Dr. Marc-Antoine Audet reports

SAMA ANNOUNCES COMMENCEMENT OF PRE-FEASIBILITY STUDY AT SAMAPLEU

Sama Resources Inc., in collaboration with its partner, Ivanhoe Electric Inc. (previously HPX), will upgrade the 2020 preliminary economic assessment (PEA) to a prefeasibility study (PFS) aimed at launching production at the Samapleu deposit for producing a nickel concentrate and a copper concentrate. The 2020 PEA was prepared by DRA Global's office in Montreal, Canada, through DRA Met-Chem. The PEA showed a pretax net present value of $615-million (U.S.) and internal rate of return of 32.5 per cent. The mineral processing plant proposed in the PEA is designed to process 2.4 million tonnes per year of run-of-mine mineralized material to produce 39,000 tonnes per year of nickel concentrate at a grade of 10.34 per cent nickel and 15,000 tonnes of copper concentrate at a grade of 23.00 per cent copper. DRA will update the PEA over the next few months and an environmental impact study will be launched in Q3 2021 following guidelines defined by the Agence Nationale de l'Environnement (ANDE) in Ivory Coast.

"Sama is responding positively to the call from industry leaders for producing more nickel. Revisiting last year's PEA will allow Sama to fast-track the development of the surface resources at the Samapleu deposits," said Dr. Marc-Antoine Audet, president and chief executive officer of Sama Resources. Dr. Audet added, "Recent drilling success in the neighbourhood of the current mineralization at Samapleu further enhances the prospectivity of the entire area."

Sama is currently drilling at the Samapleu, Grata and Yepleu areas within the company's property package.

At Yepleu, Sama's company-owned Coretech 3000 drill rig is currently testing the excellent conductor (20,000 conductivity thickness (CT)), defined using Ivanhoe Electric's proprietary Typhoon system from downhole electromagnetic surveys (DHTEM) completed in November, 2020. The hole (2021-05) is currently at 100 metres on target for the 20,000 CT conductor located 850 metres from surface.

While preparing access for hole 2021-05, the company drilled three holes at conductive targets (10,000 CT and 11,000 CT) along the 4.5-kilometre-long mineralized trend. Boreholes 2021-03 and 2021-04 intersected 15 metres of mineralization, including 3.8 metres of semi-massive sulphides and 17 metres of mineralization, including 1.85 metres of massive and semi-massive mineralization, respectively. Farther along the trend, hole 2021-02 intersected 61 metres of mineralization. Assays results are pending.

At Samapleu, the company is currently drilling new targets generated from a reinterpretation of the 2013 helicopter electromagnetic survey (see press release May 12, 2021). Hole SM34-105691 intersected a new mineralized zone at the southwest end of the complex while SM25-440370 extended near-surface mineralization at the northeast end of the complex. A new mineralized sector has been outlined four kilometres east of Samapleu, within the Grata (PR604) property, with continuing drill hole SM20-070410. Additional follow-up drill holes will be planned at all these new zones.

The highly prospective target area called Samapleu North will be investigated shortly with one drill hole.

The 600-metre-deep, very strong DHTEM anomaly (15,000 CT) at Samapleu will be tested with Sama's Coretech 3000 rig following the completion of the current drill program at Yepleu.

Core logging and sampling were performed at Sama's facility at the Samapleu and Yepleu field facilities. Sample preparation was conducted at the Bureau Veritas mineral laboratory facility in Abidjan. Sample pulps were delivered to Activation Laboratories Ltd. of Ancaster, Ont., Canada, for assaying. All samples are assayed for nickel, copper, cobalt, platinum, palladium, gold, iron and sulphur.

About Sama Resources Inc.

Sama is a Canadian-based mineral exploration and development company with projects in West Africa. On Oct. 23, 2017, Sama announced that it had entered into a binding term sheet in view of forming a strategic partnership with HPX TechCo Inc., a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Ivorian nickel-copper and cobalt project in Ivory Coast, West-Africa.

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