ASARA RESOURCES LIMITED — Capital/Financing Update 2019

Jul 22, 2019

ASX/Media Announcement 23 July 2019

$0.5 Million Share Placement

Highlights:

• Share Placement completed to raise $500,000.

• LSE listed Capital Drilling to increases its cornerstone position in Golden Rim.

• Funds to be used for the major drilling program currently underway at Kouri.

Emerging West African gold developer, Golden Rim Resources Ltd (ASX: GMR, Golden Rim , Company ), is pleased to advise that it has completed a share placement to raise $500,000 (before costs) through the issue of 50 million fully paid ordinary shares in the Company ( Shares ) at an issue price of 1 cent per Share ( Placement ).

In demonstration of their support of the Company, cornerstone investor, Capital Drilling, participated in the raising.

The funds raised from the Placement will be used for the current reverse circulation ( RC ) and diamond drilling program at the Kouri Gold Project ( Kouri ) in Burkina Faso, where the Company believes there is significant potential to expand the current Mineral Resource of 1.4Moz of gold. The funds will also be used for general working capital.

Update on the Kouri Project

The Company continues with its planned 17,000m RC drilling and 4,000m diamond drilling program at Kouri, into the rainy season. As previously announced, 6,200m of RC drilling (49 holes) have been completed to date and assay results for 18 holes are pending. These include the assay results from drilling that has intersected strong quartz-sulphide mineralization at Maré and Diabatou (Granite Target area).

The Company also recently announced execution of a binding agreement giving it the exclusive right to purchase 100% of the Kotouri Exploration Permit ( Kotouri ), which adjoins Kouri. The vendor is a local Burkinabé resident, Mr Paul Bayili.

Upon completion of the acquisition, the Kouri area will expand from 245km[2] to 325km[2] , giving Golden Rim control over all of the high prospective Granite Target area, located 10km NE of the 1.4Moz gold Mineral Resource.

Kotouri is currently under application for grant. The agreement is conditional upon the successful grant of the exploration permit which is expected to occur in August 2019.

Details of the Placement

The Placement was made at an issue price of 1 cents per Share raising $500,000 (before costs). The Placement is priced at a discount of 16.0% to the 15 day volume weighted average price of Shares traded on the Australian Securities Exchange up to and including 1 July 2019 (the trading day of the commencement of suspension to trading).

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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The Placement was made to unrelated qualified, institutional, sophisticated and/or professional investors. The Placement was made under the Company’s Listing Rule 7.1 placement capacity and is therefore not subject to shareholder approval.

-ENDS-

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 ASX Code: GMR Market Capitalisation: A$9.3m Issued Shares: 773m Cash (as at 30 March 2019): A$1.22m

Competent Persons Statements

The information in this report relating to Mineral Resource at Kouri is extracted from the announcement 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.

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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