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SHERLOCK BAY SCOPING STUDY OUTCOMES





                                                                                                                                                 •  Two	open	pit	and

                                                                                                                                                     underground	mines



                                                                                                                                                 •  Producing	70kt	of	nickel	in
                                                                                                                                                     mixed-hydroxide	(MHP)

                                                                                                                                                     over	10	years



                                                                                                                                                 •  Strongly	posiBve
                                                                                                                                                     operaBng	cashflow:

                                                                                                                                                     (@US$10/lb/US$22,040/t)

                                                                                                                                                     of	approx.	A$515M*
                                                                                                                                                                                   3

                                                                                                                                                 •  AWer	iniBal	Capex

                                                                                                                                                     (A$280M)	cashflow:

                                                                                                                                                     approx.	A$105M

                                                                                                                                                     (undiscounted,	pre-tax)*
                                                                                                                                                                                         3


      •  Economic, but requires higher nickel price or discovery of higher-grade nickel sulphides to make it really fly..






                                                                                                                                       th
                                                                                                                    3	 Sabre	Resources	Ltd,	27 	January	2022.	Sherlock	Bay	Ni	Scoping	Study	Delivers	Posi9ve	Cashflow.
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