Sarama Resources Investment Highlights Two project areas - PowerPoint PPT Presentation

C ORPORATE P RESENTATION F EBRUARY 2020

F ORWARD L OOKING S TATEMENTS 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 of properties in which we have interests, mineral resource estimates at South Houndé Project, Bondi Deposit and Karankasso Project (Joint Venture with SEMAFO Inc.), the potential for open pit mining at the properties and the potential for extensions of existing discoveries at the properties. 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 in our publicly filed documents, including under the heading “Risk Factors” in the Company’s management discussion and analysis for the interim period ended September 30, 2019. 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. The Djarkadougou and Bouni Exploration Permits are going through a process with the government of Burkina Faso where it is required they be reissued as a new full-term exploration permit. The Company anticipates this to be completed in due course, though there can be no assurance that the process will be successfully completed on a timely basis, or at all. 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. 1

Sarama Resources Investment Highlights • Two project areas geologically and strategically well positioned in southwest Burkina Faso • Primary focus is the Southern Houndé Belt Project Area: → Hosts the 2.1Moz 1 Au *(Inf) South Houndé Project and the Bondi Deposit* 1 → Scope for a low capex & high return oxide heap-leach mine development → Aim to increase oxide and free-milling resource inventory to support a staged-development producing 80- 100koz per year & providing sound returns at $1,250/oz Au • Southern Houndé regional dynamic has changed substantially with SEMAFO acquisition of Savary and exit of Acacia • SEMAFO and Teranga regional development plans underscore the importance & value of Sarama’s regional position • Second , early stage growth project in neighbouring Banfora Belt • Silver Lake Resources , a mid-tier ASX listed gold producer has become a cornerstone shareholder 1. Refer to slide titled “Additional Technical Details” * Situated on Djarkdougou permit which is subject to renewal 2

Management And Capital Structure TSX-V: SWA Andrew Dinning Chairman & CEO Common Shares 250,659,987 Sean Harvey Non Executive Director Warrants 8,500,000 Simon Jackson Non Executive Director Options 23,365,000 Dave Groves Non Executive Director Key Managment Jack Hamilton VP Exploration Paul Schmiede VP Corp. Development Lui Evangelista Chief Financial Officer

Burkina Faso – A Prolific Gold Producer • 12 gold mines in operation or under development • Large, high quality holdings are scarce • Southern Houndé area is very active with Endeavour , Teranga and SEMAFO all making major recent discoveries • Banfora Belt very underexplored and ripe with opportunity SEMAFO Roxgold • Next-Generation mines will come from: → Brownfields exploration e.g. Endeavour Kari Pump Endeavour Teranga → A new set of eyes across old deposits & different approach Sarama Sarama JV SEMAFO → New discoveries in underexplored areas like the Banfora Belt Sarama Teranga → Consolidation to achieve critical mass • Sarama’s assets provide multi-project exposure with different development pathways 4

Multi-Project Exposure In Burkina Faso Development Project Growth Project Southern Houndé Belt Development Area Koumandara Project 100% owned 100% owned 1,300km 2 600km 2 2.1Moz Au Inf. Resource +100km gold-in soil trends Historic resource on Bondi Deposit 1 High tenor with 10 g/t Au in drilling & 4 g/t Au-in-soil Visibility to mine production 80km west of South Houndé Project Active exploration aims to grow resource to 3-3.5Moz * Active exploration and amalgamation • The potential quantity is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being 5 delineated as a mineral resource. The potential quantity is based on extrapolation of historical exploration results and related geological setting. • 1. Refer to slide titled “Additional Technical Details”

Southern Houndé Area Development Concept Near-Field Resource Growth Two-Stage CIL Heap Leach +500koz Oxide & Free-Milling Fresh High-Grade Oxide Development Base Case Concept Preferred Start-Up Simple, Oxide-Focussed Heap Leach Development Staged Oxide & Fresh Development Potential To Minimise Start-Up Capex Higher Au Recovery Than Heap Leach Satellite Ore Trucked To A Central Processing Facility Phased Capex Development To Be Economic @ US$1,250/oz Au Anticipate Sound Economics At $1,250/oz Au 6 SARAMA RESOURCES LIMITED

Southern Houndé Area Development Base Case • Concept work indicates scope for a high-grade, high-return, simple, oxide- focussed development trucking satellite ore to a central processing facility • Ore feed sourced from South Houndé oxide/transition plus ThreeBee Project • Anticipate resource to reserve conversion of ~60% @$1,200/oz Au • Key oxide performance metrics South Houndé Project 1 ✓ CIL recovery 95% ✓ Rapid leach kinetics with +90% recovery in 2 hours in agitated leach ✓ 87% recovery in column leach tests ✓ Nominal 4:1 strip ratio • Key performance metrics Bondi Deposit 1 ✓ Free milling oxide & fresh with CIL recovery of 93-96% ✓ High grade ROM feed ~3g/t Au both oxide and fresh ✓ Nominal 6:1 strip ratio to mine oxide and fresh 1. Refer to slide titled “Additional Technical Details” 7

Multi-Staged Development Concept Stage 1 Stage 2 4 years • Resource growth 7 years goal:1.7-1.9Moz * Au Resource Development oxide & Free Milling & Project Sizing • Technical Studies & Infill Drilling Construction BASE CASE Stage 1: Oxide Oxide Material & Start-up Install MODEST RESOURCE GROWTH 0.5-0.7Moz * Au Hard Rock Fresh Stage 2: Fresh Hard Rock Transition Material Circuit * The potential quantity is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated 8 as a mineral resource. The potential quantity is based on extrapolation of historical exploration results and related geological setting.

Near-Field Oxide & Free-Milling Resource Growth Resource Goal 1.7-1.9Moz * Resource Infill: South Hounde & Bondi 1 High Probability: Resource Extensions South Hounde 0.8-0.9Moz and additions at South Hounde & Bondi Bondi 0.5-0.7Moz 1 Prospects: Zanawa, Ouangoro Corridor Prospects 0.2-0.3Moz Targets 0.2-0.3Moz Targets: Bamako, Botoro, Eastern Djarkadougou, NE South Hounde Project, Eastern South Hounde Project • The potential quantity is conceptual in nature and there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated 9 SARAMA RESOURCES LIMITED as a mineral resource. The potential quantity is based on extrapolation of historical exploration results and related geological setting. • 1. Refer to slide titled “Additional Technical Details”