Sarama Resources Ltd. announced that it has received notification from the Ministry of Energy, Mines and Quarries of Burkina Faso that it has withdrawn the Company's rights to the 100% owned Tankoro 2 Exploration Permit. The Permit hosts the Tankoro Deposit (Mineral Resource of 0.6Moz Au Indicated and 1.9Moz Au Inferred(1)) which is the central component of the Company's multi-million-ounce Sanutura Project (the "Project"). The Project has been the subject of a preliminary economic assessment which was due for completion and release imminently; however, following receipt of the Notification, this has been suspended.

Sarama has been active on the Permit for 12 years and its mineral tenure was most recently confirmed with the granting of the Permit on November 24, 2021 by the then Minister of Energy, Mines and QuARries, Minister Drachir Ouedraogo and the subsequent payment of the prescribed issuance fees within the requisite timeframe, on November 29, 2021. Under the applicable Burkina Faso laws, following the grant of an exploration permit, the Government issues the respective arrete (or licence certificate(4)) which is an administrative process. The Company has successfully been re-issued exploration permits through this same process on multiple occasions, and as recently as August 3, 2023, in respect of the Ouangoro 2 Exploration Permit.