Mr. Andrew Dinning reports

SARAMA RESOURCES PROVIDES UPDATE ON STATUS OF EXPLORATION PERMIT

Sarama Resources Ltd. has received notification from the Ministry of Energy, Mines and Quarries of Burkina Faso that it has withdrawn the company's rights to the 100-per-cent-owned Tankoro 2 exploration permit.

The permit hosts the Tankoro deposit (mineral resource of 600,000 ounces gold indicated and 1.9 million oz Au inferred), which is the central component of the company's multimillion-ounce Sanutura project. The project has been the subject of a preliminary economic assessment which was due for completion and release imminently; however, following receipt of the notification, this has been suspended.

Sarama has been active on the permit for 12 years, and its mineral tenure was most recently confirmed with the granting of the permit on Nov. 24, 2021, by the then Minister of Energy, Mines and Quarries Dr. Bachir Ouedraogo and the subsequent payment of the prescribed issuance fees within the requisite time frame on Nov. 29, 2021 (refer to the news release dated Dec. 1, 2021).

Under the applicable Burkina Faso laws, following the grant of an exploration permit, the government issues the respective arrete (or licence certificate), which is an administrative process. The company has been reissued exploration permits through this same process on multiple occasions and as recently as Aug. 3, 2023, in respect of the Ouangoro 2 exploration permit.

The notification states that the company's application for the permit was unsuccessful. This is inconsistent with, and contradictory to, formal correspondence from the government. The company stridently disagrees with the withdrawal of its rights and intends to pursue all avenues to appeal this decision.

The company retains 100-per-cent ownership of its fully issued permits, which include the Djarkadougou 2 exploration permit, which was reissued July 30, 2021, followed by the receipt of the arrete on Jan. 6, 2023, and hosts the Bondi deposit (500,000 oz Au inferred mineral resource). The company also retains an 18-per-cent interest in the Karankasso project joint venture (mineral resource of 700,000 oz Au inferred).

The company is evaluating its position and will advise further as events warrant.

We seek Safe Harbor.