ASARA RESOURCES LIMITED — Capital/Financing Update 2019

Sep 1, 2019

ASX/Media Announcement

2 September 2019

Drilling Further Extends Gold Mineralisation Beyond Existing 1.4Moz Mineral Resource at Kouri

Highlights:

• Additional gold mineralisation discovered along strike from and adjacent to the 1.4Moz gold Mineral Resource at Kouri significantly enhances the potential for major resource expansion.

• Drilling along the projected northeast strike extent of the Mineral Resource into the newly acquired Gouéli Permit has confirmed the parallel gold lodes that comprise the Mineral Resource continue for a further 100m and remain open along strike to the northeast. New results include:

• 10m at 1.1g/t gold from 104m in hole GRC003; and

• 12m at 1.9g/t gold from 71m, including 1m at 15.9g/t gold in hole GRC005.

• A new intercept of 3m at 6.7g/t gold from 84m, including 1m at 16.1g/t gold was obtained in hole BARC356 at Maré, down-dip from previous intercepts of 4m at 9.2g/t gold from 44m and 15m at 3.8g/t gold from 53m in hole BARC347.

• The high-grade gold mineralisation at Maré is associated with an extensive 4km long IP chargeability high anomaly which lies only 500m northwest and parallel to the gold lodes in the Mineral Resource.

• Golden Rim intends to re-commence its major drilling program in approximately 2 to 3 weeks for circa 14,000m of RC and diamond drilling targeting the new high-grade gold zones at Diabatou and Maré, along with infill and extensional drilling in the 1.4Moz Mineral Resource area.

West African gold explorer, Golden Rim Resources Ltd (ASX: GMR) ( Golden Rim or the Company ), is pleased to report further significant gold intersections from its current reverse circulation ( RC ) drilling program at its Kouri Gold Project ( Kouri ) in Burkina Faso.

Commenting on the new results, Golden Rim’s Managing Director, Craig Mackay, said:

“We are successfully heading toward our next aim of being a company with over 2Moz of gold in Mineral Resources.

At Kouri we continue to locate more gold mineralisation around the 1.4Moz Mineral Resource and our latest drilling results highlight two areas.

Our first drilling in the newly acquired Gouéli Permit has confirmed the gold lodes that comprise the Mineral Resource directly extend for a further 100m to the northeast . These lodes remain open along strike and our mapping and satellite imagery suggest that they extend for an additional 400m before heading under shallow soil cover.

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

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

We have also discovered high-grade gold mineralisation approximately 500m northwest of the Mineral Resource, associated with a 4km long IP geophysical anomaly which remains largely untested.

Follow-up drilling in both of these areas is expected to commence in a few weeks, after the end of the rainy season.”

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

Figure 1. Location of prospect areas and drill holes at Kouri.

New assay results have been received from the last remaining 12 holes from drilling at the Gouéli Permit and the Maré prospect (Figure 1). There are no further pending assays for the current drilling program. Drill hole location details are provided in Table 1 and depicted in Figures 1, 2 and 4. Significant gold intercepts are listed in Tables 2 and 3.

Gouéli Permit

Assay results were received from 5 holes at the Gouéli Permit (GRC001 – GRC005) which are the first drill holes to be completed along the projected northeast strike extension of the 1.4Moz gold Mineral Resource into the new Gouéli Permit.

All five holes returned significant gold intercepts (Table 3). Three of the holes (GRC003 – GRC005) were drilled 100m along strike from the Mineral Resource as infill holes (between RC holes MGRC021 – MGRC023 that had been drilled by the previous owner of the Gouéli Permit) (Figures 2 and 3). The holes drilled by the previous owner were sampled at 2m intervals, whereas the holes drilled by Golden Rim were sampled at 1m intervals.

The assay results from the new holes confirm both the additional strike extent of the parallel gold lodes that comprise the Mineral Resource, and the down-dip continuity of the gold lodes.

Page | 2

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

New results include:

• 10m at 1.1g/t gold from 104m in hole GRC003; and

• 12m at 1.9g/t gold from 71m, including 1m at 15.9g/t gold in hole GRC005.

The gold lodes that extend into the Gouéli Permit and then the Margou Permit remain open at depth and along strike to the northeast. Mapping and satellite imagery indicate the artisanal workings on these gold lodes extend for at least 500m into the Gouéli Permit and the mineralization may extend further again beneath shallow soil cover (Figure 2).

==> picture [488 x 326] intentionally omitted <==

Figure 2: Location of drill holes at Gouéli on a satellite image. New drill hole collars (GRC003 – GRC005) are coloured green. New gold intercepts are highlighted in the blue boxes. Planned drill hole collars are coloured yellow.

Page | 3

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

==> picture [467 x 323] intentionally omitted <==

Figure 3. Drill section at Gouéli (looking northeast) located 100m northeast of the 1.4Moz gold Mineral Resource. The new holes are GRC003 – GR005 (section located on Figure 2 as A – A’).

Maré

Assay results were received for seven holes (BARC350 – BARC356) at the Maré prospect, which is located 1.5km west from the Mineral Resource (Figure 4).

A new intercept of 3m at 6.7g/t gold from 84m, including 1m at 16.1g/t gold was obtained in hole BARC356 down-dip from previous intercepts of 4m at 9.2g/t gold from 44m and 15m at 3.8g/t gold from 53m in hole BARC347 (Figure 5).

The intercept in BARC356 confirmed the high-grade mineralisation at Maré dips at approximately 60[0 ] to the southeast. The high-grade mineralisation remains open along strike and at depth.

To date, hole BARC356 is the only hole drilled to the northwest. The remaining holes including BARC350 – BARC355 were drilled to the southeast (similar dip to the mineralisation) and as such are not oriented to intersect the mineralisation.

Hole BARC353 provided new intercepts of 1m at 4.2g/t gold from 9m and 1m at 8.9g/t gold from 47m. These intercepts are believed to correspond to parallel and narrower zones of gold mineralisation to that intersected in BARC356.

The high-grade gold mineralisation at Maré is associated with a strong, northeast-trending, Induced Polarisation ( IP ) chargeability high anomaly which extends for at least 4km and lies 500m northwest and parallel to the 1.4Moz gold Mineral Resource (Figure 4). At Guitorga North, which lies 2.7km along the IP anomaly to the northeast of Maré, previous shallow auger drilling returned highly anomalous bedrock gold results of 2,360ppb gold and 723ppb gold . This area of anomalous auger results along with the thickest part of the IP anomaly, which lies beneath shallow river channel sediments (too deep for auger drilling), are considered priority areas for follow-up RC and diamond drilling.

Page | 4

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

==> picture [467 x 311] intentionally omitted <==

Figure 4. Location of drill holes at Maré and auger gold results on an IP chargeability image.

==> picture [462 x 319] intentionally omitted <==

Figure 5. Drill section at Maré (looking northeast) with high-grade gold intercepts (section located on Figure 4 as B – B’).

Page | 5

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

Planned Exploration

Following suspension of the drilling program due the rainy season, Golden Rim intends to re-commence drilling in approximately 2 to 3 weeks. Initially RC and diamond drilling will be conducted in the new high-grade gold zones at Diabatou and on the Maré - Guitorga North IP anomaly.

Infill drilling will also be conducted within the 1.4Moz Mineral Resource. In addition, RC and diamond drilling is planned to test a further 400m of strike extent to the gold lodes that comprise the Mineral Resource into the Gouéli Permit.

A regional auger drilling program and an IP gradient-array geophysical survey are scheduled to commence in early October 2019. The Company plans to systematically explore the entire Diabatou granite area, along with the remainder of the Margou and Gouéli permit areas. This auger drilling will be the first exploration conducted on a number of highly prospective cross-structures within the Samira Hill Shear Zone in the Margou Permit (Figure 1).

The Company takes this opportunity to advise it intends to hold its Annual General Meeting on 29 October 2019. A Notice of Meeting and other meeting materials will be provided, in due course.

-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 | 6

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

Table 1. New RC drill hole collar details

Hole ID	Easting (m)	Northing (m)	RL (m)	Zone	Dip (o)	Azimuth (o)	EOH (m)	Prospect	Assaying Status
BARC350	175,754	1,407,888	270	31N	-55	150	120	Maré	Received
BARC351	175,730	1,407,930	284	31N	-55	150	150	Maré	Received
BARC352	175,892	1,407,850	277	31N	-55	150	102	Maré	Received
BARC353	175,913	1,407,914	288	31N	-55	150	120	Maré	Received
BARC354	175,887	1,407,955	250	31N	-55	150	132	Maré	Received
BARC355	175,818	1,407,876	248	31N	-55	150	117	Maré	Received
BARC356	175,913	1,407,813	250	31N	-55	330	120	Maré	Received
GRC001	181,113	1,408,845	305	31N	-55	150	112	Gouéli	Received
GRC002	181,187	1,408,916	305	31N	-55	150	162	Gouéli	Received
GRC003	180,974	1,409,236	305	31N	-55	150	120	Gouéli	Received
GRC004	181,001	1,409,188	305	31N	-55	150	126	Gouéli	Received
GRC005	180,936	1,409,301	305	31N	-55	150	120	Gouéli	Received

Notes:

• BARC prefix denotes reverse circulation (RC) drilling at Banouassi and Maré.

• GRC prefix denotes RC drilling at Gouéli

• Co-ordinate projection: UTM, WGS 84 zone 31 North

Table 2. Significant intercepts (≥0.5 g/t gold) from the regional RC drilling at Kouri

Hole ID	From (m)	To (m)	Significant Gold Intersections
BARC351	93	94	1m at 0.5g/t
BARC353	9	10	1m at 4.2g/t
	47	48	1m at 8.9g/t
BARC354	16	19	3m at 1.4g/t
	59	61	2m at 0.6g/t
	108	109	1m at 0.6g/t
BARC356	84	87	3m at 6.7g/t
	84	85	incl. 1m at 16.1g/t

Notes:

• All reported intersections are assayed at 1m intervals

• Intercept cut-off grade is 0.5g/t gold

• Intervals are reported with a maximum of 3m of internal dilution unless the total intercept grade falls below 0.5 g/t gold.

• Intercept intervals (From and To) are the down hole distances from the collar start (origin) detailed in Table 1.

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

• The samples were assayed by Fire Assay. A 200g sub-sample is taken from the RC samples for analysis. A 50g charge weight is fused with litharge-based flux, cupelled and the prill dissolved in aqua regia and gold tenor is determined by AAS.

• No significant intercepts returned in drill holes BARC350, BARC352 and BARC355

Page | 7

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

Table 3. Significant intercepts (≥0.3 g/t gold) from the Resource Extension RC drilling

Hole ID	From (m)	To (m)	Significant Gold Intersections
GRC001	9	15	6m at 0.6g/t
GRC001	21	30	9m at 0.3g/t
GRC001	36	40	4m at 0.7g/t
GRC001	47	56	9m at 0.8g/t
GRC002	26	28	2mat2.9g/t
GRC002	34	37	3m at 0.3g/t
GRC002	48	49	1m at 0.5g/t
GRC002	146	148	2mat 0.3g/t
GRC003	1	2	1m at 0.3g/t
GRC003	6	9	3m at 1.6g/t
GRC003	26	27	1m at 0.7g/t
GRC003	37	42	5m at 0.5g/t
GRC003	56	74	18m at 0.4g/t
GRC003	104	114	10m at 1.1g/t
GRC004	1	5	4m at 0.6g/t
GRC004	9	13	4m at 0.5g/t
GRC004	38	41	3m at 1.0g/t
GRC004	47	57	10m at 0.5g/t
GRC004	115	116	1mat 0.5g/t
GRC005	1	2	1m at 0.3g/t
GRC005	24	27	3m at 0.3g/t
GRC005	55	57	2m at 4.8g/t
GRC005	71	83	12m at 1.9g/t
GRC005	79	80	incl. 1m at 15.9g/t
GRC005	89	90	1m at 0.6g/t

Notes:

• All reported intersections are assayed at 1m intervals

• Intercept cut-off grade is 0.3g/t gold

• Intervals are reported with a maximum of 3m of internal dilution unless the total intercept grade falls below 0.3 g/t gold.

• Intercept intervals (From and To) are the down hole distances from the collar start (origin) detailed in Table 1.

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

• The samples were assayed by Fire Assay. A 200g sub-sample is taken from the RC samples for analysis. A 50g charge weight is fused with litharge-based flux, cupelled and the prill dissolved in aqua regia and gold tenor is determined by AAS.

Page | 8

==> 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 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.

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; Positive Start to Exploration on New Kouri Permits dated 4 June 2019; Strategic Acquisition to Secure Strike Extent to the 1.4Moz Gold Kouri Mineral Resource dated 11 December 2018; 1.4 Million Oz of Gold in Upgraded Kouri Mineral Resource dated 3 December 2018; Highly Anomalous Bedrock Gold Anomalies Continue to be Identified at Kouri dated 16 August 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 | 9

==> picture [595 x 87] intentionally omitted <==

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 (e.g. 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.	The sampling described in this report refers to reverse circulation (RC) drilling. RC samples are collected by a three-tier riffle splitter using downhole sampling hammers with nominal 127 to 140mm holes. Samples were all collected by qualified geologists or under geological supervision. The samples are judged to be representative of the rock being drilled. The nature and quality of sampling is carried out under QAQC procedures as per industry standards.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Sampling is guided by Golden Rim’s protocols and Quality Control procedures as per industry standards. To ensure representative sampling, 1m RC samples are collected from a cyclone, passing them through a 3-tier riffle splitter (producing a 2kg sample). Duplicate samples are taken every 30thsample. Measures were taken to avoid wet RC drilling.
	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 (e.g. ‘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 (e.g. submarine nodules) may warrant disclosure of detailed information.	Samples were submitted to BIGS Laboratory in Ouagadougou for preparation and analysis. The entire sample is dried, coarse crushed and pulverised to better than 85% of the material passing through a 75-micron (Tyler 200 mesh) screen. The assay technique used was Fire Assay. A 200g sub- sample is taken from the RC samples for analysis. A 50g charge weight is fused with litharge-based flux, cupelled and the prill dissolved in aqua regia and gold tenor is determined by AAS.
Drilling Techniques	Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. 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.).	The RC rig used by Capital Drilling was a truck mounted EDM 2000 Multi-purpose rig. RC drilling was carried out using a 4.5-inch face sampling hammer. All drill holes were planned to be drilled at -55 degrees. This is considered an optimum angle for intersecting the mineralisation. Downhole surveying occurred (where-ever possible) at 30m intervals down hole. The location of each hole was recorded by hand held GPS with positional accuracy of approximately +/-5m.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	All RC samples are weighed to determine recoveries. Samples are recovered directly from the rig (via the cyclone and a 3-tier riffle splitter) in 1m intervals.

Page | 10

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

Criteria	JORC Code Explanation	Explanation
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	Drill samples are visually checked for recovery, moisture and contamination. RC recoveries are logged and recorded in the database. Overall recoveries are >95% for the RC. There are no significant sample recovery problems. A technician is always present at the rig to monitor and record recovery. The RC rig has an auxiliary compressor and boosters to help maintain dry samples. When wet samples are encountered, the RC drilling is discontinued.
	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.	No relationship is seen to exist between sample recovery and grade. No sample bias is due to preferential loss/gain of any fine/coarse material due to the acceptable sample recoveries obtained by both drilling methods.
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.	Logging of RC samples recorded lithology, mineralogy, mineralisation, weathering, alteration, colour and other features of the samples. The geological logging was done using a standardised logging system. This information and the sampling details were transferred into Golden Rim’s drilling database. All drilling has been logged to a standard that is appropriate for the category of Resource which is being reported.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Logging is both qualitative and quantitative, depending on the field being logged.
	The total length and percentage of the relevant intersections logged.	100% of each relevant intersection is logged in detail.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	No drill core was reported in this announcement
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	RC samples were collected on the rig using a three-tier riffle splitter. The majority of the samples were dry. On the rare occasion that wet samples were encountered, they were dried prior to splitting with a riffle splitter. The standard RC sample interval was 1m.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples were transported by road to BIGS Laboratory in Ouagadougou. The sample preparation for all samples follows industry best practice. At the laboratory, the entire sample is dried, coarse crushed and pulverised to better than 85% of the material passing through a 75-micron (Tyler 200 mesh) screen.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	Golden Rim has protocols that cover the sample preparation at the laboratories and the collection and assessment of data to ensure that accurate steps are used in producing

Page | 11

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

Criteria	JORC Code Explanation	Explanation
		representative samples. The crusher and pulveriser are flushed with barren material at the start of every batch.
	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.	Sampling is carried out in accordance with Golden Rim’s protocols as per industry best practice. Field QC procedures involve the use of certified reference material as assay standards, blanks and duplicates for the auger samples. Field duplicates were taken on 1m RC splits using a riffle splitter.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample sizes are considered appropriate to correctly represent the style of mineralisation, the thickness and consistency of 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.	The assay techniques used was Fire Assay. A 200g sub- sample is taken from the RC samples for analysis. A 50g charge weight is fused with litharge-based flux, cupelled and the prill dissolved in aqua regia and gold tenor is determined by AAS. The analytical method is considered appropriate for this mineralisation style and is of industry standard. The quality of the assaying and laboratory procedures are considered to be appropriate for this deposit type.
	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.	No geophysical tools were used to determine any element concentrations.
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	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 suggests the laboratory is performing within acceptable limits. For RC samples, Golden Rim inserts one blank, one 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.	Reported results are compiled and verified by the Company’s Senior Geologist and the Managing Director.
	The use of twinned holes.	None of the drill holes in this report are twinned.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Primary field data is collected by Golden Rim geologists on standardised logging sheets. This data is compiled and digitally captured. The compiled digital data is verified and validated by the Company’s database geologist.

Page | 12

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

Criteria	JORC Code Explanation	Explanation
	Discuss any adjustment to assay data.	The primary data is kept on file. 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.	RC Collar locations were recorded by hand held GPS with a positional accuracy of approximately +/- 5 metres. Down-hole surveys were completed at the end of every RC 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 will be surveyed with a DGPS, which has locational accuracy of +/- 0.1m, X, Y and Z.
	Specification of the grid system used.	Location data was collected in either UTM grid WGS84, zone 31 North or UTM grid WGS84, zone 30 North
	Quality and adequacy of topographic control.	Topographic control was established by using a survey base station.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	RC Drilling conducted has been conducted along a line, with holes spaced at 50m along that line.
	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.	RC drill collar spacing and distribution are sufficient for exploration drilling.
	Whether sample compositing has been applied.	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.	All RC drill holes reported here were drilled approximately at right angles (150 or 180 degrees) to the strike of the target mineralisation.
	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.	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.
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 reported RC drilling results are from the Kouri, Goueli and Margou permits. Golden Rim owns 100% of the permits.

Page | 13

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

Criteria	JORC Code explanation	Explanation
	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.	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 Project 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 (7 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-trending shear 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: • easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar • dip and azimuth of the hole • down hole length and interception depth • hole length.	The body of the report contains tables summarising the RC location data (Hole ID, Easting, Northing, Dip, Azimuth and total Depth) and a list of significant (gold ≥ 0.5g/t for the regional targets and gold ≥ 0.3g/t for the Mineral Resource) intercepts. Appropriate locality maps for some of the holes also accompanies this announcement. Further information referring to the drill hole results can be found on Golden Rim’s website http://www.goldenrim.com.au/site/News-and-Reports/ASX- Announcements
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this 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.	All RC samples were taken at 1m intervals. For the 0.5 g/t Au cut-off calculations, up to 3m (down hole) of internal waste, unless the total intercept grade falls below 0.5 g/t gold (Regional Targets). For the 0.3 g/t Au cut-off calculations, up to 3m (down hole) of internal waste, unless the total intercept grade falls below 0.3 g/t gold (Mineral Resource). No weighting or high-grade cutting techniques have been applied to the data reported. Assay results are quoted rounded to 1 decimal place.
	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	Not applicable in this document as no exploration results are announced.

Page | 14

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

Criteria	JORC Code explanation	Explanation
	in detail.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	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.	The reported RC results are from exploration drilling, designed to test possible extensions to the known Mineral Resource.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	The orientation of the mineralised zone has been established and the RC drilling was planned in such a way as to intersect mineralisation in a perpendicular manner.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	Not applicable in this document
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.	The accompanying document is considered to represent a balanced report.
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 drilling).	Promising results will be followed up (where practicable) with trenching and RC drilling. Exploration and infill drilling will continue to target projected lateral and depth extensions of the mineralisation and to increase the confidenceintheMineral Resource.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Refer to main body of this report.

Page | 15