VERITY RESOURCES LIMITED — Capital/Financing Update 2022

Oct 13, 2022

ASX Code: Si6

ASX Announcement

14 October 2022

COMMENCEMENT OF AIR CORE DRILLING AT NORTH WELL PROSPECT, MONUMENT GOLD PROJECT FOLLOWING UP WIDE ZONES OF GOLD MINERALISATION

Highlights

• Aircore drilling program comprising 120 holes for 6,000m has commenced at the Monument Gold Project

• Drilling is following up wide zones of gold mineralisation intersected at the North Well Prospect identified from aircore drilling in May 2022

• Other high priority targets to be tested in this program include Fred’s Well and southern extensions to the Korong felsic intrusive

• Drilling will also test strike extensions to Murrin Murrin Ni-Co laterite mineralisation, which has been interpreted from geophysics to extend into the Monument Gold Project area

Si6 Metals Limited ( ASX: Si6 or the Company ) is pleased to report that aircore ( AC ) drilling has commenced at its Monument Gold Project ( MGP ), located in the Laverton Tectonic Zone, Western Australia. The program will consist of 120 holes for 6,000m of drilling across four high priority target areas (Figures 1 and 2).

The program aims to follow-up on the success of previous Si6 drilling at the North Well prospect in May 2022, where broad zones of anomalous (>0.1ppm Au) gold mineralisation including 8m @ 0.98g/t Au (including 4m @ 1.84g/t Au) were recovered in the supergene, with anomalous gold mineralisation occurring over a strike length of 1,200m with mineralisation remaining open in both directions. The current program will aim to test strike extensions at North Well over a total length of 1,700m as well as previously sampled historic workings on the trend that returned up to 22.3g/t Au from grab sampling.

Additional targets being drill tested during this program include the Fred’s Well prosect, where grab and rock chip sampling by Si6 over 700m strike length returned a number of samples ranging from >1g/t Au up to 39.3g/t Au . Drilling will also be undertaken along the strike extensions of the Korong Felsic intrusion, where previous drilling by Syndicated Metals in 2017 intersected anomalous gold mineralisation, including 5m @ 0.48g/t Au, along the contact between felsic intrusive and mafic volcanics.

Given the MGP’s close proximity to Glencore’s world class Murrin Murrin nickel-cobalt operation, the Company also recognizes the significant nickel-cobalt potential occurring within the project area. As such, aircore drilling will also be undertaken over 1,600m of ultramafics interpreted from the geophysics to extend from Murrin Murrin into the MGP land area.

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ASX Announcement

Aircore drilling is expected to be completed by early November, with samples submitted to ALS Kalgoorlie and assay results expected thereafter. Recent correspondence with the laboratory has indicated that previous long turnaround times have now improved in recent weeks.

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Figure 1 : Location of Monument Gold project showing tenement areas and drill targets

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Figure 2: North Well mineralised corridor along a magnetic liner feature open to the northwest and southeast showing significant intercepts (>0.1g/t Au cut-off).

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Figure 3: Current aircore drilling at Fred’s Well

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

This announcement has been approved for release by the Board of Si6 Metals Ltd.

ASX CODE: Si6

DIRECTORS

For further information please contact:

David Sanders

Patrick Holywell Corporate Development ph@si6metals.com

Non- Executive Chairman

Steve Groves

Technical Director

Victoria Humphries / Ben Creagh Investor Relations +61 (0)431 151 676 / +61 (0)417 464 233 victoria@nwrcommunications.com.au benc@nwrcommunications.com.au

Joshua Letcher

Non-Executive Director

Mauro Piccini Company Secretary

CONTACT

Suite 11, Level 2 23 Railway Road Subiaco WA Australia 6008

+61 (0)8 6559 1792

info@si6metals.com si6metals.com

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