ASARA RESOURCES LIMITED — Capital/Financing Update 2019

Sep 15, 2019

ASX/Media Announcement 16 September 2019

$3.45 Million Raised Under Rights Issue

Golden Rim Resources Ltd (ASX: GMR, Golden Rim , Company ) advises that the 3 for 11 pro-rata fully underwritten renounceable rights issue announced on 15 August 2019 ( Rights Issue ) has now closed.

The Company is pleased with the level of shareholder support.

The Company received valid entitlement applications under the Rights Issue for 133,687,077 shares. The Company has accepted applications for additional shares from eligible shareholders for 38,899,826 shares. Additional share applications have either been accepted in whole (applications for smaller parcels) or scaled back by up to 21%. Under the Rights Issue, 70% of funds received were from eligible shareholders, raising approximately $2.4 million.

The Rights Issue was fully underwritten by Patersons Securities Ltd ( Patersons ) who also acted as Lead Manager. The maximum number of new shares that were available to be issued under the Rights Issue was 246,334,426 and the underwriter will place the remaining 73,747,523 shares ( Shortfall Shares ).

It is anticipated that all shares will be issued on 18 September 2019. With the Shortfall Shares, the total raised under the Rights Issue is approximately $3,448,226 (before costs).

The Rights Issue was part of a broader capital raising that also included a share placement (announced 15 August 2019). The placement raised approximately $1.82 million (before costs), bringing the total raised under the placement and Rights Issue (including the Shortfall Shares) to approximately $5.3 million (before costs). The funds raised under the placement and Rights Issue are intended to be used for:

• Exploration work at the Company’s Kouri Gold Project ( Kouri ) in Burkina Faso. In particular, drilling, including reverse circulation ( RC ) drilling, diamond drilling, and auger drilling and an Induced Polarisation ( IP ) geophysical survey; and

• General working capital.

The Company recently completed a transformational acquisition of two adjoining permits, Margou and Gouéli, increasing the project area from 58km[2] to 245km[2] . Further, the Company has secured the exclusive right to purchase another adjoining permit which, upon completion, will increase the project area by an additional 80km[2] (ASX announcements 28 June 2019 and 18 July 2019).

The first drilling in the new permits has returned exceptional results including a bonanza intercept of 7m at 121.2 g/t gold from 41m , including 1m at 783.9 g/t gold from 44m at the Diabatou prospect. A portion of the funds raised will be utilised for diamond drilling follow-up around this high grade intercept and for a systematic auger drilling program as well as an IP geophysical survey to identify additional target areas in the new permits which remain almost totally unexplored.

Drilling (diamond and RC) will be conducted along the projected northeast strike extension of the 1.4Moz Mineral Resource at Kouri, extending into the new permits as well as around newly discovered high grade gold mineralisation

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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associated with a 4km long IP geophysical anomaly at Maré – Guitorga North, which lies 500m north of the Mineral Resource on the Kouri Permit.

The Company believes that with further drilling there is extraordinary potential for it to build on its existing Mineral Resource at Kouri.

Drilling is scheduled to commence in 2 to 3 weeks, following the rainy season.

The Company’s Managing Director, Craig Mackay, said:

“We are very pleased with the support we have received from existing shareholders and we welcome the new shareholders.

The funding will allow us to push forward with our major drilling program which is scheduled to re-commence in just a few weeks.

We are at an exciting time for the Company as we head toward our next aim of being a company with over 2Moz of gold in Mineral Resources.”

-ENDS-

For Further Information Please Contact:

Golden Rim Resources

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

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About Golden Rim Resources

West African gold explorer, 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

ASX Code: GMR Market Capitalisation: A$13.5m Issued Shares: 903m

Competent Persons Statement

The information in this report relating to previous exploration results and the Mineral Resource at Kouri are extracted from the announcements: 784 g/t Gold Bonanza Intercept at Kouri dated 5 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. 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, 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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