Sarama Resources Announces Issuance of Compensation Shares

Sarama Resources Ltd. (ASX:SRR)(TSX-V:SWA) has announced that its Executives and Non-Executive Directors will receive a portion of their deferred salaries and director fees in common shares. This decision follows the suspension of these payments in September 2023 to preserve financial resources amid the uncertainty caused by the illegal withdrawal of the Tankoro 2 exploration permit.

The Company plans to issue 22,348,980 Compensation Shares at a deemed price of A$0.02 per share, the same as its recent equity placement. This agreement is pending approval from the TSX Venture Exchange (TSX-V) and the Australian Securities Exchange (ASX), with shareholder approval to be sought at the Annual General Meeting on September 4, 2024.

Upon issuance, Sarama will have 251,271,149 common shares outstanding. The Company is also working on acquiring rights to the Cosmo Newbery Gold Project in Western Australia's Eastern Goldfields and securing funding to pursue legal claims regarding the Tankoro 2 permit in Burkina Faso.