AUREKA LIMITED — Capital/Financing Update 2015

May 12, 2015

13 MAY 2015

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ASX ANNOUNCEMENT

AIRCORE DRILLING COMMENCES AT TANDARRA GOLD PROJECT

• Reconnaissance air-core drilling programme commenced at Tandarra Gold Project

• Drilling to test Tandarra North, Prairie and Dingee Zones

• 4,000 metres planned on east-west road verge traverses

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Catalyst Metals Limited ( Catalyst or the Company ) ( ASX: CYL ) is pleased to announce that air-core drilling has commenced at the Tandarra Gold Project in the Whitelaw Gold Belt in Victoria (see Figure 1). The Tandarra Project comprises Exploration Licence 4897 where Catalyst can earn up to a 51% interest from Navarre Minerals Limited ( Navarre ), by spending $3 million on exploration over a four year period.

Data from historical air-core drilling programmes by previous operators has been compiled and interpreted to define areas of gold potential. Catalyst has been able to use the structural information from its Four Eagles Gold Project to the north to project the prospective corridor between the Whitelaw and Tandarra Faults. As most of the previous exploration activity was focussed on definition of the Tomorrow and McNaughton Lines (rectangular box area on Figure 2a), many of the other prospective structures in the project area have had limited drill testing. Several potential gold trends are shown on Figure 2a including the 7 kilometre strike length along the Tandarra Fault Zone north of the Tomorrow Prospect and the parallel Prairie and Dingee Zones to the east.

These interpreted structural trends are enhanced by a review of anomalous arsenic values in data compiled by previous operator, Leviathan Resources Pty Ltd, but arsenic data is limited as Navarre assayed for gold only. A significant gold intersection was present in air-core hole ACT 045 which assayed 1.83 g/t Au from 61 metres depth in an area near the interpreted Whitelaw Fault. Another hole ACT 046 in the same area, which is not verified, contained 1 metre @ 3.0g/t Au from 32 metres depth. Both of these holes contained extensive quartz veining and were targeted by Navarre in its CSAMT geophysical programme (Controlled Source Audio frequency Magnetotellurics). These intersections are untested to the north and south where basement depths are unknown but probably less than 50 metres.

Air-core drilling will be limited to road and track verges and the current programme will test the northern extension of the Tandarra North and Prairie Zones and on the Dingee Zone to the north of holes ACT 045 and ACT 046.

The holes will be vertical on 160 metre centres along east-west drill traverses. They will be logged to assess the geology, depth to basement and sampled on 3 metre intervals. Samples will be assayed for gold and other elements including arsenic which should provide a vector to the mineralised corridors. Assay results are expected to be available in late-June or early-July 2015.

Level 3, 50 Colin Street West Perth WA 6005 PO Box 778, Claremont WA 6910 Telephone: (61-8) 9383 2825 Facsimile: (61-8) 9284 5426 www.catalystmetals.com.au ABN 54 118 912 495

For further information contact:

Steve Boston Bruce Kay Chairman Technical Director Telephone: +61 8 9383 2825 +61 400 613 180 +61 409 574 515

Competent person’s statement

The information in this report that relates to exploration results is based on information compiled by Mr Bruce Kay, a Competent Person, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Kay is a non-executive director of the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr Kay consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Information relating to the Tandarra project was first disclosed by previous tenement holders under the JORC Code 2004. This information has been subsequently reported by the Company in accordance with the JORC Code 2012, refer to announcement dated 1 September 2014 and the quarterly activities report dated 31 July 2014.

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Figure 1: Whitelaw gold belt tenements showing Tandarra Gold Project location

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Figure 2a: Tandarra Gold Project 2015 air-core programme

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Figure 2b: Tandarra Gold Project significant air-core assays