Group 6 Metals Limited provided an update on the latest construction activities at the Company's wholly owned Dolphin Tungsten Mine, located on King Island, Tasmania. As the Company ramps up to peak construction activity on site at Dolphin, it is pleased to advise that activities remain on track to achieve first concentrate production in first quarter of 2023. Development of the overall site is progressing well, with the haul and access roads being further developed to improve access to the process plant area for mechanical installation works.

The ROM pad earthworks & wall are progressing steadily, which are set 10m above the ground level of the process plant. Excellent progress has been made on the installation of the crushing, screening and material handling equipment and associated supporting structures. The main process building has been erected and is being prepared for the installation of the civil slab and plinths, prior to commencing installation of equipment.

Most of the major OEM equipment has been delivered to site or is undergoing testing at Gekko's factory at Ballarat, ahead of being delivered to site. Works have commenced on the construction of the Tailing Storage Facility, with vegetation clearance complete and earthworks ongoing in preparation for construction of the TSF walls. The TSF is being constructed on the historic TSF site, minimising disturbance to virgin vegetation, and using materials that are being reclaimed from the proposed mine pit shell.

Dolphin Tungsten Mine Power Supply Upon review of the permanent power supply solution for the site, the Company has elected to install its own dedicated diesel power station as an interim solution, to supply power to the mine and process plant. Group 6 Metals has made this decision based on the following key points: Connecting to the King Island electrical grid would result in the mine receiving a small percentage of the current renewable energy capacity available on King Island, with most of the power being generated by diesel generators at the Currie Power Station. The transmission upgrade costs to provide the permanent demand to the mine site have significantly escalated making it an uneconomic solution for the mine.

Reliability and operational flexibility requirements of the process plant to maintain steady state production are better achieved with a dedicated, off grind power station. The Company has commenced work on a longer-term permanent power solution for the site, whereby a significant proportion will be sourced from renewable generation resulting in lower emissions and power costs. Further details will be provided once this work has been completed.