of the mineralised intervals and density of drilling is considered to prevent any sample bias

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Criteria	JORC Code Explanation	Explanation
		issues due to material loss orgain.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Detailed geological logging has been carried out on all drill samples, recording lithology, weathering, structure, veining, mineralisation, grainsize and colour. • Logging of sulphide mineralisation and veining is quantitative. • The geological logging was done using a standardised logging system. This information and the sampling details were transferred into Golden Rim’s drilling database. • No judgement has yet been made on whether the geological logging has been sufficient to support Mineral Resource estimation.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• RC samples were collected on the rig using a three-tier riffle splitter. All samples were dry. • Samples were transported by road to BIGS Laboratory in Ouagadougou. • The sample preparation for all samples follows industry best practice. • At the laboratory, all samples were weighed, dried and crushed to -2mm in a jaw crusher. A split of the crushed sample was subsequently pulverised in a ping mill to achieve a nominal particle size of 85% passing 75um. • Field QC procedures involve the use of certified reference material as assay standards, blanks and duplicates for the RC samples. The insertion rate of these averaged 3:30. Field duplicates were taken on 1m RC splits using a riffle splitter. • The sample sizes are considered appropriate to correctly represent the style of mineralisation, the thickness and consistencyof the intersections.
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures	• The laboratory used an aqua regia digest followed by fire assay with an AAS finish for gold analysis. • No geophysical tools were used to determine any element concentrations. • Sample preparation checks for fineness were carried out by the laboratory as part of their internal procedures to ensure the grind size of 90% passing 75 microns. • Internal laboratory QAQC checks are reported by the laboratory. • Review of the internal laboratory QAQC

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Criteria	JORC Code Explanation	Explanation
	adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	suggests the laboratory is performing within acceptable limits. • For RC samples, we insert one blank, on standard and one duplicate for every 30 samples.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• Sample data is compiled and digitally captured by Golden Rim geologists. • The compiled digital data is verified and validated by the Company’s database geologist. • Reported results are compiled by the Company’s Senior Geologist and the Managing Director. • There were no adjustments to the assay data.
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control.	• Down-hole surveys were completed at the end of every hole (where possible) using a Reflex down-hole survey tool. Measurements were taken at approximately every 50 meters. • At the completion of the program all holes are surveyed with a DGPS, which has locational accuracy of +/- 0.1m, X, Y and Z. • Location data was collected in UTM grid WGS84, zone 31north.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• The drill intercepts are irregularly spaced. • No judgement has been made on whether the drill density is sufficient to calculate a Mineral Resource. • There was no sample composting.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• All drill holes reported here were drilled approximately at right angles to the strike of the target mineralisation. • No orientation based sampling bias has been identified in the data at this point.
Sample security	• The measures taken to ensure sample security.	• Samples are stored on site prior to road transport by Company personnel to the laboratory in Ouagadougou, Burkina Faso.

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Criteria	Criteria	JORC Code Explanation	Explanation
Audits or reviews		• The results of any audits or reviews of sampling techniques and data.	• There has been no external audit or review of the Company’s techniques or data.
Section 2: Reporting of Exploration Results
Criteria	JORC Code explanation		Explanation
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.		• The RC drilling results are from the Kouri permit. • Golden Rim owns 100% of the licence. • Tenure is in good standing.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.		• The area that is presently covered by the Kouri permit has undergone some previous mineral exploration.
Geology	• Deposit type, geological setting and style of mineralisation.		• The Kouri Project covers part of a highly prospective Lower Proterozoic Birimian, Samira Hill Greenstone belt and is traversed by a significant NE-trending fault splay which is connected to the major Markoye Fault system. This fault system controls several major gold deposits in Burkina Faso, including Kiaka (5.9 Moz), Bomboré (5.2 Moz) and Essakan (6.2 Moz). • The mineralisation lies in a package of highly altered volcanic and volcaniclastic host rocks and is associated with a major gold-in-soil anomaly and a prominent dilational structural jog along a regional NE-trendingshear zone.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not		• Intercepts that form the basis of this announcement are tabulated in Table 1, within the body of this announcement and incorporate Hole ID, Easting, Northing, Dip, Azimuth, Depth and Assay data for the mineralised intercepts. • Appropriate locality maps for some of the holes also accompanies this announcement.

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Criteria	JORC Code explanation	Explanation
	detract from the understanding of the report, the Competent Person should clearlyexplain whythis is the case.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated.	• All samples were taken at 1m intervals. • For the 0.5 g/t Au cut-off calculations, up to 4m (down hole) of internal waste, unless the total intercept grade falls below 0.5 g/t gold. • No weighting or high grade cutting techniques have been applied to the data reported. • Assay results are generally quoted rounded to 1 decimal place. • Metal equivalent values are not reported in this announcement.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	• The orientation of the mineralised zone has been established and the drilling was planned in such a way as to intersect mineralisation in a perpendicular manner.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Maps are provided in the main text.
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• All sample results containing significant (>0.5 g/t) gold are reported the table in the main text.
Other substantive exploration data	• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	• There is no other exploration data which is considered material to the results reported in the announcement.
Further work	• The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out	• Further infill drilling is planned to follow up the results reported in this announcement.

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Criteria	JORC Code explanation	Explanation
	drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commerciallysensitive.

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