Sihayo Gold : Encouraging Exploration Results Continue at Sihayo

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Encouraging Exploration Results Continue at Sihayo

Highlights:

• Encouraging early results at Sihorbo South in the Hutabargot Julu area, including some exceptional high-grade gold and silver intercepts:

1. HUTDD098: 1.0 m at 198 g/t Au and 23.7 g/t Ag from 89.0m, and
   14.8 m at 0.91 g/t Au and 21.6 g/t Ag from 71.8m

• 1. HUTDD099: 2.8 m at 1.04 g/t Au and 195.5 g/t Ag from 96.3m
  1. HUTDD101: 2.4 m at 6.37 g/t Au and 811 g/t Ag from 25.1m
• Results to date from Penatapan and Sihorbo South confirm Hutabargot Julu's potential to host high grade vein and disseminated stockwork epithermal gold- silver deposits
• Further results from Penatapan and Sihorbo South expected in the coming weeks
• Anomalous gold and copper results returned from reconnaissance surface rock sampling over the historic Tambang Tinggi project area:
• 1. 25 of 33 grab samples assayed >1 g/t gold, including nine samples assaying from 10.2 to 102 g/t Au

• 1. 14 of 33 grab samples assayed >0.1% copper, including eight samples assaying from 0.3 to 2.31% Cu.
• Early results from Tambang Tinggi confirm the potential for high-grade grade gold and associated base metal targets on the South CoW block; additional prospecting over other parts of the project area in progress

Sihayo Gold Limited (ASX:SIH - "Sihayo" or the "Company") is pleased to announce this update on the latest results of exploration activities conducted on the PT Sorikmas Mining CoW located in North Sumatra, Indonesia. This includes the first results from scout drilling in progress on the Sihorbo South gold-silver target at Hutabargot Julu in the North CoW block, and the first results from reconnaissance rock sampling completed in the Tambang Tinggi mineral field located in the northeast corner of the South CoW block.

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Sihayo's Executive Chairman, Colin Moorhead commented on the exploration results:

"Assay results from Penatapan and Sihorbo South are beginning to flow with results for most holes expected in the coming weeks. One drill rig continues on follow up holes at Sihorbo South which is beginning to emerge as a possible higher grade silver rich epithermal vein structure, as compared with Penatapan which appears to be several zones of shallow mineralised stockwork. Both targets are located in the Hutabargot Julu area within trucking distance of the planned Sihayo processing plant, therefore having potential to add significant value. Further afield in the south block of our CoW, early stage greenfields exploration work is generating some exciting targets also."

Sihorbo South Overview

The Company recently reported drilling results from the Penatapan prospect at Hutabargot Julu (refer to SIH:ASX announcement date 25 October 2021) with historical results from Sihorbo South provided in Sihayo's September 2021 Quarterly Activities Report. The latest results from Sihorbo South are part of a targeted drilling program on this vein target, which follows on from the Phase 1 reconnaissance drilling program at Hutabargot Julu completed in April 2021.

Sihorbo South, located about 1.5 - 2 km south of Penatapan, was originally discovered by the Dutch and explored along a series of short drifts and shallow shafts probably in the early 1900s. It is one of several large vein targets identified by Company geologists during detailed prospecting and mapping along the southern part of the greater Hutabargot Julu prospect during 2006 to 2007.

Figure 1: Hutabargot Julu project showing location of Sihorbo South target

The epithermal vein system at Sihorbo South was delineated by surface mapping and 1,416 m in 13 scout diamond holes during 2012-13 (Figures 1 and 2). The NNE-SSW oriented vein- alteration system is up to 50 m wide and extends over at least 400 m strike-length. It is a moderately west-dipping zone containing banded-brecciated epithermal quartz veins up to

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1 Results previously reported under 'Other substantive historic exploration data' in the JORC 2012 tables of several company announcements and quarterly reports in 2021. (See Appendix 1)

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Table 2: Sihorbo South Prospect - 2021 Program - Summary of significant intercepts

Reported at 0.3 g/t Au cut-off and up to 4m internal dilution

Hole HUTDD098 intersected the Sihorbo Vein structure at high angle (producing near true- width intercepts) between the previous holes HUTDD044, HUTDD045 and HUTDD056 (refer to Figure 2).

Hole HUTDD099 intersected a well-developedquartz-chalcedony-adularia-carbonate breccia- vein structure intersected between 71.80 and 86.55 m down-hole and produced consistent gold grades varying from 0.5 - 1 g/t Au and variable silver grades up to 75 g/t Ag (refer to Figure 3).

Hole HUTDD101 was drilled close to the portal of an historic Dutch adit. It intersected a solid vein from 25.10 m down-hole before being terminated in a local mine cavity from 27.50 to 27.90 m depth (refer to Figure 4).

Selective grab samples taken from local mine muck piles along the Sihorbo South vein target have also returned highly encouraging results (Error! Reference source not found.). Four of six grab samples previously reported from local muck piles sampled at the southern end of the vein system returned gold-silver grades ranging from 9 to 61 g/t Au and 16 to 46 g/t Ag (refer to SIH:ASX announcement dated 25 October 2021). Another 14 samples taken from the northern end of the vein have returned results in six of these samples ranging from 0.48 to 3.79 g/t Au and 102 to 3720 g/t Ag.

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Figure 2: Sihorbo South - Drill Hole Location Plan

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Figure 3: Sihorbo South - Surface grab samples & Au-Sg Results

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