Sarama Resources Engages Leading Arbitration Law Firm

Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX-V:SWA) advises that it has engaged Boies Schiller Flexner (UK) LLP (“BSF”), a leading international law firm, to assist with legal matters following the illegal withdrawal of the Company’s rights to the Tankoro 2 Exploration Permit by the Ministry of Energy, Mines and Quarries of Burkina Faso. The Tankoro 2 Exploration Permit hosts the multi-million ounce Tankoro Deposit; the central component of the Sanutura Project, for which the Company was in the final stages of completing a Preliminary Economic Assessment to advance the project toward development.

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BSF is an internationally recognised dispute resolution law firm with extensive experience representing investors in international investment arbitrations in the mining and natural resources sectors worldwide. BSF is focused on gaining the best commercial outcomes for clients with the most recent relevant international investment arbitration being the successful claim against the government of Tanzania following the expropriation of an asset held by Indiana Resources (ASX:IDA). The action resulted in an award of approximately US$110M in favour of Indiana Resources (refer Indiana Resources’ news release July 18, 2023).

The Company continues to look at alternatives to maximise value from its existing asset base in Burkina Faso including the Djarkadougou 2 Exploration Permit which hosts the Bondi Deposit (0.5Moz⁽¹⁾ Au Inferred Mineral Resource) which is a core component of the overall Sanutura Project⁽¹⁾ and the Company’s 18% interest in the Karankasso JV which has a 0.7Moz⁽²⁾ (Inferred) gold Mineral Resource.

Sarama is also advancing a number of potential opportunities outside Burkina Faso to leverage its infrastructure and geological knowledge and looks forward to providing further information in due course.

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