Mr. Andrew Dinning reports

SARAMA RESOURCES ENGAGES LEADING ARBITRATION LAW FIRM

Sarama Resources Ltd. has engaged Boies Schiller Flexner (U.K.) LLP, a leading international law firm, to assist with legal matters following the illegal withdrawal of the company's rights to the Tankoro 2 exploration permit by the Ministry of Energy, Mines and Quarries of Burkina Faso. The Tankoro 2 exploration permit hosts the multimillion-ounce Tankoro deposit, the central component of the Sanutura project, for which the company was in the final stages of completing a preliminary economic assessment to advance the project toward development.

BSF is an internationally recognized dispute resolution law firm with extensive experience representing investors in international investment arbitrations in the mining and natural resource sectors worldwide. BSF is focused on gaining the best commercial outcomes for clients with the most recent relevant international investment arbitration being the successful claim against the government of Tanzania following the expropriation of an asset held by Indiana Resources. The action resulted in an award of approximately $110-million (U.S.) in favour of Indiana Resources (refer to Indiana Resources' news release dated July 18, 2023).

The company continues to look at alternatives to maximize value from its existing asset base in Burkina Faso including the Djarkadougou 2 exploration permit, which hosts the Bondi deposit (inferred mineral resource of 500,000 ounces gold), which is a core component of the overall Sanutura project, and the company's 18-per-cent interest in the Karankasso joint venture, which has a mineral resource of 700,000 oz (inferred) gold.

Sarama is also advancing a number of potential opportunities outside of Burkina Faso to leverage its infrastructure and geological knowledge, and looks forward to providing further information in due course.

Qualified person statement

Scientific or technical information in this disclosure that relates to the preparation of the mineral resource estimate for the Bondi deposit is based on information compiled or approved by Paul Schmiede. Mr. Schmiede is an employee of Sarama and is a fellow in good standing of the Australasian Institute of Mining and Metallurgy. Mr. Schmiede has sufficient experience which is relevant to the commodity, style of mineralization under consideration and activity which he is undertaking to qualify as a qualified person under National Instrument 43-101. Mr. 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 the quotation of the Karankasso project's mineral resource estimate and exploration activities is based on information compiled by Mr. Schmiede. Mr. Schmiede is an employee of Sarama and is a fellow in good standing of the Australasian Institute of Mining and Metallurgy. Mr. Schmiede has sufficient experience which is relevant to the commodity, style of mineralization under consideration and activity which he is undertaking to qualify as a qualified person under National Instrument 43-101. Mr. Schmiede consents to the inclusion in this disclosure of the information in the form and context in which it appears. Mr. Schmiede and Sarama have not independently verified Semafo's (now Endeavour's) mineral resource estimate and take no responsibility for its accuracy.

Competent person statement

The mineral resource estimates referred to in this announcement were first disclosed in accordance with Australian Securities Exchange listing Rule 5.8 in the company's ASX prospectus dated March 11, 2022. The company confirms that it is not aware of any new information or data that materially affect the information included in the ASX prospectus and that all material and technical assumptions underpinning the estimates in the ASX prospectus continue to apply and have not materially changed.

We seek Safe Harbor.