Sarama Resources - Corporate Update

Sarama Resources Ltd. has granted 9,900,000 options to directors, officers, employees, and consultants. This follows the company's annual compensation review. The stock option plan, approved by shareholders on December 21, 2022, allows up to 10% issuance of its rolling issued and outstanding common shares in any 12-month period. This is in line with ASX Listing Rule 7.2, exception 13(b), exempting the issuance from counting towards the 15% threshold under ASX Listing Rule 7.1.

Options granted to directors require shareholder approval under ASX Listing Rule 10.14. The approval will be sought at the AGM in September 2024. A total of 4,500,000 options will be issued to directors: Adrian Byass (750,000), Andrew Dinning (3,000,000), and Simon Jackson (750,000). These options are priced at A$0.03 each and are exercisable for three years from the grant date.

Additionally, 3,158,336 options granted on January 14, 2021, expired on January 14, 2024. The total options outstanding, subject to the approval of new grants, is 19,431,664.