SABRE RESOURCES LIMITED — Capital/Financing Update 2022

Sep 20, 2022

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ASX ANNOUNCEMENT

ASX code: SBR

21 September 2022

HIGH NICKEL GRADES AND SULPHIDES IN ULTRAMAFICS AT NEPEAN SOUTH

• Drilling and drone magnetics identify Kambalda-style, high MgO ultramafics with potential for massive sulphides to be tested with EM then further drilling

• ➢ Excellent nickel results and sulphides in the first 12 of 18 completed reverse circulation (RC) holes at the Nepean South Nickel Project near Coolgardie in the Eastern Goldfields of WA.

• ➢ The RC drilling program tested the vicinity of high nickel results in previous shallow RAB drilling of up to 6m @ 1.84% Ni[1] .

• ➢ Latest results have defined a broad nickel-enriched zone in saprolite above bedrock ultramafic nickel sulphide targets and include the following significant intersections:

• 8m @ 1.01% Ni from 28m incl. 3m @ 1.26% Ni in NSRC0012

• 8m @ 0.78% Ni from 32m incl. 4m @ 1.12% Ni in NSRC0002

• ➢ In fresh bedrock below the saprolite, RC drilling intersected disseminated sulphides (see Table 2) associated with high-MgO channelised ultramafic cumulate rocks of the Kambalda style, producing results of up to 4m @ 0.20% Ni, 28.4% MgO at end of hole in NSRC0004.

• ➢ The intersection of sulphides with high nickel values in high-MgO ultramafics indicates proximity to sulphide accumulations at the basal contact with the footwall basalt below.

• ➢ Recently completed drone-magnetics has defined the channelised ultramafic targets, that link with the Nepean massive nickel-sulphide deposit only 10km to the north along strike.

• ➢ Results from the remaining 6 of 18 holes are expected shortly. Next steps will include detailed electromagnetics (EM) to identify massive sulphide targets prior to further drilling.

Sabre Resources CEO, Jon Dugdale, said:

“We’re ticking all the boxes with our initial drilling and magnetics programs at Nepean South.

“High nickel grades have been produced from the saprolite zone above sulphide bearing Kambalda-style ultramafics in fresh bedrock.

“A detailed drone magnetics survey has defined three ultramafic channels that are highlyprospective for massive nickel sulphide deposits.

“Our next step is to track down nickel-sulphide accumulations with electromagnetics and further drilling that will target massive sulphide deposits similar to those mined at Nepean, located only 10km along strike to the north in the same geology.”

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Sabre Resources Ltd (ASX: SBR) is pleased to announce that the Company has received excellent results from the first 12 of 18 RC holes (2,382m) drilled at the Nepean South Nickel Project (E15/1702) located near Coolgardie in the highly prospective Eastern Goldfields of WA (see Figure 1). Sabre is earning an 80% interest in the Nepean South E15/1702 from Metals Australia Ltd (ASX:MLS)[1] .

The RC drilling tested the targeted ultramafic rocks that are interpreted to extend the entire 12km strike length of the Nepean South tenement on five broad-spaced sections (see Figure 2). The Project is located immediately along strike to the south of the Nepean massive nickel sulphide mine that produced 1.1Mt at 3.0% Ni between 1970 and 1987[2] (Figure 1).

The results received are from the first 12 RC holes which tested the southern three sections of previous shallow RAB drilling (Mincor Resources NL, 2007-2012)[2] that produced high nickel with copper grades in weathered ultramafic rocks including 6m @ 1.84% Ni and 0.02% Cu from 18m in NRB048[2] .

On the southern section, 6,534,550mN (Figure 2), high nickel grades with elevated copper have been produced from saprolite across a 200m wide zone that overlies the ultramafic sequence and includes the following intersections from the eastern or footwall side of the zone (see cross section, Figure 3):

• 8m @ 0.78% Ni , 0.015% Cu from 32m incl. 4m @ 1.12% Ni , 0.03% Cu in NSRC0002

High-grade results have also been produced from across the central ultramafic target on section 6,537,600mN (Figure 2) including:

8m @ 1.01% Ni , 0.02% Cu from 28m incl. 3m @ 1.26% Ni in NSRC0012

The new RC holes also tested fresh rock below the saprolite intersections, intersecting disseminated sulphides including pyrrhotite, chalcopyrite and potentially the nickel sulphide pentlandite across the ultramafic/footwall basalt contact in NSRC0002 and at end of hole in NSRC0004 (see Figures 2 and 3, and Table 2 for drillhole details and descriptions of mineralisation).

Results of up to 4m @ 0.20% Ni, 28.4% MgO at end of hole (134-138m) in NSRC0004 have confirmed that classic, Kambalda-style channelised ultramafics (komatiites) have been intersected. This has confirmed potential for Kambalda/Nepean style massive nickel sulphide accumulations at the base of the high-MgO komatiitic ultramafic in contact with the footwall basalt below (see Diagram 1 below).

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Diagram posted by Auroch
Minerals (ASX:AOU) [2 ]
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Diagram 1: Model for Kambalda/Nepean-style nickel sulphide deposits in ultramafics at Nepean South

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Figure 1: Nepean South Nickel Project, location and interpreted geology with Ni occurrences.

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In parallel with the RC drilling, a detailed drone magnetics survey was flown along the entire length of the Nepean South tenement. The drone magnetics imagery (see Figure 2) has defined three distinct magnetic bodies that, based on the high nickel and MgO results from the drilling to date, represent channelised ultramafics prospective for nickel sulphide accumulations .

The results from the remaining 6 of 18 holes that tested other ultramafic bodies at Nepean South are expected shortly and following this a detailed moving loop electromagnetics (MLEM) will be carried out across the sulphide-bearing ultramafics to detect massive nickel sulphide zones for further drill targeting.

Follow-up RC and/or diamond drilling will be planned following the MLEM program to test key conductors that may represent massive sulphide accumulations associated with high-MgO komatiites of the Kambalda / Nepean style. Komatiite hosted nickel sulphide deposits are characterised by hightenor of up to 10 to 15% nickel.

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Figure 2: Nepean South Project, drone-magnetics image, previous RAB geochem and new RC drilling

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Figure 3: Cross section 6,534,550, NSRC0001 to NSRC0005 with nickel intersections and ultramafics.

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Table 1: Nepean South, significant RC drilling intersections to date:

Hole ID	From	To	m	Ni %	Cu %	MgO%	S%	Cut-off
NSRC0001	22	33	11	0.46%	0.011%	2.7%	0.03%	0.3% Ni
	26	30	4	0.64%	0.010%	4.1%	0.02%	0.5% Ni
NSRC0002	32	42	10	0.68%	0.016%	2.6%	0.01%	0.3% Ni
	33	41	8	0.78%	0.015%	2.9%	0.01%	0.4% Ni
	33	37	4	1.12%	0.027%	3.6%	0.01%	0.5% Ni
	77	90	13	0.11%	0.002%	16.5%	0.07%	0.08% Ni
	82	87	5	0.15%	0.000%	23.3%	0.01%	0.1% Ni
NSRC0003	36	38	2	0.29%	0.007%	4.1%	0.01%	0.2% Ni
	105	115	10	0.09%	0.007%	13.4%	0.06%	0.06% Ni
	105	108	3	0.11%	<0.001%	16.9%	0.02%	0.1% Ni
NSRC0004	27	40	13	0.22%	0.027%	0.8%	0.01%	0.2% Ni
	129	138	9	0.17%	0.002%	25.2%	0.02%	0.1% Ni
	134	138	4	0.20%	0.002%	28.4%	0.02%	0.1% Ni
NSRC0005	24	65	41	0.20%	0.007%	2.2%	0.01%	0.1% Ni
	24	46	22	0.25%	0.009%	1.5%	0.01%	0.2% Ni
	65	74	9	0.11%	0.004%	9.6%	0.01%	0.1% Ni
NSRC0006	24	44	20	0.27%	0.007%	2.5%	0.02%	0.2% Ni
	90	98	8	0.11%	0.003%	18.0%	0.04%	0.1% Ni
NSRC0007	15	35	20	0.40%	0.009%	2.2%	0.01%	0.2% Ni
	18	25	7	0.60%	0.012%	2.3%	0.01%	0.5% Ni
	109	120	11	0.13%	0.002%	19.9%	0.03%	0.1% Ni
NSRC0008	24	54	30	0.35%	0.011%	1.6%	0.01%	0.2% Ni
	41	48	7	0.68%	0.007%	2.9%	0.01%	0.5% Ni
	83	88	5	0.15%	0.002%	7.9%	<0.01%	0.1% Ni
NSRC0009	34	56	22	0.34%	0.009%	2.5%	0.01%	0.2% Ni
	40	42	2	0.67%	0.012%	3.5%	0.01%	0.5% Ni
	99	102	3	0.13%	0.001%	21.7%	0.02%	0.1% Ni
NSRC0010	19	78	59	0.32%	0.008%	4.0%	0.01%	0.1% Ni
	24	55	31	0.48%	0.009%	2.8%	0.01%	0.2% Ni
	26	37	11	0.66%	0.008%	3.4%	0.02%	0.5% Ni
	93	97	4	0.15%	<0.001%	17.8%	0.01%	0.1% Ni
NSRC0011	7	26	19	0.26%	0.008%	1.1%	0.02%	0.2% Ni
	129	138	9	0.17%	0.001%	26.3%	0.02%	0.1% Ni
	135	137	2	0.20%	<0.001%	31.0%	0.02%	0.1% Ni
NSRC0012	19	41	22	0.60%	0.012%	1.2%	0.01%	0.2% Ni
	28	39	11	0.92%	0.015%	1.5%	0.01%	0.5% Ni
	30	38	8	1.01%	0.016%	1.6%	0.01%	0.8% Ni
	35	38	3	1.26%	0.005%	3.2%	0.01%	1.0% Ni
	101	120	19	0.12%	0.004%	16.9%	0.04%	0.1% Ni

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Table 2: Nepean South, RC drillhole details and summaries of mineralisation:

RC Hole	MGA East	MGA North	**Dip° **	Azi°	Depth	Mineralisation(Po: Pyrrhotite, Cp: Chalcopyrite,Pn = Pentlandite)
NSRC0001	316470	6534550	-60	90	120m	Sulphides Po, Cp 0.5% 12 to 37m Sulphides Po, Cp 0.2% 37 to 42m Sulphides Po,Cp0.2% 57 to 69m
NSRC0002	316430	6534550	-60	90	156m	Sulphides Po, Cp +/- Pn? 0.5% 33 to 58m Sulphides Po, Cp 0.5% 60 to 69m Sulphides Po, Cp 0.5% 76 to 90m Sulphides Po,Cp0.2% 96 to 156m
NSRC0003	316390	6534550	-60	90	120m	Sulphides Po, Cp 0.2% 72 to 75m Sulphides Po,Cp0.2% 103 to 120m
NSRC0004	316350	6534550	-60	90	138m	Sulphides Po, Cp 0.2% 62 to 75m Sulphides Po, Cp 0.2% 78 to 98m Sulphides Po, Cp 0.2% 108 to 116m Sulphides Po,Cp0.1% 128 to 138m
NSRC0005	316310	6534550	-60	90	120m	Sulphides Po, Cp +/- Pn? 0.5% 78 to 95m Sulphides Po,Cp+/- Pn? 0.1% 103 to 120m
NSRC0006	315850	6536965	-60	90	120m	Sulphides Po, Cp +/- Pn? 0.5% 29 to 60m Sulphides Po, Cp +/- Pn? 0.5% 60 to 74m Sulphides Po,Cp+/- Pn? 0.5% 74 to 81m
NSRC0007	315810	6536965	-60	90	150m	Sulphides Po, Cp +/- Pn? 0.5% 35 to 73m Sulphides Po,Cp+/- Pn? 0.5% 88 to 150m
NSRC0008	315770	6536965	-60	90	120m	Sulphides Po, Cp +/- Pn? 0.5% 52 to 74m Sulphides Po,Cp+/- Pn? 0.1% 74 to 103m
NSRC0009	315730	6536965	-60	90	120m	Nil
NSRC0010	315660	6537600	-60	90	132m	Sulphides Po, Cp 0.5% 74 to 106m
NSRC0011	315620	6537600	-60	90	168m	Sulphides Po, Cp +/- Pn? 0.5% 25 to 69m Sulphides Po,Cp+/- Pn? 0.2% 74 to 168m
NSRC0012	315580	6537600	-60	90	120m	Sulphides Po, Cp 0.5% 36 to 74m Sulphides Po,Cp0.1% 74 to 120m
NSRC0013	315580	6538145	-60	90	132m	Sulphides Po, Cp 0.1% 77 to 81m Sulphides Po, Cp +/- Pn? 0.5% 82 to 113m Sulphides Po, Cp 0.1% 116 to 124m Sulphides Po,Cp0.1% 129 to 132m
NSRC0014	315540	6538145	-60	90	162m	Sulphides Po, Cp 0.1% 107 to 143m
NSRC0015	315500	6538145	-60	90	126m	Sulphides Po, Cp 0.5% 69 to 80m
NSRC0016	315650	6540570	-60	90	126m	Sulphides Po, Cp 0.2% 44 to 69m Sulphides Po, Cp 0.5% 69 to 83m Sulphides Po,Cp0.5% 90 to 119m
NSRC0017	315610	6540570	-60	90	126m	Sulphides Po, Cp 0.5% 67 to 85m Sulphides Po, Cp 0.5% 97 to 106m Sulphides Po,Cp1 % 117 to 126m
NSRC0018	315570	6540570	-60	90	126m	Sulphides Po, Cp +/- Pn? 0.5% 50 to 56m Sulphides Po, Cp +/- Pn? 0.5% 62 to 73m Sulphides Po, Cp 0.5% 73 to 108m Sulphides Po,Cp1% 108 to 123m
Total					2,382m

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*Cautionary note regarding visual estimates:

In relation to the disclosure of visual mineralisation in the table above, the Company cautions that visual estimates of oxide, carbonate and 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.

About Sabre Resources

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

The Company’s flagship is the Sherlock Bay Nickel-Copper-Cobalt Project, located on mining lease, M47/567, 60km east of Roebourne in the Pilbara Region of Western Australia. The Project includes a Mineral Resource of 24.6Mt @ 0.40% Ni, 0.09% Cu, 0.02% Co, containing 99,200t Ni, 21,700 tonnes Cu and 5,400 tonnes Co (including a 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) [3] .

A targeted diamond drilling and exploration program is in progress at Sherlock Bay, testing massive sulphide targets below the existing resource. The drilling is designed to upgrade the nickel sulphide resource and enhance the results of the Scoping Study[4] that indicated positive cashflow potential.

Sabre is also earning an 80% interest in the Sherlock Pool tenement, E47/4345[5] , covering immediate strike extensions to the northeast and southwest of the Sherlock Bay nickel sulphide deposit[3] .

At the Nepean South Nickel Project[6 ] the Company is earning an 80% interest in the tenement which covers a 12km corridor of prospective ultramafic rocks south of the Nepean Nickel Mine[2] . As discussed in this release, results have been received from the first 12 of 18 RC drillholes recently completed that tested nickel sulphide targets under previous RAB results of up to 6m @ 1.84% Ni[1] .

Sabre has an 80% interest in three recently granted exploration licences at Cave Hill[6] 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 Project[7 ] 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 endowment[7] . 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 Project[6] , 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 EL32693[6] 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.

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References

1 Metals Australia Limited (ASX: MLS), 3rd March 2021: “Acquisition Nepean South Nickel Project, Western Australia”. 2 Auroch Minerals Limited (ASX: AOU), 11th November 2020: “Auroch to Acquire High-Grade Nepean Nickel Project”. 3 Sabre Resources Ltd, 12th June 2018. Resource Estimate Update for the Sherlock Bay Ni-Cu-Co Deposit. 4 Sabre Resources Ltd, 27th January 2022. Sherlock Bay Ni Scoping Study Delivers Positive Cashflow. 5 Sabre Resources Ltd, 13th December 2021. Agreements to Acquire Three Nickel Sulphide Projects. 6Sabre Resources Ltd, 7th February 2022. Sabres Acquires Key Nickel Sulphide and Uranium Projects. 7Sabre 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.

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.

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Appendix 1: JORC Code, 2012 Edition – Table 1 (Nepean South Project)

Section 1 Sampling Techniques and Data

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Sampling techniques	• Nature and quality of sampling (e.g., cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g., ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other 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) may warrant disclosure of detailed information.	• Drilling completed by Mincor Resources NL was reported by Metals Australia Ltd, 3 March 2021_1_, based on reports from Mincor Resources NL on E15/884 from 2007-2012. • The RAB drilling completed by Mincor Resources NL totalled 23 RAB holes were in 2012 at the Nepean South Nickel Project. • RAB drilling was completed to a very shallow depth, with a maximum depth of 84m in the case of NRB066. mineralisation at the Nepean South Nickel Project has been sampled from RAB as 1m samples. • No diamond core samples are reported in this announcement. • Reverse circulation (RC) percussion drilling was used to obtain 1 m samples, from which approximately 2-3 kg was sub-sampled and pulverised to produce a sample for assay. • Samples for the current 2022 RC program are being analysed as 1m samples as determined by geological logging.
Drilling techniques	• Drill type (e.g., core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g., core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and by what method, etc).	• Drilling completed by Mincor Resources NL_1_ included 23 Rotay Air blast (RAB) holes only. • Drilling type for this 2022 program is reverse circulation (RC) percussion drilling, using a 4.5” face-sampling drill bit.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• Sample recovery assessment details are not documented by previous operators Mincor Resources NL. • 2022 Sample recovery was visually assessed on basis of the volume of RC percussion chip recovery and overall is considered to be good based on the drilling records. • Standard RC percussion drilling techniques were utilised to maximise sample recovery. The cyclone unit was routinely cleaned to limit contamination and ensure representivity of the sample.

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Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
		• There is no apparent relationship between sample recovery and grade.
Logging	• Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged.	• Geological logging data collected to date is sufficiently detailed. At this stage, detailed geotechnical logging is not required. • Geological logging is intrinsically qualitative. • Historic drill holes were geologically logged by previous operators and these data are available to Metals Australia Ltd and Sabre Resources Ltd. • Chips from 1m RC percussion drilling intervals were logged according to industry standard practice and representative samples stored in chip trays. • Logging was qualitative in nature and recorded using standard logging templates. The resulting data was uploaded to a Datashed database and validated. • 100% of the drillingwas logged.
Sub-sampling techniques and sample preparation	• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled.	• 1m RAB, maximum 1m length core samples, or as close as reasonable within geological boundaries, are considered appropriate for the style of mineralisation being targeted. • Historic drill holes were logged at a level of detail to ensure sufficient geological understanding to allow representative selection of sample intervals. • Sampling QAQC measures taken by previous operator and Mincor Resources NL have not been documented. • It is assumed that Mincor Resources NL sample sizes were appropriate for the type, style and thickness of mineralisation tested. • 2022 RC percussion samples were collected for every metre drilled using a cone splitter installed beneath the rig cyclone. Each sample had a weight of approximately 2-3 kg. Duplicate samples of the same size were collected using a second collection point from the cone splitter at a frequency of approximately one duplicate per 50 samples. • For all samples, the nature, quality and appropriateness of the sample preparation technique is considered suitable as per industry best practice.

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Criteria	JORC Code explanation	Commentary
Quality of assay data and laboratory tests	• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g., standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e., lack of bias) and precision have been established.	• Mincor Resources NL – ultilised a AD02 ICP (4 Acid Digest) Ni, Cu, Au & Co analysis performed by ALS. • It is assumed that industry standard commercial laboratory instruments were used by ALS to analyse historic drill samples of the Nepean South Nickel Project. • It is assumed that industry best practice was used by previous operators to ensure acceptable assay data accuracy and precision. Historical QAQC procedures are not recorded in available documents. • Assaying for this current 2022 RC program is being undertaken by Intertek Perth utilising their 4A /MS53 (four acid digest/ICP-MS) package. • The quality of the assay and laboratory procedures is considered to be high and appropriate for the type of mineralisation. The technique used is considered to be a total digestion. • A comprehensive QAQC program (1 in 25) including blank, standard and/or duplicate samples were submitted by the Company for analysis with the drilling samples. Routine internal QAQC checks were also completed by Intertek and the results are considered to be satisfactory with no material concerns.
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data.	• All historic drilling data including collar coordinates, hole orientation surveys, total depth, sampling intervals and lithological logging were collated from statutory annual reports and historic digital data files. • No indication of drill holes being twinned by previous workers has been observed or documented. • It is assumed that industry best practice was used for collection, verification and storage of historic data. • No adjustments to assay data were undertaken
Location of data points	• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of thegrid system used.	• Drill hole collars were surveyed by GPS in GDA94/MGA Zone 51.

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Criteria	JORC Code explanation	Commentary
	• Quality and adequacy of topographic control.
Data spacing and distribution	• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied.	• Typically sampled in 1-3 metre intervals, skipping intervals of no interest and increasing the frequency of sampling depending on the geology observed. • Insufficient data is available to establish the degree of geological and grade continuity required for estimation of a resource. • No sample compositing has been applied. • Data spacing is 1 m intervals downhole drill holes spaced at approximately 40 m intervals along 5 traverses, as discussed in the announcement.
Orientation of data in relation to geological structure	• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	• Historical drill holes were oriented, as far as reasonably practical, to intersect the centre of the targeted mineralised zone perpendicular to the interpreted strike orientation of the mineralised zone. • The geometry of drill holes relative to the mineralised zones achieves unbiased sampling of this deposit type. • No orientation-based sampling bias has been identified.
Sample security	• The measures taken to ensure sample security.	• It is assumed that due care was taken historically with security of samples during field collection, transport and laboratory analysis. • Industry standard chain of custody followed, with samples collected, transported and delivered by Company geologist and shipped directly to the analytical lab.
Audits or reviews	• The results of any audits or reviews of sampling techniques and data.	• No independent audit or review has been undertaken.

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Section 2: Reporting of Exploration Results

Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary	Criteria JORC Code explanation Commentary
Mineral tenement and land tenure status	• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• Metals Australia Ltd is the 100% owner of the Nepean South Nickel Project (E15/1702). Sabre Resources Ltd has signed a binding farm- in and joint venture agreement to earn 80% of E15/1702 from Metals Australia Ltd. • There are no other material issues affecting the tenements. • No known royalties exist on the leases. • There are no material issues with regard to access. • The tenement is in good standing and no known impediments exist.
Exploration done by other parties	• Acknowledgment and appraisal of exploration by other parties.	• Exploration was previously undertaken by Mincor Resources NL and this has been reviewed by the Company.
Geology	• Deposit type, geological setting and style of mineralisation.	• The Nepean South Nickel Project is targeted as an Archaean komatiite-hosted massive nickel sulphide deposit.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: • easting and northing of the drill hole collar • elevation or RL (Reduced Level – elevation above sea 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 the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.	• Previous Drill hole location table is included in the Metals Australia Ltd ASX release of 3 March 2021_1_. • Drillhole locations for 2022 RC program are included in Table 2 of this release.
Data aggregation methods	• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g., cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high-grade results and longer lengths of low-grade results, the procedure usedfor such aggregation should be stated	• Exploration Results were reported by using the weighted average of each sample result by its corresponding interval length, as is industry standard practice, summarised in Table 1. • Grades >0.1% Ni are considered significant for mineralisation purposes. • Metal equivalent values have not been used.

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Criteria	JORC Code explanation	Commentary
	and some typical examples of such aggregations should be shown in detail. • The assumptions used for reporting of metal equivalent values should be clearly stated.
Relationship between mineralisation widths and intercept lengths	• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g., ‘down hole _length, true width not known’). _	• Most drill holes were angled to the East so that intersections are orthogonal to the orientation of mineralisation.
Diagrams	• Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	• Included in body of the Metals Australia Ltd ASX release of 3 March 2021_1_. • Details of the current 2022 RC drill program, to date, are included in the body of this announcement
Balanced reporting	• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• Details and results for all previous samples submitted for assay are listed in Appendix A and B of the Metals Australia Ltd ASX release of 3 March 2021_1_. • All results related to mineralisation at Nepean South have been reported in the Significant Intercepts Table of the Metals Australia Ltd ASX release of 3 March 2021_1_. • Significant intercepts for the 2022 RC program are included in Table 1 of this announcement.
Other substantive exploration data	• 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 and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical characteristics; potential deleterious or contaminating substances.	• All meaningful and material data is reported in the Metals Australia Ltd ASX release of 3 March 2021_1_ • Drone magnetics survey data was collected from 30m above ground at 50m east-west line spacing with 500m tie-lines. Drone/copter mounted Scintrex CS-VL Cesium Vapour Magnetometer.
Further work	• The nature and scale of planned further work (e.g., tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Ground EM planned to define potential massive nickel sulphide deposits associated with ultramafic units. Selective deeper RC and/or diamond drilling to follow. • Figure 2 shows drone magnetics imagery, recent drilling and key targets in plan view.

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