SULTAN RESOURCES LTD — Capital/Financing Update 2019

Feb 14, 2019

Sultan Resources Ltd ACN: 623 652 522

CORPORATE DETAILS

ASX Code: SLZ

DIRECTORS

STEVEN GROVES MANAGING DIRECTOR

15[th] February 2019

JEREMY KING CHAIRMAN

LINCOLN HO NON-EXECUTIVE DIRECTOR

Dear Optionholder,

Non-Renounceable Loyalty Offer

On Friday 15 February 2019, Sultan Resources Ltd (ASX: SLZ) ( Sultan or Company ) announced a pro-rata non-renounceable loyalty offer of ordinary shares in the Company on the basis of one (1) new share ( New Share ) for every two (2) existing shares held, at an issue price of $0.005 (0.5 cents) per share ( Loyalty Offer ).

ARIEL EDWARD KING NON-EXECUTIVE DIRECTOR

CONTACT

Suite 2, Level 1, 1 Altona Street West Perth WA 6005 www.sultanresources.com.au

The purpose of the Loyalty Offer is to reward seed and initial public offer investors for their loyalty, having committed their capital at or before the Company’s initial public offer. The Loyalty Offer will also serve to help maintain Shareholder loyalty and share ownership for any Shareholders who have purchased shares since the Company’s shares commenced quotation on ASX. In addition, the Loyalty Offer will raise a minimal amount of up to $79,376 (less costs of the Loyalty Offer) and provide future exploration and general working capital funds for the Company’s prospects.

The Loyalty Offer will involve the issue of up to a maximum of 15,875,101 New Shares, resulting in 47,625,304 Shares being on issue following completion of the Loyalty Offer. Fractions of entitlements will be rounded down to the nearest whole number.

The Loyalty Offer is non-renounceable and is available to all eligible Sultan shareholders registered as shareholders of the Company at 5.00pm (WST) on Thursday 21 February 2019 ( Record Date ) with an address registered in Australia or New Zealand.

Full details of the Loyalty Offer are contained in the offer document lodged with ASX on Friday 15 February 2019 ( Offer Document ). The Offer Document together with the Entitlement and Acceptance Form will be mailed to all Eligible Shareholders on Monday, 25 February 2019.

Xcel Capital Pty Ltd and ARQ Capital Pty Ltd have been appointed as Joint Lead Managers to the Loyalty Offer, refer to the Offer Document for further details. The Loyalty Offer is not underwritten.

Optionholders

The terms and conditions of the options you currently hold do not entitle you to participate in the Loyalty Offer unless you exercise your options in time for new shares to be allotted and to be entered on the Company’s register of members on or before 5.00pm (WST) on Thursday 21 February 2019 ( Record Date ).

• a) To exercise your options and thereby participate in the Loyalty Offer, you will need to deliver the following to the Company’s Office at Suite 2, Level 1, 1 Altona Street West Perth WA 6005:

• b) A notice of exercise of options (attached to this letter);

• c) An option certificate (where the options are certificated) or a copy of a holding statement (where the options are uncertificated) in respect of those options to be exercised; and

• d) Payment for the exercise price in respect of those options to be exercised by way of a cheque made payable to Sultan Resources Ltd.

Before deciding whether to exercise any or all of your options, you should read the Offer Document in its entirety.

This notice is important and requires immediate attention. If you have any queries concerning the Offer, please contact the Company at info@sultanresources.com.au.

Yours faithfully

Mauro Piccini Company Secretary Sultan Resources Limited

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Sultan Resources Limited| ABN 35 623 652 522

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SRN/HIN: Security Code: SLZOPT Option Expiry Date: 07/08/2023 Exercise Price: $0.24

NOTICE OF EXERCISE OF OPTIONS

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NOTE: When signed under Power of Attorney, the attorney states that they have not received a notice of revocation. A certified copy of the Power of Attorney must be lodged with this exercise form.

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