SARAMA RESOURCES OUTLINES EXTENSIVE GOLD TRENDS AT COSMO GOLD PROJECT Kilometre-Scale Gold Trends Delineated by Large-Scale Soil Geochemistry Program

10 June 2025

SARAMA RESOURCES OUTLINES EXTENSIVE GOLD TRENDS AT COSMO GOLD PROJECT

Kilometre-Scale Gold Trends Delineated by Large-Scale Soil Geochemistry Program

Highlights

• Extensive gold-in-soil anomalism delineated in recent soil geochemistry program at Cosmo Gold Project
• Program confirms Project is target-rich and hosts multiple significant anomalous gold zones in 8 prospect areas
• Multiple gold trends extend in aggregate for approximately 45km along strike with footprints up to 1.8km in

width

• Peak sample value of 94ppb Au returned within a prospective litho-structural setting
• Regional-scale program is the first significant and systematic exploration program conducted at the Project
• Results provide clear focus for future exploration, including infill soil geochemistry and reconnaissance drilling
• Project covers 580km² project area and +50km greenstone belt strike length
• Cosmo Project part of Sarama’s 1,000km² exploration position(1,2,3) in the prolific Laverton Gold District, close to the producing Gruyere Gold Mine⁽⁴⁾

PERTH, AUSTRALIA / VANCOUVER, CANADA. Sarama Resources Ltd (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to announce that several large trends of gold anomalism have been delineated by the recently completed regional soil geochemistry survey at its Cosmo Gold Project (the “Project”)(1,2) in the Laverton Gold District of Western Australia (refer Figure 1).

The results are the product of the first significant and systematic exploration program conducted on the belt-scale project and the Company is encouraged by the scale of the anomalism and strength of targets delineated. The anomalous trends, which extend in aggregate for approximately 45km with individual strike lengths up to approximately 7km, are located in a range of litho-structural settings, illustrating the geological diversity of the Project and its potential to host multiple styles of gold mineralisation.

Sarama’s Executive Chairman, Andrew Dinning commented:

“We are very encouraged by these early results, which represent a strong start to our exploration at the Cosmo Gold Project. The scale and number of gold anomalies highlight the Project’s potential and aligns well with our broader strategy to unlock value across our 1,000km² (1,2,3) landholding in the highly prospective Laverton Gold District. These results help refine our exploration focus and provide a solid foundation for prioritising key targets and planning the next phase of work, including targeted geochemistry and reconnaissance drilling.”

Figure 1 – Cosmo and Mt Venn Project Locations, Eastern Goldfields, Western Australia

Extensive Gold-in-Soil Anomalism Delineated

The regional soil geochemistry program has successfully delineated numerous zones of extensive gold-in-soil anomalism that provide an immediate focus for future exploration within the Project’s large 580km² footprint. These gold-in-soil trends are noteworthy given their continuity, coherence and strike extent.

At a high level, several clusters of elevated gold zones can be identified within the global raw assay data (refer Figure 2). These clusters can be interpreted to lie at the intersection of 4 belt-scale lineaments, presumed to be faults or other structural features, generally trending in approximately orthogonal orientations. The north-western trends broadly align with the regionally significant Sefton Shear Zone; these spatial associations are encouraging and give insight into controls on gold-bearing fluid flow and emplacement throughout the greater Project.

Interpretations of anomalous zones at a prospect level have successfully identified 8 key prospect areas featuring extensive gold-in-soil anomalism which provide an immediate focus for exploration work (refer Figure 3). Delineation of anomalous trends considered the continuity of grouped sample values and interpreted geological, structural and topographical features. The statistical significance of the gold assays in the context of regolith domains was also considered and in general, a 90^th percentile gold value threshold was adopted.

Figure 2 – High-Level Trends Interpreted from Clustering of Elevated Raw Gold Assays

Figure 3 – Regional Soil Geochemistry Survey Delineates Extensive Gold Anomalism in 8 Key Prospects Ironbar Prospect

The Ironbar Prospect hosts two trends of kilometre-scale anomalism that intersect in the immediate vicinity of the Sefton Shear Zone (refer Figure 4). These trends are broadly defined by +5ppb Au soil sample values (corresponding to the 90^th percentile) and are interpreted to extend for strike lengths of 3.8km and 2.0km in orientations of northnorth-east (“NNE”) and north-west (“NW”) respectively. The intersection area of the trends contains elevated goldin-soil values (+10ppb Au) covering a footprint of approximately 600m x 600m with a peak sample value of 20ppb Au. The high tenor anomalous zone was sampled in sandy cover material and interpretations suggest the intersection of the 2 anomalous trends lies over the contact of an ultramafic unit with a mixed mafic volcanic unit to the east. Airborne magnetic imagery shows a number of subtle magnetic disturbances underlying the Ironbar Prospect, suggestive of NE-trending faults and a small-scale intrusion.

Figure 4 – Ironbar Prospect with High-Tenor Area in Proximity to Lithological Contact & Sefton Shear Zone

Warrior-Rockatansky-Pappagallo Prospects

The combined Warrior-Rockatansky-Pappagallo Prospects host several NW-trending anomalous zones within a trend strike length of approximately 7km (refer Figure 5). The zones are broadly defined by the 90^th percentile gold values within covered and sub-crop domains and are coincident with interpreted mafic and ultramafic volcanic units, which are bounded by a regional granite-gneiss terrane to the west and the late-stage Cosmo Mesogranite unit to the east. Importantly, the NW trend of mineralisation is spatially associated with the belt-scale, NW-trending Sefton Shear Zone.

In the central and southern part of the anomalous trend, several higher tenor zones (+10ppb Au) are present with continuity traced for approximately 4.5km. These potentially reflect bedrock gold mineralisation and Sarama is particularly encouraged by their spatial association with the volcanic/intrusive contact and anomalous magnetic features. Extensive anomalism is also observed in areas overlain by cover, which is significant given the prevalence of sandplain material over the Project. The anomalous trend includes the Project’s peak gold value of 94ppb Au.

Figure 5 – Warrior-Rockatansky-Pappagallo Prospects with Anomalous Gold-in-Soil Trend >7km in Strike Length

Cheedo-Humungus-Zanetti Prospects

The combined Cheedo-Humungus-Zanetti Prospects host extensive gold-in-soil anomalism in cover and sub-crop material along two main trends defined by 90^th percentile values (refer Figure 6).

A north-east (“NE”) trend extends for approximately 7km and has a footprint up to 1.8km in width with gold values up to 80ppb Au. The broad trend is hosted in a complex regolith setting and some mechanical dispersion of gold from historical small-scale workings has likely occurred in the area and been the subject of shallow (generally <5m) stab holes in rotary-air-blast (“RAB”) drilling. The trend is coincident with disrupted features in magnetic imaging which suggests an association with a structural feature transgressing the volcanic and intrusive units in the immediate area of the anomalism. Ground truthing and further analysis will assist in refining the interpretation and target definition.

A secondary NW-trending anomalous gold zone within the Cheedo Prospect has been interpreted to extend for a strike length of 2.8km in an extensive sandplain area with a peak gold value of 12ppb Au. The anomalous zone is coincident with the contact of interpreted mafic volcanic and ultramafic rocks in the vicinity of the regionally extensive Sefton Shear Zone. The primary 7km-long NE-trending zone is proximal to this secondary zone and the associated disruptions to magnetic features are also present.

Figure 6 – Cheedo-Humungus-Zanetti Prospects

Toecutter Prospect

The Toecutter Prospect hosts two broad anomalous zones extending up to 2.6km in length and 1.4km in width (refer Figure 7). The anomalism occurs largely within sandplain material and contains a peak value of 21ppb Au. The anomalism is located on the northern edge of the interpreted Cosmo Mesogranite unit which may play an integral role in the emplacement of gold mineralisation. This broad contact zone of the granitic unit and the adjacent volcanic rocks is considered a prospective area for gold mineralisation and it is encouraging that this type of target has been identified by the recent survey given the regolith setting and complex sampling medium.

Figure 7 – Toecutter Prospect – Broad Anomalism up to 1.8km in Width

Next Steps

Sarama is encouraged with early-stage exploration on the Project to date, particularly with the continuity and extent of the key areas of gold-in-soil anomalism and their general correlation with underlying interpreted geology and structural features.

The soil geochemistry program has highlighted extensive areas of elevated gold-in-soil anomalism that the Company intends to ground truth and plan further infill soil grids around. In addition, planning will commence for reconnaissance drilling in the high-priority areas for which existing soil geochemistry sample density is sufficient for drill targeting.

The recent survey also highlights anomalous zones in unexpected areas that require follow-up including further fieldwork, desktop investigation and potential re-sampling, all of which will be undertaken in parallel with work on the primary targets.

Soil Sample Collection and Analytical Methodology

The majority of the soil geochemistry program was conducted during Q4 2024 - Q1 2025 and was designed to cover broad areas of the 580km² project area as a foundational stage in drill target generation (refer Figure 8). Grids of 400- 800m x 100m oriented east-west were employed for the bulk of the program with sampling of high priority areas conducted on 200m x 100m spacing. In total, samples were taken from approximately 5,000 sites within target areas generated from geophysical surveys and historical ad-hoc exploration works.

Samples were collected at depths of 10-20cm across the Project using a shovel and sieved in the field to produce a minus 0.9mm sub-sample. LabWest’s Ultrafine+^TM process was used to further sub-sample this material to produce a final minus 2 micron fraction for multi-element grade determination using aqua regia digest and spectral analysis. For each sample, a total of either 65 or 53 element values were reported, depending on commodities targeted by exploration.

This sample preparation and analytical process was developed and commercialised by CSIRO (the 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 targets very fine clay material, which may have been subjected to hydromorphic processes, for analysis with very low detection limits which together can indirectly promote identification of mineralisation anomalism that is heavily masked by cover material or as a result of weathering processes. This is particularly prevalent at the Cosmo Project where large areas are under recent sand cover. The method was not commercially available for the majority of the Project’s exploration history and Sarama is pleased to have been able to leverage this technical advancement in soil geochemistry which has been used by prominent mineral exploration companies.

Figure 8 – Soil Geochemistry Sample Collection, Cosmo Project

Analysis of Analytical Results

Regolith, surface geology and topography maps have been developed for the Cosmo Project using remote sensing and airborne geophysical datasets. The resulting interpretations were subsequently ground-truthed at a high level to provide working geological context for exploration targeting and field programs.

Individual samples were assigned a domain coding based on their location within interpreted regolith and rock units of the surface geology and regolith maps. The analytical data for all samples within each domain was then divided into sub-populations by element for statistical analysis. An element correlation matrix was also compiled in order to identify elements that may be commonly associated with gold as the primary target commodity.

Sarama used a range of statistical methods and elemental associations to investigate the raw analytical data and has determined a gold-only values analysis to be most appropriate to identify anomalous zones for further targeting work. Anomalism has been generally defined by 90^th percentile gold values within 5 primary regolith/sampling material domains.

This approach provides for the identification of statistically ‘significant’ zones in a particular sampling medium, regardless of the absolute tenor of a specific assay. This is important given many of the areas sampled are under recent cover and gold mineralisation may exhibit a muted analytical response as a consequence. The approach is also useful in identifying continuity of anomalous zones between different sampling mediums which may have significantly different analytical responses in absolute terms (that is, ‘levelling’ or ‘normalising’ the data).

Summary statistics for the program, categorised by regolith/surface geology domains, is included in Appendix B.

About the Cosmo Project

The Cosmo Project is comprised of 7 contiguous exploration tenements covering approximately 580km² in the Eastern Goldfields of Western Australia. It is located approximately 85km north-east of Laverton and 95km west of the producing Gruyere Gold Mine⁽⁴⁾ and is readily accessible via the Great Central Road.

The Project captures one of the most unexplored greenstone belts in Western Australia and with a strike length of +50km, the Cosmo Newbery Belt represents a large and prospective system with gold first being discovered in the area in the 1890’s. 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 geochemical and geophysical techniques which now facilitate effective exploration in deeply weathered and complex regolith settings. This is particularly pertinent given approximately 75% of the Project area is under cover.

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. Initial soil geochemistry programs conducted by Sarama have outlined extensive gold-in-soil anomalism and future exploration programs, including infill soil geochemistry and reconnaissance drilling, will initially follow-up these promising target areas.

For further information, please contact:

Sarama Resources Ltd

Andrew Dinning or Paul Schmiede

e: [email protected] t: +61 8 9363 7600

Areial View of Cosmo Project, Laverton District, Western Australia

About Sarama Resources

Sarama Resources Ltd (ASX: SRR and TSX-V: SWA) is a gold-focused Australian exploration and development company that is actively pursuing exploration at two highly prospective and under-explored belt-scale gold projects in the prolific Eastern Goldfields of Western Australia. The Company has majority ownership and control(1,2,3) of both projects which cover 1,000 km² in the highly prospective Laverton Gold District.

Prior to initiating exploration activities in Australia, the Company was primarily focussed on advancing the Sanutura Gold Project in Burkina Faso, a multi-million-ounce greenfields gold discovery by Sarama. Following the expropriation of key mineral tenure by the Government of Burkina Faso, the project is now the subject of a significant international arbitration claim for damages. The Company has formally commenced proceedings under the International Centre for Settlement of Investment Disputes (“ICSID”), an arm of the World Bank Group. The arbitration is fully funded through a non-recourse loan facility that covers all associated costs and the Company is being represented by Boies Schiller Flexner, a leading international law firm with a strong track record in securing large-scale settlements in complex disputes.

The Company’s Board and management team have a proven track record in global exploration and a strong history in the discovery and development of large-scale gold deposits. Sarama is well positioned to build value for shareholders by executing sound exploration strategy across its exploration property portfolio and vigorously pursuing its substantial damages claim.

This announcement has been authorised by the Board of Sarama Resources.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FOOTNOTES

1. Sarama, via its 100%-owned subsidiary, holds an 80% interest in all the Project’s Exploration Licences, with the exception of E38/2274 for which Sarama holds an effective 60% interest (with Cosmo Gold Limited (“Cosmo Gold”) retaining a 15% interest and an exisitng joint tenement holder retaining a 25% interest). The tenements in which Sarama holds an 80% interest account for approximately 80% of the total area of the Project. For a period of 2-years following completion of the transaction which results in Sarama acquiring an interest in the Project, Sarama has the right to acquire Cosmo Gold’s remaining 20% interest, which would result in Sarama having an aggregate 100% interest, in all the Project’s Exploration Licences (with the exception of Exploration Licence E38/2274 which would be held 75% by Sarama and 25% by an exisitng joint tenement holder in the event that Sarama exercises the option to acquire Cosmo Gold’s remaining interest in the Project). See Appendix A for further details.

2. The Cosmo Project is comprised of the following contiguous Exploration Licences: E38/2851, E38/3456, E38/2627, E38/2274, E38/3525, E38/3249 and E38/2774 covering approximately 580km².

3. Sarama executed a binding agreement in February 2025 (refer Sarama news release 27 February 2025) that contemplates the acquisition of Orbminco Limited’s (ASX:OB1) 80% joint venture interest in the Mt Venn Project, with Cazaly Resources (ASX:CAZ) holding the remaining 20% interest. The project is comprised of the contiguous Exploration Licences E38/3111, E38/3150 and E38/3581 which cover approximately 420km². The Company anticipates completing the transaction in June 2025.

4. Gruyere Project Mineral Resources December 2023: 113.3Mt @ 1.32g/t Au for 4.8Moz Au (Measured & Indicated) and 68.6Mt @ 1.44g/t Au for 3.2Moz (Inferred) (December 2023 Quarterly Report, Gold Road Resources Limited, 29 January 2024). Technical and scientific information disclosed from adjacent properties, such as the Gruyere Mine, does not necessarily apply to the Cosmo Project and is included only to illustrate the gold endowment in the east Laverton District, particularly in projects that have had significant exploration undertaken.

CAUTION REGARDING FORWARD LOOKING INFORMATION

Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information includes, but is not limited to, the potential for anomalous zones interpreted from soil geochemistry surveys to host gold and other mineralisation of significance, general statements regarding the prospectivity of the Mt Venn and Cosmo Projects, information with respect to Sarama’s planned exploration activities, having or acquiring mineral interests in areas which are considered highly prospective for gold and other commodities and which remain underexplored, costs and timing of future exploration, the potential for exploration discoveries and generation of targets, the intention to gain the best commercial outcome for shareholders of the Company, timing and receipt of various approvals, consents and permits under applicable legislation and the completion of a transaction to acquire an interest in the Mt Venn Project. Actual results, performance or achievements of the Company may vary from the results suggested by such forward-looking statements due to known and unknown risks, uncertainties and other factors. Such factors include, among others, that the business of exploration for gold and other precious minerals involves a high degree of risk and is highly speculative in nature; Mineral Resources are not mineral reserves, they do not have demonstrated economic viability, and there is no certainty that they can be upgraded to mineral reserves through continued exploration; few properties that are explored are ultimately developed into producing mines; geological factors; the actual results of current and future exploration; changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company’s publicly filed documents.

There can be no assurance that any mineralisation that is discovered will be proven to be economic, or that future required regulatory licensing or approvals will be obtained. However, the Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company’s ability to carry on its exploration activities, the sufficiency of funding, the timely receipt of required approvals, the price of gold and other precious metals, that the Company will not be affected by adverse political and security-related events, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain further financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information. Sarama does not undertake to update any forward-looking information, except as required by applicable laws.

COMPETENT PERSONS’ STATEMENT

The new Exploration Results reported in this disclosure are based on, and fairly represent, information and supporting documentation prepared by Paul Schmiede. Paul Schmiede is an employee of Sarama Resources and a Fellow of the Australasian Institute of Mining and Metallurgy. Paul Schmiede has provided his prior written consent as to the form and context in which the new Exploration Results and the supporting information are presented in this disclosure.

The previously reported Exploration Results referred to in this disclosure were first disclosed in accordance with ASX Listing Rule 5.7 in the Company’s ASX disclosure listed in Appendix C. The Company confirms that it is not aware of any new information or data that materially affects the information included in those previous items of disclosure.

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. Paul Schmiede is an employee of Sarama Resources Ltd and is a Fellow in good standing of the Australasian Institute of Mining and Metallurgy. Paul Schmiede has sufficient experience which is relevant to the commodity, style of mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43-101. Paul Schmiede consents to the inclusion in this news release of the information in the form and context in which it appears.