Sarama Resources (ASX: $SRR) faces challenges in Burkina Faso

Sarama Resources Limited (ASX: $SRR) faced a setback in the 2023 Fiscal Year when the Government of Burkina Faso illegally withdrew the company's rights to the 100% owned Tankoro 2 Exploration Permit. This action led to the suspension of the Preliminary Economic Assessment (PEA) on its Sanutura project, impacting the company's exploration activities and necessitating legal action to appeal the decision.

Executive Commentary on Compensation and Governance

The Board's independent directors are responsible for setting and reviewing the compensation of NEOs. The compensation program is designed to attract and retain highly qualified executive officers to drive shareholder value creation over the long term. The company's compensation program is relatively simple in concept, focusing on reasonable annual compensation and longer-term compensation tied to the company's objectives. The Board did not establish a formal set of benchmarks or performance criteria for NEO compensation in the 2023 Fiscal Year.

Summary of Sarama Resources' Situation

Sarama Resources (ASX: $SRR) faced challenges in the 2023 Fiscal Year due to the illegal withdrawal of its exploration permit in Burkina Faso. The company is pursuing legal avenues to appeal the decision and seek compensation for the loss suffered. Despite the setback, Sarama Resources remains focused on maximizing value from its existing asset base in Burkina Faso and exploring potential opportunities outside the country. The company's compensation program is designed to attract, retain, and motivate executive officers to drive shareholder value creation over the long term, with a focus on aligning compensation with corporate objectives and performance.