Black Cat Syndicate Limited provided an update on underground diamond drilling at the 100% owned Paulsens Gold Operation ("Paulsens"). Paulsens underground is one of Australia's higher grade deposits with a current JORC 2012 Mineral Resource ("Resource") of 259koz @ 10.7 g/t Au (56% Measured & Indicated). HIGHLIGHTS: Ongoing extensional and discovery drilling outside the current Gabbro Veins Resource continues to demonstrate the growth potential at Paulsens.

Significant assays from drilling up plunge of previous drilling include: 0.90m @ 9.32g/t Au from 59.30m (PGRD23001A). 1.96m @ 5.71g/t Au from 61.47m; and 1.63m @ 16.05g/t Au from 64.87m; including 0.56m @ 35.30g/t Au from 64.87m (PGRD23002); 1.10m @ 8.95g/t Au from 92.90m (PGRD23002A); 0.32m @ 62.00g/t Au from 47.24m (PGRD23003); 0.70m @ 13.00g/t Au from 78.30m; and 0.50m @ 14.00g/t Au from 91.50m (PGRD23005). Drilling is ongoing with two underground rigs operating in preparation for a Resource update in May 2023.

Large Scale Area, 100% Owned by Black Cat: 530km2 of highly prospective ground, 100% owned by Black Cat. Background: Paulsens underground is already one of Australia's highest-grade deposits with a current Resource of 259k oz @ 10.7 g/t Au (56% Measured & Indicated). Underground mining at Paulsens produced 907koz @ 7.3g/t Au at an average of 75koz pa and recovery of 92%.

Over 12 years of production, the underground mine had a Resource high of 540koz and low of 125koz with an average Resource of ~270koz. This demonstrates the robust nature of the current Resource. Previous regional exploration largely involved surface activities with numerous gold and base metal anomalies identified but with only limited follow-up.

Total Resources in the company's regional package total 401koz @ 3.3g/t Au. 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 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 gabbro is a priority given the obvious grade and scale potential.

o Belvedere, located within the PSC only 5km from the processing facility, is a Paulsens-style target with >2km of mineralised strike. Minimal drilling has identified a shallow Resource of 30,000ozs @ 3.9 g/t Au. Underground drilling in 2023 includes: o New mining fronts located close to existing infrastructure being the Gabbro Veins, Quartz Zone 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".

GABBRO VEINS DRILLING UPDATE: Drilling to expand and upgrade the Gabbro Veins Resource is ongoing with two underground drill rigs. Recent encouraging results from outside the current Resource include: 1.44m @ 4.84g/t Au from 54.98m; and 0.90m @ 9.32g/t Au from 59.30m; and 1.04m @ 4.14g/t Au from 67.96m (PGRD23001A) 2.43m @ 2.89g/t Au from 57.00m; and 1.96m @ 5.71g/t Au from 61.47m; and 1.63m @ 16.05g/t Au from 64.87m; including 0.56m @ 35.05g/t Au from 64.87m; and 1.20m @ 6.56g/t Au from 99.05m (PGRD23002) 1.10m @ 8.95g/t Au from 92.9m; and 1.17m @ 4.81g/t Au from 108.94m; and 1.67m @ 4.84g/t Au from 167.33m (PGRD23002A) 0.32m @ 62.00g/t Au from 47.24m; and 0.85m @ 3.34g/t Au from 116.85m (PGRD23003) 0.70m @ 13.00g/t Au from 78.30m; and 0.50m @ 14.00g/t Au from 91.50m (PGRD23005). These results are located up plunge from previous drilling into the Gabbro Veins and outside of the current Resource of 259k oz @ 10.7 g/t Au (56% Measured & Indicated).

Previously reported results from the Gabbro Veins down plunge include: 3.42m @ 16.21g/t Au from 69.70m (22PGRD001); 0.55m @ 67.20g/t Au from 47.63m (22PGRD002); 1.88m @ 21.77g/t Au from 95.87m (22PGRD003); 2.79m @ 4.83g/t Au from 11.85m (22PGRD005); and 2.50m @ 6.55g/t Au from 65.00m (22PGRD011). Two underground diamond rigs continue to drill readily accessible Resource growth opportunities, including the Gabbro Veins, Quartz Zone and numerous other near-mine targets. An updated Resource will be announced in May 2023.

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. The 7km long decline is fully dewatered and provides ready access to the Gabbro Veins and other mining areas.