SI6 Metals : Regional Geological Review Underway in Botswana

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Nickel prices historically (current prices circled in yellow)

Copper prices historically (current prices circled in red)

Si6 Executive Chairman, Patrick Holywell stated, "The last time I witnessed such strong prices in nickel was whilst working for nickel miner LionOre Mining around the time of Norilsk and Xstrata's bidding war. We are excited to further explore the potential of the broader tenement package in Botswana as we await approvals for drilling to commence on the JV licences. With such a large 100%-ownedarea covering circa 1,800km2, we are confident that we will identify additional base metals (nickel, copper), precious metals (silver, gold) and pegmatite-hostedtargets across our exciting portfolio. The Maibele North, Airstrip and Dibete prospects have already proven that high quality base and precious metal targets exist at our Botswanan portfolio and we look forward to adding to these as we progress our 2022 exploration program."

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Regional Prospect Summary

The following prospects are located on Si6's 100%-owned tenure (Figures 1, 2 & 3) and have been identified as priority, early-stage targets requiring field exploration such as mapping, sampling and ground geophysics to generate drill targets.

Figure 2: Si6 regional prospects over the 1989 GEOTEM data. Red outlines indicate prospect area extents

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Maibele East (PL183/2021)

Maibele East lies ~5km northeast of the Maibele North resource (Figure 4) and is marked by the occurrence of poorly exposed ultramafic rocks. In 2015, the Company undertook a SQUID EM survey across the prospect which located a series of steeply dipping conductors (see ASX Announcement 05/10/2015). Three RC holes were drilled targeting the SQUID TDEM anomalies and all intersected disseminated sulphides (pyrite + pyrrhotite) but did not adequately test the modelled conductor plates (see ASX Announcement 19/11/2015). Downhole EM was carried out in one of the holes and showed an off-hole anomaly which was never followed up. Maibele East lies along a linear geological trend that links to Maibele North and is a very prospective Ni-sulphide target.

Mashambe (PL183/2021)

The Mashambe prospect lies ~10km northeast from Maibele North (Figure 4), along the same linear geological trend that encompasses Maibele East. The prospect has long been recognized as requiring further work, with historic exploration having revealed outcropping ultramafic rocks and gossanous outcrop with elevated base metal levels. A strong VTEM conductor exists at the prospect and a number of reverse circulation holes designed to test for VMS base metal mineralisation were completed in 2010 (see ASX Announcement 31/01/2011). Elevated zinc was intersected in this drilling. Si6 undertook SQUID EM surveying as part of the program across Maibele East in 2015 (see ASX Announcement 05/10/2015). The survey revealed two isolated, discreet conductors with a cumulative total strike length of ~ 700m. Average depth to top of conductors is in the range 220 -240m and they dip in the range of 66° - 71°. The average conductance of plates is from 280s - 310s. None of the historic drill holes intersected the modelled SQUID EM conductors.

Figure 4: Location of the PL183/2021 prospects Maibele East and Mashambe showing SQUID conductors (pink

rectangles) over the regional VTEM image (see ASX Announcement 05/10/2015)

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Majante(PL183/2021).

The Majante Prospect contains mapped ultramafic rocks showing strong coincident nickel and copper soil anomalism (see ASX Announcement 30/01/2009). During December 2008, 36 line-km of ground TDEM surveying was undertaken across the prospect. The survey covered an area of ultramafic rocks coincident with very strong Ni and Cu soil geochemical anomalies and significant airborne EM (GEOTEM) anomalies. Modelling of the TDEM results has shown multiple conductors and at least two major zones of conductivity thickness values indicative of significant sulphide occurrences. In 2020, Si6 undertook a program of soil sampling to the southwest of the main Majante prospect and revealed further anomalism in nickel, copper, cobalt and chrome (Figure 5, see ASX Announcement 14/10/2020). A review of all data from the prospect and reprocessing/modelling of geophysical data will be undertaken to generate targets for drill testing.

Figure 5: Map view of Ni-in-soil anomalism from laboratory assays over the Majante and SW Majante area. The anomalous trends are coincident with a broad EM conductive feature (purple area) prominent in government- acquired airborne EM data from a 1989 survey (see ASX Announcement 14/10/2020)