ASARA RESOURCES LIMITED — Capital/Financing Update 2019

Jan 15, 2019

ASX/Media Announcement 16 January 2019

Bonanza Intercept of 4m at 44.7g/t Gold at Kouri

Highlights:

• Exceptional high grade shallow gold intercepts obtained from a newly identified footwall shear, which lies adjacent to the 1.4Moz gold Mineral Resource at Kouri, including:

o 4m at 44.7g/t gold from 34m, including 2m at 89.5g/t gold (BARC327); and

o 3m at 8.4g/t gold from 10m, including 1m at 18.8g/t gold (BARC333).

• Intercept of 4m at 44.7g/t gold ( 178.8m x g/t gold ) is the best gold intercept obtained at Kouri to date and is located ~500m from the Mineral Resource within a river channel with alluvial sediment cover.

• Recent structural study completed by SRK interpreted the footwall shear as the main fluid transfer pathway for the mineralising fluids into the Mineral Resource area.

• Footwall shear and its associated > 5km long magnetic anomaly to be a prioritised for further drilling.

• Identification of the footwall shear and new intercepts highlight the significant potential to further extend the Mineral Resource.

Emerging West African gold explorer, Golden Rim Resources Ltd (ASX: GMR) ( Golden Rim or the Company ), is pleased to provide the results from its reverse circulation ( RC ) drilling program conducted in the 1.4Moz gold Mineral Resource area at its 100% owned Kouri Gold Project ( Kouri ) in Burkina Faso (Figure 1).

The new RC drilling comprises 23 holes (BARC314 – BARC336) for 2,867m. Hole details are provided in Table 1 and significant assay results are listed in Table 2. Hole locations and new drilling intercepts are depicted on Figure 2.

A number of significant new gold intercepts were obtained from a footwall shear, which lies adjacent to the Mineral Resource, including:

• 4m at 44.7g/t gold from 34m, including 2m at 89.5g/t gold from 34m (BARC327);

• 3m at 8.4g/t gold from 10m, including 1m at 18.8g/t gold from 11m (BARC333); and

• 12m at 0.7g/t gold from 32m (BARC328).

The recent structural study competed by SRK Consulting ( SRK ) at Kouri interpreted the main cross-cutting east-west magnetic linear anomaly in the Mineral Resource area as a footwall shear and that this footwall shear may be the main fluid transfer pathway that mobilised mineralising fluids into the Mineral Resource area.

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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The footwall shear is associated with a magnetic high anomaly that extends for at least 5km within the Kouri licence (Figure 2). To date, only limited drilling has been conducted along the footwall shear and Golden Rim is now planning a systematic drilling program to test the anomaly to the east and west of the high grade intercepts. Further, there are a number of additional similarly oriented shear zones throughout the Kouri project area that offer attractive future exploration targets (Figure 1).

The new high grade gold mineralisation lies in a river channel under alluvial sediment cover. The river channel is dry for most of the year and trenching is to commence shortly to confirm the orientation of the mineralisation prior to further drilling.

Commenting on the latest results from Kouri, Golden Rim’s Managing Director, Craig Mackay, said:

“We are excited about the very high grade gold intersections obtained from the footwall shear and the river channel to the west of the 1.4Moz gold Mineral Resource at Kouri.

The magnetic anomaly associated with the footwall shear offers a highly attractive exploration target. The anomaly extends for more than 5km within the Kouri licence and then continues for at least the same distance into the Goueli and Margou licences that Golden Rim is currently in the process of acquiring.

To date, the footwall shear has only been subjected to limited drilling and therefore we look forward to systematically testing this target.”

-ENDS-

For Further Information Please Contact:

Golden Rim Resources	Media and Broker Enquiries
Craig Mackay	Andrew Rowell
Managing Director	Director – Investor Relations
Golden Rim Resources	Cannings Purple
+61 3 9836 4146	+61 400 466 226
craig@goldenrim.com.au	arowell@canningspurple.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 believes it is well placed to turn discoveries into real value for shareholders.

The Kouri Gold Project, located in north-east Burkina Faso, contains 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$8m Issued Shares: 449.9m Cash (as at 30 September 2018): A$2.4m

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Figure 1. Kouri licences and prospect areas over an aeromagnetic image.

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Figure 2. Location of the new RC drill holes (orange collars) in the Mineral Resource area over an analytical signal ground magnetic image.

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Table 1. New RC drill hole collar details

Hole ID	Easting (m)	Northing (m)	Zone	RL (m)	Dip (o)	Azimuth (o)	Azimuth (o)	EOH (m)
BARC314	180,396	1,409,229	31N	282	-55	150	150
BARC315	180,498	1,409,277	31N	296	-55	150	152
BARC316	176,943	1,407,001	31N	267	-55	150	124
BARC317	176,968	1,406,954	31N	267	-55	150	150
BARC318	176,738	1,407,252	31N	279	-55	150	120
BARC319	176,764	1,407,210	31N	269	-55	150	120
BARC320	176,790	1,407,167	31N	269	-55	150	120
BARC321	176,818	1,407,123	31N	270	-55	150	120
BARC322	176,839	1,407,079	31N	272	-55	150	120
BARC323	176,864	1,407,034	31N	271	-55	150	150
BARC324	177,121	1,407,811	31N	262	-55	150	120
BARC325	177,143	1,407,767	31N	265	-55	150	126
BARC326	177,168	1,407,723	31N	264	-55	150	120
BARC327	177,193	1,407,680	31N	266	-55	150	120
BARC328	177,217	1,407,637	31N	267	-55	150	120
BARC329	177,217	1,407,637	31N	267	-55	150	120
BARC330	177,241	1,407,590	31N	274	-55	150	93
BARC331	177,264	1,407,560	31N	272	-55	150	120
BARC332	177,286	1,407,516	31N	263	-55	150	120
BARC333	177,467	1,407,777	31N	278	-55	150	120
BARC334	177,489	1,407,734	31N	255	-55	150	122
BARC335	177,514	1,407,690	31N	247	-55	150	120
BARC336	177,540	1,407,646	31N	259	-55	150	120

Notes:

 BARC prefix denotes reverse circulation (RC) drilling at Banouassi.  NKRC prefix denotes RC drilling at Red Hill  Co-ordinate projection:

o UTM, WGS 84 zone 31 North

Table 2. Significant intercepts from the RC drilling at Kouri

Hole ID BARC314 BARC314 BARC314 BARC315 BARC315 BARC315 BARC317 BARC317 BARC317 BARC320 BARC322 BARC323 BARC325 BARC325 BARC325	From (m)	To (m)	Significant Gold Intersections (≥0.3 g/t gold)
	1	2	1m at 0.7g/t Au
	43	44	1mat 0.6g/tAu
	138	139	1m at 1.8g/t Au
	8	13	5m at 0.3g/t Au
	17	20	3mat 0.5g/tAu
	112	113	1m at 0.5g/t Au
	36	37	1m at 0.3g/t Au
	36	37	1mat 0.3g/tAu
	51	52	1m at 3.4g/t Au
	29	30	1m at 0.6g/t Au
	4	5	1m at 0.4g/t Au
	35	36	1m at 0.5g/t Au
	17	18	1m at 0.7g/t Au
	24	25	1m at 0.6g/t Au
	110	111	1m at 1.9g/t Au

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Hole ID	From (m)	To (m)	Significant Gold Intersections (≥0.3 g/t gold)
BARC327	8	9	1m at 0.4g/t Au
BARC327	34	38	4m at 44.7g/t Au; incl. 2m at 89.5g/t from 34m
BARC327	86	87	1m at 0.4g/t Au
BARC327	92	93	1mat 0.8g/tAu
BARC328	32	44	12m at 0.7g/t Au
BARC328	53	54	1m at 2.1g/t Au
BARC328	84	85	1m at 0.7g/t Au
BARC328	94	96	2m at 1.2g/t Au
BARC330	11	12	1m at 0.5g/t
BARC330	78	79	1m at 0.4g/t Au
BARC331	41	42	1m at 2.1g/t Au
BARC331	54	55	1m at 0.5g/t Au
BARC331	106	107	1m at 0.4g/t Au
BARC332	69	79	10m at 0.5g/t Au
BARC332	106	107	1m at 0.9g/t Au
BARC333	10	13	3m at 8.4g/t Au; incl. 1m at 18.8g/t from 11m
BARC333	32	35	3m at 0.4g/t Au
BARC333	115	116	1m at 1.8g/t Au
BARC334	26	27	1m at 0.6g/t Au
BARC334	44	45	1mat 0.5g/tAu
BARC334	73	74	1m at 0.4g/t Au
BARC334	91	92	1m at 0.4g/t Au
BARC335	7	11	4mat 0.4g/tAu
BARC335	80	81	1m at 0.7g/t Au
BARC336	7	8	1m at 0.3g/t Au
BARC336	27	35	8mat 0.5g/tAu

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 0.3g/t gold

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

• Assayed by 50g charge fire assay with Atomic Absorption Spectrometry (AAS) finish

• No significant intercepts returned in drill holes BARC316, BARC318, BARC319, BARC321, BARC324, BARC326 and BARC329

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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.	RC samples are crushed through a RDS Boyd crusher to - 2mm and pulverised via LM2 to a nominal 90% passing - 75μm. All drill samples were submitted to BIGS Laboratory in Ouagadougou for preparation and analysis. 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 Ausdrill was a track mounted DRA 600 rig with a 500 psi/1350cfm compressor. 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.
	Measures taken to maximise sample recovery	Drill samples are visuallychecked for recovery,moisture and

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Criteria	JORC Code Explanation	Explanation
	and ensure representative nature of the samples.	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. The entire auger sample was submitted for assay, so no sub-sampling is required.
	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, all samples were weighed, dried and crushed to -2mm in a jaw crusher. A split of the crushed sample was subsequently pulverised in a ping mill to achieve a nominal particle size of 90% passing 75 μm.

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Criteria	JORC Code Explanation	Explanation
	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 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.	For the RC samples the laboratory used an aqua regia digest followed by fire assay with an AAS finish for gold analysis. 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.

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Criteria	JORC Code Explanation	Explanation
		The compiled digital data is verified and validated by the Company’s database geologist.
	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 (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.

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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 permit. Golden Rim owns 100% of the permit.
	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 permit 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 ≥ 0.3g/t) 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.	Drill hole intersections are not reported for Auger drilling in this announcement. Tabulation of drill hole data is not considered material to understanding of the reported results.
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 0.3 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. No weighting or high grade cutting techniques have been applied to the data reported. Assay results are generally quoted rounded to 1 decimal place.

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Criteria	JORC Code explanation	Explanation
	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 in detail.	Not applicable in this document as no exploration results are announced.
	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 confidence in the Mineral 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.

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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 Mineral Resources are extracted from the announcements Large New Gold Anomalies Outlined at Korongou dated 15 January 2015; New High Grade Gold Lode Discovered at Kouri dated 30 April 2018; Highly Anomalous Gold Auger Results Demonstrate Regional Prospectivity at Kouri dated 6 July 2018; New Gold Discovery at Red Hill dated 16 July 2018; Strong Bedrock Gold Anomalies Indicate Potential 1.5km Extension to Mineralisation at Kouri dated 24 July 2018; Highly Anomalous Bedrock Gold Anomalies Continue to be Identified at Kouri dated 16 August 2018; Additional Bedrock Gold Anomalies Identified at Kouri dated 27 August 2018; High Grade Gold Unearthed at Kouri dated 12 November 2018; 1.4 Million Oz of Gold in Upgraded Kouri Mineral Resource dated 3 December 2018, and Strategic Acquisition to Secure Strike Extent to the 1.4Moz Gold Kouri Mineral Resource dated 11 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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