Sarama Resources Ltd. announced that exploration drilling at its 100%-owned(4), multi-million-ounce Sanutura Project (the "Project") has returned several encouraging near-surface intersections of new mineralisation in the south of the Tankoro Mineralised Corridor. The reported drilling totals 2,900m and was primarily focussed on testing for new mineralisation in lightly-drilled areas of the Kenobi, Djimbake and Obi Prospects. The results represent the sixth discovery of additional/extensional mineralisation since the commencement of the ongoing +50,000m drill program and continue to demonstrate the strong potential to grow the oxide component of the Project's 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred)(1) mining shape constrained Mineral Resource.

Drilling Highlights Potential for Expansion of Mineral Resource Footprint Results are being reported for approximately 1,500m (30 holes) of aircore ("AC") and 1,400m (17 holes) reverse-circulation ("RC") drilling undertaken in Q2/Q3 2022 at the Kenobi, Djimbake and Obi Prospects in the southern extent of the Tankoro Mineralised Corridor. The drilling targeted the near-surface oxide horizon to a vertical depth of approximately 50m and highlighted downhole intersections from these holes include: 5m @ 7.05g/t Au (incl. 1m @25.60g/t Au) from 9m in TAA173; 22m @ 1.52g/t Au from 22m in TAA278; 10m @ 1.33g/t Au from 23m in TAR059; 14m @ 1.20g/t Au from 10m in TAA178; 6m @ 1.90g/t Au from 15m in TAA171; and 6m @ 1.49g/t Au from 7m in TAA141.

The drilling investigated various areas within the Tankoro Mineralised Corridor where previous reconnaissance drilling, which targeted gold-in-soil anomalism, had intersected numerous discrete zones of mineralisation within a broad 1.7km-wide gold-bearing trend. Fence spacing in the area typically remains widely spaced, particularly in the eastern side of the trend where it is frequently 200-300m and up to 500m. This reflects the early-stage of the area which is generally outside the footprint of the Project's current Mineral Resource.

The quality of the recent results highlights the likelihood that the Mineral Resource will be expanded into the region with further drilling. Kenobi Prospect A portion of the recent drilling targeted the eastern side of the Tankoro Mineralised Corridor where potential exists to extend modelled lodes and to pursue targets generated by previous early-stage reconnaissance drilling within the Kenobi Prospect. The recent drilling on this fence returned encouraging near-surface downhole intersections of 5m @ 7.05g/t Au (incl.

1m @ 25.60g/t Au) and 6m @ 1.90g/t Au which add to significant historical intersections including 10m @ 1.73g/t Au, 6m @ 1.11g/t Au and 4m @ 1.46g/t Au. Together, the results support the interpretation of 5 steeply-dipping mineralised lodes hosted within oxide material and extending to a vertical depth of approximately 60m where the mineralisation remains open. The closely-spaced nature of the lodes is expected to result in a locally attractive strip ratio which has the potential to enhance economics in any mine development scenario.

Further drilling is planned to the immediate north and south of this fence to build out the interpretation for incorporation into an updated Mineral Resource estimate. Recent drilling also broadly targeted the southern extent of current Mineral Resource footprint where potential exists to extend selected modelled lodes to the south into a drill gap that extends approximately 480m along strike and 140m across. Mineralisation in the area is interpreted primarily as a package of steeply dipping lodes with kilometre-scale strike continuity to the north-north-east.

A flat-lying, easterly dipping lode is interposed between the sub-vertical lodes, reminiscent of the lode geometries in the higher-grade sections of the Obi Prospect which delivered significant extensional exploration success in recent times. Encouraging downhole intersections of 14m @ 1.20g/t Au, 10m @ 1.33g/t Au and 6m @ 1.30g/t Au were returned in recent assay results, supporting strike extensions to several mineralised lodes into the drill gap. Historical downhole intersections of 13m @ 1.53g/t Au, 9m @ 2.27g/t Au and 14m @ 1.34g/t Au located within modelled lodes on the margin of the target area reinforce the potential for expansion of the Mineral Resource footprint into this area with further drilling.

Djimbake Prospect: Recent drilling has also enhanced the potential of the Djimbake Prospect with encouraging downhole intersections of 22m @ 1.52g/t Au and 8m @ 1.00g/t Au (ending in mineralisation) being returned from the southern margin of the Mineral Resource. These intersections add to historical downhole intersections in the immediate area of 29m @ 1.05g/t Au, 8m @ 1.86g/t Au, 6m @ 1.40g/t Au, pointing towards a local strengthening of grade and confirmation of an associated thickening of the mineralised lodes which together illustrate strong potential for the expansion of the current Mineral Resource footprint to the south and down-dip. The intersections in the drilled area suggest a north-westerly control to this grade- thickness accumulation which may provide guidance for future extensional exploration to the north.

Exploration in Tankoro Mineralised Corridor Set to Continue in 2023: The reported results at early-stage targets within the Djimbake and southern Kenbobi Prospects that are well outside the footprint of the current Mineral Resource area are highly encouraging and highlight the potential for growth with further exploration drilling. The program has also successfully identified potential strike extensions to currently modelled lodes in near-surface oxide material which have the potential to add to the Mineral Resource. Drilling is currently paused until 2023 and with all assays from the Q2/Q3 2022 program now returned, the Company is currently compiling results and incorporating these in its planning for further drilling of its highest priority targets around the Mineral Resource.

A number of regional exploration targets will also be tested in the upcoming programs.