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INTRODUCTION The following Management s Discussion and Analysis ( MD&A ) is intended to supplement the condensed interim consolidated financial statements of Sarama Resources Ltd. (the Company or Sarama ) and its subsidiaries for the three months ended March 31, 2021. The condensed interim consolidated financial statements for the three months ended March 31, 2021 have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as issued by the International Accounting Standards Board ( IASB ). All amounts are expressed in United States dollars, unless otherwise stated. This MD&A is current as at May 31, 2021. Additional information relating to the Company is available on SEDAR at www.sedar.com under the Company s profile.