Sarama Resources closes second tranche of financing

Executive Summary

• Sarama Resources Ltd. completed the second tranche of its $2.6 M Australian equity placement, issuing 28,888,889 free‑attaching unlisted options and 19,166,666 broker options at A$0.09 each, expiring 30 Nov 2028.
• The placement was approved by shareholders at a special meeting on 2 Oct 2025; tranche 3 is slated to close imminently, raising an additional A$100,000 through 3,333,333 CDIs and 1,111,111 director‑attached options.
• Proceeds will fund exploration (infill soil geochemistry and maiden drilling at the Cosmo gold project in WA) and general working capital, including support for Sarama’s arbitration claim against Burkina Faso.

Key Details

• Tranche 2 composition: 28,888,889 free‑attaching unlisted options + 19,166,666 broker options; exercise price A$0.09 per option; expiry 30 Nov 2028.
• Shareholder approval: Obtained at special meeting on 2 Oct 2025 (required by ASX listing rules).
• First tranche recap: Completed 9 Jul 2025, raised A$2.6 M gross; issued 86,666,667 CDIs at A$0.03 per CDI.
• Tranche 3 schedule: Imminent completion; will issue 3,333,333 CDIs and 1,111,111 options to director Andrew Dinning; expected gross proceeds of A$100,000.
• Board/management subscription: Aggregate 4,999,999 CDIs subscribed by board and management (including director‑attached CDIs).
• Use of proceeds: Primarily for exploration activities at the Cosmo gold project (infill soil geochemistry, maiden drilling), plus general working capital and funding of arbitration claim against Burkina Faso government.
• ASX filing: Appendix 3G filed on 7 Oct 2025 providing detailed tranche‑2 issuance information.

Notable Quotes

(No direct quotes were provided in the release.)