Black Cat Syndicate Limited provided an update on underground diamond drilling of the Paulsens Repeat target at the Paulsens Gold Operation. Large Scale Area, 100% Controlled by Black Cat: 530km2 of highly prospective ground is 100% owned and controlled by Black Cat. Existing Resource of 232koz @ 2.0g/t Au.

Background: Underground mining at Paulsens produced 907koz @ 7.3g/t Au at an average of 75koz pa. Approximately 1Moz endowment including current Resources: Underground 89koz @ 5.9g/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. Numerous gold and base metal anomalies identified with only limited work and follow-up.

Infrastructure in Place, Ready for a Low-Cost Restart: On care and maintenance since 2018 with mine fully dewatered and ventilated. Well maintained, 450ktpa processing facility requiring minimal restart capital. +110-person camp.

Mine and advanced Resources on Mining Licences, minimal barriers to restart. Excellent access with sealed road and gas pipeline within 7kms. Significant Opportunities at All Stages ­ Multi-metal Potential: Paulsens has multi-metal potential with numerous 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 located in an orogenic gold setting with high potential for multi-metal discoveries.

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) cuts 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: New mining fronts located close to existing infrastructure (Gabbro Veins and Apollo) with potential for readily accessible ounces; and Paulsens Repeat located 200m from the decline and representing a large-scale, faulted-off gabbro targeting "Another Paulsens". PROGRAM TO FIND "ANOTHER PAULSENS": The first three drill holes testing the Paulsens Repeat target below the current workings have been completed.

This is an area that has never been previously tested. The prospective zone for a Paulsens Repeat is a sheared zone bounded by the Jupiter Fault on the footwall and the Voyager Fault in the hangingwall. All three initial holes intersected multiple quartz-carbonate-sulphide (pyrite+/-pyrrhotite+/-chalcopyrite+/-galena+/- sphalerite) veins within highly sheared metasedimentary rocks, suggesting that the Paulsens mineralised shear zone system extends at depth.

These holes did not intersect the large seismic target identified in the $2m survey, which remains untested. Importantly however, the drilling did confirm that the vein system directly down dip from Paulsens within this highly sheared zone is "live" with mineralising fluids. Assays received from the first three holes are encouraging as they demonstrate a "live" gold mineralised system: 0.75m @ 1.20g/t Au from 511.30m (22PGEX001); 0.32m @ 1.01g/t Au from 470.72m (22PGEX002).

Drilling to date has identified the prospective shear zone. Multiple steeply-dipping, altered, and weakly mineralised gabbro dykes were intersected both within and marginal to the sheared zone, which may represent relic damaged fragments of the Lower Gabbro. Steeper holes are now required to intersect the most prospective position of the interpreted Paulsens Repeat high-grade target where the mineralised shear zone intersects the Lower Gabbro.

A second phase of drilling targeting the area immediately below the first three holes will commence upon arrival of the second underground diamond rig in February 2023. Due to the high sulphide content in mineralised veins, downhole EM is also being planned to assist in drill targeting as the search for more high-grade lodes like Paulsens continues through 2023.