SULTAN RESOURCES LTD — Regulatory Filings 2020

May 7, 2020

Sultan Resources Ltd

ACN: 623652 522

CORPORATE DETAILS

ASX Code: SLZ

DIRECTORS

STEVEN GROVES MANAGING DIRECTOR

JEREMY KING CHAIRMAN

8th May 2020

DAVID LEES NON-EXECUTIVE DIRECTOR

SULTAN TO RAMP UP EXPLORATION OF NSW PORPHYRY GOLD AND COPPER PROJECTS

CONTACT

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

info@sultanresources.com.au

• Acquisition of Colossus Metals approved at meeting of Shareholders

• Exploration budget approved and work program commenced

• Series of surface sampling results expected in coming weeks

 Preparations for large scale IP surveying is underway

Sultan Resources Limited (ASX: SLZ) ( Sultan or Company ) is pleased to confirm that shareholders in general meeting on May 1[st] , 2020 voted overwhelmingly in favour of approving the acquisition of Colossus Metals ( Colossus ).

Colossus holds a suite of gold and copper exploration tenements ( Projects ) located in the world class Lachlan Fold Belt of Central New South Wales. The Company considers the Projects to be highly attractive exploration assets which will complement and expand the Company’s existing project portfolio.

Proposed Exploration Program

An initial work program and budget across the three highly prospective porphyry Cu-Au targets of Big Hill, Ringaroo and Tucklan is well advanced.

All three targets display encouraging geological, geophysical and geochemical characteristics indicative of potential porphyry mineralisation of the type Alkane Resources has discovered at the nearby Boda Prospect (ASX:ALK 22/04/2020).

The exploration program is designed to identify drill targets with high potential to host porphyry-style and/or epithermal Cu-Au mineralisation.

Phase 1 of the work program has already commenced and comprised detailed soil and rock chip sampling across all three prospects. Samples are being analysed for gold and a full 53 multi-element suite to allow complete alteration mapping and litho-geochemical interpretations. High resolution ground IP surveying designed to locate disseminated pyrite halos at depth that are indicative of porphyry mineralisation will follow the geochemical study.

Phase 2 program consisting of comprehensive drill testing across all prospects will follow. To date, no historic drilling has been recorded on the Big Hill, Ringaroo or Tucklan targets.

ASX ANNOUNCEMENT – 8TH MAY 2020

With over $2.3m cash, Sultan is well placed to fund exploration on the new acquisition well into the future.

Groundwork Results Due

Colossus conducted ground exploration field work across the Big Hill, Ringaroo (EL8735) and Tucklan Porphyry Cu-Au and epithermal gold targets (EL8734) during the first quarter of 2020. This work has included the collection of rock chip samples and comprehensive soil sampling grids. These samples are currently undergoing laboratory analysis at ALS in Orange, NSW and results are due within the next 2 – 3 weeks. The company looks forward to keeping the market updated as results come to hand.

Figure 1: Location Map – Colossus Tenements over the prospective Macquarie Arc sequence

==> picture [374 x 518] intentionally omitted <==

----- Start of picture text -----

Tucklan Au
target
Ringaroo
Cu-Au target
Big Hill Cu-
Au target
----- End of picture text -----

page 2

ASX ANNOUNCEMENT – 8TH MAY 2020

==> picture [486 x 292] intentionally omitted <==

Figure 2. Comparison map of EL8735 showing the Big Hill and Ringaroo porphyry targets on backgrounds of interpreted geology and magnetics (background maps sourced from MinView – Department of Planning Industry and Environment)

==> picture [455 x 154] intentionally omitted <==

----- Start of picture text -----

A B C D
----- End of picture text -----

Figure 3. Alteration and mineralisation styles observed at the Big Hill Complex (EL 8735). Photo A shows an example of upper, or outer porphyry style hydrothermal alteration. The sample is magnetite-rich, with an inner propylitic zone (Chloriteactinolite-epidote-magnetite) alteration overprinted by late pyrite-rich phyllic (quartz-albite-chlorite-sericite-pyrite) alteration in volcaniclastic wall rocks. Photo B is evidence of alkalic intrusives and was taken from outcropping mafic monzodioritemonzonite porphyry exhibiting minerals including plagioclase-K feldspar-pyroxene-olivine-hornblende-magnetite-quartz . Photo C shows an example of outcropping secondary copper mineralization in the form of malachite-azurite-chrysocollachalcocite-native copper occurring as stains within narrow epidote veins. Photo D shows narrow magnetite-hematite veining. Refer ASX announcement dated 26 March 2020.

page 3

ASX ANNOUNCEMENT – 8TH MAY 2020

==> picture [451 x 174] intentionally omitted <==

Figure 4. Further examples of secondary copper minerals (malachite +/- azurite) staining surface outcrop (left, above) and epidote-altered float (right, above) from the Northern end of the Big Hill magnetic complex. Refer ASX announcement dated 26 March 2020.

Settlement of Colossus Acquisition

With the primary condition precedent of shareholder approval obtained, the Company shall now work to finalise the other conditions and complete the process of the acquisition of 100% of Colossus. The Company will confirm completion of this process in due course.

This announcement is authorised by Steve Groves, Managing Director

For further information contact: Managing Director Investor Relations Steve Groves Peter Taylor info@sultanresources.com.au Peter@nwrcommunications.com.au 0412 036 231

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.

SLZ confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement dated, 26 March 2020.

About Sultan Resources

Sultan Resources is an Australian focused exploration company with a portfolio of quality assets in emerging discovery terranes currently targeted by successful explorers such as Newcrest Mining, Alkane Resources, Gold Road Resources, and Sandfire Resources. Sultan’s tenement portfolio includes prospective targets for porphyry Au-Cu, structurallyhosted gold, Nickel, Cobalt and base metals and include tenements located in the highly prospective Lachlan Fold Belt of Central NSW as well as projects located within the southern terrane region of the Yilgarn Craton in south and south eastern Western Australia. Sultan’s board and management strategy is for a methodical approach to exploration across the prospects in order to discover gold and base metals that may be delineated via modern exploration techniques and exploited for the benefit of the company and its shareholders.

page 4