Sarama Resources Ltd. — Capital/Financing Update 2023

Jan 16, 2023

17 JANUARY, 2023

SARAMA RESOURCES DISCOVERS NEW MINERALISED TREND AT SANUTURA PROJECT

Drilling Identifies Oblique Mineralised Trend in North of Tankoro Deposit

PERTH, AUSTRALIA / VANCOUVER, CANADA. Sarama Resources Ltd. ("Sarama" or the "Company") (ASX:SRR, TSX‐ V:SWA) is pleased to announce that exploration drilling at its 100%‐owned(4), multi‐million‐ounce Sanutura Project (the "Project") has discovered a new mineralised trend extending for 700m in the north of the Tankoro Mineralised Corridor.

The reported drilling totals approximately 2,000m and was primarily focussed on testing for new mineralisation within the Phantom, Phantom East and Phantom West Prospects, which are located in the north of the Tankoro Deposit (refer Figure 1). The results represent the seventh discovery of additional and extensional mineralisation since the commencement of the Company's ongoing +50,000m drill program and continue to demonstrate the strong potential to grow the oxide component of the Project's 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred)(1) mining shape constrained Mineral Resource.

Highlights

• New, near‐surface mineralisation intersected in the north of the Tankoro Mineralised Corridor
• Highlighted downhole intersections from new assays include:
  • o 20m @ 1.68g/t Au from 16m in TAA405 (ended in mineralisation);
  • o 13m @ 1.79g/t Au from 7m in TAA403 (incl. 2m @ 8.88g/t Au);
  • o 9m @ 2.14g/t Au from 7m in TAA404;
  • o 6m @ 2.91g/t Au from 31m in TAA422 (incl. 1m @ 12.10g/t Au);
  • o 7m @ 2.18g/t Au from 22m in TAA389;
  • o 5m @ 3.01g/t Au from 43m in TAA429 (incl. 2m @ 6.70g/t Au); and
  • o 10m @ 1.13g/t Au from 7m in TAA420.
• New mineralised trend has strike length of 700m and remains open in all directions
• Mineralisation is oblique with potential to link Phantom and Phantom West Trends over a 1,200m strike length
• Intersections of new mineralisation are in shallow, oxide material with high potential to add to the oxide and transition component of the Mineral Resource, currently standing at 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred)(2)

Sarama's President, CEO & MD, Andrew Dinning commented:

"We are excited that new, near‐surface discoveries continue to be made throughout the Tankoro Mineralised Corridor with the most recent results representing the seventh successive area where new mineralisation has been intersected outside the Mineral Resource. This bodes well for the many other targets that have been identified and are yet to be drilled and continues to support our view that significant exploration potential remains. The identification of new cross‐ linking mineralisation is expected to add to the current Mineral Resource which we plan to update after the completion and follow up of the current +50,000m program, a majority of which is cost effective aircore drilling."

Figure 1 ‐ Tankoro Deposit Location Plan – Drilling in Northern Group of Phantom Prospects

A Growth‐Oriented Drill Program in Oxide Material

Drilling Identifies New Oblique Mineralised Trend over 700m Strike Length and Remains Open

Results are being reported (refer Appendix A) for approximately 2,000m (43 holes) of aircore ("AC") drilling undertaken in Q2/Q3 2022 at the Phantom, Phantom West and Phantom East Prospects in the northern extent of the Tankoro Mineralised Corridor (refer Figures 1 & 2). The drilling targeted the near‐surface oxide horizon to a vertical depth of approximately 50m and highlighted downhole intersections from these holes include:

• 20m @ 1.68g/t Au from 16m in TAA405 (ended in mineralisation);
• 13m @ 1.79g/t Au from 7m in TAA403 (incl. 2m @ 8.88g/t Au);
• 9m @ 2.14g/t Au from 7m in TAA404;
• 6m @ 2.91g/t Au from 31m in TAA422 (incl. 1m @ 12.10g/t Au);
• 7m @ 2.18g/t Au from 22m in TAA389;
• 5m @ 3.01g/t Au from 43m in TAA429 (incl. 2m @ 6.70g/t Au); and
• 10m @ 1.13g/t Au from 7m in TAA420.

Figure 2 ‐ Plan of Drilling in Northern Extremity of Tankoro Mineralised Corridor

Phantom and Phantom West Prospects

The new drilling in the Phantom and Phantom West Prospects primarily targeted areas with potential for discovery of additional mineralisation and/or extensions to existing mineralised lodes. These prospects are located to the north of the Tankoro Deposit and historical drilling has been relatively constrained, focussing on the delineation and extension of the dominant north‐north‐east ("NNE") oriented trends of steeply dipping lode packages which extend over a strike length up to 2.5km (refer Figure 2). A lateral distance of approximately 360m separates the two trends and historical soil geochemical surveys have returned elevated gold‐in‐soil values in between, suggesting potential for obliquely oriented mineralisation to link the two main mineralised trends. This cross‐linking type of mineralisation has been delineated extensively in the better drilled parts of the Tankoro Deposit and adds significantly to the economic potential for the Project.

Previous reconnaissance drilling along the targeted trend in the Phantom Prospect returned encouraging results and included downhole intersections of 6m @ 3.33g/t Au, 6m @ 3.85g/t Au and 6m @ 1.40g/t Au. The recent drilling reported in this news release followed up on these isolated intersections and stepped out along the projected trend of the elevated gold‐in‐soil values and returned results including 6m @ 2.91g/t Au (incl. 1m @ 12.10g/t Au), 6m @ 1.40g/t Au and 2m @ 6.70g/t Au (incl. 1m @ 11.75g/t Au) which support the interpretation of a new mineralised trend extending for approximately 700m along strike (refer Figure 3).

Figure 3 – New Oblique Mineralised Trend Discovered with Upside Potential – Phantom Prospect

The mineralisation remains open in all directions and importantly, potential exists for it to be extended further to the south‐west where it may intersect the main mineralised trend in the Phantom West Prospect. This hypothesis is supported by the elevated gold‐in‐soil values and would bring the total length of this oblique mineralisation to approximately 1.2km. The intersection areas of lodes of different orientations within the Tankoro Deposit is known to produce enrichment of mineralisation, in terms of volume and grade. In this respect, recent drilling in the projected intersection zone in the Phantom West Prospect has confirmed the presence of higher grades and localised thickening of the mineralisation with downhole intersections of 10m @ 5.25g/t Au (previously reported), 9m @ 2.14g/t Au and 13m @ 1.79g/t Au (incl. 2m @ 8.88g/t Au) being returned.

Further higher‐grade zones are present along strike in the current Mineral Resource of the Phantom West Prospect which may be associated with additional instances of cross‐linking mineralisation. A recently returned downhole intersection of 20m @ 1.68g/t Au (ending in mineralisation) returned thicker than expected mineralisation and also ended in mineralisation (Figures 3 and 4). This enhances the current interpretation but also offers a near‐field target for follow‐up in the zone, which also contains historical intersections of 10m @ 3.39g/t Au, 12m @ 2.25g/t Au and 6m @ 2.75g/t Au.

Figure 4 – Drilling in High‐Grade Zone Exceeds Thickness Expectations – Phantom West Prospect (Section A‐A')

Phantom East Prospect

The drill program included two 50m‐long holes at the Phantom East Prospect to follow‐up previously reported, near‐ surface intersections of 4m @ 2.63g/t Au and 3m @ 2.60g/t Au (refer Figure 5). These downhole intersections are very close to the current Mineral Resource but were not incorporated due to lack of supporting data. The new drilling stepped‐out to the south, targeting intersections to support the interpretation of mineralisation over a 50‐60m strike length. Recently returned downhole intersections of 4m @ 1.61g/t Au, 2m @ 1.09g/t Au and 2m @ 0.93g/t Au within the same hole potentially suggest the presence of a package of three parallel mineralised lodes striking NNE, linking up with the unmodelled intersections approximately 50m to the north.

Mineralisation at the Phantom East Prospect is generally high‐grade and consists of several relatively short‐scale lodes of differing strike orientations and dips. Several targets with potential to extend the strike of the current Mineral Resource remain, which are planned to be pursued in upcoming drill programs.

Exploration in Tankoro Mineralised Corridor Set to Continue in 2023

The reported results within group of Phantom Prospects are highly encouraging and highlight the potential for growth with further exploration drilling within the Tankoro Mineralised Corridor. The program has also successfully identified potential strike extensions to currently modelled lodes in near‐surface oxide material which have the potential to add to the Mineral Resource.

Drilling is currently paused and with all assays from the Q2/Q3 2022 program now returned, the Company is currently compiling results and incorporating these in its planning for further drilling of its highest priority targets around the Mineral Resource at both the Tankoro and Bondi Deposits which comprise the Sanutura Project. A number of regional exploration targets will also be tested in the upcoming programs.

For further information, please contact:

Company Activities Media Enquiries

Andrew Dinning or Paul Schmiede Sarama Resources Ltd e: info@saramaresources.com t: +61 8 9363 7600

Angela East Media & Capital Partners e: Angela.east@mcpartners.com.au t: +61 428 432 025

ABOUT SARAMA RESOURCES LTD

Sarama Resources Ltd (ASX: SRR, TSX‐V: SWA) is a West African focused gold explorer/developer with substantial landholdings in south‐west Burkina Faso. Sarama is focused on maximising the value of its strategic assets and advancing its key projects towards development.

Sarama's 100%‐owned(4) Sanutura Project is principally located within the prolific Houndé Greenstone Belt in south‐ west Burkina Faso and is the exploration and development focus of the Company. The Project hosts the Tankoro and Bondi Deposits which have a combined Mineral Resource of 0.6Moz gold (Indicated) plus 2.3Moz gold (Inferred)(1).

Together, the deposits present a potential mine development opportunity featuring an initial, long‐life CIL project which may be established and paid for by the significant oxide Mineral Resource base.

Sarama has built further optionality into its portfolio including an approximate 470km² exploration position in the highly prospective Banfora Belt in south‐western Burkina Faso. The Koumandara Project hosts several regional‐scale structural features and trends of gold‐in‐soil anomalism extending for over 25km along strike.

Sarama also holds an approximate 18% participating interest in the Karankasso Project Joint Venture ("JV") which is situated adjacent to the Company's Sanutura Project in Burkina Faso and is a JV between Sarama and Endeavour Mining Corp ("Endeavour") in which Endeavour is the operator of the JV. In February 2020, an updated Mineral Resource estimate of 709koz gold(3) was declared for the Karankasso Project JV.

The Company's Board and management team have a proven track record in Africa and a strong history in the discovery and development of large‐scale gold deposits. Sarama is well positioned to build on its current success with a sound strategy to surface and maximise the value of its property portfolio.

Sanutura Project ‐ An Already Large Mineral Resource with Potential to Grow

The Company's primary focus is its 100%‐owned(4) Sanutura Project, which hosts a large Mineral Resource of 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred)(1) and covers an area of 1,420km2 . The Project occupies a commanding position along 70km of strike in the prolific Houndé Belt (refer Figure 6), Burkina Faso's pre‐eminent gold belt.

The Project lies 60km south of Endeavour Mining's Houndé Mine (5Moz Au); 120km south of Fortuna Silver's high‐grade Yaramoko Mine (1Moz Au), and 140km south of Endeavour Mining's Mana Mine (5Moz Au), highlighting the significant gold endowment of the Houndé Belt (refer Appendix B). Endeavour Mining's Bantou Project (1.5Moz Au Inferred Mineral Resource(5)) is located only 6km from the bulk of the Sanutura Project's main deposit, which illustrates the gold camp scale of endowment of the immediate area.

The Project has significant growth potential and the primary objective of the current +50,000m drill program is to increase the existing 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred)(2) pit shell constrained oxide and transition component of the Project's Mineral Resource to further underwrite and enhance the economics of mine development.

The recent drill program has generally focused on shallow additional and extensional targets throughout the well‐ mineralised corridor, where mineralisation has been drill‐defined for a semi‐continuous strike length of 16km and where potential exists to expand the Mineral Resource at shallow depths in oxide material.

Figure 6 ‐ Sanutura Project Location Plan

FOOTNOTES

• 1. Mineral Resource estimate for Sanutura Project ‐ 9.4Mt @ 1.9g/t Au for 0.6Moz Au (Indicated) plus 52.7Mt @ 1.4g/t Au for 2.3Moz (Inferred), reported at cut‐off grades ranging 0.2‐1.6g/t Au, reflecting the mining methods and processing flowsheets assumed to assess the likelihood of the Mineral Resources to have reasonable prospects for eventual economic extraction. The effective date of the Company's Mineral Resource estimate is 16 November 2021. For further information regarding the Mineral Resource estimate refer to the technical report titled "NI 43‐101 Independent Technical Report Sanutura Project, South‐West Burkina Faso", dated 7 February 2022 and prepared by Paul Schmiede, Rindra Le Grange and Fred Kock, and the Company's ASX Prospectus dated 11 March 2022. Paul Schmiede is an employee of Sarama. Ms Le Grange and Mr Kock are employees of Cube Consulting Pty Ltd and Orway Mineral Consultants Pty Ltd respectivley and are considered to be independent of Sarama. The technical report is available under Sarama's profile on SEDAR at www.sedar.com and the ASX Prospectus is available under Sarama's profile on ASX at www.asx.com.au.
• 2. Oxide & transition component of the Mineral Resource for Sanutura Project ‐ 3.2Mt @ 1.6g/t Au for 0.2Moz Au (Indicated) plus 23.4Mt @ 1.1g/t Au for 0.8Moz Au (Inferred), reported above cut‐off grades of 0.2g/t Au and 0.3g/t Au for oxide and transition material respectively.
• 3. Mineral Resource estimate for Karankasso Project 12.74Mt @ 1.73g/t Au for 709koz Au (effective date of December 31, 2019), disclosed on 24 February 2020 by Semafo Inc ("Semafo", since acquired by Endeavour Mining Corp. "Endeavour"). For further information regarding that Mineral Resource estimate, refer to the news release "Semafo: Bantou Project Inferred Resources Increase to 2.2Moz" dated 24 February 2020 and Semafo: Bantou Project NI43‐101 Technical Report – Mineral Resource Estimate" dated 3 April 2020 and the Company's ASX Prospectus dated 11 March 2022. The news release and technical report are available under Semafo's and Endeavour's profile on SEDAR at www.sedar.com and the ASX Prospectus is available under Sarama's profile on ASX at www.asx.com.au. The Mineral Resource estimate was fully prepared by, or under the supervision of Semafo. Sarama has not independently verified Semafo's mineral Resource Estimate and takes no responsibility for its accuracy. Semafo, and now Endeavour, is the operator of the Karankasso Project JV and Sarama is relying on their Qualified Persons' assurance of the validity of the Mineral Resource estimate. Additional technical work has been undertaken on the Karankasso Project since the effective date but Sarama is not in a position to quantify the impact of this additional work on the Mineral Resource estimate referred to above.
• 4. The Government of Burkina Faso has processed the requisite documents to facilitate the grant of the new, full‐term Tankoro 2 and Djarkadougou 2 Exploration Permits (the "Permits") and subsequently issued the invitation to pay the permit issuance fees (the "Fees") and the Fees were paid within the requisite 10‐day timeline. Following the payment of the Fee, the issuance of the Permit's arrêté and related paperwork becomes an administrative process during which time the Company may undertake work on the Tankoro 2 and Djarkadougou 2 Properties. The Company has received the arrêté for the Djarkadougou 2 Exploration Permit and anticipates the issuance of the same for the Tankoro 2 Exploration Permit in due course. The properties, hosting the Tankoro and Bondi Deposits respectively, were formerly known as Tankoro and Djarkadougou, but have been renamed as part of the process of re‐issuing the respective Permits.
• 5. Endeavour Mining's Bantou Project Mineral Resource 38.4Mt @ 1.2g/t Au for 1.5Moz Au (Inferred). This is the aggregate of the Mineral Resource listing for the Bantou and Bantou Nord Deposits which are located within the Bantou Project. Data is sourced from Semafo: Bantou Project NI43‐101 Technical Report – Mineral Resource Estimate" dated 3 April 2020. The technical report are available under Endeavour's profile on SEDAR at www.sedar.com.

CAUTION REGARDING FORWARD LOOKING INFORMATION

Information in this news release that is not a statement of historical fact constitutes forward‐looking information. Such forward‐looking information includes, but is not limited to, statements regarding the Company's future exploration and development plans, the potential for the Sanutura and Karankasso Projects to host economic mineralisation, the potential to expand the existing estimated Mineral Resources at the Sanutura Project (including the present oxide and transition component), the potential to extend and add to existing mineralisation at the Phantom, Phantom East and Phantom West Prospects, , the potential for development of a mine at the Sanutura Project, the potential for the receipt of regulatory approvals and the timing and prospects for the issuance of the arrêté for the Tankoro 2 Exploration Permit by the Government of Burkina Faso. Actual results, performance or achievements of the Company may vary from the results suggested by such forward‐looking statements due to known and unknown risks, uncertainties and other factors. Such factors include, among others, that the business of exploration for gold and other precious minerals involves a high degree of risk and is highly speculative in nature; Mineral Resources are not mineral reserves, they do not have demonstrated economic viability, and there is no certainty that they can be upgraded to mineral reserves through continued exploration; few properties that are explored are ultimately developed into producing mines; geological factors; the actual results of current and future exploration; changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents.

There can be no assurance that any mineralisation that is discovered will be proven to be economic, or that future required regulatory licensing or approvals will be obtained. However, the Company believes that the assumptions and expectations reflected in the forward‐looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration activities, the sufficiency of funding, the timely receipt of required approvals, the price of gold and other precious metals, that the Company will not be affected by adverse political and security‐related events, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain further financing as and when required and on reasonable terms. Readers should not place undue reliance on forward‐looking information.

Sarama does not undertake to update any forward‐looking information, except as required by applicable laws.

QUALIFIED PERSONS' STATEMENT

Scientific or technical information in this disclosure that relates to the preparation of the Mineral Resource estimate for the Sanutura Project is based on information compiled or approved by Paul Schmiede. Paul Schmiede is an employee of Sarama Resources Ltd and is a Fellow in good standing of the Australasian Institute of Mining and Metallurgy. Paul Schmiede has sufficient experience which is relevant to the commodity, style of mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43‐101. Paul Schmiede consents to the inclusion in this news release of the information, in the form and context in which it appears.

Scientific or technical information in this disclosure that relates to exploration activities at the Sanutura Project is based on information compiled or approved by Guy Scherrer. Guy Scherrer is an employee of Sarama Resources Ltd and is a member in good standing of the Ordre des Géologues du Québec and has sufficient experience which is relevant to the commodity, style of mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43‐101. Guy Scherrer consents to the inclusion in this disclosure of the information, in the form and context in which it appears.

Scientific or technical information in this disclosure that relates to the quotation of the Karankasso Project's Mineral Resource estimate and exploration activities is based on information compiled by Paul Schmiede. Paul Schmiede is an employee of Sarama Resources Ltd and is a Fellow in good standing of the Australasian Institute of Mining and Metallurgy. Paul Schmiede has sufficient experience which is relevant to the commodity, style of mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43‐101. Paul Schmiede consents to the inclusion in this disclosure of the information, in the form and context in which it appears. Paul Schmiede and Sarama have not independently verified Semafo's (now Endeavour's) Mineral Resource estimate and take no responsibility for its accuracy.

COMPETENT PERSONS' STATEMENT

The Mineral Resource estimates referred to in this disclosure were first disclosed in accordance with ASX Listing Rule 5.8 in the Company's ASX Prospectus dated 11 March 2022. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX Prospectus and that all material assumptions and technical parameters underpinning the estimates in the ASX Prospectus continue to apply and have not materially changed.

The new Exploration Results reported in this disclosure are based on, and fairly represent, information and supporting documentation prepared by Guy Scherrer. Guy Scherrer is an employee of Sarama Resources and a member of the Ordre des Géologues du Québec. Guy Scherrer has provided his prior written consent as to the form and context in which the new Exploration Results and the supporting information are presented in this disclosure.

The previously reported Exploration Results referred to in this disclosure were first disclosed in accordance with ASX Listing Rule 5.7 in the Company's ASX disclosure listed in Appendix B. The Company confirms that it is not aware of any new information or data that materially affects the information included in those previous items of disclosure.

This announcement has been authorised by the Board of Sarama Resources.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

APPENDIX A – SUMMARY OF RECENTLY RETURNED DRILL RESULTS

Proectsp	HoleID	DoholeIntionectwners	ionIntectersial TyMaterpe	h FroDetpm (m)	h ToDetp(m)	Cotsmmen	le TyHope	llarCoEaingst(m)	llarCoNohingrt(m)	llarCoElevionat(m)	ip (D°)	h (imAzut°TN)	le LenHoh (mtg)
PHANTOM	TAA350	/t2m@0.73 gAu	100% Oxide	26	28		AC	40,735	101805,	341	50‐	90	49
PHANTOM	TAA351	nifisigt intioternocansecns		0	59		AC	40,698	101900,	341	50‐	92	59
PHANTOM	TAA352	signifit intioternocansecns		0	53		AC	40,722	101916,	340	50‐	92	53
PHANTOM	TAA353	nifisigt intioternocansecns		0	26		AC	40,656	102274,	338	50‐	90	26
TOPHANM	A3TA54	signifit intioternocansecns		0	33		AC	40,736	102149,	338	50‐	90	33
PHANTOM	TAA355	nifisigt intioternocansecns		0	28		AC	40,706	102256,	338	50‐	91	28
PHANTOM	TAA356	nifisigt intioternocansecns		0	29		AC	40,721	102262,	339	50‐	91	29
PHANTOM	TAA385	nifisigt intioternocansecns		0	59		AC	40,774	102746,	349	51‐	90	59
PHANTOM	TAA386	/t2m@1.17Aug	xid100% Oe	12	14		AC	40,742	102731,	349	51‐	90	64
PHANTOM	TAA387	signifit intioternocansecns		0	69		AC	40,714	102717,	348	50‐	90	69
PHANTOM	TAA388	nifisigt intioternocansecns		0	25		AC	40,684	102700,	347	50‐	95	25
TOPHANM	A389TA	/t@2.187mAug	100% Oxide	22	29		AC	40,675	102695,	346	50‐	95	46
PHANTOM	TAA390	nifisigt intioternocansecns		0	25		AC	40,678	102811,	349	50‐	92	25
PHANTOM	TAA391	signifit intioternocansecns		0	25		AC	40,726	102033,	339	50‐	91	25
PHANTOM	TAA392	nifisigt intioternocansecns		0	42		AC	40,739	102042,	338	51‐	90	42
PHANTOM	TAA393	nifisigt intioternocansecns		0	50		AC	40,718	102092,	338	50‐	112	50
PHANTOM	TAA394	signifit intioternocansecns		0	29		AC	40,640	102217,	338	50‐	91	29
PHANTOM	TAA401	nifisigt intioternocansecns		0	49		AC	40,415	102895,	342	51‐	138	49
TOPHANM	20TAA4	/t10m@131.Aug	100% Oxide	7	17		AC	40,669	102923,	349	50‐	90	42
PHANTOM	TAA421	nifisigt intioternocansecns		0	28	/tincl. 1m @12.10Au	AC	40,664	103035,	350	50‐	89	28
PHANTOM	TAA422	/t@6m2.91 gAu	% Oxid100exid	31	37	g/tl. 1incm @11.75Au	AC	40,439	102889,	343	50‐	138	70
PHANTOM	TAA423	/t2m@6.70 gAu	100% Oexid	13	15	g	AC	40,484	103134,	345	50‐	128	56
PHANTOM	TAA424	/t2m@1.87 gAunifi	100% Oe	38	40		AC	40,447	103140,	344	51‐	128	62
PHANTOM	TAA425	sigt intioternocansecns		0	29		AC	40,537	103365,	346	51‐	104	29
PHANTOM	TAA426	/t3m@2.07 gAu	xid100% Oe	17	20		AC	40,601	103404,	346	50‐	115	37
PHANTOM	TAA427	signifit intioternocansecns		0	65		AC	40,582	103511,	347	50‐	126	65
PHANTOM	TAA428	/t6m@1.40 gAu	xid100% Oe	28	34		AC	40,551	103515,	348	51‐	126	64
TOESTPHANM	A3TA57	signifit intioternocansecns		0	50		AC	05341,	102248,	339	50‐	90	50
PHANTOMEST	TAA358	/t4m@1.61 gAu	xid100% Oe	17	21		AC	41,024	102231,	339	50‐	90	50
		/t@2m1.09 gAu	% Oxid100e	35	37
		/t2m@0.93 gAu	100% Oxide	43	45

Proectsp	leHoID	holeDoIntionectwners	Intionectersial TyMaterpe	h FroDetpm (m)	h ToDetp(m)	Cotsmmen	le TyHope	llarCoEaingst(m)	llarCoNohingrt(m)	llarCoElevionat(m)	Dip (°)	Azh (imut°TN)	le LenHoh (mtg)
PHANTOM OUEST	TAA395	nifisigt intioternocansecns		0	55		AC	40,161	102260,	349	50‐	90	55
PHANTOM OUEST	TAA396	nifisigt intioternocansecns		0	44		AC	40,180	102273,	349	50‐	90	44
PHANTOM OUEST	TAA397	nifisigt intioternocansecns		0	55		AC	40,204	102308,	348	50‐	90	55
PHANTOM OUEST	TAA398	nifisigt intioternocansecns		0	63		AC	40,292	102696,	340	50‐	132	63
PHANTOM OUEST	TAA399	signifit intioternocansecns		0	67		AC	40,259	102703,	340	50‐	132	67
PHANTOM OUEST	TAA400	/t11m@0.97 gAu	xid100% Oe	6	17		AC	40,228	102707,	341	51‐	132	70
TOM OSTPHANUE	02TAA4	/t@0.56 g7mAu	100% Oxide	13	20		AC	40,260	102255,	348	50‐	103	33
PHANTOM OUEST	TAA403	/t13m@1.79 gAu	xid100% Oe	7	20	/tincl. 2m @8.88gAu	AC	40,250	102310,	347	50‐	110	25
PHANTOM OUEST	TAA404	/t@9m2.14Aug	% Oxid100e	7	16		AC	40,240	102358,	347	50‐	108	26
PHANTOM OUEST	TAA405	/t20m@1.68 gAu	100% Oxide	16	36	endedralin mineisation	AC	40,215	102595,	343	50‐	112	36
PHANTOM OUEST	TAA429	/t@5m3.01 gAu	xid100% Oe	43	48	/tincl. 2m @6.70gAu	AC	40,291	104442,	367	57‐	90	67
		/t3m@0.84 gAu	100% Oxide	52	55	lesad2mmissinjacentg samp
PHANTOM OUEST	TAA430	nifisigt intioternocansecns		0	41		AC	40,322	104456,	367	80‐	90	41
PHANTOM OUEST	31TAA4	/t2m@1.57 gAu	100% Oxide	12	14		AC	40,366	104484,	368	55‐	90	51
PHANTOM OUEST	TAA432	/t2m@4.41 gAu	xid100% Oe	63	65	/tl. 1incm @7.96gAu	AC	40,191	104519,	370	50‐	114	67

Notes: The reported composites for the drilling were determined using a cut‐off grade of 0.30g/t Au to select significant and anomalous intersections, with a maximum of 2m internal dilution being incorporated into the composite where appropriate. No top‐cuts were applied to assays for constituent samples. Isolated mineralised intersections less than 2m in downhole length have not been reported. Higher grade zones within the reported composite are included where the average grade of the internal zone is approximately 4x grade of the reported composite grade. Collar position reported under Sanutura Project Grid (2022). Hole azimuths reported relative to true north. Intersection material type listing based on visual logging of relative proportions of weathered, transition and fresh material intersected over the downhole length for the reported intersection.

APPENDIX B – REFERENCES TO PREVIOUS ASX DISCLOSURE

Date	Title
11 March 2022	Sarama Resources Prospectus
9 August 2022	Sarama Resources News Release
1 September 2022	Sarama Resources News Release
8 September 2022	Sarama Resources News Release
6 October 2022	Sarama Resources News Release
29 November 2022	Sarama Resources News Release
14 December 2022	Sarama Resources News Release

APPENDIX C – JORC CODE (2012 EDITION) – TABLE 1 INFORMATION

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

iteiaCrr	delanionJORC CExatop	Cotarmmeny
lingSamphniTecques	ndlityofling(e.Naturute aquasampg. cchals,domchips,ecificnneranorspcialised indusndardtrystaentspemeasuremls ariaheminls undetoote to tpproperaruchhole ginvigatiodoestn, saswnammadesr handheld Xtc).RFinstruntsson, ome, eThelesshould nbetakotseexampenaslimitinthebroadingoflinggmeansamp	facPreeThe(the"Prct")d of srallorhich elorhasreddegTheSaProjecojeis ciseatioiesatioingnutterttouraompreveexpn propover wxpnoccurvaryrees.oflorn hbeeductedl phasby("Saa")ndhassultedthedisofthjorityatioSara Rsin2011 ainmaexpasn conoverseveraesamesourcesramcerecoveryekorralal Rs hbeleted fthedendlorTano Dsit.SMistimit otimatioctivitieinuIn 2016ateontepoeveneresource eaveencomporposvere aexpn as ce.,ired theDjarkadohich hs thdi Dsit,froold("Oe")d inedtheintSaru 2Pre Bm Oe GCoertosttegratrtyama acquugooponeporezonrprezonanpropeoy, wtheSanjecsignifiofhasedloratioorkndud bOree intheriod2003‐2016lmiingineatutuProt. At auntctenatgrerracanmopexpn wwas coyzone p, cuanimaofMialRess in2009.Ahebulk of theloratioorkheDjarkadou 2Pris aibutable to Oe'sesttet pent, ttertttrnerourceresexpn wonugoopyrezoninghowr Saleted adatedMial Rstimin2021 andis cinuingloratioctivitieratateontopeera,everama compn upneresource eexpn as.
		Grab sleshabeeolled od‐hbasis if geoloical ind forial ofoloical orineraloical incteterestateterestampven cn an aocn areas oganr mgegmgSoil geochistrling(a)leshave bllectedingbothhandheld digging(deth)d mechanicalllectioSar500emy sampam‐ sampeencousmmpanaugerconthods(avdepth)le thesubrfaial.r holelod ointalsd wrtiallyled~5mtoterAn 11mmeeragesamp‐sucemauges wereggemervanerepasampoverintalscific dnhole poinrdithelithofile.atts atoervspeowccongregopr
		Soil geochistrling(e) ‐nifiil gheml salingndekenthkadbylarOresigicae Djar2 POresinimit sortaertemy sampzoncaneocmpwas uonougouropyzone ug scticthod bhowecificcedknSartonotpraesseuseama,ever spproures areown.y
		r‐blast("RAB")("AC") andlati("RC")drillin(a) –chlesllectedbyclothe drillRot‐aiircoircuSarip srigs1matary, arereverse‐congamamparecocynesondownhole ils.nterva
		llin(e) –chlesllecbyclothrillhole ils.RCdriOreip stede drigs1mdoatntegzonamparecocynesonwnrva
		ACd RC drilling(otheside fSandOree) –chip slescollecteda drilled inval(grallyleth)basisatoter1manr operrs aromrama azonampwereonenengusin indusuipbutthificdetails aknotrynt,ngcommoeqmee specreunwn
		Dianddrillin("DC")(a &ne)lesllectedhalf drillrodd fdrill cvedbarrelsd shalf alonSarOrtrieinn inmogamezosampcocore puceromorereanawg–lonitudinal axisleddinlogical cod wllyindownhole lth.. C~1mtontactsgoresampaccorggeoanasgeneraeng
		ll cf drilliIn aases ong:
		ofe fof mheminal 1le ils isdeedriatr thle oineraliionbeingtedtntetysattausenom samprvaemapprope srge;drillinhasallybeedclodiculathd strikf mralile thelisaelydoriineionmintioriatenttor toctesattoggenerenseperpene expee osamperan approp; an/detailsthf sub‐slescolndlyl technludedin follotioQAQCticaiquincwinionotoectone preparan oampprs aanaesareg ss.,
	ludefekenIncto ms tatoe rrenceeasurele rd thentivityensuresampepresean	Thefdigitalndlelocfacilital referd af sleipmjecoinatioatiaingenttoturt pt stesentuse osurvey equcape aproampnsspencanssessmoamprelaraliativitytivein‐siteineionenttosatrepresm:
		ll drillholellarndl geochle pts hbeeddigitalofdsoiistroinusiinsiatetruntsacos aemy sampaveensurveyngmeappropraccuracy; an

	riaalibionofte cratappropanyolsed.enttoste	C andDCdrillinhasbedownhole sd usinialiseduipRnt.genurveyeg speceqme
	measuremorsymsus	Thelibrn dilsofsedbyherknobutnddrill cndekeulaatioins isSaitsr inetastrentottoronttorrtastrentcasurveyums uoperaunwnrama aracs uregum,calibration.
		Drill salingcolsedbySaa inideionofdoholditionndthef eipmdesignedfor drillitiootoratratentmpprs uramcorpoe conswne cons ause oqungoperans.llycolleclesalsthralirillibyothSaricain cinuintativityineion. Da tyts sonttoentsattortoampampouservensure represacrosse mngeroperas appearshave bd oilarcolhowficdetailsnknrrieusisimeciutotoeencangprs,ever spare uown.
		Further dilslingd sub‐lingcollistedin thefollowingctioetaotoonsampansampprs aresens.
	Asps ofthe dinatiofectetermn ominlizatiohate Mrial tothn tateeraare	Theofld mineraliionhas bidified usinredloratiohich fil ghemistrndb slinginsatenttructueatpresencegoeeng sexpn programs wuresoeocy agraamptherlybefdrillinin madcedloratiostaeagesoregorevanexpn.,
	PublicReporthere 'indudard' workhaIn cstrtanases wy ssbeen dthis would blatively simpleonee re	Theofin‐sitoldineraliionthis rd fdrillinhasbedetined usinoldbove backundlevels(ninallysatatrtepresenceu gmeporomgenermg gassays agroom/t>0.2‐0.3g) which ainulenths>2Coosiingisd trodingle drillintt foticularintionofAuontteortectre cousovergm.mprepuseo pucea sercepr aparersminlisatioeran.
(eg'reulacirctioverseobtlesfroain1 msamplved trodrisepuo puce').theIn oassayr casesbeuired,chmayreqsuld thathas incoarsegobleual. Upromsnuscoliza(egmintion tyerapesnodules) mntaywarrainfoatirmon.	n drillisedtongwas uhich 3kgm wwasche for fa 30 girearglanati, moreexponwhthisasereereherlingentsampoditiesmmorbmarisunedisclofdetailedsure o	ailslingb‐sle pnall technandf siificsulnedthefollowhesDettioticaiqutintaiiningctioTantts aonsamp, suampreparan, ayesreporg ognrereconsens.ethodsindndard.uststamearery‐
llinDrighniTecques	ll ty(eglatDriircuionpecore,reverse c,n‐holehablaairrotst,opemmer,aryauger,ka,tc)anddels (Bannictaigso, eegcorediaiple oandardbe,dethofter, trr sttumepdiandtails,faclingbitherotmoe‐samporhetherd andif sbyre irietypntee, wcos oo,whthod, etc).atme	llinbyd of Rd RC drillDriSaristeABACtypgama consanes:,RABdrillinseda 90mm diamttinblade;eteg ur cugC drillid adiblade(fordrillinhole dithbladefaclingA70‐85ing2022a 70‐90miamsiningeteutteteuttngusemmamr cg,mr, ug eera core samphamdiniale bd);eintotertypuntmer accorgmag encoereC drilliutilised afalinghawith 1bitsizndR27‐140ngcesampmmermme; a(m)(m)DC drillileted withrigsuipd withional cbal torieve HQ63.5 medd tothe NQ47.6 mdiaentretterngwas compeqpea convorerrecore, rucemehelowf the holeiallntifbybeforchl meth(ReflexIII).in t. Corietioinitideiedimint,o digitaodACT II&t ontae terparre on wasyspearpre aangllinbye (rkado) cod of Aanddrill tDriOreDjau 2PrnsiC,RCDCertstegzonugoopyypes:C drillidetailsnknAngare uown;C drillid ah hr bhend, thef the holeed,d theholleted bR5‐incit. Wrtioteruntnguseammewawas encoereupperpon owas reamane wascompye drillidcorng;anC drillileted withrigsuipd withional cbal torievQ(63.m)edd tothQ(.6 mm)diaDentrete H5 me N47terngwas compeqpea convorerrecore, rucemein thelowf the hole. Corietiobyimprintbutdetails of thethodt kt ontaerparre on wasspeare marenonown.,dels alable fdrillinleted btheNotaivaiatore aorg compy or operrs.
ll SleDriampRecovery	thof reMed odinndingcorg aassesscoreandchle rd rltsip siesampecoveranesued.assess	le whtsthbase foachle lthlledofualthl sale whtsRAB,ACd RC seigrded ine ddri. Coarisicaeigataactretanampare recor esampengmponvseomponakg/drillede bs (ud holedindial) gndiofthletef sale rdrillinasisinSGiven iionForDCetretetercatmg assumeamr amas ae compness ompecovery.g,redlenthseddrilledlenthf cole rivetotont orecovecoregare compargga measuremere sampecovery.

RAB drilling (Sarama) – no sample recovery data is available

	(a) –a (ht/al)ACdrillinSarle rdatle weigintis available fimatel77%ofthl drillinndsublee totagamsampecoverycoarsesampervorapproxyg a‐samp/al (for) arfooffficightsintlabbmissidedximly83%thedrillinithmissinrimle weights. Ithatienaters ttweervsuone recorr approg wg parysampappeasusubleslable ftheofvaiinginajority‐sampwere aorassaymcases
	a (cht/al)the 2022ACdrillind ihisdisclle rdatle weigintis available fimatel99%ofthForrten tg repoosure,sampecoveryoarsesampervorapproxye/al ().()al drilliandb‐sle weightsintforlabbmissiIt athufficiesublesilable fing1.1‐2.8kgin alltotat sntngsuampervsuonppears‐sampwereavaorassayr thlable clesredfrom holele whtsriedfro0kg/mdrilled anded(lenthhted)Fovaim 70meigm 4.0‐15.igcases.e aoarsesamprecoves, sampvaaveraggwe9kg/mdrilledndforholeslehtsriedfro.5k/mdrilledd ad(lenthhted)5kg/mdrilled.Th12.90mig2.0‐38ig13.is, am, sampwevamganveragegwe/m/mheol sale whtofkgdrilled and3kgdrilled fl 70hole withalloofdiallicaeig9.615.ina15toa trettercomparesmpora nommmanwancemmmewa/m/mrbreakinoxide() and fh rock(uheredveiith) rectivelyd 1kgdrilled and4kgdrilled foinalSG1.7SG2.74.723.eatrtzoveresnwquan wspe; anr anome () an(u) re90mm holewithalloof15diall obreakin oxidSG1.7d fh rockheredveiithSG2.7ctivelytereatrtzanwancemmmewaverresnwquan wspeofThis isnsideredbea high sdard.totanco
	ht/drillin(a)le rdata (le wal)lable ftel94%ofthl drilliandb‐sleRCSareigintis avaiimae totagam‐ sampecoverycoarsesampervorapproxyngsuamp/ightsintal (forlabbmissi) arrded f71%ofthe drilliwith missiimale weightshatfficienb‐sles. Itrs tt suweervsuone recoorngngprry sampappeasuamp()vailable fing0.1‐11.6kin all cwere aorassaygases.
	ht/drillin(e) –le rdata (cle wal)lable ftelofthl drillinndsubleRCOreeigintis avaiima93%e totagzonsampecoveryoarsesampervorapproxyg a‐samp/ightsintal (forlabbmissi) aordedfor0%ofthe drilliwith missiimale weightshatfficienb‐sles. Itrs tt suweervsuonrerecngngprry sampappeasuamp()/mvailable fing1‐2kgin all ca. For thvailable clesredle weightsried fr1.0‐86kgdrilled andedwere aor assaysese aoarsesamprecove, sampvaomaverag(d)/md (of/md fof0)lenthighte27kdrilleedheoical sale weight25.3kgdrilleinal 125mhole andrial SG2.toa tretategwegcomparmpora nomma mwhichsidd to bf ahigh sdardistanconeree o
	(ors)RCdrillinthele rdata isailableatogr oper– no sampecoveryav
	drillin(a) –lenthdatailablefoofdrillinndhisa hh levelofle rDCSara isr 100%97%. Tisiggamcoregrecoveryavg aaveragessampecovery.
	illin(e) –ficailslable ole rnknDCdrOreecidetvaiedud sis ugzonnospare an procresanampecoveryown.
kenleMeximizetatoasuresmasampndatientnatrecovery aensurerepresveureofthelessamp	drillin(a) –lesllectedbyclothe drillalshefull drilled invalcollectedbeforub‐lingAC&RCSarrigs1mint. Tisattergamsamparecocynesonerve ssamphef redrillinb‐sle of the drilled invalducedhedrill sifflelittthofhigher‐levelIn tnaiACisusia riInterat ttecase oconssanceg, asuampprongsper.e cased RC drillithe full drilled invalle id fthe drilln faciliherit driedbeforub‐lingbyriffleACsitetioe isters trrtetoty wanng,sampansporoma preparae ssamplittall cad sd RC drillitedifheholdeednifredthal fInince 2012ACis tinaininte issigicantitero tnttootesper.sesananngermwagressemucee por,le sarir thnddrillinlonndriffle slittinely cleanedbeforachw il isdrilledheofleFoe RC aAC. T1moutntesampmeng.g cyce apersare re enervausesampintalsisdeed ariate for thle of mineraliionbeingted. Drilled sle ris ctedd given indicatioualityoftysattaervmepprope srgeampecoveryompuans an qle.samp
	B drilling(a) –lingfollowedimilarcedfonaidrillinhef drilltinthesidfRASarACDutye to tcutamsampa sprourer reconssancepeg.passage ogsupe othedrilled holele cination isin thedrillinndtheledinvalisilyativf the drilled il'sontternotentnte, sampamcommong asampnecessarreprese orvaminlisatioeran.
	drillin(e) –lingduilarthedbyadtedRCOresimSartogzonsampproceresoseusama wereop
	drillin(others)‐ thedud techloyedbyothnknAC&RCniqatoratgr opere procresanuesemperopeorsare uown.
	(ne)DCdrillinSara &Or‐ diamd ctrievedinubasisandedintinule idlefoontstructontgamezoonorereona couswas recono cousrunsonanangroncraroriatioDethsheckedainhedepththeblocksd rodtinelyrried obythedrilleCod ientst tntsuts stn.pare cagoncoreancouwereroucars.rewaoren

	Whethlatshits bionxisetwer arep eeenle rnddeandwhethsampecovery agraerle bhaeddueiastosampmayveoccurrs/g/coferiallosoffainineentprearseial.terma	le rfordid holeallyhigh () withhelised z(>/t).undndiford RC drilliSams is97%in tmin0.2AuGrotioACpecoveryamongenerveryeraonesgconsanngd anddrillinrally rd clesisteizeetunt swere goog generneonssampsignifit biasis ed, andtial biis nsidd mrial atthis sf redevelNoctetenotatetagnt.canxpeanypoasconeree osourceopme
ingLogg	Whethd chipleshabeeer coreansampvenlogllyandchnllylogd ticaicaotegeogegeo alevel ofdetailiatto sortuppappropreMial Rstimatimininneresource eon,gdiendtallurical studistus ameges.	Alldrillinlogllylogd andordedal dbasnddependle qualbetable thet hherSaris gicain aingitysuiigntratao tama ‐geogereccee aonsampmaysupporlevel techal worknddrillindatrded includesckandlphiddnic. AC aRCeiningtypstturarttyntaga recoroes,ruces,quz vpeperceges, sue occurrenceanalteionandintity.Sale rndalitbledethandinflowalsd durilogingiamd drillidrattyater taterote. Dpeensmpecovery aquy, wpwas wereo nnggonnguseimilarlogingbutalso includedal mbasic gechnical dd c. Diamonds lod ardistestturntseotataa sgsym,ruceasuremeanorerecoverycorewaggeccong,ntiffficforlogical doinsideiedbyoloists. Thedata isientlydetailed to inMineralRestimtoategeomagegsum aourceeslogthedbyadtedd dsidd sable fof MralOreingiceSarisuittimatioineResacts toatazone –gproseusama wereopanconerer esn oources.Otholol lofor bthefully alable andlikelythat this drilliuldbeitable ftheGeicaingrs ivaiit istoratooteroperas ‐gggy or opers nunngwosuorpurposesofhigher‐level techal worknic
	Whether llitaingistiveoggquaor(orntiivein. Cotatnatstequaurerecoan,chal etc) phothy.nneograp	has bndud bothalitelyd qely– fulldesf lithologlted crded, aSarLogingativtitativcriptioiesioncteratntsama ‐geencoquanuann o, aanommeare recosll ad sulphidal ef pf keralsd withld mralidtimeining. Visustimineiateineionentateuntateentzatwes percageess on vane amos oercages oy massocgoanveininadealldianddigital phothskenofchinanddr. Ftae tettatg weremormocore,ograpareeacorraya wy seherlable,loghas bndud bothalitelyd qly –full df lithollted cOreWvaiingativtitativeriptioiesioncteratntszone –e ageencoquanuanescn oog, aanommededll ad sulphidal ef pf keralsd withldtimeining. Visustimineiateentateuntateentarerecor, aswes percageess on vane amos oercages oy massocgominlizationdveininadealldianddigital phothskenofchinanddr. Ftae tettateran ag weremormocore,ograpareeacorraya wy seOthlybasic lndud.ingtorcteeroperas –onoggwas co
	Thetallenthandofthetontagpercegerels lod.intionntectevaersgge	al lthofdrillinndlingberTot31De2021:toengg asampcem(a) –rilled /m l/ledRABSar14100m d14100ed14,100&damoggm sampassaye,,C (a) –m drilled /m led/leddASar141,500141,300141300&amoggm sampassaye,d //C (e) –m drillem ledled&dAOre2,2002,2001,800zonoggm sampassayed //C (Sara) –92200m drille91900m led91,000led&dRamoggm sampassaye,,C (e) –d //ROre63300m drille62800m led62,700led&dzonoggm sampassaye,,C (oths) –m drilled /m led(basic)/leddR2,0001,5001,600&toreroperaoggm sampassayed //C (a) –m drillem ledled&dDSar389003870035,000amoggm sampassaye,,d //C (e) –m drillem ledled&dDOre171001680016,500zonoggm sampassaye,,thdrillind pslyFore 2022iourteg reporev:d /d /C (Sara) –8,852m drille100%log98% sled&dAamgeampassayeC (a) –illed /logd /ledRSar3,071mdr100%98% s&damgeampassayethdrillind inthis disclosFore 2022rteg repoure:C (a) –m drilled /logd /leddASar2,013100%99% s&amgeampassaye
Subling‐SamphnidTecquesan	If chetherd whethert ororecusawnan, whalf oll ckenrtetaquar,r aore	Allhalf‐clenthwa dd sralleltheliniseingiamienionuttotatcore wasgusonawpaore.e halfof theledallyalsbutshalsd to hlogl cobeibleOn1mintinticaortntactsst acore wassamp, generonerverervwereuseonourgeoass poss,

leSampPreionratpa	If nhetherriffledbeled, tuon‐core, wsamp,lit,d whetherledrotetctaryspansampwe	Soil geochistrlingdekenbySaub‐lesodd frthievingofa dle colled at shallow dth frfartacteemy sampunrama, ssamparepruceome sry sampepromsuce.Thecols foherknotor ottornotproperas areown.
	dryor	d RC drilling(a) ‐b‐slesodd frthe drilled invalle u'Coolab' snlel rifflelittalRAB,ACSarsintaiInterntrteeanamsuamparepruceomsampg ass ssper.generif/drillintedwhthehole is dedbeththesult that drilled sleslydrythis tinaings inivewiaintertotoatt,germenwareseemexcessreamparemore worsist.mo
		nddrillinub‐lesredthedrill sandlacedealedandd bhesub‐lesFnaiRAB aACiteintatta– torreconssanceg, ssampareprepapo sggeagse ssampareinlydrbutwill boist.may,somee mhigher‐level AC andRCdrillindrilledlesbad at the drillsited td ttion facilitieherheylacedintFrtee torg,sampareggeanranspoo preparas ware po/tudryingbsforbseriffle‐slittinghesub‐leswill bedrtrant– tyssuquepe ssampy.
		/tudrillin(e) ‐drilled slesbad at the drilld td tn faciliherheylacedo dbsRCOresitetiotieintingrtee ttragzonampareggeanranspoo preparas ware pryysforbseriffle‐slitthesub‐leswill bedringnt– tsuquepe ssampy.
		Oths' drillhesublings btheknoingicers itor‐ tactatooteropera‐samppry or opers nwn
	allle theualForitys, tnatsampypeure, q	foofTheethodologiesr initial prionb‐slesdissedabratmepasuamparecusove
	andftheleiatappropreness osampchnioniquratteprepae.	Suble weightsodd fsubmissiohelytical laborriesrallyin theof1‐2kg(Sara) and2‐5kg(Oree)butwilln to tato‐samppruceorana, are generangeamzonf spfice fof mofdependthuirecilytical techniqud.This isnsideredriatr thle oineraliiond thetheenttysatnatone reqems oanaesusecoapprope sanureloratioexpn programs.
		thealytical laboorifurthsublingkeslacs followAtrattaanes,er‐samppe as:
		oilcheually ns the fullsuble irally usedche fodat‐basedld dndSmisaniioninatiotryetegeosurveys –usone, a‐samps geneasargr cygormn; arilli– (a)sublesfinelyushed(ap), pulverised(ically95%ssinm)usiialiseduipDSarx. 285‐75µtotypntngam‐samparecrprommpagnga speceqmeandxim200gsuble of thulpistakofwhicha fherb‐sle of 50gis prodd bsinsimle sethodforateurtanappro‐sampe pensuampucey ug apcoop mfinal fireingassay
		rilli– (e)theb‐sle f(5kg) and(2kg) wdried,ushedndundl codiDOretireRCDC6minicantiKeetoertngzonensuamporascrm agroa vnuousgorsclvehieThlesre fherrifflelit tkg(forlyses) o(forfir).herise75‐95%ssin75µo 2BLEGr 500gIn tr tourtntpuacvepagm.e sampwespanae assayseveofleachl den bfireheleached tailialolled,shed anddriedbefbehod andsubledtaiminatiois cingiseter, ttercteyassaymawaoremogen‐samp,befa final 50ub‐le of the leachedlpis taken boreg ssamppuy ascoop.
		Thelabbasedsublingethodssidd ae for thle of mralid theofthlorriatineionatiotortysatnatseoray‐‐sampmare conerepprope sanuree expn programs.
		ailsofQAQCcols imlemedbySarothndlytical laborriesitolingd sub‐lingalitDetotoenttoratotoprpama,eroperas aanamonr sampansampquy aredissedbelowcus
	Qualitrolduradotedfollonty cproceespr a	ailsofimalingd methodswiththeaimofoduciativle aincludedaboDetentprry sampanprngreprese sampreve.
	sublingaximisstato‐sampgesmef salesivitentrepresy omp	RC/ndle whtsd sle qualreddedd mreddeqndDiaACeigityitoenttouatmocore recovery percagesampanampweremeasu, recoranonensure an ae a,ub‐le wcollectedativentreprese ssampas
		b‐slingd anall acsedthat fs thof fielddulicalpdulicaandardferForitsticativitieSara QAQC stemeattestes, stsuampanys,ama uysuree usep, pupreenceialsd blanks tlingb‐slingd sle rlonithlyl prndabilityulaheitoivitticaecisio. Inrticterenteatr, tmaano monr samp, suampanampepresy, ag wanan areppab‐slingd andedthefollowethodologioutivitienitusiingiesvars suampacs aremooreassessngm:
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confirmation of drillholes, geological outcrops, artisanal workings and mineralisation style.

Based on these site visits and QAQC reviews conducted as part of Mineral Resource estimates conducted in 2013, 2016, 2020 and 2021, Cube concluded that all logging, sampling and data QAQC procedures implemented by Sarama from 2011 to 2019 were undertaken to a high industry standard. The record keeping and data management was considered adequate for an advanced exploration project.

SRK Consulting (2018) reviewed the data collection methodologies during a site visit and undertook an extensive review of the assay and geological database. SRK concluded that the assay data provided was of sufficiently high quality and had been subjected to a sufficiently high level of checking to support a Mineral Resource estimate.

For the drilling reported in this disclosure, no audits or reviews were undertaken apart from routine QAQC checking.

Bondi Deposit

During Orezone's operatorship of the Djarkadougou 2 Property (hosting the Bondi Deposit), Met‐Chem undertook a site visit in 2007 and an audit of the databases, the logging and sampling procedures, QAQC program and a visit to the three laboratories in Ouagadougou. Conclusions from the audit included the following relevant points:

• the performance of the blanks and standards was variable, and they could not be used to monitor accuracy of the laboratories;
• duplicate assay results verified by Met‐Chem suggested a moderate repeatability, particularly for the range of values above 15 ppb Au;
• no systematic bias was detected in the underlying assay data;
• a more aggressive leach extractable assay method (Leachwell) was recommended to counter the incomplete leaching of the gold when using BLEG which may have caused a negative bias in the head assays;
• the homogeneity of the in‐house standard and blank materials needed improvement;
• the source of the poor blank performance needed to be determined and addressed;
• the origin of the variability between the original and duplicate sample analytical results needed to be determined and controlled if possible; and
• Met‐Chem believed the field data, the geological interpretation and the parameters used for the resource estimate were collected, handled and interpreted by experienced people and fairly reflected the geological and gold grade continuity of the main deposits.

In 2021, as part of an updated Mineral Resource estimate for the Bondi Deposit, Sarama undertook a retrospective review of the drillhole database, with particular focus on analytical performance for drilling informing the Bondi Deposit. The review concluded that the gold assays for the deposit generated during Orezone's operatorship have low confidence. This results from the generation of gold assays from bulk cyanidation of samples (without leach tail fire assay) for which gold dissolution ranged 60‐90%. This issue has produced a negative bias in gold values in the assay database and erodes the effectiveness of QAQC monitoring. The QAQC system implemented was found to be ineffective in externally monitoring analytical lab performance and sample preparation activities, resulting from the use of in‐house prepared reference materials which appear to be highly variable in gold grade. The review determined that the field practices that Orezone employed for sample collection and sub‐sampling were probably of a reasonable standard, however this couldn't be assessed definitively because of the above issues.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

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The Bondi Deposit lies within the Djarkadougou 2 Property, with exploration rights granted via the issuance of the Djarkadougou 2 Exploration Permit (the "Djarkadougou 2 Permit" and formerly the "Djarkadougou Permit") which was originally granted to Orezone Inc (Burkina Faso) ("Orezone Burkina"). On 22 August 2017, Sarama completed an agreement (the "Djarkadougou Agreement") with Orezone Gold Corporation (Canada) ("Orezone"), giving Sarama the right to acquire a 100% interest in the Djarkadougou 2 Property subject to payment of certain commercial conditions being satisfied. All conditions precedent was either satisfied or waived by the parties and the Djarkadougou Permit was transferred to SWA SARL (a wholly owned subsidiary of Sarama) on 18 August 2017. Pursuant to the agreement with Orezone, the property holder has the obligation to make royalty payments to Orezone of US$20/oz sold from the property, up to a maximum of 200,000 ounces.

Several areas of significance for conservation and/or preservation exist in the region of the Project. The highest‐ranking protected areas are the Forêt Classée des Deux Balés ("Deux Balés Classified Forests"), which has been informally recognised as a National Park since 1967 and the Reserve Totale de Faune de Bontioli ("Bontioli Full Fauna Reserve"). These areas are located approximately 150km north‐east and 75km east of the Project's centroid.

At a local scale, the Project is positioned amongst lower‐level areas of conversation and preservation; namely Reserve Partielle de Faune (Partial Fauna Reserves) and Forêts Classés (Classified Forests).

The majority of the Bondi Deposit (hosted by the Djarkadougou 2 Property) is located in the Reserve Partielle de Faune de Nabéré (the "Nabéré Partial Reserve"). The area is designated as IUCN Category IV, which is defined as a protected area managed mainly for conservation through management intervention. Such an area of land and/or sea is subject to active intervention for management purposes to ensure the maintenance of habitats and/or to meet the requirements of specific species. Whilst being a protected area, the local environment has been significantly degraded by artisanal mining activity on the Bondi Deposit and an associated village. Sarama has had discussions with the Ministry of Energy Transition, Mines and Quarries and the Ministry of Environment in respect of its activities on the Djarkadougou 2 Property the interaction with the Nabéré Partial Reserve and strategies to manage the impact of Sarama's proposed exploration activities on the local environment. There is potential for certain special conditions regarding Sarama's exploration activities in the Nabéré Partial Reserve to be specified in the new arrete, for which Sarama awaits, by the Ministry of Energy Transition, Mines and Quarries.

The Project is subject to legislated NSR royalty payments to the Government of Burkina Faso for gold production sourced from the Project (sliding scale: <US$1000/oz 3%; >US$1000/oz and <$1300/oz 4%; and >US$1500/oz 5%). There is also a contribution payable to local community development funds, calculated at 1% and applied on the same basis as the NSR royalty.

No other commercial, environmental or social encumbrances are known to impact the Project.

The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to

Status of Project Exploration Permits as follows:

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• undertaking confirmatory drilling in areas of high geological risk;
• undertaking re‐drilling of the Mineral Resource where assay quality is poor and existing data does not support higher‐order estimates;
• conducting extensional exploration drilling where appropriate;
• improving the estimate of artisanal mining depletion by higher‐order surveying; and
• expanded metallurgical testwork to better understand potential variability of the deposit.