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A 171.2 km² copper-gold position within an established multi-million-ounce gold province in Namibia's Central Damara Orogen.

Sultan has lodged an application for exploration licence EPL11820 in the Central Damara Orogen of Namibia. The Kaalkop Project covers 171.2 km² approximately 5 km south of the township of Kalkfeld and 270 km from Windhoek.

The project offers dual copper and gold potential. Historical exploration targeted copper-lead-zinc mineralisation associated with carbonate rocks, while the licence also contains prospective granite-carbonate contacts, deformed metasedimentary sequences and major regional structures that have received limited modern exploration.

Sultan secured the opportunity without issuing consideration shares or other equity securities, giving shareholders exposure to a new copper-gold project without acquisition-related dilution.

 ~5 km south of Kalkfeld, 270 km from Windhoek

Historical exploration within the licence targeted Cu-Pb-Zn mineralisation associated with carbonate rocks. EPL11820 contains prospective granite-carbonate contacts, major structures and late-stage intrusive systems.

Elsewhere in the Damara Belt, Kaoko Metals Limited (ASX:KAO) recently reported rock-chip results of up to 4.9% Cu at its Karibib Copper-Gold-Tungsten Project (KAO ASX announcement, 16 July 2026). Karibib is a separate mineral system and its results are not necessarily indicative of mineralisation at Kaalkop.

EPL11820 lies east of WIA Gold Limited's (ASX:WIA) ground hosting the Kokoseb Gold Project, where WIA recently reported an updated Mineral Resource of 113Mt at 1.0 g/t Au for 3.78 Moz Au (WIA ASX announcement, 10 August 2026).

The broader Central Damara gold province also hosts Twin Hills, Ondundu, Navachab and the Eureka discovery. Despite this, no exploration specifically targeting gold has been reported across EPL11820. Sultan has not independently verified third-party information, which is not necessarily indicative of mineralisation at Kaalkop.

The project area is underlain by Neoproterozoic Swakop Group marbles, schists, dolomites and quartzites, including Kuiseb Formation mica schists and Arises River calcitic marbles. These units were deformed during the Damara Orogeny and intruded by granitic bodies. In the west of the licence, a basement outlier of gneissic leucogranite forms a raft within late-stage Salem granite.

The Abbabis Lineament, a major north-northeast trending regional structure, cuts through the licence. Government regional magnetic data highlights granitic intrusions, dolerite dykes, possible shear zones and magnetically quiet marbles and schists. The granite-carbonate contact areas form the priority targets for ground investigation.

Aquitaine (1975) and B&O Mineral Exploration (1982) carried out rock-chip sampling for Cu-Pb-Zn, and stream sampling for Cu-Pb-Zn associated with carbonate rocks and for Sn-W in pegmatites and skarns in the granites. No exploration specifically targeting gold has been reported on the licence.

 EPL11820 application progresses to grant.

 compile and review historical exploration data.

 reconnaissance mapping and rock-chip sampling of priority granite-carbonate contact zones.

 plan follow-up soil geochemistry over priority targets.

 On 23 September 2026 Sultan announced firm commitments for a $1.3 million placement (before costs). Proceeds will be applied to the expansion of the exploration portfolio, working capital and initial exploration activities at Kaalkop.

The information on this page that relates to Exploration Targets and Exploration Results is based on historical exploration information compiled by Mr Mark Mitchell, who is a Competent Person and a Member of the Australian Institute of Geoscientists. Mr Mitchell is a Non-Executive Director of Sultan Resources Limited. Mr Mitchell has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Mitchell consents to the inclusion of the matters based on his information in the form and context in which they appear.

Information on this page is extracted from Sultan's ASX announcements dated 18 September 2026 and 23 September 2026. The Company confirms that it is not aware of any new information or data that materially affects the information included in those announcements.

Information relating to third-party projects has been sourced from public announcements by those companies, as referenced. Sultan has not independently verified this information and it is not necessarily indicative of the mineralisation that may be present at the Kaalkop Project.

This page may contain forward-looking statements, including regarding the expected grant of EPL11820 and planned exploration. These are subject to risks and uncertainties, many of which are outside Sultan's control, and actual results may differ materially.