Sarama Resources

Management’s Discussion and Analysis of Financial Results

For the three months (third quarter) and nine months ended September 30, 2024

Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to present the following Management’s Discussion and Analysis (“MD&A”) is intended to supplement the interim consolidated financial statements of Sarama Resources Ltd. (the “Company” or “Sarama”) and its subsidiaries for the three and nine months ended September 30, 2024.


The interim consolidated financial statements for the three and nine months ended September 30, 2024 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 November 14, 2024.

Additional information relating to the Company is available on SEDAR+ at www.sedarplus.ca under the Company’s profile.

OVERVIEW

Sarama is a Canadian-incorporated mineral exploration and development company whose principal business objective is to explore for and develop mineral deposits in prospective jurisdictions as opportunities may present.

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”) on the Australian Securities Exchange (“ASX”) under the codes ‘SWA’ and ‘SRR’ respectively.

The Company built and advanced substantial exploration landholdings in prospective and underexplored areas in south-west Burkina Faso, West Africa and has interests in two projects located principally in the Houndé Belt. Separate to its interests in Burkina Faso, the Company is in the process of acquiring a new gold exploration project in Australia and continues to assess opportunities that align with it’s objective of exploring for and developing mineral deposits in prospective jurisdictions.

The Sanutura Project (the “Project”) is principally located within the prolific Houndé Greenstone Belt in south- west Burkina Faso and was the exploration and development focus of the Company. The Project hosts the Bondi Deposit which has a mineral resource of 0.5Moz gold (Inferred)(3). The Project also formerly hosted the Tankoro Deposit (Mineral Resource of 0.6Moz Au (Indicated) plus 1.9Moz Au (Inferred)(2) until August 2023, when the Company was notified (“Notification”) by the Ministry of Energy, Mines and Quarries of Burkina Faso (the “Government”) that its rights to the Tankoro 2 Exploration Permit (the “Permit”), which hosts the Tankoro Deposit, had been withdrawn in a manner the Company considers to be unlawful (refer news release dated September 6, 2023). The Notification stated that the Company’s application for the Permit was unsuccessful. This is inconsistent with, and contradictory to, formal correspondence from the Government. The Company vigorously disagrees with the illegal withdrawal of its rights. The Tankoro Deposit formed the central component of the Project for which the Company was in the final stages of completing a Preliminary Economic Assessment (“PEA”) to advance the Project toward development.

The Company formally notified the Government of its Intent to Submit Claims to Arbitration (refer news release dated November 30, 2023) under the Agreement between the Government of Canada and the Government of Burkina Faso for the Promotion and Protection of Investments (the “BIT”).

Prior to the illegal withdrawal of the Permit, the Tankoro and Bondi Deposits presented a mine development opportunity featuring a long-life project which the Company believed would have generated very robust and attractive financial returns and could have been established and paid for using the significant oxide mineral resource base. In 2023, Sarama commenced and substantially completed development study work on the Project which was subsequently suspended following receipt of the Notification. See further details on the status of the Permit below under the heading “Status of Mineral Tenure – Tankoro 2 Exploration Permit”.


Click here to view the Q3 2024 Interim Financial Statements

Click here for the full ASX Release

This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

SRR:AU
Sarama Resources

Sarama Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Sarama Resources (ASX:SRR)

Sarama Resources


Keep reading...Show less

Promising new gold projects in Western Australia, plus a large fully funded arbitration claim.

Sarama Resources Completes Mt Venn Gold Project Acquisition

Sarama Resources Completes Mt Venn Gold Project Acquisition

Landholdings Increased to 1,000km² Over Two Belt-Scale Projects in Laverton Gold District

Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to advise that it has completed the previously announced acquisition (the “Transaction”) of a majority interest(1) in the under-explored, belt-scale 420km² Mt Venn Project (the “Project”)(2), located in the Eastern Goldfields of Western Australia.

Keep reading...Show less
James Henry Anderson, gold bars.

James Henry Anderson: US$3,600 Gold, US$40+ Silver — What's Happening, What's Next?

James Henry Anderson, senior market analyst at SD Bullion, discusses the factors behind gold and silver's recent price moves, saying a restructuring of the system is taking place.

"We're not that far in terms of the psychology that it requires to really break and get really massive flows, and people really afraid of what that currency's value is going to be," he said.

Keep reading...Show less
Press microphones in front of Federal Reserve seal and U.S. flag.

Why Does the US Federal Reserve Raise and Lower Interest Rates?

Tackling soaring inflation in the US is the job of the country’s central bank, known as the US Federal Reserve, or the Fed.

The US Fed has consistently made headlines in recent years due to its role in managing inflation through the use of interest rate changes.

Between mid-2021 and 2023, the US economy experienced high inflation, peaking at 8.5 percent in July 2022. The Fed has helped bring it largely under control through careful interest rate increases during that time period.

According to US Labor Department data, the inflation rate in July 2025 was 2.7 percent. As this is still above the Fed's target of 2 percent, the bank has been slow to lower interest rates so far.

It's important for any investor to understand the ins and outs of the Fed's role in US monetary policy and interest rates, as its decisions have a strong impact on US and global markets as well as precious metals prices.

Here the Investing News Network provides investors with insight into what the Federal Reserve and FOMC are, the Fed's role in US monetary policy, why it raises and lowers interest rates and more.

Keep reading...Show less
Heritage Mining President and CEO Peter Schloo.

Heritage Mining Eyes Assay Results Following 4,500 Meters of Drilling at Key Ontario Projects

Heritage Mining (CSE:HML) is expecting to receive assay results from 4,500 meters of drilling work at both its Drayton Black Lake and Contact Bay projects this fall.

President and CEO Peter Schloo provided an update on progress at the company's gold-silver-copper assets in Northern Ontario in an interview with the Investing News Network.

“The rubber is really starting to hit the road. We've drilled off, this year, about 4,500 meters. We've had gold in each of the holes from New Millennium that we drilled earlier this year, and we've had some great success, technically, in all of our projects, thus far,” he said.

Keep reading...Show less
Fortune Bay (TSXV:FOR)

Fortune Bay

Keep reading...Show less
Sarama Resources

Sarama Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×