Mr. Andrew Dinning reports

SARAMA ANNOUNCES EQUITY PLACEMENT OF UP TO A$520,000

Sarama Resources Ltd. has proposed a non-brokered equity placement (the private placement) to raise gross proceeds of up to $520,000 (Australian). The private placement will be composed of the issuance of up to an aggregate of 26 million Chess Depository Instruments (CDIs) and common shares in the capital of the company, each at an issue price of two Australian cents per security, as applicable. Each new CDI issued under the private placement will rank equally with existing CDIs on issue and each CDI will represent a beneficial interest in one share.

Proceeds raised from the private placement will be used to sustain Sarama while it focuses on maximizing value from its existing asset base in Burkina Faso, advancing potential opportunities outside Burkina Faso, and to finance administration and general working capital costs.

Participation by insiders of the company in the private placement will be considered a related-party transaction, pursuant to Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions (MI 61-101). The company will be exempt from the requirement to obtain a formal valuation or minority shareholder approval in connection with the insiders' participation in the private placement in reliance of sections 5.5(b) and 5.7(1)(a) of MI 61-101. A material change report will be filed in connection with the participation of insiders in the private placement less than 21 days in advance of the closing of the private placement, which the company deems reasonable in the circumstances so as to be able to avail itself of potential financing opportunities and to complete the private placement in an expeditious manner.

The shares issued under the private placement will be subject to a four-month hold period from the date of issue in accordance with applicable securities laws. The private placement is expected to close on or about Dec. 20, 2023, and the company reserves the right to extend the closing date, and may close the private placement in one or more tranches. The private placement is subject to certain closing conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the conditional acceptance of the TSX Venture Exchange.

Up to 15,792,217 securities will be issued under ASX Listing Rule 7.1A, and up to 7,707,783 securities will be issued pursuant to ASX Listing Rule 7.1. The remaining 2.5 million securities to be issued under the private placement will be issued to director Andrew Dinning (or his nominees), subject to the receipt of shareholder approval pursuant to ASX Listing Rule 10.11. A general meeting seeking the requisite approval is intended to be convened in February, 2024.

About Sarama Resources Ltd.

Sarama Resources is a West African-focused gold explorer/developer with substantial landholdings in southwest Burkina Faso. The company's board and management team have a proven record in Africa, and a strong history in the discovery and development of large-scale gold deposits.

We seek Safe Harbor.