SABRE RESOURCES LIMITED — Capital/Financing Update 2023

Jan 8, 2023

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ASX ANNOUNCEMENT ASX code: SBR 09 January 2023

MAJOR NEW ELECTROMAGNETIC ANOMALY EXTENDS MASSIVE SULPHIDE POTENTIAL AT SHERLOCK BAY

The latest drilling intersections and these new EM results demonstrate potential for a significant upgrade to the existing nickel sulphide resource

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• New surface electromagnetic (EM) survey at Sherlock Bay has detected a strong conductor extending for 1km at the western end of the current nickel sulphide resource, representing a major target for the discovery of further massive/matrix breccia sulphide mineralisation.

• Importantly, the strongest EM anomaly extends west of the massive and matrix breccia sulphide zones intersected in drillholes SBDD002[1] and SBDD003A[2] . This indicates strong potential for further massive sulphide discoveries within this untested area.

• The latest drilling intersections and these new EM results demonstrate potential for a significant upgrade to the existing nickel-copper-cobalt sulphide resources at Sherlock Bay, which already contain 110,000t of nickel metal equivalent[3 ] (See NiEq calculation in Appendix 1).

• A priority drilling program is now set to commence to test the new EM conductor massive nickel sulphide targets after the northern wet season.

• The economic potential of the Sherlock Bay Project would be significantly upgraded through further, higher-grade, massive/matrix breccia sulphide discoveries. Cash-flow potential has also been enhanced by a 30% increase in the nickel price since the January 2022 Scoping Study[4] , which demonstrated significant cash-flow potential at a nickel price of US$10/lb (US$22k/t).

Sabre Resources CEO, Jon Dugdale, commented:

“ The detection of a major new, untested, EM conductor extending west of the current nickel sulphide resource at Sherlock Bay highlights the potential to expand and upgrade the existing nickel-copper-cobalt sulphide resource and enhance the project’s economics.

“Significantly, the new EM anomaly is the strongest detected from surface to date and lies immediately west of the Company’s recent massive and breccia matrix sulphide intersections. This indicates strong potential for additional massive sulphide discoveries in this new target zone.

“The project economics of Sherlock Bay have already been shown to be cash-flow positive at a nickel price of US$10/lb. This would be significantly enhanced through further, higher-grade, sulphide discoveries on top of the more than 30% increase in the nickel price since the scoping study was completed - based on increased global demand for ‘future facing’ battery metals.”

Sabre Resources Ltd (ABN 68 003 043 570) * 1[st] Floor, 8 Parliament Place, West Perth, WA 6005 * PO Box 1618, West Perth, WA 6872 t: +61 8 9481 7833 * e: sabre@sabresources.com * www. sabresources.com

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Figure 1: New, strong, moving loop EM (MLEM) anomalies extending west of the Sherlock Bay nickel sulphide resource

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Figure 2: Sherlock Longitudinal Projection with Ni x m contours, drill-pierce points and DHEM conductors

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Sabre Resources Ltd (ASX: SBR) is pleased to announce that the recently completed surface movingloop electromagnetic (MLEM) survey at Sherlock Bay has detected a strongly conductive massive sulphide target extending for up to 1km at the western end of the existing nickel-copper-cobalt sulphide resource (see plan view of MLEM anomalies, Figure 1 and longitudinal projection, Figure 2).

Importantly, the strongest MLEM anomaly is located to the west of the massive and matrix-breccia sulphide intersections in SBDD002[1] and SBDD003A[2] , that are centred at around 300m below surface in the Discovery Zone and remain open to the west and at depth (see Figure’s 2 and 3).

The massive and matric-breccia sulphide mineralisation intersected in both SBDD002[1] (see Image 1) and SBDD003A[2] is on the margin of the Sherlock Intrusive, as targeted, below and at the western end of the current resource[3] (Figure 2 and cross section, Figure 3). These sulphide intersections correlate with a strong down-hole EM (DHEM) conductor (C3)[1,2] that has also been detected by the surface MLEM survey, forming the eastern part of the 1km strike-length, strong MLEM anomaly (Figure 1).

The fact the new MLEM anomaly is stronger than the surface MLEM anomaly associated with the massive/matrix breccia sulphides intersected in SBDD002[1] and SBDD003A[2] , highlights the strong potential for further massive sulphide discoveries in this new and untested target zone .

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Image 1: Massive/breccia matrix sulphides in SBDD002 at 422.5m downhole, HQ core (results pending)

A high-priority diamond drilling program to test these strong MLEM anomalies is set to commence as soon as possible post the northern wet season.

In parallel with the drilling program, Sabre will evaluate the potential to significantly upgrade the existing 110,000kt (NiEq)[3] Sherlock Bay nickel sulphide resource (see details below) once all results from the recently completed ~2,400m drilling program are received. The current JORC 2012 Mineral Resource for the Sherlock Bay Nickel Project is 24.6Mt @ 0.40% Ni, 0.09% Cu, 0.02% Co (0.45% NiEq) containing 99,200t Ni, 21,700t Cu, 5,400t Co (110kt NiEq ), 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 *[3] (*see Appendix 1 for nickel equivalent calculation) .

Sabre completed a Scoping Study[4] on the Sherlock Bay nickel sulphide deposit in January 2022 which highlighted significant cash-flow potential at a nickel price of US$10/lb (US$22k/t). The nickel price has since increased by over 30% to around US$13.50/lb (US$29k/t) (see Kitcometals.com).

The discovery of additional high-grade nickel sulphide resources, indicated by the recent drilling intersections and the new strong EM anomalies, would strongly enhance the economics of the Sherlock Bay nickel-copper-cobalt project.

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Figure 3: Discovery zone cross section 19,640mE with DHEM conductors & recent sulphide intersections

Results from drillholes SBDD001[5] , SBDD002[1] and SBDD003A[2] are awaited, while drillholes SBDD004[6] and SBDD005[6] are currently being logged and processed for sample submission (Refer Table 1 for drillhole details and Appendix 2 for JORC, 2012 Edition, Table 1, Sections 1 and 2).

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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 Project[6] is located 60km to the west of Sherlock Bay.

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

The recently completed ~2,400m diamond drilling program targeted 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 was co-funded by the WA Government for up to 50% of drilling costs, and $10,000 mobilisation costs, capped at a total of $220,000[7] .

The location of the Sherlock Intrusive was 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[1] and SBDD003A[2 ] 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 (Figure 3), associated with a strong DHEM conductor[1] (C3) (Figure 2). This is a similar setting to the Andover nickel sulphide discovery of Azure Minerals Ltd (ASX:AZS)[8] , located 60km along strike to the west of Sherlock Bay (see location, Figure 4) which includes a recently announced Mineral Resource estimate of 4.6Mt @ 1.11% Ni, 0.47% Cu, 0.05% Co (1.41% NiEq)[8] .

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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 Project[3] – 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 Pool[9] 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% Ni[10] ) 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 Hill[11] , 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 Project[12] 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[10] . 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 Project[11] , 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[11] 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.

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

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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
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References:

1 Sabre Resources Ltd, 28th September 2022. Massive Sulphide EM Target Intersected at Sherlock Bay. 2 Sabre Resources Ltd, 26th October 2022. Massive Sulphides Intersected in Target Zone at Sherlock Bay. 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, 30th August 2022. Semi-Massive Sulphides in 50m Intersection at Sherlock Bay. 6 Sabre Resources Ltd, 6th December 2022. Further Massive Sulphides Intersected at Sherlock Bay. 7 Sabre Resources Ltd, 11th April 2022. WA Govt. Co-funding for High-Grade Ni Sulphide Drilling. 8 Azure Minerals Ltd (ASX:AZS), 30th March 2022. Azure Delivers Maiden Mineral Resource for Andover. 9 Sabre Resources Ltd, 13th December 2021. Agreements to Acquire Three Nickel Sulphide Projects. 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.

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Appendix 1: Sherlock Bay Nickel Equivalent (NiEq) Calculation

The conversion to nickel equivalent (NiEq) grade must take into account the plant recovery/payability and sales price (net of sales costs) of each commodity.

Approximate recoveries/payabilities and sales price are based on leach testing information summarised in the Sabre Resources Ltd ASX release of 27[th] January 2022, “Sherlock Bay Ni Scoping Study Delivers Positive Cashflow”.

The prices used in the calculation are based on current market for Ni, Cu and Co sourced from the website www. kitco.com.

The table below shows the grades, process recoveries and factors used in the conversion of the resource grade estimates into a Nickel Equivalent (NiEq) grade percent.

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Recovery x
Metal Average grade (%) Metal Prices Factor Factored Grade (%)
payability (%)
Ni 0.40 $14.00 $30,856 0.79 1.00 0.40
Cu 0.09 $3.78 $8,331 0.6 0.21 0.02
Co 0.02 $23.14 $51,000 0.6 1.26 0.03
NiEq 0.45
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Recovery x
Metal Average grade (%) Metal Prices Factor Factored Metal (t)
payability (%)
Ni 99,200 $14.00 $30,856 0.79 1.00 99,200
Cu 21,700 $3.78 $8,331 0.6 0.21 4,450
Co 5,400 $23.14 $51,000 0.6 1.26 6,779
NiEq 110,429
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Appendix 2: JORC Code, 2012 Edition – Table 1 (Sherlock Bay Project) Section 1 Sampling Techniques and Data

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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
industry standard measurement tools spacing.
appropriate to the minerals under  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 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., ‘reverse using gyro electronic multi-shot.
circulation drilling was used to obtain 1 m  Sampling was limited to the visually
samples from which 3 kg was pulverised to mineralised zones with additional sampling of
produce a 30 g charge for fire assay’). In other several metres either side of the
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)
may warrant disclosure of detailed
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, 2004 and 2005 by Sherlock Bay Nickel
sonic, etc) and details (e.g., core diameter, Corporation (SBNC) using face sampling
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 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
may have occurred due to preferential 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 a time of drilling.
level of detail to support appropriate Mineral  No core photographs were located from
Resource estimation, mining studies and historical holes.
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.
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Criteria JORC Code Explanation Commentary
photography.  Specific gravity (SG) and magnetic
 The total length and percentage of the susceptibility measurements on selected
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.  Current drilling will include registered
 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,
including for instance results for field
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  For geophysical tools, 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, interlaboratory checks which showed
calibrations factors applied and their 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) 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. located and loaded into an electronic
 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  SBNC drill hole collars were accurately
data points drill holes (collar and down-hole surveys), surveyed using electronic total station
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  Deeper mineralisation was tested at
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Criteria JORC Code Explanation Commentary
sufficient to establish the degree of geological approximately 120m spacing.
and grade continuity appropriate for the  Drill data is at sufficient spacing to define
Mineral Resource and Ore Reserve estimation Measured, Indicated and Inferred Mineral
procedure(s) and classifications applied. Resources.
 Whether sample compositing has been  Samples were composited to 2 m intervals for
applied. estimation.
Orientation of  Whether the orientation of sampling achieves  Shallow holes were drilled at approximately -
data in unbiased sampling of possible structures and 60 [o] into a vertical trending zone and orientated
relation to the extent to which this is known, considering perpendicular to the known strike of the
geological the deposit type. deposit.
structure  If the relationship between the drilling  Deeper diamond holes flattened to be
orientation and the orientation of key approximately orthogonal to the dip of
mineralised structures is considered to have mineralisation.
introduced a sampling bias, this should be  No orientation-based sampling bias has been
assessed and reported if material. identified 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 or  The results of any audits or reviews of sampling  Procedures were reviewed by independent
reviews techniques and data. consultants during the exploration programs in
2005 by SBNC.
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Section 2 Reporting of Exploration Results

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Criteria JORC Code explanation Commentary
Mineral  Type, reference name/number, location and  The deposit is located on granted mining lease
tenement and ownership including agreements or material issues M47/567 with an expiry date of 22/9/2025.
land tenure with third parties such as joint ventures,  SBR has a 70% beneficial interest in the project.
status 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 license to operate in the area.
Exploration  Acknowledgment and appraisal of exploration by  Discovery and initial exploration was
done by other other parties. completed by Texas Gulf in the 1970’s.
parties  Majority of exploration was completed by
SBNC in 2004 and 2005.
Geology  Deposit type, geological setting, and style of  The project is hosted within the Archaean West
mineralisation. Pilbara Granite-Greenstone Belt. It comprises
two main lenticular lodes (termed Discovery
and Symonds Well) hosted within a sub-
vertical to steep north dipping banded
chert/magnetite-amphibole horizon.
 Mineralisation is associated with strong
foliation and/or banding of a silica-chlorite-
carbonate-amphibole-magnetite chert. There
is broad correlation of Ni, Cu and Co grade to
sulphide content with the main species being
pyrrhotite, pentlandite and chalcopyrite.
Drill hole  A summary of all information material to the under-  Results are reported in local grid coordinates.
information standing of the exploration results including a  Drill hole intersections used in the resource
tabulation of the following information for all
have been historically reported.
Material drill holes:
 easting and northing of the drill hole collar
 elevation or RL (Reduced Level – elevation above
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Criteria JORC Code explanation Commentary
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.
Data  In reporting Exploration Results, weighting  Length weighted average grades have been
aggregation averaging techniques, maximum and/or minimum reported.
methods grade truncations (e.g., cutting of high grades) and  No high-grade cuts have been applied.
cut-off grades are usually Material and should be  Metal equivalent values are not being reported.
stated.
 Where aggregate intercepts incorporate short
lengths of high-grade results and longer lengths of
low-grade results, the procedure used for such
aggregation should be stated and some typical
examples of such aggregations should be shown in
detail.
 The assumptions used for any reporting of metal
equivalent values should be clearly stated.
Relationship  These relationships are particularly important in the  The majority of holes have been drilled at
between reporting of Exploration Results. angles to intersect the mineralisation
mineralisation  If the geometry of the mineralisation with respect to approximately perpendicular to the orientation
widths and the drill hole angle is known, its nature should be of the mineralised trend.
intercept reported.
lengths  If it is not known and only the down hole lengths are  Some steeper holes will have intersection
length greater than the true thickness.
reported, there should be a clear statement to this
effect (e.g., down hole length, true width not
known’).
Diagrams  Appropriate maps and sections (with scales) and  A relevant plan showing the historical drilling is
tabulations of intercepts should be included for any included within the Sabre Resources Ltd
significant discovery being reported. These should announcement of 12 [th] June 2018 “Resource
include, but not be limited to a plan view of drill hole
Estimate Update for the Sherlock Bay Nickel-
collar locations and appropriate sectional views.
Copper- Cobalt Deposit” .
 Representative longitudinal projection and
cross sections are shown on Figure’s 2 and 3.
Location and tenement outlines are shown on
Figure 4.
Balanced  Accuracy and quality of surveys used to locate drill  All relevant results available have been
Reporting holes (collar and down-hole surveys), trenches, mine previously reported.
workings and other locations used in Mineral
Resource estimation.
 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.
Other  Other exploration data, if meaningful and material,  Geological mapping, geophysical surveys and
substantive should be reported including (but not limited to): rock chip sampling has been conducted over
exploration geological observations; geophysical survey results; the project area.
data geochemical survey results; bulk samples - size and
method of treatment; metallurgical test results; bulk
density, groundwater, geotechnical and rock
characteristics; potential deleterious or
contaminating substances.
Further work  The nature and scale of planned further work (e.g.,  Continued economic analysis of the project is
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Criteria JORC Code explanation Commentary
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	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.	planned.  Representative longitudinal projection, Figure 2, shows targeted projections and MLEM and DHEM conductors where further drilling is planned.

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