ASARA RESOURCES LIMITED — Capital/Financing Update 2022

Feb 16, 2022

ASX ANNOUNCEMENT 17 February 2022

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GOLDEN RIM DISCOVERS EXCITING NEW ZONE OF OXIDE GOLD AT KADA - 66M @ 1.0 G/T GOLD

West African gold explorer Golden Rim Resources Ltd (ASX: GMR; Golden Rim or Company ) is pleased to announce its latest gold assay results for 23 reverse circulation ( RC ) drill holes (totalling 3,472m) from exploration drilling and resource definition at the Kada Gold Project ( Kada ) in Guinea.

Highlights

• Golden Rim’s first exploration drilling at Kada has identified broad zones of oxide mineralisation outside the area that will comprise Golden Rim’s imminent maiden Mineral Resource Estimate ( MRE ).

• KRC072 returned a new oxide gold intersection of 66m @ 1.0g/t gold from 29m, 400m north of the MRE area within the Kada gold corridor.

• This broad oxide gold zone remains open to the north and south, and at depth .

• These new results highlight the potential for discovery of additional gold mineralisation along the 15km Kada gold corridor, 11km of which remains to be drill tested .

• Golden Rim has completed its first round of exploration drilling at Kada; 25 holes for 3,777m within 2km of the MRE area; 12 holes reported in this announcement and results for 13 holes pending.

• Results received for the final 11 holes from the second round of resource definition drilling (total 47 holes for 6,923m ) with additional zones of gold mineralisation located in the southern portion of the MRE area.

• RPM Global has commenced preparing the Kada maiden MRE, scheduled for completion by end of February 2022, following inclusion of all results from the resource definition drilling program.

Golden Rim’s Managing Director, Craig Mackay, said:

“Golden Rim’s first exploration drilling at Kada outside Golden Rim’s maiden MRE area, which includes the Newmont non-JORC gold resource area, has already successfully intersected broad zones of shallow, oxide gold mineralisation.

“The new oxide intersection of 66m @ 1.0g/t gold is highly significant. It lies only 400m north of the MRE area and demonstrates the exceptional potential for Golden Rim to expand the gold inventory at Kada. We are continuing to drill test the multiple exciting bedrock gold targets identified along the 15km long Kada gold corridor.

“With this first round of exploration drilling completed at Kada, we eagerly await the results for the remaining 13 holes, with visible gold in several of these. Once these assays are received and compiled, we plan to commence a second round of exploration drilling.”

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GOLDEN RIM RESOURCES ASX:GMR Level 23, Collins Square Tower Five, 727 Collins Street, Melbourne, VIC, 3008 T + 61 3 8677 0829 | E info@goldenrim.com.au | goldenrim.com.au

17 February 2022

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Figure 1: Golden Rim’s r esource definition drilling (pink) and exploration drilling (white), with preliminary 0.3g/t gold grade shells (blue) prepared before the second round of resource definition drilling in relation to the Newmont gold resource area (green outline); overlain with auger and soil sampling data points

GOLDEN RIM RESOURCES ASX:GMR

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Kada Exploration Drilling

Golden Rim recently completed its first round of exploration drilling at Kada, which tested multiple bedrock gold targets along the Kada gold corridor that had been identified in soil and auger sampling and in limited previous Newmont RC and aircore drilling. The exploration drilling was conducted outside, but within 2km, of the area where Golden Rim is preparing its maiden MRE. New assay results from 12 exploration holes (KRC060-KRC070, KRC072) for 1,911m are reported in this announcement.

Drill hole collar details are provided in Table 1 and the hole locations are depicted on Figure 1. All significant new gold intersections (≥5m x g/t gold) are presented in Table 3.

New assay results are highly encouraging, with multiple sub-parallel zones of gold mineralisation discovered in numerous holes outside the area that will comprise Golden Rim’s imminent maiden MRE, which includes the Newmont gold resource area. This mineralisation will not be included in the February MRE but may be included in a future update.

Best gold intersections from these holes (0.3g/t gold cut-off) include:

• KRC064: 5m @ 2.0g/t gold from 111m

• 13m @ 0.7g/t gold from 136m (hole ended in mineralisation)

• KRC065: 14m @ 0.7g/t gold from 16m

• KRC072: 66m @ 1.0g/t gold from 29m, including 11m @ 1.7g/t gold from 49m

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Figure 2: Drill section 1,225,000mN with new assays for KRC069 – KRC070 & KRC072

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KRC069 to KRC070 and KRC072 were drilled on section 1,225,000mN to test beneath a 350m wide zone of anomalous bedrock gold outlined in previous auger drilling (Figure 2). The westernmost hole, KRC072, intercepted 66m @ 1.0g/t gold from 29m. This mineralisation remains open at depth and along strike, and it lies 400m north of the MRE area. The gold mineralised intersection is characterised by strong kaolinite and hematite alteration of volcanic tuff, with abundant quartz and sulphides (Figure 3). The other holes on this section intersected narrower zones of mineralisation, with lower grades, but showing strong continuity between holes.

The broad oxide intercept in KRC072 is highly significant as it demonstrates that wide zones of oxide gold mineralisation at Kada continue far beyond the Newmont gold resource area, and there is excellent potential to expand the gold inventory along the 15km Kada gold corridor, of which 11km remains to be drill tested.

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Figure 3: KRC072 drill chips from 20-100m showing gold grades (g/t). A new oxide gold intersection of 66m @ 1.0g/t gold was obtained from 29m.

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KRC064 to KRC066 and KRC068 were drilled on section 1,223,600mN to the south of the Newmont gold resource area, across an area where highly anomalous gold results had been obtained in previous soil sampling and auger drilling. Drilling intersected several sub-parallel zones of gold mineralisation. Whilst the mineralisation is of moderate width and grade, it is continuous across multiple drill holes from the surface down into the fresh rock. The mineralisation is wider within the oxide zone than it is in the fresh rock, suggesting some supergene enrichment within the oxide zone.

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Figure 4: Drill section 1,223,600mN with new assays for KRC064 – KRC066 & KRC068

KRC060 – KRC063 were drilled on section 1,225,200mN, 600m north of the Newmont gold resource area, where an historic Newmont hole TRC11 ended in mineralisation, returning 35m @ 0.8g/t gold from 157m. KRC061 and KRC062 intercepted narrower zones of mineralisation that appear to be updip extensions to the mineralisation in the historic high-grade intercept.

Kada Resource Definition Drilling

Golden Rim recently completed its second round of Mineral Resource definition drilling at Kada, focusing on an area where Newmont previously outlined a non-JORC gold resource (Figure 1). New assay results from 11 resource extension RC holes (KRC043R, KRC0050 – KRC059) for 1,561m are reported in this announcement. These holes were drilled around the peripheries of the MRE area and are the last results that will be included in the MRE, which is scheduled for delivery at the end of February 2022.

Drill hole collar details are provided in Table 2, and the hole locations are depicted on Figure 1. All significant new gold intersections (≥5m x g/t gold) are presented in Table 3.

New assay results identified additional zones of gold mineralisation, particularly in the southern portion of the MRE area.

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Best gold intersections from these holes (0.3g/t gold cut-off) include:

• KRC043R: 7m @ 2.1g/t gold from 97m

• KRC051: 5m @ 2.1g/t gold from 52m

• KRC053: 1m @ 24.0g/t gold from 0m 11m @ 0.9g/t gold from 27m

• 11m @ 1.0g/t gold from 85m

• KRC058: 4m @ 2.8g/t gold from 13m

• KRC059: 15m @ 0.7g/t gold from 119m.

KRC050 to KRC052 were drilled on section 1,224,680mN, 80m north of Golden Rim’s first round of resource definition drilling from mid-2021. All holes encountered zones of gold mineralisation that are continuous across multiple drill holes, with the best results in KRC051 which intersected 5m @ 2.1g/t gold from 52m within a broader intercept of 15m @ 0.4g/t gold. This intercept is an up-dip continuation of a historic intersection of 30m @ 0.5g/t gold in hole TRC14.

KRC053 to KRC057 were drilled on section 1,223,880mN, immediately south of the Kada MRE area. The easternmost hole, KRC053, returned the best results, with multiple intercepts up to 11m wide. There is mineralisation continuity across multiple holes, albeit with narrower intercepts than that seen in the main high-grade core of the Kada MRE area. This area is characterised by a very deep weathering profile, with an oxide zone on average >100m in depth.

KRC058 and KRC059 were drilled on section 1,223,800mN, either side of KRC015 drilled in Golden Rim’s first round of resource definition drilling in mid-2021. KRC058 only retuned some shallow mineralisation, including 4m @ 2.8g/t gold from 13m, while KRC059 returned some narrow zones of mineralisation near surface, as well as a broader zone of 15m @ 0.7g/t gold from 119m in the fresh rock.

Current Progress & Next Steps

All assays from the resource definition drilling have now been delivered to resource consultants, RPM Global, who is preparing the maiden JORC-compliant Mineral Resource Estimate for Kada, scheduled for release in late February 2022.

Golden Rim expects to receive the outstanding assay results for the last 13 holes in its first round of Kada regional exploration RC drilling, which was completed on 3 February 2022, within the month. Two of these holes, KRC075 and KRC084, both contain visible gold in multiple drill chip sample intervals. Results will be analysed and modelled before Golden Rim embarks on further exploration drilling, with at least five major target areas along the 15km Kada Gold Corridor earmarked for immediate exploration (Figure 5).

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Figure 5: Golden Rim’s second round of auger drilling, resource definition drilling (grey hole collars) in the Newmont gold resource area and exploration drilling (pale blue hole collars) along the Kada gold corridor, with 6 priority target areas for additional exploration drilling circled.

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Golden Rim’s second round of auger drilling to extend coverage beyond the Kada gold corridor into the southern portion of the Bamfele permit and the eastern portion of the Kada permit is also now complete (Figure 5). The final assay results for the auger holes are expected shortly. It is expected the results of the auger drilling will better define existing gold mineralisation target areas and provide additional target areas for follow-up across the Kada Gold Project.

Representative samples of drill core (635kg) from Kada are undergoing metallurgical test work by ALS Laboratories in Perth, Western Australia. This test work is progressing well and the results are expected in March 2022.

-ENDS-

Contact Information:

Golden Rim Resources Ltd

ABN 39 006 710 774

Craig Mackay Managing Director +61 3 8677 0829 craig@goldenrim.com.au

This announcement was authorised for release by the Board of Golden Rim Resources Ltd.

Competent Persons Statements

The information in this report relating to previous exploration results and Mineral Resources are extracted from the announcements: Golden Rim Hits More Oxide Gold at Kada - 61m at 1.2ppm Gold from Surface dated 28 January 2022; Golden Rim Continues to Identify Additional Gold Mineralisation at Kada dated 20 January 2022; Kada Delivers Exceptional Shallow Oxide Gold Intersection - 96m at 3.3ppm Gold dated 20 December 2021; Kada Delivers its Widest Oxide Gold Intersection to Date – 62m at 1.3g/t Gold dated 14 December 2021; Golden Rim Delivers More Broad Zones of Oxide Gold at Kada dated 19 August 2021; Golden Rim Intersects 32m at 1.4g/t Gold in Oxide at Kada dated 5 August 2021; Golden Rim Expands Kada Bedrock Gold Corridor to 15km dated 30 July 2021; Golden Rim’s Oxide Gold Blanket at Kada Expands to 700m Width dated 26 July 2021; Golden Rim hits 46m at 1.3g/t gold in oxide at Kada dated 19 July 2021; Golden Rim Continues to Outline Broad Oxide Gold Area at Kada dated 13 July 2021; Golden Rim Confirms Broad Zones of Oxide Gold in Resource Drillout at Kada dated 29 June 2021; Golden Rim Accelerates Maiden Mineral Resource Drillout at Kada Gold Project dated 31 May 2021; Golden Rim Ramps Up Drilling on West African Gold Projects dated 23 March 2021; Golden Rim Commences Major Exploration Program at Kada dated 25 February 2021; Broad zones of deep oxide gold mineralisation confirmed at Kada dated 16 November 2020. These reports 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.

The information in this report that relates to exploration results is based on information compiled by 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 the Company and 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.

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

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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.

Table 1: Golden Rim’s Phase 1 reverse circulation (RC) exploration drill hole collar details

Hole ID	Easting (m)	Northing (m)	RL (m)	Dip (o)	Azimuth (o)	EOH (m)	Status
KRC060	456,575	1,225,200	378	-55	270	180	Assays this release
KRC061	456,495	1,225,200	378	-50	270	204	Assays this release
KRC062	456,415	1,225,200	375	-50	270	180	Assays this release
KRC063	456,655	1,225,200	376	-50	270	156	Assays this release
KRC064	456,570	1,223,600	367	-50	270	151	Assays this release
KRC065	456,490	1,223,600	367	-50	270	150	Assays this release
KRC066	456,410	1,223,600	370	-50	270	150	Assays this release
KRC067	456,420	1,223,400	372	-50	270	146	Assays this release
KRC068	456,330	1,223,600	370	-50	270	156	Assays this release
KRC069	456,710	1,225,000	377	-50	270	156	Assays this release
KRC070	456,630	1,225,000	374	-50	270	132	Assays this release
KRC071	456,550	1,225,000	377	-50	270	150	Assayspending
KRC072	456,470	1,225,000	377	-55	270	150	Assays this release
KRC073	456,600	1,225,600	370	-55	270	150	Assays Pending
KRC074	456,520	1,225,600	370	-55	270	150	Assays Pending
KRC075	456,440	1,225,600	370	-55	270	150	Assays Pending
KRC076	456,360	1,225,600	370	-55	270	144	Assays Pending
KRC077	456,565	1,224,800	373	-55	270	156	Assays Pending
KRC078	456,485	1,224,800	374	-55	270	144	Assays Pending
KRC079	456,405	1,224,800	373	-55	270	150	Assays Pending
KRC080	456,325	1,224,800	374	-55	270	156	Assays Pending
KRC081	456,986	1,226,000	380	-55	270	138	Assays Pending
KRC082	456,906	1,226,000	380	-55	270	78	Assays Pending
KRC083	456,250	1,223,600	369	-55	270	150	Assays Pending
KRC084	456,170	1,223,600	370	-55	270	150	Assays Pending

Notes:

• KRC prefix denotes reverse circulation (RC) drilling

• Co-ordinate projection UTM, WGS 84 zone 29 North

Table 2 : Golden Rim’s Phase 2 reverse circulation (RC) resource definition drill hole collar details

Hole ID	Easting (m)	Northing (m)	RL (m)	Dip (o)	Azimuth (o)	EOH (m)	Status
KRC018	456,760	1,224,199	370	-50	270	148	Assayspreviouslyreported
KRC019	456,536	1,224,200	370	-50	270	157	Assayspreviouslyreported
KRC020	456,391	1,224,198	368	-50	270	105	Assayspreviouslyreported
KRC020R	456,391	1,224,195	368	-50	270	179	Assayspreviouslyreported
KRC021	456,311	1,224,199	367	-50	270	162	Assayspreviouslyreported
KRC022	456,231	1,224,199	367	-50	270	150	Assayspreviouslyreported
KRC023	456,709	1,224,040	381	-50	270	90	Assayspreviouslyreported
KRC023R	456,710	1,224,038	381	-50	270	138	Assayspreviouslyreported
KRC024	456,553	1,224,039	382	-50	270	119	Assayspreviouslyreported
KRC025	456,390	1,224,039	377	-50	270	168	Assayspreviouslyreported

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Hole ID	Easting (m)	Northing (m)	RL (m)	Dip (o)	Azimuth (o)	EOH (m)	Status
KRC026	456,313	1,224,038	374	-50	270	186	Assayspreviouslyreported
KRC027	456,392	1,224,361	364	-50	270	120	Assayspreviouslyreported
KRC028	456,430	1,224,360	365	-55	270	180	Assayspreviouslyreported
KRC029	456,509	1,224,358	365	-55	270	138	Assayspreviouslyreported
KRC030	456,309	1,224,361	364	-55	270	150	Assayspreviouslyreported
KRC031	456,529	1,224,521	366	-55	270	150	Assayspreviouslyreported
KRC032	456,452	1,224,521	365	-55	270	150	Assayspreviouslyreported
KRC033	456,289	1,224,517	364	-55	270	154	Assayspreviouslyreported
KRC034	456,369	1,224,520	365	-55	270	150	Assayspreviouslyreported
KRC035	456,529	1,224,440	365	-55	270	154	Assayspreviouslyreported
KRC036	456,438	1,224,438	364	55	270	157	Assayspreviouslyreported
KRC037	456,362	1,224,440	364	-55	270	30	Assayspreviouslyreported
KRC037B	456,350	1,224,440	364	-55	270	152	Assayspreviouslyreported
KRC038	456,632	1,224,597	369	-55	270	150	Assayspreviouslyreported
KRC039	456,311	1,224,599	366	-55	270	150	Assayspreviouslyreported
KRC040	456,510	1,223,960	386	-55	270	150	Assayspreviouslyreported
KRC041	456,430	1,223,959	382	-55	270	162	Assayspreviouslyreported
KRC042	456,351	1,223,960	381	-55	270	156	Assayspreviouslyreported
KRC043	456,762	1,224,120	374	-55	270	90	Assayspreviouslyreported
KRC043B	456,719	1,224,119	373	-55	270	150	Assayspreviouslyreported
KRC043R	456,758	1,224,120	374	-55	270	126	Assays this release
KRC044	456,268	1,224,119	370	-55	270	150	Assayspreviouslyreported
KRC045	456,728	1,224,280	369	-55	270	144	Assayspreviouslyreported
KRC046	456,551	1,224,279	367	-55	270	150	Assayspreviouslyreported
KRC047	456,270	1,224,280	365	-55	270	153	Assayspreviouslyreported
KRC048	456,609	1,224,560	367	-55	270	150	Assayspreviouslyreported
KRC049	456,530	1,224,561	367	-55	270	200	Assayspreviouslyreported
KRC050	456,620	1,224,678	372	-55	270	150	Assays this release
KRC051	456,541	1,224,680	372	-55	270	150	Assays this release
KRC052	456,462	1,224,677	372	-55	270	150	Assays this release
KRC053	456,619	1,223,879	380	-55	270	156	Assays this release
KRC054	456,541	1,223,879	385	-55	270	180	Assays this release
KRC055	456,459	1,223,881	385	-55	270	150	Assays this release
KRC056	456,377	1,223,881	384	-55	270	150	Assays this release
KRC057	456,299	1,223,880	383	-55	270	164	Assays this release
KRC058	456,582	1,223,799	373	-55	270	156	Assays this release
KRC059	456,441	1,223,799	374	-55	270	155	Assays this release

Notes:

• KRC prefix denotes reverse circulation (RC) drilling

• Co-ordinate projection UTM, WGS 84 zone 29 North

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Table 3: Significant new gold intercepts from the resource definition and exploration drilling at Kada

Hole ID	From (m)	To (m)	Significant Gold Intersections (≥5m xg/t gold)
KRC043R	97	104	7m @ 2.1g/t gold including3m@4.6g/tgold from 100m
	111	115	4m@1.4g/tgold
KRC050			_No significant intercepts >5gm _
KRC051	52	57	5m@2.1g/tgold
KRC052			_No significant intercepts >5gm _
KRC053	0	1	1m@24g/tgold
	6	19	13m@0.4g/tgold
	27	38	11m@0.9g/tgold
	46	57	11m @ 0.7g/t gold including3m@2.1g/tgold from 50m
	85	96	11m @ 1.0g/t gold Including7m@1.4g/tgold from 85m
	134	139	5m@1.1g/tgold
KRC054			_No significant intercepts >5gm _
KRC055			_No significant intercepts >5gm _
KRC056			_No significant intercepts >5gm _
KRC057			_No significant intercepts >5gm _
KRC058	13	17	4m@2.8g/tgold
KRC059	119	134	15m@0.7g/tgold
KRC060	37	52	15m@0.4g/tgold
KRC061			No significant intercepts >5gm
KRC062	61	79	18m@0.4g/tgold
KRC063			No significant intercepts >5gm
KRC064	111	116	5m @ 2.0g/t gold including2m@4.2g/t from 112m
	136	149	13m @ 0.7g/t gold(EOH mineralised) including5m@1.4g/t from 141m
KRC065	16	30	14m @ 0.7g/t gold Including6m@1.1g/t from 23m
	41	45	4m@1.8g/tgold
	57	66	9m@0.6g/tgold
	76	80	4m@1.4g/tgold
KRC066			No significant intercepts >5gm
KRC067			No significant intercepts >5gm
KRC068			No significant intercepts >5gm
KRC069	13	14	1m@8.0g/tgold
KRC070			No significant intercepts >5gm
KRC072	29	95	66m @ 1.0g/t gold including11m@1.7g/tgold from 49m

Notes:

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

• Intervals are reported with a maximum of 3m of internal dilution

• Sample preparation and assaying conducted by SGS Laboratory in Bamako, Mali.

• Assayed by 50g charge fire assay with Atomic Absorption Spectrometry (AAS) finish (FAA515)

• Any assays over 10,000ppb are assayed with a gravimetric assay (FAA505).

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• EOH means end of hole.

ABOUT GOLDEN RIM RESOURCES

Golden Rim Resources Limited is an ASX listed exploration company with a portfolio of advanced minerals projects in Guinea and Burkina Faso, West Africa and in Chile, South America.

The Company’s flagship project is the advanced Kada Gold Project in eastern Guinea. Guinea remains one of the most under-explored countries in West Africa. Kada was previously explored by Newmont who completed 39km of drilling and defined a non-JORC gold resource. Golden Rim is focussed on the extensive oxide gold mineralisation at Kada and with the completion of infill drilling the Company is planning to deliver a maiden JORC Mineral Resource in February 2022. Most of the 200km[2] project area remains poorly explored and there is considerable upside for the discovery of additional oxide gold mineralisation.

The Company discovered and has outlined an Indicated and Inferred Mineral Resource of 50Mt at 1.3g/t gold for 2Moz[1] at the Kouri Gold Project, located in north-east Burkina Faso. Kouri covers 325km[2] of highly prospective Birimian greenstones. Recent exploration has successfully located several high-grade gold shoots.

In northern Chile, Golden Rim has the Paguanta Copper and Silver-Lead-Zinc Project. Historically a silver mine, the Company has outlined a Measured, Indicated and Inferred Mineral Resource of 2.4Mt at 88g/t silver, 5.0% zinc and 1.4% lead for 6.8Moz silver, 265Mlb zinc and 74Mlb lead[2] at the Patricia Prospect. The Mineral Resource remains open. In addition, the project has several exceptional porphyry-copper targets, such as Loreto, that remain untested.

1. ASX announcement: Kouri Mineral Resource Increases by 43% Increase to 2 Million ounces Gold dated 26 October 2020 (Total Mineral Resource includes: Indicated Mineral Resource of 7Mt at 1.4g/t gold and Inferred Mineral Resource of 43Mt at 1.2g/t gold).

2. ASX announcement: New Resource Estimation for Paguanta dated 30 May 2017 (Total Mineral Resource includes: Measured Mineral Resource of 0.41Mt at 5.5% zinc, 1.8% lead, 88g/t silver, 0.3g/t gold; Indicated Mineral Resource of 0.61Mt at 5.1% zinc, 1.8% lead, 120g/t silver, 0.3g/t gold; Inferred Mineral Resource of 1.3Mt at 4.8% zinc, 1.1% lead, 75g/t silver, 0.3g/t gold).

ASX:GMR

Market Capitalisation: A$25million

Shares on Issue: 246 million

T + 61 3 8677 0829 | E info@goldenrim.com.au | goldenrim.com.au

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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. 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. RC samples are collected by a three-tier riffle splitter using downhole sampling hammers with nominal 127 to 140mm holes.
	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.	RC drilling samples are firstly crushed using a Jaw Crusher and there after crushed to 90% passing -2mm using a RSD Boyd crusher. A less than 1kg split sample is then pulverised via LM2 to a nominal 85% passing - 75μm. Assayed by 50g charge fire assay with Atomic Absorption Spectrometry (AAS) finish (FAA515) Any assays over 10,000ppb are assayed with a gravimetric assay (FAA505).
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.).	RC drilling 114.3mm rods and face-sampling bit. The location of each hole was recorded by handheld GPS with positional accuracy of approximately +/-5m. Location data was collected in WGS 84, UTM zone 29N. All drill holes were planned to be drilled at -50° on azimuth 270°. This is considered an optimum angle for intersecting the mineralisation. Downhole surveying occurred (where-ever possible) at 30m intervals down hole.
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.

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17 February 2022

Criteria	JORC Code Explanation	Explanation
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	All RC drill samples are visually checked for recovery, moisture and contamination. A technician is always present at the rig to monitor and record recovery. Recoveries are recorded in the database. There are no significant sample recovery problems. The RC rig has an auxiliary compressor and boosters to help maintain dry samples. When wet samples are encountered, the RC drilling is discontinued. A technician is always present at the rig to monitor and record recovery. There are no significant sample recovery problems.
	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 RC 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.	Geotechnical logging was carried out on all diamond drill holes for recovery, RQD and number of defects (per interval). Information on structure type, dip, dip direction, alpha angle, beta angle, texture, shape, roughness and fill material is stored in the structure/geotechnical table of the database. Logging of RC chips 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 drill chips were photographed in both dry and wet form.
	The total length and percentage of the relevant intersections logged.	All holes are logged in full and to the total length of each drill hole. 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.	N/A for RC drilling

GOLDEN RIM RESOURCES ASX:GMR 14

17 February 2022

Criteria	JORC Code Explanation	Explanation
	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. Most 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 SGS Laboratory in Ouagadougou, Burkina Faso. 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.
	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 and blanks, as well as field duplicates. The insertion rate of these averaged 1:40.
	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.	Assayed by 50g charge fire assay with Atomic Absorption Spectrometry (AAS) finish (FAA515) Any assays over 10,000ppb are assayed with a gravimetric assay (FAA505). The analytical method is considered appropriate for this mineralisation style and is of industry standard. The quality of the assaying and laboratory procedures are 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,	Sample preparation checks for fineness were carried out bythe laboratoryaspart of their internal

GOLDEN RIM RESOURCES ASX:GMR 15

17 February 2022

Criteria	JORC Code Explanation	Explanation
	external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	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.
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.
	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.	Down-hole surveys were completed at the end of every hole (where possible) using a Reflex down-hole survey tool. Measurements were taken at approximately every 30 meters. Collars are surveyed with a handheld GPS (+/- 5m accuracy) while drilling is ongoing, then all holes are surveyed with a DGPS, which has locational accuracy of +/- 0.1m, X, Y and Z at the completion of drilling.
	Specification of the grid system used.	Location data was collected in UTM grid WGS84, zone 29 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.	Drilling conducted was infilling around existing drilling to an 80m x 80m spacing.
	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.	Drill data spacing and distribution are sufficient to establish the geological and grade continuity appropriate for a JORC-compliant resource.
	Whether sample compositing has been applied.	There was no sample composting.
Orientation of data in relation to	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	All drill holes reported here were drilled approximately at right angles to the strike of the target mineralisation.

GOLDEN RIM RESOURCES ASX:GMR 16

17 February 2022

Criteria	JORC Code Explanation	Explanation
geological structure	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.	Golden Rim has engaged with RPM Global for the Maiden Resource at Kada. This includes a review of both sampling techniques and laboratory review, results to be released Q1 2022.

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 drilling results are from the Kada permit. Golden Rim can acquire up to a 75% interest in the Kada 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 Kada permit has undergone some previous mineral exploration.
Geology	Deposit type, geological setting and style of mineralisation.	The Kada Project covers an area of 200km2 and is located in the central Siguiri Basin. It lies 36km along strike from and to the south of the 10Moz Siguiri Gold Mine operated by AngloGold Ashanti.
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.	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	There has been no exclusion of information.

GOLDEN RIM RESOURCES ASX:GMR 17

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Criteria	JORC Code explanation	Explanation
	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 0.3 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. No weighting or high-grade cutting techniques have been applied to the data reported. Assay results are generally 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 in detail.	Aggregation method stated in footnote of Table 2.
	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 orientation of the mineralised zone has been established and the drilling was planned in such a way as to intersect mineralisation in a perpendicular manner.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	All results are listed in down-hole lengths, which structural modelling is ongoing to confirm geometry of orebody.
	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’).	All results are listed in down-hole lengths, which structural modelling is ongoing to confirm geometry of orebody.
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 surveyresults;bulk samples – size and method	There is no other exploration data which is considered material to the results reported in the announcement.

GOLDEN RIM RESOURCES ASX:GMR 18

17 February 2022

Criteria	JORC Code explanation	Explanation
	of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	Exploration and infill drilling is currently ongoing, and 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.

GOLDEN RIM RESOURCES ASX:GMR 19