ASARA RESOURCES LIMITED — Capital/Financing Update 2019

Sep 22, 2019

ASX/Media Announcement

23 September 2019

Share Placement to Substantial Shareholder

West African gold explorer, Golden Rim Resources Ltd (ASX:GMR; Company ), is pleased to announce a small top-up share placement to Westward Investments Limited, a member of the Pella Group ( Pella ).

Following the transaction to acquire the Goueli and Margou permits that, along with the Kouri Permit, now comprise the Kouri Gold Project in Burkina Faso, Pella became a substantial shareholder of the Company.

In a vote of confidence in the Company and the Kouri Gold Project, in addition to taking up their entitlements under the Company’s recently closed Rights Issue, Pella has also been issued a further 13,410,772 shares at $0.014 per share (the same price as the Rights Issue) so that its percentage holding prior to recent capital raisings is maintained (7.37%). The share placement raised $187,750 (before costs) and was made under the Company’s Listing Rule 7.1 placement capacity.

The Company thanks Pella for their continued support.

The funds raised under the placement are intended to be used for exploration work at the Company’s Kouri Gold Project in Burkina Faso, including reverse circulation, diamond and auger drilling, as well as Induced Polarisation and ground magnetic geophysical surveys, and for general working capital.

Plans are currently underway to re-commence the major drilling program at the Kouri Gold Project. It is initially planned for diamond drilling to be conducted at the Diabatou prospect where the Company recently intersected high-grade gold zones, including drill intercepts of:

• 7m at 121.2g/t gold from 41m, including 1m at 783.8g/t gold from 44m, and 3m at 7.2g/t gold from 56m in hole MRC008; and

• 4m at 23.2g/t gold from 67m, including 1m at 65.7g/t gold , in hole MRC014.

The drilling will then progress to other high-grade gold zones. Infill drilling of the 1.4Moz Mineral Resource is also planned as well as drilling to test the strike extent of the gold lodes that comprise the Mineral Resource, into the Margou and Gouéli permits.

The Company also plans to systematically explore the entire Diabatou granite area, along with the remainder of the Margou and Gouéli permit areas. This exploration work will include a regional auger drilling program, an IP gradientarray geophysical survey, and a ground magnetic geophysical survey.

-ENDS-

Golden Rim Resources Ltd I ABN 39 006 710 774 I Level 2, 609 Canterbury Road, Surrey Hills VIC 3127, 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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For Further Information Please Contact:

Golden Rim Resources

Craig Mackay

Managing Director Golden Rim Resources +61 3 9836 4146 craig@goldenrim.com.au

About Golden Rim Resources

Emerging West African gold developer, Golden Rim Resources Limited (ASX: GMR), is focused on the discovery and development of gold projects in West Africa.

With a decade of experience working in Burkina Faso, the Company is well placed to turn discoveries into real value for shareholders.

The Kouri Gold Project, located in north-east Burkina Faso, contains over 1.4Moz in defined Mineral Resources, with significant upside potential to grow.

Kouri is traversed by a significant NE-trending fault splay that is connected to the major Markoye Fault system. This fault system controls a number of major gold deposits in Burkina Faso, including Kiaka (5.9 Moz gold), Bomboré (5.2 Moz gold), Essakane (7 Moz gold) and Sanbrado (2.8 Moz gold). The mineralised fault system extends into western Niger where the 2.5 Moz Samira Hill is located.

For more information: www.goldenrim.com.au

Competent Persons Statement

The information in this report relating to previous exploration results and Mineral Resources are extracted from the announcements 784gt Gold Bonanza Intercept at Kouri dated 5 August 2019; Second High-Grade Zone Discovered in Granite at Kouri dated 28 August 2019; and 1.4 Million Oz of Gold in Upgraded Kouri Mineral Resource dated 3 December 2018 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, and in the case of the Mineral Resource estimate, that all material assumptions and technical parameters underpinning estimate continue to apply and have not materially changed.

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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