ASARA RESOURCES LIMITED — Capital/Financing Update 2019

Sep 8, 2019

ASX/Media Announcement

9 September 2019

14,000m Drilling Program and Rights Issue Update

Golden Rim Resources Ltd (ASX: GMR) ( Golden Rim or the Company ) advises that its recently announced Rights Issue closes this Wednesday, 11 September 2019.

Eligible shareholders who wish to participate in the Rights Issue must ensure their application and payment is received by the Company no later than 5.00pm (AEST) Wednesday, 11 September 2019 .

Funds raised will primarily be used at the Company’s Kouri Gold Project ( Kouri ) in Burkina Faso.

The Company expects to re-commence its planned 14,000m (for approximately 100 holes ) drilling program at Kouri in the next 3 weeks. Drilling is currently suspended due to the rainy season however, the rig is already in place and as soon as the roads clear of floodwaters, the drilling crews will be able to start work immediately.

Initially, diamond drilling will be conducted at Diabatou (Figure 1) 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.

Following this initial drilling at Diabatou, RC and diamond drilling will be conducted at other high-grade gold zones including the Maré - Guitorga North Induced Polarisation ( IP ) anomaly.

Infill drilling will also be conducted within the 1.4Moz Mineral Resource. In addition, RC and diamond drilling are planned to test a further 500m of strike extent to the gold lodes that comprise the Mineral Resource into the Gouéli Permit.

The Company 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 gradient-array geophysical survey, and a ground magnetic geophysical survey. These are all scheduled to commence in mid-October 2019.

The auger drilling will initially be conducted on a 200m x 50m pattern and will be the first exploration undertaken on a number of highly prospective cross-structures within the Samira Hill Shear Zone in the permits. The IP gradient array survey will be conducted on a 100 x 25m station spacing. The ground magnetic survey will be conducted on a 100m x 25m station spacing.

Page | 1

==> picture [595 x 85] intentionally omitted <==

==> picture [483 x 321] intentionally omitted <==

Figure 1. Location of exploration permits and prospect areas at the Kouri Project (Golden Rim has exclusive right to acquire Kotouri Permit, upon grant).

-ENDS-

For further information, visit www.goldenrim.com.au or please contact:

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

Page | 2

==> picture [595 x 85] intentionally omitted <==

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 Statements

The information in this report relating to previous exploration results and the Mineral Resource at Kouri are extracted from the announcements: Second High-Grade Zone Discovered in Granite at Kouri dated 28 August 2019; 784g/t Gold Bonanza Intercept at Kouri dated 5 August 2019; 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.

Page | 3