VERITY RESOURCES LIMITED — Capital/Financing Update 2022

Mar 28, 2022

ASX Code: Si6

ASX Announcement

29 March 2022

AC DRILLING IDENTIFIES NUMEROUS INTRUSIVE GOLD TARGETS AT MONUMENT PROJECT, WESTERN AUSTRALIA

Highlights

• Final results received from the geochemical drilling program exploring for prospective felsic intrusives across the ~300km[2] Monument Gold Project

• End of hole multi-element assay data indicates 18 out of 26 targets drilled classify as fractionated, potentially fertile intrusives prospective for bulk tonnage gold mineralisation

• The identified intrusives are analogous to those that host the Jupiter (1.5Moz) and Cameron Well (0.25Moz) deposits located in the neighbouring 2Moz Mt Morgans Gold Project owned by Dacian Gold Ltd (ASX:DCN)

• The Korong intrusive belongs to the sanukitoid suite of evolved intrusive rocks comparable to the “Hemi-style” gold-bearing sanukitoid intrusions being developed by De Grey Mining Ltd (ASX:DEG)

• Importantly, the broad spaced shallow drilling also intersected numerous zones of strongly anomalous gold mineralisation (>0.1g/t Au), further confirming the intrusive targets are fertile and prospective for bulk tonnage gold mineralisation

• High priority mineralised corridor over 4km long and 500m wide has now been identified along western margin of the Korong intrusive

• Follow-up AC drilling testing high priority targets is scheduled for end of April.

Si6 Metals Limited ( ASX: Si6 or the Company ) is pleased to announce results from the reconnaissance aircore (AC) geochemical drilling program undertaken across its 100%-owned Monument Gold Project (MGP) located in the Laverton Tectonic Zone (LTZ), Eastern Goldfields, Western Australia. The MGP is located near six +2Moz gold deposits within a 75km radius, including the Granny Smith (~3Moz), Wallaby (~7Moz) and Sunrise Dam (10Moz) gold deposits. Recent and nearby discoveries by Dacian Gold Ltd (Dacian Gold, ASX:DCN) include Jupiter (~1.5Moz), Westralia (>2Moz) and Cameron Well (0.25Moz)(Figures 1 and 2).

Si6 Executive Chairman, Patrick Holywell stated, “We are highly encouraged by the results of the AC drilling program which successfully proved the presence of 18 potentially fertile gold intrusives among our 26 targets that are spread over a 30km strike at the Monument Gold Project. These intrusive targets are highly prospective for gold in a Western Australian region which is well known for giant, intrusiverelated gold discoveries. The Korong intrusive associated with rocks of the sanukitoid suite makes me quite excited as we know De Grey Mining has a similar suite up in the Pilbara and most people know how that played out!

“The results from this drilling also give the Company confidence as we approach the upcoming Phase 2 AC drilling program which is scheduled to begin end of April. Phase 2 is set to target the high priority targets that we have identified from the significant number of early and advanced stage intrusive prospects that we have now confirmed exist over the length of the Project.”

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Program Details

During 2021, Si6 announced it had been successful in its application for co-funded exploration drilling through the Western Australian Department of Mines, Industry, Regulation and Safety (DMIRS) Exploration Incentive Scheme (EIS) program where a 50% refund of direct drilling costs are awarded for innovative drilling projects such as this latest drilling campaign.

Towards the end of 2021, Si6 commenced the first phase of AC drilling at Monument targeting intrusion related gold deposits (Phase 1). This followed on from reverse circulation drilling at the Korong and Waihi banded iron formation hosted mineral deposits where a 154koz inferred gold resource has been declared, along strike from Dacian Gold.

Phase 1 drilling aimed to map out the distribution of intrusive targets and identify those prospective for bulk tonnage gold mineralisation based on their multi-element geochemical signature. The program tested 26 out of 60 high-level targets comprising 126 holes for 4,198m. Drill samples were submitted for gold and multi-element assay analysis, with the end of hole, fresh rock samples analysed for whole rock geochemistry to characterise rock type. Spectral analysis to identify styles of alteration associated with intrusion related gold mineralisation were also requested.

Targets identifying as fertile intrusives will be tested in the next round of aircore drilling (Phase 2). Phase 2 drilling is scheduled for the end of April and will prioritise prospective intrusive targets in addition to systematically testing the large number of regional, structural targets which are obscured by transported cover and which have seen little to no exploration to date.

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Figure 1. Location of Monument Gold Project.

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Figure 2: Location of felsic intrusive prospects and mineral deposits within Laverton Tectonic Zone .

Analysis and interpretation

Detailed interpretation of end of hole drill samples was undertaken using ioGAS[TM] software (ioGAS), an exploratory software tool specifically designed for mineral exploration. The software utilises mineral and elemental abundances to classify rock suites by comparing to known data sets which occur within ioGAS.

To classify rock type in ioGAS based on elemental abundances, a 1m end of hole sample comprising near fresh rock was collected and submitted to ALS laboratories for low-level gold assay and a four acid digest to completely dissolve all minerals. The analytical results were then loaded into ioGAS and elemental compositions and ratios plotted, analysed and compared to determine overall rock types. Low-level gold analyses consisted of aqua regia digest and fire assaying for end of hole samples with an ICP finish. Although the drilling did not specifically target gold mineralisation, a number of anomalous gold intercepts were encountered such as at Two Bills in the north of the project, Korong, McKenzie Well and Aermotor Well in the south, including 4m at 1.38g/t Au from surface (MOAC118), 4m at 0.44g/t Au from 36m (MAOC064) and 4m at 0.19g/t Au from 20m (MOAC118) (Figure 3).

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Figure 3. End of hole whole rock geochemistry data classified using ioGAS software and location of significant intrusive bodies

The principal intrusive rock types identified from the study include granite, granodiorite, diorite and quartz-feldspar porphyry (felsic volcanic) with 64 out of the 126 holes drilled classed as felsic intrusives. The intrusives are spread over a 30km strike spanning the entire project and occur in 18 out of 26 of the targets drill tested (Figures 2 and 3). The identified intrusives are analogous to those that host the Jupiter (1.5Moz) and Cameron Well (0.25Moz) deposits located in the neighbouring 2Moz Mt Morgans Gold Project owned by Dacian Gold.

Two of the larger, outcropping felsic intrusive bodies, which are located in the southeast corner of the project area, have known resources nearby, including Korong (3Mt @ 1.4g/t Au for 139koz inferred) located west of the Korong felsic intrusive and Dacian Gold’s McKenzie Well (0.95Mt @ 1.10g/t Au for 34koz inferred – see ASX:DCN announcement 16 February 2021) located east of the McKenzie Well granite. Coincidently, both mineral deposits contain late-stage felsic intrusives within and are proximal to the mineralised zones (Figures 3 and 4).

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Figure 4. Location of mineralised intercepts along western corridor of Korong intrusive.

Korong Intrusive Target

The Korong intrusive target consists of a 2km x 2km circular feature classified in ioGAS as a felsic granitoid intrusive and is located 2km southeast of the Korong gold deposit (3Mt @ 1.4g/t for 139koz Au inferred) where Si6 undertook a resource infill and extension drilling program in January 2021.

Analysis of the strontium (>500ppm Sr) and yttrium (<10ppm Y) in addition to silicon, magnesium, barium and (light rare earth) LREE elemental abundances indicate the Korong intrusive belongs to the sanukitoid suite of evolved intrusive rocks. A similar suite of sanukitoid rocks has been identified as the principal host lithology at De Grey Mining Limited’s (ASX:DEG) ~7Moz Hemi gold discovery in the Pilbara (see ASX:DEG June 2021). Typically, sanukitoids are mantle derived rocks and are commonly enriched in gold.

Anomalous gold mineralisation was intersected in broad, 320m spaced AC drilling along the western edge of the intrusive, which included a mineralised intercept of 4m @ 0.19g/t Au in hole MOAC118 from 24m. A field inspection of the mineralised intersection confirmed that the elevated gold mineralisation is associated with quartz veining hosted within a felsic granitoid intrusive. Shallow alluvial

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cover and weathered granitoid comprising the top 4m of the hole further returned 4m @ 1.38g/t Au indicating gold is also being shed from a nearby source.

Broad spaced (400m north-south line spacing), historic drilling by Syndicated Metals Ltd (now Discovex Metals Ltd ASX:DCX) (Syndicated Metals) in 2017 along the southwest edge of the intrusive also intersected anomalous gold mineralisation, including 8m @ 1.06g/t Au, 4m @ 1.01g/t Au and 8m @ 0.66g/t Au (see Syndicated Metals’ ASX announcement 18 December 2017 “Multiple Zones of Shallow Gold Mineralisation Outlined in Aircore at Monument Gold Project, WA”). Mineralisation within the historic Syndicated Metals’ drill holes is hosted entirely within the granitoid intrusive, along the western contact and is also associated with late-stage felsic porphyries intruding mafic volcanics along strike towards the south.

The mineralised drill intercepts >0.10g/t Au hosted within the Korong felsic intrusive and associated porphyries extend to the south over a 1.7km strike length with mineralisation remaining open to the north as well. Scattered gold-in-soil geochemical anomalism >20ppb Au in this area also supports the gold in the drill holes. The target corridor which remains open northwards to Korong and southward to the Old Copper prospect extends for 4km. Much of this corridor is yet to be drill tested (Figure 4).

McKenzie Well Intrusive Target

McKenzie Well comprises an elongate, northwest trending intrusive body approximately 4km long and 2.5km wide and has been classified in ioGAS as a felsic granitoid intrusion with more fractionated dioritic phases. Elevated gold mineralisation was intersected in AC drilling at the north-western edge of the intrusive in hole MOAC027, with 1m @ 0.28g/t Au ending in mineralisation comprising quartz veining hosted within a mafic volcanic (Figures 2 and 3).

Very little exploration has been undertaken within and around the granitoid to date. Much of the focus has been at Dacian Gold’s adjoining McKenzie Well Prospect 400m to the east, where a maiden mineral resource estimate of 0.95Mt @ 1.10g/t Au for 34koz inferred was reported (see Dacian Gold’s ASX announcement on 16 February 2021). Similar to the gold mineralisation noted at Korong, gold mineralisation at the McKenzie Well prospect is extensively associated with late-stage felsic porphyries.

Other Intrusive Targets

In addition to the regional suite of granitoid rocks, AC drilling has defined late-stage dioritic and granodioritic felsic intrusives all the way from Aermotor located at the south end of the project to Two Bills in the north, a strike length of more than 30km . Most of these intrusives occur under cover and have seen little to no exploration to date.

Gold mineralisation intersected at Aermotor comprising 4m @ 0.44g/t Au from 36m (MOAC064) is contained within quartz veins hosted within a mafic volcanic in contact with black shales. Drilling in this area is very broadly spaced with collars 320m apart. Although the AC drilling did not intersect a felsic intrusive body, the magnetic interpretation suggests an intrusive body remains below the current level of drilling which does not extend beyond 50m vertical depth.

Gold mineralisation at the Two Bills prospect in the north of the project area comprising 4m @ 0.052g/t Au from 32m (MOAC084) and 4m @ 0.056g/t Au from 40m (MOAC085) hosted within sheared basalt and ultramafics located along the eastern contact of felsic porphyry and granitoid. This framework setting is very similar to Korong and McKenzie Well with a major shear structure traversing the edge of a potentially fertile granite intruded by late-stage porphyries (Figure 3).

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Based on the evidence from gold mineralisation observed at the Korong and McKenzie Well intrusives, the outer edges of these additional intrusives bodies are highly prospective for gold where they have been subjected to brittle deformation and shearing in addition to brittle deformation and fracturing along internal structures within the intrusive bodies themselves, which is evident at the Wallaby (7Moz) and Jupiter (1.5Moz) deposits.

Exploration Focus 2022

The EIS-funded AC drilling program has outlined a large number of early and advanced stage intrusive targets over the full length of the Monument Gold Project. Broad-spaced drilling associated with elevated gold mineralisation in structure corridors proximal to and wholly within the intrusives has highlighted that the intrusive bodies and adjoining structures are fertile for gold. Based on the level of knowledge from known intrusion related gold deposits within the LTZ, this discovery is regarded as significant with this style of gold mineralisation remaining the Company’s primary focus.

Korong and Aermotor are high priority “walk-up” and drill targets and will be prioritised in the upcoming Phase 2 AC drill program which is scheduled for end of April. Geochem sampling consisting of lag and fine-fraction soil sampling is also planned across untested intrusive targets with priority given to the poorly tested western edge of the McKenzie Well granitoid.

At the Korong intrusive, the Company is in the process of de-archiving and purchasing historic IP data that was collected along the western edge of the intrusive by Terra Resources Pty Ltd in 2011. Once the data has been retrieved, the Company will engage Southern Geoscience Consultants (SGC) to reinterpret the data and advise on extending the survey across the full length of the intrusive and over sections of the 4km corridor. In addition, a SAM survey (Sub-Audio Magnetics) is planned for the KorongOld Copper mineralised corridor to better define structures responsible for controlling gold mineralisation and targets for future drilling programs.

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APPENDIX 1 – DRILL HOLE COLLAR INFORMATION

HoleID	East (MGA) GPS	North (MGA) GPS	RL	Dip	Azimuth	Hole Type	EOH Depth (m)
MOAC001	406635	6822362	400	-90	0	AC	22
MOAC002	406022	6823663	400	-90	0	AC	50
MOAC003	405866	6823664	400	-90	0	AC	42
MOAC004	405787	6823663	400	-90	0	AC	51
MOAC005	405704	6823664	400	-90	0	AC	69
MOAC006	405623	6823657	400	-90	0	AC	84
MOAC007	405542	6823658	400	-90	0	AC	77
MOAC008	404860	6824217	400	-90	0	AC	58
MOAC009	405080	6824522	400	-90	0	AC	68
MOAC010	404843	6824520	400	-90	0	AC	98
MOAC011	404601	6824524	400	-90	0	AC	85
MOAC012	404362	6824520	400	-90	0	AC	18
MOAC013	404118	6824523	400	-90	0	AC	3
MOAC014	403881	6824521	400	-90	0	AC	2
MOAC015	403642	6824525	400	-90	0	AC	5
MOAC016	403403	6824521	400	-90	0	AC	45
MOAC017	402642	6824964	400	-90	0	AC	4
MOAC018	402395	6826565	400	-90	0	AC	24
MOAC019	402239	6826558	400	-90	0	AC	8
MOAC020	402078	6826563	400	-90	0	AC	22
MOAC021	401920	6826560	400	-90	0	AC	30
MOAC022	401760	6826566	400	-90	0	AC	33
MOAC023	401596	6826561	400	-90	0	AC	32
MOAC024	401439	6826565	400	-90	0	AC	33
MOAC025	400958	6826600	400	-90	0	AC	21
MOAC026	400800	6826605	400	-90	0	AC	16
MOAC027	400637	6826602	400	-90	0	AC	6
MOAC028	400482	6826604	400	-90	0	AC	3
MOAC029	400321	6826604	400	-90	0	AC	4
MOAC030	400158	6826599	400	-90	0	AC	7
MOAC031	400001	6826597	400	-90	0	AC	3
MOAC032	401003	6829407	400	-90	0	AC	38
MOAC033	400997	6829809	400	-90	0	AC	37
MOAC034	400999	6829003	400	-90	0	AC	18
MOAC035	399003	6825156	400	-90	0	AC	40
MOAC036	399161	6825150	400	-90	0	AC	20
MOAC037	399320	6825151	400	-90	0	AC	4
MOAC038	401810	6822762	400	-90	0	AC	49
MOAC039	401652	6822762	400	-90	0	AC	44
MOAC040	401489	6822763	400	-90	0	AC	5
MOAC041	401329	6822768	400	-90	0	AC	4

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MOAC042	401841	6822001	400	-90	0	AC	39
MOAC043	401680	6822003	400	-90	0	AC	19
MOAC044	401523	6821999	400	-90	0	AC	41
MOAC045	401362	6821999	400	-90	0	AC	28
MOAC046	401202	6821998	400	-90	0	AC	7
MOAC047	402001	6821500	400	-90	0	AC	45
MOAC048	401841	6821500	400	-90	0	AC	31
MOAC049	401679	6821500	400	-90	0	AC	45
MOAC050	401522	6821497	400	-90	0	AC	25
MOAC051	402200	6820799	400	-90	0	AC	62
MOAC052	402039	6820800	400	-90	0	AC	57
MOAC053	401878	6820800	400	-90	0	AC	42
MOAC054	401724	6820800	400	-90	0	AC	54
MOAC055	401563	6820800	400	-90	0	AC	37
MOAC056	401407	6820797	400	-90	0	AC	41
MOAC057	398400	6820003	400	-90	0	AC	35
MOAC058	398558	6819998	400	-90	0	AC	38
MOAC059	398718	6819996	400	-90	0	AC	47
MOAC060	399595	6820201	400	-90	0	AC	97
MOAC061	399914	6820201	400	-90	0	AC	57
MOAC062	400238	6820201	400	-90	0	AC	93
MOAC063	400557	6820202	400	-90	0	AC	95
MOAC064	400876	6820202	400	-90	0	AC	69
MOAC065	399014	6832399	400	-90	0	AC	25
MOAC066	399174	6832401	400	-90	0	AC	3
MOAC067	399249	6832398	400	-90	0	AC	3
MOAC068	397400	6834258	400	-90	0	AC	49
MOAC069	397562	6834258	400	-90	0	AC	51
MOAC070	397719	6834261	400	-90	0	AC	65
MOAC071	397881	6834261	400	-90	0	AC	41
MOAC072	389194	6844204	400	-90	0	AC	32
MOAC073	389355	6844200	400	-90	0	AC	24
MOAC074	389513	6844198	400	-90	0	AC	37
MOAC075	389673	6844196	400	-90	0	AC	51
MOAC076	388166	6845097	400	-90	0	AC	59
MOAC077	388329	6845094	400	-90	0	AC	44
MOAC078	388488	6845094	400	-90	0	AC	42
MOAC079	388650	6845103	400	-90	0	AC	41
MOAC080	387282	6847896	400	-90	0	AC	15
MOAC081	387120	6847897	400	-90	0	AC	31
MOAC082	386960	6847895	400	-90	0	AC	5
MOAC083	386799	6847896	400	-90	0	AC	4
MOAC084	385816	6849999	400	-90	0	AC	40
MOAC085	385656	6849996	400	-90	0	AC	45
MOAC086	385500	6849994	400	-90	0	AC	47
MOAC087	385337	6850002	400	-90	0	AC	61

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MOAC088	393962	6839402	400	-90	0	AC	60
MOAC089	393800	6839403	400	-90	0	AC	45
MOAC090	393639	6839397	400	-90	0	AC	32
MOAC091	393477	6839398	400	-90	0	AC	35
MOAC092	393319	6839396	400	-90	0	AC	57
MOAC093	393158	6839397	400	-90	0	AC	61
MOAC094	392998	6839397	400	-90	0	AC	37
MOAC095	391960	6839601	400	-90	0	AC	3
MOAC096	391797	6839599	400	-90	0	AC	2
MOAC097	391642	6839595	400	-90	0	AC	5
MOAC098	391483	6839602	400	-90	0	AC	3
MOAC099	391322	6839602	400	-90	0	AC	6
MOAC100	391162	6839604	400	-90	0	AC	10
MOAC101	391960	6837803	400	-90	0	AC	60
MOAC102	391798	6837800	400	-90	0	AC	18
MOAC103	391641	6837801	400	-90	0	AC	5
MOAC104	391481	6837800	400	-90	0	AC	5
MOAC105	391323	6837799	400	-90	0	AC	36
MOAC106	391157	6837799	400	-90	0	AC	21
MOAC107	391003	6837796	400	-90	0	AC	24
MOAC108	392720	6836801	400	-90	0	AC	33
MOAC109	392240	6836803	400	-90	0	AC	4
MOAC110	391754	6836694	400	-90	0	AC	3
MOAC111	391283	6836700	400	-90	0	AC	3
MOAC112	390798	6836737	400	-90	0	AC	11
MOAC113	391479	6836200	400	-90	0	AC	3
MOAC114	391323	6836202	400	-90	0	AC	11
MOAC115	391154	6836198	400	-90	0	AC	17
MOAC116	391002	6836196	400	-90	0	AC	4
MOAC117	399998	6830403	400	-90	0	AC	31
MOAC118	400319	6830401	400	-90	0	AC	55
MOAC119	400641	6830404	400	-90	0	AC	17
MOAC120	400957	6830402	400	-90	0	AC	28
MOAC121	401002	6830722	400	-90	0	AC	33
MOAC122	400994	6830953	400	-90	0	AC	61
MOAC123	401001	6831198	400	-90	0	AC	34
MOAC124	401918	6830397	400	-90	0	AC	49
MOAC125	401600	6830398	400	-90	0	AC	39
MOAC126	401281	6830398	400	-90	0	AC	36

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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. cut	•	Aircore drilling was undertaken by
		channels, random chips, or specific		Prospect Drilling Pty Ltd based out of
		specialised industry standard		Kalgoorlie, Western Australia.
		measurement tools appropriate to the	•	Drill samples consist of 2-3kg of material
		minerals under investigation, such as		representing in-situ rock collected at 1m
		down hole gamma sondes, or		intervals from surface.
		handheld XRF instruments, etc.). These	•	1m samples are placed on the ground in
		examples should not be taken as		rows of 20.
		limiting the broad meaning of	•	Single samples were collected as 4m
		sampling.		composites using a scoop to obtain 2-3kg
	•	Include reference to measures taken to		of material representative of 4m of
		ensure sample representivity & the		drilling.
		appropriate calibration of any	•	End of hole samples consisted of 1m
		measurement tools or systems used.		composites of fresh rock submitted for
	•	Aspects of the determination of		whole-rock multi-element analysis.
		mineralisation that are Material to the	•	Sampling and analytical procedures
		Public Report.		detailed in the sub-sampling techniques
	•	In cases where ‘industry standard’		and sample preparation section.
		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 circulation,	•	Face sampling aircore drilling by Prospect
		open-hole hammer, rotary air blast,		Drilling achieved hole diameter size of 3
		auger, Bangka, sonic, etc.) & details		1/4 inch)
		(e.g. core diameter, triple or standard	•	Holes were drilled vertically (-90).
		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 core	•	Sample recovery size and sample
		& chip sample recoveries & results		conditions (dry, wet, moist) were recorded
		assessed.		in the field sample data booklet.
	•	Measures taken to maximise sample	•	Drilling involved frequent reaming to clean
		recovery & ensure representative		the hole at the start of each new rod,
		nature of the samples.		regular cleaning of the cyclone and use of
	•	Whether a relationship exists between		high pressure air to avoid wet samples.
		sample recovery & grade & whether
		sample bias may have occurred due to
		preferential loss/gain of fine/coarse
		material
Logging
	•	Whether core & chip samples have

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		been geologically & geotechnically	•	Logging was undertaken by inspecting
		logged to a level of detail to support		washed cuttings from the drill piles using a
		appropriate Mineral Resource		2mm hand held sieve.
		estimation, mining studies &	•	End f hole, fresh rock samples were
		metallurgical studies.		collected in plastic chip trays for future
	•	Whether logging is qualitative or		reference.
		quantitative in nature. Core (or
		costean, channel, etc.) photography.
	•	The total length & percentage of the
		relevant intersections logged
Sub-sampling
techniques &	•	If core, whether cut or sawn & whether	•	4m Composite samples were collected
sample		quarter, half or all core taken.		from pre-numbered calico bags. Sample
preparation	•	If non-core, whether riffled, tube		weights were 2.5 - 3 kg. 4m composite
		sampled, rotary split, etc.& whether		samples were collected into numbered
		sampled wet or dry.		polyweave bags for dispatch to the assay
	•	For all sample types, the nature,		laboratory.
		quality & appropriateness of the	•	Samples are dried (nominal 110 degrees
		sample preparation technique.		C), crushed and pulverized to produce a
	•	Quality control procedures adopted for		homogenous representative sub-sample
		all sub-sampling stages to maximise		for analysis. All samples are pulverised
		representivity of samples.		utilising ALS preparation techniques PUL-
	•	Measures taken to ensure that the		23. A grind quality target of 85% passing
		sampling is representative of the in situ		75μm has been established and is relative
		material collected, including for		to sample size, type and hardness.
		instance results for field	•	End of hole one metre samples were
		duplicate/second-half sampling.		taken to for multi-element, whole rock
	•	Whether sample sizes are appropriate		analysis to characterise rock type.
		to the grain size of the material being	•	The sample size and sample preparation
		sampled.		prior to analysis are considered to be
				appropriate for the expected
				mineralisation.
Quality of assay			•	4m composite samples were collected at
data &	•	The nature, quality & appropriateness		ALS, Kalgoorlie and shipped to the ALS
laboratory tests		of the assaying & laboratory		facility in Perth by courier. Following the
	•	procedures used & 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 & model, reading times, calibrations		Sample Preparation outlined in the previous section above, all samples were analysed by ALS using a combined package of trace level gold, 25g aqua regia [Au- TL43] and ICP [ME-ICP43] and MS [ME- MS43] multi-elements for 40 elements by
		factors applied & their derivation, etc.		ALS laboratories in Perth.
	•	Nature of quality control procedures	•	1m Bottom of hole samples were
		adopted (e.g. standards, blanks,		collected and analysed by ME-MS61 and
		duplicates, external laboratory checks)		Au ICP-21 by ALS laboratories.
		& whether acceptable levels of
		accuracy (i.e. lack of bias) & precision
		have been established.	•	Gold intercepts are calculated with a
				0.10g/t Au lower cut-off with no upper
				cut.
			•	In addition to the Quality control
				measures and internal laboratory checks
				Si6 inserted standards, duplicates and
				blanks at a rate of 1 to 20 samples.
				Standards were selected based on
				oxidation and grade relevant to the
				expected mineralisation. This process of
				QA/QC demonstrated acceptable levels of
				accuracy.
			•	A review of the assay data against the
				logged information bythe field technician

ASX Announcement

				and geologist has been completed to
				verify intercepts are real.
			•	Internal laboratory standards are
				completed as a matter of course as well as
				introduced blind standards/CRM by the
				Company.
			•	Sample, collar and lithology data was
				captured directly in the field using excel
				tables on a laptop computer. Captured
				data was then loaded into the Company’s
				database and validation checks completed
				to ensure data accuracy.
			•	No twinned holes have been completed at
				this stage
			•	No adjustments have been made to the
				assaydata.
Verification of			•	A review of the assay data against the
sampling &	•	The verification of significant		logged information by the field technician
assaying		intersections by either independent or		and geologist has been completed to
		alternative company personnel.		verify intercepts.
	• •	The use of twinned holes. Documentation of primary data, data entry procedures, data verification, data storage (physical & electronic) protocols.	•	Internal laboratory standards are completed as a matter of course as well as introduced blind standards/CRM by the Company.
	•	Discuss any adjustment to assay data.	•	Sample data was captured in the field and
				data entry completed. Sample data was
				then loaded into the
				Company’s database and validation checks
				completed to ensure data accuracy.
			•	No twinned holes have been completed at
				this stage
			•	No adjustments have been made to the
				assay data.
Location of data			•	Drill holes were surveyed by handheld GPS
points	•	Accuracy & quality of surveys used to		with horizontal accuracy (Easting and
		locate drill holes (collar & down-hole		Northing values) of +-3m.
		surveys), trenches, mine workings & other locations used in Mineral	•	Grid System – MGA94 Zone 51.
		Resource estimation.
	•	Specification of the grid system used.
	•	Quality & adequacy of topographic
		control
Data spacing &			•	Broadly spaced holes (up to 300m apart)
distribution	•	Data spacing for reporting of		were drilled to target high level intrusive
		Exploration Results.		features identified in an aeromagnetic
	•	Whether the data spacing &		interpretation and were located
		distribution is sufficient to establish the		accurately by Handheld GPS
		degree of geological & grade	•	No mineral classification is applied to the
		continuity appropriate for the Mineral		results at this stage
		Resource & Ore Reserve estimation	•	Samples were collected on 4m and 1m
		procedure(s)&classifications applied.		intervals from spoil piles
	•	Whether sample compositing has been
		applied.
Orientation of
data in relation	•	Whether the orientation of sampling	•	No bias has been introduced from the
to geological		achieves unbiased sampling of possible		sampling technique.
structure		structures & the extent to which this is
		known, considering the deposit type.

ASX Announcement

	•	If the relationship between the drilling	•	Unbiased drilling has been designed to
		orientation & the orientation of key		target intrusive, plume and dykes shaped
		mineralised structures is considered to		bodies.
		have introduced a sampling bias, this	•	Data is insufficient to determine
		should be assessed & reported if		orientation of mineralised structures.
		material
Sample security			•	Samples were securely stored in the field
	•	The measures taken to ensure sample		and transported to the laboratory by an
		security the different materials.		authorised company representative or an
				authorised transport contractor.
Audits or
reviews	•	The results of any audits or reviews of	•	No audits or reviews have been
		sampling techniques & data.		completed.

ASX Announcement

Section 2 Reporting of Exploration Results

Criteria	JORC Code explanation	JORC Code explanation	Commentary	Commentary
Mineral	•	Type, reference	•	AC Drilling and sampling reported has been undertaken
tenement		name/number, location and		on tenements E39/1866, E39/2036, P39/5855,
and land		ownership including		P39/6052, P39/6053, P39/6054 and P39/6055 which are
tenure		agreements or material		located approximately 40km northwest of Laverton, in
status		issues with third parties such		the Eastern Goldfields Region, Western Australia.
		as joint ventures,
		partnerships, overriding	•	The tenements are held by Monument Mining Pty Ltd, a
		royalties, native title		wholly owned subsidiary of Si6 Metals Pty Ltd.
		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
		license to operate in the area.
Exploration	•	Acknowledgment and	•	The historic drilling collars, down-hole traces and
done by		appraisal of exploration by		intercepts published in the report are contained in the
other		other parties.		historical database compiled by previous tenement
parties				holder, DiscovEx Resources Pty Ltd which is a
				compilation of exploration activities undertaken by
				previous explorers.
Geology	•	Deposit type, geological	•	The deposit style being targeted is Archaean, intrusion
		setting and style of		related gold deposits. Gold mineralisation principally
		mineralisation.		occurs in sheeted quartz stockwork veins derived from
				open space filling (brittle fracturing) of felsic intrusive
				rocks altered by varying quantities of silica, pyrite,
				pyrrhotite, arsenopyrite, sphalerite, galena and
				chalcopyrite.
Drill hole	•	A summary of all information	•	Historic drill hole positions have been validated by
Information		material to the		ground checking the location of the drill collars recorded
		understanding of the		by Syndicated Metals (DiscovEx). No check sampling has
		exploration results including		been undertaken on the historic drill spoils and the
		a tabulation of the following		information is not considered material.
		information for all Material
		drill holes:	•	Drill hole location, depth and directional information
	•	easting and northing of the		collected by Si6 is included in the report.
		drill hole collar
	•	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 isjustified on the

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		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.
Data	•	In reporting Exploration	•	Drill hole intercepts are reported using a 0.1g/t Au cut-
aggregation		Results, weighting averaging		off grade.
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	•	Geometry of mineralisation is not known at this stage.
intercept		mineralisation with respect to
lengths		the drill hole angle is known,	•	True width of mineralisation is not known at this stage.
		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
		(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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Balanced	•	Where comprehensive	•	The report is considered balanced with the information
reporting		reporting of all Exploration		provided.
		Results is not practicable,	•	The report shows drill collars for all holes completed.
		representative reporting of
		both low and high grades
		and/or widths should be
		practiced to avoid misleading
		reporting of Exploration
		Results.
Other	•	Other exploration data, if	•	No testwork has been undertaken in relation to
substantive		meaningful and material,		metallurgical and geotechnical studies.
exploration		should be reported including
data		(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.
Further	•	The nature and scale of	•	A second round of AC drilling targeting interpreted
work		planned further work (e.g.		intrusive bodies positively identified as felsic intrusives
		tests for lateral extensions or		is planned for April 2022. The program will also include
		depth extensions or large-		priority structural targets which remain to be tested.
		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.

ASX Announcement

Supplementary Information Appendix

Maibele Base Metals Project, Botswana, Resource Information

A 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

A JORC-compliant (2012) Inferred Resource was calculated at Korong and Waihi by CSA Global Pty Ltd in 2021 (see Table 2) using a 0.5g/t cut-off grade. See the ASX announcement on 2 August 2021 “Mineral Resource Estimate Declared for Monument Gold Project” for further information.

ate Declared for Monument Gold Project” for further information.	ate Declared for Monument Gold Project” for further information.	ate Declared for Monument Gold Project” for further information.	ate Declared for Monument Gold Project” for further information.
	Korong Resource
Deposit	Tonnes	Grade(g/t)	Au Ounces
Korong	3,034,000	1.4	139,000
Waihi	223,000	2.1	15,000
Total Resource	3,257,000	1.4	154,000

Table 2 : Inferred Resource calculated by CSA Global in 2021 to JORC 2012 compliance

Competent Persons Statement

The information in this report that relates to Exploration Targets and Exploration Results is based on recent and historical exploration information compiled by Mr Michael Jackson, who is a Competent Person and a Member of the Australian Institute of Geoscientists. Mr Jackson is a consultant 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 the reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr Jackson 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.

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 T: +61 (0)8 6559 1792 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