SABRE RESOURCES LIMITED — Interim / Quarterly Report 2003

Jan 28, 2003

KMM

SABRE RESOURCES LIMITED

(ACN 003-043-570)

1st Floor, Sterling House, 8 Parliament Place WEST PERTH WA 6005 Postal: PO Box 1618, WEST PERTH WA 6872 Phone: (08) 9481 7833 Fax: (08) 9481 7835 E-mail: sabre@sabresources.com Website: www.sabresources.com

24th January 2003

The Manager - Companies Australian Stock Exchange Exchange Centre 20 Bond Street SYDNEY NSW 2000

Sabre Resources Ltd - Quarterly Report for the period October 1st 2002 to December 31st 2002.

Exploration

Western Gneiss Terrane: There were no field activities during the quarter as all areas of interest are on private land and work is continuing to gain access for detailed sampling.

Eastern Goldfields: Yandal Greenstone Belt (Longreach Well): The tenement at Longreach Well is yet to be granted.

INS Direotór

This report has been prepared by a qualified geologist with over five year's experience in the relevant commodities.

$\mathcal{L}^{\mathcal{L}}$

$\overline{z}$

Appendix 5B Mining exploration entity quarterly report

Rule 5.3

Appendix 5B

Mining exploration entity quarterly report

Introduced 1/7/96. Origin: Appendix 8. Amended 1/7/97, 1/7/98, 30/9/2001.

Name of entity

Sabre Resources Ltd

ABN

68 003 043 570

Quarter ended ("current quarter") December 31 2002

Consolidated statement of cash flows

Cash flows related to operating activities		Current quarter$A'000	Year to date(6 months)$A'000
1.1	Receipts from product sales and relateddebtors
1.2	exploration andPayments for(a)evaluation(d) development(e) production	(15)	(17)
	(d) administration	(57)	(135)
1.3.	Dividends received
1.4	Interest and other items of a similar naturereceived	5	8
1.5	Interest and other costs of finance paid
1.6	Income taxes paid
1.7	Other (provide details if material)
	Net Operating Cash Flows	(67)	(144)
	Cash flows related to investing activities
1.8	Payment for purchases of: (a) prospects
	(b)equity
	investments
	fixedother(c)
	assets
1.9	Proceeds from sale of:(a)prospects(b)equity
	investments
	(c) otherfixed
	assets
1.10	Loans to other entities
1.11	Loans repaid by other entities
1.12	Other (provide details if material)
	Net investing cash flows	(67)	(144)

+ See chapter 19 for defined terms.

$\overline{\mathcal{D}}$

Appendix 5B Mining exploration entity quarterly report

1.13	Total operating and investing cash flows(carried forward)	(67)	(144)
1.141.151.161.171.18	Cash flows related to financing activitiesProceeds from issues of shares, options, etc.Proceeds from sale of forfeited sharesProceeds from borrowingsRepayment of borrowingsDividends paid
1.19	Other (provide details if material)
	Net financing cash flows
	Net increase (decrease) in cash held	(67)	(144)
1.201.21	Cash at beginning of quarter/year to dateExchange rate adjustments to item 1.20	369	446
1.22	Cash at end of quarter	302	302

Payments to directors of the entity and associates of the directors Payments to related entities of the entity and associates of the related entities

181.23Aggregate amount of payments to the parties included in item 1.2	Current quarter
Aggregate amount of loans to the parties included in item 1.101.24

$1.25$ Explanation necessary for an understanding of the transactions

PROFESSIONAL SERVICES & DIRECTORS FEES

Non-cash financing and investing activities

• $2.1$ Details of financing and investing transactions which have had a material effect on consolidated assets and liabilities but did not involve cash flows
• 2.2 Details of outlays made by other entities to establish or increase their share in projects in which the reporting entity has an interest

+ See chapter 19 for defined terms.

Appendix 5B Mining exploration entity quarterly report

Financing facilities available

Add notes as necessary for an understanding of the position.

		Amount available$A'000	Amount used$A'000
3.1	Loan facilities
3.2	Credit standby arrangements

Estimated cash outflows for next quarter

	Total	16
4.2	Development
4.1	Exploration and evaluation	16
		$A'000

Reconciliation of cash

follows.	Reconciliation of cash at the end of the quarter (asshown in the consolidated statement of cashflows) to the related items in the accounts is as	Current quarter$A'000	Previous quarter$A'000
51	Cash on hand and at bank	47	14
52	Deposits at call	255	355
53.	Bank overdraft
54	Other (provide details)
	Total: cash at end of quarter (item 1.22)	302	369

Changes in interests in mining tenements

		Tenementreference	Nature of interest(note (2))	Interest atbeginningof quarter	Interest atend ofquarter
6.1	Interests in miningtenementsrelinquished, reducedor lapsed
6.2	Interests in miningtenements acquired orincreased

+ See chapter 19 for defined terms.

Appendix 5B Mining exploration entity quarterly report

Issued and quoted securities at end of current quarterDescription includes rate of interest and any redemption or conversion rights together with prices and dates.

		Total number	Number quoted	Issue price per	Amount paid up
				security(see	per security (see
				note 3) (cents)	note 3) (cents)
7.1	Preference
	*securities
	(description)
7.2	Changes
	during quarter
	(a) Increasesthrough issues
	(b) Decreases
	through
	returns of
	capital, buy-
	backs,
	redemptions
7.3	*Ordinary	15,094,581	15,092,691
	securities
7.4	Changes
	during quarter
	(a) Increases
	through issues
	(b) Decreases
	throughreturns of
	capital, buy-
	backs
7.5	+Convertible
	debt securities
	(description)
7.6	Changes
	during quarter
	(a) Increases
	through issues
	(b) Decreases
	through				N
	securities
	matured,converted
7.7	Options			Exercise price	Expiry date
	(description and	7,500,000		10 CENTS	JUNE 30 2006
	conversion
	factor)
7.8	Issued during
	quarter
7.9	Exercised
	during quarter
$7.10,$	Expired during
	quarter
7.11	Debentures
	(totals only)

+ See chapter 19 for defined terms.

Appendix 5B Mining exploration entity quarterly report

7.12	Unsecurednotes (totalsonly)		__
------	-------------------------------------	--	----

Compliance statement

• This statement has been prepared under accounting policies which comply $\mathbf{1}$ with accounting standards as defined in the Corporations Act or other standards acceptable to ASX (see note 4).
• $\overline{2}$ This statement does / does not* (delete one) give a true and fair view of the matters disclosed.

(Director/Company secretary)

28/1/2007 ... Date

Sign here:

R I COLLINS Print name:

Notes

• The quarterly report provides a basis for informing the market how the $\mathbf{1}$ entity's activities have been financed for the past quarter and the effect on its An entity wanting to disclose additional information is cash position. encouraged to do so, in a note or notes attached to this report.
• The "Nature of interest" (items 6.1 and 6.2) includes options in respect of $\overline{2}$ interests in mining tenements acquired, exercised or lapsed during the reporting period. If the entity is involved in a joint venture agreement and there are conditions precedent which will change its percentage interest in a mining tenement, it should disclose the change of percentage interest and conditions precedent in the list required for items 6.1 and 6.2.
• Issued and quoted securities The issue price and amount paid up is not 3 required in items 7.1 and 7.3 for fully paid securities.
• The definitions in, and provisions of, AASB 1022: Accounting for Extractive $\overline{4}$ Industries and AASB 1026: Statement of Cash Flows apply to this report.
• Accounting Standards ASX will accept, for example, the use of International 5 Accounting Standards for foreign entities. If the standards used do not address a topic, the Australian standard on that topic (if any) must be complied with.

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+ See chapter 19 for defined terms.