Sarama Resources Ltd. — Capital/Financing Update 2023

Apr 12, 2023

Announcement Summary

Entity name

SARAMA RESOURCES LTD

Date of this announcement

Thursday April 13, 2023

The +securities the subject of this notification are: Other

Total number of +securities to be issued/transferred

ASX +securitycode	Security description	Total number of+securities to beissued/transferred	Issue date
New class - codeto be confirmed	UNLISTED OPTION EXPRING 13-APR-2026 EXAUD $0.15	6,875,000	13/04/2023

Refer to next page for full details of the announcement

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

New announcement

1.5 Date of this announcement

13/4/2023

Part 2 - Issue details

2.1 The +securities the subject of this notification are:

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:

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

Equity Securities

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 13-APR-2026 EX AUD$0.15

+Security type

ISIN code

Options

Date the +securities the subject of this notification were issued

13/4/2023

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 AUD - Australian Dollar Exercise price AUD 0.15000000 Expiry date 13/4/2026

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

issue of these +securities to ASX, including why the issue of the +securities has not been previously announced to

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

6,875,000

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

Equity Securities

Additional Details

To complete a preliminary economic assessment, fund administration and working capital costs.

Part 4 - +Securities on issue

Following the issue, conversion or payment up of the +securities the subject of this application, the +securities ofthe 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 oneapplication for quotation/issuance currently with ASX for processing.)
4.1 Quoted +Securities (Total number of each +class of +securities quoted)
ASX +security code and description	Total number of+securities on issue
SRR : CHESS DEPOSITARY INTERESTS 1:1	37,294,300
4.2 Unquoted +Securities (Total number of each +class of +securities issued but not quoted on ASX)
ASX +security code and description	Total number of+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	100,627,869
SRRAH : WARRANTS EXPIRING 28-JUL-2024 EX CAD $0.28	4,863,517
New class - code to be confirmed : UNLISTED OPTION EXPRING 13-APR-2026 EX AUD$0.15	6,875,000

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? Yes

5.2b.1 How many +securities are being issued without +security holder approval using the entity's 15% placement capacity under listing rule 7.1?

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)? N/A

Equity Securities