ASARA RESOURCES LIMITED — Investor Presentation 2021

Nov 4, 2021

Advancing a Major Oxide Gold Asset in Guinea’s Prolific Siguiri Basin

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Disclaimer

This presentation has been prepared by Golden Rim Resources Limited (ABN 39 006 710 774) (“Golden Rim”) based on information available to it. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. To the maximum extent permitted by law, none of Golden Rim, its related bodies corporate, its or their directors, employees or agents, advisers, nor any other person accepts any liability for any loss arising from the use of or reliance on this presentation or anything contained in, omitted from or otherwise arising in connection with it, including, without limitation, any liability arising from fault or negligence on the part of Golden Rim, its related bodies corporate or its or their directors, employees or agents.

The distribution of this document in jurisdictions outside Australia may be restricted by law and you should observe any such restrictions.

This presentation is not an offer, invitation, solicitation or recommendation to invest in Golden Rim and neither this document nor anything in it shall form the basis of any contract or commitment. The information in this presentation does not take into account the investment objectives, financial situation and particular needs of investors and does not constitute investment, legal, tax or other advice. Before making an investment in Golden Rim an investor should consider whether such an investment is appropriate to their particular investment objectives, financial situation and particular needs and consult a financial adviser if necessary. This presentation does not purport to constitute all of the information that a potential investor may require in making an investment decision. Investments are subject to investment risk, including possible delays in repayment and loss of income or principal invested. Golden Rim does not guarantee the performance of the investment referred to in this presentation, the repayment of any capital invested or any particular rate of return.

Any securities described in this presentation may not be offered or sold in the United States absent registration under the US Securities Act 1933 or exemption from registration. Neither this document nor any copy thereof may be taken or transmitted in the United States or distributed, directly or indirectly, in the United States or to any US person including (1) any US resident, (2) any partnership or corporation or other entity organised or incorporated under the laws of the United States or any state thereof, (3) any trust of which any trustee is a US person, or (4) any agency or branch of a foreign entity located in the United States.

You acknowledge that circumstances may change and the contents of this presentation may become outdated as a result. Golden Rim accepts no obligation to correct or update the information or opinions in this presentation. Opinions expressed are subject to change without notice.

By accepting this document, you agree to be bound by the above limitations.

Exploration / Forward-looking Statements

The information in this report relating to previous exploration results and Mineral Resources are extracted from the announcements: Golden Rim Delivers More Broad Zones of Oxide Gold at Kada dated 19 August 2021; Golden Rim Intersects 32m @ 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 @ 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 Extends Depth of High-Grade Diabatou Gold Shoot at Kouri dated 11 June 2021; Golden Rim Extends Major Bedrock Gold Corridor to 4.7km at Kada dated 20 May 2021; Golden Rim to Explore Major Porphyry Copper Target in Chile dated 22 April 2021; Golden Rim Confirms Major 3.5km Bedrock Gold Corridor at the Kada Gold Project dated 19 April 2021; Golden Rim Expands Kada Gold Project dated 27 January 2021; Broad Zones of Deep Oxide Gold Mineralisation Confirmed at Kada dated 16 November 2020; Kouri Mineral Resource Increases by 43% to 2 Million Ounces Gold dated 26 October 2020; Kada Gold Project Set to Double dated 8 September 2020; Extent of the High-Grade Diabatou Gold Shoot Doubled dated 31 July 2020; Heads of Agreement to Acquire Kada Gold Project in Guinea dated 27 July 2020; New Granite Contact Targets and High-Grade Gold Shoot at Kouri dated 2 June 2020; Multiple Structures Hosting High-Grade Gold Identified East of 1.4Moz Mineral Resource at Kouri dated 3 February 2020; Drilling Intersects 4m at 12.6g/t gold at Kouri dated 31 March 2020; Drilling Intersects 6m at 9.5 g/t Gold at Kouri dated 23 March 2020; HighGrade Gold Discovered within Mineral Resource at Kouri dated 10 March 2020; Major Extensions to Gold Lodes Comprising 1.4Moz Mineral Resource at Kouri dated 14 February 2020; More High-Grade Gold Results Obtained at Kouri dated 20 December 2019; New High-Grade Gold Zone discovered at Kouri dated 19 December 2019; Second Extensive High Grade Gold Target Identified at Kouri dated 11 November 2019; Drilling Further Extends Gold Mineralisation Beyond Existing 1.4Moz Mineral Resource at Kouri dated 2 September 2019; Second High-Grade Zone Discovered in Granite at Kouri dated 28 August 2019; 784g/t Gold Bonanza Intercept at Kouri dated 5 August 2019; Broad Zones of Gold Mineralisation Identified in Trenching at Kouri dated 11 June 2019; Bonanza Intercept of 4m at 44.7g/t Gold at Kouri dated 16 January 2019; 10m at 4.1g/t Gold Intersected at Red Hill dated 15 January 2019; New Gold Intercepts at Red Hill Indicate Potential of Sizable New Gold Discovery dated 14 December 2018; High Grade Gold Unearthed at Kouri dated 12 November 2018; Additional Bedrock Gold Anomalies Identified at Kouri dated 27 August 2018; Highly Anomalous Bedrock Gold Anomalies Continue to be Identified at Kouri dated 16 August 2018; Strong Bedrock Gold Anomalies Indicate Potential 1.5km Extension to Mineralisation at Kouri dated 24 July 2018; New Gold Discovery at Red Hill dated 16 July 2018; Highly Anomalous Gold Auger Results Demonstrate Regional Prospectivity at Kouri dated 6 July 2018; New High Grade Gold Lode Discovered at Kouri dated 30 April 2018; Substantial Extensions to the Gold Mineralisation at Kouri dated 20 March 2018; Thick Gold Mineralisation Intersected at Kouri Outside Exploration Target dated 12 February 2018; Amended, Exceptional Metallurgical Results from Kouri dated 2 February 2018; New Ore Grade Intersections to Expand Paguanta Resource dated 14 June 2017; New Resource Estimation for Paguanta dated 30 May 2017; Diamond Drilling Significantly Extends Mineralisation 3 May 2017; Zinc-Silver-Lead Mineralisation Extended and a New Discovery dated 7 March 2017, 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.

Certain statements in the presentation 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 presentation is a promise or representation as to the future. Statements or assumptions in this presentation 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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Key Highlights

Exciting Flagship Oxide Gold Project in Guinea

Advanced ex-Newmont project

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Attractive oxide gold mineralisation

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Newly defined 15km bedrock gold corridor

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Along strike and geologically similar to AngloGold Ashanti’s +10Moz gold (oxide) Siguiri Mine Complex Maiden Mineral Resource scheduled for delivery Jan/ 2022

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Near-term development opportunity

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Safe and investor friendly jurisdiction

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ASX: GMR
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Corporate & Management Overview

Major Shareholders 21.6 % Top 20 50.1 % Elta (Toya Gold) 8.0 % Directors & Management 6.2 % Capital DI 7.4 %

Board & Management

Considerable West African experience

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Multiple discoveries in West Africa (Balogo, Kouri, Mako)

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Pouroulis family has built more than 10 mines in Africa

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Adonis founder of Toro Gold which developed Mako Gold Mine, Senegal (sold to Resolute for A$400m)

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Ex-AngloGold Ashanti, Petra Diamonds, Mineral Deposits

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Capital Structure

A$ 19.8 M A$ 16.4 M A$ 3.4 M[1] Market Cap at A$0.006/Share Enterprise Value Cash Balance (Sep 2021) Nil 3,295 M 317.1 M Debt Shares on Issue Unlisted Options

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Adonis Pouroulis Craig Mackay
Non-Executive Managing Director
Chairman
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Kathryn Davies Richard Zongo Director Exploration Manager West Africa

1. A$6M Capital Raise completed September 2021, further A$2.25M in cash to be received subject to shareholder approval on 5 November 2021

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Guinea Kada Gold Project

Flagship Project West Africa

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Operating in Guinea

Welcome To West Africa’s New Gold Rush

Population: 12.4 million

Area: 245,857km[2] Low security risk

Mining is 26% of GDP & 95% of export earnings

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~6% of West African gold production at present

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Siguiri Basin is a prolific gold region yet remains under-explored

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World’s second largest producer of bauxite

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Mining (Adonis Pouroulis is Chairman) developed the Bel Air bauxite mine in Guinea

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KADA GOLD PROJECT, GUINEA | 75% earn-in

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Strategically Located in the Heart of the Siguiri Basin

Located 35km along strike from AngloGold Ashanti’s +10Moz Siguiri Mine

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Mineralisation similar to gold mineralisation at Siguiri Mine:

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• Quartz-sulphide-tourmaline vein stockworks

• Deep saprolite >100m

Agreement to increase from 200km[2] ; to 300km[2]

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Auger drilling is unlocking the potential beneath laterite cover

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Grassroots gold discovery at Bankan (ASX:PDI)

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Surrounded by major active gold companies

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KADA GOLD PROJECT, GUINEA

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Expanding On The Shoulders Of Giants

Previous exploration by Newmont (2007 - 2012)

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• 39,357m drilling completed by Newmont; 378 holes (18 diamond, 95 reverse circulation, 265 air core)

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Notable drill intersections (0.3g/t cut-off grade, no limits on internal dilution) reported by Newmont included:

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• 201m at 1.04g/t gold from 26m (NSC001)

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• 357m at 0.53g/t gold from 0m (NSC003)

• 122m at 1.26g/t gold from 0m (NSAC066)

• 91m at 1.66g/t gold from 0m (NSAC167)

Non-JORC Gold Resource (“Newmont gold resource”)

Drilling only covered ~2% of Kada Permit area

Exceptional exploration upside (under laterite cover)

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KADA GOLD PROJECT, GUINEA

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On the Verge of a Maiden Oxide Mineral Resource

Focused on flat-lying oxide (saprolite) blanket

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• ~700m wide x 800m long

• ~100 - 120m deep

Oxide mineralization is open north, south, east & west

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• Extensive oxide mineralization located in large gaps in Newmont drilling

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First round resource definition drilling completed (27 DD/RC holes; 4,169m)

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Second round resource definition drilling to commence Nov 2021

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Maiden JORC Mineral Resource Jan/2022

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KADA GOLD PROJECT, GUINEA

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Expanding a Thick Oxide (Saprolite) Blanket

120m

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Focus on the oxide/transition (saprolite) zones to base of oxidation

Gold grades higher and mineralization shows greater continuity in the saprolite

New saprolite intersections reported at 0.3g/t cut-off, 3m internal dilution include:

• KDH003: 78m at 1.4g/t gold from 71m

• KRC008: 47m at 1.9g/t gold from 0m;

• including 14m at 4.4g/t gold from 1m

Previous Newmont saprolite intersections at 0.3g/t cut, 3m internal dilution include:

• TC6: 74m at 1.4g/t gold from 60m

• NSA066: 28m at 4.3g/t gold from 95m;

• including 6m at 12.7g/t gold from 108m

• NSC006: 4m at 28.9g/t gold from 20m; including 1m at 95.7g/t gold from 21m

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KADA GOLD PROJECT, GUINEA

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Major Gold Corridor Offers Exceptional Oxide Upside

• Significant potential for additional oxide gold mineralisation outside the Newmont gold resource area

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• 30,506m (2,921 holes) auger drilling to test beneath the laterite

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15km + long, north-south bedrock gold corridor (Kada Gold Corridor)

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Extends through Newmont gold resource area (800m)

Further 10,000m auger drilling underway

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KADA GOLD PROJECT, GUINEA

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Attractive Attributes for Mining

Shallow, oxide mineralisation suitable for open pit mining

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• Thick, continuous, flat-lying ( attractive strip ratio )

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Soft Material:

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• Potentially free-digging ( low-cost mining )

• Cheaper processing cost

Positive preliminary metallurgical test work

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Excellent infrastructure:

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• Water (proximity to the Niger River)

• Paved road access

• 60km to Siguiri City mining centre

Power Options - Hybrid Solar?

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KOURI GOLD PROJECT, BURKINA FASO | 100% Owned

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2 Million Oz Gold

Area of 325km[2] (highly prospective Samira Hill Shear Zone)

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77km drilling (reverse circulation and diamond)

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Indicated and Inferred Mineral Resource (Oct 2020):

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• 50 million tonnes at 1.3g/t for 2Moz gold[1]

• 0.5g/t cut-off, gold price USD1,625/oz

• +95% gravity and cyanide metallurgical recovery

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Neighbours with similar mineralization:

• West African (ASX:WAF) – Sanbrado (+250k oz pa)

• Orezone (TSX.V:ORE) – Bomboré (mine construction)

Additional high-grade gold mineralisation required for a development to be contemplated

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With a focus on Kada, during the earn-in period, options for realising more value in the project are being considered

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1. Mineral Resource details provided in Appendix 1

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KOURI GOLD PROJECT, BURKINA FASO

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Outstanding Potential For More High-Grade Gold

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PAGUANTA COPPER & SILVER-ZINC-LEAD PROJECT CHILE | 73-100% Owned

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World-Class Porphyry Copper Address

Oligocene-Eocene porphyry-belt in northern Chile

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Historical silver mine

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Epithermal silver-zinc-lead and porphyry copper mineralisation

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46,700m drilling (diamond, reverse circulation)

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Bulk of feasibility study completed by Golder

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Measured, Indicated and Inferred Mineral Resource at Patricia Prospect:

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• 2.4Mt at 88 g/t silver, 5.0% zinc, 1.4% lead, and 0.3 g/t gold[1]

• 18.2Moz at 236g/t silver equivalent[2]

• 514Mlb at 9.7% zinc equivalent[2]

Deepest hole ended in 1,765g/t silver, 12% zinc, 7.5% lead, 1.7g/t gold

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Sizable untested porphyry copper targets

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1/2. Mineral Resource details provided in Appendix 2

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PAGUANTA PROJECT, CHILE

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Untested Loreto Porphyry Copper Target

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2.3km x 1km porphyry centre

3.5km x 3.5km leached cap (alteration zone)

Remnants of copper oxides on surface

Igneous breccia clasts & porphyry dykes with chalcopyrite

Dykes dated as Late Oligocene – Early Eocene

Two of world’s largest copper companies ( BHP & Codelco ) control surrounding ground

Arranging access agreements with landowners & then exploration to commence

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ASX: GMR

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ESG & Community Initiatives

Empowering Locals Through Economic Development

Committed to Local Economic Development

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Locals are stakeholders - we exclusively employ local staff, engage local services, and buy or hire local products

Improving Community Infrastructure

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We invest in repairing roads, bridges, building water wells, and other amenities to ensure developmental progress

Local Sponsorships

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Proudly sponsoring education and sports teams, strengthening our bond with local stakeholders

Environmentally Responsible

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Best practice environmental remediation and sustainable exploration techniques: we “do no harm”

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Kada Village Chief & Golden Rim’s Exploration Manager

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est African Gold Peers terprise Value Maiden Mineral Resource Expanding Oxide Gold Base a Gold Project 3.2Moz @ 1.6g/t	(A$M) Oxide Gold Maiden MRE/Q4 2021	Oxide Gold	3.1Moz @ 0.9g/t	Feasibility 3.6Moz @ 1.5g/t	ASX:GMR 1.0Moz @1.2g/t	Feasibility 4Moz @ 0.6g/t	0.7Moz @ 1.8g/t	Oxide Gold Scoping	1.4Moz @ 0.6g/t	Oxide Gold	Maiden MRE/Q4 2021	0.4Moz @ 2.3g/t	Oxide Gold 0.3Moz @ 1.6g/t Feasibility	Pre-Production 0.6Moz @ 1.8g/t	Feasibility 3.4Moz @ 1.2g/t	3.6Moz @ 1.6g/t

West African Gold Peers

Enterprise Value (A$M)

Kada Gold Project

Notes:

1. Enterprise values quoted in A$ as at 6 October 2021.

2. Data sourced from company websites (Investor Presentations & Quarterly Reports).

3. Resources include: Measured Indicated & Inferred (African Gold Group, Goldstone, Oklo, Sarama); Indicated & Inferred (Tietto, Montage, Xtra-Gold, Pasofino, Marvel; Inferred (Cora, Newcore). 4. Pasofino Gold have 49% Interest.

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ASX: GMR

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Path Forward - Next 6 Months

Valuation Driven by Oxide Gold Results

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RESOURCES

• ➔ Delivery of a maiden oxide gold Mineral Resource at Kada Jan/2022

• ➔ Continued Mineral Resource expansion at Kada

RESULTS

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• ➔ Ongoing oxide gold drill results at Kada

• ➔ Resource definition & strike extensions along 15km gold corridor at Kada

• ➔ Preliminary metallurgical testwork at Kada

• ➔ Auger drilling expanding areas of bedrock gold at Kada

• ➔ Copper exploration commencing at Paguanta

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ASX: GMR
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Join our shareholder community

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ASX: GMR @goldenrimres

CRAIG MACKAY

Managing Director Golden Rim Resources | ASX : GMR goldenrim.com.au

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+61 3 8677 0829 info@goldenrim.com.au Level 23 Collins Square Tower Five, 727 Collins Street, MELBOURNE VIC 3008 AUSTRALIA ABN: 39 006 710 774

This presentation was authorised for release to the ASX by the Board of Golden Rim Resources Ltd

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Appendix 1: Kouri Mineral Resource

Material Type		Measured	Measured	Indicated	Indicated	Inferred	Inferred	Total	Total	Total
		Tonnes	Gold	Tonnes	Gold	Tonnes	Gold	Tonnes	Gold	Gold
		Mt	g/t	Mt	g/t	Mt	g/t	Mt	g/t	Ounces
Oxide		-	-	0.5	1.4	2.7	1.3	3.2	1.3	130,000
Transitional		-	-	0.6	1.2	2.7	1.3	3.4	1.3	140,000
Fresh		-	-	5.9	1.4	38	1.2	43	1.2	1,700,000
TOTAL		-	-	7.0	1.4	43	1.2	50	1.3	2,000,000

Notes:

1. Totals may differ due to rounding to significant figures to reflect the relative uncertainty of the estimate. Rounding may cause some computational discrepancies. Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results.

2. Mineral Resources reported on a dry in-situ basis at a 0.5g/t Au cut-off and constrained to the limit of an optimised USD 1,900/oz consensus forward gold price pit shell, based on a gravity/CIL processing route and typical West African open pit mining costs. 3. Reporting cut-off grade within the pit shell was selected by RPM based on the parameters defined by a high level mining study conducted by independent consultants and updated in 2020 plus recent testwork by Golden Rim which supports reasonable expectations of processing via the carbon-in-leach (CIL) route. The selected economic cut-off grade for the Kouri Mineral Resource was 0.5g/t Au. It is based on a CIL processing route, assumed metallurgical recoveries of 95%, Base mining cost of USD3.68/t for fresh waste and USD4.21/t for ore. Processing, GA and additional (to waste dump disposal) costs of USD18.80/t and a consensus forward gold price of USD1,625/oz.

4. The Statement of Estimates of Mineral Resources has been compiled by Mr David Allmark who is a full-time employee of RPM and a Member of the AIG. Mr Allmark has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he has undertaken to qualify as a Competent Person as defined in the JORC Code (2012).

5. All Mineral Resources figures reported in the tables above represent estimates at 19 October 2020.

6. Mineral Resources are reported in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (The Joint Ore Reserves Committee Code – JORC 2012 Edition).

7. The Indicated Mineral Resource was defined within areas of close spaced diamond and RC drilling of equal or less than 50m by 50m, and where the continuity and predictability of the lode positions was good. The Inferred Mineral Resource was assigned to areas where drill hole spacing was greater than 50m by 50m and up to a maximum spacing of 100m by 50m; where small isolated pods of mineralisation occur outside the main mineralised zones, and to geologically complex zones.

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Appendix 2: Paguanta Mineral Resource

Resource Category	Tonnes	Zn (%)	Pb (%)	Ag (g/t)	Au (g/t)	Zn Eq (%)	Zn Eq (%)	Ag Eq (g/t)	Ag Eq (g/t)
Measured (M)	490,000	5.5	1.8	88	0.3
Indicated (I)	610,000	5.1	1.8	120	0.3
M+I	1,100,000	5,3	1.8	100	0.3
Inferred	1,300,000	4.8	1.1	75	0,3
TOTAL	2,400,000	5.0	1.4	88	0.3	9.7		236

Notes:

1. Mineral Resource compiled by Mining One Consultants in May 2017 in accordance with 2012 Edition of the JORC Code.

2. Tonnages and grades are rounded to 2 significant figures. Discrepancies in totals may exist due to rounding.

3. The resources were reported above a 6% Zn Eq cut-off grade.

4. The Zinc Equivalent (Zn Eq) grades were calculated using the following formula: Zn Eq% = (Zn %) + (Pb % 0.64) + (Ag % 350.4) + (Au%*25,029)

5. The Silver Equivalent (Ag Eq) grades were calculated using the following formula: Ag Eq g/t = (Ag g/t) + (Zn g/t * 0.0021) + (Pb g/t * 0.0016) + (Au g/t * 64.27)

6. The metal princes used for the zinc & silver equivalent formula were: Zinc - $US 1.082/lb; Lead - $US 0.867/lb; Silver - US$ 28.89/oz; and Gold - $US 2,063/oz (prices at 7 August 2020)

7. The metallurgical recoveries included in the zinc equivalent formula were the non- optimised metallurgical recoveries were derived from previous test work at Patrícia and include 82%, 80% and 90% for zin, lead and silver respectively. For gold a 90% recovery has been assumed, which Golden Rim believes is a reasonable average for an epithermal style of deposit.

8. It is Golden Rim’s opinion that all elements included in the metal equivalent calculation have a reasonable potential to be recovered and sold.

9. Details on the Paguanta Mineral Resource are provided in ASX Announcement dated 30 May 2017 “New Resource Estimation for Paguanta”

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