Sarama Resources Secures A$1.5 Million Placement, Advances Burkina Faso Arbitration

Sarama Resources Ltd. (ASX:SRR) today announced it has received binding commitments for a private placement to raise A$1.5 million before costs. Sarama Resources is an exploration and development company with a strategic focus on copper-gold opportunities in Australia, alongside a fully funded international arbitration claim against the Government of Burkina Faso. The placement was well-supported by existing institutional, professional, and sophisticated investors, ensuring continued progress on key company initiatives.

Funds raised from the placement will be primarily allocated to advancing the Company’s early-stage copper-gold exploration projects located in New South Wales, Australia. Additionally, a portion of the capital will be used for general working capital purposes to support the ongoing progress of Sarama’s significant US$242 million (plus interest) damages claim against the Government of Burkina Faso. The placement involves the issue of up to 42,857,715 Chess Depository Interests (CDIs) at an issue price of A$0.035 per CDI, representing a discount to recent trading prices.

The arbitration claim, pursued through the International Centre for Settlement of Investment Disputes (ICSID), an organisation of the World Bank Group, continues to advance as anticipated. It is fully funded via a US$4.4 million non-recourse litigation facility, with legal representation from Boies Schiller Flexner (UK) LLP. Sarama has achieved several key procedural milestones, including confirmation of the procedural timetable, receipt of memorials, and the scheduling of the Merits Hearing for February 2027. Executive Chairman Andrew Dinning expressed satisfaction with the placement’s support and the arbitration’s progress, highlighting the upcoming hearing date.

The placement will be conducted in two tranches, with Tranche 1 utilising the Company’s ASX Listing Rule 7.1A placement capacity. Tranche 2, comprising up to 2,335,714 CDIs, will be subject to shareholder approval at the Annual General Meeting anticipated for late August 2026. Settlement for Tranche 1 is expected on Monday, 25 May 2026, with CDIs expected to be allotted on Wednesday, 27 May 2026.