ASARA RESOURCES LIMITED — Investor Presentation 2021

Jul 13, 2021

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NOOSA MINING CONFERENCE 14 -16 JULY 2021

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DISCLAIMER NOTICE AND COMPETENT PERSONS STATEMENT

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.

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; High-Grade 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.

The information in this report relating to previous exploration results and Mineral Resources are extracted from the announcements

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THREE ADVANCED MINERALS PROJECTS

Kada Gold Project, Guinea

• Advanced, ex-Newmont project

• o Non-JORC Gold Resource; predominantly in oxide ( ~100m deep ) o ~500m wide oxide gold corridor

• o Auger drilling highlighting significant extensions

• Maiden Mineral Resource targeted for delivery 2H/2021

Kouri Gold Project, Burkina Faso

• Mineral Resource: 2.0Moz at 1.3g/t gold[1]

• Mineral Resource open at depth and along strike

• Chasing starter-pit high-grade gold to kick off Scoping Study

• o Two high-grade gold shoots discovered (Diabatou & Kom)

Paguanta Silver-Zinc-Lead-Copper Project, Chile

• Historical silver mine; previous feasibility study by Golder

• o Mineral Resource: 18.2Moz at 236g/t silver equivalent[2]

• o Exploration underway on large porphyry copper target

• Mineral Resource details provided in Appendix 1

• Silver Equivalent calculation & Mineral Resource details provided in Appendix 2

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Corporate & Management Overview (ASX:GMR)

CAPITAL STRUCTURE

BOARD & MANAGEMENT

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MAJOR SHAREHOLDERS

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Adonis Pouroulis Craig Mackay Kathryn Davies Hayley Butcher Richard Zongo Non-Executive Managing Director GM Corporate/ Exploration Manager Chairman Director Company Secretary - West Africa

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KADA GOLD PROJECT, GUINEA (GMR acquiring 75%)

• Area of 200km[2] ; new Damissa Koura permit

• acquisition to expand this to 300km[2 ]

• Located 36km along strike from AngloGold Ashanti’s + 10Moz Siguiri Mine

• Siguiri Basin in Guinea under-explored

• o ~6% Only of West African gold production

• Auger drilling is unlocking the potential beneath laterite cover

• Grassroots gold discovery at Bankan (ASX:PDI)

• Major gold companies are active (AngloGold Ashanti, Nordgold, Endeavour, Resolute, Managem)

• West Africa’s next gold rush

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Kada: Exploration to Date

• Previously explored by Newmont

• 2007 - 2012

• ~39km drilling (diamond, reverse circulation, air core) completed

• Non-JORC Gold Resource

• Drilling only covered ~2% of Kada Permit area

• Exceptional exploration upside (under laterite cover)

• 4,000m resource definition drilling (DD/RC) underway in Newmont gold resource area

• o 30,000m auger drilling completed to test for bedrock gold beneath laterite

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Kada: Newmont Resource Area

o	Multiple, broad, sub-parallel gold zones confirmed:
	• 78m at 1.4g/t gold(KDH003)
	• 43m at 1.7g/t gold(KDH001)
	• 27m at 4.4g/t gold(NSAC066)
	• 20m at 3.0g/t gold(NSAC074)
	• 9m at 8.4g/t gold(NSAC168)
	• 41m at 2.1g/t gold(NSC003)
	• 4m at 28.9g/t gold(NSC006)
o	~500mwide oxide gold corridor (higher grade)
o	800mstrike (open north & south)
o	Deep oxide – transition weathering (~100mdepth)
o	Soft material, potentially free digging (low-cost mining)
o	Amenable to conventional CIL processing
o	Maiden JORC Mineral Resource 2H/2021
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Kada: Newmont Gold Resource Area

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Kada: Exploration Upside

• 30,000m auger program completed to systematically test beneath the laterite

• Assays pending for 1,782 holes

• Major north-south bedrock gold corridor outlined in auger drilling through the Newmont gold resource area

• Corridor strikes for 4.7km and remains open

• Excellent upside for additional gold mineralisation outside the Newmont gold resource area

• Anomalous auger gold results also being obtained in granite contact areas (priority for follow-up exploration)

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Kada: Regional Exploration Upside

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o Newmont outlined ~28km of gold-in-soil anomalies (sample results up to 22,470ppb gold ) o ~90% remain untested

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KOURI GOLD PROJECT, BURKINA FASO (GMR 100%)

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

• 77km drilling (reverse circulation and diamond)

• Indicated and Inferred Mineral Resource (Oct 2020):

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

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

• 14% Indicated (310,000oz at 1.4g/t gold)

• ~95% of Mineral Resource ozs in Central Lodes

• +95% gravity and cyanide metallurgical recovery

• Neighbours with similar mineralization:

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

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

• Nordgold – Tarparko (80k oz pa)

• Mineral Resource details provided in Appendix 1

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Kouri: Exploration Upside

• Immediate Mineral Resource area:

• Grade increase with infill drilling ( +17% )

• Lodes open along strike and at depth

• Gaps in the drilling on Central Lodes

• High-grade gold:

  • Diabatou Shoot depth extent

  • Central Lodes ( 6m at 25.2 g/t gold )

  • Red Hill ( 10m at 4.1g/t gold )

• Regional:

• Granite-hosted gold (intercepts include: 7m at 121g/t, incl. 1m at 783.8g/t gold )

• Kogodou (rock chips up to 42.8g/t gold )

• Sirba (rock chips up to 43.7g/t gold )

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Note: Ground magnetic image (Total Field) on airborne magnetic image

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Kouri: 3D Perspective View of Central Lodes

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Kouri: Potential Starter Pit – Diabatou Gold Shoot (East Lodes)

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7km NE of Central Lodes

East Lodes: Inferred Mineral Resource of 48,000oz at 3.2g/t gold

Most of the East Lodes Mineral Resource lies in the Diabatou Gold Shoot

Sheared granite – volcanics contact

3m at 10.9g/t gold (DDH004) in recent drilling below the pit shell Shoot remains open at depth

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PAGUANTA COPPER & SILVER – ZINC – LEAD PROJECT, CHILE (GMR 73 – 100%)

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• Oligocene-Eocene porphyry-belt in northern Chile (world - class copper deposits)

• Historical silver mine

• Epithermal silver-zinc-lead and porphyry copper mineralisation

• 46,700m drilling (diamond, reverse circulation)

• Bulk of feasibility study completed by Golder

• Measured, Indicated and Inferred Mineral Resource at Patricia Prospect:

  • 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]

• Mineral Resource open at depth and to the south

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

• o Sizable untested porphyry copper targets

• Mineral Resource details in Appendix 2 of this presentation

• Silver & Zinc Equivalent. calculation details in Appendix 2

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Paguanta: Loreto Porphyry Copper Target (GMR 100%)

o 2.3km x 1km porphyry centre o 3.5km x 3.5km leached cap (alteration zone)

• Remnants of copper oxides on surface

• o Igneous breccia clasts & porphyry dykes with chalcopyrite

• Dykes dated as Late Oligocene – Early Eocene

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

o No previous exploration o Access agreements with landowners being prepared o Exploration to define drill targets underway

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Next 6 Months

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----- Start of picture text -----

Delivery of a Second High Impact New Business
Gold Resource Exploration Results Development
Kada: Kada: o Continue to assess
transformational advanced
o o Oxide hits in
Resource definition drilling
gold & copper project
underway infill/extensional drilling
opportunities
o Focus on shallow oxide – o
Auger drilling expanding
transition material major bedrock gold corridor o Seek value-add
opportunities for the
o Maiden Mineral Resource Kouri: existing minerals project
(2H/2021)
o
More high-grade gold portfolio
o shoots
Potential for a large
o
Companies actively
predominantly oxide –
Paguanta: reviewing Paguanta
transition gold resource
o
Exploration on a large
porphyry copper target
----- End of picture text -----

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THANK YOU

CRAIG MACKAY Managing Director

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

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

This presentation was authorised for release to the ASX by the Managing Director 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 (%)	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

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

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

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

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

• 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)

• The metal prices 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).

• The metallurgical recoveries included in the zinc equivalent formula were the non-optimised metallurgical recoveries were derived from previous test work at Patricia and include 82%, 80% and 90% for zinc, 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.

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

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

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