SABRE RESOURCES LIMITED — Capital/Financing Update 2022

Dec 5, 2022

ASX ANNOUNCEMENT ASX code: SBR 06 December 2022

MASSIVE SULPHIDES INTERSECTED AND STRONG OFF-HOLE CONDUCTORS AT SHERLOCK BAY

Latest sulphide intersections continue to demonstrate potential to significantly upgrade the Sherlock Bay nickel sulphide resources

• ➢ Three of five diamond drillholes completed at the Sherlock Bay Nickel Project have intersected nickel bearing massive sulphides. The other two holes intersected broad sulphide zones including semi-massive sulphides. All holes detected strong EM conductors.
• ➢ The most recent hole, SBDD005, drilled below the Discovery resource1 , intersected two zones containing nickel-bearing massive and semi-massive sulphides over a combined 23.6m intersection width (see Image 1 below and Image 2):

Image 1: Massive/breccia sulphides in SBDD005 at 381m downhole, split HQ core.

• ➢ Downhole electromagnetics (DHEM) from SBDD005 detected a strong off-hole conductor (C6) to the west of the hole. The detection of a strong conductor along strike from the massive/breccia sulphide intersection in SBDD005 indicates strong potential for further massive/breccia sulphides to be discovered in this zone.
• ➢ SBDD004 tested below the Symonds resource and intersected a 35m zone containing semimassive and stringer nickel-bearing sulphide mineralisation. A strong DHEM conductor was detected immediately above SBDD004 (C4) and a second larger off-hole conductor (C5) was detected in an un-drilled area to the east and above the hole. These conductors represent targets for further massive sulphide discoveries and future resource upgrades.
• ➢ In addition, re-examination of core from previously drilled SBDD0023 shows a higher proportion of massive sulphides than first indicated and XRF readings of up to 4.07% nickel show the high-tenor of the massive sulphide zones (Image 3).

Sabre Resources CEO Jon Dugdale said:

**"**The intersection of massive and breccia sulphides at Sherlock Bay, along with the detection of multiple, strong, off-hole conductors, continues to enhance the potential to significantly increase both the grade and size of this, already substantial, nickel-copper-cobalt sulphide resource.

"The Scoping Study completed on the Sherlock Bay deposit showed positive cash-flow potential based on the existing resource alone.

"The nickel price has increased nearly 30% in Australian dollar terms since the Scoping Study and the potential to increase the size and grade of the Sherlock Bay resource is clear, based on the sulphide intersections and conductors detected during this very successful drilling program.

"The Company is well funded to continue drilling. Following receipt of results, we plan to extend and drill-define these higher-grade resource targets and drive this important nickelcopper-cobalt project towards development at a time when these metals, which are needed to decarbonise the planet, are in such un-precedented demand."

Sabre Resources Ltd (ASX: SBR) has completed two additional diamond drillholes at its Sherlock Bay Nickel-Copper-Cobalt Project, taking the total drilling during this highly successful program to five diamond drillholes for 2,387m2 (see longitudinal projection of pierce points, Figure 1).

The fifth hole of the current program, SBDD005, was drilled under the Discovery resource below previous hole SBD072A which intersected 24m @ 0.8% Ni, 0.13% Cu, 0.04% Co (including 7m @ 1.02% Ni, 0.14% Cu, 0.04% Co) 1 .

SBDD005 intersected a total of 23.6m of massive, semi-massive and stringer sulphide mineralisation - which included:

• - a 12.2m semi-massive and stringer sulphide zone from 341.8m including 10% to 30% pyrrhotite (Po), chalcopyrite (Cpy) and the nickel sulphide pentlandite (Pn) (see Image 2 below and cross section, Figure 2), and,
• - a second, 11.5m zone of 5% - 80% sulphides from 370m including 0.6m of massive/breccia sulphides on the mafic intrusive contact (see Image 1 and Figure 2).

(see Appendix 1, mineralisation descriptions and cross section, Figure 2)

Image 2: Semi-massive sulphides (Po, Cpy, Pn) in SBDD005 at 343m downhole, HQ core.

Downhole electromagnetics (DHEM) from SBDD005 detected a strong, off-hole conductor (C6) immediately to the west of the massive/breccia sulphides intersected at 381m (see Image 1 and Figure 1).

The detection of the strong, C6, conductor points to a continuation and thickening of the massive/breccia sulphide zone in SBDD005 and represents potential for further massive sulphide intersections and increased higher-grade nickel-copper-cobalt resources (Figure 2).

Figure 1: Sherlock Longitudinal Projection with Ni x m contours, drill-pierce points and DHEM conductors

The fourth hole of the current program, SBDD004, tested below the Symonds nickel-copper-cobalt sulphide resource where grades are projected to increase with depth towards the interpreted position of the Sherlock Intrusive contact (see Figure 1 and cross section, Figure 3).

SBDD004 intersected a 35m zone of sulphide mineralisation including semi-massive and stringer sulphides (3% to 10% Po, Cpy, Pn - see Appendix 1) from 528.4m. The hole then passed into maficintermediate intrusives and volcanics before intersecting a further 4m sulphidic zone from 572.4m.

A strong DHEM conductor was detected immediately above SBDD004 (C4) and a second large conductor (C5) was detected in an un-drilled area to the east and above the hole (see Figure 1). These conductors represent targets for further, higher-grade, nickel sulphide intersections that have the potential to upgrade the Symonds nickel sulphide resource.

Examination of cut core from previous hole, SBDD0023 , revealed a higher proportion of massive and matrix breccia sulphides than initially observed (see Images 3 below).

Hand-held spot XRF readings on drillcore of up to 4.07% nickel (see Appendix 2) indicates that the tenor of massive/breccia sulphides at Sherlock Bay is similar to the Andover nickel-coppercobalt sulphide discovery 60km to the west of Sherlock Bay (see location, Figure 4). The Andover deposit is predominantly a semi-massive, matrix and stringer sulphide deposit and has a resource of 4.6Mt @ 1.11% Ni, 0.47% Cu, 0.05% Co (1.41% Ni Eq)6 .

Image 3: Massive/breccia sulphides at 422.5m (XRF 1.67% Ni) and 421.6m (XRF 4.07% Ni), SBDD002

Sherlock Bay has a JORC 2012 Mineral Resource of 24.6Mt @ 0.40% Ni, 0.09% Cu, 0.02% Co, containing 99,200t Ni, 21,700t Cu and 5,400t Co (including Measured: 12.48Mt @ 0.38% Ni, 0.11% Cu, 0.025% Co; Indicated: 6.1Mt @ 0.59% Ni, 0.08% Cu, 0.022% Co and Inferred: 6.1Mt @ 0.27% Ni, 0.06% Cu, 0.01% Co)7 .

Sabre has previously completed a Scoping Study5 on the development of nickel sulphide mining, heap-leach processing and production of a nickel (copper, cobalt) product at Sherlock Bay. The Scoping Study showed positive cashflow potential at a nickel price of US$10/lb - US$22,040/t (the Company confirms that it is not aware of any other new information or data that materially affects the information in the Scoping Study release of 27th January 2022).

It was highlighted in the Scoping Study that a sustained increase in the nickel price and/or discovery of higher-grade nickel sulphide resources at Sherlock Bay would have a significant, positive impact on the viability of developing the Sherlock Bay Nickel Project.

The nickel price is currently over USD12.25/lb – USD27,000/t, an increase of 25% in US dollar terms (or over 30% in Australian dollar terms) since the Scoping Study was completed.

The intersection of massive/breccia sulphides at Sherlock Bay and the detection of strong, untested, conductors indicates potential to significantly increase the size and grade of the Sherlock Bay nickel sulphide resource.

Drillcore samples from previous holes: SBDD0013 , SBDD0023 and SBDD003A4 have been submitted for Ni, Cu, Co (and other elements) analysis at Intertek Laboratories in Perth and results will be reported when available.

Drillhole details are shown in Table 1.

Appendix 1 contains geological descriptions and visual estimates of mineralisation in SBDD004 and SBDD005 and Appendix 2 includes JORC, 2012 Edition, Table 1, Sections 1 and 2.

Figure 2: Discovery Nickel Deposit, cross section 20,040mE with SBDD005 sulphide intersections and strong off-hole DHEM conductor, C6.

Figure 3: Symonds cross section 20,800mE with sulphide intersections and off-hole DHEM conductor.

Sherlock Bay Nickel Project and the current drilling program:

Sherlock Bay nickel-copper-cobalt project is located 50km east of Roebourne in Western Australia's highly prospective Pilbara region (see location, Figure 4 below). The Andover Nickel Project6 is located 60km to the west of Sherlock Bay.

Figure 4: Sherlock Bay Nickel-Copper-Cobalt Project, regional geology and location plan

The current, up to 2,400m, drilling program is targeting higher grade to massive nickel (copper, cobalt) bearing sulphides at the projected intersection of the sulphide mineralised horizon with the contact of the Sherlock (mafic-ultramafic) Intrusion.

The program is being co-funded by the WA Government for up to 50% of drilling costs, and $10,000 mobilisation costs, capped at a total of $220,0008 .

The location of the Sherlock Intrusive is indicated by gravity survey results to be at depth and on the southern side/contact of the Sherlock Bay mineralised horizon. This has been confirmed by drilling in SBDD002 3 (and now SBDD003A, SBDD004 and SBDD005, as detailed in this release) that intersected mafic intrusive rocks to the east of the mineralised horizon and which continued to intersect massive and matrix breccia sulphides at the base/contact of the Sherlock Intrusive gabbro sill. This is a similar setting to the Nova-Bollinger intrusive related nickel-copper sulphide deposit of IGO Ltd, which had an initial Mineral Resource of 14.3 Mt @ 2.3% Ni, 0.9% Cu, 0.08% Co9 .

About Sabre Resources:

Sabre Resources is an ASX-listed company (ASX:SBR) focused on the exploration and development of a highly prospective portfolio of nickel sulphide and gold assets in Western Australia, and uranium and base metal prospects in the Northern Territory.

The Company's flagship project is the Sherlock Bay Nickel-Copper-Cobalt Project7 – a significant nickel sulphide deposit in Western Australia's highly prospective Pilbara Region (Figure 4). Sabre is also earning an 80% interest in the Sherlock Pool6 tenement E47/4345 (Figure 4), which covers immediate strike extensions to the northeast and southwest of Sherlock Bay.

The Company is also earning 80% of the Nepean South tenement which covers a >10km corridor of prospective ultramafic rocks south of the Nepean Nickel Mine (past production 1.1Mt at 3.0% Ni10) A recently completed RC drilling program intersected high nickel grades with elevated copper (e.g., 8m @ 1.01% Ni, 0.02% Cu from 28m incl. 3m @ 1.26% Ni in NSRC0012) 10 in saprolite across a 200m wide zone that overlies the ultramafic sequence. Deeper drilling intersected disseminated sulphides across ultramafic/footwall basalt contact. Results of up to 4m @ 0.20% Ni, 28.4% MgO at end of hole (134-138m) in NSRC0004 have confirmed channelised ultramafics with potential for Kambalda/Nepean style massive nickel sulphide accumulations. A surface fixed loop electromagnetic (FLEM) program is in progress, targeting massive nickel-sulphide targets for further drill testing.

Sabre has an 80% interest in three recently granted exploration licences at Cave Hill11 , covering a >50km strike length of interpreted extensions to the Nepean and Queen Victoria Rocks nickel sulphide belts, adjoining the Nepean South tenement.

Sabre's 100% owned Ninghan Gold Project12 in Western Australia's southern Murchison district is located less than 20km along strike from the Mt Gibson gold mine, which has a ~3Moz gold resource endowment10. Previous RAB and aircore drilling has defined two strongly anomalous zones of gold-arsenic mineralisation at Ninghan where follow-up drilling is planned.

In the Northern Territory, Sabre holds an 80% interest in the Ngalia Uranium-Vanadium Project11 , which comprises two granted exploration licences: Dingo EL32829 and Lake Lewis EL32864 in the highly prospective Ngalia Basin near existing uranium resource projects.

Sabre also holds an 80% interest in the Cararra EL3269311 copper-gold and lead-zinc-silver project at the junction of the Tennant East Copper-Gold Belt and the Lawn Hill Platform/Mt Isa Province.

	East	North	Local	Local	Collar	Azi	Mud	Max
Hole ID	MGA	MGA	East	North	Dip	Grid	Rotary	Depth
SBDD001	555,873	7,698,143	19,600	10,065	-60	180	12	362
SBDD002	556,002	7,697,686	19,600	9,685	-63	0	13.6	533
SBDD003A	555,875	7,698,140	19,601	10,062	-65	180	12	409
SBDD004	556,802	7,698,770	20,760	10,360	-63	180	11.4	633
SBDD005	556,218	7698204	20,000	10,075	-65	180	12	450
Total								2,387

Table 1, Sherlock Bay diamond drilling, drillhole locations and details:

References:

1Sabre Resources Ltd, 10th March 2022. Sabre to Drill High-Grade Nickel Targets at Sherlock Bay.

2 Sabre Resources Ltd, 11 th April 2022. Drilling of High-Grade Nickel EM Targets Set to Commence.

3Sabre Resources Ltd, 28th September 2022. Massive Sulphide EM Target Intersected at Sherlock Bay.

4Sabre Resources Ltd, 26 th October 2022. Massive Sulphides Intersected in Target Zone at Sherlock Bay.

5Sabre Resources Ltd, 27th January 2022. Sherlock Bay Ni Scoping Study Delivers Positive Cashflow.

6Azure Minerals Ltd (ASX:AZS), 30th March 2022. Azure Delivers Maiden Mineral Resource for Andover.

7Sabre Resources Ltd, 12th June 2018. Resource Estimate Update for the Sherlock Bay Ni-Cu-Co Deposit.

8Sabre Resources Ltd, 11th April 2022. WA Govt. Co-funding for High-Grade Ni Sulphide Drilling. 9 PorterGeo Database – Nova-Bollinger Ore Deposit Description.

10 Sabre Resources Ltd, 21st September 2022. High Nickel Grades & Sulphides in Ultramafics at Nepean South. 11 Sabre Resources Ltd, 7th February 2022. Sabres Acquires Key Nickel Sulphide and Uranium Projects.

12 Sabre Resources Ltd, 24th September 2021. Sabre to Complete Acquisition of Ninghan Gold Project.

This announcement has been authorised for release by the Board of Directors.

***ENDS***

For background, please refer to the Company's website or contact:

Jon Dugdale Michael Muhling Chief Executive Officer Company Secretary Sabre Resources Limited Sabre Resources Limited +61 (08) 9481 7833 +61 (08) 9481 7833

Cautionary Statement regarding Forward-Looking information

This document contains forward-looking statements concerning Sabre Resources Ltd. Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward-looking statements as a result of a variety of risks, uncertainties, and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political, and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.

Forward looking statements in this document are based on the company's beliefs, opinions and estimates of Sabre Resources Ltd as of the dates the forward-looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions, and estimates should change or to reflect other future developments.

Competent Person Statements

The information in this report that relates to exploration results, metallurgy and mining reports and Mineral Resource Estimates has been reviewed, compiled, and fairly represented by Mr Jonathon Dugdale. Mr Dugdale is the Chief Executive Officer of Sabre Resources Ltd and a Fellow of the Australian Institute of Mining and Metallurgy ('FAusIMM'). Mr Dugdale has sufficient experience, including over 34 years' experience in exploration, resource evaluation, mine geology, development studies and finance, relevant to the style of mineralisation and type of deposits under consideration to qualify as a Competent Person as defined in the 2012 Edition of the Joint Ore Reserves Committee ('JORC') Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Mr Dugdale consents to the inclusion in this report of the matters based on this information in the form and context in which it appears.

From To		Lith Unit	Mineralisation			Comment
			S#1	%			S#2 % S#3 %
		Intermediate Volcanics							Moderately fractured MB, finely laminated, strongly silicified, weakly
	512.2 513.8								chloritic, trace py.
									Weakly foliated MB, moderately chloritic, trace py top unit & 10cm
	513.8 514.1								band on contact with 3%py
	514.1 515.6								Massive MB, foliated weakly at base, moderately chloritic.
	515.6 517.3	Mafic Intrusive							Weakly foliated MD, carb laminae, weakly chloritic, trace py.
	517.3 521.8								Massive MD, fining towards base unit, weakly chloritic, trace py.
									Moderately foliated, finely laminated MD, moderately chloritic, trace
	521.8 522.6								py.
	522.6 526.7								As above but not chloritic.
									Fractured MB (526.95-527.20 Mineralised zone, strongly chloritic and
	526.7 528.4		Po		3 Mt	10			silicified).
		Mineralised Zone							Contorted mineralised zone, strongly chloritic &silicified, high
	528.4 532.9		Py/Pn		3 Po		0.2 Pn	0.1	magnetics.
									Contorted banded MB, moderately chloritic and silica, strongly
	532.9 534.4		Py/Pn		3 Po		0.2 Mt	5	magnetic.
									Massive MD, qtz infill on fractures, strongly chloritic and silicified,
	534.4 535.4		Py/Pn	0.5					0.5%py top and base unit.
									Contorted chert, moderately chloritic, strongly silicified, weak
	535.4 537.2		Py/Pn	2					magnetics
									1-3cm banded magnetite, strongly silicified and weak
	537.2 540.7		Py/Pn		1 Po		0.1 Mt	2	chlorite(patchy/banded).
	540.7 549.8		Po		2 Py		1 Pn		0.1 Banded chloritic(banded) and strong silica, medium magnetics.
	549.8 550.3								Massive fg mafic, weakly chloritic.
									Banded cherty mafic, moderate-strong chlorite(banded), strong
	550.3 553.7		Py/Pn		5 Po		1 Mt	10	silica, strong magnetics
									Massive mafic, weakly foliated, weakly chloritic, minor qtz stringers,
	553.7 554.9		Py/Pn tr						trace py
									Strongly banded, weakly foliated cherty mafic, strongly chloritic and
	554.9 559.7		Py/Pn		3 Po		2 Pn	0.1	silicified, strong magnetics.
	559.7 563.3		Py/Pn		3 Po		2 Pn		0.2 As above but more contorted, increase in chlorite.
563.3	567	Mafic Intrusive							Coarse grain intrusive, weakly foliated middle unit, trace py
									Banded cherty/mafic, strongly silicified, moderately chloritic, low to
	567 567.4		Py/Pn	5					no magnetics.
	567.4 567.6		Py/Pn	1					Strongly silicified fractured mafic, weakly chloritic, 1%py
									Coarse grained, weakly foliated Fintrusive, weakly chloritic, trace py.
	567.6 570.4								Lacks foliation towards base.
									Massive to weakly foliated in middle unit intrusive, minor qtz
	570.4 572.4								stringer and frac middle unit.
	572.4 574.8	Mineralised Zone	Py/Pn	3					As above but minor 20cm fine grain chlorite band with 3%py

Appendix 1: Descriptions of geology and visual estimates of mineralization SBDD004 & 005:

SBDD004 - Description of Geology and Mineralisation

						Lacks foliation towards base.
						Massive to weakly foliated in middle unit intrusive, minor qtz
						stringer and frac middle unit.
Mineralised Zone	Py/Pn					As above but minor 20cm fine grain chlorite band with 3%py
						Very fine grained 2cm banded, strongly silicified, weakly
						chloritic(patchy).
	Py/Pn					Fine-medium grained volcanic, fining upward, 1%py disseminated.
						Mafic/intermediate intrusive.
Mineralised / Chert Zone						Very fine grained chert/siltstone with light grey tiger stripes,
	Po					strong silica, low magnetics.
						Banded fine grained chert/siltstone, weakly fractured, strongly
	Po					silicified.
						As above but 0.5%pyrrhotite, trace pentlandite, trace
	Po					arsenopyrite.
						Qtz vein.
						Same as 581.5-585.4 except silica flooded, 0.5%prryotite, trace
	Po					pendalite.
						Siliceous light grey banded chert/siltstone, bleached, weak
						sericite, trace pyrite& prryotite.
						Weakly foliated fine to medium grained intermediate volcanic.
	Py					Strongly silicified.
576.4613.9	567.6 570.4570.4 572.4572.4 574.8574.8 575.8575.8 576.4577 Mafic Intrusive577 581.5581.5 585.4585.4 599.4599.4 599.6599.6 603.6633 Intermediate Volcanics	Py/Pn603.6 613.9 Chert/Fine grained sediments	32122 Pn0.50.2	0.5 Aspy tr	0.2

SBDD005 - Description of Geology and Mineralisation
From To		Lith Unit	Mineralisation					Comment
			S#1	%			S#2 % S#3 %
	0 126.8	Intermediate/Felsic volcanics	-		-		-
	126.8 127.8
127.8	147							Var SiO2 alteration
	147 177.4							qz stringers in shear
	177.4 196.1							sheared
	196.1 203.4							Qtz stringers in shear/mylonite
	203.4 297.4		py	<.1%
	297.4 309.7		py	<.1%				stringers more frequent
	309.7 310.2		py	2%				blebby sulphides
	310.2 328.3							barren
	328.3 331.3							qz stringers in shear
	331.3 331.4	Mineralised Zone	Po/Pn		30 Cpy		5 Pn	2 Semi-massive patches, matrix and stringer sulphides up to 10 - 30%
	331.4 333.4		Po/Pn	5	Cpy		2 Pn	2 Matrix and stringer sulphides up to 3 - 10%
		333.4 337.4 intermediate volcanic
		337.4 337.7 Shear contact						Sh/Qtz
		333.4 341.8 Mafic volcanic/intrusive?						qz stringers in shear
341.8		354 Mineralised Zone	Po		20 Pn		2 Cpy	1 Semi massive and stringer sulphides
354		370 Mafic intrusive
		370 380.9 Mineralised/Chert	Po		10 Cpy	0.1		Stringer/patches sulphides
		380.9 381.5 Massive/breccia sulphide	Po		80 Cpy	10		Massive and breccia sulphide zone
		381.5 404.2 intermediate/mafic volcanic						SiO2(m), chl(w)
		404.2 422.2 ultramafic unit						ultramafic unit, highly altered
422.2		450 Dolerite						Gabro/dolerite (Sherlock Intrusive)

*Cautionary note regarding visual estimates:

In relation to the disclosure of visual mineralisation in the table above, the Company cautions that visual estimates of sulphide mineralisation material abundance should never be considered a proxy or substitute for laboratory analyses. Laboratory ICP-MS and ICP-OES analyses are required to determine widths and grade of the elements (e.g., nickel – Ni and/or copper - Cu) associated with the visible mineralisation reported from preliminary geological logging. The Company will update the market when laboratory analytical results are received and compiled.

Appendix 2: Selected pXRF readings on drill-core from SBDD002 cut samples of drillcore:

Hole #	Depth	Ni %	Cu %	Co %	Fe %	S%	Comment
SBDD002	415.7	15.5	< LOD	12.10	< LOD	9.1	Skutterudite (secondary Ni-Co
							arsenide) clot.
SBDD002	416.7	0.6	0.07	< LOD	29.7	13.7	Sulphide vein/lens, Po
SBDD002	421.6	4.1	0.10	< LOD	91.4	23.8	Massive sulphide vein, Po, Pn
SBDD002	422.5	1.7	0.06	< LOD	43.3	9.9	Massive/breccia sulphides, Po, Pn
SBDD002	423.1	1.1	0.03	< LOD	47.1	4.5	Semi massive sulphides, Po, Pn
SBDD002	425.3	0.1	1.17	< LOD	36.8	2.3	Sulphide stringer with Cpy
SBDD002	443.0	< LOD	1.14	< LOD	17.6	6.2	Chalcopyrite stringer/vein

Note: pXRF readings taken from selected spot locations on cut drill-core to evaluate the tenor of sulphides/other minerals. The values for nickel (Ni), copper (Cu) and iron (Fe) are indicative. Cobalt (Co) values are not accurate or reliable and give very limited indication of final values expected in laboratory analyses. The pXRF readings are unrepresentative spot indications of grade only and laboratory assays (ICP-MS/OES) are required to confirm representative grades and intervals.

Appendix 2: JORC Code, 2012 Edition – Table 1 (Sherlock Bay Project) Section 1 Sampling Techniques and Data

CriteriaJORC Code Explanation	Commentary
Sampling••Nature and quality of sampling (e.g.,cut	RC drilling was conducted using a 5 ¼" face
techniqueschannels, random chips, or specific specialised	sampling bit on a nominal 20m by 60 m
industrystandardmeasurementtools	spacing.
•appropriatetothemineralsunder	RC samples were collected in large plastic bags
investigation, such as down hole gamma	from riffle splitter and a 2-5 kg representative
sondes, or handheld XRF instruments, etc).These examples should not be taken as limiting•	sample taken for analysis.
the broad meaning of sampling.	Diamond drilling was sampled to geologicalcontacts then at 1 m or maximum 1.5m
•Include reference to measures taken to ensure	intervals with quarter core samples taken for
sample representivity and the appropriate	analysis.
calibration of any measurement tools or•	Collar surveys were carried using total station
systems used.	electronic equipment.
•Aspects of the determination of mineralisation•	Down hole surveys for each historical hole
that are Material to the Public Report. In cases	were completed using single shot cameras.
where 'industry standard' work has been done•	Current diamond drillholes being surveyed
this would be relatively simple (e.g., 'reversecirculation drilling was used to obtain 1 m	using gyro electronic multi-shot.
•samples from which 3 kg was pulverised to	Samplingwaslimitedtothevisually
produce a 30 g charge for fire assay'). In other	mineralised zones with additional sampling ofseveralmetreseithersideofthe
cases more explanation may be required, such	mineralisation.
as where there is coarse gold that has inherent
sampling problems. Unusual commodities or
mineralisation types (e.g., submarine nodules)
maywarrantdisclosureofdetailedinformation.
Drilling••Drill type (e.g., core, reverse circulation, open	The majority of RC drilling was completed in
techniqueshole hammer, rotary air blast, auger, Bangka,	2004and2005bySherlockBayNickel
sonic, etc) and details (e.g., core diameter,	Corporation(SBNC)usingfacesampling
triple or standard tube, depth of diamond tails,	equipment.
•face-sampling bit, or other type, whether core	Core drilling included historic holes completed
is oriented and if so, by what method, etc).	in the 1970's by Texas Gulf as well as a
	substantial number of holes completed in 2005by SBNC.
•	Current holes are HQ diamond with reduction
	to NQ at depth / in case of difficult drilling.
Drill sample••Method of recording and assessing core and	Drill core recovery was measured and was
recoverychip sample recoveries and results assessed.	generally excellent.
••Measures taken to maximise sample recovery
and ensure representative nature of the	No record of RC sample quality was located,
samples.•Whether a relationship exists between sample	however drilling conditions were good and
•recovery and grade and whether sample bias	samples generally from fresh rock and no
mayhaveoccurredduetopreferential	problems were anticipated.
	No obvious relationships between sample
loss/gain of fine/coarse material.	recovery and grade.
Logging••Whether core and chip samples have been	All holes were/are logged in the field at the
geologically and geotechnically logged to a	time of drilling.
level of detail to support appropriate Mineral•	No core photographs were locatedfrom
Resourceestimation,miningstudiesand	historical holes.
metallurgical studies.••Whether logging is qualitative or quantitative	Current diamond drillholes are being routinelyphotographed.

Criteria		JORC Code Explanation		Commentary
		photography.	•	Specificgravity(SG)andmagnetic
	•	The total length and percentage of the		susceptibilitymeasurementsonselected
		relevant intersections logged.		intervals.
Sub-sampling	•	If core, whether cut or sawn and whether	•	1m RC samples were split by the riffle splitter
techniques		quarter, half or all core taken.		on the drill rig and sampled dry.
and sample	•	If non-core, whether riffled, tube sampled,	•	The sampling was conducted using industry
preparation		rotary split, etc and whether sampled wet or		standard techniques and were considered
		dry.		appropriate.
	•	For all sample types, the nature, quality, and	•	No formal quality control measures were in
		appropriateness of the sample preparation		place for the programs.
		technique.	•	Currentdrillingwillincluderegistered
	•	Quality control procedures adopted for all sub		standards and duplicates and blanks every
		sampling stages to maximise representivity ofsamples.	•	25m/50m.
	•	Measures taken to ensure that the sampling is		Sample sizes appropriate for the grain size ofthe sulphide mineralisation.
		representative of the in-situ material collected,
		includingforinstanceresultsforfield
		duplicate/second-half sampling.
	•	Whether sample sizes are appropriate to the
		grain size of the material being sampled.
Quality of	•	The nature, quality and appropriateness of the	•	Historic drill samples were assayed using four
assay data		assaying and laboratory procedures used and		acid digest and AAS analysis at accredited
and		whether the technique is considered partial or		laboratories.
laboratory		total.	•	Samples from the 2004 and 2005 programs
tests	•	Forgeophysicaltools,spectrometers,		were assayed using four acid digest and AAS
		handheld XRF instruments, etc, the parameters		analysis at the Aminya and ALS laboratories.
		used in determining the analysis including	•	QAQC data was limited to assay repeats and
		instrument make and model, reading times,calibrationsfactorsappliedandtheir		interlaboratorycheckswhichshowed
		derivation, etc.	•	acceptable results.Current holes will be samples at approximately
	•	Nature of quality control procedures adopted		1m intervals and samples of quarter core to
		(e.g., standards, blanks, duplicates, external		half core analysed by Intertek laboratories,
		laboratory checks) and whether acceptable		Perth via four acid digest and ICP-MS / ICP-OES
		levels of accuracy (i.e.,lack of bias) and		analysis.
		precision have been established.
Verification of	•	The verification of significant intersections by	•	Field data was loaded into excel spreadsheets
sampling and		either independent or alternative company		at site.
assaying		personnel.	•	Original laboratory assay records have been
	•	The use of twinned holes.		locatedandloadedintoanelectronic
	•	Documentation of primary data, data entry		database.
		procedures, data verification, data storage	•	Hard copies of logs, survey and sampling data
	•	(physical and electronic) protocols.	•	are stored in the SBR office.
Location of	•	Discuss any adjustment to assay data.Accuracy and quality of surveys used to locate	•	No adjustment to assay data.SBNCdrillholecollarswereaccurately
data points		drill holes (collar and down-hole surveys),		surveyedusingelectronictotalstation
		trenches, mine workings and other locations		equipment.
		used in Mineral Resource estimation.	•	A local grid system was used with data
	•	Specification of the grid system used.		converted to WGS84.
	•	Quality and adequacy of topographic control.	•	Topography is very flat with control from drill
				hole collars and field traverses.
Data spacing	•	Data spacing for reporting of Exploration	•	Drilling was on a nominal 20m by 60m spacing
and		Results.		in the upper 200m of the deposit.
distribution	•	Whether the data spacing and distribution is	•	Deepermineralisationwastestedat

Criteria	JORC Code Explanation	Commentary
	sufficient to establish the degree of geologicaland grade continuity appropriate for theMineral Resource and Ore Reserve estimationprocedure(s) and classifications applied.•Whethersamplecompositinghasbeenapplied.	approximately 120m spacing.•Drill data is at sufficient spacing to defineMeasured, Indicated and Inferred MineralResources.•Samples were composited to 2 m intervals forestimation.
Orientation ofdata inrelation togeologicalstructure	•Whether the orientation of sampling achievesunbiased sampling of possible structures andthe extent to which this is known, consideringthe deposit type.•Iftherelationshipbetweenthedrillingorientationandtheorientationofkeymineralised structures is considered to haveintroduced a sampling bias, this should beassessed and reported if material.	•Shallow holes were drilled at approximately -60ointo a vertical trending zone and orientatedperpendicular to the known strike of thedeposit.•Deeperdiamondholesflattenedtobeapproximatelyorthogonaltothedipofmineralisation.•No orientation-based sampling bias has beenidentified in the data.
Samplesecurity	•The measures taken to ensure sample security.	•Samples were organised by company staff thentransported by courier to the laboratory.
Audits orreviews	•The results of any audits or reviews of samplingtechniques and data.	•Procedures were reviewed by independentconsultants during the exploration programs in2005 by SBNC.

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineraltenementandlandtenurestatus	•Type,referencename/number,locationandownership including agreements or material issueswiththirdpartiessuchasjointventures,partnerships, overriding royalties, native titleinterests, historical sites, wilderness or nationalpark and environmental settings.•The security of the tenure held at the time ofreporting along with any known impediments toobtaining a license to operate in the area.	•The deposit is located on granted mining leaseM47/567 with an expiry date of 22/9/2025.•SBR has a 70% beneficial interest in the project.
Explorationdone by otherparties	•Acknowledgment and appraisal of exploration byother parties.	•Discoveryandinitialexplorationwascompleted by Texas Gulf in the 1970's.•Majority of exploration was completed by
Geology	•Deposit type, geological setting,and style ofmineralisation.	SBNC in 2004 and 2005.•The project is hosted within the Archaean WestPilbara Granite-Greenstone Belt. It comprisestwo main lenticular lodes (termed Discoveryand Symonds Well) hosted within a subverticaltosteepnorthdippingbandedchert/magnetite-amphibole horizon.•Mineralisationisassociatedwithstrongfoliation and/or banding of a silica-chloritecarbonate-amphibole-magnetite chert. Thereis broad correlation of Ni, Cu and Co grade tosulphide content with the main species beingpyrrhotite, pentlandite and chalcopyrite.
Drillholeinformation	•A summary of all information material to the understanding of the exploration results including atabulation of the following information for allMaterial drill holes:•easting and northing of the drill hole collar•elevation or RL (Reduced Level – elevation abovesea level in metres) of the drill hole collar•dip and azimuth of the hole•down hole length and interception depth•hole length•If the exclusion of this information is justified on thebasis that the information is not Material and thisexclusion does not detract from the understanding ofthe report, the Competent Person should clearly	•Results are reported in local grid coordinates.•Drill hole intersections used in the resourcehave been historically reported.
Dataaggregationmethods	explain why this is the case.•InreportingExplorationResults,weightingaveraging techniques, maximum and/or minimumgrade truncations (e.g., cutting of high grades) andcut-off grades are usually Material and should bestated.•Where aggregate intercepts incorporate shortlengths of high-grade results and longer lengths oflow-grade results, the procedure used for suchaggregation should be stated and some typicalexamples of such aggregations should be shown indetail.•The assumptions used for any reporting of metalequivalent values should be clearly stated.	•Length weighted average grades have beenreported.•No high-grade cuts have been applied.•Metal equivalent values are not being reported.
Relationship	•These relationships are particularly important in the	•The majority of holes have been drilled at
betweenmineralisation	reporting of Exploration Results.•If the geometry of the mineralisation with respect to	anglestointersectthemineralisation

Criteria	JORC Code explanation	Commentary
widthsandinterceptlengths	the drill hole angle is known, its nature should bereported.•If it is not known and only the down hole lengths arereported, there should be a clear statement to thiseffect (e.g.,down hole length, true width notknown').	approximately perpendicular to the orientationof the mineralised trend.•Some steeper holes will have intersectionlength greater than the true thickness.
Diagrams	•Appropriate maps and sections (with scales) andtabulations of intercepts should be included for anysignificant discovery being reported. These shouldinclude, but not be limited to a plan view of drill holecollar locations and appropriate sectional views.	•A relevant plan showing the historical drilling isincluded within the Sabre Resources Ltdannouncement of 12th June 2018 "ResourceEstimate Update for the Sherlock Bay NickelCopper- Cobalt Deposit".•Representative longitudinal projectionandcross sections are shown on Figure's 1, 2 and 3.Location and tenement outlines are shown onFigure 4.
BalancedReporting	•Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in MineralResource estimation.•Where comprehensive reporting of all ExplorationResults is not practicable, representative reporting ofboth low and high grades and/or widths should bepracticedtoavoidmisleadingreportingofExploration Results.	•Allrelevantresultsavailablehavebeenpreviously reported.
Othersubstantiveexplorationdata	•Other exploration data, if meaningful and material,should be reported including (but not limited to):geological observations; geophysical survey results;geochemical survey results; bulk samples - size andmethod of treatment; metallurgical test results; bulkdensity,groundwater,geotechnicalandrockcharacteristics;potentialdeleteriousorcontaminating substances.	•Geological mapping, geophysical surveys androck chip sampling has been conducted overthe project area.
Further work	•The nature and scale of planned further work (e.g.,tests for lateral extensions or depth extensions orlarge- scale step-out drilling).•Diagrams clearly highlighting the areas of possibleextensions,includingthemaingeologicalinterpretations and future drilling areas, providedthis information is not commercially sensitive.	•Continued economic analysis of the project isplanned.•Up to 2,400m diamond drilling program toextend high-grade resources is in progress.•Representative longitudinal projection, Figure1, showstargeted projectionsand DHEMconductors where further drilling is planned.