ASARA RESOURCES LIMITED — Capital/Financing Update 2019

Jul 17, 2019

ASX/Media Announcement 18 July 2019

Golden Rim Further Expands Kouri Gold Project

Highlights:

• Agreement signed to purchase 100% of the Kotouri Permit, which lays directly adjacent to and north of Kouri.

• The recent acquisition of the Goueli and Margou permits expanded the Kouri project area to 245km[2] . With the addition of Kotouri, the project area will increase to 325km[2] .

• Golden Rim will control all of the highly prospective Granite Target area, located 10km NE of the 1.4Moz gold Mineral Resource.

• Recent drilling at the Diabatou Prospect, within the Granite Target area, intersected strong quartz-sulphide mineralisation. Assays for this drilling are pending.

Emerging West African gold developer, Golden Rim Resources Ltd (ASX: GMR) ( Golden Rim, Company ), is pleased to announce it has signed a binding agreement giving it the exclusive right to purchase 100% of the Kotouri Exploration Permit ( Kotouri ), which is 80km[2 ] in area, and adjoins the Kouri Project ( Kouri ), in Burkina Faso (Figure 1).

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.

At the Diabatou Prospect, within the Granite Target area, 13 holes for 1,670m (MRC001 – MRC013) were recently completed to test 3 semi-parallel zones of granite-hosted gold mineralisation identified in previous rock chip and trench sampling. The drill holes intersected multiple east-west trending zones of disseminated pyrite (1-5%) and quartz + carbonate mineralisation up to 10m in width hosted in both K-feldspar and plagioclase-rich sheared granite. Assay results for this drilling are pending.

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.

Following grant of the permit, Golden Rim will pay a total of US$50,000 in cash within 2 years as follows:

• US$15,000 payable approximately at time of grant of Kotouri;

• US$15,000 payable within 12 months of the first payment; and

• US$20,000 payable within 2 years of the first payment.

Under the agreement, upon the first payment being made, Golden Rim will have full and exclusive access to Kotouri. Golden Rim may withdraw from the agreement at any time prior to all of the purchase payments being made. After all payments have been made, Golden Rim will have acquired 100% of the permit.

-ENDS-

Golden Rim Resources Ltd I ABN 39 006 710 774 I Level 2, 609 Canterbury Road, Surrey HillsVIC3127, 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

ASX Code: GMR Market Capitalisation: A$8.7m Issued Shares: 723m Cash (as at 30 March 2019): A$1.22m

Competent Persons Statements

The information in this report relating to previous exploration results and the Mineral Resource at Kouri are extracted from the announcements: Kouri Drilling Update dated 15 July 2019; Broad Zones of Gold Mineralisation Identified in Trenching at Kouri dated 11 June 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; 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.

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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Figure 1 Location of the new Kotouri permit (red outline) at Kouri.

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