Black Cat Syndicate Limited provided an update on underground diamond drilling along the Gabbro Veins at the 100% owned Paulsens Gold Operation (Paulsens). HIGHLIGHTS: Assays from an additional 15 diamond holes targeting the Gabbro Veins and shear-hosted mineralisation continue to demonstrate immediate upside to the high-grade Paulsens Underground Resource of 258koz @ 10.8g/t Au. Significant results include: 2.00m @ 39.90g/t Au from 18.75m; and 1.03m @ 17.80g/t Au from 51.12m (22PGRD038) 1.23m @ 14.84g/t Au from 28.68m; and 1.55m @ 6.14g/t Au from 60.68m; and 0.86m @ 58.50g/t Au from 102.14m (22PGRD004) 0.80m @ 32.20g/t Au from 17.73m; and 0.56m @ 13.90g/t Au from 58.74m (22PGRD025) 0.79m @ 13.60g/t Au from 42.40m (22PGRD039) The Gabbro Veins are unmined and located adjacent to, and up to 200m from, the existing decline which was installed to access the Main Lode.

The Gabbro Veins occur in the footwall over a 1km plunge length and can form as swarms over areas up to 4m wide. They represent a potential new, high-priority, start-up mining area. Drilling of near mine targets is ongoing, targeting both the Gabbro Veins and shear-hosted veins in the upper areas of the mine.

A second underground diamond rig will arrive this week to expedite both near mine Resource growth and discovery drilling. Engineering and mining studies are underway to support a potential restart decision in mid-2023. Large Scale Area, 100% Owned by Black Cat 530km2 of highly prospective ground, 100% owned by Black Cat.

Existing Resource of 401koz @ 3.3g/t Au. Background Underground mining at Paulsens produced 907koz @ 7.3g/t Au at an average of 75koz pa. >1Moz endowment including current Resources: Paulsens Underground 258koz @ 10.8g/t Au; Mt Clement 66koz @ 1.2g/t Au, Belvedere 30koz @ 3.9g/t Au, Electric Dingo 22koz @ 1.3g/t Au and Northern Anticline 24koz @ 1.4g/t Au.

Previous regional exploration largely involved surface activities with numerous gold and base metal anomalies identified but with only limited follow-up. Infrastructure in Place, Ready for a Low-Cost Restart On care and maintenance since 2018. Well maintained, 450ktpa processing facility requiring minimal restart capital.

+110-person camp. Mine and advanced Resources on Mining Licences, minimal barriers to restart. Underground mine fully dewatered and ventilated.

Excellent access with sealed road and gas pipeline within 7km. Significant Opportunities at All Stages - Multi-metal Potential Paulsens has multi-metal potential with numerous base-metal (Cu, Pb and Zn) targets, Australia's third largest antimony deposit at Mt Clement (along with Cu, Pb and Ag Resource) and thermal coal at Kazput. Paulsens is an under-explored orogenic gold region with multi-metal potential.

There are four main prospect areas - the 15km long Paulsens Structural Corridor ("PSC"), the Northern Anticline, Mt Clement and Electric Dingo. The PSC is a complex zone of faults with the main structure through the PSC being the Hardey Fault. All gold mined at the Paulsens underground mine comes from where the Hardey Fault (and related fault splays) cut through the Paulsens Mine Gabbro.

Finding similar faulted-off gabbros is a priority given the obvious grade and scale potential. Underground drilling in 2023 includes: o New mining fronts located close to existing infrastructure being the Gabbro Veins and Apollo with potential for readily accessible ounces; and o Paulsens Repeat located 200m from the decline and representing a large-scale, faulted-off gabbro targeting "another Paulsens". Drilling at Paulsens commenced on 2 November 20221 targeting readily accessible, near-mine growth opportunities, including the Gabbro Veins.

The Gabbro Veins are mineralised over a plunge length of +1km and are located adjacent to, and up to 200m from, the existing decline. The Gabbro Veins can form as swarms over areas up to 4m wide. Most historic mining (907koz @ 7.3g/t Au) occurred within the Main Lode - nominally <3m wide mineralised lodes hosted in a thick Quartz Zone that occurs at the intersection of the Hardey Fault zone and Paulsens Mine Gabbro.

The footwall Gabbro Veins present a significant new mining opportunity at Paulsens. Drilling into the Gabbro Veins and the Main Lode has been encouraging, with 48 drillholes completed to date (assays now returned for 42). All holes have intersected quartz-sulphide (pyrite+/-chalcopyrite+/-galena) veins as predicted by Black Cat's new geology model.

Encouraging results from the most recent 15 holes assayed include: 0.51m @ 3.12g/t Au from 6.04m; and 0.98m @ 4.78g/t Au from 23.75m; and 1.23m @ 14.85g/t Au from 26.68m; and 1.55m @ 6.14g/t Au from 60.68m; and 0.86m @ 58.50g/t Au from 102.14m (22PGRD004) 0.80m @ 32.20g/t Au from 17.73m; and 0.56m @ 13.90g/t Au from 58.74m (22PGRD025) 1.21m @ 4.90g/t Au from 76.17m (22PGRD031) 1.00m @ 4.30g/t Au from 77.60m; and 1.51m @ 5.10g/t Au from 86.10m (22PGRD033) 0.14m @ 7.40g/t Au from 41.55m; and 0.53m @ 6.40g/t Au from 43.55m; and 2.23m @ 4.20g/t Au from 64.90m; and 0.75m @ 4.40g/t Au from 71.86m (22PGRD034) 2.00m @ 39.90g/t Au from 18.75m; and 1.03m @ 17.80g/t Au from 51.12m (22PGRD038) 0.79m @ 13.60g/t Au from 42.40m; and 0.57m @ 6.10g/t Au from 57.82m (22PGRD039) These results complement previously reported significant results from the Gabbro Veins, including:2 3.42m @ 16.21g/t Au from 69.70m (22PGRD001) 0.55m @ 67.20g/t Au from 47.63m; and 0.51m @ 29.86g/t Au from 69.15m (22PGRD002) 0.59m @ 30.80g/t Au from 5.14m; and 1.88m @ 21.77g/t Au from 95.87m (22PGRD003) 0.88m @ 37.28g/t Au from 52.00m (22PGRD021) 0.50m @ 47.20g/t Au from 20.80m; and 2.50m @ 6.55g/t Au from 65.00m (22PGRD011) 1.92m @ 9.30g/t Au from 48.00m (22PGRD010) To date, drilling of the Gabbro Veins has occurred in the lower and mid depths of Paulsens and along a plunge length of approximately 600m with the mineralisation open both up and down plunge. Infill and growth drilling is ongoing along the Gabbro Veins. In addition, extensions to mineralisation within the Main Lode and sediment-hosted lodes to the north of the mine (e.g. Apollo) have been drilled.

The Main Lode is showing potential for extensions close to existing infrastructure while assays are pending for five holes at Apollo. All results to date are based on fire assays and a photon assay trial is underway. A similar trial at the Company's Coyote operation illustrated that fire assay results may be under-reporting gold grades for coarse-gold, diamond core samples.

Engineering and mining studies are also underway to support a potential restart decision in mid-2023. The 450ktpa Paulsens processing plant is currently on care and maintenance and remains in good condition.