Mr. Andrew Dinning reports

SARAMA COMPLETES TRANCHE 2 PLACEMENT AND BROKER OPTIONS

Sarama Resources Ltd., on Oct. 7, 2025, completed the second tranche of the previously announced $2.6-million (Australian) equity placement (refer to Sarama's news releases dated June 30, 2025, and July 9, 2025).

The second tranche of the placement consisted of 28,888,889 free attaching unlisted options and 19,166,666 broker options, with each option exercisable at nine Australian cents and expiring on Nov. 30, 2028. The issuance of the tranche 2 options was subject to shareholder approval, which was obtained at the special meeting held on Oct. 2, 2025.

The first tranche of the placement, completed on July 9, 2025, raised aggregate gross proceeds of $2.6-million (Australian), with the company issuing 86,666,667 chess depository instruments (CDIs) at an issue price of three Australian cents per CDI.

Tranche 2 of the placement was issued to institutional and other sophisticated and professional investors upon receipt of shareholder approval, as required by the Australian Securities Exchange listing rules, at the meeting. An appendix 3G was announced to the ASX on Oct. 7, 2025, and provides further detail on the issue of tranche 2.

Tranche 3 of the placement is scheduled for imminent completion and will consist of 3,333,333 CDIs and 1,111,111 attaching options to a director, Andrew Dinning. The issuance of the placement options and the director CDIs to Mr. Dinning was subject to shareholder approval, which was obtained at the special meeting held on Oct. 2, 2025. Funds to be received from tranche 3 will be $100,000 (Australian).

The placement was issued to existing shareholders and new institutional and other sophisticated and professional investors.

Funds raised will be principally used to finance exploration activities, including infill soil geochemistry and the company's maiden drilling campaign at its belt-scale Cosmo gold project in the eastern goldfields of Western Australia. Proceeds will also finance general working capital requirements as the company continues to progress its arbitration claim against the government of Burkina Faso. None of the proceeds from the placement will be used for payments to non-arm's-length parties or persons conducting investor relations activities.

Members of Sarama's board and management have subscribed for an aggregate 4,999,999 CDIs in the placement (inclusive of the CDIs to be issued to Mr. Dinning in tranche 3).

We seek Safe Harbor.