VERITY RESOURCES LIMITED — Interim / Quarterly Report 2021

Apr 29, 2021

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ASX Code: Si6
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ASX Announcement

30 April 2021

March 2021 Quarterly Report

Si6 Metals Limited (ASX: “ Si6 ”, or “the Company ”) wishes to provide shareholders with its quarterly report for the three-month period ending 31 March 2021.

Highlights

• Botswana (Maibele Base Metals Project)

• At Maibele North , completion of a single diamond drill hole to test mineralised horizon intersected previously and confirming that the horizon does continue towards the northeast

• Drilling successfully intersected massive sulphide stringers and heavily disseminated sulphides

• DHEM survey pending completion to identify off-hole conductors

• AMT survey across the entire Maibele North prospect underway

• At Airstrip & Dibete , numerous anomalies from Gradient Array IP identified

• Pole-Dipole IP surveys across priority anomalies underway

• Drill planning underway to follow up on previous drilling e.g. Airstrip: 7m at 11.8% Cu and 717g/t Ag from 52m as well as Dibete: 18m at 1.78% Cu and 28.9 g/t Ag from 24m.

• In relation to the nearby BCL mine , preferred bidder selected with a six-month exclusivity period to complete due diligence and related purchase agreements.

• Western Australia (Monument Gold Project)

• 4,400m RC drilling program completed at Korong and Waihi prospects

• Significant intersections included:

  • 6m @ 3.15g/t Au (KORC001 - 95 to 101m)

  • 5m @ 3.22g/t Au (KORC002 - 130 to 135m)

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

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

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

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

• Resource modelling planned at both prospects in preparation for updated mineral resource estimates

• 60 high-level felsic intrusive targets identified with preparations for a 5,000m AC drilling program underway targeting bulk tonnage, syenite-hosted gold mineralisation

• Corporate

• Modisana Botsile appointed Strategic Advisor, Botswana

• • Cash position of $5.2 million at 31 March 2021

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ASX Announcement
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Maibele Base Metals Project, Botswana

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Location map showing Si6’s and Si6/BCL JV tenements, Maibele resource and the nearby BCL Selebi Phikwe mine.

Maibele North prospect (Ni/Cu)

The Maibele North nickel sulphide mineralisation is related to ultramafic intrusions within mobile belt rocks and is broadly similar in style to other ultramafic intrusion-related mobile belt nickel discoveries such as NovaBollinger (ASX:IGO), Julimar (ASX:CHN) and the Thompson Belt in Canada . These styles of nickel deposits are typified by a suite of associated metals that often include nickel, copper, cobalt and platinum group elements, all of which are present at Maibele North.

Maibele North contains a resource with a strike length of circa 800m . There are known extensions of 475m to the north-east and 125m south-west forming a total strike length of circa 1.4km of continuous nickel sulphide intersections (see Figure 1). Studies were undertaken on an open pit mine plan with the resource to feed the plant at nearby Selebi Phikwe mining operation. These studies were only based on drilling results from 2014/15 and prior. Only a single step out drill hole, MADD0153, has been completed at the project since.

Si6 completed this single hole MADD00153 to a depth of approximately 550 metres in January 2021. Early in February 2021, Si6 completed core retrieval, logging and processing, with samples of sulphide-mineralised intersections dispatched to the independent laboratory in South Africa for multi-element analysis.

Designed to test for the continuation of nickel sulphide mineralisation previously intersected in historic hole MARD0094, MADD0153 was drilled approximately 50m to the northeast and designed to test the mineralised horizon at about the same vertical depth. MARD0094 and MADD0153 nickel sulphide intersections are located some 200 vertical metres below the bottom of the current resource and demonstrate the significant potential for further discovery at depth. Mineralisation remains open to the east, west and at depth .

ASX Announcement

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Figure 1: Plan view of Maibele North with east and west strike extensions and the recent MADD0153 hole

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Figure 2: Long section of Maibele North resource (brown shape) plus extensional areas to the west and east.

As announced on 19 March 2021, the MADD00153 core contained promising occurrences of sulphide minerals associated with amphibolites. Sulphides throughout this zone occur as disseminations or stringers and blebs, with the strongest zone occurring between 440-450m including: 0.42m @ 0.12% Ni, 0.08% Cu and 96ppm Co as well as 0.1m @ 0.32% Ni, 0.24% Cu, 908ppm Co. The prior step out hole MARD0094 had strong zones between 460-470m.

The results confirm that MARD0094 nickel sulphide horizon continues towards the northeast and is open along strike and potentially above or below MADD0153. Based on the sulphur content in the assays, the tenor of the sulphides with regards to Ni, Cu and Co is strong. The Maibele North massive sulphide mineralisation typically occurs on the contact of the ultramafic rock with the surrounding host rocks and it is an encouraging sign to see the right sort of sulphides in MADD0153, even though the ultramafic contact zone was not intersected in the hole.

ASX Announcement

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Figure 5: Cross section showing step out holes

ASX Announcement

Airstrip & Dibete prospects (Cu/Ag)

Si6 announced results of a Gradient Array Induced Polarisation ( IP ) survey across the Airstrip and Dibete prospects. This survey was designed to detect additional Cu-Ag sulphide mineralisation based on the Messina Copper sulphide breccia and replacement deposits, 200 kilometres away in the Limpopo Belt in South Africa.

Both Airstrip and Dibete are hosted in a similar geological setting and display comparable geometries to the upper levels of the Messina Deposits. The gradient array IP detected numerous anomalous chargeability zones across both the Airstrip and Dibete prospects (see Figures 6 & 7).

Airstrip has had minimal work for over 7 years with one of the discovery holes in 2010 returning 7m at 11.8% Cu and 717 g/t Ag from 52m (ARC003) – see ASX announcement 22 April 2010. Likewise, one of Dibete’s discovery holes was 18m @ 1.78% Cu and 28.9 g/t Ag from 24m (DBR006) – see ASX announcement 28 October 2010.

At Airstrip, Anomaly 1 is located on the NE edge of the survey area and is coincident with historically drilled copper-silver lodes. The high chargeability zones are offset slightly to the east of the main drilled mineralisation at Airstrip and extend along strike towards the Maibele North Ni-Cu-PGE orebody. This anomaly has never been adequately drill tested and its proximity to known sulphide mineralisation renders it a very exciting exploration drill target.

Anomaly 2 presents as a large area of multiple strong chargeability responses in the southwest corner of the survey area. The area displays moderate copper and nickel surface geochemistry but the NW-NE tending structural regime is still evident. The anomaly is also spatially associated with a large NW-trending dolerite dyke, the type of which have been noted to be associated with high grade copper and silver mineralisation in drill holes at Airstrip. This large area also contains a NE-striking magnetic body that potentially represents a mafic-ultramafic body that appears to be the extension of the ultramafic rock types associated with the Maibele North Ni-Cu-PGE orebody. Anomaly 2 is an exciting new exploration target for Si6 demonstrating strong potential to contain both Airstrip style high grade Cu-Ag mineralisation as well as Maibele North-style Ni-Cu-PGE mineralisation.

Anomaly 3 is located in the northern part of the survey area and is a NE-trending, >1km long linear chargeability high, directly associated with a strong NE-trending copper-in-soil anomaly, in an area that has never been drilled previously. Field reconnaissance has shown copper-oxide mineralisation (malachite) to be present at surface. The area shows intersecting NW and NE-trending structural features which are considered important in the potential location of copper-sulphide mineralisation.

ASX Announcement

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Figure 6: Airstrip - proposed pole-dipole survey lines (white vertical lines) over gradient array IP chargeability anomaly map with AI-generated target zones (circles)

At Dibete, Zone 1 is a prominent, >2km long NE-trending linear chargeability high occurring coincident with previously drilled shallow high grade copper-silver mineralisation, extending along strike to the NE and SW. The position and strength of the anomaly is highly encouraging and if the response can be shown to have a source deeper than previous drilling (very few holes at Dibete have extended beyond 100m) then it presents as an exciting deep drill target.

The survey also revealed two additional zones of high chargeability responses at Dibete. Zone 2 is located to the NW of Dibete and Zone 3 is to the ESE of the main Dibete prospect. Both anomalies are spatially associated with a NW trending dolerite dyke which might have important implications for the presence of sulphide copper mineralisation.

ASX Announcement

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Figure 7: Dibete - proposed pole-dipole survey lines (white vertical lines) over gradient array IP chargeability anomaly map with AI-generated target zones (circles)

BCL Liquidation Update

Si6 has a farm-in and joint venture agreement with BCL Limited and its subsidiary BCL Investments (Pty) Ltd (jointly referred to as BCL ). Under the terms of this agreement, BCL was required to spend A$4 million on exploration expenditure to earn a 40% equity interest in three tenements. BCL has the option to continue funding the project to a Bankable Feasibility Study in order to earn an additional 30%. In October 2016, BCL was placed into liquidation.

The Honourable, Moagi Lefoko, the Minister of Mineral Resources, Green Technology and Energy Security of Botswana, recently affirmed in Botswana Parliament the press release by the Liquidator for the BCL Group of Companies, stating that Premium Nickel Resources ( PNR ) was selected as the preferred bidder to acquire the assets formerly owned by BCL. PNR is a private Canadian company, dedicated to the exploration and development of high-quality nickel-copper-cobalt resources.

PNR has a six-month exclusivity period to complete its due diligence and related purchase agreements on the Botswana nickel-copper-cobalt ("Ni-Cu-Co") assets formerly operated by BCL. PNR CEO, Keith Morrison emphasized to Si6 that “The World, Botswana and the mining industry have changed dramatically since mining first started at the former BCL assets in the early 1970s. The nickel-copper-cobalt resources remaining at these mines are now critical metals, required for the continued development of a decarbonized and electrified global economy. As we move forward, it is our goal to demonstrate the potential economics of redeveloping a

ASX Announcement

combination of the former BCL assets to produce Ni-Cu-Co and water in a manner that is inclusive of modern environmental, social and corporate governance responsibilities. To attain this, extensive upgrades to infrastructure will be required with an emphasis on safety, sustainability and the application of new technologies to minimize the environmental impact and total carbon footprint for the new operations. Our team remains committed to working with the local communities and all of the stakeholders throughout this period and we encourage anyone with questions or feedback to reach out to us directly.”

Upcoming work in Botswana

Geophysical programs will be undertaken and are designed to locate deep sulphide mineralisation for follow-up drill testing.

Maibele North prospect (Ni/Cu)

A Down-Hole electromagnetic ( DHEM ) survey was planned to test for off-hole conductors in MADD0153 to assist in the design of follow-up drilling. Initial attempts to re-enter the hole with the geophysical tool were thwarted by a blockage and the Company is in the process of eliminating the blockage to allow the survey to re-commence.

In addition to searching for down-hole conductors, Si6 will undertake an Audio-frequency Magnetotellurics (AMT) survey across the entire Maibele North prospect. The survey design has been based on all existing geological datasets including an interpreted 3D model of the ultramafic host rocks based on the local magnetic response.

The AMT technique is a high-resolution electromagnetic sounding method which uses natural telluric currents as a signal source. The AMT method has proven particularly effective in mapping the earth's crust in the range of 20 to 1,500 meters. The survey will traverse 27 lines aiming to map existing mineralisation and identify locations of deeper mineralisation for drill testing.

Airstrip & Dibete prospects (Cu/Ag)

The gradient array IP survey will be followed up with discrete lines of Pole-Dipole IP across priority anomalies to further map the accurate locations of potential deep sulphide mineralisation for drill testing.

ASX Announcement

Monument Gold Project, Western Australia

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

Si6 completed RC drilling at the Monument Gold Project ( MGP ) with a 34-hole (4,363m) drill program at the Korong and Waihi prospects. RC collars were designed 20-50m apart and spaced around pre-existing drill collars to enable the data to be included in an updated mineral resource estimate (MRE), due in the June 2021 quarter .

Gold mineralisation at MGP is hosted within a siliceous chert/banded iron formation ( BIF ) unit which is part of a sheared ultramafic-metasediment package bound to the west by coarse-grained mafic rocks (dolerites and gabbros) and to the east by mafic dominant lithologies (pillow basalts).

The drill 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.

ASX Announcement

Si6 reported initial results for the first nine RC holes in March and remaining holes subsequent to the quarter. Significant intersections included:

Korong

o 6m @ 3.15g/t Au (KORC001 - 95 to 101m) o 5m @ 3.22g/t Au (KORC002 - 130 to 135m) o 7m @ 1.21g/t Au (KORC004 - 110 to 117m) o 6m @ 1.69g/t Au (KORC012 - 78 to 84m) o 5m @ 2.56g/t Au (KORC016 - 124 to 129m) o 5m @ 2.03g/t Au (KORC021 - 60 to 65m)

Waihi

o 3m @ 2.38g/t Au (WHRC001 - 107 to 110m) o 5m @ 1.17g/t Au (WHRC002 - 83 to 88m) o 4m @ 5.89g/t Au (WHRC005 - 62 to 66m) o 3m @ 2.45g/t Au (WHRC010 - 113 to 116m)

Korong drilling

Drilling was completed 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. 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 at the north and south ends of the mineralized body (see Figures 8 to 10).

Significant mineralisation intersected in KORC001 (6m @3.15g/t Au) extended the high-grade shoot nearer to the surface, and confirmed results in surrounding historic drilling. Similarly, hole KORC002 (5m @ 3.22g/t Au) extended the high-grade shoot down-plunge and to the south.

Drill holes KORC003 (3m @ 1.99g/t Au) and 004 (7m @ 1.21g/t Au) both intersected significant gold mineralisation associated with a sparsely drilled north-plunging shoot, confirming the Spadis interpretation that a north-plunging gold distribution co-exists with the high-grade south-plunge component. Both holes extended mineralisation down-dip from historic drilling 15m (KORC003) and 35m (KORC004) with mineralisation remaining open at depth.

KORC005 (1m @ 1.16g/t Au and 2m @ 2.61g/t Au) targeted the south plunging shoot down-plunge from KORC002 but due to a lifting deviation in the hole, intersected the BIF target up-dip and to the west on the edge of the high-grade zone.

At the south end of Korong, significant, shallow mineralisation was intersected in holes KORC020 (4m @ 1.33g/t Au - 52 to 56m) and KORC021 (5m @ 2.03g/t Au - 60 to 65m). Both of these holes appear associated with a southplunging mineralised shoot which appears a near-surface repetition of the main high-grade shoot at the centre of Korong.

Proximal to the main high-grade shoot, significant mineralisation was returned from hole KORC015 (3m @ 2.18g/t Au – 136 to 139m) with hole KORC016 (5m @ 2.56g/t Au – 124 to 129m) drilled along the down-dip edge the shoot at 100m depth. To the north of the shoot drill holes KORC013 (3m @ 0.71g/t Au - 113 to 116m) and KORC014 (3m @ 1.29g/t Au 163 to 166m) confirmed the occurrence of a lower-grade north plunging shoot repetition with mineralisation open at depth and down-plunge of KORC014.

ASX Announcement

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 - 78 to 84m) and KORC008 (4m @ 1.35g/t Au - 48 to 52m), which both appear as south-plunging shoot repetitions. These newly interpreted shoots remain open down-plunge and to the south.

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

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Figure 8: Location plan showing Korong drill collars with mineralised intercepts.

ASX Announcement

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Figure 9: Grade contour long section of Korong showing pierce points and mineralised intercepts.

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Figure 10: Cross section showing geology and mineralised intercepts at Korong.

ASX Announcement

Waihi drilling

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 (see Figures 11 to 13).

Drill holes WHRC001 (1m @ 1.03g/t Au and 3m @ 2.38g/t Au) and WHRC002 (1m @ 3.87g/t Au and 5m @ 1.17g/t Au) were drilled at the north end of Waihi and both intersected significant mineralisation on an interpreted north plunging shoot which projects to surface near historic workings.

In drill hole WHRC005, 4m @ 5.89g/t Au (62 to 66m) was obtained from a near-surface, south-plunging 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 WHRC010 (113 to 116m) and 1m @ 0.70g/t Au from WHRC007 (159 to 160m).

Drilling at the south end of Waihi targeted south-plunging shoot repetitions to mineralisation intersected in WHRC005 with a best result of 3m @ 1.38g/t Au in hole WHRC009 (69 to 72m). A potential shoot repetition in the proximity of WHRC009 remains open down-plunge to the south.

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. Drilling focussed on strike and down-dip extensions derived from Spadis and 3D geological modelling using historic drill hole data. All holes were designed to penetrate the basal BIF horizon.

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Figure 11: Location plan showing Waihi drill collars with mineralised intercepts.

ASX Announcement

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Figure 12: Grade contour long section of Waihi showing pierce points and mineralised intercepts.

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Figure 13: Cross section showing geology and mineralised intercepts at Waihi.

ASX Announcement

Upcoming work in Western Australia

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 mineral resource estimate (MRE) to include Korong and Waihi is anticipated in the June 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.

Subsequent to the quarter, Si6 confirmed that it had been successful in its application for co-funded exploration drilling through the Department of Mines, Industry, Regulation and Safety (DMIRS) Exploration Incentive Scheme (EIS) program where DMIRS offers a 50% refund of some direct drilling costs for innovative drilling projects.

The funds will be allocated to a multi-hole, regional air core (AC) drilling program targeting bulk-tonnage, syenitehosted gold mineralisation within the 310sqkm tenement package located within the Laverton Tectonic Zone (LTZ). A recent analysis of the aeromagnetic imagery across MGP has identified at least 60 high-level felsic intrusive targets with priority targets to be tested with an upcoming 5,000m AC drilling program . Within the LTZ, a number of syenite related gold deposits have been documented these include Wallaby (>7 million ounces), Jupiter (~1.5million ounces), Calistro and Cameron Well.

COVID-19 Update

Si6 acknowledges certain delays due to COVID-19 in conducting work programs and securing technical contractors, particularly in Botswana and South Africa. Various restrictions and lockdown measures have presented challenges, however Si6 is pleased with its progress on programs undertaken to date in light of these challenges. The Company will advise the market should circumstances materially change impacting on the ability for Si6 to complete programs in a timely manner. Si6’s top priority at all times is the health and safety of its staff, contractors and the communities in which it operates.

Corporate Update

Appointments

Subsequent to the quarter, Si6 announced the appointment of Mr Modisana Botsile as Strategic Advisor, Botswana. Modisana Botsile is a Botswana national who has previously spent a significant amount of time working with the Botswana Government in the Ministry of Mines, Energy and Water Resources. He has extensive experience in mineral exploration and development in both Botswana and Southern Africa. Mr Botsile holds a Master of Science in Minerals and Energy Economics from Curtin Graduate School of Business, Western Australia and also a Bachelor of Engineering (Hons)(Metallurgy and Materials Science Engineering) from Liverpool University, United Kingdom.

Mr Botsile will primarily be responsible for assisting with licensing, project negotiations, government liaisons and project management for Si6 in Botswana.

ASX Announcement

Cash Position

Si6 ended the March 2021 quarter with a cash position of $5.2 million .

Additional ASX Information

ASX Listing Rule 5.3.1

Exploration and Evaluation during the quarter was $818,000 being on field exploration in Botswana and Western Australia.

ASX Listing Rule 5.3.2

There was no substantive mining production and development activities during the quarter.

ASX Listing Rule 5.3.5

During the period, the Company paid $92,451 to related parties, these payments were made to directors of Si6 for salaries and directors fees, on normal commercial terms.

Exploration areas held in Botswana

The Company holds the following prospecting licences in Botswana:

Tenement	Renewal / Expiry Date	Percentage Holding	Title Holder	Comment
Magogaphate PL 110/94	31/03/2018	60	African Metals (Pty) Ltd	Farm-in agreement with BCL Ltd, currently in liquidation with renewals suspended.
Mokoswane PL 111/94	31/03/2018	60	African Metals (Pty) Ltd	Farm-in agreement with BCL Ltd, currently in liquidation with renewals suspended.
Takane PL 54/98	31/03/2018	60	African Metals (Pty) Ltd	Farm-in agreement with BCL Ltd, currently in liquidation with renewals suspended.
Shashe South PL 59/2008	30/09/2016	100	African Metals (Pty) Ltd	Renewal application submitted 30/06/16, to be included in JV with BCL Ltd, currently in liquidation with renewals suspended.
PL 193/2016	30/09/2019	100	African Metals (Pty) Ltd	Pending renewal
PL 194/2016	30/09/2019	100	African Metals (Pty) Ltd	Pending renewal
PL 195/2016	30/09/2019	100	African Metals (Pty) Ltd	Pending renewal
PL 389/2018	30/09/2021	100	African Metals (Pty) Ltd	Active
PL186/2020	31/12/2023	100	African Metals (Pty) Ltd	Active
PL188/2020	31/12/2023	100	African Metals (Pty) Ltd	Active

ASX Announcement

The mining tenement interests acquired or relinquished during the quarter and their location Not applicable

Beneficial percentage interests held in farm-in or farm-out agreements at the end of the quarter

Si6, via its wholly-owned subsidiary African Metals Limited, holds a 60% interest in Prospecting Licences PL110/94, PL111/94 and PL54/2008. The remaining 40% is held by BCL.

Beneficial percentage interests in farm-in or farm-out agreements acquired or disposed of during the quarter Not applicable.

Additional Tenement Information

African Metals (Pty) Ltd is a wholly owned subsidiary of the Company. Minerals Holdings (Botswana) Pty Ltd holds a 5% net profit share interest in PL 110/94, PL 111/94 and PL 54/98.

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 Victoria Humphries Executive Chairman Investor Relations M: +61 (0)401 407 357 T: +61 (0)431 151 676 ph@si6metals.com victoria@nwrcommunications.com.au

ASX Announcement

The information in this ASX Release that relates to Exploration Results is extracted from the following reports:

• (1) 6 January 2021, ‘Multiple Significant Anomalies Identified at Maibele Project’

• (2) 18 January 2021, ‘Update on Drilling Programs’

• (3) 8 February 2021, ‘Drilling Programs Update’

• (4) 17 March 2021, ‘RC Drilling Confirms Gold Mineralisation at Monument’

• (5) 19 March 2021, ‘Nickel sulphide hosting horizon continues northeast at Maibele’

• (6) 14 April 2021, ‘Drilling Extends Shallow Gold Mineralisation at Monument’

• (7) 28 April 2021, ‘Upcoming Drilling Program at Monument Gold Project’

• (8) 29 April 2021, ‘Ongoing Geophysics Targets Deeper Mineralisation in Botswana’

Competent Persons Statement (Maibele Base Metals Project)

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.

Competent Persons Statement (Monument Gold Project)

The information in this report that relates to Exploration Targets and 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.

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.

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.

ASX Announcement

Appendix 1

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.

	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 2 : 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.

ASX Announcement

ASX CODE: SI6

DIRECTORS

Patrick Holywell Executive Chairman

Steve Groves Technical Director

Joshua Alan Letcher Non-Executive Director

Mauro Piccini Company Secretary

CONTACT

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

+61 (8) 6559 1792

info@si6metals.com si6metals.com

Rule 5.5

Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Name of entity

Six Sigma Metals Limited ABN Quarter ended (“current quarter”) 96 122 995 073 31 March 2021

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
1. Cash flows from operating activities 1.1 Receipts from customers 1.2 Payments for (a) exploration & evaluation (b) development (c) production (d) staff costs (e) administration and corporate costs 1.3 Dividends received (see note 3) 1.4 Interest received 1.5 Interest and other costs of finance paid 1.6 Income taxes paid 1.7 Government grants and tax incentives 1.8 Other (provide details if material) 1.9 Net cash from / (used in) operating activities	- (818) - - (83) (180) - - (1) - - -	- (1,071) - - (175) (436) - - (1) - - 10
	(1,082)	(1,673)
2. Cash flows from investing activities 2.1 Payments to acquire or for: (a) entities (b) tenements (c) property, plant and equipment (d) exploration & evaluation (e) investments (f) other non-current assets	(100) - (4) - - -	(150) - (45) - - -

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
2.2 Proceeds from the disposal of: (a) entities (b) tenements (c) property, plant and equipment (d) investments (e) other non-current assets 2.3 Cash flows from loans to other entities 2.4 Dividends received (see note 3) 2.5 Other (provide details if material) 2.6 Net cash from / (used in) investing activities	- - - - - - - -	- - - - - - - -
	(104)	(195)
3. Cash flows from financing activities 3.1 Proceeds from issues of equity securities (excluding convertible debt securities) 3.2 Proceeds from issue of convertible debt securities 3.3 Proceeds from exercise of options 3.4 Transaction costs related to issues of equity securities or convertible debt securities 3.5 Proceeds from borrowings 3.6 Repayment of borrowings 3.7 Transaction costs related to loans and borrowings 3.8 Dividends paid 3.9 Other (provide details if material) 3.10 Net cash from / (used in) financing activities	- - 777 - - - - - -	4,400 - 2,192 (315) - - - - -
	777	6,277
4. Net increase / (decrease) in cash and cash equivalents for the period
4.1 Cash and cash equivalents at beginning of period 4.2 Net cash from / (used in) operating activities (item 1.9 above) 4.3 Net cash from / (used in) investing activities (item 2.6 above) 4.4 Net cash from / (used in) financing activities (item 3.10 above)	5,618 (1,082) (104) 777	800 (1,673) (195) 6,277

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

Consolidated statement of cash flows	Current quarter $A’000	Year to date (9 months) $A’000
4.5 Effect of movement in exchange rates on cash held 4.6 Cash and cash equivalents at end of period	-	-
	5,209	5,209
5. Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $A’000	Previous quarter $A’000
5.1 Bank balances 5.2 Call deposits 5.3 Bank overdrafts 5.4 Other (provide details) 5.5 Cash and cash equivalents at end of quarter (should equal item 4.6 above)	5,209 - - -	5,618 - - -
	5,209	5,618
6. Payments to related parties of the entity and their associates		Current quarter $A'000
6.1 Aggregate amount of payments to related parties and their associates included in item 1 (92) 6.2 Aggregate amount of payments to related parties and their associates included in item 2 - Note: if any amounts are shown in items 6.1 or 6.2, your quarterly activity report must include a description of, and an explanation for, such payments. 6.1 Director and consulting fees paid to Directors and/or Director related entities $92,451		(92)
		-

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

7. 7.1 7.2 7.3 7.4 7.5 7.6	Financing facilities Note: the term “facility’ includes all forms of financing arrangements available to the entity. Add notes as necessary for an understanding of the sources of finance available to the entity. Total facility amount at quarter end $A’000 Amount drawn at quarter end $A’000 Loan facilities - - Credit standby arrangements - - Other (please specify) - - Total financing facilities - - Unused financing facilities available at quarter end - Include in the box below a description of each facility above, including the lender, interest rate, maturity date and whether it is secured or unsecured. If any additional financing facilities have been entered into or are proposed to be entered into after quarter end, include a note providing details of those facilities as well.	Total facility amount at quarter end $A’000	Amount drawn at quarter end $A’000
		-	-
		-	-
		-	-
		-	-
	N/A

8.	Estimated cash available for future operating activities	$A’000
8.1 8.2 8.3 8.4 8.5 8.6 8.7 8.8	Net cash from / (used in) operating activities (item 1.9) (1,082) (Payments for exploration & evaluation classified as investing activities) (item 2.1(d)) - Total relevant outgoings (item 8.1 + item 8.2) (1,082) Cash and cash equivalents at quarter end (item 4.6) 5,209 Unused finance facilities available at quarter end (item 7.5) - Total available funding (item 8.4 + item 8.5) 5,209 Estimated quarters of funding available (item 8.6 divided by item 8.3) 4.8 Note: if the entity has reported positive relevant outgoings (ie a net cash inflow) in item 8.3, answer item 8.7 as “N/A”. Otherwise, a figure for the estimated quarters of funding available must be included in item 8.7. If item 8.7 is less than 2 quarters, please provide answers to the following questions: 8.8.1 Does the entity expect that it will continue to have the current level of net operating cash flows for the time being and, if not, why not?	(1,082) - (1,082) 5,209 -
		5,209
	Answer: N/A
	8.8.2 Has the entity taken any steps, or does it propose to take any steps, to raise further cash to fund its operations and, if so, what are those steps and how likely does it believe that they will be successful?
	Answer: N/A

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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Appendix 5B

Mining exploration entity or oil and gas exploration entity quarterly cash flow report

8.8.3 Does the entity expect to be able to continue its operations and to meet its business objectives and, if so, on what basis?

Answer: N/A

Note: where item 8.7 is less than 2 quarters, all of questions 8.8.1, 8.8.2 and 8.8.3 above must be answered.

Compliance statement

• 1 This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

• 2 This statement gives a true and fair view of the matters disclosed.

Date: 30 April 2021

Authorised by: The Board of Si6 Metals Limited

(Name of body or officer authorising release – see note 4)

Notes

1. This quarterly cash flow report and the accompanying activity report provide a basis for informing the market about the entity’s activities for the past quarter, how they have been financed and the effect this has had on its cash position. An entity that wishes to disclose additional information over and above the minimum required under the Listing Rules is encouraged to do so.

2. If this quarterly cash flow report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly cash flow report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3. Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

4. If this report has been authorised for release to the market by your board of directors, you can insert here: “By the board”. If it has been authorised for release to the market by a committee of your board of directors, you can insert here: “By the [ name of board committee – eg Audit and Risk Committee ]”. If it has been authorised for release to the market by a disclosure committee, you can insert here: “By the Disclosure Committee”.

5. If this report has been authorised for release to the market by your board of directors and you wish to hold yourself out as complying with recommendation 4.2 of the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations , the board should have received a declaration from its CEO and CFO that, in their opinion, the financial records of the entity have been properly maintained, that this report complies with the appropriate accounting standards and gives a true and fair view of the cash flows of the entity, and that their opinion has been formed on the basis of a sound system of risk management and internal control which is operating effectively.

ASX Listing Rules Appendix 5B (17/07/20) + See chapter 19 of the ASX Listing Rules for defined terms.

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