Sarama Resources Ltd. — Capital/Financing Update 2023

Jun 13, 2023

Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Announcement Summary

Entity name

SARAMA RESOURCES LTD

Date of this announcement

Wednesday June 14, 2023

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

Total number of ASX +security +securities to be code Security description issued/transferred Issue date New class - code UNLISTED OPTION EXPRING 14-JUN-2026 EX 1,312,180 14/06/2023 to be confirmed AUD $0.15

Refer to next page for full details of the announcement

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 1 - Entity and announcement details

1.1 Name of entity

SARAMA RESOURCES LTD

We (the entity named above) give notice of the issue, conversion or payment up of the following unquoted +securities.

1.2 Registered number type

ARBN

Registration number

143964649

1.3 ASX issuer code

SRR

1.4 The announcement is

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New announcement

1.5 Date of this announcement

14/6/2023

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

Part 2 - Issue details

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2.1 The +securities the subject of this notification are:

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Other

Please specify

unlisted options of a new class as detailed in Appendix 3B lodged on 3 April 2023

2.2a This notification is given in relation to an issue of +securities in a class which is not quoted on ASX and which:

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does not have an existing ASX security code ("new class")

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 3C - number and type of +securities the subject of this notification (new class) where issue has not previously been notified to ASX in an Appendix 3B

New +securities ASX +security code +Security description New class - code to be confirmed UNLISTED OPTION EXPRING 14-JUN-2026 EX AUD $0.15 +Security type ISIN code Options Date the +securities the subject of this notification were issued 14/6/2023 Will all the +securities issued in this class rank equally in all respects from their issue date? Yes Have you received confirmation from ASX that the terms of the +securities are appropriate and equitable under listing rule 6.1? No Please provide a URL link for a document lodged with ASX setting out the material terms of the +securities being issued. https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02650631-6A1143662?access_token=8 3ff96335c2d45a094df02a206a39ff4 Options Details +Security currency Exercise price Expiry date AUD - Australian Dollar AUD 0.15000000 14/6/2026 Details of the existing class of +security that will be issued upon exercise or conversion of this new class of company option Other Description SRR : CHESS DEPOSITARY INTERESTS 1:1

Any other information the entity wishes to provide about the +securities the subject of this notification

the existing class of security that will be issued upon exercise or conversion of this new class of company option will be SRR : CHESS DEPOSITARY INTERESTS 1:1

Please provide any further information needed to understand the circumstances in which you are notifying the

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to the market in an Appendix 3B refer Appendix 3B lodged 3 April 2023

Issue details Number of +securities 1,312,180 Were the +securities issued for a cash consideration? No Please describe the consideration being provided for the +securities issued as free-attaching options to Participants in a private placement. Purpose of the issue Other Additional Details To complete a preliminary economic assessment, fund administration and working capital costs.

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Notification of Issue, Conversion or Payment up of Unquoted Equity Securities

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Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities of the entity will comprise:

(A discrepancy in these figures compared to your own may be due to a matter of timing if there is more than one application for quotation/issuance currently with ASX for processing.)

4.1 Quoted +Securities (Total number of each +class of +securities quoted)

	Total number of
ASX +security code and description	+securities on issue
SRR : CHESS DEPOSITARY INTERESTS 1:1	50,406,977
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)
	Total number of
ASX +security code and description	+securities on issue
SRRAG : WARRANTS EXPIRING 23-MAY-2024 EX CAD $0.60	833,333
SRRAA : OPTION EXPIRING 22-APR-2025 RESTRICTED	2,500,000
SRRAD : OPTION EXPIRING 23-JUN-2023 EX CAD $0.24	500,000
SRRAE : OPTION EXPIRING 14-JAN-2024 EX CAD $0.35	3,158,336
SRRAF : WARRANTS EXPIRING 23-MAY-2024 EX CAD $0.30	833,333
SRRAI : OPTION EXPIRING 19-JAN-2025 EX CAD $0.20	2,721,665
SRRAB : ORDINARY FULLY PAID	101,265,192
SRRAH : WARRANTS EXPIRING 28-JUL-2024 EX CAD $0.28	4,863,517
SRRAM : OPTION EXPIRING 20-APR-2026 EX $0.16	6,809,999
SRRAL : OPTION EXPIRING 13-APR-2026 EX $0.15	6,875,000
New class - code to be confirmed : UNLISTED OPTION EXPRING 14-JUN-2026 EX AUD	1,312,180
$0.15

4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)

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Part 5 - Other Listing Rule requirements

5.1 Were the +securities issued under an exception in Listing Rule 7.2 and therefore the issue did not need any security holder approval under Listing Rule 7.1? No

5.2 Has the entity obtained, or is it obtaining, +security holder approval for the issue under listing rule 7.1? No

5.2b Are any of the +securities being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1? No

5.2c Are any of the +securities being issued without +security holder approval using the entity's additional 10% placement capacity under listing rule 7.1A (if applicable)? No

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