Sarama Resources Ltd. — Major Shareholding Notification 2023

Dec 27, 2023

$28 - 12 - 23; 10:47$

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FAX TRANSMISSION

To : ASX Markets Announcements Office

: AIMS Asset Management Sdn. Bhd. & Seraya Investment Pte. Ltd. From

Fax No. : +61 2 8298 8260

No. of Pages : 4 (including this cover)

: Notice of initial substantial holder (Form 603) Re.

603 Page 1 of 3 15 July 2001

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Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	SARAMA RESOURCES LIMITED ("SRR")---------------
ACN/ARSN	61 143 964 649
	--------------------------------------.. .

1. Details of substantial holder (1)

Name	ATMS Asset Management Sdn Ehd ("AIMS") and Serava Investment Pte Ltd
	("SERAYA") listed in paragraph 3 below.
ACN/ARSN (If applicable)	$\overline{\phantom{a}}$

The holder became a substantial holder on $28/12/2023$

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder oran associate (2) had a relevant interest (3) in on the date the substantial holder

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Depository Interests &Fully Paid OrdinaryShares	10,095,000	10,095,000	5.56%
Warrants and Optionsexpiring 28 July 2024,13 April 2026 & 21 June2026	3,047,500	To be determinedwhen options areexercised intoordinary shares	To be determinedwhen options areexercised intoordinary shares

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant Interest (7)	Class and number of securities
	Power to control/exercise voteand/or dispose of the securitiesas discretionary investmentmanaqer.	10,095,000 DepositoryInterests & Fully PaidOrdinary Shares
AIMS	Power to exercisewarrants/options into ordinaryshares as discretionaryinvestment manager.	3,047,500warrants/optionsexpiring 28 July 2024,13 April 2026 & 21June 2026
SERAYA.	Power to control/exercise voteand/or dispose of the securitiesas discretionary co-investmentmanager.Power to exercisewarrants/options into ordinaryshares as discretionary co-investment manager.	Shared holding asabove

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

-----Holder of relevantinterest	---- -Registered holder ofsecurities	Person entitled to beregistered as holder (8)	Class and number of securities
AIMS	Phoenix Gold Fund.	Phoenix Gold Fund.	$\vert$ 10,095,000 Depository

603 Page 2 of 3 15 July 2001

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	Limited	Limitod	Interests & Fully PaidOrdinary Shares
			3,047,500warrants/optionsexpiring 28 July 2024,13 April 2026 & 21June 2026
SEPAYA	Phoenix Gold FundLimited	Phoenix Cold FundLimited	Refer to above.

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevantinterest	Date of acquisition	----Consideration (9)		Class and number of securities
--		Cash	Non-cash
AIMS	22/12/2023	$80,000		4,000,000 DepositoryInterests
SERAYA	Refer to above	Rofor toabove		Refer to above

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

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Name and ACN/ARSN (if applicable)	Nature of association
AIMS Asset Management SdnBhd	Discretionary Investment Manager of Phoenix Gold Fund
	Seraya Investment Pte Ltd Discretionary Co-Investment Manager of Phoenix Gold Fund

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
Bhd	AIMS Asset Management Sdn Suite 10.3, West Wing, 9 Jalan P. Ramlee, 50250 KualaLumpur, Malaysia
	Seraya Investment Pte Ltd 7 Purvis Street, #03-01 188586, Singapore

Signature
print name	Eileen Sim Xee Ling	-------	capacity	Compliance Officer
sign here			date	28/12/2023

DIRECTIONS

• (1) If there are a number of substantial holders with similar or related relevant interests (eg. a corporation and its related corporations, or the manager and trustee of an equity trust), the names could be included in an
• (2) See the definition of "associate" in section 9 of the Corporations Act 2001.
• (3) See the definition of "relevant interest" in sections 608 and 671B(7) of the Corporations Act 2001.
• The voting shares of a company constitute one class unless divided into separate classes. $(4)$
• $(5)$ The total number of votes attached to all the voting shares in the company or voting interests in the scheme (if any) that the person or an associate has a relevant interest in.

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603 Page 3 of 3 15 July 2001

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(6) The person's votes divided by the total votes in the body corporate or scheme multiplied by 100.

(7) Include details of:

• $(a)$ any relevant agreement or other circumstances by which the relevant interest was acquired. If subsection 671B(4) applies, a copy of any document setting out the terms of any relevant agreement, and a statement by the person giving full and accurate details of any contract, scheme or arrangement, must accompany this form, together with a written statement certifying this contract, scheme or arrangement; and
• $(b)$ any qualification of the power of a person to exercise, control the exercise of, or influence the exercise of, the voting powers or disposal of the securities to which the relevant interest relates (indicating clearly the particular securities to which the qualification applies).

See the definition of "relevant agreement" in section 9 of the Corporations Act 2001.

• $(8)$ If the substantial holder is unable to determine the Identity of the person (eg. If the relevant interest arises because of an option) write "unknown".
• Details of the consideration must include any and all benefits, money and other, that any person from whom a relevant interest was $(9)$ acquired has, or may, become entitled to receive in relation to that acquisition. Details must be included even if the benefit is conditional on the happening or not of a contingency. Details must be included of any benefit paid on behalf of the substantial holder or its associate in relation to the acquisitions, even if they are not paid directly to the person from whom the relevant interest was acquired.