Sarama completes $100,000 (Australian) Tranche 3

Executive Summary

• Sarama Resources Ltd. completed the third tranche of its previously announced $2.7-million Australian equity placement, raising $100,000 AUD.
• The tranche involved the issuance of 3,333,333 CDIs at 3 cents per CDI and 1,111,111 free-attaching options to director Andrew Dinning, following shareholder approval.
• Total funds raised across all three tranches are designated for exploration activities at the Cosmo gold project and working capital, including an arbitration claim against Burkina Faso.

Key Details

• Tranche 3 Financials: Raised $100,000 AUD through the issuance of 3,333,333 Chess Depositary Interests (CDIs) at an issue price of 3 Australian cents per CDI.
• Tranche 3 Warrant Terms: Issued 1,111,111 free-attaching unlisted options exercisable at 9 Australian cents, expiring on November 30, 2028.
• Tranche 1 Summary: Completed July 9, 2025; raised $2.6 million AUD via 86,666,667 CDIs at 3 cents per CDI.
• Tranche 2 Summary: Completed October 7, 2025; included 28,888,889 free-attaching unlisted options and 19,166,666 broker options, both exercisable at 9 cents, expiring November 30, 2028.
• Use of Proceeds: Principal use is financing exploration activities, specifically infill soil geochemistry and the maiden drilling campaign at the belt-scale Cosmo gold project in the Eastern Goldfields of Western Australia. Remaining funds support general working capital and the arbitration claim against the government of Burkina Faso.
• Insider Participation: Director Andrew Dinning subscribed for CDIs in Tranche 3. Board and management collectively subscribed for an aggregate 4,999,999 CDIs across the placement.
• Regulatory Status: The placement is subject to final approval by the TSX Venture Exchange. CDIs issued to management and Mr. Dinning are subject to a four-month hold period. The transaction is classified as a related party transaction under Canadian Multilateral Instrument 61-101, exempt from formal valuation and minority shareholder approval due to fair market value being below 25% of market capitalization.
• Shareholder Approval: Approval for the issuance to related parties was obtained at a special meeting held on October 2, 2025.

Notable Quotes

• None provided in the text.