AUREKA LIMITED — Capital/Financing Update 2018

Apr 26, 2018

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ASX ANNOUNCEMENT

27 APRIL 2018

DRILLING AT TANDARRA GOLD PROJECT INTERSECTS DEEPER GOLD ZONE AND EXTENDS STRIKE LENGTH

• Diamond drilling at Tandarra Gold Project discovers auriferous quartz reef repetition beneath existing shallow gold mineralisation at Tomorrow Zone

• RC Blade/Hammer drilling extends strike length of Tomorrow Zone by 200 metres to the south

• New zone of gold mineralisation intersected in air core drilling of gravity anomalies one kilometre east of Tomorrow Zone

• Expenditure at Tandarra Gold Project to end of March 2018 is $2.81 million and on track for Catalyst to earn 51% interest by mid-2018

• Diamond and RC drilling continues at Four Eagles Gold Project

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Catalyst Metals Limited ( Catalyst or the Company ) (ASX: CYL ) is pleased to advise that its diamond drilling programme at the Tandarra Gold Project has confirmed the upper shallow gold mineralisation at the Tomorrow Zone and intersected a new lower zone of gold mineralisation. RC drilling on the Tomorrow Zone has also extended the strike length of the shallow gold zone by at least 200 metres to the south where visible gold has been seen in a recent drill hole.

Best intersections returned were:

• 10.0 metres @ 4.65g/t Au from 83 metres down hole in DDT016

• 10.0 metres @ 4.5g/t Au from 107 metres down hole in RCT216

• 3.0 metres @ 7.01g/t Au from 35 metres down hole in DDT009

• 6.0 metres @ 4.53g/t Au from 57 metres downhole in DDT014

• 31.0 metres @ 0.7g/t Au including 1.0 metre @ 8.5g/t Au from 261 metres downhole in DDT015

The last intersection quoted is very significant because it confirms the presence of a deeper zone of gold mineralisation separated from the previously drilled shallow gold zone at Tomorrow. It contains extensive quartz veining, sulphides (arsenopyrite and pyrite), alteration and some visible gold. As explained in previous announcements, the stacking of shallow plunging gold zones is a feature of both the Fosterville mine where the Swan Zone now contains reserves of 1.16 million ounces of gold at a grade of 61.2 g/t Au (refer ASX announcement by Kirkland Lake Gold Limited dated 6 April 2018) and Bendigo, which produced 22 million ounces of gold at a grade of 15g/t Au. This stacking was also indicated at the Four Eagles Gold Project where the Company intersected two high grade gold zones in one hole during 2017 ( 20.0 metres @ 21.4g/t Au and 22.0 metres @ 36.5g/t Au in FERC185).

At the Four Eagles Gold Project , diamond drilling commenced in mid-March 2018 and one drill hole (FEDD009) had been completed at Boyd’s Dam to a depth of 327 metres at the end of March 2018 with the objective of testing for structural repetitions of high grade gold zones. A second hole (FEDD010) has since been completed at a depth of 338 metres. Both holes contain extensive quartz veining. RC drilling commenced in April 2018 and is testing the top 120 metres depth at a traverse spacing of 25 metres at Boyd’s Dam and Hayanmi to define possible mineralised shapes for resource estimation.

44 Kings Park Road, West Perth WA 6005 PO Box 778, Claremont WA 6910 Telephone: (61-8) 6263 4423 Facsimile: (61-8) 9284 5426 www.catalystmetals.com.au ABN 54 118 912 495

The Tandarra and Four Eagles Gold Projects are situated along the Whitelaw Fault Corridor which is considered to be a major structural control of gold mineralisation north of Bendigo. Catalyst manages the entire Whitelaw Gold Belt and has interests in eight Exploration Licences which extend for 75 kilometres along the Whitelaw and Tandarra Faults north of Bendigo in Victoria (Figure 1).

TANDARRA GOLD PROJECT (EL4897) (CATALYST EARNING 51% FROM NAVARRE MINERALS LIMITED)

The Tandarra Gold Project is comprised of Exploration Licence 4897, which is owned by Navarre Minerals Limited ( Navarre ) (ASX: NML ). Under a farm-in arrangement with Navarre, Catalyst is earning a 51% equity interest in EL4897 by spending $3 million on exploration over a four-year period. At the end of March 2018, Catalyst had spent $2.81 million on the Tandarra Gold Project and anticipates that it will reach the 51% target by mid-2018. Funding after that date would be shared 51:49 with Navarre.

DIAMOND AND REVERSE CIRCULATION DRILLING: TOMORROW ZONE

The 2017-18 diamond drilling program at the Tandarra Gold Project has been extended due to the intersection of deep gold mineralisation in DDT015 with a further diamond drilling (DDT018) in progress about 200 metres further south. At the end of March 2018, eleven diamond drill holes had been completed for a total metreage of 3,135 metres (including RC pre-collars). All of these holes have been logged and sampled with half cores sent to the ALS laboratory for assay. Assays have been received for eight drill holes with three still awaited (DDT013, DDT016, DDT017).

The combined RC and diamond drilling programme has provided further information on the Tomorrow Zone at Tandarra and has produced significant results in three different areas within a 1.6 kilometre strike length as summarised below.

• Extension of Tomorrow Zone by 300 metres to the South RC drilling at the southern end of the Tomorrow Zone has extended the gold mineralisation by about 300 metres along strike as shown on the longitudinal projection in Figures 2 and 3. Assays from two holes contain significant intersections of greater than 20 gram/tonne*metres. Another traverse of five RC drill holes has been completed but not yet assayed and visible gold was logged in quartz veins in drill hole RCT227. This zone is open to the south and will require further drilling.

• 10.0m @ 4.5g/t Au including 1.0m @ 30.6g/t Au from 107 metres in RCT216

• 9.0m @ 1.9g/t Au including 1.0m @ 7.4g/t Au and 1.0m @ 8.1g/t Au from 110 metres in RCT218

• Discovery of a repetition of the shallow Tomorrow Zone gold mineralisation at a depth of about 200 metres Diamond drill hole DDT015 has intersected a 50-metre zone between 240 metres and 290 metres downhole containing extensive quartz veining and brecciation with common arsenopyrite and pyrite and several occurrences of visible gold. Catalyst Manager Geology, Paul Quigley, describes the zone:

“DDT015 has intersected the expected array of deeper west-dipping fault zones, including that of strongest quartz, arsenopyrite, and gold mineralisation. This fault zone consists of both massive and stringer quartz veins which variably contain carbonaceous stylolites, some of which have provided the chemical environment for gold precipitation. This 31-metre zone displays arsenopyrite crystals both as inclusions in quartz veins as well as coarse isolated crystals throughout sandstone wallrock, both of which are widely recognised as reliable indicators of strong gold-bearing systems in Central Victoria” .

Photographs of some of this zone in drill core are shown in the Figures below.

Between 242 and 292 metres depth, the gold zone contained numerous one-metre samples that were anomalous (> 0.2g/t Au) ranging up to 8.5 g/t Au. Nine intervals contained grades of >0.5g/t

Au with an overall intersection of 31 metres @ 0.7g/t Au from 261 metres including a one metre interval assaying 8.5g/t Au at 291 metres . The discovery of this zone of gold mineralisation in DDT015 has enabled a better interpretation of the other diamond drill holes and it can now be concluded that most of the other diamond drill holes to the north either crossed the anticlinal axis too high or were drilled too steep and remained too far in the eastern limb. This is better understood in the cross section shown on Figure 4.

A further update will be provided when assays are received from the remaining four diamond drill holes (DDT018 in progress) and this will enable a full interpretation of the deeper gold mineralisation at the Tomorrow Zone.

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Photographs of DDT015 (271 to 280 metres)

• Discovery of a new gold zone at Tomorrow North RC drilling about 800 metres north of the Tomorrow Zone has intersected gold mineralisation that may be the up-plunge position of the deeper gold zone in DDT015 (Figure 2). Five RC drill holes were completed on a traverse at 5,973,700N and two holes contained gold mineralisation:

 2.0 metres @ 20.7g/t Au from 73 metres in RCT210  2.0 metres @3.63g/t Au from 102 metres in RCT213

Assays are still awaited for some of these drill holes.

In addition to these new developments on the Tomorrow Zone, further gold intersections were recorded in the shallow zone by either diamond drilling or RC pre-collars. These intersections generally support the previous interpretation in the shallow zone. Some of the intersections recorded are:

• 9.0 metres @ 2.76g/t Au including 1.0 metre @ 12.9g/t Au from 33 metres in DDT016

• 10.0 metres @ 1.21g/t Au from 67 metres in DDT016

• 10.0 metres @ 4.65g/t Au including 1.0 metre @ 34.5g/t Au from 83 metres in DDT016

• 6.0 metres @ 4.5g/t Au from 57 metres in DDT014

• 1.0 metre @ 28.9g/t Au from 23 metres and 3.0 metres @ 7.0g/t Au from 35 metres in DDT009

• 1.9 metres @ 6.3g/t Au from 53 metres in DDT007

• 8.0 metres @ 2.2g/t Au from 31 metres in DDT010

Mr Bruce Kay, Catalyst’s Technical Director, stated, “The discovery of a thick zone of gold mineralisation at a deeper level on the Tomorrow Zone provides confidence that high grade gold lodes similar to Fosterville and Bendigo may be present at Tandarra. Although the grades are lower than expected, the strong shearing and quartz veining in the zone and the presence of arsenopyrite and some visible gold indicate that further drilling may encounter higher grades nearby”.

Full location data on the Diamond and RC Blade/Hammer holes are shown in Appendix 1 on Table 1 and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition are also tabulated in Appendix 1. Previous intersections shown on Figures 2, 3 and 4 have been reported under the 2004 JORC Code. Maximum gold values in each hole are tabulated in Table 2 of Appendix 1.

AIR CORE DRILLING OF REGIONAL TANDARRA GRAVITY TARGETS

Air Core drilling is continuing at the Tandarra Gold Project to test regional targets generated from the interpretation of previous gravity geophysical data and other structural interpretation (see Figure 5). At the end of March 2018, 38 air core holes had been drilled for a total metreage of 3,869 metres. Eight gravity targets have been tested but assays have been received for only about 50% of samples taken. Samples are being tested by the portable XRF machine and three targets (Targets T3, T4 and T5) already show anomalous arsenic geochemistry that may represent corridors of gold mineralisation. Of greater significance is a new zone of gold mineralisation at Gravity Target T4 which contained an intersection of 2.0 metres @ 1.32 g/t Au from 69 metres in air core hole ACT 257 in association with quartz veining. The new zone is about one kilometre east of the Tomorrow Gold Zone at a basement depth of about 30 metres.

Full location data on the air core are shown on Table 1c of Appendix 1 and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition are also tabulated in the Appendix. Maximum gold values in each hole are tabulated in Table 2c of Appendix 1.

FOUR EAGLES JOINT VENTURE (RL6422, EL5295, EL5508)

Catalyst has retained a 50% interest in the Four Eagles Gold Project whilst Gold Exploration Victoria Pty Ltd ( GEV ) (a wholly-owned subsidiary of Hancock Prospecting Pty Ltd) has earned a 50% interest by spending $4.2 million on exploration. All future exploration expenditure will be jointly funded by Catalyst and GEV.

The Four Eagles Gold Project covers an envelope of gold mineralisation about 6 kilometres long and 2.5 kilometres wide. Three prospects have produced high grade gold mineralisation (Hayanmi, Boyd’s Dam and Discovery).

Following the grant of the Retention Licence in late March 2018, the joint venture partners have approved a budget to the end of June 2018 which will enable continuation of the RC blade/hammer and deeper diamond drilling programmes as well as further air core drilling. RC drilling did not commence until early April 2018 but is making good progress on the infill drilling at the Boyd’s Dam gold prospect. Deeper diamond drilling is in progress testing for repeat gold bearing structures below the high-grade zones encountered in 2017 and will be funded jointly by the Victorian Government under the TARGET co-funding scheme. The potential for high grade shoots of gold mineralisation below a vertical depth of 100 metres has not been previously tested at Four Eagles but these stacked ore zones are the basis of mining at the nearby Fosterville mine and were also a characteristic of mining at Bendigo which historically produced 22 million ounces of gold at a grade of 15g/t Au. Two diamond drill holes have been completed at the Boyd’s Dam prospect (FEDD009, FEDD010).

Subject to the wet season and grain sowing, it is expected that 5,000 metres of RC, 2,700 metres of diamond drilling and 2,000 metres of air core drilling will be possible before the end of June 2018. The air-core drilling will follow up the Eagle 1 gold zones intersected during the drilling of gravity targets in 2017. The location of the proposed drilling at Four Eagles is shown on Figure 6.

For further information contact:

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

JORC Reporting of Historic Navarre Exploration Results

Although Catalyst was not involved in previous exploration at the Tandarra Gold Project, it has elected to update the information to comply with the JORC 2012 Code. The results had been publicly reported by Leviathan Resources Pty Ltd (ASX code LVR) (December 2004 to January 2007), Perseverance Corporation Limited (ASX code PSV) (January 2008 to March 2011) and Navarre Minerals Limited (ASX code NML) (March 2011 to September 2014) in numerous announcements during the stated periods under the JORC 2004 Code. Catalyst has limited knowledge on how the data was collected but has had to make assumptions based on the available historic data generated by these companies.

Full location data on the Tandarra drill holes and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition were included in the Company’s ASX announcements dated 1 September 2014 and 29 July 2015.

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 nonexecutive 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.

Much of the historical information relating to the Four Eagles project was prepared and first disclosed under the JORC Code 2004. This information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was reported.

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 announcements dated 1 September 2014, the quarterly activities report dated 31 July 2014, and for other Tandarra drilling on 29 July 2015.

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Figure 1: Catalyst-managed tenements in the Whitelaw Gold Belt showing location of the Four Eagles Gold Project (RL6422)

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Figure 2: Tandarra Gold Project longitudinal projection showing location of completed and proposed Diamond and RC drill holes.

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Figure 3 Longitudinal Projection of Tomorrow Zone showing Diamond and RC Drilling results

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Figure 4 Tandarra Cross Section at 5,972,750N showing zone of deeper gold mineralisation

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Figure 5: Gravity Geophysical Interpretation of the Tandarra Gold Project showing targets for proposed Air Core drilling

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Figure 6: Four Eagles Gold Project showing areas of drilling in 2018
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APPENDIX 1: AIR CORE, RC AND DIAMOND DRILL DATA

Table 1a	Air Core Drill Hole Collars	Air Core Drill Hole Collars
Hole ID	Easting (MGA)	Northing (MGA)	RL	Total Depth	Grid Azimuth	Declination
ACT231	247487	5975679	102	138	270	-90
ACT232	247591	5975683	102	100	270	-90
ACT233	247690	5975677	102	135	270	-90
ACT234	247792	5975682	102	103	270	-90
ACT235	247889	5975681	102	120	270	-90
ACT236	247992	5975681	102	120	270	-90
ACT237	248089	5975682	102	108	270	-90
ACT238	248190	5975682	102	105	270	-90
ACT239	249261	5975435	102	54	270	-90
ACT240	249271	5975437	102	54	270	-90
ACT241	249358	5975439	102	114	270	-90
ACT242	249457	5975452	102	105	270	-90
ACT243	249561	5975441	102	105	270	-90
ACT244	249661	5975441	102	114	270	-90
ACT245	249761	5975441	102	96	270	-90
ACT246	249861	5975441	102	93	270	-90
ACT247	245856	5978747	102	117	270	-90
ACT248	245756	5978745	102	135	270	-90
ACT249	245656	5978743	102	102	270	-90
ACT250	245556	5978739	102	111	270	-90
ACT251	245456	5978736	102	129	270	-90
ACT252	245356	5978736	102	129	270	-90
ACT253	247298	5973473	102	129	270	-90
ACT254	247403	5973460	102	48	270	-90
ACT255	247393	5973458	102	54	270	-90
ACT256	247499	5973468	102	96	270	-90
ACT257	247403	5973459	102	105	270	-90
ACT258	246424	5972807	102	94	270	-90
ACT259	246224	5972796	102	92	270	-90
ACT260	246324	5972801	102	98	270	-90
Table 1b	Diamond Drill Hole Collars
Hole ID	Easting (MGA)	Northing (MGA)	RL	Total Depth	Grid Azimuth	Declination
DDT007	246883	5972833	106	183.9	270	-67
DDT008	247020	5972835	106	346.6	270.61	-60.14
DDT009	246816	5972923	106	85.0	85.22	-75.28
DDT010	246828	5972919	106	244.4	270.03	-79
DDT011	246835	5973024	106	325.5	270	-65
DDT012	246921	5973025	105	395.5	270	-72
DDT013	246880	7972920	105	278.9	265.92	-74.88
DDT014	246922	5972750	105	239.5	270	-77
DDT015	246988	5972750	105	327	270	-70
DDT016	247000	5972655	105	326.6	270	-73
DDT017	247035	5972655	105	384.3	270	-72

Table 1c RC Blade/Hammer Drill Hole Collars

Hole ID	Easting (MGA)	Northing (MGA)	RL	Total Depth	Grid Azimuth	Declination
RCT210	246635	5973700	105	102.0	265.58	-60.93
RCT211	246655	5973700	105	62.0	270	-60
RCT212	246594	5973699	105	157.0	270	-80
RCT213	246519	5973700	105	129	88.96	-60.3
RCT214	246499	5973700	105	104	89.15	-59.72
RCT215	247106	5972300	105	102	274.45	-60.63
RCT216	247131	5972300	105	126	272.1	-60.62
RCT217	247156	5972300	105	78	272.11	-60.69
RCT218	247181	5972300	105	145	271.31	-60.51
RCT220	246670	5973450	105	54	270	-60
RCT221	246700	5973450	105	120	269.85	-60.2
RCT222	246730	5973450	105	126	274.96	-60.48

Table 2a Drill Assay Results Diamond Drilling using Aqua Regia 25gm Sample

Hole ID	From	To	Interval	**Auppm **
DDT007	23.2	24.0	0.8	0.70
DDT007	29.0	33.6	4.6	0.65
DDT007	37.0	37.5	0.5	0.97
DDT007	53.0	54.9	1.9	6.30
DDT008	227.0	228.0	1.0	0.80
DDT008	231.0	232.0	1.0	0.75
DDT009	23.0	27.0	4.0	9.06
Including	23.0	24.0	1.0	28.90
DDT009	33.2	38.0	4.8	6.23
Including	35.0	36.0	1.0	19.15
DDT010	22.0	23.0	1.0	0.69
DDT010	27.0	28.0	1.0	0.81
DDT010	31.0	39.0	8.0	2.16
Including	31.0	35.0	4.0	3.50
DDT010	120.0	121.0	1.0	1.57
DDT011	58.0	59.0	1.0	0.29
DDT012	271.0	272.0	1.0	0.92
DDT013	64.0	65.0	1.0	2.40
DDT014	33.8	39.0	5.2	1.59
Including	38.0	39.0	1.0	3.81
DDT014	45.0	46.0	1.0	5.97
DDT014	57.0	63.0	6.0	4.53
Including	61.0	63.0	2.0	3.40
DDT014	67.4	71.0	3.6	1.11
Including	67.4	68.0	0.6	4.55
DDT015	180.0	181.0	1.0	0.96
DDT015	201.0	202.0	1.0	1.52
DDT015	205.0	206.0	1.0	1.71
DDT015	219.0	220.0	1.0	2.60
DDT015	254.1	255.0	0.9	0.73
DDT015	261.0	292.0	31.0	0.67

Including	261.0	262.0	1.0	2.51
Including	271.0	275.0	4.0	1.06
Including	278.0	280.0	2.0	1.47
Including	291.0	292.0	1.0	8.52
DDT016	33.0	42.0	9.0	2.76
Including	38.0	42.0	4.0	5.43
DDT016	67.0	77.0	10.0	1.21
DDT016	83.0	93.0	10.0	4.65
Including	89.0	90.0	1.0	34.50
DDT017	61.0	62.0	1.0	0.06

Table 2b Drill Assay Results RC Blade/Hammer Drilling using Aqua Regia 25gm Sample

Hole ID	From	To	Interval	**Auppm **
RCT210	73	75	2	20.68
RCT212	97	98	1	2.77
RCT212	137	140	3	0.90
RCT212	146	147	1	0.78
RCT213	102	104	2	3.63
RCT214	68	69	1	0.23
RCT215	55	56	1	1.11
RCT215	74	78	4	0.79
RCT216	90	91	1	0.59
RCT216	107	117	10	4.50
Including	110	111	1	30.60
RCT217	73	74	1	0.28
RCT218	110	119	9	1.87
Including	110	111	1	8.06
Including	118	119	1	7.40
RCT218	132	133	1	1.85
RCT219	60	61	1	0.21
RCT220	43	44	1	<0.01
RCT221	68	69	1	0.15
RCT222	69	70	1	0.03

Table 2c Drill Assay Results Air Core Drilling using Aqua Regia 25gm Sample

Hole ID	From	To	Interval	**Auppm **
ACT231	57	60	3	0.047
ACT232	95	96	1	0.027
ACT233	81	84	3	0.020
ACT234	68	72	4	0.006
ACT235	116	117	1	0.087
ACT236	70	71	1	0.039
ACT237	65	66	1	0.038
ACT238	84	90	6	0.029
ACT239	48	51	3	0.002
ACT240	36	39	3	0.002
ACT241	105	108	3	0.026
ACT242	93	96	3	0.004
ACT243	93	96	3	0.006

ACT244	72	75	3	0.015
ACT245	57	60	3	0.006
ACT246	85	86	1	0.048
ACT247	108	109	1	0.016
ACT248	121	122	1	0.023
ACT249	72	75	3	0.021
ACT250	88	89	1	0.012
ACT251	115	116	1	0.030
ACT252	109	111	2	0.005
ACT253	122	123	1	0.004
ACT254	39	40	1	0.004
ACT255	111	112	1	0.003
ACT256	79	80	1	0.049
ACT257	40	41	1	0.500
ACT257	69	71	2	1.320
ACT258	63	66	3	0.011
ACT259	60	66	6	0.005
ACT260	33	36	3	0.015

JORC 2012 Edition, Table 1 Checklist Diamond Drilling

Diamond Core Sampling Techniques and Data Criteria	Explanation
Sampling techniques	• All basement material collected in commercially available diamond core trays. The cover alluvium is not the subject of resource development and is not sampled. • Diamond core is cleaned and marked metre-by-metre • The geologist determines which metres are to be sampled in consultation with criteria such as quartz vein development, sulphide occurrence, and visible gold occurrence. • The selected one-metre intervals for sampling are cut with a diamond-impregnated saw, with half being collected in a calico bag for laboratory submission, the remaining half being transferred back to the source core trayfor storage.
Drilling techniques	• Holes are initiated using 120mm blade drilling, with cuttings lifted by either air or drilling mud to the base of cover. PVC casing is installed to preserve the collar condition for subsequent drilling. • Should there be a requirement for a deeper precollar, a decision is made to either continue as a 120mm AC hole, or to convert to down-the-hole RC hammer. • All precollar drilling utilises six-metre RC drill rods. RC drilling utilises a truck-mounted drill rig; 400psi 900cfm compressor and booster; auxiliary compressor where dictated by water in-flows. • At end-of-precollar depth, the rod string is removed from the hole and steel HWT or PQ casing is installed shoed-into the base-of-hole. • HQ triple tube barrel and HQ drill rods are installed to precollar depth. Beyond this depth the hole is progressed to final depth with DDH drilling techniques, generally employing three-metre barrel and rods. Where ground conditions are poor, 1.5-metre rods are employed to alleviate core loss at tube extraction.
Drill sample recovery	• Core runs are documented by the driller, and recoveries measured by the geologist to ensure recovery is known and strategies implemented to maximise recovery (target being above 85%). • The driller is under instruction to monitor recovery and rectify core loss through adjusting drill rig operation. • All diamond core is drilled using triple tube equipment to assist in deliveringacceptable core recovery.
Logging	• Diamond core is geologically logged at one-metre intervals for lithology, alteration, quartz veining and to a standard acceptable for subsequent interpretation for use in estimation. • Geological logging aspects are qualitative with exception of quartz vein content which is estimated semi-quantitatively • Drill core structural measurements are logged prior to cutting/sampling. Drill core orientations are performed on each core run, and where successful are applied to structural measurements to provide known orientations of structures. Where orientations are not successful, the S1 cleavage is exploited as a proxy to orientation; in which case the database is flagged as such. • All logged intervals represent entire one-metre sample segregation intervals

Diamond Core Sampling Techniques and Data Criteria	Explanation
Sub-sampling techniques and sample preparation	• Lab submission samples collected as described above. No quarter coring is required. • Samples dispatched to commercial assay laboratory (Catalyst have used ALS Pty Ltd exclusively); samples crushed, dried, and pulverised in entirety, with 25g aliquot split for analysis (laboratory repeat splits historically demonstrate acceptable reproducibility and hence accuracyfor this mineralisation)
Quality of assay data and laboratory tests	• Gold assay determined by ICPMS via aqua regia digestion (ALS code Au-OG43). Experience has shown this method to be applicable for fine grained gold population of the mineralisation due to the completion of digestion. There is a technical constraint in that coarse-grained gold may not completely enter solution resulting in conservative assay. • Laboratory and client certified reference materials (3 x standards) are implemented every20thsample.
Verification of sampling and assaying	• Data management procedures are under development. Data management has been performed by an experienced individual and not by several individuals. • There has been no verification of significant intersections by independent nor alternative company personnel. • A component of the DDH drilling program is to provide drillhole-twin verification of a historical significant intersection (DDT001). • 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 assaylaboratory.
Location of data points	• All drillhole location coordinates are measured using differential GPS to MGA94 Zone 55, and AHD estimated from terrain model created from publicly-available land survey data • Collar locations to within an estimated precision of 10mm horizontally and 20mm vertically. • All drillholes are downhole surveyed. Drilling orientation establishedprior to collaringwith clinometer and compass.
Data spacing and distribution	• DDH drillholes drilled at a section spacing of approximately 100 metres. • The long sections consist of holes spaced at a nominal 30m (vertically) • This spacing is designed to be of a sufficient density to ultimately be included in the estimation of a resource. • For the purpose of the reporting of exploration results, assays are aggregated to reflect continuously sampled zones of significant anomalism forgold.
Orientation of data in relation to geological structure	• Drillhole sections were aligned approximately 112 degrees clockwise from the strike of mineralisation. Holes are generally inclined 60 - 85 degrees to the west to provide cross-strike investigation within holes and to establish continuity of sub-vertical mineralisation and/or saddle structures between holes.

Diamond Core Sampling Techniques and Data Criteria	Explanation
Sample security	• All samples are controlled by the responsible geologist and stored in secured facility prior to despatch to the laboratory. • Samples are transported directly to laboratory by a commercial transportation contractor with chain-of-custody protocols in place. • Sample number receipt information from laboratory cross- referenced and rationalised against sample number dispatch information.
Audits or reviews	• No processes or data used in developing the release of exploration results have been subject to audit or review by non-company personnel or contractors so as to reduce costs and timelines for reporting. Catalyst Metals Limited currently reserve this process for release of Mineral Resource and Ore Reserve estimates.

JORC 2012 Edition, Table 1 Checklist RC Blade/Hammer

RC Sampling Techniques and Data Criteria	Explanation
Sampling techniques	• Samples from surface collected at cyclone at one-metre intervals with no sub-sampling. • All material collected in individual numbered plastic bags; chip trays collected by hand from bags (uncomposited) • Laboratory samples selected using Jones riffle splitter into calico sample bags to a mass of >2kg (if sufficient sample is available) and <3kg. • Cover sequence is understood to potentially contain alluvial gold, and thus cover samples are occasionallysubmitted for assay.
Drilling techniques	• Holes are initiated using 120mm AC drilling. This method provides reverse-circulation face sampling of sufficiently soft material. • On bit-refusal, a four-inch diameter RC hammer with 110mm button bit was utilised to progress the hole to design depth or where groundwater inflows compromise sample quality. • All drilling utilises three or six metre RC drill rods; truck-mounted drill rig; 400psi 900cfm compressor and booster; auxiliary compressor where dictated by water in-flows. • Holes were routinelycased to basement depth with PVC.
Drill sample recovery	• Where sample volumes at cyclone were unduly affected by groundwater, holes terminated (by inspection) where sample quality is compromised • Sample water content assessed by rig geologist as being dry or wet • Sample bags collected at the rig were weighed prior to sample splitting. Sample weight is used to assess the splitting requirements (number of riffles required) to deliver a sub-sample to the desired mass constraints (>2kg and <3kg). Calico bag masses recorded by laboratory contractor • Geological control maintained at the drill site at all times, to ensure drillingand samplingwas to standard.
Logging	• Chip samples are geologically logged at one-metre intervals for lithology, alteration, quartz veining and to a standard acceptable for subsequent interpretation for use in estimation. • Logging aspects are qualitative with exception of quartz vein content which is estimated semi-quantitatively • All logged intervals represent entire one-metre sample segregation intervals
Sub-sampling techniques and sample preparation	• Lab submission samples collected as described – any mass reduction required for assay purposes performed by laboratory contractor; consisting of drying and riffle-splitting. • Samples dispatched to commercial laboratory (Catalyst have used ALS Pty Ltd exclusively); samples dried and pulverised in entirety, with 25g aliquot split for analysis (laboratory repeat splits historically demonstrate acceptable reproducibility and hence accuracyfor this mineralisation)

RC Sampling Techniques and Data Criteria	Explanation
Quality of assay data and laboratory tests	• Gold assay determined by ICPMS via aqua regia digestion (ALS code Au-OG43). Experience has shown this method to be applicable for fine grained gold population of the mineralisation due to the completion of digestion. There is a technical constraint in that coarse-grained gold may not completely enter solution resulting in conservative assay. • Laboratory and client certified reference materials (3 x standards) are implemented every30thsamples.
Verification of sampling and assaying	• Data management procedures are under development. Data management is performed by an experienced individual and not by several individuals. • There has been no verification of significant intersections by independent nor alternative company personnel. • Drillhole sampling and geological data logged onto paper in preparation for database data entry. • There have been no adjustments to data as provided by the commercial assaylaboratory.
Location of data points	• All drillhole location coordinates are measured using differential GPS to MGA94 Zone 55 and AHD estimated from terrain model created from publicly-available land survey data • Collar locations to within an estimated precision of 10mm horizontally and 20mm vertically. • All drillholes are downhole surveyed. Drilling orientation establishedprior to collaringwith clinometer and compass.
Data spacing and distribution	• At the south of the Tomorrow prospect, RC holes drilled on sections located between existing RC and AC traverses providing 10-metre or 100-metre spacing along the strike of mineralisation. • At the north of the Tomorrow prospect, RC holes were drilled on an existing AC traverse to twin and validate the significant intersections of TAC105, TAC136, and ACT164. An additional RC traverse was drilled some 250m further to the south to investigate a deeper plunge extension of these grades. • The sections consist of holes spaced at a nominal 20m • This spacing is designed to be of a sufficient density to ultimately be included in the estimation of a mineral resource. • For the purpose of reporting, assays are aggregated to reflect continuouslysampled zones of significant anomalism forgold.
Orientation of data in relation to geological structure	• Drillhole sections are aligned approximately 112 degrees clockwise from the strike of mineralisation. Holes are generally inclined 60 degrees to the west to provide cross-strike investigation within holes and to establish continuity of sub-vertical mineralisation between holes.
Sample security	• All samples are controlled by the responsible geologist and stored in secured facility prior to despatch to laboratory. • Samples are transported directly to laboratory by a commercial transportation contractor with chain-of-custody protocols in place. • Sample number receipt information from laboratory cross- referenced and rationalised against sample number dispatch information.

RC Sampling Techniques and Data Criteria	Explanation
Audits or reviews	• No processes or data used in developing the release of exploration results have been subject to audit or review by non-company personnel or contractors so as to reduce costs and timelines for reporting. Catalyst Metals Limited currently reserve this process for release of Mineral Resource and Ore Reserve estimates.

JORC 2012 Edition, Table 1 Checklist: Aircore Drilling

Aircore Sampling Techniques and Data Criteria	Explanation
Sampling techniques	• Samples collected at cyclone at one-metre intervals • Cover sequence samples collected in buckets and arranged as piles on the ground; basement material samples collected in individual numbered plastic bags; chip trays collected by hand from piles and bags (uncomposited) • Assay laboratory samples collected by hand from bags (no routine cover sequence sampling) into calico sample bags to a mass of <3kg (composited to three-metre intervals corresponding with drill rods). • Cover sequence is understood to potentially contain alluvial gold, and thus cover samples are occasionallysubmitted for assay.
Drilling techniques	• Three-inch diameter AC blade drill bit; three-metre RC drill rods; truck-mounted drill rig; 300psi 700cfm compressor. • All holes are uncased • Penetration into basement to depth of bit refusal against quartz or fresh rock.
Drill sample recovery	• AC drilling provides a high variability in sample recovery, due to low pressures of equipment and common groundwater effects. • Sample water content assessed by rig geologist as being dry/moist/wet • Calico bag masses recorded by commercial laboratory • Geological control is maintained at the drill site at all times, to ensure drillingand samplingstandards maintained.
Logging	• Chip samples are geologically logged at 1m intervals for lithology, alteration, quartz veining and to a standard acceptable for subsequent interpretation for use in estimation. • Logging aspects are qualitative with exception of quartz vein content which is estimated semi-quantitatively • All logged intervals represent entire one-metre sample segregation intervals
Sub-sampling techniques and sample preparation	• Three metre samples selected (composited) by hand-grab at drill site when materials were dry, moist, or wet; duplicate samples taken approximately every 30 samples (one per drillhole). • Samples dispatched to commercial laboratory (Catalyst have used ALS Pty Ltd exclusively); samples dried and pulverised in entirety, with 25g aliquot split for analysis (laboratory repeat splits historically demonstrate acceptable reproducibility and hence accuracy for this mineralisation) • Analysis of duplicate samples collected at the drill site provided acceptable confidence that sampling was appropriate for the level for the intended(non-resource estimation)use of the assaydata.
Quality of assay data and laboratory tests	• Gold assay determined by ICPMS via aqua regia digestion (ALS code Au-TL43). Experience has shown this method to be applicable for fine grained gold population of the mineralisation due to the completion of digestion. There is a technical constraint in that coarse-grained gold may not completely enter solution resulting in conservative assay.

Aircore Sampling Techniques and Data Criteria	Explanation
Verification of sampling and assaying	• Data management procedures are under development. Data management has been performed by an experienced individual and not by several individuals. • There has been no verification of significant intersections by independent or alternative company personnel. • There has been no drillhole twinning to verify results. • Drillhole sampling and geological data logged onto paper in preparation for database data entry. • There have been no adjustments to data as provided by the commercial assaylaboratory.
Location of data points	• Where available, drillhole location coordinates are measured using differential GPS. In general, drillhole collars surveyed by 12-channel GPS to MGA94 Zone 55 and AHD estimated from terrain model created from publicly-available land survey data • Collar locations to within an estimated precision of 5m at worst. • No drillholes were downhole surveyed. Drilling orientation establishedprior to collaringwith clinometer and compass.
Data spacing and distribution	• A 100-metre hole spacing, it is not of sufficient density to allow the estimation of a mineral resource. • One-metre samples were composited to three-metre samples for the purpose of submission to the laboratory. For the purpose of reporting, assays have been aggregated to reflect continuously sampled zones of significant anomalism forgold.
Orientation of data in relation to geological structure	• Drillhole sections are aligned approximately 112 degrees clockwise from the strike of mineralisation. In general, holes were vertical because of the reconnaissance nature of the holes.
Sample security	• All samples are controlled by the responsible geologist and stored in secured facility prior to despatch to laboratory. • Samples are transported directly to laboratory by a commercial transportation contractor with chain-of-custody protocols in place. • Sample number receipt information from laboratory cross- referenced and rationalised against sample number dispatch information.
Audits or reviews	• No processes or data used in developing the release of exploration results have been subject to audit or review by non-company personnel or contractors so as to reduce costs and timelines for reporting. Catalyst Metals Limited currently reserves this process for release of Mineral Resource and Ore Reserve estimates.

Reporting of Exploration Results Criteria	Explanation
Mineral tenement and land tenure status	• The Tandarra Gold Project is within EL4897 in the vicinity of Dingee Victoria, 100% owned by Navarre Minerals Pty Ltd • A Retention Licence application has been made to replace EL4897 which will continue until the RL is granted. • Exploration activities were confined to free-hold farm land and road-side easements.
Exploration done by other parties	• None in the area drilled
Geology	• Gold-arsenic bearing narrow veins in Ordovician sandstone in the vicinity of a regional-scale anticline. • Deposit assessed as being northern extension of Bendigo Goldfield, with potential for post-mineralisation influence/redistribution by proximal granitic intrusion. • Potential for some supergene gold enrichment in paleo-weathering profile.
Drillhole Information	• Appendix 1, Table 1: Collar location coordinates, downhole depths, azimuths, declinations • Appendix 1, Table 2: Downhole intervals of resource, gold grade of intervals
Data aggregation methods	• DDH and RC drillhole data were not composited. • AC drillhole samples are composited to three metres in the first instance. Subsequent resampling of anomalous composites is performed on a one-metre interval basis. • No top-cutting applied to assay data • Zones of significance identified as those with assays in excess of 0.4g/t and internal dilution of two consecutive assays 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 22 degrees west of grid north. • The dip of mineralisation is expected to be sub-vertical and sub- parallel with bedding as was the case in the Bendigo Goldfield. • DDH and RC drillholes are oriented with a dip to the west to provide effective geometry in the context of the eastern limb of an anticline. • AC reconnaissance drillholes are vertical. • Due to the complexity of slate belt gold mineralisation, the true width of mineralisation has not been resolved. As such, significant mineralised intersections have been reported as downhole intervals.
Diagrams	• Figures 2-5 show position of key holes in longitudinal projection. Table 1 lists all hole collarpositions.
Balanced reporting	• All drilling inclusive of holes which did not contain significant intersections are included in Tables 1 and 2.
Other substantive exploration data	• No other exploration results that have not previously been reported, are material to this report.
Further work	• DDH and air core drilling is continuing at Tandarra but should be completed in May2018.