Sarama Resources Ltd. announced that exploration drilling at its 100%-owned(4) Sanutura Project (the "Project") has intersected new mineralisation in the footwall region of the MC Prospect. The mineralisation is located near-surface in oxide material outside the current Mineral Resource and has potential to enhance open pit stripping ratios in any eventual mine development. The company intends to pursue further growth in these areas in upcoming drill programs. The reported drilling totals 2,200m and represents the fourth area of new mineralisation discovered in the ongoing +50,000m program, which has been designed to increase the oxide component of the Project's 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred) Mineral Resource.

Drilling Intersects Significant New Mineralisation in Footwall of MC Prospect Results are being reported for approximately 2,000m (35 holes) of aircore ("AC") and 200m (3 holes) reverse-circulation ("RC") drilling undertaken in Q2/Q3 2022 at the MC Prospect. The drilling targeted the near-surface oxide horizon to a depth of approximately 50m and highlighted downhole intersections include: 17m T 2.00g/t Au from 29m in TAA213 (hole ended in mineralisation); 23m at 1.38g/t Au from 15m in TAA227 (including 7m at 2.51g/t Au); 14m at 2.16g/t Au from 32m in TAA226 (including 5m at 5.30g/t Au); 17m at 1.40g/t Au from 43m in TAA290 (including 5m at 2.47g/t Au & hole ended in mineralisation); 15m at 1.51g/t Au from 36m in TAA210; and 19m at 1.00g/t Au from 35m in TAR061 (hole ended in mineralisation). The drilling program targeted certain sections of the MC Prospect over a zone extending for approximately 2.8km along strike and had multiple objectives; testing for strike and dip extensions to lodes contributing to the current Mineral Resource and follow-up of isolated and unmodelled intersections encountered in previous exploration drilling.

While the MC Prospect has been the subject of significant historical drilling and currently contributes approximately 20% to the Project's 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred) Mineral Resource, considerable exploration potential remains as demonstrated by the recent drilling. The recent drilling successfully intersected new gold mineralisation outside the current Mineral Resource in 3 key areas. This new mineralisation is generally located in the footwall of the modelled lode package that forms the MC Prospect and highlights the potential for future growth around the eastern limit of drill coverage of the mineralised corridor.

Further drilling is planned to delineate the extent and geometry of mineralisation, including areas where several holes ended in strong mineralisation; 4m at 4.30g/t Au (from 46m in TAA378), 6m at 1.74g/t Au (from 60m in TAA213), 17m at 1.40g/t Au (from 43m in TAA290) and 19m at 1.00g/t Au (from 35m in TAR061) which illustrates the potential for further gold mineralisation to be discovered. Drilling is currently paused until the end of the wet season in fourth quarter 2022. The company is currently interpreting results and incorporating these in its planning for further drilling of its higher priority targets around the Mineral Resource, including at these encouraging new locations, early in the next field season.

A number of regional exploration targets will also be tested in the upcoming programs.