Sarama Resources Provides Update ON Dual Listing ON the Australian Securities Exchange
April 11, 2022
SARAMA RESOURCES PROVIDES UPDATE ON DUAL
LISTING ON THE AUSTRALIAN SECURITIES EXCHANGE
Not for release or distribution in the United States or through any U.S. newswire service
VANCOUVER, CANADA. Sarama Resources Ltd. (“Sarama” or the “Company”) (TSX-V: SWA) wishes to provide an update
on its proposed dual listing on the Australian Securities Exchange ("ASX"). Sarama is pleased to confirm that the Public
Offer period (during which applications to subscribe for new securities can be submitted to the Company) has closed,
with applications in excess of the upper $8m limit, and Sarama has submitted its application for admission to the ASX.
The ASX IPO market remains buoyant and the ASX has advised it will process the application as per its usual course of
business and the Company anticipates relevant approvals being completed in a timely manner.
For further information contact:
Andrew Dinning or Paul Schmiede
t: +61 (0) 8 9363 7600
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this release.
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ABOUT SARAMA RESOURCES LTD
Sarama Resources Ltd (TSX-V: SWA) is a West African focused gold explorer and developer with substantial landholdings
in south-west Burkina Faso. Sarama is focused on maximising the value of its strategic assets and advancing its key
projects towards development.
Sarama’s 100%-owned(3) Sanutura Project is principally located within the prolific Houndé Greenstone Belt in south-
west Burkina Faso and is the exploration and development focus of the Company. The project hosts the Tankoro and
Bondi Deposits which have a combined mineral resource of 0.6Moz gold (Indicated) and 2.3Moz gold (Inferred)(1).
Together, the deposits present a potential mine development opportunity featuring an initial, long-life CIL project which
may be established and paid for by the significant oxide mineral resource base.
Sarama has built further optionality into its portfolio including an approximate 470km² exploration position in the highly
prospective Banfora Belt in south-western Burkina Faso. The Koumandara Project hosts several regional-scale structural
features and trends of gold-in-soil anomalism extending for over 40km along strike.
Sarama also holds an approx imate 18% participating interest in the Karankasso Project Joint Venture (“ JV”) which is
situated adjacent to the Company’s Sanutura Project in Burkina Faso and is a JV between Sarama and Endeavour Mining
Corp (“Endeavour”) in which Endeavour is the operator of the JV. In February 2020, an updated mineral resource
estimate of 709koz gold(2) was declared for the Karankasso Project JV.
The Company’s Board and management team have a proven track record in Africa and a strong history in the discovery
and development of large-scale gold deposits. Sarama is well positioned to build on its current success with a sound
strategy to surface and maximise the value of its property portfolio.
FOOTNOTES
1. Current mineral resource estimate for Sanutura Project - 9.4Mt @ 1.9g/t Au for 0.6Moz Au ( Indicated) plus 52.7Mt @ 1.4g/t Au for 2.3 Moz
(Inferred), reported at cut-off grades ranging 0. 2-1.6g/t Au, reflecting the mining methods and processing flowsheets as sumed to assess the
liklihood of the mineral resources to have reasonable prospects for eventual economic extraction. The effective date of the Company’s mineral
resource estimate is November 16, 2021. For further information regarding the mineral resource estimate refer to the technical report titled “NI
43-101 Independent Technical Report Sanutura Project, South- West Burkina Faso”, dated February 7 , 2022 and prepared by Paul Schmiede,
Rindra Le Grange and Fred Kock. Paul Schmiede is an employee of Sarama. Ms Le Grange and Mr Kock are employees of Cube Consulting Pty
Ltd and Orway Mineral Consultants Pty Ltd respectivley and are considered to be independent of Sarama. The technical report is available under
Sarama’s profile on SEDAR at www.sedar.com .
2. Karankasso Project current mineral resource estimate – the current mineral resource estimate for the Karankasso Project of 12.74Mt @ 1.73g/t
Au for 709koz Au (effective d ate of December 31, 2019) was disclosed on February 24, 2020 by Semafo Inc (“ Semafo”, since acquired by
Endeavour Mining Corp. “Endeavour” ). For further information regarding that mineral resource estimate, refer to the news release “Semafo:
Bantou Project Inferred Resources Increase to 2.2Moz” dated February 24, 2020 and Semafo: Bantou Project NI43 -101 Technical Report –
Mineral Resource Estimate” dated April 3, 2020 . The news release and technical report are available under Semafo’s and Endeavour’s profi le
on SEDAR at www.sedar.com . The mineral resource estimate was fully prepared by, or under the supervision of Semafo. Sarama has not
independently verified Semafo’s mineral resource estimate and takes no responsibilit y for its accuracy. Semafo , and now Endeavour, is the
operator of the Karankasso Project JV and Sarama is relying on their Qualified Persons’ assurance of the validity of the mine ral resource
estimate. Additional technical work has been undertaken on the Karankasso Project since the effective date but Sarama is not in a position to
quantify the impact of this additional work on the mineral resource estimate referred to above.
3. The Government of Burkina Faso has processed the requisite documents to facilitate the grant of the new, full-term Tankoro 2 and Djarkadougou
2 Exploration Permits (the "Permits") and subsequently issued the invitation to pay the permit issuance fees (the "Fees") and the Fees were paid
within the requisite 10 -day timeline. Following the payment of the Fee, the issuance of the Permit's arrêté and related paperwork becomes an
administrative process during which time the Company may undertake work on the Tankoro 2 and Djarkadougou 2 Properties. The Company
expects the arrêtés and related paperwork to be issued in due course. The properties, hosting the Tankoro and Bondi Deposits respectively, were
formerly known as Tankoro and Djarkadougou, but have been renamed as part of the process of re-issuing the respective Permits.
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CAUTION REGARDING FORWARD LOOKING INFORMATION
Information in this news release that is not a statement of historical fact constitutes forward -looking information. Such forward- looking information
includes, but is not limited to, statements regarding the Company’s plans and timing to list on the ASX and the associated gross proceeds, the number
of shares (CDIs) to be issued and pricing, statements regarding the Company’s future exploration and development plans, the potential for the Sanutura
and Karankasso Projects to host economic minerali sation, the potential to expand the present oxide component of the existing estimated mineral
resources at the Sanutura Project, the potential for the receipt of regulatory approvals and the timing and prospects for the issuance of the arrêtés for
the Tankoro 2 and Djarkadougou 2 Exploration Permit s by the Government of Burkina Faso. Actual results, performance or achievements of the
Company may vary from the results suggested by such forward- looking statements due to known and unknown risks, uncertainties and other factors.
Such factors include, among others, that the business of exploration for gold and other precious minerals involves a high degree of risk and is highly
speculative in nature; mineral resource s are not mineral reserves , they do not have demonstrated economic viability, and there is no certainty that
they can be upgraded to mineral reserves through continued exploration; few properties that are explored are ultimately developed into producing
mines; geological factors; the actual results of current and future exploration; changes in project parameters as plans conti nue to be evaluated, as
well as those factors disclosed in the Company’s publicly filed documents.
There can be no assurance that any mineralisation that is discovered will be proven to be economic, or that future required r egulatory licensing or
approvals will be obtained. However, the Company believes that the assumptions and e xpectations reflected in the forward -looking information are
reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration activ ities, the sufficiency
of funding, the timely receipt of required appr ovals, the price of gold and other precious metals, that the Company will not be affected by adverse
political events, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain further
financing as and when required and on reasonable terms. Readers should not place undue reliance on forward- looking information.
Sarama does not undertake to update any forward- looking information, except as required by applicable laws.
QUALIFIED PERSONS’ STATEMENT
Scientific or technical information in this disclosure that relates to the preparation of the mineral resource estimate for t he Sanutura Project is based
on information compiled or approved by Paul Schmiede. Paul Schmiede is an employee of Sarama Resources Ltd and is a Fellow in good standing of
the Australasian Institute of Mining and Metallurgy. Paul Schmiede has sufficient experience which is relevant to the commodi ty, style of
mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instr ument 43 -101. Paul
Schmiede consents to the inclusion in this news release of the information, in the form and contex t in which it appears.
Scientific or technical information in this disclosure that relates to the metallurgical testwork at the Bondi Deposit is bas ed on information compiled
or approved by Paul Schmiede. Paul Schmiede is an employee of Sarama Resources L td and is a Fellow in good standing of the Australasian Institute
of Mining and Metallurgy. Paul Schmiede has sufficient experience which is relevant to the commodity, style of mineralisatio n under consideration
and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43 -101. Paul Schmiede consents to the inclusion in
this news release of the information, in the form and context in which it appears.
Scientific or technical information in this disclosure that relates to tank-based and oxidative metallurgical testwork and mineral processing is based on
information compiled or approved by Fred Kock. Fred Kock is an employee of Orway Mineral Consultants Pty Ltd and is considere d to be independent
of Sarama Resources Ltd. Fred Kock is a Fellow in good standing of the Australasian Institute of Mining and Metallurgy and has sufficient experience
which is relevant to the commodity, style of mineralisation under consideration and activity which he is undertaking to quali fy as a Qualified Person
under National Instrument 43 -101. Fred Kock consents to the inclusion in this news release of the information, in the form and context in which it
appears.
Scientific or technical information in this disclosure that relates to exploratio n activities at the Sanutura Project is based on information compiled or
approved by Guy Scherrer. Guy Scherrer is an employee of Sarama Resources Ltd and is a member in good standing of the Ordre des Géolo gues du
Québec and has sufficient experience whic h is relevant to the commodity, style of mineralisation under consideration and activity which he is
undertaking to qualify as a Qualified Person under National Instrument 43 -101. Guy Scherrer consents to the inclusion in this disclosure of the
information, in the form and context in which it appears.
Scientific or technical information in this disclosure that relates to the quotation of the Karankasso Project’s mineral resource estimate and exploration
activities is based on information compiled by Paul Schmiede. Paul Schmiede is an employee of Sarama Resources Ltd and is a Fellow in good standing
of the Australasian Institute of Mining and Metallurgy. Paul Schmiede has sufficient experience which is relevant to the comm odity, style of
mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43 -101. Paul
Schmiede consents to the inclusion in this disclosure of the information, in the form and context in which it appears. Paul Schmiede and Sarama have
not independently verified Semafo’s (now Endeavour’s) mineral resource estimate and take no responsibility for its accuracy.