Other leather proofing/protectants
There are some really excellent waterproofing mixtures made by NIKWAX for use with hiking gear that would probably work well for sheaths.
They are was based with a water carrier to help protect the leather from chemical damage and limit softening. I have had good success using them on my hiking boots. One pair in particular have stood up to about 6 years use after only two applications of the Nikwax about 2 weeks apart.
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