SULTAN RESOURCES LTD — Investor Presentation 2021

May 9, 2021

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Big Hill: Drilling A Major

May 2021 ASX:SLZ

DISCLAIMER

This presentation has been prepared by Sultan Resources Limited (Sultan). The information contained in this presentation is a professional opinion only and is given in good faith. Certain information in this document has been derived from third parties and though Sultan has no reason to believe that it is not accurate, reliable or complete, it has not been independently verified or audited by Sultan.

Forward Looking Statements: This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Sultan Resources’ exploration program and other statements that are not historical facts. When used in this document, the words such as “could”, “plan”, “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward-looking statements. Although Sultan believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

Sultan makes no representation or warranty as to the accuracy, reliability or completeness of information in this document and does not take responsibility for updating any information or correcting any error or omission which may become apparent after this document has been issued. To the extent permitted by law, Sultan and its officers, employees, related bodies corporate and agents (Agents) disclaim all liability, direct indirect or consequential (and whether or not arising out of the negligence, default or lack of care of Sultan (and/or any of its Agents) for any loss or damage suffered by a Recipient or other persons arising out of, or in connection with, any use or reliance on this presentation or information.

COMPETENT PERSONS STATEMENT

The information in this report that relates to Exploration Targets and Exploration Results is based on historical exploration information compiled by Mr Steven Groves, who is a Competent Person and a Member of the Australian Institute of Geoscientists. Mr Groves is Managing Director and a full-time employee of Sultan Resources Limited. Mr Groves has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for the reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Groves consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Additionally, Mr Groves confirms that the entity is not aware of any new information or data that materially affects the information contained in the ASX releases referred to in the report.

Disclaimer

In relying on the below mentioned ASX announcement and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the presentation. No exploration data or results are included in this document that have not previously been released publicly. The source of all data or results have been referenced.

EAST LACHLAN FOLD BELT

A WORLD CLASS ADDRESS

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• Sultan holds 100% of key strategic land holding in the East Lachlan Gold–Copper Province of NSW

• World Class Macquarie Arc gold-copper porphyry terrain host to Major gold and gold-copper mining operations:

• Newcrest ’s Cadia Valley Operations (>50Moz Au, 8.7Mt Cu)

• Northparkes Copper-Gold Mine (5.2Moz Au, 4.4Mt Cu CMOC/Sumitomo)

• Cowal Gold Mine (>11Moz, Evolution Mining)

• MchPhillamys Gold Mine (+2Moz Au)

• Recent Boda discovery (ASX:ALK) has prompted a local boom in exploration activity in a highly competitive and completely held district

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Big Hill
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• Sultan have uncovered one of the East Lachlan Fold Belt’s standout, undrilled porphyry Au-Cu targets at Big Hill

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BIG HILL – EL8735

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STANDOUT LFB PORPHYRY TARGET: MAIDEN DRILLING SCHEDULED FOR MAY, 2021

• Alkalic porphyry Au-Cu target similar to:

• Giant Cadia-Ridgeway porphyry Au-Cu mine 50km to the south and,

• The Boda porphyry discovery ~ 50kms to the north.

• Big Hill displays “classic” LFB alkalic porphyry features:

• Large-scale IP chargeability

• Large-scale coincident 3D magnetic complex

• Coincident Au + Cu & key porphyry pathfinder soil geochemical anomalies

• Outcropping Copper-bearing high grade Cu+Au rock chips

  • Peripheral skarn mineralisation

• Outcrops of Cadia / Boda equivalent stratigraphy and host rocks displaying porphyry style alteration

• Drill rig secured, permitting and logistics on track for diamond drilling programme to commence in mid-late May, 2021

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A: Aerial image with 4.5bbp Au contours and Rock Chip locations, B: Airmag Image Analytical Signal Eastshade NL , C: Airmag Image Analytical Signal Eastsheade NL 40% transparent with IP chargeability wireframe isosurface 10mV/V in red

See ASX Announcement 29/04/2021

BIG HILL – EL8735

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OUTSTANDING GEOPHYSICAL SIGNATURE: INDUCED POLARISATION

• A large-scale, vertical IP chargeability anomaly coincident with numerous porphyry indicators:

• ~1km long by ~650m wide extending to ~500m depth (at 10Mv/v)

• Coincident with complimentary resistivity response

• Occupies the centre of the 5km long x 2.5km wide Big Hill Magnetic Complex

• Spatial association with Au-Cu and pathfinder geochemical anomalies

• Interpreted to represent a magnetite

destructive, sulphide-rich alkalic lithocap style hydrothermal alteration zone

• Response reminiscent of resistive cores of potassic alteration and Au-Cu mineralisation in alkalic porphyry Cu-Au systems

Large upright IP chargeability anomaly (>10mV/V, up to 50mV/V), that extends to the base of the section with a coincident >10000 Ohm.m resistivity anomaly

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See ASX Announcement 29/04/2021

BIG HILL – EL8735

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OUTSTANDING GEOPHYSICAL SIGNATURE: MAGNETICS

• Historic heli-magnetic data defines a prominent large-scale magnetic body beneath surface Au-Cu geochemical anomalies

• 3D inversion models define a magnetic body interpreted as an underlying intrusive complex:

• A possible source for high grade surface mineralization

• 3D magnetic model “surrounds” IP chargeability model

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Cross-section, looking east showing the 3D magnetic inversion model and coincident IP chargeability 10Mv/v isosurfaces

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See ASX Announcement 29/04/2021

BIG HILL – EL8735

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OUTSTANDING GEOCHEMICAL SIGNATURE: SOILS AND ROCK CHIPS

• ~2.2km long by ~400m wide, NNW-SSE striking, Gold + Copper & key porphyry pathfinder soil geochemical anomaly

• Additional large soil anomalies at Razorback and Gowan Green

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Pathfinder Geochemistry soils gridded imagery, with 4.5ppb Au contours in orange and 111ppm Cu in green

Stacked Pathfinder Rock chip results on gridded Cu imagery, with 4.5ppb Au contours in orange

Outcropping Malachite, Azurite, Chalcocite and Native Copperbearing high grade rock chips including:

24.6g/t Au & 26.1% Cu , 2.69g/t Au & 7.55% Cu Gowan Green 1.16g/t Au & 12.55% Cu , 0.94g/t Au & 5.71% Cu Gowan Green 1.30% Cu , 2.14% Cu , 2.50% Cu & 2.21% Cu Big Hill

1.12g/t Au , 1.69g/t Au , 1.14g/t Au , 2.25g/t Au Razorback

• 2.65% Cu , 2.24% Cu, 2.42% Cu , 2.00% Cu Razorback

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See ASX Announcement 29/04/2021, 20/05/2020

BIG HILL – EL8735

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OUTSTANDING GEOLOGICAL SIGNATURE: OUTCROPPING MINERALISATION & ALTERATION

Outcropping Au-Cu Mineralisation

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Malachite Veined Gossan from mullock at the Gowan Green

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Hydrothermal alteration

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Gold and copper Native Cu, malachite, azurite & chalcocite veins
mineralised in altered, feldspar -pyroxene porphyry – Big Hill
outcrops from the
new Razorback
Ridge prospect
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• Volcanic rocks from Big Hill. A: Sodic Alteration with albite-silica-pyrite

• assemblage (Alkalic litho-cap style); B: ‘Reddened’ altered volcanic from a hematite-albite assemblage; C: pervasive fine-grained disseminated pyrite

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See ASX Announcements 29/04/2021, 20/05/2020, 30/9/2020

BIG HILL – EL8735

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OUTSTANDING PORPHYRY TARGET

• An ideal exploration model of a LFB alkalic Cu-Au porphyry would include:

Ideal Model

Big Hill

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• Prospective host stratigraphy

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• Outcropping porphyritic rocks

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• Zoned porphyry alteration facies

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• Evidence of Cu-Au mineralisation

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• Peripheral, high grade Skarn mineralisation

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• Large Cu, Au, Te, Se, Pd, In soil response

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• Distinct magnetic response

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• Coincident IP anomaly indicating disseminated sulphides

(Reference: Alan Wilson, Ore Deposits Hub Presentation - Tops of alkalic Au-Cu porphyry systems: Exploration challenge & opportunity, 21/10/2020 (https://www.youtube.com/watch?v=NPefg5Ruk6w))

Comparison of the shape of the Big Hill IP chargeability response with a schematic alkalic porphyry mode

See ASX Announcement 29/04/2021

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For more information contact E info@sultanresources.com.au W sultanresources.com.au