SULTAN RESOURCES LTD — Interim / Quarterly Report 2024

Oct 30, 2023

Sultan Resources ACN: 623 652 522

CORPORATE DETAILS

ASX Code: SLZ

DIRECTORS

JEREMY KING CHAIRMAN

STEVE GROVES NON-EXECUTIVE DIRECTOR

ASX ANNOUNCEMENT

DAVID LEES NON-EXECUTIVE DIRECTOR

31 October 2023

CONTACT

JUNE QUARTERLY REPORT

For the period 1[st] July – 30[th] September 2023

Suite 11 23 Railway Road Subiaco WA 6008

www.sultanresources.com.au

Sultan Resources Limited (“SLZ” or “the Company”) is pleased to provide shareholders with the following update for the Company’s activities for the quarter ended 30[th] September 2023.

CANADIAN LITHIUM PROJECTS

Sultan continued on ground exploration at one of its two 100% owned lithium projects in Ontario, Canada, with assays reported from the Ruddy Project, with low K/Rb ratios established for high proportion of pegmatites sampled, and a priority lithium target area identified within an interpreted ‘Goldilocks’ Zone for further work confirmed and refined.

RUDDY PROJECT

The Company advised that initial reconnaissance exploration was completed at Ruddy during the quarter, with experienced Canadian geological consultants, APEX Geoscience Ltd (APEX) conducting activities at its Ruddy Project in North Western Ontario (refer Figures 5, 6). At Ruddy, the Company has established a priority exploration target from the interpreted LCT Goldilocks Zone surrounding the Allison Lake Batholith which covers approximately 3.5km of east-west strike in the centre to south of the Company’s Project.

Apex utilised four helicopter-supported geologists to conduct reconnaissance over the project, sampling priority outcrop, including pegmatitic occurrences for lithium and associated elements; and veining (for gold) where appropriate. Progress was assisted by a recent burn in the area which has increased visibility from the air, although thick deadfall (stacked fallen trees) up to 1.5m height and new growth slowed ground traverses. Apex geologists observed multiple pegmatite occurrences of up to 30m outcrop and up to 15m width within the initial area of focus. Evidence of pegmatite fractionation minerals in the form of apatite or beryl were observed in the field from limited available outcrop, which was generally heavily covered by mosses and lichen.

Apex collected a total of 157 samples over 8 days in the field, with over 35% (55 samples) taken from pegmatitic occurrences (refer Figure 3) and submitted to ALS laboratories in Canada for multi-element analysis including gold. The Company subsequently received complete field observations from Apex geologists. In addition, analysis and interpretation by Sultan incorporated the field work of Fingas[1] , whom spent 2 days ‘straight-line’ traversing a portion of the tenement in 2021 (refer Figure 4) as part of a larger pegmatite survey of the northern Allison Batholith area. Fingus noted 6 additional pegmatites outside the Apex pegmatite localities, and one coincident occurrence, highlighting the difficulty in observing outcrop at Ruddy and that more field work will be required after this first phase of reconnaissance. The combined observations support a priority zone of interest within the original LCT Goldilocks interpretation, radially distributed from the northern portion of the Allison Batholith.

After receipt of the assays, the results supported a priority zone of interest within the original LCT Goldilocks interpretation,

ASX ANNOUNCEMENT –31 OCTOBER 2023

radially distributed from the northern portion of the Allison Batholith, and highlight a priority target (Refer Figures 1-4) for further assessment in the SE portion of the Ruddy tenure.

Review of the data highlighted general lithium anomalism and coupled with rock/field relationships in the area suggested that additional outcrops previously classified as ‘felsic’, ‘granitic’ and other indeterminate rock types in the field should be reclassified as likely pegmatitic in nature, with a further 33 samples falling in this category, or around 56% of samples assayed.

The Company has reviewed resultant lithium values and geochemical markers such as K/Rb ratios to focus additional fieldwork to discover possible covered mineralised LCT pegmatites. Assays >100ppm Li20 are listed in Table 1 and depicted in Figure 1. Values for ‘whole rock’ (i.e. from assay values, not from mica or feldspar crystal, which may further highlight the substitution of Rb for K in the respective mineral lattice) K/Rb ratios below 65 are listed in Table 2, and depicted in Figure 2. Lower K/Rb ratios are considered indicative of more evolved/fractionated pegmatitic occurrences, and a vector for LCT pegmatite mineralisation.

Gold analysis returned 32 samples above the detection limit of 5 ppb to a maximum value of 33 ppb, with only 4 values returned above 20ppb (refer Table 3). The Company considers these results weakly anomalous and continues to assess the potential of the tenure for non-LCT mineralisation.

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Photo 1. Aerial view across Ruddy Project looking East, Ruddy Lake in background.

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Figure 1: Li20 Assays reporting above 100ppm at Ruddy Project in relation to tenure (refer Table 1). Priority Zone area of focus for LCT Pegmatites in hatched area

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Figure 2: Pegmatite locations demonstrating lower K/Rb ratios (refer Table 2), considered indicative of more evolved pegmatitic occurrences, and a vector for LCT pegmatite mineralisation.

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ASX ANNOUNCEMENT –31 OCTOBER 2023

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Figure 3: All sampled sites at Ruddy Project from June 2023 reconnaissance, includes reclassified pegmatitic occurrences.

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Figure 4: Pegmatite sites at Ruddy Project; evolved pegmatites with fractionation minerals denoted by darker blue locations. Geology after Fingus, 2022.

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ASX ANNOUNCEMENT –31 OCTOBER 2023

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• Photo 2. Sample 10111, 614 ppm Li20, outcrop location (5674415mN, 551362mE UTM_Z15). Photo 3. Sample 10112, 512 ppm Li20, 40 K/Rb ratio; outcrop location (5674528mN, 551592mE UTM_Z15).

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Photo 4. Sample 10131, 523 ppm Li20; outcrop location (5676347mN, 551634mE UTM_Z15).

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Photo 5. Sample 10329, 370 ppm Li20; 49 K/Rb ratio outcrop location (5675182mN, 549387mE UTM_Z15).

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Table 1: Significant rockchip results Ruddy reconnaissance (sorted) > 100pm Li20

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Sample_ID NAD83_Z15_E NAD83_Z15_N Li20_ppm Cs_ppm Ta_ppm Be_ppm Rb_ppm Nb_ppm K/Rb_calc
10111 551362 5674415 614 11 0 1 29 6 204
10131 551634 5676347 523 20 1 1 112 6 214
10112 551592 5674528 512 40 0 1 65 1 40
10011 551411 5674437 456 35 0 6 105 2 104
10245 546530 5677026 419 96 0 6 201 5 117
10329 549387 5675182 370 27 2 4 741 19 49
10007 550126 5675410 352 6 0 1 91 5 250
10130 550934 5676211 352 10 0 1 82 5 218
10232 549379 5674918 347 11 0 1 98 6 204
10231 549366 5675122 327 22 0 1 26 2 263
10113 551648 5674555 324 2 0 0 3 1 286
10313 551384 5674514 310 2 0 0 10 1 144
10311 551321 5674352 253 9 87 60 89 106 64
10022 547497 5677562 253 9 0 1 103 3 240
10101 550302 5674660 220 20 14 7 500 38 65
10223 547701 5677284 210 12 0 2 114 6 275
10029 549526 5675423 197 13 6 5 457 32 42
10126 549419 5675458 191 8 0 1 53 3 173
10226 548178 5677115 189 14 0 1 47 5 197
10030 549315 5675527 189 66 47 23 732 47 47
10216 551499 5675397 165 0 0 0 5 2 577
10205 549771 5675196 165 29 5 3 835 19 55
10303 550511 5674825 155 1 0 0 2 1 474
10227 546457 5677198 151 8 0 1 47 4 368
10302 550363 5674635 150 5 2 19 22 5 241
10017 551595 5675637 144 70 17 98 257 38 31
10308 549959 5675692 141 4 0 1 97 3 154
10005 550035 5675459 139 8 7 5 355 38 36
10230 549435 5675208 138 15 5 5 562 22 55
10321 548154 5677169 138 6 0 1 93 6 252
10120 547471 5677651 138 58 0 4 128 5 253
10121 548026 5677011 138 16 0 1 105 6 273
10128 549358 5675854 136 49 111 84 637 70 27
10102 549927 5674884 134 4 0 1 79 5 317
10316 551170 5674657 131 6 1 1 36 3 208
10305 550735 5675334 128 5 0 1 73 5 244
10327 549565 5675195 128 14 3 3 482 14 60
10116 552485 5675310 114 4 1 1 126 6 196
10044 546362 5676993 113 18 0 1 45 4 330
10002 550822 5674828 112 3 0 1 80 3 279
10110 550396 5675828 108 6 0 4 25 2 97
10013 551392 5675430 104 2 0 1 53 5 231
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ASX ANNOUNCEMENT –31 OCTOBER 2023

Table 2: Significant rockchip results from pegmatites at Ruddy sorted on increasing K/Rb, cut to 65

Sample_ID	NAD83_Z15_E NAD83_Z15_N	NAD83_Z15_E NAD83_Z15_N	Li20_ppm Cs_ppm Ta_ppm Be_ppm Rb_ppm Nb_ppm Sn_ppm K/Rb_calc	Li20_ppm Cs_ppm Ta_ppm Be_ppm Rb_ppm Nb_ppm Sn_ppm K/Rb_calc	Li20_ppm Cs_ppm Ta_ppm Be_ppm Rb_ppm Nb_ppm Sn_ppm K/Rb_calc	Li20_ppm Cs_ppm Ta_ppm Be_ppm Rb_ppm Nb_ppm Sn_ppm K/Rb_calc	Li20_ppm Cs_ppm Ta_ppm Be_ppm Rb_ppm Nb_ppm Sn_ppm K/Rb_calc	Li20_ppm Cs_ppm Ta_ppm Be_ppm Rb_ppm Nb_ppm Sn_ppm K/Rb_calc	Li20_ppm Cs_ppm Ta_ppm Be_ppm Rb_ppm Nb_ppm Sn_ppm K/Rb_calc	Li20_ppm Cs_ppm Ta_ppm Be_ppm Rb_ppm Nb_ppm Sn_ppm K/Rb_calc
10115	551998	5675134	31	23	10	5	318	32	29	26
10128	549358	5675854	136	49	111	84	637	70	14	27
10214	551398	5674526	54	19	18	67	401	44	16	29
10017	551595	5675637	144	70	17	98	257	38	7	31
10124	546290	5677214	73	33	16	8	1035	54	12	32
10201	549972	5674893	82	43	51	55	1150	116	30	33
10041	549974	5676521	38	29	80	57	468	69	10	34
10005	550035	5675459	139	8	7	5	355	38	8	36
10109	550038	5675678	99	115	53	88	1035	82	152	37
10015	551253	5675741	63	37	36	33	476	54	16	38
10239	549476	5676341	11	24	29	135	435	65	10	40
10112	551592	5674528	512	40	-	1	65	1	2	40
10029	549526	5675423	197	13	6	5	457	32	9	42
10307	549886	5675609	55	17	12	14	518	57	8	42
10312	551302	5674373	37	16	6	4	657	39	11	44
10209	550154	5675401	50	14	13	5	420	46	10	44
10127	549333	5675530	56	18	3	4	621	15	5	44
10207	550044	5675466	58	10	3	4	397	19	5	45
10220	551682	5675616	59	10	12	36	207	21	7	45
10103	549760	5674981	96	14	9	6	381	37	10	46
10030	549315	5675527	189	66	47	23	732	47	13	47
10010	550762	5675244	28	15	3	5	475	27	14	48
10215	551135	5674631	26	14	5	6	524	17	3	48
10329	549387	5675182	370	27	2	4	741	19	8	49
10125	549530	5675429	83	12	4	5	649	23	7	50
10218	551151	5675755	35	19	13	7	656	31	9	52
10211	550775	5675243	31	15	3	5	647	23	10	53
10009	550602	5675229	68	24	9	6	644	44	39	54
10203	549654	5675188	102	17	2	4	549	12	4	54
10230	549435	5675208	138	15	5	5	562	22	6	55
10205	549771	5675196	165	29	5	3	835	19	5	55
10204	549728	5675188	73	9	3	5	294	10	3	56
10306	549988	5675271	57	8	5	5	427	23	9	57
10233	549488	5674811	55	20	4	5	631	17	8	58
10327	549565	5675195	128	14	3	3	482	14	5	60
10107	549858	5675452	62	10	2	4	352	13	4	60
10006	550083	5675472	36	15	15	4	581	24	4	60
10241	549899	5676488	49	71	47	89	620	62	30	61
10213	551297	5674329	60	6	26	93	52	46	22	62
10234	549967	5675138	19	34	9	32	819	24	10	62
10206	549846	5675443	90	16	5	4	621	24	7	63
10229	549550	5675229	81	12	3	3	511	13	4	63
10311	551321	5674352	253	9	87	60	89	106	20	64
10106	549783	5675200	67	23	6	4	693	14	3	64
10101	550302	5674660	220	20	14	7	500	38	31	65
10105	549727	5675185	77	24	2	3	636	11	3	65

Table 3: Gold assays >20 ppb from Ruddy June 2023 reconnaissance

Sample_ID	NAD83_Z15_E	NAD83_Z15_N	Au_ppb
10215	551135	5674631	33
10201	549972	5674893	28
10218	551151	5675755	26
10202	549747	5674980	21

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ASX ANNOUNCEMENT –31 OCTOBER 2023

ABOUT THE RUDDY LITHIUM PROJECT

The Ruddy Project (Figures 1-6) directly abuts ground to the west held by Green Technology Metals Limited (ASX: GT1) and is located in the province of Ontario about 162km north-north-east of the town of Dryden. The Project covers around 10km[2] and sits on the northern extremity of the Allison Lake Batholith, a fertile intrusive responsible for the development of proximal fractionated pegmatites with potential to host lithium, caesium and tantalum (LCT) mineralisation[1,2,3] .

Although there has been no documented exploration over the Ruddy Project claims, previous study of the area by the Ontario Geological Survey (Breaks et al 2003[2] ) described the margin of the Allison Lake Batholith at the time as “…an important new exploration target for rare-element mineralization and is the largest such granite thus far documented in Ontario…”.

Breaks et al 2003[2] considered the margin of the Batholith had high potential for further discoveries of rare element mineralization that could occur in exo-contact, metasedimentary-hosted pegmatites or as internal pegmatites within the parent granite, particularly in light of the common regional zonation sequence of rare-element pegmatites from beryl-rich into lithium-rich types. This typically includes spodumene-type pegmatites in an interpreted ‘LCT Goldilocks Zone’ of increased fractionation from the parent granite. With recent renewed interest in rare element mineralisation, the prospective Allison Batholith has emerged as a fully staked, multi-company, battery mineral exploration region.

Reports by Green Technology Metals[3] describe the identification of the spodumene-bearing Ouroboros Pegmatites approximately 10km southwest of the Ruddy Project (refer Figure 6) in a similar geological setting, which the Company considers highly encouraging. The Company is focusing exploration at Ruddy at outcrop within the interpreted LCT Goldilocks Zone surrounding the Allison Lake Batholith, covering approximately 3.5km of east-west strike in the centre to south of the Company’s Project.

KEMBER PROJECT

At the Kember Project (refer Figure 5 &7), the Company had previously advised that a desktop review had highlighted a series of pegmatitic granite occurrences in mapping previously conducted at its Kember Project, noted across an area around seven km in length and typically over a kilometre in width. These will form a focus of initial exploration activities at the Kember Project.

The Company has opted to delay reconnaissance activities at Kember after one of four First Nation groups with established rights in the area requested additional time to inform its members of planned activities.

The Company continues to negotiate directly with this and other FN group and will deliver a revised timetable for the first pass reconnaissance exploration of Kember in due course, ideally to combine with additional groundwork at Ruddy, which can be combined in daily helicopter flights out of Red Lake, ON.

ABOUT THE KEMBER LAKE LITHIUM PROJECT

The Kember Project (Figures 5 and 7) is located in the province of Ontario about 180km north of the town of Red Lake, covering an area of around 30km[2] . Demonstrating the prospectivity of this area, the Kember Project is located about 8km from the PAK/Bolt/Spark lithium deposits of Frontier Lithium Inc. (Frontier) and is contiguous with this project tenure.

Recent drilling by Frontier intersected 398.25m of pegmatite averaging 1.88% Li2O, including a 23.4m zone of 3.12% Li2O (see TSX.V Announcement 8/02/2023). Frontier have also recently announced resources totalling 58.5Mt @ 1.51% Li2O from its most recent NI43-101 instrument effective April 28th 2023, calculated from two of four known spodumene-bearing pegmatite occurrences within its PAK Project holdings.

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Figure 5: Location of Kember and Ruddy Projects in relation to known Lithium deposits, Northwest Ontario

N.B. PAK (TSXV:FL) total resource taken from NI43-101 instrument effective April 28, 2023 Mavis resource (ASX:CRR) taken from ASX release dated June 7, 2023

Root Bay, Seymour Lake and McCombe resources (ASX:GT1) taken from ASX release dated May 5, 2023 Georgia Lake (TSXV:RCK) total resource taken from Georgia Lake Project: Pre-Feasibility Study Nov 22, 2022 Separation Rapids (TSX:AVL) total resource taken from NI43-101 instrument effective Sept 26, 2018 Jackpot (Imagine Lithium- private) estimate taken from Ontario Mineral Inventory Record: MDI42E05SW00019; resource is historic and not compliant with formal resource reporting.

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Figure 6: Location of Ruddy Project in relation to regional geology, known pegmatite occurrences (detail sourced from ASX:GT1 Announcement on 24/01/2022), and neighbouring tenure holders.

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Figure 7: Location of Kember Project in relation to regional geology and known spodumene-hosted Lithium deposits, Northwest Ontario.

There has been no recorded exploration over the Kember Project area, however, mapping by the Geological Survey of Ontario has historically recorded the presence of pegmatitic granites over a northwest to southeast zone around seven km in length and typically over a kilometre in width, providing an initial zone of interest.

These pegmatitic granites will be the focus of initial reconnaissance of 5 to 7 days duration, with four helicopter-supported geologists from Canadian-based experienced geological consultants, APEX Geoscience conducting mapping and sampling of priority outcrop. The Company considers rare element mineralisation can occur associated with internal pegmatites within the parent granite. The Company will also conduct reconnaissance of the eastern edge of the project, closer to changes in granitic composition and contact morphologies.

References

1. Fingas, J, 2022: Assessment Report on Crown Land for the Costello Lake Area – 2021 Prospecting Program, dated May 25th 2022

2. Breaks, F.W., J.B. Selway J.B and A.G. Tindle A.G. 2003, Ontario Geological Survey, Open File Report 6099, Fertile Peraluminous Granites and Related RareElement Mineralization in Pegmatites, Superior Province, North-West and North-East Ontario: Operation Treasure Hunt

3. Green Technology Metals (ASX:GT1) ASX Announcement: “Strategic lithium footprint substantially expanded” dated 24/01/2022

For further detail on the Kember and Ruddy Projects please refer to the following:

Sultan (ASX:SLZ) Announcement: 2023 “Sultan Resources enters agreement to acquire 100% interest in highly prospective Canadian lithium exploration ground in Ontario, Canada” dated 17/03/2023

Sultan (ASX:SLZ) Announcement: 2023 “Sultan Completes Acquisition of Canadian Lithium Projects” dated 25/05/2023 Sultan (ASX:SLZ) Announcement: 2023 “Sultan Appoints Experienced Canadian Geological Team” dated 1/06/2023

Sultan (ASX:SLZ) Announcement: 2023 “Multiple mapped pegmatitic occurrences Kember Lithium Project” dated 14/06/2023

Sultan (ASX:SLZ) Announcement: 2023 “Multiple Pegmatite occurrences noted as exploration commences at Ruddy Project, North-Western Ontario” dated 26/6/2023 Sultan (ASX:SLZ) Announcement: 2023 “Priority Zone Identified at Ruddy Lithium Project, Ontario” dated 25/07/2023 Sultan (ASX:SLZ) Announcement: 2023 “Results Received at Ruddy Lithium Project” dated 22/09/2023

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WA PROJECTS

LAKE GRACE PROJECT

The Lake Grace Project consists of five large tenements (E70/5081, 5082, 5085, 5095 and 5179- refer Figure 12) in the Southwest Terrane of Western Australia, containing the Kulin Hill Ni-Co Project in the North, and the Lake Grace Gold Project in the South, surrounding the Griffin’s Find Gold Mine.

Rio Farm-in Tenement (E70/5082)

Rio Tinto Exploration Pty Limited (RTX) and Sultan have entered into option to farm-in and joint venture agreement in respect of E70/5082, a portion of Sultan’s Lake Grace tenure (refer ASX announcement 21/6/2023). The Agreement allows RTX to undertake preliminary exploration during an initial option period and then earn an 80% interest in E70/5082 by way of $2m of exploration spend within 5 years, with Sultan retaining full ownership of its principal area of focus to date (Kulin Hill tenure on E70/5095). Previously, RTX had identified a strong untested late time conductivity anomaly from a single line SKYTEM response in the northern part of E70/5082, from 20km line-spaced data, coincident with a circular magnetic and radiometric anomaly, which formed the basis for RTX’s entry to the option and farm-in arrangement.

During the quarter Sultan contracted New Resolution Geophysics (NRG) to undertake a helicopter-borne Electromagnetic (EM) survey system on E70/5082, SW of Kulin in WA, funded by Rio Tinto Exploration. NRG flew a detailed (100m line-spaced) helicopter-borne time-domain electromagnetic (HTDEM) survey in mid-August totalling around 80 line km over an area approximately 4km SW of the wheatbelt town of Kulin (refer Figure 11).

Post-quarter end the Company released images and interpretation of the data by the Company and RTX. The heli-borne EM survey has outlined a significant EM response over 750m in length and 230m in width, which may resolve to two targets with further investigation (refer Figures 8 & 9) and is characterised by a strong late-time signal. The Company and RTX consider the geological setting and EM response is suggestive of potential for magmatic nickel sulfide mineralisation (refer Figure 9).

Preliminary modelling of the target has now been completed by RTX consultants, with target depths for modelled plates starting from approximately 70m below surface. Planning for initial RC Drilling to confirm the nature of the geophysical anomaly is underway. The Company is pushing forward with gaining relevant approvals to undertake drill testing of the EM target at the earliest opportunity.

RTX have signalled an intention to the Company to exercise its option over E70/5082, and fund drilling of the EM anomaly, with the Company expecting formal notice of this imminently. In addition, the Company has recently applied for open ground contiguous with E70/5082 around the current area of interest, with 3 tenements (E70/6529-31) totalling 17 blocks having since been granted (refer Figures 11 & 12, and schedule of tenements).

Previous ASX announcements related to this Project are listed below:

SLZ:ASX announcement 21/06/23: “Rio Tinto and Sultan enter into Option and JV Agreement” SLZ:ASX announcement 16/08/23: “Helicopter EM Survey Commences at Rio-Sultan Ground” SLZ:ASX announcement 24/10/23: “EM Survey Confirms Significant Geophysical Anomaly”

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Figure 8: Channel 24Z EM response image overlain on aerial photography. EM data also highlights the position of the Tier 3 Narrogin-Kulin rail line, closed since 2013.

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Figure 9: Channel 34Z EM response image overlaying greyscale aeromagnetics from Sultan 2017 survey. Original SKYTEM line denoted by light blue flight line. Section Line A -B for Figure 3 below highlighted in white. Flight lines are 100m spacing.

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Figure 10: AEM conductivity response for Heli-EM flight line over E70/5082, for section line A- B Figure 9.

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Figure 11: EM anomaly in relation to Kulin township, with location of recently granted applications (E70/6529-31)

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Figure 12: Overview Plan of Sultan’s Kondinin-Lake Grace Project in the Southwest Terrane of WA, with RTX farm-in/JV tenement E70/5082 and current area of interest highlighted.

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Kulin Hill Nickel-Copper-PGE Project (E70/5095)

Sultan’s principal area of focus is the Kulin Hill Nickel-Copper-PGE Project on E70/5095, where a greater than 2km long/700m wide ultramafic/mafic package, characterised by a strong magnetic signal coincident with a salt lake surface expression is under investigation.

The potential for Ni-Co sulfide mineralisation was suggested by historical drilling conducted on the edge of the sequence in 1967 and 1973, where drill core samples were observed in polished sections containing “…less than 1% of a nickel-cobalt-sulphide mineral (approximately 50% Ni, 5% Co)[4] ”. Observations from the historical drilling also supported some fractionation of the ultramafic at depth; that is, towards the untested central portion of the sequence.

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Figure 13: Plan view of 1VD magnetic signature representing the ultramafic sequence overlain by aerial photography highlighting the salt lake, with Reserve 18455 (Lot 225568) highlighted in red. Sultan’s 2022 aircore collars are marked in orange, and previous diamond drilling traces in yellow, with recent SLGDD001 named. Orange circles and traces indicate provisional drilling collar positions to test the layered intrusion correctly.

Previous 2022 aircore drilling from available sites at the project by Sultan has returned anomalous results of Ni, Cr, Mg, Fe, S and Co consistent with weathered ultramafic lithologies. The Company contends that further drilling into the ultramafic sequence will support that it is fertile and can host precipitated Ni-Co sulfides.

Sultan drilled stratigraphic drill hole SLGDD001 in late 2022 to partially test a portion of the Kulin Hill magnetic anomaly (refer Figure 13). Together, the thick intersection of layered ultramafic geology, along with evidence for the potential remobilisation

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of sulfides from an ultramafic source in SLGDD001, confirmed the prospectivity of the 2.2km long main target for Ni-Co mineralisation. Interpretation of the geology of the sequence is ongoing.

During the quarter the company flew 3 pairs of EM lines (two central to the target, and a north and south pair as ‘controls’ for the exercise- refer Figure 14) over E70/5095, taking advantage of the availability of the Helicopter for the E70/5082 survey on the same morning. Technical expectations were low given the typical high conductance of salt lakes with hypersaline surfaces, but with the influx of fresher water from winter rainfalls there was the possibility that conditions were optimal for the EM system to penetrate the conductive blanket. Results confirmed that the northernmost and central lines could not test basement due to high ground conductivity, however the southernmost lines tested basement, with less saline drainage in that area. No discrete late time conductors were observed in the southern lines, which did not constitute part of the current Kulin Hill target.

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Figure 14: Plan view of EM Flight lines over magnetics, Kulin Hill Target.

Access to Reserve 18455

As previously advised, negotiations to access the full extent of the target area for drilling, the majority of which extends beneath salt lake Reserve 18455 (refer Figure 13), have been ongoing since early 2022, with the Company receiving confirmation of access from DMIRS during late last year; however ground conditions have been unsuitable since receiving permission to drill.

Recent reconnaissance in August over the project confirmed that the salt lake surface was currently impassable from seasonal rains and would require drying sufficiently to allow access. The Company remains in communication with a suitable diamond drilling contractor with suitable depth and low angle capacity, small footprint including lightweight tracked mobility, and solids and water management capacity to responsibly undertake this work.

1. A Report 7659 “Final Report Corrigin Project, Electrolytic Zinc Company of Australasia Limited” dated 1973

For further detail on the Kulin Hill/ Lake Grace Nickel Project please refer to the following:

Sultan (ASX:SLZ) ASX Announcement: 2021 “WA Nickel Project Update” dated 3/06/2021

Sultan (ASX:SLZ) ASX Announcement: 2021 “Drilling for WA Julimar-style Nickel Targets to Commence” dated 23/11/2021 Sultan (ASX:SLZ) ASX Announcement: 2021 “Aircore Drilling Commenced at Lake Grace” dated 16/12/2021 Sultan (ASX:SLZ) ASX Announcement: 2022 “Aircore Drilling Recommences at Lake Grace” dated 12/01/2022 Sultan (ASX:SLZ) ASX Announcement: 2022 “Exploration Update” dated 3/02/2022 Sultan (ASX:SLZ) ASX Announcement: 2022 “Aircore Results for Kulin Hill NI-Sulphide Target Received” dated 4/05/2022 Sultan (ASX:SLZ) ASX Announcement: 2022 “Sultan to Drill Nickel Targets” dated 22/06/2022 Sultan (ASX:SLZ) ASX Announcement: 2022 “Diamond Drill Hole Commences at Kulin Hill Nickel Project” dated 14/10/2022 Sultan (ASX:SLZ) ASX Announcement: 2022 “Diamond Drill Hole Completed at Kulin Hill Nickel Project” dated 16/11/2022 Sultan (ASX:SLZ) ASX Announcement: 2023 “Initial Geochemistry Confirms Target Geology at Kulin Hill” dated 17/02/2023 Sultan (ASX:SLZ) ASX Announcement: 2023 “Kulin Hill Nickel - Diamond Hole Confirms Prospectivity” dated 19/04/2023

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ASX ANNOUNCEMENT –31 OCTOBER 2023

Lake Grace Gold Project (E70/5081, E70/5085, E70/5179)

No fieldwork undertaken during the quarter. Five year Extensions of Terms for E70/5081, E70/5082, E70/5085 and E70/5095 have been accepted and renewed by the Department for Mines, Industry Regulations and Safety of WA (DMIRS).

THADUNA PROJECT (E52/3481)

No fieldwork undertaken during the quarter.

LACHLAN FOLD BELT PROJECT, NSW (EL8734, EL8735, EL9070)

During the quarter, Sultan continued to review exploration data across its suite of porphyry and epithermal exploration targets in the Macquarie Arc volcanic rocks of the Lachlan Fold Belt, NSW (refer Figure 14). No field work was undertaken, with further review required to define the next round of exploration and drill targets across the projects. Some planning of further extensional soil sampling of the main anomalism is planned for Tucklan (EL8734).

==> picture [500 x 430] intentionally omitted <==

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

Ringaroo
Big Hill,
Razorback
----- End of picture text -----

Figure 14: NSW- Sultan Tenements located over prospective Macquarie Arc sequence rocks with priority targets indicated.

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ASX ANNOUNCEMENT –31 OCTOBER 2023

CORPORATE

Sultan’s cash position as at 30 September 2023 was ~$0.785 million.

ADDITIONAL ASX INFORMATION

ASX Listing Rule 5.3.1

Exploration and Evaluation during the quarter was ~$366,000.

ASX Listing Rule 5.3.2

There was no substantive mining production and development activities during the quarter.

ASX Listing Rule 5.3.5

Payments to Related Parties & their Associates	Total Amount
Director Fees and Superannuation	$38,195
Company Secretarial, Registered Office and Financial Management Services	$26,805

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ASX ANNOUNCEMENT –31 OCTOBER 2023

ASX Listing Rule 5.3.3

SCHEDULE OF TENEMENTS

Western Australia

Tenement	Holder	Status	Area	Application Date	Grant Date	Expiry Date	Required Expenditure
Thaduna Project
E52/3481	Sultan Resources	Live	1 block	19/10/2016	8/02/2018	7/02/2028	$10,000
Lake Grace Project
E70/5081	Sultan Resources	Live	58 blocks	21/11/2017	23/07/2018	22/07/2028	$87,000
E70/50821	Sultan Resources	Live	37 blocks	23/11/2017	31/07/2018	30/07/2028	$55,500
E70/5085	Sultan Resources	Live	65 blocks	24/11/2017	23/07/2018	22/07/2028	$93,000
E70/5095	Sultan Resources	Live	54 blocks	1/12/2017	31/07/2018	30/07/2028	$81,000
E70/5179	Sultan Resources	Live	28 blocks	1/6/2018	05/02/19	04/02/2024	$39,000
E70/6529	Sultan Resources	Live	1 block	15/8/2023	18/10/23	17/10/2028	$10,000
E70/6530	Sultan Resources	Live	2 blocks	15/8/2023	23/10/23	22/10/2028	$15,000
E70/6531	Sultan Resources	Live	14 blocks	15/8/2023	23/10/23	22/10/2028	$20,000

New South Wales

Tenement	Holder	Status	Area	Application Date	Grant Date	Expiry Date	Required Expenditure
Lachlan Fold Belt Project
EL 8734	Colossus Metals	Live	16 Units	NA	16 April 2018	16 April 2025	$150,000
EL 8735	Colossus Metals	Live	37 Units	NA	16 April 2018	16 April 2025	$250,000
EL 9070	Sultan Resources	Live	4 Units	NA	2 March 2021	2 March 2027	$14,000

Canada[2]

Tenement	Holder	Status	Area	Application Date	Grant Date	Expiry Date	Required Expenditure
Ruddy Project
711362	Perry English	Live	22 cells	NA	27/02/2022	27/02/2024	$8800
711363	Perry English	Live	14 cells	NA	27/02/2022	27/02/2024	$5600
711364	Perry English	Live	16 cells	NA	27/02/2022	27/02/2024	$6400
Kember Project
705989	Gravel Ridge	Live	25 cells	NA	08/02/2022	08/02/2024	$10,000
705990	Gravel Ridge	Live	25 cells	NA	08/02/2022	08/02/2024	$10,000
705991	Gravel Ridge	Live	25 cells	NA	08/02/2022	08/02/2024	$10,000
705992	Perry English	Live	25 cells	NA	08/02/2022	08/02/2024	$10,000
705993	Perry English	Live	25 cells	NA	08/02/2022	08/02/2024	$10,000
705994	Perry English	Live	25 cells	NA	08/02/2022	08/02/2024	$10,000

The mining tenements relinquished during the quarter and their location – Nil The mining tenement interests acquired during the quarter and their location – E70/6529-31, WA Beneficial percentage interests held in farm-in/farm-out agreements at the end of the quarter – 100% in E70/5082 Beneficial percentage interests held in farm-in/farm-out agreements acquired/disposed of during the quarter - Nil

1E20/5082 subject to farm in by Rio Tinto Exploration- see SCN:ASX release dated 21[st] June 2023

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ASX ANNOUNCEMENT –31 OCTOBER 2023

2All Canadian tenure in process of being transferred to Sultan Subsidiary

This announcement is authorised for release by the Board.

For further information contact:

Director

Jeremy King info@sultanresources.com.au

Cautionary Statement : Investors are cautioned that information contained within this release in respect of pegmatite occurrences is not necessarily indicative of lithium mineralization on the property, and that preliminary exploration observations will need to be backed by laboratory analysis to ascertain the prospectivity of the mineral claims, and there is no guarantee that a significant discovery will be made as a result of its exploration efforts.

Competent Persons Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on historical and recent exploration information compiled by Mr Craig Hall, who is a Competent Person and a Member of the Australian Institute of Geoscientists (#1748) and a fulltime employee of Sultan Resources Limited. Mr Hall 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 Hall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Disclaimer

In relying on the above 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 abovementioned announcement.

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Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity Sultan Resources Limited ABN Quarter ended (“current quarter”) 35 623 652 522 30 September 2023

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other 1.9 Net cash from / (used in) operating activities	- (13) - - (83) (133) - 3 - - - 25	- (13) - - (83) (133) - 3 - - - 25
	(201)	(201)
1.8 SLZ received $25,000 option fee per E70/5082 Option to Farm-In and JV Term Sheet.
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments	- (7) - (353) -	- (7) - (353) -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
(f) other non-current assets 2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - - -	- - - - - - - - -
	(360)	(360)
2.1(d) Exploration & evaluation includes a cash call of $100,000 received from Rio Tinto for exploration spend for tenement E70/5082.
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - - - - - - - -	- - - - - - - - -
	-	-
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above)	1,346 (201)	1,346 (201)

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (3 months) $A’000
4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above) 4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	(360) - -	(360) - -
	785	785
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	785 - - -	1,346 - - -
	785	1,346
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 65 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments.		65
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 3

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-
	N/A

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (201) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) (353) Total relevant outgoings (item 8.1 + item 8.2) (554) Cash and cash equivalents at quarter end (item 4.6) 785 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 785 Estimated quarters of funding available (item 8.6 divided by item 8.3) 1.42 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(201) (353) (554) 785 -
		785
	Answer: No, the current level of expenditure is likely to be less in the upcoming quarters.
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: The Company can raise additional capital to continue to fund its operations. This has previously proven to be successful.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis? Answer: Yes, the Company expects to be able to continue its operations and meet its business objectives based on the current cashflow forecast prepared for internal purposes. Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 31 October 2023

Authorised by: The Board of Sultan Resources Limited

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

Page 5