Aruma Resources Limited (ASX: AAJ) (Aruma or the Company) is pleased to announce the appointment of Mr Glenn Grayson as Managing Director, effective from today's date. Mr Grayson replaces the Company's founding managing director Mr Peter Schwann who has led the Company since its listing in 2010. Mr Schwann will remain on the board as a Non-executive Director.

Mr Grayson joined Aruma as the Company's Chief Operating Officer in October last year and has played a key role, working closely with Mr Schwann, in advancing the Company's portfolio of prospective lithium and gold assets in Western Australia. Mr Grayson has demonstrated his technical expertise, and commitment to process and rigour on Aruma's exploration strategy, and in the planning and execution of its exploration programs. As managing director he will be responsible for formulating and implementing the Company's exploration strategy going forward, and the underlying on-ground fieldwork and exploration programs.

He will also be responsible for the management of the day-to-day operations of the Company, and key stakeholders including shareholders and the investor market. Mr Grayson has in excess of 27 years' experience as a geologist and has a strong depth of technical expertise in gold exploration and development in Western Australia and Victoria. He has a proven history of generating resources and reserves through to mining operations. Prior to joining Aruma Mr Grayson was Exploration Manager for Kin Mining NL (ASX: KIN) for a period of five years. In this position he helped Kin advance their projects from prospect to mining proposal by instituting a technical approach to exploration. Mr Schwann has been a dedicated managing director of Aruma for period of nearly 13 years since its listing. He managed and led the assessment, acquisition and pegging, and subsequent exploration of numerous projects across a range of different minerals. He built strong relationships with key stakeholders across the business, and also oversaw multiple capital raisings and R&D tax refunds throughout his tenure, which enabled the Company to successfully pursue its exploration activities.

Aruma Chairman James Moses said, 'We are delighted to appoint Glenn as the Company's new managing director and look forward to working closely with him as Aruma embarks on the next phase of its growth and evolution. He has already demonstrated his technical acumen in his work on the Company's projects to date, and we look forward to seeing the Company flourish under his leadership. Glenn takes over from the Company's founding managing director Peter Schwann, and I would like to thank Peter for the tireless commitment and energy he displayed throughout his tenure, and for his passion for the role. Peter will remain on the Aruma board as a Non-executive director, and we look forward to continuing to work him at board level.'

Aruma is committed to driving shareholder value via the systematic exploration and advancement of its key projects. Its current core focus is on the Salmon Gums Gold Project in the Eastern Goldfields region of WA and the Mt Deans Lithium-Rubidium Project in the lithium corridor of south-eastern WA. Details of the next stage of fieldwork across the project portfolio will be provided in due course.

The key terms of Mr Grayson's Managing Director employment arrangements are summarized below: Base salary of $275,000.00 per annum payable monthly in arrears; Statutory superannuation which is currently 10.5% of the Base Salary at the date of this Agreement; and Participation in the Company's incentive equity arrangements, which are to be agreed with and at the discretion of the Board (and will be subject to Shareholder approval).

Employment may be terminated by either party giving 3 months' notice.

This announcement has been authorised for release by the Board of Aruma Resources Ltd.

Contact:

James Moses

Chairman

Aruma Resources Limited

Mobile: +61 420 991 574

E: info@arumaresources.com

(C) 2023 Electronic News Publishing, source ENP Newswire