CONTROL AND DIRECTION OVER THE COMMON SHARES AND WARRANTS OF SARAMA RESOURCES LTD.

SUN VALLEY, Idaho, May 11, 2022 /CNW/ – Sun Valley Gold LLC (“Sun Valley”) announced today that its stake in Sarama Resources Ltd. (“Sarama”) declined following the completion by Sarama on April 22, 2022 AUS$8,000,000 equity financing in connection with its dual listing on the Australian Securities Exchange. The Financing involved the issue of 38,095,238 ordinary shares in the capital of the Issuer at an issue price of AUS$0.21 for aggregate gross proceeds of AUS$8,000,000.

No more Valley of the Sun nor Sun Valley Gold Master Fund Ltd. (the “Main Fund”), a client account on which Valley of the Sun has discretionary trading power, acquired securities under the private placement, which led to a reduction in their respective interests in Sarama. Following the completion of the private placement, Valley of the Sun continues to exercise control and direction over 15,433,333 common shares of Sarama on behalf of the Master Fund. These shares represent approximately 11.19% of the issued and outstanding common shares of Sarama.

Valley of the Sun and the Master Fund may increase or decrease its ownership of Sarama securities depending on future market conditions.

FOR MORE INFORMATION OR TO OBTAIN A COPY OF THE EARLY WARNING REPORT FILED BY VALLEY OF THE SUN UNDER APPLICABLE SECURITIES LAW, PLEASE SEE CONTACT INFORMATION BELOW:

Linda J. Kish
General Counsel, Sun Valley Gold LLC
Tel: (208) 726-2399

SOURCESun Valley Gold LLC

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