SARAMA RESOURCES LTD.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL RESULTS

For the three months (second quarter) and six months ended June 30, 2022

Dated: August 12, 2022

(All amounts expressed in United States dollars, unless otherwise stated)

INTRODUCTION1
FORWARD-LOOKING STATEMENTS1
OVERVIEW2
CORPORATE2
Treasury2
Second Listing on the Australian Stock Exchange2
Use of Funds3
Summary of Material Variances3
Payments to Related Parties3
EXPLORATION AND EVALUATION EXPENDITURES4
PROPERTY INFORMATION, RECENTLY COMPLETED ACTIVITIES AND OUTLOOK4
Burkina Faso4
Sanutura Project5
Koumandara Project12
Karankasso Project13
SELECTED AUDITED FINANCIAL INFORMATION14
RESULTS OF OPERATIONS15
Quarter ended June 30, 2022 and 202115
Six Month Period ended June 30, 2022 and 202117
SUMMARISED UNAUDITED QUARTERLY RESULTS18
LIQUIDITY AND CAPITAL RESOURCES19
COMMON SHARE DATA (as at August 12, 2022)19
RISK AND UNCERTAINTIES19
OFF-BALANCE SHEET TRANSACTIONS20
INTERNATIONAL FINANCIAL REPORTING STANDARDS20
CHANGES IN ACCOUNTING STANDARDS20
ADDITIONAL INFORMATION20

INTRODUCTION

The following Management's Discussion and Analysis ("MD&A") is intended to supplement the condensed interim consolidated financial statements of Sarama Resources Ltd. (the "Company" or "Sarama") and its subsidiaries for the three and six month period ended June 30, 2022.

The condensed interim consolidated financial statements for the three and six month period ended June 30, 2022 have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

This MD&A is current as at August 12, 2022.

Additional information relating to the Company is available on SEDAR at www.sedar.com under the Company's profile.

FORWARD-LOOKING STATEMENTS

This MD&A contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, information with respect to the Company's planned exploration and development activities, statements related to 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, plans for an extensive drilling campaign at the Sanutura Project, costs and timing of future exploration, statements regarding use of proceeds, results of future exploration and drilling, timing and receipt of approvals, consents and permits under applicable legislation, feasibility work anticipated to commence in 2023, recommencement of drilling, and the adequacy of financial resources. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be forward-looking information. Wherever possible, words such as "plans", "expects" or "does not expect", "budget", "scheduled", "estimates", "forecasts", "anticipate" or "does not anticipate", "believe", "intend" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, have been used to identify forward-looking information.

Forward-looking information is subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking information, including, without limitation: our limited operating history, negative operating cash flow and need for additional financing; the early stage of our exploration and the fact that we have no mineral reserves; global economic conditions; our dependence on key management and qualified personnel; exploration, development and mining risks; title and property risks; risks related to the presence of artisanal miners; risks associated with operations in Africa; risks associated with pandemics and health, risks associated with maintaining a skilled workforce; risks relating to government regulations; environmental laws, regulations and risks; uncertainty regarding our ability to acquire necessary permits and comply with their terms; infrastructure risks; uninsurable risks; risks regarding our ability to enforce our legal rights; market factors and volatility of commodity prices; fluctuations in foreign exchange rates; competition; acquisition risks; conflicts of interest; price volatility in publicly traded securities; dilution; dividends and "passive foreign investment company" tax consequences to U.S. shareholders.

Forward-looking information is based on the reasonable assumptions, estimates, analysis and opinions of management made in light of management's experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The Company believes that the assumptions and expectations reflected in such forward-looking information are reasonable.

Assumptions have been made regarding, among other things: our ability to carry on exploration and development activities, our ability to meet our obligations under our property agreements, the timing and results of drilling programs, the discovery of mineral resources and mineral reserves on our mineral properties, the timely receipt of required approvals, the price of gold, the costs of operating and exploration expenditures, our ability to operate in a safe, efficient and effective manner and our ability to obtain financing as and when required and on reasonable terms. You are cautioned that the foregoing list is not exhaustive of all factors and assumptions that may have been used.

Although we have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. We cannot assure you that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. We do not undertake to update any forward-looking information, except in accordance with applicable securities laws.

OVERVIEW

Sarama is a Canadian-incorporated mineral exploration and development company whose principal business objective is to explore for and develop gold deposits in West Africa.

The Company was incorporated on April 8, 2010 under the Business Corporations Act (British Columbia). The Company's primary office is located in Perth, Western Australia. The Company's common shares are listed on the TSX Venture Exchange ("TSXV") and Chess Depositary Interests ("CDIs") the Australian Securities Exchange ("ASX") under the respective codes 'SWA' and 'SRR'.

The Company has built and advanced substantial exploration landholdings in prospective and underexplored areas in south-west Burkina Faso, West Africa. The Company has significant interests in three projects located principally in the Houndé and Banfora Belts, which are considered highly prospective for gold and remain underexplored.

Sarama's 100%-owned(10) 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) and 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 a 467km², 100%-owned(10) 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 (Inferred)(9) was declared for the Karankasso Project JV.

CORPORATE

Treasury

As at June 30, 2022, the Company had cash and cash equivalents of $3,196,276.

Second Listing on the Australian Stock Exchange

On May 2, 2022, the Company commenced trading its securities on the ASX in addition to the continued listing of its common shares on the TSXV. In conjunction with the ASX listing the Company raised gross proceeds of A$8 million via the issue of 38,095,238 CDIs at an issue price of A$0.21 per CDI on April 22, 2022. The Lead Manager, Euroz Hartleys Securities Limited, received 2,500,000 Broker options at an exercise price of A$0.273, expiring three years from the date of issue. It also received a capital raising fee of 6% of total gross proceeds, excluding any funds subscribed for under an agreed Chairman's List, for which a 2% management fee was applied, plus a separate management fee of A$75,000.

Proceeds raised pursuant to the ASX listing will be used, in part, to expedite an extensive drilling campaign at the Sanutura Project. The planned +50,000m drill program aims to augment and upgrade the currently defined mineral resources with a focus on oxide and near surface material, to test a number of high priority targets that have the potential to significantly impact project growth, and to evaluate early-stage targets.

Use of Funds

The Company confirms that during the quarter ended 30 June 2022, it has used the funds raised pursuant to the Company's prospectus dated 11 March 2022, in relation to its ASX listing, consistently with the "Use of Funds" statement in the prospectus. A comparison of actual expenditure since the date of admission to the official list of ASX as per ASX Listing Rule 4.7C.2 is as follows:

	Prospectus	Actual	Actual
	(12 month period)	Q2 FY22	Total
	A$	A$	A$
Sanutura Project
• Exploration activities	4,264,000	671,531	671,531
• Barrick TZ payment	1,500,000	1,727,409	1,727,409
Koumandara Project	466,000	45,546	45,546
Karankasso Project	-	-	-
Business and corporate development	995,000	-	-
Corporate general and administrativeexpenses and working capital	1,000,000	317,975	317,975
Costs of the Offer	775,000	704,532	704,532
TOTAL	9,000,000	3,466,994	3,466,994

The table above does not include expenditure between the period of filing the prospectus (11 March 2022) and the Company's admission to the ASX (28 April 2022) of approximately A$870,000 which consisted of exploration activities of A$430,000, Corporate general and administrative expenses and working capital of A$286,000 and costs of the Offer of A$154,000.

Summary of Material Variances

For the quarter ended 30 June 2022, the Company was within its expenditure program since admission to listing on the ASX except for the following:

Payment to Barrick TZ Limited was higher than anticipated due to an unfavourable movement in the AUDUSD exchange rate.

Payments to Related Parties

For the quarter ended 30 June 2022, payments of $206,252 were made to related parties and/or their associates, which comprised remuneration for the CEO & Managing Director, Chief Financial Officer, Vice President Corporate Development, Vice President Exploration and Non-Executive Director fees.

EXPLORATION AND EVALUATION EXPENDITURES

During the current quarter the Company incurred exploration expenditure of $1,334,319

The costs per active project area per each quarter for the current period ending June 30, 2022 and preceding four quarters is as follows;

	Three monthsended	Three monthsended	Three monthsended	Three monthsended	Three monthsended
	June 30, 2021	September 30,2021	December 31,2021	March 31, 2022	June 30, 2022
Sanutura	172,046	196,526	228,437	202,567	1,283,898
Koumandara	27,184	27,417	39,521	37,112	48,333
Other–BurkinaFaso **	-	5,157	-	-	-
Total	199,230	229,100	267,958	239,679	1,334,319

** "Other – Burkina Faso" comprises properties within the Boromo and Bingo Projects

For the quarter ended June 30, 2022, the Company incurred exploration expenditure of $1.334 million. Expenditure incurred at the Sanutura Project was $1.284m which included costs associated with the drilling program of $993k (drilling $667k, assays $261k, contract labour $36k, Fuel $22k and other consumables $7k), permit renewals ($4k), plus allocation of camp, technical support and administration ($287k). Costs at Koumandara Project of $48k included permit renewals ($2k) and allocation of camp, technical support and administration ($46k).

PROPERTY INFORMATION, RECENTLY COMPLETED ACTIVITIES AND OUTLOOK

Burkina Faso

The Company has interests, directly and indirectly, in mineral properties covering an area of approximately 2,600km2 located principally within the southern Houndé and Banfora Greenstone Belts, in south-west Burkina Faso (refer Figure 1). The exploration activities are primarily focussed within 2 geographical areas:

1. The southern Houndé Belt hosting the

a. Sanutura Project; and
b. Karankasso Project and;
2. The northern Banfora Belt hosting the
- a. Koumandara Project.

Figure 1 – Location of Sarama's Projects in South-West Burkina Faso

Sanutura Project

Property Information

The primary focus of the Company has been the advancement of its 100%-owned(10) Sanutura Project covering approximately 1,420km² (refer Figure 2) in south-west Burkina Faso. The Sanutura Project is an advanced-stage exploration project that hosts a significant, well-defined mineral resource base and a suite of exploration targets.

Figure 2 Sanutura Project – Tankoro and Bondi Deposits within Sanutura Project

The Sanutura Project is located in the southern Houndé Belt, which hosts Endeavour's Mana and Houndé Gold Mines and Fortuna Silver Mines Inc.'s Yaramoko Gold Mine and recent +1Moz Au discoveries including Endeavour's Golden Hill and Kari Pump deposits and the Bantou and Bantou Nord deposits which are approximately 6km west of the Tankoro Deposit at Sarama's Sanutura Project.

On November 16, 2021 the Company announced an updated mineral resource estimate for the Sanutura Project(1) of:

9.4Mt @ 1.9g/t Au for 0.6Moz gold (Indicated); and
52.7Mt @ 1.4g/t Au for 2.3Moz gold (Inferred).

This is comprised of mineral resources for the Tankoro Deposit of 9.4Mt @ 1.9g/t Au for 0.6Moz Au (Indicated) and 43.6Mt @ 1.4g/t Au for 1.9Moz (Inferred)(2) and the Bondi Deposit of 9.2Mt @ 1.5g/t Au for 0.5Moz (Inferred)(3).

The Sanutura Project's mineral resource contains a significant higher-grade component of 6.3Mt @ 2.5g/t Au for 0.5Moz gold (Indicated) plus 29.8Mt @ 1.9g/t Au for 1.8Moz gold (Inferred)(4) using a 1.0g/t Au cut-off. This highlights the presence of higher-grade zones within the greater mineralised system which will be the focal point for development. Infill drilling in certain higher-grade areas provides considerable geological confidence, allowing for the classification of a significant part of the mineral resources as 'indicated'.

The combined oxide and transition component of the project's mineral resource totals 0.2Moz gold (indicated) plus 0.8Moz gold (inferred)(5) , representing approximately a third of the total mineral resource. The Company's exploration focus going forward will be on this near-surface oxide material, which is anticipated to provide significant, early plant feed to support a potential staged development of the Sanutura Project.

Exploration by the Company has identified a number of targets within the Sanutura Project which have the potential to make meaningful additions to the mineral resource base of the project, namely:

a primary exploration target of 3.5-4.3Mt @ 1.2-1.4g/t Au for 135-190koz Au(6) for the Tankoro Deposit, consisting of modelled and estimated (but unclassified) mineralisation contained within open pit shell and underground blockouts which constrain the mineral resource;
a primary exploration target of 2.5-3.1Mt @ 0.9-1.1g/t Au for 70-100koz Au(7) for the Bondi Deposit, consisting of modelled and estimated (but unclassified) mineralisation contained within open pit shell and underground blockouts which constrain the mineral resource;
a secondary exploration target of 12.0-14.7Mt @ 1.2-1.4g/t Au for 0.5-0.7Moz Au(8) for the Tankoro Deposit, consisting of modelled and estimated mineralisation located outside of open pit shell and underground blockouts which constrain the mineral resource;
the Zanawa Prospect, located approximately 4km north-east of the Bondi Deposit, which has returned 22m @ 3.85g/t Au from 5m in DJR0029, 29m @ 1.44g/t Au from 1m and 10m @ 1.24g/t Au from 67m in DJR0030 and 5m @ 4.54g/t Au from 15m in DJA0141;
a large area of artisanal workings at the Bamako 2 Property, measuring approximately 3km-long x 2kmwide, where numerous, subparallel gold-bearing quartz veins, extending for over 3km in strike length have been exposed. Gold-in-soil surveys returned peak values of 13.6g/t Au and drilling has returned a number of significant intercepts including 15m @ 6.17g/t Au from 9m in FRC384, 8m @ 18.4g/t Au from 42m in BAR004 and 18m @ 1.20g/t Au from 44m in BAR003; and
numerous extensional and additional targets throughout the project generated from soil geochemistry and geophysical surveys.

While the potential quantity and grade of these exploration targets is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource, they present viable exploration targets for the Company to pursue.

A technical report prepared in accordance with Canadian National Instrument ("NI 43-101") titled "NI 43-101 Technical Report, Sanutura Project, South-West Burkina Faso" and dated February 7, 2022, supporting the updated mineral resource is available on SEDAR (www.sedar.com). There are no material differences in the technical information contained in the technical report compared to the disclosure in the November 16, 2021 news release regarding the estimate of mineral resources for the Sanutura Project.

Trailing Reimbursement Payment to Barrick

On May 14, 2019, the Company announced that it had executed a definitive agreement (the "Termination Agreement") with Acacia Mining plc (now Barrick TZ Ltd "Barrick") that provided for the termination of the 2014 earn-in agreement between the two companies in respect of the South Houndé Project (an aggregation of 7 exploration properties which are now part of the Sanutura Project). The Termination Agreement provided for Sarama to resume operatorship and regain a 100% interest in the properties.

On November 18, 2019, the Company announced that it had renegotiated certain terms of the Termination Agreement resulting in an immediate return to 100% ownership of the properties and the reduction of the trailing reimbursement payment. The Company agreed to waive certain closing conditions and, in return, Barrick agreed to amend and reduce the total trailing reimbursement from $2 million to $1 million, payable 12 months from the date of the amendment.

On June 24, 2020, the Company announced that Barrick agreed to defer the $1 million trailing reimbursement payable on November 18, 2020 to January 15, 2022 inclusive of interest at an annual rate of 10%. On November 18, 2021 Barrick agreed to further defer the $1 million payable by an additional year to January 15, 2023 ("Maturity Date") inclusive of interest at an annual rate of 12.5% effective from November 18, 2021. The Company is required to repay the liability, inclusive of accrued interest, if it completes any financing with gross proceeds of $3.5 million or greater prior to the Maturity Date. As a result of the equity raise on the ASX, the Company paid Barrick $1,190,012 in May 2022

Activities Completed in Q2 2022

Sarama continued to liaise with the Ministry of Mines and Quarries after it made notification to the Company of the successful applications for the granting of the Tankoro 2 and Gbingue 2 Exploration Permits. These permits cover substantially the same area as the predecessor Tankoro and Gbingue Exploration Permits which had expired and were required to be re-issued. The new Exploration Permits have an initial term of 3 years and are renewable for an addition two 3-year terms, subject to satisfaction by the Company of certain conditions including the filing of progress reports and the attainment of minimum exploration expenditures. Sarama has paid the requisite processing fees and the issuance of the Exploration Permits' arretés and related paperwork is an administrative process which are expected to be completed in due course.(10)
Technical planning for the re-commencement of exploration drilling at the project was progressed to final design stage. The drilling program is primarily designed to grow the oxide and transition component of the mineral resource by testing for extensions and additions within the area of the Tankoro and Bondi Deposits. Previous technical work has identified an abundance of high-probability targets over multiple prospect areas and these will be the initial focus of drilling. The Company's highest priority exploration targets are currently situated in the northern permits of the Sanutura Project and testing of these is expected to commence early in the 2022-2023 exploration season.
The Company completed its refurbishment of the Norkama Exploration Camp, which serves as the base for exploration programs in the southern part of the Sanutura Project. Works included repairs to the fuel storage facility, upgrading of the satellite communications system, maintenance of the office block and accommodation facility and re-establishment of the market garden.
Sarama undertook several community and local government liaison sessions as part of its preparations for the recommencement of exploration. The sessions were well attended, and dialogue focused on the Company's plans for drilling, its mode of interaction with local communities and plans for local employment. Sarama continues to enjoy excellent community and local government support for its field activities and has strived to foster this mutually beneficial relationship.
In May 2022, following the completion of the Company's equity raising and admittance to the ASX, exploration drilling commenced in the southern portion of the Sanutura Project. The program marks the recommencement of exploration works on the project after a significant hiatus and has been primarily designed to increase the oxide component of the current multi-million ounce gold mineral resource. The drilling initially focused on the Obi Prospect where shallow, high-priority targets had been identified, before moving onto other areas including the Kenobi, Djimbake, MM and MC Prospects. Due to exploration commencing well into the field season, the Company took steps to maximise available field time by commencing drilling in the south of the Project where early seasonal rains have the greatest potential to impact drilling and field work.
At the end of Q2 2022, a total of approximately 13,900m aircore ("AC") and 2,500m reverse-circulation ("RC") drilling had been completed. Some assays for the program had been received and were compiled with an expectation that reporting of results will commence in Q3 2022.
In May 2022, pursuant to the Termination Agreement in respect of certain exploration properties comprising the Sanutura Project, the Company repaid Barrick $1,190,012 being the $1 million trailing reimbursement plus interest.

Subsequent Activity Post Q2 2022

Drilling in the southern area of the Project continued during the first part of Q3 2022. The onset of poor weather conditions associated with the wet season impeded access to certain prospect areas and the drilling focus was moved to regional exploration targets at the Kolepar and Zanawa Prospects, both of which are located in the north of the Project.
Drilling activities were terminated in late-July 2022 due to the onset of seasonal rains resulting in boggy access conditions to drill targets and high levels of groundwater being encountered.

• On 9 August 2022, the Company reported results for an initial 1,700m drilling of the +50,000m drill program that was commenced in May 2022. The drilling has extended gold mineralisation in multiple directions at the Obi Prospect and discovered a new 1.8 kilometre long trend for exploration.

An extensive zone of flat-lying mineralisation in shallow, oxide material has been delineated, extending approximately 950m along strike and up to 300m down-dip with mineralisation remaining open downdip (refer Figures 3 and 4). These results deliver on one of the Company's near-term objectives of growing the 0.2Moz gold (indicated) plus 0.8Moz gold (inferred)(5) oxide component of the Project's mineral resource.

Figure 3 – Obi Prospect – Drilling & Mineralisation Plan

Figure 4 –Southern Obi Prospect – Drilling Cross Section A-A' (View to North-East)

Mineralisation in the area presents as gold-quartz veins, which is significantly different to the more densely drilled areas of the deposit, illustrating diversity in both the geometry and composition of the gold-bearing lodes. The recent drilling follows-up on previously reported (refer Appendix B in the prospectus filed with the Australian Securities and Investments Commission and SEDAR on March 11, 2022), high-tenor downhole intersections occurring in oxide material which include:

o 7m @ 11.52g/t Au (ending in mineralisation) from 31m in TAA070 (including 3m @ 25.36g/t Au);
o 8m @ 4.72g/t Au from 34m in TAA077;
o 5m @ 7.26g/t Au from 16m in TAA068;
o 8m @ 4.21g/t Au from 34m in AC3628;
o 5m @ 5.02g/t Au from 22m in TAA071 (including 2m @ 11.68g/t Au);
o 6m @ 4.01g/t Au from 36m in AC3665;
o 17m @ 1.59g/t Au from 34m in TAA080 (including 5m @ 3.45g/t Au); and
o 12m @ 1.80g/t Au from 10m in AC3627.

Recently returned assay results support the interpreted geometry of the flat, easterly-dipping mineralised lodes and have delivered down-dip and up-dip extensions to mineralisation (refer Figures 2 and 3). Several new strong downhole intersections in the lower extremity, all occurring in oxide material, include:

o 12m @ 2.86g/t Au from 39m in TAR022;
o 10m @ 2.78g/t Au from 38m in TAR003 (including 1m @ 14.8g/t Au);
o 10m @ 2.07g/t Au from 41m in TAR058;
o 3m @ 4.57g/t Au (ending in mineralisation) from 39m in TAA152;
o 4m @ 3.54g/t Au from 65m in TAR006; and
o 6m @ 2.52g/t Au from 36m in TAR056.

The shallow up-dip extent of the mineralisation also remains open, offering a viable exploration target to follow-up of the recently returned downhole intersections of:

o 14m @ 1.53g/t Au from 11m in TAA153;
o 11m @ 1.80g/t Au from 23m in TAR004 (including 1m @ 11.15g/t Au);
o 5m @ 1.48g/t Au from 26m in TAA156; and
o 4m @ 1.94g/t Au from 5m in TAA145.

Of note is the abundance of high-tenor intersections in the north-eastern extremity of the drilled area, which are commonly associated with a thickening of the lode(s) and the suggested presence of additional mineralised lodes from multiple intersections in single drillholes. Together, these features suggest a strengthening of the mineralised system in the north, which bodes well for future exploration given the absence of drilling for approximately 1.8km along strike (refer Figure 5).

This new target area broadly sits within the main mineralised corridor of the Project proximal to the welldefined, north-north-east striking lodes of the Mineral Resource. The area has been covered by a conventional soil geochemical survey grid and several zones of elevated gold-in-soil values have been returned within a generally mottled signature resulting from a variable and disrupted regolith. This environment can produce ambiguous surface geochemistry results, giving potential for blind and semiblind mineralisation to be present.

Figure 5 – Untested Trend Extents for 1.8km to North-East (Oblique View)

Outlook

The significant oxide and free-milling resource outlined in the November 2021 mineral resource estimate has the potential to support development of a straightforward CIL project with compelling economics based on oxide and free-milling feed alone. This in turn will allow the Company to leverage the significant resource base through a multi-stage, long life and higher output project.

Sarama will continue to investigate potential development options with historical evaluation work identifying a $1,500/oz gold price as being a major inflection point for a material step change in the mineable resource.

The Company has commenced a resource development drill program aimed at increasing and firming up the oxide and free milling component of the mineral resource, initially targeting an inferred level classification. Additional drilling is anticipated to further increase the size and life of the oxide phase of the project prior to upgrading to stage two which will expedite access a significant inventory of high-grade fresh material. Field activities will nominally include reconnaissance and mapping, AC and RC drilling and metallurgical testwork to better characterise transition zones to support feasibility work anticipated to commence in 2023.

This exploration field work recommenced in earnest following the completion of the Company's ASX listing and has an immediate focus on oxide and free-milling targets at the Obi, Kenobi, MM and MC Prospects. Planning for additional drilling at the Bondi Deposit and regional targets is progressing. Further drill results will be reported as specific areas are compiled and interpreted.

The Company will continue to work with the relevant government authorities to expedite the issuance of the arretés for several of the properties within the Sanutura Project, including the Tankoro 2 and Djarkadougou 2 Properties.(10)

Koumandara Project