Black Cat Syndicate Limited provided an updated JORC 2012 Mineral Resource (‘Resource’) at Paulsens Underground, part of the 100% owned Paulsens Gold Operation (‘Paulsens’) in Western Australia. 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, 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’. Paulsens has a history of high-grade production with an endowment of >1Moz. Production has historically focused on two veins within the Quartz Zone, with other areas, particularly the Gabbro Veins, generally not pursued.

The 7km of decline is fully dewatered, with ventilation, power and services active to the bottom of the mine. This extensive mine infrastructure represents a low capital start-up opportunity to access the rapidly growing high-grade Resource. Since acquiring Paulsens in June 2022, Black Cat has been focused on growing near mine Resources.

This has been achieved by: · Developing a new geology model; · Remodelling areas of historic drilling; and · Drilling for Resource extensions. Drilling is ongoing with a second underground rig to commence in February 2023 in order to further accelerate Resource growth and to target near mine discoveries. Advanced regional targets will also be drilled from surface during 2023.

Black Cat's drilling has focused on the unmined footwall Gabbro Veins which are located adjacent to, and up to 200m from, the existing decline. The Gabbro Veins occur in the footwall over a 1km plunge length and can form as swarms over areas up to 4m wide. The Gabbro Veins represent a potential new, high-priority, start-up mining area.

The Paulsens Underground Resource has increased 190% to 258koz @ 10.8g/t Au with the new Resource including all underground drilling completed to 31 December 2022. Measured and Indicated Resources have also increased significantly to 144koz @ 11.3g/t Au being 56% of the total Underground Resource. Black Cat now owns 100% of two of the highest-grade gold deposits in Australia: · Coyote Central: 356koz @ 14.6g/t Au (51% Indicated); and · Paulsens: 258koz @ 10.8g/t Au (56% Measured & Indicated).

There is a high level of prospectivity at Paulsens Gold Operation both around existing underground infrastructure, and regionally. Drilling is ongoing with a second underground rig to commence in February 2023 to further accelerate Resource growth and to target near-mine discoveries. Results from the Gabbro Veins received after 31 December 2022 and not yet contained in the Resource include 1: · 3.42m @ 16.21g/t Au from 69.70m; including 0.22m @ 80.60g/t Au from 72.90m (22PGRD001) · 0.55m @ 67.20g/t from 47.63m; and 0.33m @ 21.70g/t Au from 54.42m: and 0.51m @ 29.86g/t Au from 69.15m; and 0.39m @ 10.20g/t Au from 103.73m (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).