Sarama Resources : Corporate Presentation May 2022

May 2022

TSX-V:SWA

ASX:SRR

FORWARD LOOKING STATEMENTS

Information in this presentation that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information includes statements with respect to the exploration and development plans of projects in which Sarama Resources Ltd ("Sarama" or the "Company") has interests (Sanutura, Koumandara and Karankasso), mineral resource estimates at the Sanutura and Karankasso Projects, the potential for exploration discoveries and additions to mineral resources, the potential for development and mining at the projects and the timing and likelihood on the likelihood of the issuance of arretés for the Tankoro 2 and Djarakdougou 2 Exploration Permits.

Actual results, performance or achievements of the Company may vary from the results suggested by such forward-looking information due to known and unknown risks, uncertainties and other factors, many of which are beyond our control. 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, do not have demonstrated economic viability, and there is no certainty that mineral resources 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 under the heading "Risk Factors" in the Company's ASX Prospectus dated 11 March 2022.

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, management believes that the assumptions and expectations reflected in the forward-looking information are reasonable. In order to provide such forward-looking information, management has made assumptions regarding, among other things, the Company's ability to carry on its exploration activities, that the Company will be able to convert inferred mineral resources into higher confidence categories of mineral resources and into mineral reserves, that its financial resources will be sufficient to fund its currently planned programs and that the Company will be able to obtain further financing as and when required and on reasonable terms, the timely receipt of required approvals, the price of gold and other precious metals, that the Company will not be affected by adverse political events, and that the Company will be able to operate in a safe, efficient and effective manner.

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.

INVESTMENT HIGHLIGHTS

SIGNIFICANT EXPLORATION UPSIDE & LARGE UNDERVALUED RESOURCE

Large position in heart of two prolific gold belts in Burkina Faso

▸ 1,887km2 land holding across two 100% owned project areas

▸ Sanutura Project located in one of West Africa's most prospective & prolific gold belts

Sanutura Project hosts a multi-million ounce gold resource

▸ 0.6Moz @ 1.9g/t Au (Indicated) and 2.3Moz @ 1.4g/t Au (Inferred)(1) resource ▸ 1/3 of resource is oxide + transition & 2/3 of the resource >2g/t Au

Abundant exploration targets to drive high-margin resource growth

▸ Funds from ASX IPO to be used for first major drill program in 5 years

High impact program to grow resource and see how big this can get ▸ +50,000m drilling program1 planned will generate ample news flow

▸ Shallow, highly accretive oxide and high grade targets

Compelling valuation and opportunity for regional consolidation

▸ EV US$6/oz

▸ 4Moz within a 6km radius of Tankoro Deposit

1. Refer to slide titled "Additional Technical Details

CORPORATE OVERVIEW

EXPERIENCED BOARD & MANAGEMENT TEAM

BOARD

CAPITAL STRUCTURESimon Jackson

Non Executive Chairman

Common Shares (M) 137.9

Andrew Dinning

Managing Director & CEO

Warrants (M) 6.5

Adrian Byass

Non Executive Director

Options (M) 12.5

Steve Zaninovich

Non Executive Director

Cash (A$M) 9.0

MANAGEMENT

Andrew Dinning (MD & CEO)

Paul Schmiede (VP Corp Dev)

Jack Hamilton (VP Exploration)

Lui Evangelista (CFO)

+30 years experience in operations, exploration, feasibility & development, international capital markets, M&A, Africa, Russia, Australia. Mining Eng, MBA

+25 years experience in operations, exploration, feasibility & development, business & corporate development, Africa, Australia. Mining Eng

+30 years experience in exploration including over 25 years in Africa including DRC, Tanzania, West Africa - discovered +20Moz Kibali (Moto) Gold Deposit

Senior finance roles with TSX & ASX companies in established & emerging markets including DRC, West Africa, Melanesia. Chartered Accountant

SHAREHOLDER BREAKDOWN

Retail

HNW

Institutional & Corporate (Other)

Sun Valley Gold

Management

Silver Lake Resources

BURKINA FASO

AN ESTABLISHED JURISDICTION & PROLIFIC GOLD PRODUCER

• • Established jurisdiction for ASX & TSX explorers (West African Resources, Orezone, Gryphon)

• • 12 gold mines in operation or development - CY21 gold production +2Moz(1)

• • Projects getting financed & built - latest is Orezone's $190M(1) Bomboré Mine

• • Southern Houndé belt gold endowment exceeds 20Moz(2)

• • Southern Houndé area remains highly prospective with significant discoveries by Sarama,

  Endeavour, Teranga and SEMAFO

• • Banfora Belt is very underexplored and ripe with opportunity

• • Significant opportunity for new mines coming from:

  • → Consolidation (Endeavour, West African Resources, Fortuna Silver)

  • → New discoveries (Sarama, Cardinal, West African Resources, Teranga)

  • → Brownfields exploration (Endeavour Kari & Siou deposits)

  • → New set of eyes across old deposits (Endeavour, West African Resources)

1. Source: Reports and filings for Endeavour Mining, Roxgold Inc, Teranga Gold Corp., Semafo Inc, Nordgold, Iamgold Corp. 2. Refer Mineral Resource Statements for Endeavour Mining, Roxgold Inc, Teranga Gold Corp., Sarama Resources Ltd. 4