25 Nov

New Prospect Area With Multiple High Priority Drill Targets

ASX Code: Si6 page 1 NEW PROSPECT AREA WITH MULTIPLE HIGH PRIORITY DRILL TARGETS GENERATED FROM AMT SURVEYS Highlights • Results from 10-line AMT Survey at Airstrip West have identified numerous high quality untested anomalies • Recent AMT surveys at Maibele North successfully demonstrated the technique accurately maps existing sulphide mineralisation • Survey results from Maibele North pending • Multiple high priority drill targets have already been identified • The Company is progressing planning and approvals required for drilling which is expected to be a combination of reverse circulation and diamond drilling. Si6 Metals Limited ( ASX: Si6 or the Company ) is pleased to announce the results of the 10-line AMT surveying recently completed at the Airstrip West prospect, as part of 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 the Maibele North prospect and previously drilled high-grade Cu-Ag discoveries at the Airstrip and Dibete prospects. 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. Si6 commenced a 34- line AMT survey across all three prospects (Maibele, Airstrip & Dibete) in September 2021 and has previously received and released the processed data for Dibete (see ASX Announcement 9/11/2021). The extension surveying at Maibele North is now complete and interpretations are awaited. 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 results in from the Airstrip West prospect continue to demonstrate how useful and successful the AMT survey technique is at identifying targets for us to further explore. From the 10 lines surveyed at Airport West, of significant note include deep responses evident in Lines 2-3, 6 and 8-10 which all present priority drill targets. Importantly, Line 10 shows a prominent, south dipping anomaly that is possibly a further strike extension to the zones in Lines 8 and 9. Following results from our AMT survey at Maibele North, we will have then completed the 2021 geophysical survey programs where outstanding results have been achieved. We have been progressing drilling plans and in discussions with a number of parties in relation to obtaining necessary approvals and look forward to commencing drilling as soon possible.” ASX Announcement 25 November 2021 ASX Announcement page 2 Figure 1 : Si6 tenement portfolio in Eastern Botswana Figure 2 : Plan view of the greater Airstrip Prospect showing the 10 completed AMT survey lines (black lines) overlaid on the gradient array chargeability image and the regional magnetics as an underlay 1 1 0 Airstrip West AMT Lines (black) 2 9 8 7 6 4 3 5 Airstrip Cu - Ag Prospect Airstrip West ASX Announcement page 3 A irstrip West AMT Results The AMT survey was designed to cover specific areas of the recently defined coincident Gradient Array and Pole-Dipole IP response that traverses a large area west of the previously drilled Airstrip Cu-Ag mineralisation (see ASX Announcement 29/06/2021). Results demonstrate strong conductive anomalism close to surface and coincident with the previously defined Gradient Array and Pole Dipole IP responses. The AMT technique sees much deeper than the two IP techniques and as such, has defined some outstanding anomalies that require drill-testing to determine the source of the response. These anomalies all represent new and un-drilled targets and add further upside potential to Si6’s Maibele Base Metal project. Line 1 Line 1 is located in the north-western section of the Airstrip West area and covers the western edge of a large zone of anomalous surface copper geochemical anomalism coincident with cross-cutting structures and minor outcropping secondary copper occurrences. The results from Line 1 show a growing response at the northern end of the line highlighting the need for further AMT surveying across this area before proceeding to drilling. Lines 2 & 3 Lines 2 and 3 lie at the southwestern end of the Airstrip West area and traverse a strong IP chargeability anomaly. Both lines have revealed very encouraging deep AMT response and present as priority drill targets (Figure 3). The AMT anomalies are coincident with an EM conductor defined by the historic VTEM survey and one shallow historic drill hole (ACRC100 – See ASX Release 27/10/2011) has been completed close to line 2 but failed to test either the AMT or VTEM response. ACRC100 did however, intersect a significant zone of sulphur containing elevated zinc and copper above the AMT response that is likely to represent disseminated pyrite and possible base-metal sulphides. Figure 3 : AMT Lines 2 and 3, looking west, showing the strong AMT response in an area containing a single drill hole (ACRC100). The lines are parallel and 300m apart, with the anomaly on line 3 along strike from that on line 2 in the direction of the NE geological trend. Zone of elevated sulphur + base metals ACRC100 Drill target Drill target ASX Announcement page 4 Line 4 Line 4 was surveyed 600m metres east of Line 3 across the anomalous IP response. The results show a prominent , south-dipping deep AMT response that extends to the bottom of the survey limits (Figure 4). The AMT anomaly is coincident with a strong VTEM conductor that provides confidence that it represents a sulphide body. There is one shallow historic RC hole (see ASX Release 27/10/2011) located close to the section which collared above the AMT anomaly but failed to penetrate the conductive zone. The hole, ACRC099, did reveal a zone of strong sulphur that also returned elevated Ni (>0.3% Ni), Cu, Zn and some Co providing great encouragement that the source of the AMT response is potentially a mineralised sulphide body. Figure 4 : AMT Line 4, looking west, showing the strong AMT response in an area containing a single drill hole (ACRC099). The anomaly lies approximately 600m northeast along the geological strike direction from the response on Line 3. Zone of elevated sulphur, Ni + base metals ACRC 099 Drill target Drill target ASX Announcement page 5 Line 5 Line 5 is offset to the NE of Line 4 and shows a moderate AMT response below 400m depth on the southern edge of the line. Line 6 Located 200m east of Line 5, Line 6 shows a south-dipping response extending from close to surface to around 400m depth in the centre of the section (Figure 5). A second, possibly stronger response is evident below 400m on the southern edge of the section and could possibly represent a strike extension to the anomaly on Line 4. The central anomaly presents as a good RC drill target. Figure 5 : AMT Line 6, looking west, showing the strong, linear AMT response that presents as another good RC drill target. Line 7 Located NE of Line 6, Line 7 does not show any coherent AMT responses representing potential drill targets. Drill target Line 6 ASX Announcement page 6 Line s 8 , 9 and 10 Line 8 is east of line 7 and shows a moderate response at about 200m depth in the centre of the traverse and another, stronger response below 400m on the southern edge of the line. Line 9 is 300m east of line 8 and shows central, stronger response that appears directly along strike from that in the centre of Line 8. This presents as a very promising RC drill target. Line 10, the last in the survey, is 200m due east of Line 9 and also shows a prominent, south dipping anomaly that is possibly a further strike extension to the zones in Lines 8 and 9. Figure 6 : AMT Lines 8, 9 and 10, looking west, showing the strong AMT response in the central area of each line. It is possible that the response represents the same source for over a 500m strike length. Upcoming work Results from the AMT survey work at Maibele North is pending. This will then complete the 2021 geophysical survey programs where outstanding results have been achieved. The Company has been progressing its drilling plans which will likely include a combination of reverse circulation drilling and diamond drilling. Contemporaneously, the Company has been in discussions with a number of parties in relation to obtaining necessary approvals e.g. joint venture partner and Department of Mines. Further progress and results will be communicated to the market in due course. Drill target Drill target Drill target zone Drill target ASX Announcement page 7 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 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 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 also owns 100% of the Monument Gold Project in Western Australia. The Project lies in the world class Laverton Tectonic Zone, which to date has produced more than 30 million ounces of gold and yielded some of Australia’s best-known gold mines. Competent Persons Statement The information in this report that relates to Exploration 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. ASX Announcement page 8 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. • No sampling has been reported on in the document 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). • No new drilling has been reported on in the document 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. • No new drilling has been reported on in the document ASX Announcement page 9 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. • No logging has been reported on in the document 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. • No sampling has been reported on in the document 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. • No new assay results have been reported on in the document ASX Announcement page 10 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 any QAQC data and 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. • No sampling has been reported on in the document 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. ASX Announcement page 11 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 result s 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 Pr oject 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. ASX Announcement page 12 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. • No new drilling has been reported on in the document 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. • No assay results or,results aggregated, have been reported on in the document 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’). • No mineralisation or drill hole intercepts have been reported on in the document 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 ma ps of the reported results are included in this announcement. ASX Announcement page 13 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. • No assay results have been reported on in the document 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. ASX Announcement page 14 A S X C O D E : S i 6 D I R E C T O R S Patrick Holywell Executive Chairman Steve Groves Technical Director Joshua Letcher Non-Executive Director Mauro Piccini Company Secretary C O N T A C T Suite 2, Level 1 1 Altona Street West Perth WA Australia 6005 +61 (0)8 6559 1792 info@si6metals.com si6metals.com 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

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