Mr. Ruben Padilla reports

SABLE AND MOXICO RESOURCES SIGN LETTER AGREEMENT FOR THE EL FIERRO PROJECT AND THE CERRO NEGRO PROPERTY, SAN JUAN PROVINCE, ARGENTINA

Sable Resources Ltd. and its wholly owned subsidiary, Sable Argentina S.A., have signed a binding letter agreement with Moxico Resources PLC, an unlisted private United Kingdom public company, granting Moxico an exclusive option to acquire 51 per cent of the company's El Fierro project and Cerro-Negro property, subject to certain exploration and expenditure terms as more fully described below.

Letter agreement

The letter agreement grants Moxico an option to earn up to 51 per cent of the El Fierro project by completing the following within a five-year period: (1) 20,000 metres of drilling, with a minimum of 1,600 metres in the first year; (2) the payment of $1.54-million (U.S.) worth of property option payments; and (3) the payment of $600,000 (U.S.), payable to Sable in annual amounts of $150,000 (U.S.) commencing in year 2. As regarding the Cerro-Negro property, the letter agreement provides for Moxico to earn up to 51 per cent by completing the following within a six-year period: (1) expenditure of $550,000 (U.S.) in the first year to conduct exploration activities in advance of drilling; (2) completion of 20,000 metres of drilling (diamond or core) over six years; and (3) the payment of $750,000 (U.S.), payable to Sable in annual amounts of $150,000 (U.S.) commencing in year 2. The letter agreement also provides for Moxico to earn up to 70 per cent (an additional 19 per cent) in either or both of the projects by completing a feasibility study on, as applicable, the El Fierro project and/or the Cerro-Negro property. Unless Moxico elects otherwise, Sable will operate all exploration programs during the option period and will receive in the first year a 10-per-cent management fee on all eligible exploration expenditures incurred, with the exception of direct drilling costs for which the management fee will be reduced to 8 per cent.

Ruben Padilla, Sable's president and chief executive officer, stated: "We are very pleased with having signed this letter agreement with Moxico. The 2025 work plan, fully funded by Moxico, will commence in February and includes camp construction, ongoing geochemical and geophysical studies on both properties, and initiation of drilling at the El Fierro-Pyros porphyry Cu-Au-Mo deposit during the fourth week of February. We are thrilled to be partnering with Moxico to move both of these Tier 1 exploration assets forward. Moxico's high-quality financial and development teams provide excellent cornerstone support for Sable's strong technical skills associated with the exploration of large-scale porphyry Cu-Au-Mo deposits in Argentina. We're excited to be part of Moxico's expansion plans in the Americas."

Sable and Moxico have agreed to finalize definitive agreements relating to the option transaction by April 30, 2025. The letter agreement is subject to a number of conditions, including receipt of approval from the TSX Venture Exchange, the execution of an acknowledgment and consent agreement between Sable, Sable Argentina, Moxico and the underlying owners of the El Fierro project, as well as the execution of an acknowledgment and consent agreement between Sable, Sable Argentina, Moxico and Osisko Gold Royalties Ltd.

About the El Fierro project

El Fierro is located 250 kilometres northwest of San Juan city, 120 kilometres north of Sable's Don Julio project and 110 kilometres south of the world-class Filo del Sol porphyry system. El Fierro is a large (10 kilometres by 10 kilometres) Miocene magmatic-hydrothermal system centred on the Pyros Cu-Au-Mo (copper-gold-molybdenum) porphyry centre; Pyros was discovered by Sable during the 2021-2022 drilling campaign. Sable drilled 13 holes at Pyros in 2022, discovering a large multiphase Miocene stock hosted within Permian granitic rocks. Multiple holes intercepted significant intervals of Cu-Mo-Au mineralization, including:

• FZ-DH-21-72: 142.0 metres at 0.24 per cent copper equivalent (CuEq), including 30.3 metres at 0.44 per cent CuEq;
• FZ-DH-21-68: 119.0 metres at 0.22 per cent CuEq, including 34.0 metres at 0.34 per cent CuEq;
• FZ-DH-21-55: 200.0 metres at 0.14 per cent CuEq, including 85.0 metres at 0.18 per cent CuEq;
• FZ-DH-22-84: 38.0 metres at 0.27 per cent CuEq, 30.0 metres at 0.15 per cent CuEq and 8.0 metres at 0.24 per cent CuEq;
• FZ-DH-22-78: 18.0 metres at 0.32 per cent CuEq, 11.0 metres at 0.23 per cent CuEq and 5.8 metres at 0.36 per cent CuEq.

About the Cerro-Negro project

Cerro-Negro is an innovative play of porphyry exploration under Quaternary gravels in the province of San Juan in proximity and along strike with known deposits like the Hualilan gold skarn (Challenger Gold), Chita Valley (South32), and Sable's Don Julio project. The project comprises the Cerro-Negro property (2,700 hectares) and the Potrerillos property (19,000 hectares), both covering regional magnetic anomalies. Work at Cerro-Negro in 2023 revealed chargeability anomalies associated with the magnetic feature and significant anomalies of Cu, Mo, Au and silver (Ag), and other porphyry pathfinders obtained through systematic MMI (mobile metal ion) sampling on the gravels.

About Moxico Resources PLC

Moxico Resources' principal objective is to be an effective creator of value for its shareholders, other stakeholders and partners by establishing itself as one of the main copper producers in Zambia through the expansion of the Mimbula copper project and the development of the Kalengwa copper project, and developing its portfolio of exploration assets in Zambia and elsewhere, including its 50-per-cent-owned Khnaiguiyah zinc, copper and manganese project in the Kingdom of Saudi Arabia, which is expected to commence construction in 2025, and the Esperanza project located in San Juan in Argentina (consisting of the Esperanza and Huachi copper exploration projects), in respect of which Moxico has the option to earn a 75-per-cent interest.

About Sable Resources Ltd.

Sable is a well-financed junior grassroots explorer focused on the discovery of Tier 1 new precious metal and copper projects through systematic exploration in endowed terranes located in favourable, established mining jurisdictions. Sable's focus is developing its large portfolio of new greenfields projects to resource level. Sable is actively exploring the San Juan regional program (163,969 hectares), incorporating the Don Julio, El Fierro and Cerro-Negro projects in San Juan province, Argentina, and the Copper Queen (15,133 hectares), Rusty Peak (1,942 hectares), Copper Prince (3,980 hectares) and Core Mountain (1,925 hectares) properties in British Columbia.

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