Sarama Completes Tranche 2 Placement and Broker Options

The second tranche of the Placement (“Tranche 2”) consisted of 28,888,889 free attaching unlisted options (each a “Placement Option”) and 19,166,666 broker options (each a “Broker Option” and together with the Placement Options, the “Options”), with each Option exercisable at A$0.09 and expiring on 30 November 2028. The issuance of the Tranche 2 Options was subject to shareholder approval which was obtained at the special meeting held on 2 October 2025 in Vancouver Canada (3 October 2025 Perth time) (the “Meeting”).

The first tranche of the Placement, completed on 9 July 2025, raised aggregate gross proceeds of A$2,600,000 with the Company issuing 86,666,667 CDIs at an issue price of A$0.03 per CDI.

Tranche 2 of the Placement was issued to institutional and other sophisticated and professional investors upon receipt of shareholder approval, as required by the ASX Listing Rules, at the Meeting. An Appendix 3G was announced to the Australian Stock Exchange (“ASX”) on 7 October 2025 and provides further detail on the issue of Tranche 2.

Tranche 3 of the Placement is scheduled for imminent completion and will consist of 3,333,333 CDIs and 1,111,111 attaching options to a director, Mr Andrew Dinning (“Director CDIs”). The issuance of the Placement Options and the Director CDIs to Mr Dinning was subject to shareholder approval which was obtained at the special meeting held on 2 October 2025. Funds to be received from Tranche 3 will be A$100,000.

The Placement was issued to existing shareholders and new institutional and other sophisticated and professional investors.

Funds raised will be principally used to fund exploration activities, including infill soil geochemistry and the Company’s maiden drilling campaign at its belt-scale Cosmo Gold Project in the Eastern Goldfields of Western Australia. Proceeds will also fund general working capital requirements as the Company continues to progress its arbitration claim against the Government of Burkina Faso (the “Claim”). None of the proceeds from the Placement will be used for payments to non-arm’s length parties or persons conducting investor relations activities.

Members of Sarama’s board and management have subscribed for an aggregate 4,999,999 CDls in the Placement (inclusive of the CDIs to be issued to Mr. Dinning in Tranche 3).

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