BLACK CAT SYNDICATE LIMITED — Capital/Financing Update 2021

Nov 10, 2021

ASX ANNOUNCEMENT 11 November 2021

Grant of EIS funding for Balagundi Cu-Zn-Pb-Au Project

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The Board of Black Cat Syndicate Limited (“Black Cat” or “the Company”) is pleased to advise that it has been successful in securing a Department of Mines, Industry Regulation and Safety (“DMIRS”) Exploration Incentive Scheme (“EIS”) grant to co-fund diamond drilling at the Balagundi Cu-Zn-Pb-Au Project (“Balagundi”). The objective of EIS funding is to stimulate exploration leading to mineral discoveries. Black Cat acknowledges this significant support from DMIRS.

• The EIS grant of up to $146,970 is a contribution towards 50% of direct drilling costs associated with the diamond drilling program at the Balagundi Cu-Zn-Pb-Au Project (BC8 earning up to 75% from Essential Metals Limited (ASX:ESS)).

• Balagundi is prospective for both gold and VMS style, base metal deposits. Targets include:

• Dingo Dam (Cu-Au-Zn): a 2km long Cu-Au-Zn anomaly containing historical mine shafts;

• Anvil (Cu-Pb-Zn-Au): a discrete, ~1.5km long Cu-Pb-Zn-Au anomaly with values up to 634 ppm Cu; and

• Brontes and Asterope (Cu): two gossans, within 500m east of Anvil.

A Moving Loop Electromagnetic ground survey was undertaken at Anvil, Brontes and Asterope in the September 2021 quarter. Interpretation is expected to be completed in the December 2021 quarter and the results will be used to refine drilling targets.

EIS diamond drilling is expected to be undertaken at Brontes, Asterope and Anvil in the March 2022 quarter.

Black Cat Managing Director, Gareth Solly said “The EIS grant process is highly competitive and is determined by an independent panel of experts. To be successful in receiving EIS funding adds further weight to the prospectivity of our base and precious metals targets at Balagundi. Balagundi has not seen significant exploration in the last 30 years and is an exciting project for Black Cat.”

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Figure 1: Balagundi Cu anomalism from auger drilling showing base and precious metals targets (Refer ASX announcement 26 July 2021)

BLACK CAT SYNDICATE LIMITED (ASX:BC8)

Level 3, 52 Kings Park Road, West Perth WA 6005 PO Box 184, West Perth WA 6872 T: +61 458 007 713 | E: admin@bc8.com.au W: www.blackcatsyndicate.com.au ABN 63 620 896 282

DIRECTORS

Paul Chapman Non-Executive Chairman Gareth Solly Managing Director Les Davis Non-Executive Director Philip Crutchfield Non-Executive Director Tony Polglase Non-Executive Director

CORPORATE STRUCTURE Ordinary shares on issue: 140.8M Market capitalisation: A$77M (Share price A$0.545) Cash (30 Sept 2021): A$10.3M

Grant of EIS funding for Balagundi Cu-Zn-Pb-Au Project

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RECENT AND PLANNED ACTIVITIES

Upcoming activities include:

Planned Activities	Nov 21	Dec 21	Jan 22	Feb 22	Mar 22
RC and diamond drilling
Milling facility acquisition and servicing
Updated Resources and Ore Reserves
Ongoing acquisition of major equipment components
Tailings storage facility approval
Environmental works approval
Fingals mining approval (required for 2023)
Quarterly report
Annual General Meeting

For further information, please contact:

Gareth Solly

Managing Director +61 458 007 713

admin@bc8.com.au

This announcement has been approved for release by the Board of Black Cat Syndicate Limited.

COMPETENT PERSON’S STATEMENT

The information in this announcement that relates to geology, exploration results and planning was compiled by Mr. Iain Levy, who is a Member of the AIG and an employee, shareholder and option holder of the Company. Mr. Levy has sufficient experience which 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'. Mr. Levy consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the form and context in which the Competent Person’s findings are presented have not been materially modified from the original reports.

Where the Company refers to the Mineral Resources in this report (referencing previous releases made to the ASX), it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource estimate with that announcement continue to apply and have not materially changed.

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Grant of EIS funding for Balagundi Cu-Zn-Pb-Au Project

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ABOUT BLACK CAT SYNDICATE (ASX: BC8)

Black Cat’s Kal East Gold Project comprises ~800km[2] of highly prospective tenements to the east of the world class mining centre of Kalgoorlie, WA. Kal East contains a combined JORC 2012 Mineral Resource of 17.5Mt @ 2.1 g/t Au for 1,185,000 oz which is mainly located in the Myhree, Majestic, Fingals and Trojan Mining Centres.

Black Cat plans to construct a central processing facility near the Majestic Mining Centre, ~50kms east of Kalgoorlie. This location is well suited for a processing facility and sits within a short haulage distance of the bulk of Black Cat’s Resources. The processing facility will be a traditional carbon-in-leach gold plant which is ideally suited to Black Cat’s Resources as well as to third party free milling ores located around Kalgoorlie.

Black Cat is well advanced on securing key, long lead time items. High quality Outokumpu ball mills and associated infrastructure have already been purchased and relocated. After servicing in Kalgoorlie, the mills will be relocated to the Majestic Mining Centre. Other key components have also been identified for procurement and Black Cat intends to secure all items needed to allow for production to commence in the second half of 2022.

Black Cat’s extensive ground position contains a pipeline of projects spanning from exploration targets on new greenstone belts, Resource extensions around historic workings and study work for the definition of maiden Ore Reserves.

Black Cat is actively growing and upgrading the current Resources with ongoing drilling programs underway and delivering results.

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Regional map of Kalgoorlie showing the location of the Kal East Gold Project as well as nearby infrastructure

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Grant of EIS funding for Balagundi Cu-Zn-Pb-Au Project

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JORC 2012 RESOURCE TABLE - Black Cat (100% owned)

The current in-situ, drill-defined Resources for the Kal East Gold Project are listed below.

	Measured Resource	Measured Resource	Measured Resource	Indicated Resource	Indicated Resource	Indicated Resource	Inferred Resource	Inferred Resource	Inferred Resource	Total Resource	Total Resource	Total Resource
Deposit	Tonnes	Grade	Metal	Tonnes	Grade	Metal ‘	Tonnes	Grade	Metal ‘	Tonnes	Grade (g/t Au)	Metal (‘000s oz)
	(‘000s)	(g/t Au)	(000s oz)	(‘000s)	(g/t Au)	(000s oz)	(‘000s)	(g/t Au)	(000s oz)	(‘000s)
Myhree Mining Centre
Open Pit	-	-	-	964	2.7	83	863	1.8	50	1,827	2.3	132
Underground	-	-	-	230	4.6	34	823	3.5	93	1,053	3.8	127
Sub Total	-	-	-	1,194	3.0	117	1,686	2.6	143	2,880	2.8	259
Majestic Mining Centre
Open Pit	-	-	-	2,083	1.6	104	4,127	1.4	185	6,209	1.4	289
Underground	-	-	-	627	4.9	100	476	5.5	84	1,103	5.2	184
Sub Total	-	-	-	2,710	2.3	204	4,603	1.8	268	7,313	2.0	472
Fingals Mining Centre
Open Pit	-	-	-	1,818	1.8	106	1,576	1.7	88	3,394	1.8	194
Underground	-	-	-	0	0.0	0	283	3.0	27	287	3.0	28
Sub Total	-	-	-	1,818	1.8	106	1,859	1.9	116	3,681	1.9	222
Trojan
Open Pit	-	-	-	1,356	1.8	79	760	1.5	36	2,115	1.7	115
Sub Total	-	-	-	1,356	1.8	79	760	1.5	36	2,115	1.7	115
Other Resources
Open Pit	13	3.2	1.0	200	2.6	17	1,134	2.3	85	1,347	2.4	103
Underground	-	-	-	0	0.0	0	114	3.8	14	114	3.8	14
Sub Total	13	3.2	1.0	200	2.6	17	1,248	2.5	99	1,461	2.5	117
TOTAL Resource	13	3.2	1.0	7,278	2.2	522	10,156	2.0	661	17,450	2.1	1,185
1. The preceding statements of Mineral Resources conforms to the ‘Australasian Code for Reporting of Exploration Results Mineral Resources and Ore Reserves (JORC Code) 2012 Edition’. 2. All tonnages reported are dry metric tonnes. 3. Data is rounded to thousands of tonnes and thousands of ounces gold. Discrepancies in totals may occur due to rounding. 4. Resources have been reported as both open pit and underground with varying cut-offs based off several factors discussed in the corresponding Table 1 which can be found with the original ASX announcements for each Resource. The announcements containing the Table 1 Checklists of Assessment and Reporting Criteria relating for the 2012 JORC compliant Resources are: 1. Myhree Mining Centre: o Boundary – Black Cat ASX announcement on 9 October 2020 “Strong Resource Growth Continues including 53% Increase at Fingals Fortune”; o Trump – Black Cat ASX announcement on 9 October 2020 “Strong Resource Growth Continues including 53% Increase at Fingals Fortune”; o Myhree – Black Cat ASX announcement on 9 October 2020 “Strong Resource Growth Continues including 53% Increase at Fingals Fortune”; o Strathfield – Black Cat ASX announcement on 31 March 2020 “Bulong Resource Jumps by 21% to 294,000 oz”; 2. Majestic Mining Centre: o Majestic – Black Cat ASX announcement on 11 March 2021 “1 Million Oz in Resource & New Gold Targets”; o Sovereign – Black Cat ASX announcement on 11 March 2021 “1 Million Oz in Resource & New Gold Targets”; o Imperial – Black Cat ASX announcement on 11 March 2021 “1 Million Oz in Resource & New Gold Targets”; o Jones Find - Black Cat ASX announcement on 3 September 2021 “Maiden Resource Growth in the Shadow of the Mill”; o Crown Black Cat ASX announcement on 3 September 2021 “Maiden Resource Growth in the Shadow of the Mill”; 3. Fingals Mining Centre: o Fingals Fortune – Black Cat ASX announcement on 31 May 2021 “Strong Resource Growth Continues at Fingals”; o Fingals East – Black Cat ASX announcement on 31 May 2021 “Strong Resource Growth Continues at Fingals”; 4. Trojan Mining Centre: o Trojan – Black Cat ASX announcement on 7 October 2020 “Black Cat Acquisition adds 115,000oz to the Fingals Gold Project”; and 5. Other Resources: o Queen Margaret – Black Cat ASX announcement on 18 February 2019 “Robust Maiden Mineral Resource Estimate at Bulong”; o Melbourne United – Black Cat ASX announcement on 18 February 2019 “Robust Maiden Mineral Resource Estimate at Bulong”; o Anomaly 38 – Black Cat ASX announcement on 31 March 2020 “Bulong Resource Jumps by 21% to 294,000 oz”; o Wombola Dam – Black Cat ASX announcement on 28 May 2020 “Significant Increase in Resources - Strategic Transaction with Silver Lake”; o Hammer and Tap – Black Cat ASX announcement on 10 July 2020 “JORC 2004 Resources Converted to JORC 2012 Resources”; o Rowe’s Find – Black Cat ASX announcement on 10 July 2020 “JORC 2004 Resources Converted to JORC 2012 Resources”.

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