Mr. Andrew Dinning reports

SARAMA RESOURCES GEOCHEMISTRY PROGRAM UNDERWAY AT COSMO GOLD PROJECT

Sarama Resources Ltd. has commenced a multistage regional soil-geochemistry program at its majority-owned 580-square-kilometre Cosmo gold project in the Eastern Goldfields of Western Australia. The program is the most significant exploration work to be undertaken on the project in decades and is a foundational stage for drill target generation.

The program follows the company's acquisition of a majority and controlling interest in the project in December, 2024, and its agreement to acquire a majority and controlling interest in the nearby Mt. Venn project in January, 2025. In aggregate, the belt-scale projects will cover approximately 1,000 square kilometres and plus 100 km of strike length of greenstone rocks and are well positioned and underexplored, presenting an exciting opportunity for Sarama in the Laverton gold district which is known for its prolific gold endowment.

Highlights

• Large-scale soil geochemistry program under way at the Cosmo project to progress drill targeting;
• Program is the most significant exploration works undertaken on the project in several decades;
• Initial focus on areas with large-scale structural features and lithological contacts identified in recent interpretation of airborne geophysical data sets;
• Surface grab sampling returned grades up to 52 grams per tonne Au in historical exploration within the project;
• Fieldwork already under way with experienced field crews mobilized; first samples for analysis in two weeks;
• Opportunity for recommencement of modern exploration due to changes in land access;
• Follows the recent execution of a non-binding heads of agreement to acquire majority interest in belt-scale Mt. Venn project;
• Sarama's recent acquisitions will create in aggregate a 1,000 square km exploration position capturing 100 km of strike length in underexplored terrane;
• Projects located in the prolific Laverton gold district, proximal to the producing Gruyere gold mine.

Sarama's president, executive chairman, Andrew Dinning, commented:

"We are very pleased to get exploration under way and bring the belt-scale Cosmo project to account. Cosmo is genuinely underexplored, has all the geological ingredients to generate a discovery and with core team members that led the discovery of the multimillion-ounce Moto and Sanutura projects in Africa, we look forward to seeing what this project can deliver. Leveraging its position at the Cosmo project, upon completion of the transaction to acquire a majority interest in the nearby Mt. Venn project, Sarama will have 1,000 square kilometres of highly prospective ground in the prolific Laverton gold district."

Cosmo project

The project comprised seven contiguous exploration tenements covering approximately 580 square km in the Eastern Goldfields of Western Australia, approximately 85 km northeast of Laverton and 95 km west of the regionally significant Gruyere gold mine. The project is readily accessible via the Great Central Road which services the Cosmo Newbery community.

The project captures one of the last unexplored greenstone belts in Western Australia and with a strike length of plus 50 km, the Cosmo Newbery belt represents a large and prospective system with gold first being discovered in the area in the 1890s. Multiple historical gold workings are documented within the project area and work undertaken to date has identified multiple exploration targets for follow up.

Despite this significant prospectivity, the project has seen virtually no modern exploration or drilling of merit due to a lack of land access persisting over a significant period. As a result, the project has not benefited from the evolution of soil geochemical and geophysical techniques which now facilitate effective exploration in deeply weathered and complex regolith settings which is particularly pertinent given approximately 75 per cent of the project area is undercover.

Following the relatively recent securing of land access, the project is now available for systematic and modern-day exploration programs to be conducted on a broad scale. Future exploration programs will initially follow-up preliminary targets generated from regional soil sampling and limited historic reconnaissance drilling programs, a majority of which extended to approximately five m below surface with a small percentage extending up to 3 0m below surface.

Cosmo project -- regional soil geochemistry program

The soil geochemistry program at the Cosmo project is the first large-scale systematic exploration program to be conducted on the project in several decades. Similar fieldwork to date has included discrete, small-scale soil geochemistry programs designed to evaluate localized areas of interest and select broad-spaced reconnaissance lines. Much of the work was conducted in the period 1970 to 1995 and is considered to be of limited value given the nature of sample collection, the regolith environment, analytical methods utilized at the time and quality control measures applied.

Sarama's exploration strategy is to conduct broad-scale exploration programs to generate multilayer data sets, developing a foundational understanding of the potential for gold mineralization at the project. Given the lack of base-level work conducted on the project to date, there is an immediate need to gather regional gold-in-soil geochemistry data to complement preliminary magnetic and radiometric airborne geophysical surveys. This geochemistry work, combined with field mapping, is designed to identify areas of near-surface gold anomalism.

The majority of the 580 square km project will be covered with gridded soil sampling of spacing in the order of 400 to 800 m by 100 m on an east-west grid. Higher-priority areas will initially be covered by a 200 m by 100 m grid. Sarama intends to use the UltraFine+ analytical process, developed and commercialized by the CSIRO (Commonwealth Scientific and Industrial Research Organization) specifically to assist in the exploration of the complex regolith conditions which are prevalent in the Eastern Goldfields of Western Australia. The method was not commercially available for the majority of the project's exploration history and Sarama is keen to capitalize on this technical advancement in soil geochemistry which has been used by prominent mineral exploration companies including WA1 Resources, OreCorp, Sayona Mining and S2 Resources.

Interpretations of previous airborne geophysical surveys have identified numerous areas of interest associated with structural features, lithological contact zones -- which are considered to create or are associated with favourable host settings for gold mineralization.

The regionally significant Sefton structural corridor, extending for plus 50 km along the western edge of the project, hosts a series of priority areas. Further target areas in close association with two prominent internal granitic intrusions within the greenstone belt illustrate further potential for gold mineralization. Transported soil cover over the highly prospective western portion of the greenstone belt ideally suited to soil geochemical sampling for drill targeting.

Sarama intends to prioritize these high-potential areas within the larger program to generate potential drill targets for testing as soon as possible. In addition to these zones, historical prospecting activities by various operators within the project have returned high-grade gold values of up to 52g/t Au in surface grab samples. Further ground-truthing work will be undertaken in these areas with a view to incorporating them into the priority areas.

Experienced field crews have already been mobilized to the project and are executing the work program with good productivity and quality control. The first batch of samples is expected to be submitted for analysis in the next two weeks.

Qualified person's statement

Scientific or technical information in this disclosure that relates to exploration is based on information compiled or approved by Paul Schmiede. Mr. Schmiede is an employee of Sarama Resources 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.

Competent person's statement

The new exploration results reported in this disclosure are based on, and fairly represent, information and supporting documentation prepared by Mr. Schmiede. Mr. Schmiede is an employee of Sarama Resources and a fellow in good standing of the Australasian Institute of Mining and Metallurgy. Mr. Schmiede has provided their prior written consent as to the form and context in which the new exploration results and the supporting information are presented in this disclosure.

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