LATITUDE 66 LIMITED — Capital/Financing Update 2021

Apr 13, 2021

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ASX Code: Si6
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ASX Announcement

14 April 2021

Drilling Extends Shallow, BIF-hosted Gold Mineralisation at Monument Gold Project

Highlights

• RC drilling results received for 25 holes from the 34 hole RC drill program at

• Korong and Waihi Prospects

• Significant intersections include:

Korong

• 6m @ 1.69g/t Au (KORC012 - 78 to 84m)

• 5m @ 2.56g/t Au (KORC016 - 124 to 129m)

• 5m @ 2.03g/t Au (KORC021 - 60 to 65m)

Waihi

• 4m @ 5.89g/t Au (WHRC005 - 62 to 66m)

• 3m @ 2.45g/t Au (WHRC010 - 113 to 116m)

• Broad, shallow intersections extend mineralisation north and south at Korong Prospect

• New intersections at Waihi Prospect intersect near-surface, high-grade mineralisation and extend shoot southward

• Data validation and 3D modelling underway in preparation for updated Korong Mineral Resource Estimate, anticipated later this quarter

• Reconnaissance lag and soil sampling program completed

Si6 Metals Limited (ASX: Si6 or the Company ) is pleased to report that the final reverse circulation ( RC ) drill results for the remaining 25 holes have been received from the recently completed 34 hole drilling program targeting the Korong and Waihi Prospects at the Company’s Monument Gold Project ( MGP ).

Executive Chairman Patrick Holywell commented , “These last results from our first phase Korong and Waihi drilling program have returned some fantastic results, which further extend the areas of known mineralisation at the MGP. Drilling at Korong successfully identified mineralisation over a total strike length of 550m, and most importantly, the mineralisation remains open down-plunge for a number of south-plunging mineralised shoots. With only 10% of the 30km strike tested to date, we are extremely encouraged by the potential to define additional gold resources to add to our existing Korong MRE.

Phase one results confirm that significant upside remains at both Korong and Waihi to delineate nearsurface gold resources, with both prospects remaining open in all directions. We are very excited about the potential of delivering an updated global resource estimate to include Korong and Waihi and our subsequent drill testing of other high priority prospects along the Korong-Waihi Corridor including the Perseverance and Old Copper targets.”

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The Korong and Waihi Prospects are located along ~30km of relatively untested gold-hosted banded iron formation ( BIF ), which is interpreted to be the same unit that hosts the Westralia Gold Deposit (Dacian Gold’s (ASX:DCN) Mt Morgan Project), located immediately southeast of the MGP.

To date, only 10% of the 30km strike at the MGP has been tested with detailed RC and diamond core drilling to a nominal depth of 100 - 150m. Si6 has identified at least 5 other prospect targets from geochemical sampling and previous air core drilling along the BIF horizon. Excellent potential remains to define additional gold resources to the existing Korong Mineral Resources Estimate ( MRE ) which contains an inferred resource of 0.86Mt @ 1.8g/t for 50,000oz (see Supplementary Information Appendix).

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Figure 1 : Location maps of MGP (in blue) adjacent to Dacian’s Mount Morgan Project (in yellow).

The Korong and Waihi drill program which comprised 34 reverse circulation (RC) holes for a total of 4,363m was completed in February 2021. The program was designed to target strike extensions to existing mineralisation, high-grade shoot extensions at depth and the prospective basal BIF unit. It also aimed to validate the historic drill data in preparation for future resource calculations.

The new drill data has been validated and loaded into the Company database and is currently being used to generate a 3D geological model and mineralised wireframes to be included in a new MRE. All drill hole intersections and collar information are listed in Appendix 1 and 2.

KORONG PROSPECT RC DRILL RESULTS

Assays have been received for the remaining 16 RC drill holes (KORC006 to 021) which were drilled over a 780m BIF strike length to test the central, northern and southern extensions of mineralisation to a depth of 150m and to test depth extensions to interpreted mineralised shoots (See Table 1, Figures 3 and 3).

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At the south end of Korong, significant, shallow mineralisation was intersected in holes KORC020 ( 4m @ 1.33g/t Au from 52m ) and KORC021 ( 5m @ 2.03g/t Au from 60m ). Both of these holes appear associated with a south-plunging mineralised shoot which appears a near-surface repetition of the main high-grade shoot located at the centre of Korong (See Table 1, Figures 2 to 4).

Proximal to the main high-grade shoot, significant mineralisation was returned from hole KORC015 ( 3m @ 2.18g/t Au from 136m ) with hole KORC016 ( 5m @ 2.56g/t Au from 124m ) drilled along the downdip edge of the shoot at 100m depth. To the north of the shoot, drill holes KORC013 ( 3m @ 0.71g/t Au from 113m ) and KORC014 ( 3m @ 1.29g/t Au from 163m ) confirmed the occurrence of a lower-grade north plunging shoot repetition with mineralisation open at depth and down-plunge of KORC014 (see Figure 4).

At the north end of Korong, a number of new, shallow intersections were received from sparsely drilled areas where no previous mineralisation had been reported. These include KORC012 ( 6m @ 1.69g/t Au from 78m ) and KORC008 ( 4m @ 1.35g/t Au from 48m ), which both appear as south-plunging shoot repetitions. These newly interpreted shoots remain open down-plunge and to the south (Figure 3).

Drilling at Korong has successfully identified mineralisation over a total strike length of 550m with mineralisation remaining open down-plunge for a number of south-plunging mineralised shoots.

Results from this first phase of work are very encouraging with drill testing of the mineralised highgrade, south-plunging shoot system further confirming the overall robustness of near-surface mineralisation at Korong. New significant intersections from poorly tested strike extensions have identified additional shoot repetitions which remain open to the north and south.

Table 1. Significant new drill-hole intersections received from Korong Prospect (>5 gram x meters).

Hole ID	From (m)	To (m)	Down hole Interval (m)	Au (g/t)	Gram.m
KORC008	48	52	4	2.35	9.4
KORC012	78	84	6	1.69	10.14
KORC015	136	139	3	2.18	6.54
KORC016	124	129	5	2.56	12.8
KORC020	52	56	4	1.33	5.32
KORC021	60	65	5	2.03	10.15

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Figure 2. Collar location plan for Korong with the new drill intercepts (yellow boxes)

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Figure 3. Korong long section showing plunging mineralised shoots and drill hole pierce points.

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Figure 4. Korong cross section showing mineralisation open at depth in RC drill hole KORC014.

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WAIHI PROSPECT RC DRILL RESULTS

Assay results for the remaining 9 out of 13 holes drilled at the Waihi Prospect (WHRC005 to 013) have also been received. An intersection of 4m @ 5.89g/t Au from 62m (KORC005) was obtained from a near-surface, south-plunging high-grade shoot which has a similar geometry to the main shoot at Korong. Additional drilling down-plunge towards the south returned 3m @ 2.45g/t Au from 113m (WHRC010). The results at Waihi suggest boudinage (pinching and swelling) is present along the length of the shoot, which is a similar feature evident at the Korong main shoot (See Table 2, Figures 5 to 7).

Drilling at the south end of Waihi targeted south-plunging shoot repetitions to mineralisation intersected in WHRC005 of 3m @ 1.38g/t Au from 69m (WHRC009). A potential shoot repetition in the proximity of WHRC009 remains open down-plunge to the south.

The total strike length drill tested at Waihi covers 680m, with mineralised intersections >1g/t Au obtained over 600m. Compared to Korong, drill collar positions at Waihi remain very broadly spaced and further drilling is required to enhance geometry of the mineralised shoots which will assist in ongoing drill planning and resource definition.

Table 2. Significant new drill-hole intercepts received from Waihi Prospect ( >5 gram meters).

Hole ID	From (m)	To (m)	Down hole Interval (m)	Au (g/t)	Gram.m
WHRC005	62	66	4	5.89	23.56
WHRC010	113	116	3	2.45	7.35

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Figure 5. Collar location plan for new Waihi drill intercepts (yellow boxes).

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Figure 6. Waihi long section with interpreted plunging mineralised shoots and drill hole pierce points.

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Figure 7. Waihi cross section showing mineralisation in WHRC005.

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FUTURE WORK

The first phase of RC drilling undertaken by Si6 has demonstrated that significant upside remains at both Korong and Waihi to delineate near-surface gold resources, with both prospects remaining open in all directions . The current drilling density also indicates that with further infill drilling, potential exists to enhance and locate additional mineralised shoots which recent drilling has intersected near-surface.

Database validation and geological modelling is underway and an updated global resource estimate to include Korong and Waihi is anticipated later this quarter. Resource estimation work will be followed by pit optimisation scoping studies to determine the nominal drilling depth for open-pit resources based on current widths and grades being intersected. The results from the optimisation work will also be applied to drill testing other prospects along the Korong-Waihi Corridor which to date remain largely untested and include the high priority Perseverance and Old Copper targets.

Regional soil sampling was recently completed along the Korong-Waihi Corridor and near the Mt Morgans Mining Centre in the south of the MGP area with approximately 900 sample submitted to ALS laboratories in Perth for gold and multi-element analysis. The soil sampling is part of a broader regional exploration strategy aimed at delineating a continued pipeline of exploration targets.

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Appendix 1 – Drill Hole Intercepts

Hole ID	From (m)	To (m)	Down hole Interval(m)	Au (g/t)	Gram metres	Comments
KORC001	95	101	6	3.15	18.9	released 17/03/2021
KORC002	130	135	5	3.22	16.1	released 17/03/2021
KORC003	117	120	3	1.99	5.97	released 17/03/2021
KORC004	110	117	7	1.21	8.47	released 17/03/2021
KORC005	150	151	1	1.16	1.16	released 17/03/2021
	154	156	2	2.61	5.22	released 17/03/2021
KORC006	6	7	1	0.87	0.87	new assays
	14	15	1	0.95	0.95	new assays
KORC007	27	28	1	0.83	0.83	new assays
KORC008	18	19	1	0.81	0.81	new assays
	48	52	4	2.35	9.4	new assays
KORC009	59	60	1	0.75	0.745	new assays
KORC010	32	34	2	0.77	1.54	new assays
KORC011	66	67	1	1.52	1.52	new assays
	73	78	5	0.71	3.56	new assays
KORC012	78	84	6	1.69	10.14	new assays
KORC013	54	55	1	1.24	1.24	new assays
	113	116	3	0.71	2.13	new assays
KORC014	141	142	1	1.70	1.7	new assays
	163	166	3	1.29	3.87	new assays
KORC015	78	81	3	0.97	2.91	new assays
	91	93	2	1.23	2.46	new assays
	104	105	1	2.00	2	new assays
	136	139	3	2.18	6.54	new assays
KORC016	69	70	1	0.55	0.55	new assays
	111	114	3	0.61	1.83	new assays
	124	129	5	2.56	12.8	new assays
KORC017	60	61	1	1.35	1.35	new assays
KORC018					NSI	new assays
KORC019	47	48	1	0.52	0.52	new assays
KORC020	52	56	4	1.33	5.32	new assays
KORC021	60	65	5	2.03	10.15	new assays
WHRC001	46	47	1	1.03	1.03	released 17/03/2021
	107	110	3	2.38	7.14	released 17/03/2021
WHRC002	55	56	1	3.87	3.87	released 17/03/2021
	83	88	5	1.17	5.85	released 17/03/2021
WHRC003			0		NSI	released 17/03/2021
WHRC004			0		NSI	released 17/03/2021
WHRC005	62	66	4	5.89	23.56	new assays
WHRC006			0		NSI	new assays
WHRC007	159	160	1	0.7	0.7	new assays
WHRC008					NSI	new assays
WHRC009	69	72	3	1.38	4.14	new assays
WHRC010	113	116	3	2.45	7.35	new assays
WHRC011					NSI	new assays
WHRC012					NSI	new assays
WHRC013					NSI	new assays

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Appendix 2 – Drill Hole Collar Information

Drill Hole ID	East (MGA) GPS	North (MGA) GPS	RL	Dip	Azimuth (MGA)	Hole Type	EOH Depth (m)	Comments
KORC001	398787	6831543	464	-90	0	RC	150	assays released 17/03/2021
KORC002	398877	6831482	463	-90	0	RC	144	assays released 17/03/2021
KORC003	398834	6831602	466	-60	240	RC	144	assays released 17/03/2021
KORC004	398819	6831624	467	-60	240	RC	138	assays released 17/03/2021
KORC005	398947	6831500	461	-60	240	RC	174	assays released 17/03/2021
KORC006	398625	6831940	462	-60	240	RC	120	new assays
KORC007	398614	6831899	463	-60	240	RC	126	new assays
KORC008	398635	6831866	464	-60	240	RC	138	new assays
KORC009	398689	6831810	466	-60	240	RC	102	new assays
KORC010	398706	6831762	467	-60	240	RC	108	new assays
KORC011	398731	6831715	469	-60	240	RC	114	new assays
KORC012	398754	6831670	471	-60	240	RC	115	new assays
KORC013	398814	6831642	468	-60	240	RC	126	new assays
KORC014	398875	6831743	463	-60	240	RC	174	new assays
KORC015	398878	6831582	464	-60	240	RC	156	new assays
KORC016	398874	6831541	464	-60	240	RC	138	new assays
KORC017	398699	6832039	459	-60	240	RC	144	new assays
KORC018	398873	6831281	458	-60	240	RC	78	new assays
KORC019	398857	6831316	459	-60	240	RC	78	new assays
KORC020	398855	6831357	460	-60	240	RC	72	new assays
KORC021	398814	6831417	461	-90	0	RC	72	new assays
WHRC001	394391	6836698	505	-60	220	RC	150	assays released 17/03/2021
WHRC002	394390	6836674	506	-60	220	RC	120	assays released 17/03/2021
WHRC003	394578	6836614	494	-60	220	RC	162	assays released 17/03/2021
WHRC004	394671	6836514	490	-60	220	RC	180	assays released 17/03/2021
WHRC005	394662	6836431	493	-60	220	RC	72	new assays
WHRC006	394723	6836443	488	-60	220	RC	150	new assays
WHRC007	394810	6836338	485	-60	220	RC	162	new assays
WHRC008	394845	6836197	483	-60	220	RC	102	new assays
WHRC009	394815	6836274	484	-60	220	RC	120	new assays
WHRC010	394726	6836380	489	-60	220	RC	162	new assays
WHRC011	394724	6836311	489	-60	220	RC	108	new assays
WHRC012	394768	6836291	486	-60	220	RC	120	new assays
WHRC013	394855	6836283	483	-60	220	RC	144	new assays

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Appendix A – JORC CODE, 2012 Edition

Section 1 – Sampling Techniques and Data

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Sampling
techniques	•	Nature & quality of sampling (e.g.	•	All drilling and sampling was undertaken in an
		cut channels, random chips, or		industry standard manner using suitably qualified
		specific specialised industry		technical personnel.
		standard measurement tools
		appropriate to the minerals under	•	Reverse circulation (RC) percussion chip samples
		investigation, such as down hole		were collected at 1m intervals from a rig mounted
		gamma sondes, or handheld XRF		cyclone and cone splitter, split into 2 to 2.5kg sub-
		instruments, etc.). These examples		samples and collected into pre-numbered calico
		should not be taken as limiting the		bags.
		broad meaning of sampling.
	•	Include reference to measures taken to ensure sample representivity & the appropriate calibration of any measurement tools or systems used.	•	The calico bag sub-samples were then submitted to an independent laboratory where the entire sample was pulverised to a nominal sample weight for Fire Assay analysis (see Quality of assay data and laboratory tests below).
	•	Aspects of the determination of
		mineralisation that are Material to
		the Public Report.
	•	In cases where ‘industry standard’
		work has been done this would be
		relatively simple (e.g. ‘reverse
		circulation drilling was used to
		obtain 1 m samples from which 3
		kg was pulverised to produce a 30
		g charge for fire assay’). In other
		cases more explanation may be
		required, such as where there is
		coarse gold that has inherent
		sampling problems. Unusual
		commodities or mineralisation
		types (e.g. submarine nodules)
		may warrant disclosure of detailed
		information.
Drilling
techniques	•	Drill type (eg core, reverse	•	All percussion drill samples were collected via reverse
		circulation, open-hole hammer,		circulation drilling using a 5¼ inch bit with a face
		rotary air blast, auger, Bangka,		sampling hammer.
		sonic, etc.) & details (e.g. core
		diameter, triple or standard tube,
		depth of diamond tails, face-
		sampling bit or other type,
		whether core is oriented & if so, by
		what method, etc.).If no site visits
		have been undertaken indicate
		why this is the case.
Drill sample
recovery	•	Method of recording & assessing	•	Continuous visual monitoring and assessment of
		core & chip sample recoveries &		sample recoveries was undertaken by suitably
		results assessed.
	•	Measures taken to maximise

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• sample recovery & ensure representative nature of the samples.

• Whether a relationship exists between sample recovery & grade & whether sample bias may have occurred due to preferential loss/gain of fine/coarse material

• qualified field staff (contract geologist and senior field assistant).

• Where low recoveries or wet samples were identified these were recorded in the field sample data.

• To aid in achieving high recoveries and maintaining a dry sample a support truck mounted air booster was used when necessary.

• There is no evidence of sample bias.

Logging

• Whether core & chip samples have been geologically & geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies & metallurgical studies.

• Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc.) photography.

• The total length & percentage of the relevant intersections logged

  • RC chip logging was undertaken by a suitably qualified contract geologist who also monitored quality of sampling.

  • Logging of RC chips was undertaken by wet sieving a representative portion of the overall 1m sample recovered from the cyclone and collecting a subsample into a labelled, 20 compartment chip tray.

  • The logging is considered qualitative with weathering, lithology, alteration, quartz veining and presence of sulphides recorded in the logging template. All chips trays were labelled with hole ID and sample depth and photographed for future reference.

  • Logging and sampling of percussion chips at 1m intervals is considered the preferred RC sample interval to use in Mineral Resource Estimation.

• Sub-sampling techniques & • If core, whether cut or sawn & sample whether quarter, half or all core preparation taken.

• If non-core, whether riffled, tube sampled, rotary split, etc.& whether sampled wet or dry.

• • For all sample types, the nature, quality & appropriateness of the sample preparation technique.

• Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.

• Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling.

• • Whether sample sizes are appropriate to the grain size of the material being sampled.

• All RC percussion sample material was passed through a rig-mounted cyclone with a cone splitter attached to the base and collected at 1m intervals into pre-numbered calico bags.

• At the completion of each 6m drill rod the cyclone and cone splitter were cleaned to avoid contamination.

• Duplicate Quality Control (QC) samples were taken every 60 samples as an identical split in conjunction with the corresponding original sample.

• Certified reference materials obtained from an external, independent supplier were inserted every 60 samples.

• Sample preparation was undertaken at an independent laboratory. Samples were dried and pulverised to 85% passing 75µm.

• Sample sizes are considered appropriate for the size and nature of the material being sampled.

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Quality of
assay data &	•	The nature, quality &	•	RC percussion samples were analysed for gold using
laboratory		appropriateness of the assaying &		30 gram Fire assay with an Inductively Coupled
tests		laboratory procedures used &		Plasma (ICP) finish. This technique is considered
		whether the technique is		suitable for determination of gold for this project.
		considered partial or total.		Fire assays are classified as total assays.
	•	For geophysical tools,
		spectrometers, handheld XRF	•	Samples were analysed at ALS Laboratories located in
		instruments, etc., the parameters		Perth, Western Australia. In addition to QC measures
		used in determining the analysis		implemented by Si6, internal audits were undertaken
		including instrument make &		by the Laboratory including the use of internal
		model, reading times, calibrations		reference materials, blanks and duplicates.
		factors applied & their derivation,
	•	etc. Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) &	•	Standard, blank and duplicate QAQC performance reports compiled by an external database consultant have been checked by Si6 and demonstrate an acceptable level of accuracy.
		whether acceptable levels of
		accuracy (i.e. lack of bias) &
		precision have been established.
Verification of
sampling &	•	The verification of significant	•	Assay data has been loaded into the company
assaying		intersections by either independent		database with significant intercepts checked and
		or alternative company personnel.		validated using 3D geological software.
	•	The use of twinned holes.
	•	Documentation of primary data,	•	Drilling data is captured using Excel data entry
		data entry procedures, data		templates which are then loaded into an Access
		verification, data storage (physical		database by an external database consultant.
		& electronic) protocols.
	•	Discuss any adjustment to assay
		data.
Location of
data points	•	Accuracy & quality of surveys used	•	Drill hole collars are recorded using a Garmin hand
		to locate drill holes (collar & down-		held GPS with a margin of error of ±3m.
		hole surveys), trenches, mine
		workings & other locations used in Mineral Resource estimation.	•	Down-hole surveys recording dip and azimuth were collected every 10m down- and up-hole using a Gyro
	•	Specification of the grid system		survey tool.
		used.
	•	Quality & adequacy of topographic	•	All data points are recorded in the GDA94, zone 51
		control		south coordinate system.
			•	Topography control is maintained by using a
				topographic surface generated by modelling historic
				DGPS surveyed drill collars.
Data spacing
& distribution	•	Data spacing for reporting of	•	RC drilling was undertaken on a nominal 10m x 25m
		Exploration Results.		(Korong) up to 20m x 60m grid (Waihi).
	•	Whether the data spacing &
		distribution is sufficient to	•	Drill collar spacing and distribution and continuity of
		establish the degree of geological		mineralised intercepts is considered appropriate for
		& grade continuity appropriate for		undertaking Mineral Resource Estimation.
		the Mineral Resource & Ore
		Reserve estimation

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		procedure(s)&classifications	•	Sample compositing was not applied with all samples
		applied.		collected at 1m intervals.
	•	Whether sample compositing has
		been applied.
Orientation of
data in	•	Whether the orientation of	•	RC drill holes at Korong and Waihi were orientated
relation to		sampling achieves unbiased		perpendicular to the strike of mineralisation.
geological		sampling of possible structures &
structure		the extent to which this is known,	•	At Korong, reported intercepts in holes drilled at -60
		considering the deposit type.		dip are close to true thickness. In deeper holes drilled
	•	If the relationship between the		at -90 dip true width is less than down-hole width.
		drilling orientation & the
		orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed & reported if	•	At Waihi, true thickness is less than reported down- hole intercepts as mineralised zones are not intersected at right angles.
		material	•	The difference between down-hole thickness and
				true thickness will be allowed for in Mineral Resource
				Estimation.
Sample
security	•	The measures taken to ensure	•	Individual samples were collected into pre-numbered
		sample security the different		calico sample bags, placed into larger polyweave bags
		materials.		and then cable tied.
			•	Polyweave bags were placed in larger secured bulka
				bags and dispatched to the laboratory via a contract
				transport company.
Audits or			•	No audits or reviews have been undertaken.
reviews	•	The results of any audits or reviews
		of sampling techniques & data.	•	A review of the QAQC data has been undertaken by
				Si6 personnel to ensure the reported data is valid.

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Section 2 Reporting of Exploration Results

Criteria	JORC	Code explanation	Commentary
Mineral	•	Type, reference	The RC Drilling and sampling reported has been undertaken on
tenement		name/number, location and	tenements E39/1866 and E39/2024 which are located
and land		ownership including	approximately 40km northwest of Laverton, in the Eastern
tenure		agreements or material	Goldfields Region, Western Australia.
status		issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The tenements are held by Monument Mining Pty Ltd, a wholly owned subsidiary of DiscovEx Resources Pty Ltd whereby Si6 a has an exclusive option to acquire a 100% interest. A summary of the material terms and conditions of the proposed acquisition of the tenements, pursuant to the binding exclusive heads of agreement (Heads of Agreement), are as follows:
	•	The security of the tenure	DCX has agreed to grant Si6 an exclusive option (Option) to
		held at the time of reporting	acquire a 100% interest in the Project by way of acquisition of
		along with any known	100% of the issued capital of Monument Exploration Pty Ltd. In
		impediments to obtaining a	consideration for DCX granting Si6 the Option, Si6 must pay an
		license to operate in the area.	option fee of $25,000 cash and $50,000 in cash and/or shares
			(Cash/Share Payment, split at Si6’s election), payable within 10
			Business Days of execution of the Heads of Agreement.
			• Si6 has a 12-month option and due diligence
			period (Option Period).
			• During the Option Period, Si6 must maintain the
			Project tenements in good standing by spending
			at least $250,000 on the Project tenements.
			• Within 6 months of the date of execution of the
			Heads of Agreement, Si6 will pay further
			consideration of $50,000 cash and another
			$50,000 Cash/Share Payment (split at Si6’s
			election). Shares issued as part of the Cash/Share
			Payment will be issued under Listing Rule 7.1
			placement capacity.
			• Upon exercise of the Option (to occur at Si6’s sole
			discretion), Si6 to pay further consideration of
			$100,000 cash and $300,000 in cash and/or shares
			(at Si6’s election).
			• The price of all Si6 shares to be issued under the
			Heads of Agreement will be equal to the VWAP of
			Si6’s shares at the close of trading for 15 trading
			days immediately prior to the execution of the
			Heads of Agreement.
			• All shares issued pursuant to the Heads of
			Agreement will be voluntarily held in escrow for a
			period of 12 months following the respective issue
			dates.
			• All other consideration shares will be issued
			subject to shareholder approval with the date of
			the shareholders meetingto be advised in due

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ASX Announcement

==> picture [63 x 137] intentionally omitted <==

course.

• Prior owners of the Project to retain existing royalties of up to 2% of gross revenue (Existing Royalties). Following settlement of the acquisition, DCX will retain a royalty of up to 1.5% of gross revenue (calculated after the payment of any applicable Existing Royalties, whereby if Existing Royalties of greater than 1.5% are paid in respect of certain Project areas, no additional royalty will be paid to DCX).

				revenue (calculated after the payment of any applicable Existing Royalties, whereby if Existing Royalties of greater than 1.5% are paid in respect of certain Project areas, no additional royalty will be paid to DCX).
Exploration	•	Acknowledgment and	•	The historic drilling data collars, down-hole traces and
done by		appraisal of exploration by		intercepts published in the report is contained in the
other		other parties.		historical database compiled by DiscovEx Resources Pty
parties				Ltd which is a compilation of exploration activities
				undertaken by previous explorers.
Geology	•	Deposit type, geological	•	The deposit style being targeted is Archaean Lode Gold.
		setting and style of		Gold mineralisation principally occurs in quartz veins
		mineralisation.		derived from open space filling (brittle fracturing) and
				to a lesser degree within altered wall rocks
				accompanied by varying quantities of pyrite, pyrrhotite,
				arsenopyrite, sphalerite, galena and chalcopyrite. The
				lode gold deposits within the Monument Gold Project
				are hosted hosted within banded iron formation and
				siliceous sediments (cherts) which have been fractured
				by shearing, cross-faulting and folding.
Drill hole	•	A summary of all information	•	Historic drill hole data reported is not material and has
Information		material to the		not been verified or validated by the Company. Via an
		understanding of the		independent consultant the Company is in the process
		exploration results including		of compiling and validating all historic exploration
		a tabulation of the following		reports covering the project area which will enable it to
		information for all Material		verify data contained within the historical database.
		drill holes:
	•	easting and northing of the	•	Drill hole location, depth and directional information
		drill hole collar		collected by Si6 is included in the report.
	•	elevation or RL (Reduced
		Level – elevation above sea
		level in metres) of the drill
		hole collar
	•	dip and azimuth of the hole
	•	down hole length and
		interception depth
	•	hole length.
	•	If the exclusion of this
		information is justified on the
		basis that the information is
		not Material and this
		exclusion does not detract
		from the understanding of
		the report, the Competent
		Person should clearly explain
		why this is the case.

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ASX Announcement

Data	•	In reporting Exploration	•	Drill hole intercepts are reported using a 0.5g/t Au cut-
aggregation		Results, weighting averaging		off grade with an internal dilution of 1m maximum.
methods		techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades)	•	Intercepts are reported as down-hole lengths using length weighted averages.
		and cut-off grades are usually
		Material and should be	•	No top-cut has been applied to the reported intercepts.
		stated.
	•	Where aggregate intercepts
		incorporate short lengths of
		high grade results and longer
		lengths of low grade results,
		the procedure used for such
		aggregation should be stated
		and some typical examples of
		such aggregations should be
		shown in detail.
	•	The assumptions used for any
		reporting of metal equivalent
		values should be clearly
		stated.
Relationship	•	These relationships are
between		particularly important in the	•	Refer “Orientation of data in relation to geological
mineralisa-		reporting of Exploration		structure” in Section 1.
tion widths		Results.
and	•	If the geometry of the	•	Mineralisation at Korong and Waihi is northeast dipping
intercept		mineralisation with respect to		and perpendicular to drilling.
lengths		the drill hole angle is known,
		its nature should be reported.	•	True width of mineralisation is 60 to 100% of the
	•	If it is not known and only the		reported down-hole intercept. True width varies along
		down hole lengths are		strike and down dip depending on orientation of the
		reported, there should be a		drill trace relative to the mineralised body.
		clear statement to this effect
		(e.g. ‘down hole length, true
		width not known’).
Diagrams	•	Appropriate maps and	•	A location plan of each of the prospects showing the
		sections (with scales) and		drill collars is provided in the report.
		tabulations of intercepts
		should be included for any
		significant discovery being
		reported These should
		include, but not be limited to
		a plan view of drill hole collar
		locations and appropriate
		sectional views.

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ASX Announcement

Balanced	•	Where comprehensive	•	The report is considered balanced with the information
reporting		reporting of all Exploration		provided.
		Results is not practicable,
		representative reporting of	•	Drilling results from all holes received to date have
		both low and high grades		been outlined in the report with reporting parameters
		and/or widths should be		outlined above.
		practiced to avoid misleading
		reporting of Exploration
		Results.
Other	•	Other exploration data, if	•	Bulk density test work was recently undertaken on
substantive		meaningful and material,		historic drill core from Korong and will be used in future
exploration		should be reported including		mineral resource estimates.
data		(but not limited to):
		geological observations;	•	Limited testwork has been undertaken in relation to
		geophysical survey results;		metallurgical and geotechnical studies.
		geochemical survey results;
		bulk samples – size and
		method of treatment;
		metallurgical test results;
		bulk density, groundwater,
		geotechnical and rock
		characteristics; potential
		deleterious or contaminating
		substances.
Further	•	The nature and scale of	•	Following receipt of all final RC drill results Si6 plans to
work		planned further work (e.g.		update the 3D geological model and perform resource
		tests for lateral extensions or		estimations at Korong and Waihi.
		depth extensions or large-
		scale step-out drilling).	•	Pit optimization studies will be included in this work to
	•	Diagrams clearly highlighting		guide future drill programs where mineralisation
		the areas of possible		remains open down-dip and along strike.
		extensions, including the
		main geological
		interpretations and future
		drilling areas, provided this
		information is not
		commercially sensitive.

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ASX Announcement

Supplementary Information Appendix

Maibele Base Metals Project, Botswana, Resource Information

An initial JORC-compliant (2012) Inferred Resource was calculated at Maibele North by MSA South Africa in 2015 (see Table 1) using a 0.30% Nickel cut-off grade. See the ASX announcement on 28 April 2015 “Maiden Inferred Resource for Maibele North” for further information.

		Maibele North Resource	Maibele North Resource	Maibele North Resource	Maibele North Resource
Tonnes (Mt)	Ni (%)	Cu (%)	Pt (g/t)	Pd (g/t)	Rh (g/t)	Ru (g/t)	Au (g/t)
2.38	0.72	0.21	0.08	0.36	0.04	0.05	0.10

Table 1 : Inferred Resource calculated by MSA South Africa in 2015 to JORC 2012 compliance

Monument Gold Project, Western Australia, Resource Information

An initial JORC-compliant (2012) Inferred Resource was calculated at Korong by Mining Plus in 2018 (see Table 2) using a 0.5g/t cut-off grade for Korong and 2g/t cut-off grade for Korong Underground. See the ASX announcement on 25 August 2020 “Si6 Secures Exclusive Option to Acquire Western Australian Gold Project” for further information.

roject” for further information.	roject” for further information.	roject” for further information.	roject” for further information.
	Korong Resource
Deposit	Tonnes	Grade (g/t)	Au Ounces
Korong	650,000	1.6	33,000
Korong UG	205,000	2.5	17,000
Total Resource	855,000	1.8	50,000

Table 1 : Inferred Resource calculated by Mining Plus in 2018 to JORC 2012 compliance

About Si6 Metals Ltd

Si6 Metals is an exploration company operating in Southern Africa specifically targeting projects containing “battery or new world” metals to capitalise on the rising interest in the sector due to recent global technology advances and increasing demand for these commodities.

Si6 Metals recently entered into an option agreement with DiscovEx Resources Ltd (ASX:DCX) to acquire the Monument Gold Project in Western Australia. The Project lies in the world class Laverton Tectonic Zone, which to date has produced more than 30 million ounces of gold and yielded some of Australia’s best-known gold mines.

Competent Persons Statement

The information in this report that relates to Exploration Results is based on, and fairly represents information and supporting documentation prepared by Mr Michael Jackson, who is a Competent Person and a Member of The Australian Institute of Geoscientists. Mr Jackson is a consultant and Exploration Manager to Si6 Metals Limited. Mr Jackson 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 Resource and Ore Reserves”. Mr Jackson consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

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ASX Announcement

Disclaimer

In relying on the above mentioned ASX announcement and pursuant to ASX Listing Rule 5.23.2, the Company confirms that it is not aware of any new information or data that materially affects the information included in the above announcement. No exploration data or results are included in this document that have not previously been released publicly. The source of all data or results have been referenced.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Si6’s mineral properties, planned exploration program(s) and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may”, "potential," "should," and similar expressions are forward looking statements. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.

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ASX Announcement

ASX CODE: Si6

DIRECTORS

Patrick Holywell Executive Chairman

Steve Groves Technical Director

Joshua Letcher

This announcement has been approved for release by the Executive Chairman of Si6 Metals Ltd, Mr Patrick Holywell.

For further information please contact:

Patrick Holywell Executive Chairman M: +61 (0)401 407 357 ph@si6metals.com

Victoria Humphries Investor Relations M: +61 (0)431 151 676 victoria@nwrcommunications.com.au

Non-Executive Director

Mauro Piccini

Company Secretary

CONTACT

Suite 2, Level 1 1 Altona Street West Perth WA Australia 6005

+61 (0)8 6559 1792

info@si6metals.com si6metals.com

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