Dr. Marc-Antoine Audet reports

SAMA RESOURCES DOUBLES MINERAL RESOURCES AT THE SAMAPLEU-GRATA NICKEL-COPPER DEPOSITS IN COTE D'IVOIRE, WEST AFRICA

Sama Resources Inc. has increased indicated and inferred mineral resources at its Samapleu and Grata nickel, copper, cobalt and platinum group elements (PGE) project in Ivory Coast, West Africa. The latest mineral resource estimate reflects the outstanding progress made by the company's dedicated exploration team.

The updated mineral resource estimate has an effective date of June 16, 2023, and incorporates drilling carried out at the Samapleu and Grata deposits from 2010 until mid-2022.

For the Samapleu-Grata deposits combined, inferred resources total 101.9 million tonnes (Mt) averaging 0.25 per cent Ni for 558.6 million pounds (Mlb) of Ni metal, 0.23 per cent Cu for 526.8 Mlb of Cu metal, 0.01 per cent Co for 33.4 Mlb of Co metal, 0.29 gram per tonne palladium for 939,400 ounces of palladium and 0.1 g/t platinum for 311,400 ounces of platinum.

The combined indicated resources total 14.99 Mt averaging 0.25 per cent Ni for 81.6 Mlb of Ni metal, 0.22 per cent Cu for 72.9 Mlb of Cu metal, 0.02 per cent Co for 5.5 Mlb of Co metal, 0.31 g/t Pd for 149,400 ounces of Pd and 0.1 g/t Pt for 49,500 ounces of Pt.

The addition of the Grata mineralization doubled the mineral resources compared with the 2020 preliminary economic assessment.

"We are thrilled to announce such remarkable growth in our mineral resources at our Samapleu-Grata nickel and copper project. This achievement is a testament to the hard work and dedication of our exploration team, as well as the vast potential of our project. Together with our partner Ivanhoe Electric, we remain committed to advancing our operations responsibly and to producing a revised preliminary economic assessment for the combined Samapleu-Grata open-pit potential," said Dr. Marc-Antoine Audet, president and chief executive officer of Sama Resources. "There are up to 20 additional untested targets showing similar geophysical signatures to Samapleu and Grata within our land package that need to be investigated."

Sama is advancing exploration and development activities with a primary goal of expanding mineral resources and conducting further technical studies. The company strategy encompasses sustainable mining practices, fostering positive relationships with local communities and adhering to the highest environmental standards.

Modelling was performed using Datamine Studio RM software, with grades estimated using ordinary kriging (OK) interpolation methodology. Samples were composited at three metres down hole. Assessment of the raw samples indicated a variety of capping levels for each element by domain and deposit. Block grades were estimated on a multipass basis with a minimum and maximum number of composites and maximum number of composites per drill hole required for each estimation pass. Block size is 10 metres (x) by 10 metres (y) by 10 metres (z) with up to three subblocking divisions comprising a minimum block size of 1.25 metres (x, y and z). Additional information about the mineral resource modelling methodology will be documented in the coming National Instrument 43-101 technical report.

2023 metallurgical test work

As previously announced in Sama's March 6, 2023, news release, metallurgical test work on composites from the Samapleu and Grata deposits completed by Blue Coast Research Ltd. (BCR), a leading metallurgical testing and consulting company based in Parksville, B.C., shows that copper flotation is yielding 83 to 88 per cent Cu recovery to concentrates assaying 26 to 27 per cent Cu together with Ni flotation yielding 67 to 72 per cent Ni recovery to concentrates assaying 13 per cent Ni. Cobalt recoveries were 51 per cent and 61 per cent for the Samapleu Main and Grata composites, respectively.

The metallurgical test work also demonstrates that 60 per cent of the palladium was recovered to the Cu and Ni concentrates, the majority being recovered to the Ni concentrate. The palladium grades are expected to yield attractive payment terms from smelters. Platinum grades should, in most cases, be high enough to attract some payment, with recoveries to the concentrates of 47 per cent and 62 per cent from the Samapleu and Grata composites, respectively. Gold may also attract a small payment from the copper concentrate.

Quality assurance and quality control

All scientific and technical information in this release has been reviewed and approved by Todd McCracken, PGeo, director, mining and geology, central Canada, BBA International Inc., the qualified person (QP), and Dr. Audet, PhD, geology, PGeo, and president and CEO of Sama, the qualified person (QP) under the definitions established by National Instrument 43-101.

The qualified persons have reviewed and verified that the technical information with respect to the revised mineral estimate contained in this press release is accurate and have approved the written disclosure of such information. For readers to fully understand the information in this press release, they should read the technical report in its entirety when it is available on SEDAR, including all qualifications, assumptions and exclusions that relate to the information to be set out in the technical report. The technical report is intended to be read as a whole, and sections should not be read or relied upon out of context.

Qualified person

The resource estimate was prepared by Mr. McCracken, PGeo, of BBA International in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects. The resource classification follows the Canadian Institute of Mining, Metallurgy and Petroleum definition for classification of indicated and inferred mineral resources. The criteria used by the QP for classifying the estimated mineral resources are based on confidence and continuity of geology and grades.

An NI 43-101 compliant technical report will be filed on SEDAR within 45 days of this press release.

About Sama Resources Inc.

Sama is a Canadian-based, growth-oriented resource company focused on exploring the Samapleu nickel-copper project in Ivory Coast, West Africa. The company is managed by experienced industry professionals with a strong record of discovery. Sama is committed to developing and exploiting the Samapleu nickel-copper and platinum group element resources.

Sama's projects are located approximately 600 kilometres northwest of Abidjan in Ivory Coast and are flanked to the west by the Ivorian and Guinean borders. Sama owns a 70-per-cent interest in Samapleu Nickel Corp. Inc., with its joint venture partner Ivanhoe Electric owning 30 per cent. Ivanhoe Electric has the option to earn up to a 60-per-cent interest in Samapleu Nickel.

We seek Safe Harbor.