SABRE RESOURCES LIMITED — Capital/Financing Update 2022

Sep 27, 2022

ASX ANNOUNCEMENT ASX code: SBR 28 September 2022

MASSIVE SULPHIDE CONDUCTOR TARGET INTERSECTED AT SHERLOCK BAY

• New hole now testing the centre of the Conductor immediately to the east of the current section
• ➢ Diamond drillhole SBDD002 has intersected a 15m zone containing massive sulphide lenses and matrix sulphide breccia (pyrrhotite, chalcopyrite and nickel sulphide pentlandite – Appendix 1) within the contact zone of the Sherlock Intrusive gabbro sill.

Photo 1: SBDD002, 425m. Massive/matrix sulphide breccia with pyrrhotite, pentlandite and chalcopyrite

• ➢ Downhole electromagnetics (DHEM) from SBDD002 has confirmed the location of the C3 Conductor which was previously detected from SBDD001 and indicates that the sulphide zone intersected in SBDD002 is at the southwestern/lower end of the C3 Conductor.
• ➢ A third hole in progress, SBDD003, is testing the centre of the C3 Massive Sulphide Conductor Target, 40m to 60m to the east of the SBDD001/SBDD002 section 19,600mE (see Figure's 1 and 2).
• ➢ The location of the C3 Massive Sulphide Conductor Target at the base/contact of the Sherlock Intrusive gabbro sill is a similar setting to other intrusive related nickel sulphide deposits including Nova-Bollinger (IGO Ltd)6 in southeast WA and the nearby Andover nickel sulphide discovery of Azure Minerals (ASX:AZS)5 .

Sabre Resources CEO Jon Dugdale commented:

"The intersection of massive sulphide lenses and matrix sulphide breccia at the southwestern end of the C3 Conductor indicates we are on the verge of a massive sulphide discovery at Sherlock Bay.

"The sulphide zone is within the basal contact of the Sherlock Intrusive gabbro sill, as targeted, a similar setting to other major nickel sulphide deposits in WA such as Nova-Bollinger.

"A third hole has already commenced, testing the centre of the C3 massive sulphide conductor target which has now been detected from both SBDD001 and SBDD002 and is lying just to the east of these holes.

"We're getting closer to the targeted massive sulphide zone with each drillhole and we believe we've nailed down its location, having detected the strong C3 conductor in both completed drillholes. We eagerly anticipate the outcome of the third hole of this already very successful drilling program."

Sabre Resources Ltd (ASX: SBR) is very pleased to announce that the second diamond drillhole in the current program at Sherlock Bay (SBDD002) has intersected a 15m sulphide zone including massive sulphide lenses and matrix sulphide breccia (see Photo 1 and Appendix 1 for descriptions) that correlates with the southwestern edge of the C3 massive sulphide conductor target.

Downhole electromagnetics (DHEM) from SBDD002 has confirmed the location of the strong and broad C3 conductor which was detected from SBDD001-1 , that is centred 40m to 60m to the east of these two drillholes(see cross section, Figure 1). The sulphide intersection in SBDD002 represents the southwestern edge of the C3 conductor.

A third hole has now commenced (SBDD003), that will test the centre of the C3 massive sulphide conductor target 40m to the east of SBDD001 and SBDD002 (see Figure 1, cross section 19,600mE and Figure 2, longitudinal projection).

The 15m zone with massive sulphide lenses and matrix breccia sulphides (including pyrrhotite – Po, the nickel sulphide pentlandite – Pn and chalcopyrite – Cpy) from 410.7m downhole is hosted within the brecciated basal/contact zone of the Sherlock mafic to dioritic intrusive. Further disseminated and veinlet sulphides occur in the intrusion from 397.5m (total 27m sulphide zone) to the east/stratigraphically above the contact zone, indicating the intrusion is sulphur saturated.

Minor conductors were detected within the intrusion higher in the hole and a separate semi-massive sulphide zone was intersected close to the eastern contact of the intrusive (2.4m shear with up to 20% sulphides including Po, Cpy and Pn from 220m – see Appendix 1 for descriptions).

The intersection of the sulphide zone across the base/contact of the Sherlock Intrusive gabbro confirms the targeted setting as being similar to the mafic intrusive related Nova-Bollinger deposit (IGO Ltd6 ) located in the southeast of WA.

The Sherlock Bay Nickel Project is located in the northwest Pilbara of Western Australia, along strike from the Andover massive nickel sulphide discovery (ASX:AZS5 ) (see location, Figure 3).

Figure 1: Sherlock Bay cross section 19,600mE with DHEM conductors, Target Zone and drilling completed.

Figure 2: Sherlock Longitudinal Projection with Ni x m contours and planned/completed drill-pierce points

The location of the C3 DHEM conductor at the projected position where the mineralised horizon intersects the Sherlock intrusive contact fits the target model for massive sulphides to be located in this position1,2 .

This model for massive sulphides to be located at Sherlock Bay is analogous to the Nova-Bollinger intrusive related massive sulphide deposit in southeast WA, that is located in footwall lithologies where the sulphide body is in contact with mafic intrusive rocks – the sulphides having been effectively concentrated or trapped at the base or "feeder" of the intrusive sill. The Nova-Bollinger mafic intrusive related nickel (copper-cobalt) deposit of IGO Ltd, had an initial Mineral Resource of 14.3 Mt @ 2.3% Ni, 0.9% Cu, 0.08% Co6.

The likelihood of finding massive sulphides at Sherlock Bay is supported by the discovery of the Andover massive sulphide nickel-copper-cobalt discovery by Azure Minerals Ltd (ASX:AZS)5 , which is located within an east-west corridor and 60km to the west of Sherlock Bay (see location, Figure 3). Andover is hosted by a similar ultramafic-mafic intrusion to the Sherlock (mafic-ultramafic) Intrusive that is associated with the Sherlock Bay nickel-copper-cobalt sulphide deposit (Figure 3).

Sherlock Bay Nickel Project and the Current Drilling Program:

The Sherlock Bay Nickel Project is located 50km east of Roebourne in Western Australia's highly prospective Pilbara region (see location, Figure 3 below).

Figure 3: Sherlock Bay Nickel-Copper-Cobalt Project, regional geology and location plan

Sherlock Bay nickel-copper-cobalt deposit 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)4 .

Sabre completed a Scoping Study7 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 prevailing nickel prices of US$10/lb/US$22,040/tonne (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).

Re-interpretation and targeting work after the Scoping Study identified potential for additional higher-grade resources associated with extensions to both the Symonds and Discovery deposits that are both increasing in grade with depth (see Figure's 1 and 2)2 .

The projected intersection of the sulphide mineralised horizon with the contact of the Sherlock (mafic-ultramafic) Intrusion is being targeted by the current diamond drilling program for the discovery of higher grade to massive nickel (copper, cobalt) bearing sulphides.

The location of the Sherlock Intrusive is indicated by gravity survey results (see Figure 4 below) to be at depth and on the southern side/contact of the Sherlock Bay mineralised horizon. This has been confirmed by drilling in SBDD002 that intersected mafic intrusive rocks to the east of the mineralised horizon and which continued to intersect massive sulphide lenses and matrix sulphide breccia at the base/contact of the Sherlock Intrusive gabbro sill (see Figure 1).

Figure 4: Sherlock Bay Project gravity image showing gravity highs underlying/parallel to the Ni resources

The current four-hole, 2,400m diamond drilling 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 .

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 3). Sabre is also earning an 80% interest in the Sherlock Pool8 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 South3 tenement which covers a >10km corridor of prospective ultramafic rocks south of the Nepean Nickel Mine8 . An RC drilling program was recently completed, testing nickel sulphide targets under previous RAB results of up to 6m @ 1.84% Ni3 .

Sabre has an 80% interest in three recently granted exploration licences at Cave Hill8 over a >50km strike length of interpreted extensions of the Nepean and Queen Victoria Rocks nickel sulphide belts, adjoining the Nepean South tenement.

Sabre's 100% owned Ninghan Gold Project10 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 goldarsenic mineralisation at Ninghan where follow-up drilling is planned.

In the Northern Territory, Sabre holds an 80% interest in the Ngalia Uranium-Vanadium Project9 , 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 EL326939 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 - actual	555,873	7,698,143	19,600	10,065	-60	180	12	362
SBDD002 - actual	556,002	7,697,686	19,600	9,685	-63	0	13.6	533
SBDD003 - actual	555,875	7,698,140	19,601	10,062	-65	180	12	450
SBDD004 – plan	557,002	7,698,287	20,751	9,838	-63	0	48	600
SBDD005 - plan	556,802	7,698,770	20,760	10,360	-63	180	48	800
Total planned								2,745

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

Appendix 1 contains geological descriptions and visual estimates of mineralisation in SBDD002 and Appendix 2 includes JORC, 2012 Edition, Table 1, Sections 1 and 2.

References:

-1Sabre Resources Ltd, 12th September 2022. Sherlock Bay – Strong Conductors Indicate Massive Sulphides.

0 Sabre Resources Ltd, 30th August 2022. Semi-Massive Sulphides in 50m Intersection at Sherlock Bay.

1 Sabre Resources Ltd, 21st July 2022. Sabre Launches Key Nickel Sulphide Drilling Programs.

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

3 Sabre Resources Ltd, 13th December 2021. Agreements to Acquire Three Nickel Sulphide Projects.

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

5Azure Minerals Ltd (ASX:AZS), 30th March 2022. Azure Delivers Maiden Mineral Resource for Andover.

6PorterGeo Database – Nova-Bollinger Ore Deposit Description

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

8 Sabre Resources Ltd, 11th April 2022. WA Govt. Co-funding for High-Grade Ni Sulphide Drilling.

9 Sabre Resources Ltd, 7th February 2022. Sabres Acquires Key Nickel Sulphide and Uranium Projects.

10 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 +61 (08) 9481 7833 +61 (08) 9481 7833

Chief Executive Officer Company Secretary Sabre Resources Limited Sabre Resources Limited

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.

Regarding the Mineral Resource Estimate for the Sherlock Bay Nickel Deposit, released 12 June 2018, the Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcement.

Appendix 1: Descriptions of geology and visual estimates of mineralisation in SBDD002*:

From	To	Lith Unit	Comments	Mineralisation
0	13.5		Diorite saprock
13.5	22.3		Partially weathered diorite
22.3	73.4Hanging wall		Diorite intrusive: generally medium grained, equigranular,
		diorite	dominantly white feldspar & dark mafics.
			Sheared to weakly brecciated in part.
			Some chloritic & /or sheared zones.
			Some coarser grained &/or porphyritic, often fractured to
			contorted & with qtz veining.
73.4	80		Diorite & thermally altered siltstone blocks to ~4m – wall rock.
80	219.6		Generally coarse grained gabbro/diorite, equigranular to
			porphyritic, grey to light greenish grey, chloritic in part,
			sheared to contorted in part, with annealed qtz &/or chl
			fractures.
219.6	301.6		Medium grained diorite, mostly	220.55-221m: up to
			equi-granular, dark grey,porphyritic in part, sheared &	20% pyrrhotite within2.4m chloritic shear
			chloritic in part, qtz veining.	zone.
301.6	349	Hanging wall	Faulted contact into fine grained &	Trace to 0.1% veinlet or
		mylonite(?)	finely & strongly layered / sheared	disseminated
			felsic rock (originally diorite?), light	pentlandite at 340-
			grey to greenish grey, chloritic in	343.25m.
			part, siliceous in part, & with
			rounded slightly elongate (rolled?)
			felsic porphyroblasts to ~4mm.
349	397.5m	Banded Diorite +	Faulted contact (missing core) into	Widespread 0.1 to 0.5%
		disseminated	fine grained dark grey weakly to	pyrite & pentlandite(?)
		sulphides	moderately banded 1-3mm	as fine veinlets parallel
			diorite(?), with irregular 1-15cm	to banding
			white qtz masses at 382.7-387m.
			This is quite dark: could almost be classed as a mafic intrusive?
			But differs from the medium grained equigranular mafic intrusive in footwall in22SBDD002: Fine grained, Banded, sheared and chloritic, Scattered minor sulphides
397.5	410.7	Moderatelymineralised diorite	Sheared diorite, fine to mediumgrained, abundant 1-5cm irregular	Patchy disseminated orveinlet sulphides, 0.1-
			chloritic breccia zones; all silicified	0.5%: pyrite &
				pyrrhotite
410.7	417	Strongly	Sheared diorite as above	Sulphides increasing to
		mineralised diorite		1-5%
417	425.85		Sheared diorite as above	Sulphides increasing to
				2-20+%: mostly
				Pyrrhotite with
				chalcopyrite and
				pentlandite
425.85	432.1	Footwall diorite	Finely banded, no brecciation, no mineralisation.

From	To	Lith Unit	Mineralisation
432.1	434	Thin repeat of brecciated mineralised zone	2-10+%: Pyrrhotite with
			chalcopyrite,
			pentlandite.
434	436.3	Footwall metasediment?
436.3	437	Thin repeat of brecciated mineralised zone	Mostly pyrite
434	436.3	Footwall metasediment?
438.5	439	Thin repeat of brecciated mineralised zone	Mostly pyrite
434	436.3	Footwall metasediment?
442.5	443.6	Thin repeat of brecciated mineralised zone	Mostly pyrite
		LOWEST MINERALISATION
443.6	518.4	VFG intermediate volcanic, fine planar foliation
518.4	532.9	Med-coarse grained gabbro/diorite to ~530.5m.
		weak-mod foliation with minor qtz cb stringers to ~532 then fine-medium diorite
		with minor qtz stringers to 532.90

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

Criteria	JORC Code Explanation	Commentary
Sampling	•Nature and quality of sampling (e.g.,cut	•RC drilling was conducted using a 5 ¼" face
techniques	channels, 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).	sample taken for analysis.
	These examples should not be taken as limiting	•Diamond drilling was sampled to geological
	the broad meaning of sampling.	contacts then at 1 m or 1.52 m intervals with
	•Include reference to measures taken to ensure	quarter core samples taken for analysis.
	sample representivity and the appropriate	•Collar surveys were carried using total station
	calibration of any measurement tools or	electronic equipment.
	systems used.	•Down hole surveys for each historical hole
	•Aspects of the determination of mineralisation	were completed using single shot cameras.
	that are Material to the Public Report. In caseswhere 'industry standard' work has been done	•Current diamond drillholes being surveyed
	this would be relatively simple (e.g., 'reverse	using gyro electronic multi-shot.
	circulation drilling was used to obtain 1 m	•Samplingwaslimitedtothevisuallymineralised zones with additional sampling of
	samples from which 3 kg was pulverised to	severalmetreseithersideofthe
	produce a 30 g charge for fire assay'). In other	mineralisation.
	cases more explanation may be required, such
	as where there is coarse gold that has inherent
	sampling problems. Unusual commodities or
	mineralisation types (e.g., submarine nodules)
	maywarrantdisclosureofdetailed
	information.
Drilling	•Drill type (e.g., core, reverse circulation, open	•The majority of RC drilling was completed in
techniques	hole hammer, rotary air blast, auger, Bangka,	2004and2005bySherlockBayNickel
	sonic, etc) and details (e.g., core diameter,triple or standard tube, depth of diamond tails,	Corporation(SBNC)usingfacesamplingequipment.
	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 2005
		by 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
recovery	chip sample recoveries and results assessed.	generally excellent.
	•Measures taken to maximise sample recovery	•No record of RC sample quality was located,
	and ensure representative nature of the	however drilling conditions were good and
	samples.	samples generally from fresh rock and no
	•Whether a relationship exists between sample	problems were anticipated.
	recovery and grade and whether sample bias	•No obvious relationships between sample
	mayhaveoccurredduetopreferential	recovery and grade.
	loss/gain of fine/coarse material.
Logging	•Whether core and chip samples have been	•All holes were/are logged in the field at the
	geologically and geotechnically logged to alevel of detail to support appropriate Mineral	time of drilling.•No core photographs were locatedfrom

Criteria	JORC Code Explanation	Commentary
	metallurgical studies.	•Current diamond drillholes are being routinely
	•Whether logging is qualitative or quantitative	photographed.
	in nature. Core (or costean, channel, etc)	•Entire holes are being logged.
	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 of	25m/50m.
	samples.	•Sample sizes appropriate for the grain size of
	•Measures taken to ensure that the sampling is	the 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,	interlaboratorycheckswhichshowed
	calibrationsfactorsappliedandtheir	acceptable results.
	derivation, etc.	•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) andprecision have been established.	analysis.
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.
	•Discuss any adjustment to assay data.	•No adjustment to assay data.
Location of	•Accuracy and quality of surveys used to locate	•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.

Criteria	JORC Code Explanation	Commentary
	•Quality and adequacy of topographic control.	•Topography is very flat with control from drillhole collars and field traverses.
Data spacinganddistribution	•Data spacing for reporting of ExplorationResults.•Whether the data spacing and distribution issufficient to establish the degree of geologicaland grade continuity appropriate for theMineral Resource and Ore Reserve estimationprocedure(s) and classifications applied.•Whethersamplecompositinghasbeenapplied.	•Drilling was on a nominal 20m by 60m spacingin the upper 200m of the deposit.•Deepermineralisationwastestedatapproximately 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.
Sample	•The measures taken to ensure sample security.	•Samples were organised by company staff then
security		transported 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 bySBNC in 2004 and 2005.
Geology	•Deposit type, geological setting and style ofmineralisation.	•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 clearlyexplain why this is the case.	•Results are reported in local grid coordinates.•Drill hole intersections used in the resourcehave been historically reported.
Dataaggregationmethods	•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.

Criteria	JORC Code explanation	Commentary
Relationshipbetweenmineralisationwidthsandinterceptlengths	•These relationships are particularly important in thereporting of Exploration Results.•If the geometry of the mineralisation with respect tothe 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').	•The majority of holes have been drilled atanglestointersectthemineralisationapproximately 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 and 2.
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 underway.•Representative longitudinal projection, Figure2, showstargeted projections and furtherdrilling planned.