ASARA RESOURCES LIMITED — Capital/Financing Update 2017

May 10, 2017

ASX/Media Announcement

11 May 2017

RENEWAL OF BABONGA LICENCE IN BURKINA FASO

Golden Rim Resources Ltd (ASX: GMR, Golden Rim, Company) advises that the Ministry of Mines in Burkina Faso has granted the Company a renewal for its Babonga Licence, which comprises Golden Rim’s 100% owned Babonga Gold Project (Babonga), for a period of three years.

Following the three year period, the licence can again be renewed for a further three years, providing up to a total of six years of additional tenure.

Babonga is located 70km north east of Golden Rim’s primary project in Burkina Faso, the Kouri Gold Project (Kouri), where the Company is currently conducting a Reverse Circulation (RC) drilling program with an objective of defining a JORC resource by the end of 2017. Golden Rim believes that any future mine development at Kouri could potentially involve the treatment of gold mineralisation from Babonga.

Babonga has a highly coherent gold-in-soil anomaly approximately 2.1km long and 300m wide, which was defined in the southern part of the licence. The anomaly is coincident with a major regional fault that is connected to the major fault zone that hosts gold mineralisation at the Kouri (Figure 1).

Earlier this year, Golden Rim conducted an Air Core drilling program at Babonga. The drilling intersected widespread bedrock gold mineralisation and discovered a coherent zone of bedrock gold mineralisation, over an area of 1km x 200m, and comprising a series of stacked gold mineralised veins. Peak values included:

• 7m at 1.6 g/t gold from 28m depth; including 1m at 4.8 g/t gold;

• 2m at 3.1 g/t gold from 4m depth; including 1m at 5.4 g/t gold;

• 6m at 1.1 g/t gold from 14m depth;

• 2m at 3.0 g/t gold from 12m depth.

Many of the Air Core holes were stopped before the planned depth of 50m because the drilling reached blade refusal at fresh rock.

The Company is considering undertaking a small follow-up RC drilling program, capable of penetrating into fresh rock to fully test the significant gold mineralisation.

-ENDS-

Golden Rim Resources Ltd I ABN 39 006 710 774 I Office 7, Level 2, 609 Canterbury Road, Surrey Hills, VIC 3127, Australia www.goldenrim.com.au I info@goldenrim.com.au I T + 61 3 9836 4146

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Figure 1. Location of the Babonga Gold Project in Burkina Faso

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

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Competent Persons Statement

The information in this report relating to exploration results is extracted from the announcement Bedrock Gold Discovered at Babonga, dated 27 February 2017 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.

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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