Sable Resources : Q2 2022 - Management Discussion and Analysis

SABLE RESOURCES LTD.

Management's Discussion and Analysis

For the three and six month period ended June 30, 2022

SABLE RESOURCES LTD.

Management's Discussion and Analysis

For the three and six month period ended June 30, 2022

Management Discussion and Analysis as of August 29, 2022

The purpose of this Management's Discussion and Analysis ("MD&A") is to explain management's point of view regarding the performance of Sable Resources Ltd. ("Sable" or the "Company"). This MD&A also provides information to improve the readers' understanding of the consolidated financial statements and related notes as well as important trends and risks affecting the Company's financial performance and should therefore be read in conjunction with the interim condensed consolidated financial statements of the Company for the period ended June 30, 2022 ("Financial Statements"). This MD&A contains forward- looking information and statements which are based on the conclusions of management. The forward- looking information and statements are only made as of the date of this MD&A.

All financial information in this MD&A has been prepared in accordance with International Financial Reporting Standards ("IFRS") and all dollar amounts are expressed in Canadian dollars unless otherwise indicated.

The Company's certifying officers, based on their knowledge, having exercised reasonable diligence, are also responsible to ensure that these filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by these filings, and these financial statements together with the other financial information included in these filings. The Board of Directors approves the Financial Statements and MD&A and ensures that management has discharged its financial responsibilities. The Board's review is accomplished principally through the Audit Committee, which meets to review all financial reports, prior to filing.

Forward Looking Information

This MD&A contains certain statements that may be deemed "forward-looking statements," as defined by Canadian securities laws. Forward-looking statements relate to management's expectations or beliefs about future performance, events, or circumstances that include, but are not limited to, future production, costs of production, prices of gold, reserve or resource potential, exploration and operational activities, and events or developments that the Company expects or targets. Forward-looking statements can usually be identified by words such as: "future", "plans", "scheduled", "expects", "intends", "estimates", "forecasts", "will", "may", "could", "would", and variations thereof. Although the Company believes that these statements are based on reasonable assumptions, all forward looking statements involve known and unknown risks and uncertainties that may cause the actual performance, events, or circumstances of the Company to be materially different than anticipated. The Company and its operations are also subject to a large number of risks, including: the Company's liquidity and financing capability, economic and political instability in foreign jurisdictions, fluctuations in gold prices, market conditions, the impact of the COVID-19 pandemic, results of current exploration activities, the possibility of a labour stoppage or shortage, evolving environmental standards, delays in obtaining government permits and approvals, and such other risks as discussed herein and in other publicly filed disclosure documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause performance, events, or circumstances to differ materially from those described in forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate. Accordingly, readers should not place undue reliance on forward-looking statements contained in this MD&A. Forward-statements are made based on management's beliefs, estimates and opinions on the date the statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.

Qualified Person

The scientific and technical information contained in the Management Discussion and Analysis has been reviewed and approved by Luis Arteaga, Sable's Vice President, Exploration, who is a "Qualified Person" ("QP") as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects.

Page 1

SABLE RESOURCES LTD.

Management's Discussion and Analysis

For the three and six month period ended June 30, 2022

COMPANY OVERVIEW

The Company is a Canadian listed public company with its shares traded on the TSX Venture Exchange ("TSXV") under the symbol "SAE" and on the OTC Venture Market (OTCQB) under the symbol "SBLRF". The Company is engaged in the acquisition, exploration, and development of mineral resource properties through its phase exploration methodology in the countries of Argentina and Mexico.

Sable started exploration in San Juan, Argentina in 2018, becoming one of the main players in the province with four active projects and a total of 163,969 hectares controlled. San Juan is home of the world-class Veladero Mine (Barrick Gold), the Gualcamayo mine (Mineros S.A.), as well as large and important exploration projects such as Filo del Sol (Filo Mining), Josemaria (Lundin Mining), Hualilan (Challenger Exploration), among others.

The province of San Juan has recently been highlighted as the most attractive destination for mining investment in Latin America (Yunis, Jairo, and Elmira Aliakbari (2022). Fraser Institute Annual Survey of Mining Companies 2021. Fraser Institute.http://www.fraserinstitute.org); replacing traditional mining jurisdictions like Chile and Peru.

RECENT DEVELOPMENTS

On August 17, 2022, the Company held its annual and special meeting of shareholders (the "Meeting"). At the Meeting, a total of 126,216,733 common shares were represented at the Meeting, representing approximately 45% of the total number of common shares of the Company issued and outstanding as at the record date. All matters presented for approval at the Meeting were duly authorized and approved including the election of all seven management nominees to the board of directors of the Company, the appointment of BDO Canada LLP as auditors of the Company for the ensuing year and authorization of the directors to fix their remuneration, approval of the Company's amended and restated option plan and approval of the Shareholders Rights Plan.

On August 24, 2022, 5.8 million warrants were exercised at an exercise price of $0.21 for proceeds of $1,218,000.

Q2 2022 OPERATING HIGHLIGHTS

Mineral Properties

Argentina

• In Argentina, the Company has been undertaking significant exploration activities at its three projects - Don Julio, El Fierro, and La Poncha.
• The exploration activities for the 2021 / 2022 season (September through May) included 18,509 metres of combined drilling at the El Fierro, Don Julio, and La Poncha projects as well as extensive surface (3,750 surface samples) and geophysical work (GroundMag and IP surveys).
• During the quarter, South321 made payments of $502,554 (US$390,000) to fund exploration activity at the Don Julio Project.
• Full results from surface and drilling activities are expected in September.
• Even without full results from last season, South32 has committed to 5,000m of drilling at Don Julio for the upcoming 2022 / 2023 exploration season which is expected to begin in October 2022. The drill campaign could be expanded to 7,000m depending on preliminary results and observations.

Page 2

SABLE RESOURCES LTD.

Management's Discussion and Analysis

For the three and six month period ended June 30, 2022

El Fierro

The 2021 / 2022 exploration season started at El Fierro in September 2021 with camp construction, mapping and geophysics. The Company finished its drill campaign in May 2022, totaling 12,000 metres in

65 holes. Besides the Ag-Au-Pb-Zn veins that initially characterized El Fierro, Sable started drilling its recently discovered Pyros Cu-Au-Mo porphyry target, and the intrusion related Au-Cu Antena target, both located within the El Fierro claims.

Don Julio Project

For the 2021 / 2022 season, the Company and South321 planned a very active season that included mapping, additional geophysical surveys for target definition, and drilling of 5,000 metres focused on Cu- Au porphyry targets associated with the extensive Miocene lithocap located in the central part of the Don Julio cluster. Exploration work started in early October 2021 with the camp setup and road preparation. Drilling commenced in late January 2022 and finished in early June with nine drillholes and 4,293m completed at the Poposa, Gringa and Punta Cana targets. A total of 2,764 core samples were collected and sent to ALS labs with all the targets showing encouraging signs of porphyry mineralization. The drilling was complemented by 161 surface rock samples and geophysical surveys including 50km of GroundMag and 30km of Induced polarization. The company is currently waiting for complete assays to start the release of results.

La Poncha

Since March 2021, and in preparation for drilling, the Company completed geological mapping of the two main mineralized zones (Poncha North and Poncha South), undertook extensive trenching, collected 744 rock and 145 soil samples, reprocessed historical geophysics, and collected 478 TerraSpec samples, and five geochronology samples. Drilling commenced in March 2022 and finished May 2022 with six drillholes and 2,216m completed

Mexico

In Mexico, Sable continues to evaluate existing anomalies within its land package and evaluating properties for acquisition in regions with high geological potential within mining friendly states of Mexico such as Sonora, Chihuahua, Sinaloa, and Durango. The Company continues to work with its legal team in Mexico to accelerate the registration of titles of its large land packages in Queretaro, Zacatecas, and Chihuahua.

OUTLOOK

The Company completed the 2021 / 2022 exploration season with 18,509 metres of drilling at three projects. Full results are expected in September. Observations and partial results are encouraging at the three drilled projects and the Company anticipates a very active campaign for the 2022 / 2023 season. Given the significant increase of exploration activity in the San Juan province, the Company has already secured three rigs for the next season.

1 Activities with South32 are undertaken pursuant to the EIA signed on January 27, 2021 that provides for South32 to provide US$8.5 million in exploration funding over five years (the "EIA Period"), the payment of 100% of the cash option payments to the underlying owners of the Don Julio Project and for a 7.5% operator fee to Sable for managing the exploration programs. Additional information on the EIA is disclosed in the Company's financial statements. See "Risk Factors" below.

Page 3

SABLE RESOURCES LTD.

Management's Discussion and Analysis

For the three and six month period ended June 30, 2022

EXPLORATION PROPERTIES

ARGENTINA

The Company has four active projects in Argentina:

• Don Julio
• Don Julio Regional (including Los Pumas)
• El Fierro
• La Poncha

Don Julio Projects

The Company holds the rights to acquire 100% ownership of 63,314 hectares and has staked additional 6,035 hectares of highly prospective ground at its Don Julio, Don Julio Cluster and other associated regional properties ("Don Julio Regional"), collectively "Don Julio" or the "Don Julio Projects" which properties are subject to the EIA with South32. Located in the pro-mining province of San Juan, the mineral claims are 62 km south of Barrick's Alturas gold deposit. Under the EIA, South32 and the Company will jointly explore the Don Julio Projects.

Since 2018 when Sable first initiated exploration at Don Julio, multiple targets with different styles of mineralization have been recognized, mapped, sampled, and evaluated. All the targets are fully drill permitted and show large alteration footprints which would allow hosting significant concealed mineralized systems.

Punta Cana Target

Additional to the porphyry targets located within the Don Julio lithocap, the Company successfully discovered the partially outcropping Punta Cana porphyry in November 2021. The Punta Cana porphyry is located approximately 1.5km west of the southern margin of the known lithocap over an area of approximately 400 by 400m. Initial values from samples collected within the porphyry zone range from <0.1 to 3 g/t Au, and <0.1% Cu to 0.5% Cu. Two drill holes (DJ-DH-22-06 and DJ-DH-22-08) tested the Punta Cana porphyry this season. Although results are not available as at the date of this MD&A, both drill holes intercepted significant porphyry style mineralization typical of the Au-rich deposits of the Maricunga belt.

Page 4