Plutonic Gold Belt, Western Australia - Numerous High-Grade gold intercepts from Trident drilling program

• 14m @ 2.550 g/t Au (from 144m)
• 3m @ 4.270 g/t Au (170m)
• 9m @ 3.260 g/t Au (177m)
• 8m @ 10.050 g/t Au (190m)
• 9m @ 33.310 g/t Au (155m)

• 12m @ 6.1 g/t Au From (139m)
• 7m @ 4.6 g/t Au From (149m)
• 12m @ 12.89 g/t Au (149m)
• 9m @ 64.39 g/t Au (180m)

TDR0050: Example of infill drilling closing a gap in Trident Resource model. Note the continuation of high-grade zones within the gap, increasing the confidence in the drill data upon which the Resource is based.

Financial outputs (at A$2,700 gold price)

NPV (5%)

A$m

245

IRR

%

132 %

Payback (yrs)

Yrs

1

Undiscounted free cashflow

A$m

294

C1 cash cost

A$/oz

817

AISC

A$/oz

1,046

Operational outputs

LOM

yrs

4.3

LOM tonnes

ktpa

1,073

LOM grade

g/t Au

6.7

LOM gold production

oz

229,521

Recoveries

%

89 %

LOM recovered ounces

oz

204,274

Production from indicated resources

%

87 %

Pre-production capital

A$m

36

LOM capital

A$m

69

Average annual tonnes mined

ktpa

264,488

Average annual grade

g/t Au

6.7

Average annual gold production

oz

57,005

Average annual free cashflow

A$m

82

Hole

Easting
(MGA)

Northing
(MGA)

Level

Depth

Dip

Azimuth

Status

TRD0036

765948

7214156

600.4

113

70

152.3

Abandoned

TRD0037

765920

7214173

600.2

171.6

-68.6

152.3

Completed

TRD0038

765894

7214147

600.1

180.5

-67.6

153.5

Completed

TRD0039

765958

7214238

600.5

171.6

-57.1

152.7

Completed

TRD0040

765936

7214230

600

180.7

-56.1

152.6

Completed

TRD0041

765661

7213996

601.6

201.7

-64.6

151.6

Completed

TRD0042

765540

7213930

601.3

207.6

-72.4

153.6

Completed

TRD0043

765566

7213873

601.7

186.8

-70.4

152.6

Completed

TRD0044

765567

7213868

601.8

153.6

-61.2

152.8

Completed

TRD0045

765594

7213892

602.2

207.7

-70.4

156

Completed

TRD0046

765512

7213843

601.3

168.7

-69.6

153

Completed

TRD0047

765575

7213735

602.1

168.6

-68.3

334.3

Completed

TRD0048

765549

7213860

601.5

174.6

-61

152.5

Completed

TRD0049

765586

7213883

602.2

177.5

-63.2

153.5

Completed

TRD0050

765600

7213921

602

215.6

-68.8

152.5

Completed

TRD0051

765607

7213962

601.5

225.6

-66.4

151.3

Completed

TRD0052

765452

7213816

600.5

180.7

-60.4

150.6

Completed

TRD0053

765503

7213778

599.9

150.7

-66.4

153.6

Completed

TRD0054

765476

7213812

600.5

162.6

-64.4

152.8

Completed

TRD0055

765529

7213851

601.6

183

-60.3

150.6

Completed

TRD0056

765504

7213827

601.1

204.3

-62

150.9

Completed

TRD0057

765424

7213867

600.4

165

-60

150.9

Completed

TRD0058

765455

7213781

600

111

-62

150.9

Pre-collar only

TRD0059

765438

7213770

599.7

114

-63

150.9

Pre-collar only

TRD0060

765848

7214146

604.8

183.1

-67.3

153.2

Completed

TRD0061

765748

7214064

605.1

159

-66

150.9

Pre-collar only

TRD0062

765714

7214068

605.8

216.7

-63.4

152.3

Completed

TRD0063

765681

7214033

601.5

213.6

-65

150.9

Completed

TRD0064

765682

7213995

601.6

177

-68

150.9

Completed

TRD0065

765645

7213985

601.7

204.8

-65

150.9

Completed

TRD0066

765605

7213995

601.1

225.7

-63

150.9

Completed

TRD0067

765566

7213943

601.5

221.4

-66

150.9

Completed

TRD0068

765525

7213870

601.5

107

-69

149.86

Pre-collar only

TRD0069

765483

7213854

601.5

180.4

-62

149.86

Completed

TRD0070

765470

7213889

601.5

170

-66

149.86

Pre-collar only

TRD0071

765453

7213733

601.5

96

-61

149.86

Pre-collar only

TRD0072

765442

7213722

601.5

90

-60

149.86

Pre-collar only

TRD0073

765419

7213722

601.5

90

-67

149.86

Pre-collar only

TRD0074

765423

7213674

601.5

90

-61

149.86

Pre-collar only

TRD0075

765444

7213667

601.5

75

-66

149.86

Pre-collar only

Hole

From
(m)

To
(m)

Interval
(m)

Au
(ppm)

TRD0036

72

76

4

0.03

TRD0037

136

137

1

1.22

TRD0038

126

127

1

1.73

TRD0039

127

128

1

2.9

TRD0039

135

140

5

1.59

TRD0039

144

158

14

2.55

TRD0040

139

140

1

1.69

TRD0040

146

147

1

3.75

TRD0041

170

173

3

4.27

TRD0041

177

186

9

3.26

TRD0042

190

198

8

6.58

TRD0043

155

164

9

33.3

TRD0044

112

114

2

1.59

TRD0044

121

125

4

1.01

TRD0045

Awaiting assay

TRD0046

139

151

12

6.1

TRD0047

103

104

1

1.37

TRD0047

118

120

2

2.39

TRD0047

149

156

7

4.6

TRD0048

129

131

2

2.29

TRD0048

149

161

12

12.9

TRD0049

Awaiting assay

TRD0050

180

189

9

64.4

TRD0050

207

212

5

1.96

Diamond Core Sampling
Techniques and Data

Criteria

Explanation

Aspects of previous exploration (Homestake Mining, Dampier Gold) were
verified and reported to ASX by Vango Mining (4 April 2017, 2 May 2019)

Sampling techniques

• All 2023 RC pre-collars were sampled as either 4-metre composites or 1-
  metre samples beneath the granite contact. RC samples were riffle split to
  3kg for submission to an external laboratory.
• Previous RC drilling was sampled as 1m intervals.
• 2023 Diamond core was cleaned and sampled as 1-metre intervals.
• 2023 Diamond core was either sampled as cut half-core or sampled in
  entirety when project scheduling requires expeditious data turnaround.
• Previous explorers sampled drill core as variable intervals to 1m maximum.

Drilling techniques

• All 2023 holes were pre-collared using 5.5" RC hammer. At end-of-
  precollar depth, the rod string was removed from the hole and steel HQ
  casing is installed and shoed into the base-of-hole. NQ triple tube barrel
  and NQ drill rods were installed to precollar depth. Beyond this depth the
  holes were drilled to final depth with DDH drilling techniques, generally
  employing three-metre barrel and rods. Where ground conditions were
  poor, 1.5-metre runs were employed to alleviate core loss during tube
  extraction.
• Previous explorers drilled using RC hammer or NQ diamond drilling

Drill sample recovery

• 2023 Core runs were documented by the driller, and recoveries measured
  by the geologist/assistants to ensure recovery was known and strategies
  implemented to maximise recovery (target being above 90%). Drillers
  were under instruction to monitor recovery and rectify core loss through
  adjusting drill rig operation. All diamond core was drilled using triple tube
  equipment to assist in delivering acceptable core recovery.
• No information available for previous explorers

Logging

• 2023 Diamond core was geologically logged for lithology, alteration,
  sulphide mineralisation to a standard acceptable for subsequent
  interpretation for use in estimation. Geological logging aspects were
  qualitative with exception of sulphide content which was estimated semi-
  quantitatively. Drill core structural measurements were logged prior to
  cutting/sampling. Drill core orientations were performed on each core
  run, and where successful were applied to structural measurements to
  provide known orientations of structures.
• No information available for previous explorers

Sub-sampling techniques and
sample preparation

• 2023 Lab submission samples collected as described above. No quarter
  coring was routinely required. Samples dispatched to commercial assay
  laboratory (Catalyst have used ALS Pty Ltd exclusively); samples crushed,
  dried, and pulverised in entirety, with 50g charges selected for analysis
  (laboratory repeat splits historically demonstrate acceptable
  reproducibility and hence accuracy for this style of mineralisation)
• Dampier gold exploration samples were assayed by an unknown
  laboratory. Assays were performed on 50g fire assay charges.
• Homestake Mining exploration samples were assayed by Amdel
  (contractor). Assays were performed on 50g fire assay charges.

Diamond Core Sampling
Techniques and Data
Criteria

Explanation
Aspects of previous exploration (Homestake Mining, Dampier Gold) were
verified and reported to ASX by Vango Mining (4 April 2017, 2 May 2019)

Quality of assay data and
laboratory tests

• 2023 Gold assay determined by AAS via 50g fire assay (ALS code Au-AA26).
  Duplicate analysis has shown this method to be appropriate for fine
  grained and well disseminated gold population of the mineralisation.
  Laboratory and client certified reference materials (standards) were
  implemented every 20^th sample. Performances outside 2 standard
  deviations as per specification would be reviewed with the laboratory, and
  3 standard deviations default to a re-assay. No such errors were
  encountered.
• Previous explorers employed 50g fire assay for gold determination.

Verification of sampling
and assaying

• 2023 Data management procedures are in place. Data management has
  been outsourced to a specialist provider. There has been no verification of
  significant intersections by independent nor alternative company
  personnel. Drillhole sampling and geological data logged electronically and
  imported electronically into the master database. There have been no
  adjustments to data as provided by the commercial assay laboratory.
• Verification performed by previous explorers is unknown.

Location of data points

• All 2023 drillhole location coordinates are measured using differential GPS
  to MGA94 Zone 52. Collar locations to within an estimated precision of
  10mm horizontally and 20mm vertically. All drillholes are downhole
  surveyed by gyroscopic instrument. Drilling orientation established prior
  to collaring with clinometer and compass.

Data spacing and distribution

• Diamond drillholes drilled at a section spacing of approximately 40 - 50
  metres to provide for infill coverage down to 25m. This spacing is designed
  to be of a sufficient density to ultimately be included in resource
  estimation.
• For the purpose of the reporting of exploration results, assays are
  aggregated to reflect continuously sampled zones of significant anomalism
  for gold.
• Dampier Gold employed a 40m grid spacing for drilling, which formed the
  basis for subsequent 2023 infill drilling pattern.

Orientation of data in relation to
geological structure

• Drillhole sections were aligned approximately 90 degrees from the strike of
  mineralisation. Holes were generally inclined 55 - 75 degrees to the south
  to provide cross-strike investigation within holes and to establish
  continuity of north-dipping mineralisation.
• Similar orientations are apparent for previous explorers.

Sample security

• All 2023 samples were controlled by the responsible geologist and stored
  in secured facility prior to despatch to the laboratory. Samples were
  transported directly to laboratory by a commercial transportation
  contractor with security in place. Sample number receipt information from
  laboratory cross-referenced and rationalised against sample number
  dispatch information.
• Previous explorers employed unknown security measures.

Audits or reviews

• No processes or data used in developing the release of 2023 exploration
  results have been subject to audit or review by non-company personnel or
  contractors to reduce costs and timelines for reporting. Catalyst Metals
  Limited currently reserve this process for release of Mineral Resource and
  Ore Reserve statements.
• Previous explorers employed unknown levels of audit and review.

Reporting of Exploration Results

Criteria

Explanation

Aspects of previous exploration (Homestake Mining, Dampier Gold) were
verified and reported to ASX by Vango Mining (4 April 2017, 2 May 2019)

Mineral tenement and land
tenure status

• The Trident project is within mining lease M52/217 25km to the northeast
  of the Plutonic Gold Mine, Western Australia. The lease is held by Vango
  Mining Pty Ltd, a 100% subsidiary of Catalyst Metals Ltd.
  (ASX:CYL)M52/217 is in good standing, and due for expiry on 19/03/2033,
  and covers 913.1 ha. This lease is located on freehold grazing pasture.

Exploration done by other
parties

• Previous drilling has been extensive and completed by Resolute Mining
  (1997), Homestake (2000), Dampier Gold NL (2011)

Geology

• Gold mineralisation is hosted within a shear zone within ultramafic rock.
  The high-grade core of mineralisation associated with a steepening and
  thickening of the mineralised zone within the host shear zone - referred to
  as a 'ramp'

Drillhole Information

• Appendix 1, Table 1a: Collar location coordinates, downhole depths,
  azimuths, declinations
• Appendix 1, Table 1b: Downhole intervals of resource, gold grade of
  intervals

Data aggregation methods

• No top-cutting was applied to assay data. Zones of significance were
  identified as those with assays in excess of 1ppm and internal dilution of
  three consecutive metres or less. Reported zones are continuous, with no
  sample or assay gaps.

Relationship between
mineralisation widths and
intercept lengths

• The strike of mineralisation is demonstrated to be generally 60 degrees
  east of north (MGA94 Zone 52 grid). The dip of mineralisation is expected
  to be variably north-west-dipping with two generalised domains
  demonstrating a 30-degree dip and a sub-vertical dip.
  Diamond drillholes were oriented with a dip to the south (rotated local
  grid) to provide effective geometry with respect the described geometry of
  mineralisation.
• Due to the complexity of geometry of the gold mineralisation, the true
  width of mineralisation has not been resolved. As such, significant
  mineralised intersections have been reported as downhole intervals.

Diagrams

• Figure 1 shows cross section 19,550mE
• Figure 2 shows the Trident drilling program collar locations in plan view
• Figure 3 shows project area in long section

Balanced reporting

• Table 1b shows all 2023 drilling including those that did not demonstrate
  significant gold intercepts.

Other substantive exploration
data

• No other exploration results that have not previously been reported, are
  material to this report.

Further work

• Deep diamond drilling will continue through to further delineate identified
  mineralisation