Sultan Resources Limited announced the positive progress of exploration work at the Company's Kulin Hill Nickel project in southwest WA. The stratigraphic diamond drill hole designed follow up the positive aircore results generated from earlier in 2022 was competed in early November and access to Reserve 18455 (Lot 225568) which covers the bulk of the ultramafic sequence has now been granted by the WA Department of Mines, Industry Regulation and Safety (DMIRS). Drill Hole Details: During October to early November, the Company completed a single, deep stratigraphic diamond hole (SLGDD001) to 489.4m designed to gather information on the nature of the layered ultramafic sequence beneath the weathering horizon and assess the potential for sulphide mineralisation at Kulin Hill.

The hole was collared in the vicinity of the previously drilled aircore holes and was drilled at -600 towards the southeast to target a strong magnetic body within the sequence as revealed by 3D inversion modelling. The Kulin Hill magnetic anomaly has been proven to contain ultramafic rocks by aircore drilling conducted by Sultan in January 2022 which returned anomalous results of Ni, Cr, Mg, Fe, S and Co which are indicative of weathered ultramafic lithology. Initial inspection of SLGDD001 has revealed the layered ultramafic/mafic sequence to extend to 256m down hole before a series of felsic and mafic gneisses are intersected.

Weathering persists to about 70m down hole. The hole was drilled on the edge of the ultramafic sequence and given the angle to stratigraphy, has possibly passed through the footwall of the ultramafic into the underlying felsic gneiss/granite. It is likely that thicker intervals of ultramafic would be intersected in the centre of the body in the Reserve the Company has recently been granted access to.

A full analysis of the geology of the hole and sample intervals selected will be provided to the market when complete. Access to Reserve 18455: Negotiations to access the full length and breadth of the ultramafic body, a large portion of which extends beneath Reserve 18455 (Lot 225568), have been ongoing since early in 2022. The Company is pleased to advise that is has now received confirmation from DMIRS that it has access to the reserve and can undertake exploration activities to test the bulk of the layered ultramafic sequence and assess the full potential of the target.

A work program consisting initially of electromagnetic techniques such as Fixed Loop EM or magnetotellurics (MT) to detect any areas of strong conductance that might mark the location of sulphide accumulation is being considered. Any conductors identified will be ranked and the priority targets drilled with either Reverse Circulation and/or diamond methods.