Sultan Resources Limited announced the re- commencement of the reconnaissance exploration aircore drilling for nickel-prospective ultramafic rocks at the Company's Lake Grace prospect during January. The project is located in the Wheatbelt area between Lake Grace and Kulin in WA where the company has been exploring since listing in 2018. The Ni-prospectivity of Sultan's Lake Grace tenement portfolio has long been recognised by the company and has been verified by the discovery of Chalice Mining Ltd.'s Julimar Ni-Cu-PGE deposit approximately 200km to the northwest in the same belt of rocks.

Sultan's licences contain historically drilled ultramafic rocks with evidence of nickel and cobalt bearing sulfides1 and detailed airborne magnetic surveying by the company has revealed several unexplored areas with geophysical characteristics indicative of ultramafic rocktypes. The aircore program is designed to confirm the presence of ultramafic rocks interpreted from the magnetics interpretation and help determine the prospectivity of the region for hosting Ni-sulphide deposits. Highlights: Aircore drilling of interpreted Ni-prospective ultramafic occurrences in the Lake Grace/Kulin area that commenced late in 2021 re-starts in early January.

Ultramafic lithology confirmed in first 4 hole stage of program in late 2021. Approximately 2km strike of ultramafic lithology confirmed at first target zone. Geological similarities between this zone and the Gonneville Intrusion have been recognised.

A further 9 holes at other target areas were completed by the end of 2021. The targets lie within part of interpreted mobile zone that hosts the recent Julimar Ni- Cu-PGE discovery. Historic exploration at Lake Grace has shown ultramafic rocks with evidence of nickel + cobalt bearing sulfides and copper sulphides in drilling.

Strong geophysical evidence for >25km of cumulative strike length of ultramafic rocks across Sultan's Lake Grace portfolio. Lake Grace portfolio surrounded by major mining and exploration companies: Anglo American to north and west; Gold Road Resources to east.