Annual Report to shareholders

SABRE RESOURCES LTD

ACN: 003 043 570

ANNUAL REPORT

FOR THE YEAR ENDED

30 JUNE 2021

SABRE RESOURCES LTD

INDEX

Contents	Page
	No.
Company Directory	1
Directors' Report	2
Consolidated Statement of Profit or Loss and Other Comprehensive Income	19
Consolidated Statement of Financial Position	20
Consolidated Statement of Changes in Equity	21
Consolidated Statement of Cash Flows	23
Notes to the Financial Statements	24
Directors' Declaration	47
Auditor's Independence Declaration	48
Independent Audit Report	49
Shareholder Information	54
Tenement Information	57

Index

SABRE RESOURCES LTD

COMPANY DIRECTORY

DIRECTORS		AUDITOR
Michael Scivolo	Crowe Perth
Robert Collins		Level 5, 45 St Georges Terrace
Basil Conti		Perth WA 6000
		BANKERS
COMPANY SECRETARY
		Westpac Bank
Martin Stein		108 Stirling Highway
		Nedlands WA 6009
		SHARE REGISTRY
REGISTERED OFFICE
		Advanced Share Registry Limited
Level 1, 8 Parliament Place	110 Stirling Highway
West Perth, WA, 6005	Nedlands, WA, 6009
		Telephone: [phone]
Telephone:	[phone]	Facsimile:[phone]
Facsimile:	[phone]
Website:	www.sabresources.com
SOLICITORS		SECURITIES EXCHANGE LISTING
Steinepreis Paganin	The Company is listed on the Australian
Level 4, The Read Buildings	Securities Exchange and
16 Milligan Street	Frankfurt Stock Exchange

Perth, WA, 6005

Home Exchange: Perth, Western Australia

ASX code for shares: SBR

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SABRE RESOURCES LTD

DIRECTORS REPORT

The Directors present their report on Sabre Resources Ltd ("the Company") and its controlled entities for the year ended 30 June 2021.

DIRECTORS

The Directors of the Company during and since the end of the financial year were:

Michael Scivolo

Robert Collins

Basil Conti

Shares and options of Sabre Resources Ltd held by Directors at the date of this report:

Director	Shares	Options
Michael Scivolo	-	-
Robert Collins	-	-
Basil Conti	-	-
PRINCIPAL ACTIVITIES

The principal activity of the Company and its controlled entities is mineral exploration.

REVIEW OF OPERATIONS

Sabre Resources Ltd ('Sabre' or 'the Company') holds gold and nickel projects in Western Australia (Figure 1) and base metal and vanadium projects in Namibia, southwest Africa (Figure 6). Appendix 1 includes a tabulation of current tenements and details.

The Companies advanced Sherlock Bay Nickel Project in the Pilbara region of Western Australia (Figure 2) includes substantial nickel sulphide resources, with copper and cobalt credits, and has been the subject of previous feasibility studies in 2004, updated in 2007, and an updated mining study in 2018. In light of increasing nickel, copper and cobalt prices an updated (scoping) study has been initiated, planned for completion in the second half of 2021. Subject to the study outcomes, further exploration will be planned, targeting higher-grade nickel sulphides associated with the Sherlock Intrusive.

The Company has expanded its tenement footprint in the Youanmi Terrane of the Yilgarn Block in WA with the acquisition, subject to grant, of the Ninghan gold exploration project in the southwest part of the highly mineralised Murchison Domain (Figure 1). The Ninghan Project lies along strike to the north of the 3.0Moz Mt Gibson gold project and previous aircore drilling intersected highly anomalous gold mineralisation in areas of cover that will be targeted for Mt Gibson style gold deposits.

The Company also completed an aircore and RC drilling program on its Bonanza tenement near Youanmi in WA (Figure 5), testing structural targets interpreted from detailed aeromagnetics flown early in the reporting year. Significant aircore results of up to 4m at 1.27g/t Ag in hole BZAC0016 have only been partially followed up with RC drilling and the Bonanza and adjoining Beacon projects will be reviewed for further work, including for lithium associated with pegmatite dykes intersected in the drilling.

In Namibia, the Company advanced dense media separation (DMS) testing on its Border zinc-lead- silver resource, producing exceptional recoveries of 92.5% of the lead and 86% of the zinc while upgrading the mineralisation five-fold and reducing mass for further processing to 17%. In March 2021, Sabre engaged diversified global engineering firm, DRA Global, to conduct a two-stage scoping study ('the Study') on the Border lead-zinc deposit. The Study will assess the economic

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SABRE RESOURCES LTD

DIRECTORS REPORT

viability of an open pit mining and processing operation at Border. Stage 1 of the Scoping Study is currently being reviewed.

The tenement containing the Border deposit, EPL3542, is currently under renewal application with the Namibian Ministry of Mines and Energy, and further work on the Study and exploration will be subject to renewal and approval of the on-going program. In February 2021, Sabre finalised the sale of its 80% interest in EPL3540 in Namibia to TSX Venture Exchange listed Trigon Metals Inc ('Trigon').

Figure 1: Location of the Sherlock Bay Nickel Project and Gold Projects in Western Australia

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