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1 ASX ANNOUNCEMENT 24 April 2018 ASX cde: SBR Cmpletin f Heavily Oversubscribed Placement and Acquisitin f Three WAbased Vanadium Prjects Diversified explratin cmpany Sabre Resurces Limited (ASX: SBR) is pleased t annunce it has entered int a binding Share Sale Agreement with Kinetic Metals Pty Ltd t acquire a 100% interest in each f its Speewah Vanadium Prject, its Unaly Vanadium Prject and its Balla Vanadium Prject, all lcated in Western Australia. In additin, the Cmpany is pleased t annunce that it has cmpleted a heavily versubscribed placement t sphisticated and prfessinal investrs t raise apprximately $1,588,000 (grss) via the issue f 105,868,057 fully paid rdinary shares at an issue price f $0.015 per share (Placement). Subject t sharehlder apprval, participants in the Placement will als receive a free attaching ptin n a 1-fr-1 basis with each ptin having an exercise price f 3 cents and an expiry date f 31 Octber Highlights: Prpsed Acquisitin f Kinetic Metals Sabre Resurces has entered int a binding Share Sale Agreement t acquire Kinetic Metals Pty Ltd, the hlder f a 100% interest in each f the Speewah, Unaly and Balla Vanadium prjects, lcated in Western Australia The Speewah Vanadium Prject is lcated adjacent t and adjins the area that cntains the King River Cpper Limited Speewah Dme prject which hsts a JORC resurce f 4.7Bt at 0.3% V 2O 5, 2% TiO 2 and 14.7% Fe The Unaly Vanadium Prject is lcated adjacent t and adjins the area that cntains the Surefire Resurces Limited Unaly Hill prject which hsts a JORC resurce f 86.2Mt at 0.42% V 2O 5, 4.5% TiO 2 and 24% Fe. The Kinetic Metals tenement extends t and adjins Venus Metals Yuanmi vanadium prject which hsts a JORC resurce f 330.6Mt at 0.29% V 2O 5, 5.95% TiO 2 and 19.41% Fe The Balla Vanadium Prject is prspective fr mineralisatin similar t the Frge Resurces Limited Balla-Balla irn-vanadium-titanium prject which hsts a JORC resurce f 456Mt at 0.65% V 2O 5,13.7% TiO 2 and 45% Fe Ptential exists fr the prjects t hst similar depsits f vanadium-titanium mineralisatin Cmpletin f Placement Sabre Resurces has cmpleted a heavily versubscribed Placement t Prfessinal and Sphisticated investrs t raise apprximately $1,588,000 (grss) via the issue f 105,868,057 fully paid rdinary shares at an issue price f $0.015 per share 1 st Flr, 8 Parliament Place, West Perth, WA 6005 PO Bx 1618, West Perth, WA t: f: inf@sabresurces.cm

2 Subject t sharehlder apprval, participants in the Placement will als receive a free attaching ptin n a 1-fr-1 basis with each ptin having an exercise price f 3 cents and an expiry date f 31 Octber 2019 Prpsed Spin Out Sabre Resurces is prpsing t spin ut its Namibian assets int a separate cmpany which will cmplete an IPO and seek a listing n the ASX - the Cmpany will initiate a drilling prgram at its Namibian vanadium-lead-zinc prject t advance the depsit in preparatin fr the prpsed spin ut Assets include: High-Grade Vanadium Mineralisatin: High grade near-surface vanadium mineralisatin histrically mined at the Baltika V-Zn-Pb Prspect and the Kaskara V-Cu Depsit. Channel sampling f mineralisatin at the base f the Harasib III pit has returned high-grade lead-vanadium mineralisatin including: 4.79% lead and 2% V 20 5 and 8.71% lead, 3.69% V 20 5 Lead-Zinc Resurce at the Brder Depsit: JORC Inferred resurce f % Zn, 0.59% Pb and 4.76g/t Ag defined at the Brder Depsit and recent wrk has shwn significant Zn-Pb gechemical anmalies alng strike at the Tggenburg Prspect with up t 2.90% Zn+Pb ver 2.8 km strike length defined t date. Mineralisatin has exceptinal metallurgical characteristics and is amenable t beneficiatin using heavy media separatin methds. High-Grade Cpper Mineralisatin at Guchab: Extensive cpper mineralisatin intersected in drilling at the Guchab Suth Cu-Ag Prspect, where mineralisatin ccurs ver an area at surface measuring ver 850 metres by arund 100 metres. Further details regarding the prpsed spin ut including timing, capital structure and ffer t SBR sharehlders will be prvided fllwing cmpletin f the Lead Manager mandate and in cnsultatin with the ASX Prpsed Share Purchase Plan Sabre Resurces is prpsing t cmplete a Share Purchase Plan (SPP) which will entitle all sharehlders t acquire shares in the Cmpany at the same price as the recently cmpleted Placement The SPP will be capped at $500,000 with further details t be annunced Cmmenting n the recent activities f the Cmpany, the Bard f Sabre Resurces stated: We cnsider the prpsed acquisitin f Kinetic Metals and these WA-based vanadium prjects as an excellent pprtunity fr Sabre t cmmence explratin in areas which are hst t several large vanadiumtitanium depsits. Sabre has been very active in recent mnths fllwing the cnclusin f the acquisitin f the advanced Sherlck Bay Nickel-Cbalt prject and we are nw well-psitined t take advantage f the dynamic market cnditins that relate t the dminant battery-metals sectr. The cmpletin f the recent placement demnstrates the supprt and attractiveness f the prtfli f prjects that Sabre cntrls and will be acquiring. The Cmpany is nw well funded t advance its explratin activities at the Sherlck Bay Nickel-Cbalt prject as well as cnduct early stage explratin at the Kinetic Metals Prjects, fllwing cmpletin. 1 st Flr, 8 Parliament Place, West Perth, WA 6005 PO Bx 1618, West Perth, WA 6872

3 We are nw cnsidering the spin ut f ur highly prspective Namibian prjects which includes the Brder Lead-Zinc depsit and the high-grade cpper mineralisatin at the Guchab prject. Our Namibian assets are als prspective fr high-grade vanadium mineralisatin at Baltika and Kaskara. Our Sharehlders will als be rewarded fr their cntinued supprt thrugh a limited Share Purchase Plan which will entitle Sharehlders t acquire additinal shares at the same price as the Placement. We are excited abut the future f Sabre Resurces and lk frward t prviding further updates t Sharehlders. Prpsed Acquisitin f Kinetic Metals Pty Ltd Sabre Resurces has entered int a binding Share Sale Agreement with Kinetic Metals Pty Ltd, the hlder f a 100% interest in each f the Speewah Vanadium Prject, the Unaly Vanadium Prject and the Balla Vanadium Prject, all lcated in Western Australia. A map shwing the prject lcatin f each f the Speewah, Unaly and Balla vanadium prjects is utlined belw: Figure 1: Kinetic Metals Prject Lcatin Map 1 st Flr, 8 Parliament Place, West Perth, WA 6005 PO Bx 1618, West Perth, WA 6872

4 The Cmpany is presently cnducting technical and legal due diligence n Kinetic Metals and each f the vanadium prjects that it cntrls. The Cmpany will prvide further updates nce it has cncluded its investigatins. Speewah Vanadium Prject The Speewah Vanadium Prject is lcated adjacent t and adjins the area that cntains the King River Cpper Limited Speewah Dme prject which hsts a JORC resurce f 4.7Bt at 0.3% V 2O 5, 2% TiO 2 and 14.7% Fe. The Speewah prject is cmprised f 52 blcks cvering an area f km 2. A map shwing the prject lcatin relative t the King River Cpper Limited Speewah Dme prject is utlined belw: Figure 2: Speewah Vanadium Prject Lcatin Map 1 st Flr, 8 Parliament Place, West Perth, WA 6005 PO Bx 1618, West Perth, WA 6872

5 Unaly Vanadium Prject The Unaly Vanadium Prject is lcated adjacent t and adjins the area that cntains the Surefire Resurces Limited Unaly Hill prject which hsts a JORC resurce f 86.2Mt at 0.42% V 2O 5, 4.5% TiO 2 and 24% Fe. The Unaly prject is cmprised f 20 blcks cvering an area f 60.31km 2. A map shwing the prject lcatin relative t the Surefire Resurces Limited Unaly Hill prject is utlined belw: Figure 3: Unaly Vanadium Prject Lcatin Map 1 st Flr, 8 Parliament Place, West Perth, WA 6005 PO Bx 1618, West Perth, WA 6872

6 Balla Vanadium Prject The Balla Vanadium Prject is prspective fr mineralisatin similar t the Frge Resurces Limited Balla-Balla irn-vanadium-titanium prject which hsts a JORC resurce f 456Mt at 0.65% V 2O 5,13.7% TiO 2 and 45% Fe. The Balla prject is cmprised f 11 blcks cvering an area f 35.22km 2. A map shwing the prject lcatin relative t the Frge Resurces Limited Balla-Balla prject is utlined belw: Figure 4: Balla Vanadium Prject Lcatin Map Summary f Acquisitin Terms f Kinetic Metals The key terms f the acquisitin are as fllws: The Cmpany will have a 30-day exclusivity perid t cmplete its due diligence investigatins n Kinetic Metals and its prjects; The Cmpany will issue the Vendrs with 2,500,000 fully paid rdinary shares (Vendr Shares); and The Cmpany will issue the Vendrs with 2,500,000 unlisted ptins, with each ptin having an exercise price f $0.03 and an expiry date f 31 Octber 2019 (Vendr Optins). The acquisitin remains subject t legal and cmmercial and technical due diligence. Cmpletin f the acquisitin and the issue f the Vendr Shares and Vendr Optins remains subject t sharehlder apprval. Cmpletin f Placement In cnjunctin with the prpsed acquisitin f Kinetic Metals, Sabre Resurces Limited has cmpleted a heavily versubscribed share placement (the Placement) t prfessinal and sphisticated investrs t raise 1 st Flr, 8 Parliament Place, West Perth, WA 6005 PO Bx 1618, West Perth, WA 6872

7 capital fr feasibility studies at the advanced Sherlck Bay Nickel-Cbalt Depsit as well as vanadium and base metal explratin in Namibia and t fund nging wrking capital. A ttal f 105,868,057 fully paid rdinary shares were issued at a price f $0.015 per share in rder t raise apprximately $1,588,000 grss prceeds. Subject t Sharehlder Apprval, participants in the Placement will als receive a free attaching ptin n a 1-fr-1 basis with each ptin having an exercise price f 3 cents and an expiry date f 31 Octber Shares will be issued under the Placement using the Cmpany s existing capacity pursuant t ASX Listing Rule 7.1 and 7.1A as well as the Sharehlder Apprved capacity. The table belw specifies the calculatin and the capacity categries utilised: Shares N. issued Issue apprved by Sharehlders at EGM held n 8/3/ ,000,000 Issue pursuant t Rule ,520,834 Issue pursuant t Rule 7.1A 26,347,223 Ttal N. f shares 105,868,057 The issue f the attaching 105,868,057 ptins is subject t Sharehlder Apprval. ENDS Fr further infrmatin, cntact: Graham Baldisseri Cmpany Secretary P: E: gbaldisseri@kmm.cm.au 1 st Flr, 8 Parliament Place, West Perth, WA 6005 PO Bx 1618, West Perth, WA 6872

8 Cautin Regarding Frward-Lking Infrmatin This dcument cntains frward-lking statements cncerning Sabre Resurces. Frward-lking statements are nt statements f histrical fact and actual events and results may differ materially frm thse described in the frward lking statements as a result f a variety f risks, uncertainties and ther factrs. Frward-lking statements are inherently subject t business, ecnmic, cmpetitive, plitical and scial uncertainties and cntingencies. Many factrs culd cause the Cmpany s actual results t differ materially frm thse expressed r implied in any frward-lking infrmatin prvided by the Cmpany, r n behalf f, the Cmpany. Such factrs include, amng ther things, risks relating t additinal funding requirements, metal prices, explratin, develpment and perating risks, cmpetitin, prductin risks, regulatry restrictins, including envirnmental regulatin and liability and ptential title disputes. Frward lking statements in this dcument are based n the cmpany s beliefs, pinins and estimates f Sabre Resurces as f the dates the frward lking statements are made, and n bligatin is assumed t update frward lking statements if these beliefs, pinins and estimates shuld change r t reflect ther future develpments. Cmpetent Persn Statement The infrmatin in this annuncement that relates t Explratin Targets, Explratin Results, Mineral Resurces r Ore Reserves, as applicable, is based n infrmatin cmpiled by Mr. Lachlan Reynlds. Mr Reynlds is a cnsultant t Metals Australia Limited and is a member f the Australasian Institute f Mining and Metallurgy. Mr. Reynlds has sufficient experience that is relevant t the style f mineralisatin and type f depsit under cnsideratin and t the activity being undertaken t qualify as a Cmpetent Persn as defined in the 2012 Editin f the Australasian Cde fr Reprting f Explratin Results, Mineral Resurces and Ore Reserves. Mr. Reynlds cnsents t the inclusin in the reprt f the matters based n their infrmatin in the frm and cntext in which it appears. The Cmpany cnfirms that it is nt aware f any new infrmatin r data that materially affects the infrmatin included in the riginal market annuncements. The Cmpany cnfirms that the frm and cntext in which the Cmpetent Persn s findings are presented have nt been materially mdified frm the riginal market annuncements. Infrmatin Relied Upn ASX Listing Rule Cmpliance Pursuant t ASX Listing Rule , the Cmpany has relied upn the fllwing annuncements in cmpiling infrmatin in this current annuncement: 1. Annual Reprt fr Sabre Resurces Limited fr the perid ended 30 June 2017 and released t the ASX n 29 September st Flr, 8 Parliament Place, West Perth, WA 6005 PO Bx 1618, West Perth, WA 6872