VERITY RESOURCES LIMITED — Capital/Financing Update 2021

Nov 8, 2021

ASX Code: Si6

ASX Announcement

9 November 2021

HIGH PRIORITY DRILL TARGETS GENERATED FROM DIBETE AMT SURVEY

Highlights

• Impressive results from 14-line AMT Survey at Dibete have been received, generating multiple drill targets

• The results show numerous high quality untested anomalies beneath and along strike from known mineralisation

• Results from lines 3-7 deliver strong AMT result consistent with “Messina Copper” style mineralisation, weighing further support of the potential for Dibete to host breccia-pipe style of copper mineralisation

• Recent AMT surveys at Maibele North have demonstrated the technique accurately maps existing sulphide mineralisation

• Multiple high priority drill targets have been generated which will be incorporated into the Company’s upcoming drilling program

• Results from Airstrip and Maibele North AMT surveys currently pending

Si6 Metals Limited ( ASX: Si6 or the Company ) is pleased to announce the results of the 14 lines of AMT surveying at the Dibete prospect from the Company’s extensive geophysical survey across the Maibele Base Metals Project in Botswana (see ASX Announcement 21/09/2021). Si6 is exploring for base and precious metals within the Limpopo Mobile Belt in Botswana, a district known for hosting major nickel and copper producing operations.

The Company’s Botswana portfolio contains an advanced Ni-Cu-Co-PGE resource at Maibele North and previously drilled high-grade Cu-Ag discoveries at Airstrip and Dibete. Si6 is undertaking a multi-faceted exploration campaign, employing a variety of ground geophysical techniques designed to target deeper mineralisation for follow-up drill testing.

The Company has completed a 34-line AMT survey at all three prospects (Dibete, Airstrip & Maibele North) and has now received data for Dibete. Results from the surveying at Airstrip and Maibele North is currently pending. Previous AMT surveys at Maibele North successfully mapped the known sulphide mineralisation and identified numerous deeper targets for drill testing (see ASX Announcement 14/07/2021).

Si6 Executive Chairman, Patrick Holywell stated , “The AMT Survey model we are using in Botswana has proven yet again that it is a very successful model in identifying targets for drilling programs. With the results in now for Dibete, we can clearly see that multiple high-quality targets exist both beneath and along strike from known mineralisation. We are currently in the final stages of completing our targeting exercises for the upcoming drill program at Dibete and will update the market accordingly. We eagerly await the results from the AMT survey at Airstrip and Maibele North and then onto drilling as soon as possible.”

page 1

ASX Announcement

==> picture [452 x 218] intentionally omitted <==

Figure 1: Si6 tenement portfolio in Eastern Botswana

==> picture [448 x 310] intentionally omitted <==

----- Start of picture text -----

13
12
11
10
9
8
7
6
5
4
3
2
1
14
----- End of picture text -----

Figure 2: Plan view of the greater Dibete Prospect showing the AMT survey lines (black lines) overlaid on the gradient array chargeability image and the regional VTEM 400m depth slice as an underlay. The VTEM shows prominent conductive anomalies at 400m depth below each of the areas to be covered with AMT surveys.

page 2

ASX Announcement

Dibete AMT Results

The AMT survey was designed to cover areas of the recently defined coincident IP/VTEM responses that encompass previously drilled high-grade Cu and Ag mineralisation (see ASX Announcement 24/06/2021). Results from the 14 lines show strong conductive anomalism close to surface and coincident with the previously defined Gradient Array IP and Pole Dipole IP responses. The AMT technique sees much deeper than the two IP techniques and has defined some outstanding deep anomalies, particularly from Lines 3 to 7 beneath the area of high-grade near surface Cu-Ag mineralisation (Figures 3 to 5).

Lines 3 to 7

Lines 3 to 7 traverse the area of drilled near surface copper and gold mineralisation and show a very promising, strong AMT response beneath the shallow, high-grade mineralisation. The response models as a vertical, pipe-like body and is geometrically reminiscent of the breccia-pipe style of copper mineralisation in the Messina Copper district (Figures 9 & 10). This type of AMT response adds further support to the interpretation of Messina Copper style of mineralisation present at Dibete and will be a high priority drill target in the upcoming drill campaign.

==> picture [454 x 344] intentionally omitted <==

----- Start of picture text -----

Shallow AMT
Near surface high-grade Cu-Ag mineralisation
conductive zone
Moderate depth
AMT conductive
zone
Pipe-like AMT
conductive zone
----- End of picture text -----

Figure 3: Three-dimensional image, looking NE, of the AMT conductive zone from data collected on lines 3 – 7. Note the “pipe-like” geometry of the model immediately beneath the areas of near surface Cu-Ag mineralisation.

page 3

ASX Announcement

==> picture [425 x 233] intentionally omitted <==

----- Start of picture text -----

Limit of previous drilling
Line 5 Line 5-5
----- End of picture text -----

Figure 4: AMT Lines 5 and 5-5, looking southwest, showing the strong AMT response at depth beneath the areas of high grade, near surface Cu-Ag mineralisation. The lines are parallel and 50m apart. The images show the 2D vector data from 1D reference mode 2D smooth-model inversion vector NSAMT data

==> picture [429 x 245] intentionally omitted <==

----- Start of picture text -----

Limit of previous drilling Limit of previous drilling
Line 3
Line 4
----- End of picture text -----

Figure 5: AMT Lines 3 and 4, looking southwest, showing the strong AMT response at depth beneath the areas of high grade, near surface Cu-Ag mineralisation. The lines are parallel and 100m apart. The images show the 2D vector data from 1D reference mode 2D smooth-model inversion vector NSAMT data

Lines 1 & 2

Lines 1 and 2 lie at the southwestern edge of the survey and display a shallow response that is coincident with the IP responses as well as a second, deeper response that extends to beyond 600m depth in a position vertically below the near surface response (Figure 6). Although deep, this could present as a very good drill target if drilling elsewhere establishes that the AMT response represents sulphide mineralisation at depth.

page 4

==> picture [89 x 7] intentionally omitted <==

----- Start of picture text -----

ASX Announcement
----- End of picture text -----

==> picture [455 x 257] intentionally omitted <==

----- Start of picture text -----

No previous drilling on section No previous drilling on section
----- End of picture text -----

Figure 6: AMT Lines 1 and 2, looking southwest, showing the strong AMT response in areas of only sporadic shallow drilling. No drill holes have been completed on either section. The lines are parallel and 100m apart. The images show the 2D vector data from 1D reference mode 2D smooth-model inversion vector NSAMT data

Lines 8 & 9

Lines 8 and 9 traverse an area bisected by a large dolerite dyke and both show a good AMT response dipping at about 45[o] towards the north. At Airstrip, Dibete and Messina Copper, Karoo-aged dolerite dykes are spatially associated with copper mineralisation and the coincidence of dolerite and AMT response render lines 8 and 9 as an ideal target for drilling.

==> picture [455 x 256] intentionally omitted <==

----- Start of picture text -----

No previous drilling on section No previous drilling on section
----- End of picture text -----

Figure 7: AMT Lines 8 and 9, looking southwest, showing the strong AMT response in areas of only sporadic shallow drilling. No drill holes have been completed on either section. The lines are parallel and 100m apart. The images show the 2D vector data from 1D reference mode 2D smooth-model inversion vector NSAMT data

page 5

ASX Announcement

Lines 10 & 11

Lines 10 and 11 traverse a strong VTEM conductive zone that lies coincident with the IP chargeability/resistivity response. The AMT survey has revealed a strong response at around 150m depth and presents as a strong drill target. Historic hole, DBRC0024, intersected elevated Lead, Sulphur, Zinc and minor Copper in a 30m thick zone that corresponds to the upper reaches of the AMT anomaly on Line 10. The stronger down-dip portion of the anomaly is an enticing drill target.

==> picture [455 x 260] intentionally omitted <==

----- Start of picture text -----

Zone of elevated Pb, S,
Cu, Zn in single drill hole
----- End of picture text -----

Figure 8: AMT Lines 10 and 11, looking southwest, showing the strong AMT response in areas of only one previous drill hole that returned a thick zone of elevated base metals corresponding with the upper edge of the AMT response. The lines are parallel and 100m apart. The images show the 2D vector data from 1D reference mode 2D smooth-model inversion vector NSAMT data

Lines 12 & 13

Moderate, shallow AMT responses were recorded on Lines 12 and 13 and form secondary priority drill targets for future programs.

The Messina Copper Deposits

The Messina Copper district contains multiple high-grade copper deposits comprising breccia pipes, disseminated replacement and fissure deposits centred on NW-NE structural intersections within highgrade metamorphic rocks of the Limpopo Mobile Belt[1] , similar to those seen in the Magogophate Shear Zone. The Messina deposits were discovered initially by the recognition of narrow, high-grade copper veins close to surface, with the larger orebodies extending to over 1,400m depth spaced over a 15km strike zone (Figures 9 & 10). Similarities between Messina and Dibete/Airstrip, including the presence of narrow, extremely high-grade copper veins, spatial association of Karoo-aged dolerite dykes and mineralisation located on NW-NE structural and geological trends all suggest that this style of mineralisation is a valid target type for the Magogophate Shear Zone.

page 6

ASX Announcement

==> picture [450 x 172] intentionally omitted <==

Figure 9 : Long section view of the vertical extent of the orebodies of the Messina Copper camp. Orebodies have been projected onto the plane of the Messina fault and include replacement bodies and breccia pipes[3 ]

==> picture [269 x 379] intentionally omitted <==

----- Start of picture text -----

Possible analogy to near-surface Cu
mineralisation at Dibete
Possible analogy to deeper
AMT anomaly at Dibete
----- End of picture text -----

==> picture [186 x 375] intentionally omitted <==

Figure 10 : Examples of mineralisation from the Messina Copper District[2] . The figures show a cross section through the L Lode Breccia on the left and a 3D drawing of the L Lode on the right. Note the narrow K Lode extending to surface on the left. The narrow, high-grade shoots intersected at Airstrip and Dibete close to surface may represent a similar style of mineralisation and the pipe-like AMT response could a sulphide breccia similar to the L Lode at depth.

page 7

ASX Announcement

Messina Copper References

1. Jacobsen J.B.E. and McCarthy T.S., 1976: An Unusual Hydrothermal Copper Deposit at Messina, South Africa. Economic Geology, Vol. 71, 1976, pp 117 – 130

2. Cairncross, B., 1991: The Messina Mining District, South Africa. Mineralogical Record, 1991

3. Sawkins F.J., 1977: Fluid Inclusion Studies of the Messina Copper Deposits, Transvaal, South Africa. Economic Geology, Vol. 72, 1977, pp. 619 – 631

Competent Persons Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on historical exploration information compiled by Mr Steven Groves, who is a Competent Person and a Member of the Australian Institute of Geoscientists. Mr Groves is a Director of Si6 Metals Limited. Mr Groves 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 the reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Groves consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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.

page 8

ASX Announcement

Appendix 1 - JORC Code, 2012 Edition – Table 1

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

CRITERIA	JORC Code Explanation	Commentary
Sampling techniques	- Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. - Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. - 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 (eg ‘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 (eg submarine nodules) may warrant disclosure of detailed information.	• n/a
Drilling techniques	- Drill type (eg core, reverse circulation ,open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face sampling bit or other type, whether core is oriented and if so, by what method, etc).	• n/a
Drill sample recovery	- Method of recording and assessing core and chip sample recoveries and results assessed. - Measures taken to maximise sample recovery and ensure representative nature of the samples. - Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	• n/a

page 9

ASX Announcement

CRITERIA	JORC Code Explanation	Commentary
Logging	- Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. - Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. - The total length and percentage of the relevant intersections logged.	• n/a
Sub- sampling techniques and sample preparation	- If core, whether cut or sawn and whether quarter, half or all core taken. - If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. - For all sample types, the nature, quality and 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.	n/a
Quality of assay data and laboratory tests	- The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. - For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. - Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.	• n/a

page 10

ASX Announcement

CRITERIA	JORC Code Explanation	Commentary
Verification of sampling and assaying	- The verification of significant intersections by either independent or alternative company personnel. - The use of twinned holes. - Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. - Discuss any adjustment to assay data.	• The Competent Person has reviewed the QAQC data and assay results
Location of data points	- Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. - Specification of the grid system used. - Quality and adequacy of topographic control.	• A handheld GPS was used to locate each sample point. Accuracy of +/- 5m is considered reasonable • The grid system for the project WGS 84 / UTM zone 35S
Data spacing and distribution	- Data spacing for reporting of Exploration Results. - Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. - Whether sample compositing has been applied.	• AMT survey completed on 100 m line spacing, 50 m dipole spacing and a vector array configuration. • 32kHz high frequency and 1024 kHz high frequence band. • The spacing is deemed appropriate for testing the mineralisation along strike.
Orientation of data in relation to geological structure	- Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. - If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	Surveys were completed perpendicular over geological strike.
Sample security	- The measures taken to ensure sample security.	• n/a
Audits or reviews	- The results of any audits or reviews of sampling techniques and data.	• The data were examined by the Competent persion, Mr Steve Groves of Sydney in Australia and considered appropriate.

page 11

ASX Announcement

Section 2 Reporting of Exploration Results

(Criteria in this section apply to all succeeding sections.)

CRITERIA	JORC Code Explanation	Commentary
Mineral tenement and land tenure status	•Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. •The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	• The results reported in this announcement are located in PL110/94 which is a granted Exploration Licence held by African Metals Limited, a 100% owned subsidiary of Si6 Limited. • PL110/94 is subject to a Joint Venture agreement with BCL Limited (currently in liquidation). • Due to the liquidation, PL110/94 is in suspension with approximately 18 months of term remaining and is in good standing. Si6 are allowed to continue exploration on PL110/94 during the suspension period.
Exploration done by other parties	•Acknowledgment and appraisal of exploration by other parties.	• Interpretations and conclusions in this announcement refer in part to results generated by historic exploration work conducted by Roan Selection Trust, Falconbridge, Cardia Mining and Botswana Metals. • Si6 considers all previous exploration work to have been undertaken to an appropriate professional standard.
Geology	•Deposit type, geological setting and style of mineralisation.	• The Maibele Project is hosted within the Magogaphate Shear Zone - a major geological structural feature, generally considered to mark the boundary between the Archaean aged (>2.5 billion year old) Zimbabwean Craton and the Limpopo Belt or Limpopo Mobile Zone (LMZ). . The nickel-copper deposits of Selebi Phikwe lie within the northern part of the Central Zone of the Limpopo Mobile Belt, whilst the nickel copper deposits of Phoenix, Selkirk and Tekwane lie in the Zimbabwean Craton. The Central Zone of the LMZ comprises variably deformed banded gneisses and granitic gneisses, infolded amphibolites and ultramafic intrusions that that have the potential to host Ni-Cu sulphide mineralization. Cu-Ag mineralization at Dibete and Airstrip copper is spatially associated with dolerite intrusion.

page 12

ASX Announcement

CRITERIA	JORC Code Explanation	Commentary
Drill hole Information	•A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o 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.	• n/a
Data aggregation methods	•In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be 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.	• n/a
Relationship between mineralisation widths and intercept lengths	•These relationships are particularly important in the reporting of Exploration Results. •If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. •If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length, true width not known’).	• n/a
Diagrams	•Appropriate maps and sections (with scales) and 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	• Plan view and/or cross section maps of the reported results are included in this announcement.

page 13

ASX Announcement

CRITERIA	JORC Code Explanation	Commentary
	appropriate sectional views.
Balanced reporting	•Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	• The results in this announcement are interpreted to lie within the plane of a mineralized trend that has been partially tested by pervious drilling.
Other substantive exploration data	•Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; 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.	• There is no other material exploration considered material to the reported mineral estimate
Further work	•The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). •Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	• Should further geophysical surveying prove positive, follow up drilling would be required to further test the mineralisation.

page 14

ASX Announcement

ASX CODE: Si6

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

DIRECTORS

Patrick Holywell Executive Chairman

Steve Groves Technical Director

Joshua Letcher 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

page 15