Sarama Resources Ltd. — Director's Dealing 2022

May 9, 2022

Rule 3.19A.2

Appendix 3Y

Change of Director's Interest Notice

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.

Introduced 30/09/01 Amended 01/01/11

Name of entity	Sarama Resources Ltd
ARBN	143 964 649

We (the entity) give ASX the following information under listing rule 3.19A.2 and as agent for the director for the purposes of section 205G of the Corporations Act.

Name of Director	Adrian Byass
Date of last notice	6 May 2022

Part 1 - Change of director's relevant interests in securities

In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust

Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.

Direct or indirect interest	Direct (1) and Indirect (2)
Nature of indirect interest(including registered holder)Note: Provide details of the circumstances giving riseto the relevant interest.	Valiant Equity Management Pty Ltd –Mr Byass is aDirector
Date of change	6 May 2022
No. of securities held prior to change	1. Direct Interest250,000 unquoted options exercisable C$0.24 eachon or before 23 June 2023150,000 unquoted options exercisable C$0.35 each
	on or before 14 January 2024120,000 unquoted options exercisable at C$0.20each on or before 19 January 2025
	2.Indirect Interest200,000 Chess Depositary Interests(CDIs)

+ See chapter 19 for defined terms.

ClassNumber acquiredNumber disposed	Ordinary Shares –Each Chess DepositaryInterest(CDI) represents a beneficial interest in 1 ordinaryshareUnquoted Options100,000CDIs
Value/ConsiderationNote: If consideration is non-cash, provide detailsand estimated valuation	A$19,000
No. of securities held after change	250,000 unquoted options exercisable at C$0.24each on or before 23 June 2023(1)150,000 unquoted options exercisable at C$0.35each on or before 14 January 2024(1)120,000 unquoted options exercisable at C$0.20each on or before 19 January 2025(1)300,000 CDIs(2)
Nature of changeExample: on-market trade, off-market trade, exerciseof options, issue of securities under dividendreinvestment plan, participation in buy-back	On-Market Trade

Part 2 – Change of director's interests in contracts

Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.

Detail of contract	N/A
Nature of interest
Name of registered holder
(if issued securities)
Date of change
No. and class of securities to which
interest related prior to changeNote: Details are only required for a contract inrelation to which the interest has changed
Interest acquired
Interest disposed

+ See chapter 19 for defined terms.

Value/ConsiderationNote: If consideration is non-cash, provide detailsand an estimated valuation
Interest after change

Part 3 – +Closed period

Were the interests in the securities or contracts detailed	No
above traded during a +closed periodwhere prior written
clearance was required?
If so, was prior written clearance provided to allow the
trade to proceed during this period?
If prior written clearance was provided, on what date was
this provided?

+ See chapter 19 for defined terms.