Sarama Resources Completes First Tranche of Equity Placement

On May 29, 2026, Sarama Resources Ltd officially announced the completion of Tranche 1 of its A$1.5 million equity placement, raising gross proceeds of A$1,418,250. The placement involved issuing 40,521,427 CDIs at A$0.035 per CDI, aligning with existing CDIs. Tranche 2, involving 2,335,715 CDIs for company directors, awaits shareholder approval expected in August 2026.

Proceeds will support exploration projects and general working capital, including a US$242 million damages claim against Burkina Faso's government. Tranche 2 will proceed post-approval at the scheduled shareholder meeting. The placement requires TSX Venture Exchange final approval, with a four-month hold for Canadian subscribers, exempting others.

The placement security is not registered under U.S. laws. Estimated proceeds expenditures include exploration (32%), executive management (23%), corporate administration (13%), and other categories. Sarama's board has not sought a formal valuation under Canadian rules, deeming exemptions applicable.