SABRE RESOURCES LIMITED — Capital/Financing Update 2024

Oct 7, 2024

Drilling Commences Testing Gold-Bearing Sulphide Trend at Sherlock Bay

• - Multiple EM/Sulphide targets being tested along strike from previous gold intersections up to 3.7 g/t AuEq* in highly-prospective Scholl Shear Corridor
• An extensive aircore drilling program has commenced at Sherlock Bay in Western Australia's highly prospective North-West Pilbara region, testing a series of electromagnetic (EM) sulphide targets within the Scholl Shear Gold and Ni-Cu-Co corridor1 (Figure 1).
• Previous diamond drilling of a major EM anomaly2 south-west of the existing Sherlock Bay Ni-Cu-Co Sulphide Mineral Resource (Figure 2) intersected significant gold mineralisation associated with Ni-Cu-Co bearing semi-massive sulphides2 , including:
  • o 14.5m @ 1.8 g/t AuEq* (0.87 g/t Au, 0.28% Ni, 0.15% Cu, 0.05% Co) from 328m in SBDD0101 incl. 8.0m @ 2.0 g/t AuEq* (1.1 g/t Au, 0.30% Ni, 0.11% Cu, 0.05% Co) from 331m incl. 1.0m @ 3.7 g/t AuEq* (2.7 g/t Au, 0.33% Ni, 0.09% Cu, 0.05% Co) from 335m
• This new gold-bearing sulphide discovery occurs within the regional Scholl Shear, which is parallel and 80km to the north-west of the Mallina shear which hosts the >10Moz Hemi Gold Deposit of De Grey Mining (ASX:DEG)3 . Gold mineralisation also occurs within the Scholl Shear at Mt Oscar where historical drilling intersected gold values of over 8 g/t Au (Figure 1) 4 .
• The intersection in SBDD010 is associated with a strong EM anomaly within a 20km corridor of multiple EM anomalies1 , of which only 2km has been tested to date (including the Sherlock Bay Ni-Cu-Co Mineral Resource). Historical drilling at Sherlock Bay was not assayed for gold.
• The Company's EM survey, combined with previous Heli-EM surveys, identified six priority targets within the 20km Sherlock/Scholl Shear Trend which have not previously been drilltested (Figure 2). These anomalies will be tested with seven aircore traverses for up to 2,000m.

Sabre Resources CEO, Jon Dugdale commented:

"The discovery of gold mineralisation associated with semi-massive sulphides in the Scholl Shear clearly demonstrates the potential for a significant gold discovery within the Company's extensive tenement holdings at Sherlock Bay in the north-west Pilbara.

The targeted Scholl Shear is parallel to, and only 80km to the north-west of, the Mallina Shear, which hosts the world-class 10Moz Hemi gold discovery.

The Scholl Shear occurs over 20km within the Company's tenements where no previous gold exploration has been conducted prior to the Company intersecting a 14.5m sulphide zone with gold grades of up to 2.7 g/t.

The targeted aircore drilling program we have commenced will test six previously untested EM anomalies/sulphide targets, along strike from the gold-bearing zone intersected in SBDD010."

*See Appendix 2 for gold equivalent (AuEq) calculations.

Sabre Resources Ltd (ASX: SBR) is pleased to announce the Company has commenced a new aircore drilling program testing multiple EM sulphide targets for gold and Ni-Cu-Co mineralisation in the regional scale Scholl Shear Zone at Sherlock Bay, in WA's highly prospective north-west Pilbara (see Figure 1).

Figure 1: Sherlock Bay Project location & geology showing proximity to Andover Li-Ni projects and gold occurrences

Previous diamond drilling by the Company tested a strong moving-loop EM (MLEM) conductor located immediately to the south-west of the existing Ni-Cu-Co Mineral Resource at Sherlock Bay2 (see Figure 2). This drilling produced significant gold intersections in two holes which intersected semi-massive sulphide mineralisation within the regional-scale Scholl Shear Zone. These intersections have been recalculated to gold equivalent (see Appendix 1, drilling details, Appendix 2, AuEq calcs) and include:

• o 14.5m @ 1.8 g/t AuEq* (0.87 g/t Au, 0.28% Ni, 0.15% Cu, 0.05% Co) from 328m in SBDD0101 incl. 8.0m @ 2.0 g/t AuEq* (1.1 g/t Au, 0.30% Ni, 0.11% Cu, 0.05% Co) from 331m incl. 1.0m @ 3.7 g/t AuEq* (2.7 g/t Au, 0.33% Ni, 0.09% Cu, 0.05% Co) from 335m
• o 16.34m @ 0.8 g/t Au Eq* (0.31 g/t Au, 0.12% Ni, 0.10% Cu, 0.04% Co) from 241.83m in SBDD0091 incl. 6.40m @ 1.4 g/t AuEq* (0.64 g/t Au, 0.28% Ni, 0.09% Cu, 0.04% Co) from 241.83m & incl. 0.87m @ 1.9 g/t AuEq* (1.0 g/t Au, 0.19% Co, 0.14% Cu, 0.01% Ni) from 257.3m

The Scholl Shear Zone is parallel to, and located only 80km to the north-west of, the Mallina Shear, which hosts the >10Moz Hemi gold discovery of De Grey mining (ASX:DEG)3 (see regional location, Figure 3).

Little gold exploration has tested targets within the mostly soil covered Scholl Shear, apart from limited reverse circulation (RC) drilling at the Mt Oscar prospect, 20km south-west of the Company's tenements, which intersected 2m @ 8 g/t Au from 95m (in RC hole 13WQRC013)4 within the structure (see Figure 1).

*See Appendix 2 for gold equivalent (AuEq) calculations.

Significantly, previous drilling of the Sherlock Bay Ni-Cu-Co Mineral Resource5 was not assayed for gold mineralisation.

The gold mineralisation intersected in the Company's 2023 diamond drilling program is associated with iron-rich (pyrrhotite dominant) nickel-copper-cobalt bearing sulphide mineralisation and highly anomalous arsenic mineralisation. This indicates a hydrothermal origin, the same style of mineralisation as the Hemi deposit2 .

The EM anomaly associated with the gold-bearing sulphide discovery at Sherlock Bay occurs within a 20km corridor with multiple strong EM anomalies within the Scholl Shear Corridor. The Company's EM survey, in combination with previous Heli-EM, has identified at least six strong EM anomalies which have not been previously tested.

A program of seven aircore drilling traverses for up to 2,000m is testing the six strong EM anomalies for the presence of bedrock gold and nickel-copper-cobalt massive sulphide mineralisation (see Figure 2).

Figure 2: Sherlock Bay Project EM anomalies within Scholl Shear sulphide corridor with gold aircore drilling planned

The intersection of anomalous gold and/or Ni-Cu-Co bearing sulphide mineralisation in the aircore drilling will be followed up with deeper RC and/or diamond drilling, targeting mineralised sulphide zones within the structure.

The RC/diamond drilling program testing multiple EM anomalies on the Sherlock and Sherlock North trend (Figure 2) has been approved for co-funding of up to 50% of drilling costs under the WA Government's Exploration Incentive Scheme (EIS)1 .

Figure 3: Northwest Pilbara with Sherlock Bay Project, gold target and proximity to Hemi >10Moz Gold Resource3

About Sabre Resources Ltd

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

The Company has extensive tenement holdings in WA's north-west Pilbara region, covering over 300km2 of geological structures considered highly prospective for the discovery of nickel sulphide, gold and lithium deposits. The Sherlock Bay tenements, including Andover East and Andover Northeast, where exploration is in progress, lie within the same structural and stratigraphic corridor as the nearby Andover Project, where Azure Minerals has produced world-class lithium intersections including 209m of spodumene-bearing pegmatite grading 1.42% Li2O 6,7 .

The Company's most advanced project in the north-west Pilbara region is the Sherlock Bay (nickel-coppercobalt) Project5 – a significant, un-developed, nickel sulphide deposit. The recent diamond drilling discovery of an extensive new sulphide zone2 with Ni-Cu-Co as well as gold mineralisation1 , associated with a strong EM conductor, confirms potential for higher-grade nickel sulphide resource growth and new gold discoveries within the 20km long structural and intrusive corridor within the Company's tenements at Sherlock Bay1 .

Sabre also has an 80% interest in the Nepean South tenement (E15/1702)8 and five granted exploration licences at Cave Hill9 , covering a >100km strike length of interpreted extensions to the Nepean and Queen Victoria Rocks greenstone belts near Coolgardie in the Eastern Goldfields gold, nickel and lithium province in WA. These tenements are highly prospective for nickel sulphides, lithium and gold mineralisation, being located south within the same belt as the Kangaroo Hills lithium discovery10, the Nepean Nickel Mine (1.1Mt at 3.0% Ni produced8 ) and the 2.8Moz Coolgardie Goldfield11 . The Company recently reported highly 4

anomalous lithium and gold targets identified from soil sampling9 across its extensive 700km2 ground holdings in this highly-prospective area.

Sabre's 100% owned Ninghan Gold Project12in WA's southern Murchison district is located less than 20km along strike from the Mt Gibson gold mine, which has a ~3Moz gold resource endowment13. Previous RAB and aircore drilling has defined two strongly anomalous zones of gold mineralisation, to be followed up with deeper RC drilling.

In the Northern Territory, Sabre holds an 80% interest in the Ngalia Uranium-Vanadium Project14 , which comprises five granted exploration licences and two applications over an area of 1,100km2 in the highly prospective Ngalia Basin - near existing uranium-vanadium resource projects1 . Drone magnetics completed on the Company's Dingo Project has defined multiple targets, including along strike from previous high-grade uranium drilling results up to 5,194ppm U3O8 15 .

References

1 Sabre Resources Ltd, 02 January 2024. Major New Nickel Trend and New Intersections at Sherlock.

2 Sabre Resources Ltd, 5th July 2023. Extensive New Sulphide Discovery at Sherlock Bay.

3DeGrey Mining Ltd, 21 November 2023. Hemi Gold Resource Update – November 2023.

4Australasian Resources Ltd (ASX:A2013, Internal company report.

5Sabre Resources Ltd, 12th June 2018. Resource Estimate Update for the Sherlock Bay Ni-Cu-Co Deposit.

6Azure Minerals Ltd (ASX:AZS), 8th February 2023. 28% Uplift in Mineral Resources at Andover Nickel Project.

7Azure Minerals Ltd (ASX:AZS), 4hAugust 2023. 209m High-Grade Lithium Intersection at Andover.

8 Sabre Resources Ltd, 21st September 2022. High Nickel Grades & Sulphides in Ultramafics at Nepean South.

9 Sabre Resources Ltd, 10th October 2023. Large Lithium Soils Anomalies on Cave Hill Tenements Resources

10Future Battery Metals Ltd, 17 May 2023. Further Thick Spodumene Intersections at Kangaroo Hills.

11Focus Minerals Ltd (ASX:FML), 31 March 2021. Annual Report 2021.

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

13Capricorn Metals Ltd announcement, 28th July 2021. Capricorn Acquires 2.1 Million Oz Mt Gibson Project.

14Sabre Resources Ltd, 7th February 2022. Sabres Acquires Key Nickel Sulphide and Uranium Projects.

15Sabre Resources Ltd, 18th December 2023. Sabre Outstanding NT Uranium Targets - Exploration Commences.

16Sabre Resources Ltd, 27th January 2022. Sherlock Bay Ni Scoping Study Delivers Positive Cashflow.

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

***ENDS***

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

Sabre Resources Limited Sabre Resources Limited +61 (08) 9481 7833 +61 (08) 9481 7833

Jon Dugdale Michael Muhling or Tanya Newby Chief Executive Officer Joint Company Secretaries

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 36 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.

ASX Listing Rules Compliance

In preparing this announcement the Company has relied on the announcements previously made by the Company as listed under "References". The Company confirms that it is not aware of any new information or data that materially affects those announcements previously made, or that would materially affect the Company from relying on those announcements for the purpose of this announcement.

Appendix 1: Diamond drillhole details and intersections (with gold equivalent)

Hole ID	EastMGA	NorthMGA	LocalEast	LocalNorth	CollarDip°	AziGrid°	EOH (m)
23SBDD009	555,718	7,697,828	19,393	9,930	-60	159.65	336.5
23SBDD010	555,704	7,697,868	19,393	9,930	-60	159.65	408.5

Table 1: Diamond drillhole details, SBDD009, 010

Table 2: Significant diamond drilling results, re-calculated with AuEq (see calculations below):

Hole No.	From	To	Interval	AuEq	Au g/t	Ni%	Cu%	Co%	Pd g/t	Pt g/t
23SBDD010	328.00	342.50	14.50	1.8	0.87	0.28	0.15	0.05	0.003	0.001
incl.	331.00	339.00	8.00	2.0	1.07	0.30	0.11	0.05	0.004	0.001
incl.	335.00	339.00	4.00	2.5	1.60	0.26	0.09	0.07	0.003	<0.001
incl.	335.00	336.00	1.00	3.7	2.69	0.33	0.09	0.05	0.008	<0.001
23SBDD009	241.83	258.17	16.34	0.8	0.31	0.12	0.10	0.04	0.003	<0.001
incl.	241.83	248.23	6.40	1.4	0.54	0.28	0.09	0.04	0.007	<0.001
incl.	257.30	258.17	0.87	1.9	1.02	0.01	0.14	0.19	0.003	0.001

Appendix 2: Sherlock Bay Gold Equivalent (AuEq) Calculation

The conversion to gold equivalent (AuEq) 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 27th January 2022, "Sherlock Bay Ni Scoping Study Delivers Positive Cashflow"16 .

The prices used in the calculation are based on market pricing for Ni, Cu, Co and Pt, Pd, Au sourced from the website kitco.com and other publicly available websites, updated to October 2024.

The predominant metal in terms of value (based on grade of intersections and recovery estimates) in the intersections reported is gold. Nickel represents a higher value in the Sherlock Bay Mineral Resource, however gold has been chosen for reporting on an equivalent basis as it is the one that contributes most to the metal equivalent calculation for the Sherlock SW sulphide discovery.

The table below shows the grades, process recoveries and factors used in the conversion of drilling intersection grades into a Gold Equivalent (AuEq) grade g/t:

Metal	Averagegrade (g/t)	Averagegrade (%)		MetalPrices		Recovery xpayability (%)	Factor	FactoredGrade g/t)
			$/oz	$/lb	$/t
Au	0.870		2,400	38,400	84,633,600	0.8	1.00	0.8700
Ni		0.28	128	8.00	17,632	0.8	2.08	0.583
Cu		0.15	74	4.60	10,138	0.8	1.20	0.180
Co		0.05	176	11.00	30,000	0.8	3.54	0.177
Pd	0.003		1,220	19,520	43,022,080	0.8	0.51	0.0015
Pt	0.001		975	15,600	34,382,400	0.8	0.41	0.0003
							AuEq	1.81

Section 1 Sampling Techniques and Data

Criteria	JORC Code Explanation	Commentary
Samplingtechniques	•Nature and quality of sampling (e.g., cutchannels, random chips, or specific specialisedindustrystandardmeasurementtoolsappropriate to the minerals under investigation,such as down hole gamma sondes, or handheldXRF instruments, etc). These examples shouldnot be taken as limiting the broad meaning ofsampling.•Include reference to measures taken to ensuresample representivity and the appropriatecalibration of any measurement tools orsystems used.•Aspects of the determination of mineralisationthat are Material to the Public Report. In caseswhere 'industry standard' work has been donethis would be relatively simple (e.g., 'reversecirculation drilling was used to obtain 1 msamples from which 3 kg was pulverised toproduce a 30 g charge for fire assay'). In othercases more explanation may be required, suchas where there is coarse gold that has inherentsampling problems. Unusual commodities ormineralisation types (e.g., submarine nodules)may warrant disclosure of detailed information.	•RC drilling was conducted using a 5 ¼" face samplingbit on a nominal 20m by 60 m spacing.•RC samples were collected in large plastic bags fromriffle splitter and a 2-5 kg representative sample takenfor analysis.•Diamond drilling was sampled to geological contactsthen at 1 m or maximum 1.5m intervals with quartercore samples taken for analysis.•Collar surveys were carried using total stationelectronic equipment.•Down hole surveys for each historical hole werecompleted using single shot cameras.•Current diamond drillholes being surveyed using gyroelectronic multi-shot.•Sampling was limited to the visually mineralised zoneswith additional sampling of several metres either sideof the mineralisation.
Drillingtechniques	•Drill type (e.g., core, reverse circulation, openhole hammer, rotary air blast, auger, Bangka,sonic, etc) and details (e.g., core diameter, tripleor standard tube, depth of diamond tails, facesampling bit, or other type, whether core isoriented and if so, by what method, etc).	•The majority of RC drilling was completed in 2004 and2005 by Sherlock Bay Nickel Corporation (SBNC) usingface sampling equipment.•Core drilling included historic holes completed in the1970's by Texas Gulf as well as a substantial numberof holes completed in 2005 by SBNC.•Current holes are HQ diamond with reduction to NQ atdepth / in case of difficult drilling.
Drill samplerecovery	•Method of recording and assessing core andchip sample recoveries and results assessed.•Measures taken to maximise sample recoveryandensurerepresentativenatureofthesamples.•Whether a relationship exists between samplerecovery and grade and whether sample biasmay have occurred due to preferential loss/gainof fine/coarse material.	•Drill core recovery was measured and was generallyexcellent.•No record of RC sample quality was located, howeverdrilling conditions were good and samples generallyfrom fresh rock and no problems were anticipated.•No obvious relationships between sample recovery andgrade.
Logging	•Whether core and chip samples have beengeologically and geotechnically logged to alevel of detail to support appropriate MineralResourceestimation,miningstudiesandmetallurgical studies.•Whether logging is qualitative or quantitative innature.Core(orcostean,channel,etc)photography.•The total length and percentage of the relevantintersections logged.	•All holes were/are logged in the field at the time ofdrilling.•No core photographs were located from historicalholes.•Currentdiamonddrillholesarebeingroutinelyphotographed.•Entire holes are being logged.•Specific gravity (SG) and magnetic susceptibilitymeasurements on selected intervals.
Sub-samplingtechniques andsamplepreparation	•If core, whether cut or sawn and whetherquarter, half or all core taken.•If non-core, whether riffled, tube sampled, rotarysplit, etc and whether sampled wet or dry.•For all sample types, the nature, quality, andappropriateness of the sample preparationtechnique.•Quality control procedures adopted for all subsampling stages to maximise representivity of	•1m RC samples were split by the riffle splitter on thedrill rig and sampled dry.•The sampling was conducted using industry standardtechniques and were considered appropriate.•No formal quality control measures were in place forthe programs.•Current drilling will include registered standards andduplicates and blanks every 25m/50m.•Sample sizes appropriate for the grain size of the

Criteria	JORC Code Explanation	Commentary
	samples.	sulphide mineralisation.
	Measures taken to ensure that the sampling is$\bullet$
	representative of the in-situ material collected,including for instance results for field
	duplicate/second-half sampling.
	Whether sample sizes are appropriate to the$\bullet$
	grain size of the material being sampled.
Quality of assay	The nature, quality and appropriateness of the$\bullet$	Historic drill samples were assayed using four acid$\bullet$
data and	assaying and laboratory procedures used and	digest and AAS analysis at accredited laboratories.
laboratory tests	whether the technique is considered partial ortotal.	Samples from the 2004 and 2005 programs were$\bullet$assayed using four acid digest and AAS analysis at the
	For geophysical tools, spectrometers, handheld$\bullet$	Aminya and ALS laboratories.
	XRF instruments, etc, the parameters used in	QAQC data was limited to assay repeats and$\bullet$
	determining the analysis including instrument	interlaboratory checks which showed acceptable
	make and model, reading times, calibrations	results.
	factors applied and their derivation, etc.Nature of quality control procedures adopted	Current holes will be samples at approximately 1m
	(e.g., standards, blanks, duplicates, external	intervals and samples of quarter core to half coreanalysed by Intertek laboratories, Perth via four acid
	laboratory checks) and whether acceptable	digest and ICP-MS / ICP-OES analysis.
	levels of accuracy (i.e., lack of bias) and
Verification of	precision have been established.
sampling and	The verification of significant intersections by$\bullet$either independent or alternative company	Field data was loaded into excel spreadsheets at site.$\bullet$Original laboratory assay records have been located$\bullet$
assaying	personnel.	and loaded into an electronic database.
	The use of twinned holes.$\bullet$	Hard copies of logs, survey and sampling data are$\bullet$
	Documentation of primary data, data entry$\bullet$	stored in the SBR office.
	procedures, data verification, data storage	No adjustment to assay data.$\bullet$
	(physical and electronic) protocols.Discuss any adjustment to assay data.$\bullet$
Location of data	Accuracy and quality of surveys used to locate$\bullet$	SBNC drill hole collars were accurately surveyed using$\bullet$
points	drill holes (collar and down-hole surveys),	electronic total station equipment.
	trenches, mine workings and other locations	A local grid system was used with data converted to$\bullet$
	used in Mineral Resource estimation.Specification of the grid system used.$\bullet$	WGS84.Topography is very flat with control from drill hole
	Quality and adequacy of topographic control.$\bullet$	collars and field traverses.
Data spacing and	Data spacing for reporting of Exploration$\bullet$	Drilling was on a nominal 20m by 60m spacing in the$\bullet$
distribution	Results.	upper 200m of the deposit.
	Whether the data spacing and distribution is$\bullet$	Deeper mineralisation was tested at approximately$\bullet$
	sufficient to establish the degree of geologicaland grade continuity appropriate for the Mineral	120m spacing.Drill data is at sufficient spacing to define Measured,
	andOre ReserveResourceestimation	Indicated and Inferred Mineral Resources.
	procedure(s) and classifications applied.	Samples were composited to 2 m intervals for
	Whether sample compositing has been applied.$\bullet$	estimation.
Orientation ofdata in relation to	Whether the orientation of sampling achieves$\bullet$	Shallow holes were drilled at approximately -60° into a$\bullet$
geological	unbiased sampling of possible structures andthe extent to which this is known, considering	vertical trending zone and orientated perpendicular tothe known strike of the deposit.
structure	the deposit type.	Deeper diamond holes flattened to be approximately
	If the relationship between the drilling$\bullet$	orthogonal to the dip of mineralisation.
	orientation and the orientation ofkey	No orientation-based sampling bias has been identified$\bullet$
	mineralised structures is considered to haveintroduced a sampling bias, this should be	in the data.
	assessed and reported if material.
Sample security	The measures taken to ensure sample security.$\bullet$	Samples were organised by company staff then$\bullet$
		transported by courier to the laboratory.
Audits or reviews	The results of any audits or reviews of sampling$\bullet$	Procedures were reviewed by independent consultants$\bullet$
	techniques and data.	during the exploration programs in 2005 by SBNC.

ASX:SBR sabresources.com

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenementand land tenurestatus	•Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,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.
Exploration doneby other parties	•Acknowledgment and appraisal of explorationby other parties.	•Discovery and initial exploration was completed byTexas Gulf in the 1970's.•Majority of exploration was completed by SBNC in2004 and 2005.
GeologyDrillholeinformation	•Deposit type, geological setting, and style ofmineralisation.•A summary of all information material to theunder-standingoftheexplorationresultsincludingatabulationofthefollowinginformation for all Material drill holes:•easting and northing of the drill hole collar•	•The project is hosted within the Archaean West PilbaraGranite-Greenstone Belt. It comprises two mainlenticular lodes (termed Discovery and Symonds Well)hosted within a sub-vertical to steep north dippingbanded chert/magnetite-amphibole horizon.•Mineralisation is associated with strong foliationand/orbandingofasilica-chlorite-carbonateamphibole-magnetite chert. There is broad correlationof Ni, Cu and Co grade to sulphide content with themainspeciesbeingpyrrhotite,pentlanditeandchalcopyrite.•Gold mineralisation is associated with arsenic and isinterpreted to be a hydrothermal overprint.•Results are reported in local grid coordinates.•Drill hole intersections used in the resource have beenhistorically reported.
	elevation or RL (Reduced Level – elevationabove sea level in metres) of the drill holecollar•dip and azimuth of the hole•down hole length and interception depth•hole length•If the exclusion of this information is justified onthe basis that the information is not Material andthis exclusion does not detract from theunderstanding of the report, the CompetentPerson should clearly explain why this is thecase.
Data aggregationmethods	•In reporting Exploration Results, weightingaveragingtechniques,maximumand/orminimum grade truncations (e.g., cutting of highgrades) and cut-off grades are usually Materialand should be stated.•Where aggregate intercepts incorporate shortlengths of high-grade results and longer lengthsof low-grade results, the procedure used for suchaggregation should be stated and some typicalexamples of such aggregations should beshown in detail.•The assumptions used for any reporting ofmetal equivalent values should be clearlystated.	•Length weighted average grades have been reported.•No high-grade cuts have been applied.•Metal equivalent values are not being reported.
Relationshipbetweenmineralisationwidthsandintercept lengths	•These relationships are particularly important inthe reporting of Exploration Results.•If the geometry of the mineralisation withrespect to the drill hole angle is known, itsnature should be reported.	•The majority of holes have been drilled at angles tointersectthemineralisationapproximatelyperpendicular to the orientation of the mineralisedtrend.•Some steeper holes will have intersection length greater

Criteria	JORC Code explanation	Commentary
	• If it is not known and only the down hole lengthsare reported, there should be a clear statementto this effect (e.g., down hole length, true widthnot known').	than the true thickness.
Diagrams	• Appropriate maps and sections (with scales)and tabulations of intercepts should be includedfor any significant discovery being reported.These should include, but not be limited to a planview of drill hole collar locations and appropriatesectional views.	A relevant plan showing the historical drilling is$\bullet$included within the Sabre Resources Ltd announcementof 12th June 2018 "Resource Estimate Update for theSherlock Bay Nickel-Copper- Cobalt Deposit".Drill hole locations and intersections are shown on plan$\bullet$projection, Figure 2. Project location and tenementoutlines are shown on Figure's 1 and 3.
BalancedReporting	Accuracy and quality of surveys used to locate$\bullet$drill holes (collar and down-hole surveys),trenches, mine workings and other locationsused in Mineral Resource estimation.comprehensiveWherereportingof all$\bullet$Exploration Resultsis not practicable,representative reporting of both low and highgrades and/or widths should be practiced toavoid misleading reporting of ExplorationResults.	All relevant results available have been previously$\bullet$reported.
Other substantiveexploration data	· Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations; geophysicalsurvey results; geochemical survey results; bulksamples - size and method of treatment;metallurgical test results;bulkdensity,groundwater,geotechnicalandrockpotentialcharacteristics:deleteriousorcontaminating substances.	Geologicalmapping,geophysical(gravity,$\bullet$electromagnetics) surveys and rock chip sampling hasbeen conducted over the project area.
Further work	The nature and scale of planned further work$\bullet$(e.g., tests for lateral extensions or depthextensions or large- scale step-out drilling).Diagrams clearly highlighting the areas of$\bullet$possible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.	The plan projection, Figure 2, shows targeted$\bullet$projections and MLEM and DHEM conductors wherefurther drilling is planned.Anomalous gold and/or Ni-Cu-Co mineralisation inaircore drilling will be followed up with deeper RCand/or diamond drilling.Other surface EM anomalies will also be tested with$\bullet$further drilling, as shown on Figure 2.