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Statement of Executive Compensation – 2023

Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX-V:SWA) is pleased to announce the Statement of Executive Compensation – 2023.

The following information is provided as required under Form 51-102F6 for Non-Venture Issuers, as that term is defined in National Instrument 51-102 – Continuous Disclosure Obligations for the financial year ended December 31, 2023. The Company reports its financial statements in United States dollars. Unless otherwise noted, all compensation described in this statement is awarded to, earned by, paid to, or payable to an NEO in either Canadian dollars or Australian dollars. Unless otherwise noted, all compensation amounts have been converted into United States dollars at the following Bank of Canada annual average rates.

All references to “C$”, “$” or “dollars” in this Statement of Executive Compensation refer to Canadian dollars unless otherwise indicated. References to “US$” or “U.S. dollars” refer to United States dollars. References to “A$” refers to Australian dollars.

Compensation Discussion and Analysis

The following compensation discussion and analysis provides insight into the compensation that the Company provided to its Chief Executive Officer, Chief Financial Officer and the three most highly compensated executive officers of the Company (the “NEOs”) for the year ended December 31, 2023 (the “2023 Fiscal Year”). For the 2023 Fiscal Year, the Company had the following NEOs: (i) Andrew Dinning, CEO; (ii) Lui Evangelista, CFO; (iii) Paul Schmiede, Vice President – Corporate Development; and (iv) Jack Hamilton, Vice President – Exploration.

During the 2023 Fiscal Year, the Company focused on completing a Preliminary Economic Assessment (“PEA”) on its Sanutura project in Burkina Faso (the “Project”), until the PEA was suspended in September 2023 due to the illegal withdrawal of the Company’s rights to the 100% owned Tankoro 2 Exploration Permit (the “Permit”) by the Government of Burkina Faso. Subsequently, the Company’s exploration activities were reduced to administrative and compliance requirements and exploration field camps were placed on care and maintenance.

Advancement of the Sanutura Project

In early 2023, the Company completed internal assessment work evaluating various project sizes, configurations and throughput rates, and staging the development of the Project. As a result of this work, the Company decided to undertake a PEA to evaluate accelerating the Project via a staged approach, commencing with a mid-sized mine development established using high-grade, free-milling oxide material, followed by successive upgrades and expansions to deliver a long life, high return project. The Company’s approach had been to optimise the Project to facilitate development funding, focusing on the payback period, minimising upfront capital and structuring the Project to generate cash flows as soon as practicably possible. Open pit mining was focused on bringing value forward and was being scheduled accordingly while underground mining was being scheduled to augment grade requirements later in the mine life. The PEA was scheduled for completion in September 2023.

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