Sarama Resources Provides Sanutura Project Exploration Update

Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to provide an update on the planned +50,000m drilling program at its 100%-owned(4), multi-million ounce Sanutura Project (the “Project”) (news release dated May 12, 2022).

The drilling program was designed to materially grow the oxide component of the 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred)⁽¹⁾ Mineral Resource, to test a number of high priority regional targets and to define additional exploration targets for follow-up drilling. The Company has completed over 20,000m of drilling including ~4,000m of reverse circulation (“RC”) drilling and ~16,000m of air core (“AC”) drilling.

Most of the samples have been dispatched to the SGS and ALS assay laboratories in Ouagadougou where sample turn- around time is averaging approximately 4 weeks. Sample assays are starting to be returned and will be released after their compilation and interpretation are complete.

The seasonal rains are beginning to arrive in southwest Burkina Faso and the Company expects to complete the current season’s drilling by the end of July and recommence drilling in the fourth quarter after seasonal rains have abated, local farmers have harvested their crops and access routes have dried up.

A majority of the drilling has been undertaken in the southern portion of the Project while the Company awaits the completion of government paperwork to expedite tax exonerations and facilitate drilling at the Bondi, Zanawa and Bamako 2 prospects. Drilling of high-priority extensional and regional exploration targets at the Bondi Deposit, which has over 50 shallow, +75 gram/metre Au historical drill intercepts^(a) including 52m @ 5.31 g/t Au from 38m, 13m @20.41 g/t Au from 8m, 66m @ 3.83 g/t Au from 6m and 70m @ 3.04 g/t Au from surface, plus other northern prospects, including Zanawa and Bamako 2, will be undertaken in the field season commencing in Q4, 2022.

Sarama’s President, CEO & MD, Andrew Dinning commented:

“We have been very pleased with the progress made in the drilling campaign at the Sanutura Project and completing 20,000m of drilling within two months is testament to the teams we have in the field and their ability to expedite activity in the southwest of the Country. Although our highest ranked exploration targets in and around the Bondi Deposit are yet to be drilled, we remain pleased with the progress made and look forward to the receipt, compilation and publication of results.

The first part of the program has been structured to increase the oxide component of the already large Mineral Resource at the Tankoro Deposit by targeting near-surface material in extensions to the currently modelled deposits as well as testing a number of regional targets. We look forward to providing updates as the program concludes and assay results come to hand in the coming weeks.”

Drilling at the Sanutura Project

A Large Mineral Resource with Potential to Grow

The Company’s primary focus is its 100%-owned(4) Sanutura Project, which covers an area of 1,420km² and has a multi- million ounce Mineral Resource of 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred)⁽¹⁾ with significant growth potential available through its commanding position along 70km of strike in the prolific Houndé Belt (refer Figure 1).

The Sanutura Project is situated immediately adjacent to Endeavour Mining’s Bantou Project which hosts a 1.5Moz Au resource (Inferred)⁵ and the Karankasso JV Project, a joint venture between Sarama and Endeavour Mining which hosts a 0.7Moz Au resource (Inferred)⁴. The Bantou deposit is situated ~6 kilometres west of the Sanutura Project’s Tankoro Deposit which hosts approximately three quarters of the current Project resource.

Figure 1 –Sanutura Project Location Plan

Tankoro Deposit – Further Opportunity within 16km of Strike Length

The key contributor to the Sanutura Project’s large Mineral Resource is the Tankoro Deposit; extending for a semi- continuous, drill-defined strike length of 16km most of which has only been tested to 70m depth. Drilling of certain higher-grade zones, however, has shown the system extends 550m deep where it remains open, illustrating the size of the mineralised system and the potential for additions.

The Mineral Resource is principally contained in an extensive package of mineralised lenses, presenting as gold-quartz- sulphide veinlets and disseminated gold-pyrite within quartz-feldspar-porphyry dykes and bounding sedimentary rocks. The package is interpreted to sit in a trend that spans approximately 1.4km across the strike (refer Figure 2). The mineralized corridor, as presently defined by drilling, lies within a greater 30km-long, gold-in-soil geochemical anomaly that remains a focus for ongoing regional exploration.

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