Dr. Marc-Antoine Audet reports

SAMA RESOURCES PROVIDES UPDATE ON SPIN-OUT OF SRQ RESOURCES, ITS QUEBEC NICKEL SUBSIDIARY

Sama Resources Inc. has provided an update on its previously announced spinout transaction of SRQ Resources Inc., a wholly owned subsidiary of Sama.

Valuation report

The company announces today the dissemination of a valuation report prepared by SLR Consulting (Canada) Ltd. in support of the proposed listing by SRQ on the TSX Venture Exchange. The valuation report follows the guidelines of TSX-V Appendix 3G, which incorporates most aspects of CIMVAL Standards and Guidelines for Valuation of Mineral Properties dated Nov. 29, 2019 (CIMVAL).

The valuation report covers the six mineral properties to be held by SRQ in connection with the spinout, namely Lac Jim, Lac Montmord, Lac Picanoc, Northfield, Lac Brennan and Lac Brule. As detailed in the valuation report, the Lac Brule property stands out as the most advanced target, and represents a significant portion (76 per cent) of the area of the overall landholdings to be held by SRQ.

SLR, following the CIMVAL guidelines for mineral properties, conducted a review of the six properties held by SRQ to assess their suitability for the three primary approaches to mineral property valuation. For the valuation of the properties, which are all at the exploration stage, SLR used the market approach (comparable transaction analysis) and the cost approach (appraised value method) in accordance with Appendix 3G.

Per the valuation report, the market approach considered multiple market transactions in Central to Eastern Canada, resulting in a range of $/ha values and a market value range of $1.04-million to $2.03-million for the properties. The cost approach utilized the appraised value method, considering past exploration expenditures adjusted to their present-day values, with the total present-day expenditures associated with the properties amounting to $1.05-million.

In order to tailor the valuation methods to each of the properties, variable weights were assigned to the market approach and cost approach based on SLR's assessment of their reliability and ability to capture the exploration concept and results. The resulting Appendix 3G value range for the properties is $1.02-million to $1.73-million as of the valuation date of April 30, 2023.

The valuation report relies on technical information from the most recent National Instrument 43-101 technical reports on the Lac Brule property. Specifically, the valuation report relies on a technical report with an effective date of June 27, 2023, prepared by Goulex Inc. and entitled "Lac Brule, Cantons Nivernais et Esgriseilles, Outaouais, PQ, NI 43-101 Technical Report." For certain aspects of the Lac Brennan property, the valuation report relies on a technical report dated Nov. 22, 2007, prepared by Geostat Systems International Inc. and entitled "Technical Report Resources Estimation November 2007 on the Vulcain Property, Hainault Township, Outaouais."

A complete copy of the valuation report is available on the company's profile at SEDAR. The NI 43-101 technical report for the Lac Brule property will also be filed on SEDAR within 45 days of this press release, in accordance with NI 43-101, and a summary of the properties will be included in the listing application of SRQ prepared in accordance with TSX-V Form 2B.

The spinout remains subject to (i) Sama obtaining a final order from the Superior Court of Quebec, (ii) TSX-V approval, (iii) shareholder approval, and (iv) other conditions customary in transactions of this nature.

Precision on the principal securityholders of SRQ

The company would also like to provide additional details regarding the principal securityholders of SRQ following the closing of the spinout, to clarify what was disclosed in the management information circular of the company dated May 29, 2023. To the knowledge of the company's directors and officers, no person or company will beneficially own, directly or indirectly, voting securities of the company carrying 10 per cent or more of the voting rights attached to any class of voting securities of SRQ at the closing of the spinout, except for IVNE Ivory Coast Holdings Inc., which is expected to own approximately 22.78 per cent of SRQ's common shares, reflecting the same ownership percentage it currently holds in the Sama's common shares. IVNE is a subsidiary of Ivanhoe Electric Inc., a publicly traded company listed on the Toronto Stock Exchange and NYSE American (NYSE American: IE, TSX: IE).

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's projects are located adjacent to the large world-class nickel-cobalt laterite deposits of Sipilou and Foungouesso, forming a 125-kilometre-long new base metal camp in West Africa.

Sama owns 70-per-cent interest in the Samapleu nickel-copper project in Ivory Coast with its joint venture partner Ivanhoe Electric owning 30 per cent. Ivanhoe Electric has the option to purchase up to a 60-per-cent interest in the project.

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