Sarama Resources Ltd. announced that exploration drilling at its 100%-owned(4) Sanutura Project (the "Project") has intersected new high-grade mineralisation and identified extensions to selected lodes at the MM Prospect within the Tankoro Deposit. The new mineralisation is located near-surface in oxide material outside the current Mineral Resource and has potential to enhance open pit stripping ratios in any eventual mine development. Sarama intends to pursue these types of targets in upcoming drill programs. The reported drilling totals 2,200m and represents the fifth discovery of new mineralisation in the ongoing +50,000m program, which was designed to increase the oxide component of the Project's 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred) Mineral Resource.

Highlights are: New, high-grade mineralisation intersected from surface and outside the modelled Mineral Resource at the MM Prospect; Highlighted downhole intersections from new assays include: 21m @ 7.57g/t Au from surface in TAA359; 15m @ 2.48g/t Au from 15m in TAR041; 13m @ 1.41g/t Au from 21m in TAR042; 13m @ 1.36g/t Au from 29m in TAR040; and 30m @ 0.84g/t Au from 8m in TAA411; Intersections are in shallow, oxide material with high potential to add to the oxide and transition component of the Mineral Resource, currently standing at 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred); Identification of new mineralisation proximal to the existing Mineral Resource will enhance project economics; Results continue to support the thesis that potential remains for significant new discoveries close to known mineralisation; Results from the final suite of assays in the Q2/Q3 2022 program will be announced later this quarter; and Follow-up drilling, including greenfields exploration drilling, expected to commence in 2023. Drilling Intersects High-Grade Mineralisation in Oxide Material and Identifies Strike Extensions - Results are being reported for approximately 2,000m (39 holes) of aircore ("AC") and 200m (4 holes) reverse-circulation ("RC") drilling undertaken in Q2/Q3 2022 at the MM Prospect within the Tankoro Deposit. The drilling targeted the near-surface oxide horizon to a vertical depth of approximately 50m and highlighted downhole intersections from these holes include: 21m @ 7.57g/t Au from surface in TAA359; 15m @ 2.48g/t Au from 15m in TAR041; 13m @ 1.41g/t Au from 21m in TAR042; 13m @ 1.36g/t Au from 29m in TAR040; 30m @ 0.84g/t Au from 8m in TAA411; 7m @ 1.60g/t Au from 4m in TAA190; and 3m @ 2.79g/t Au from 65m in TAA344 (including 1m @ 6.43g/t Au).

The drilling program investigated 5 target areas in a section of the MM Prospect extending for approximately 1.4km along strike within the western Tankoro Mineralised Corridor. Previous drilling delineated subordinate mineralised lodes located in the hangingwall and footwall of the main gold-bearing lode(s) and potential exists for extensions along strike and the discovery of additional high-grade mineralisation in near surface oxide material. The targeted lodes strike obliquely to the main mineralisation, which is a characteristic seen in the better drilled areas of the Tankoro Deposit.

Drilling in one footwall area of the MM Prospect targeted the confluence of obliquely striking mineralisation with the main lode and returned a significant downhole intersection of 21m @ 7.57g/t Au from surface, within oxide material. The prospectivity of this area is likely enhanced by structural movements/features and historical drilling has produced high-grade downhole intersections including 15m @ 7.43g/t Au, 14m @ 7.93g/t Au and 10.2m @ 14.85g/t Au. The new intersection supports the extension of an oblique-striking lode 50m to the south as well as up-dip to surface and a meaningful expansion of modelled lode thickness in the near surface zone area.

Drilling of discrete modelled lodes in relatively sparsely drilled footwall and hangingwall areas returned downhole intersections including 7m @ 1.60g/t Au and 2m @ 2.93g/t Au, supporting extensions to the lodes in the order of 50m along strike to the north and south. The drilling in these second and third target areas significantly increases the strike continuity of the mineralisation, adding to the core higher-grade zone delineated by historical downhole intersections of 10m @ 2.36g/t Au, 2m @ 5.28g/t Au, 10m @ 1.31g/t Au, 7m @ 1.42g/t Au and 5m @ 1.69g/t Au. The lodes remain open along strike and down dip and further drilling is planned to test for more strike extensions, which will also improve the understanding of the lode architecture in these sparsely drilled areas.

The fourth target area is located in the hangingwall of the main lode and features numerous historical intersections in sparsely drilled areas outside of the Mineral Resource. The reconnaissance drilling generally returned narrow downhole intersections including 3m @ 2.79g/t Au and 2m @ 1.25g/t Au that indicate the presence of additional mineralised lodes in the area and further drilling is planned to improve knowledge of lode geometry and support a working interpretation. Select holes were also drilled into the main lode of the Mineral Resource to confirm its tenor and geometry and to investigate the potential for footwall splays to develop in areas where a localised thickening of mineralisation had occurred.

Potential exists for future drilling in the hangingwall and footwall regions to delineate additional mineralised lodes. 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 higher priority targets around the Mineral Resource. A number of regional exploration targets will also be tested in the upcoming programs.