Black Cat Syndicate Limited provided an update on underground diamond drilling at the 100% owned Paulsens Gold Operation ("Paulsens"). Drilling at Paulsens is targeting readily accessible, near-mine growth opportunities, including the Gabbro Veins, Quartz Zone and Apollo. A second drill rig has commenced at Paulsens and will provide results for an updated Resource in May 2023.

All results to date are based on fire assays with a photon assay trial now underway. A similar trial at Coyote showed that fire assay results were under-reporting gold grades for coarse-gold, diamond core samples. Engineering and mining studies are 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. Drilling targeting near surface extensions is ongoing, with positive results continuing to be returned. Significant intercepts that will be included in a restart study at Paulsens include: 3.07m @ 7.43g/t Au from 156.80m; including, 1.40m @ 12.45g/t Au from 157.80m (22PGRD040).

5.29m @ 1.87g/t Au from 204.70m (22PGRD042), 1.57m @ 4.47g/t Au from 169.81m; and 1.83m @ 3.86g/t Au from 208.85m (22PGRD045). 1.00m @ 10.60g/t Au from 28.00m; and 2.31m @ 2.55g/t Au from 47.43m (22PGRD047). These results complement previously reported results, including: 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 (22PGRD039).