CONTROL AND DIRECTION OVER 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 ownership interest in Sarama Resources Ltd. ("Sarama") has decreased following completion by Sarama on April 22, 2022 of AUS$8,000,000 equity financing in connection with its dual listing on the Australian Securities Exchange. The Financing involved the issuance of 38,095,238 common shares in the capital of the Issuer at an issue price of AUS$0.21 for aggregate gross proceeds of AUS$8,000,000.

Neither Sun Valley nor Sun Valley Gold Master Fund Ltd. (the "Master Fund"), a client account over which Sun Valley has discretionary trading authority, acquired any securities in the private placement, resulting in a decrease in their respective ownership interest in Sarama. Following completion of the private placement, Sun Valley continues to exercise control and direction over 15,433,333 common shares of Sarama on behalf of the Master Fund. Such shares, represent approximately 11.19% of the issued and outstanding common shares of Sarama.

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

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

Linda J. Kish
Chief Legal Officer, Sun Valley Gold LLC
Tel: [phone]

SOURCE Sun Valley Gold LLC

Linda J. Kish, Chief Legal Officer, Sun Valley Gold LLC, Tel: [phone]