Annual General Meeting Perth

20 November 2020 Bruce Kay Technical Director

Disclaimer & Forward Looking Statements

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This presentation has been prepared by Catalyst Metals Limited (“Catalyst”). This document contains background information about Catalyst current at the date of this presentation. The presentation is in summary form and does not purport to be all inclusive or complete. Recipients should conduct their own investigations and perform their own analysis in order to satisfy themselves as to the accuracy and completeness of the information, statements and opinions contained in this presentation.
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This presentation does not constitute investment advice and has been prepared without taking into account the recipient’s investment objectives, financial circumstances or particular needs and the opinions and recommendations in this presentation are not intended to represent recommendations of particular investments to particular persons. Recipients should seek professional advice when deciding if an investment is appropriate. All securities transactions involve risks, which include (among others) the risk of adverse or unanticipated market, financial or political developments.
To the fullest extent permitted by law, Catalyst and its officers, employees, agents and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of any information, statements, opinions, estimates, forecasts or other representations contained in this presentation. No responsibility for any errors or omissions from this presentation arising out of negligence or otherwise is accepted.
This presentation may include forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside the control of Catalyst. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward looking statements in this presentation speak only at the date of issue of this presentation. Subject to any continuing obligations under any applicable law and the ASX Listing Rules, Catalyst does not undertake any obligation to update or revise any information or any of the forward looking statements in this presentation of any changes in events, conditions or circumstances on which any such forward looking statement is based.

Slide 2

Catalyst Overview

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• Dominant and first mover position in the world class Bendigo / Fosterville gold province of Victoria, Australia

Clear strategy of making major gold discoveries and becoming a high grade gold producer
High quality team, shareholders & partners
Major 4-5 drill rig campaign commencing in December
Targeting maiden JORC Resource in 2021
Focused on shareholder value

Slide 3

2020: Another Year of Achievement

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Multiple high grade gold zones in RC hole at Boyd’s Dam (25m @
23g/t Au; 13m @ 2.5g/t Au; 7m @ 8.8g/t Au EOH)
Drummartin JV signed with SBM; Large gravity survey over 600sq kms
New gold zones east of Boyd’s Dam (Eagle 5)
Further high- grade gold mineralisation at Boyd North
New ore zone at Tandarra JV (Lawry Zone) and high grade on
Macnaughtan Zone
Further investment of $7.875M by GEV (subsidiary of HPPL)
“Catalyst first mover in Victorian Gold province”

Slide 4

Catalyst History 2010-2020

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Slide 5

Victorian Gold: Standout Opportunity

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1. Based past production (22mozs (Bendigo), 3mozs (Fosterville) & current resources & reserves 6.0mozs (KLG ASX 15 Apr 2020)

2. Kirkland Lake Guidance 21 Sept 2020 (Gold Forum America)

Bendigo / Fosterville: 31 moz gold discovered to date1
Fosterville 2020 guidance is c. 600koz Au @ cost of US$150/oz2
Whitelaw Fault controls gold mineralisation
DPI Gold Undercover Report 2 (2007) estimates 32 moz Au under Murray Basin sediments
One of the best untested gold provinces in the world

Slide 6

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Catalyst: Control of Major Faults

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31Moz Gold [1]
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Catalyst control of key faults commenced in 2010
Focused on Boyd’s Dam / Four Eagles project
Virtually untested beneath Murray Basin Sediment cover
Additional upside associated with Tandarra and Drummartin JVs

“ Targeting the next high grade Fosterville / Bendigo style mine under cover”

Slide 7

Past production and current reserves/resources as on slide 6

Catalyst 2020: Exploration Success

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BOYD’S DAM BOYD NORTH HAYANMI 16m @ 15.4g/t Au 9m @ 22.7g/t Au 20m @ 21.4g/t Au 18m @ 9.3g/t Au 3m @ 154g/t Au 22m @ 36.5g/t Au 8m @ 212.3g/t Au 4m @ 20g/t Au 6m @ 21.5g/t Au 25m @ 23.0g/t Au PICKLES 6m @ 82.7g/t Au 3m @ 9.6g/t Au TANDARRA 17m @ 7.1g/t Au CUNNEENS 10m @ 17.9g/t Au 3m @ 21.4g/t Au 5m @ 17.0g/t Au

CUNNEENS 3m @ 21.4g/t Au

Slide 8

Bendigo: A World Class Gold Field

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Bendigo Goldfield

Largest gold producer in the world from 1850 to 1890
22 million ounces at 15g/t Au historical production
Every Vertical 100 metres contained 3 to 5 moz of gold
Larger footprint than the Kalgoorlie Super Pit

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Slide 9

2017/20: Key Intersections

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20m @ 21.4g/t Au (H)
• 22m @ 36.5g/t Au (H)
• 6m @ 21.5g/t Au (H)
4m @ 20.0g/t Au (BN)
• 9m @ 22.7g/t Au (BN)
6m @ 31.6g/t Au (BD)
• 8m @ 212.3g/t Au (BD)
• 25m @23.0g/t Au (BD)
• 16m @ 15.4g/t Au (BD)
• 18m @ 9.3g/t Au (BD)
• 3.0m @ 9.6g/t Au (P)
3.0m @ 21.4g/t Au (C)

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Slide 10

Boyd’s Dam: Boyd North Trend

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Slide 11

Boyd’s Dam: Fosterville Analog

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Fosterville deposit started at surface
Boyd’s Dam has similar stacked zones of gold mineralisation

• Fosterville mining from surface has led to the discovery of world class Swan Zone

Swan Zone Reserves reported by Kirkland Lake Gold (21 February 2019). Reserve would be reduced by subsequent mining. Intersection quoted KLG 18 January 2017

Slide 12

Boyd’s Dam vs New Chum Bendigo

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Boyd’s Dam displays analogous stacked mineralisation with similar scale potential to New Chum line

Slide 13

Boyd’s Dam: Conceptual Mining & Exploration Plan

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Plan to adopt successful staged Fosterville mining approach
Initial shallow open-pit (c. 80m) to access ore and develop c. 2km
underground drilling exploration platform
Underground platform to chase ore body extension at depth

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Slide 14

Fine Gold & Positive Metallurgy

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60% fine gold, lower

nugget effect of Bendigo

Good correlation

between small and large sample assays

• High metallurgical recovery likely with gravity and cyanide

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Correlation Graph: 25g vs 2kg

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Slide 15

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Lifting the Cover

Gravity Survey

 First Vertical derivative shows known gold channels  Gold discovered on Targets 3 and 4 (yellow lines)

Cunneens Prospect >1.6 kms long

Slide 16

Cunneens: Eagle 1

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Gravity Target 3
High grade gold (3m @ 21.4g/t Au) in 5.0 kms trend
4 kms from Whitelaw Fault (same as Bendigo)
Eagle 1 Structure 7 kms long

Slide 17

Tandarra Gold Project

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Catalyst has earned 51% and is operator
High grade gold at less than 20m depth
10 to 20km strike length of untested
structure
Open pit potential at Tomorrow Prospect
2020 drilling has made new discoveries:
Lawry Zone (31m @1.4g/t Au)
Macnaughtan high grade (13m @ 7.8g/t Au)
Tomorrow Zone high grade diamond drill intercepts

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Slide 18

Tandarra South

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• New Lawry Zone discovered

High grade on Macnaughtan Prospect
Deep cover to south
Gold intersections at T4 and Dingee Zone

Slide 19

Tandarra: Tomorrow Zone Drilling

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Slide 20

Catalyst Capital Structure

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Capital Structure (ASX: CYL)  83,399,698 fully paid ordinary shares

 7,881,996 Options ($2.45/31:05:22)

 Top 20 control approximately 78% of issued capital

Cash in hand

 A$17.1 million (at 30 September 2020)

Market Capitalisation  A$208 million (at $2.50 per share)

Slide 21

Corporate Structure

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Non-Executive Directors

 Bruce Kay

Former Head of Worldwide Exploration for Normandy Mining and Newmont
Stephen Boston
Principal of Perth based Private Investment Group
Robin Scrimgeour
Former banker in London, Tokyo, Hong Kong and Singapore

 Gary Schwab

Certified Practising accountant, former Executive Director of private Australian based commodity company

Management

 Bruce Robertson

General Manager Projects: Formerly Macquarie Bank, Minproc, Ross Mining, Tri Origin Minerals
Paul Quigley
Manager Geology : Formerly Sepon Mine Laos, Bendigo Mining

Slide 22

Another big year approaching!

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60,000 metres RC, Air Core and diamond drilling
Possible 5 rigs at Boyd’s Dam to push for resource in 2021
Air core drilling on gravity targets on Boort and Drummartin JVs
Follow up Eagle 5 results
Follow-up of high grades at Lawry and Macnaughtans on Tandarra
“Well funded, scientific exploration”

Slide 23

Catalyst 2020 : Well Positioned

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Tight Capital Structure
Good Market Capitalisation/Cash
Good Management/Cost Control
Control of one of the world’s hottest gold belts
Strong scientific approach to exploration
Strong support from SBM and HPPL
“Excellent Exploration Results”

Slide 24

Competent Persons Statement

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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.

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, Sebastian and Raydarra projects 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.

Slide 25