GROUP 6 METALS LIMITED — Capital/Financing Update 2021

May 16, 2021

17 May 2021

The Manager The Company Announcements Office Australian Securities Exchange

Cleansing Notice under section 708A(5)(e) of the Corporations Act 2001 (Cth)

This notice is given by King Island Scheelite Limited ABN 40 004 681 734 (ASX Code: KIS) ( Company ) under section 708A(5)(e) of the Corporations Act 2001 (Cth) ( Corporations Act ).

On 3 May 2021, the Company’s shareholders approved the issue and allotment of:

1. 9,090,909 ordinary fully paid shares for an issue price of A$0.055 per share ( Shares ); and

2. 4,545,454 free attaching listed options with an exercise price of A$0.10 per Share expiring 1 August 2021 ( KISO )

to repay the Company’s third-party loan principal (A$500,000) originally advanced to the Company on 6 May 2020.

On 10 May 2021, the Company issued and allotted the Shares and KISO options.

In accordance with section 708(6) of the Corporations Act, the Company provides notice to the ASX that:

1. it has issued the Shares without disclosure to investors under Part 6D.2 of the Corporations Act;

2. this notice is being given under section 708A(5)(e) of the Corporations Act;

3. as at the date of this notice, the Company has complied with:

   • a. the provisions of Chapter 2M of the Corporations Act as they apply to the Company; and

   • b. section 674 of the Corporations Act; and

4. as at the date of this notice, there is no “excluded information” of the type referred to in section 708A(7) and 708A(8) of the Corporations Act that investors and their professional advisors would reasonably have expected to find in a disclosure document.

Yours sincerely,

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Ian Morgan Company Secretary