CATALYST METALS LIMITED — AGM Information 2021

Nov 11, 2021

AGM Presentation November 2021

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Disclaimer

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This presentation has been prepared by Catalyst Metals Limited (“Catalyst” or “CYL”). 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.

This presentation is for information purposes only. Neither this presentation nor the information in it constitutes an offer, invitation, solicitation or recommendation in relation to the purchase or sale of shares in any jurisdiction.

This presentation may not be distributed in any jurisdiction except in accordance with the legal requirements applicable in such jurisdictions. Recipients should inform themselves of the restrictions that apply in their own jurisdiction. A failure to do so may result in a violation of securities laws in such a jurisdiction.

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.

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Overview

A strong production base in Tasmania with exploration ramping up across Victoria’s prolific Goldfields Region

Victorian Goldfields

Tasmanian

Tier-1 partners

Dominant land position with 2,246Km[2] in the prolific Victorian Goldfields north of Bendigo, near the Fosterville gold mine

Pouring gold at 100%-owned Henty Gold mine (historic production of 1.4Moz @ 8.9g/t Au) with three rigs turning underground, to add Resource ounces

Exploration partners and investors include; Hancock prospecting (GEV), St Barbara Mines and Kirkland Lake

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Catalyst Metals – the Company

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SUBSTANTIAL SHAREHOLDERS

Directors and Management. ~14% St Barbara Limited 12.9% Gold Exploration Victoria 12.7% Drill Investments 7.5% Top 20% ~75%

ASX: CYL Share price (9 Nov 2021) Shares on issue Options Market Capitalisation Net cash (30 Sept 2021)

A$2.08 98.3M 7.9M ($2.45 31/5/22) ~$196M $28M

Directors

Stephen Boston -Non-Exec Chair Bruce Kay Robin Scrimgeour Gary Schwab (retiring 12 Nov) James Champion de Crespigny (from 12 Nov) Management CEO John McKinstry CFO John Arbuckle Company Secretary Frank Campagna

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Performance Snapshot – share price

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Our home in the 22Moz Whitelaw Gold Belt

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Victoria’s Whitelaw Gold Belt, north of Bendigo, one of Victoria’s premier exploration addresses

Three Key Projects

• Four Eagles JV (CYL50%/ GEV50%)

• Tandarra JV (CYL51%/ Navarre49%)

• Drummartin (CYL100%, SBM earning in)

Large fault structure controlled the formation of the Bendigo gold deposits which have produced 22Moz Au

First mover advantage, close to the Fosterville gold mine, with 10+ years of exploration

Major exploration partners and investors include Hancock Prospecting (GEV), St Barbara Mines and Kirkland Lake

Other interests

• Golden Camel (CYL earned 50.1%)

• Boort (CYL 50%/ GEV 50%)

• Macorna (CYL 50% GEV 50%)

• Raydarra and Sebastian (both 100%)

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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 4 November 2021 Presentation

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Four Eagles JV – Boyd’s Dam

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Exploration – Results driven

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…there are good reasons as to why we believe we are in the right spot

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Tandarra – Exploration delivering

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• JV 51% with Navarre Minerals Limited.

• CYL is the manager.

• New Lawry Zone discovered

• High grade on Macnaughtan Prospect

• Macnaughtans Zone now 1.2Km long

• • Open pit study on Tomorrow in progress

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Four Eagles to take flight CYL targeting a multi-mine operation

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• Focus at Four Eagles and Tandarra will shift from purely exploration to building a Mineral Resource Estimate.

• Targeting a multi-mine underground operation from a single portal entry

• Goal would be to have multiple sources each capable of supporting a 100-200Ktpa operation

• Boyd’s Dam, Boyd's North, Hayanmi and Pickles being the starting basis for a 500-600Ktpa operation

• High variability offset by having flexibility of multiple ore sources

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Drilling for Mineral Resource

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• A Mineral Resource Estimate requires a different focus to exploration

• Pattern drilling on a set drill spacing to enable statistical interpretation

• Murray Basin Sediment cover makes for challenging drilling from surface – goal is to be doing future drilling from underground

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Where we are - Tasmania

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• 100% interest in the Henty Gold Mine, 23km from Queenstown.

• Underground gold operation constructed and operated by Placer Pacific/ Barrick until 2009.

• Acquired in Jan 2021 AUD$14M (cash and shares) plus trailing payments.

• Access to 25Km of the proven high grade, highly prospective, Henty Fault.

• The fault is a regional structural control to mineralisation at several West Coast mining operations.

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Henty Acquisition – strategic move

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• Acquired through a competitive process

• Flagged that CYL has aspirations as a gold company beyond exploration

• Exploration is still at the heart of any growth opportunity

• Upside of any acquisition will be Resource potential competitors have not recognised.

• Turned from a tired, loss making mine to a net cash generator, with a future

• Has shown the potential for CYL to be a growth story through acquisition as well as exploration.

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Henty Acquisition – the how

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Initial work focused on

• Stabilising the financial situation

• Increasing understanding of the orebodies and exploration potential

• Introducing a new workforce culture

• Delivering better quality mining outcomes

• Improving recoveries through better ore management

The operation has delivered three consecutive quarters of production growth and cash surplus has been reinvested

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Henty Mine – turn around done

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Achievements

• Significant shift in safety attitudes

• Continued environmental commitment

• Significant new mining upside

• Mill recoveries have been significantly improved

• To 30 Sept revenue totalled $43M* (18,042oz)

• C1 cash cost $1549/oz*

• AISC cost $1797/oz*

*unaudited

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Henty Mine – future focused

• $9.5M exploration budget

• • 50,000m of drilling

• • Resource infill and exploration

• Focus on new high grade mining areas

• High grade intercepts are common

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Growing Henty’s High-Grade Resource 3 rigs to target new ore and another to come

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• 357Koz Mineral Resource requires more drilling to covert to Reserves

• Henty has largely fixed costs – extra ounces produced are cheap ounces

• Production rate to rise from 30Kozpa rate to 50Kozpa as new ore sources are added

• Capex investment needed is minimal

• Expected to result in a 20-25% reduction in AISC

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JORC Classification	Tonnage (Mt)	Au (g/t)	Ounces (koz)
Indicated Inferred	1.8 0.7	4.5 4.3	257 100
Total	2.5	4.5	357

The Table above summarises the MRE at 1.75g/t Au cut-off grade. The MRE is as of 30 June 2021.

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Summary

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• Catalyst operates in attractive low risk geological regions.

• Victoria remains centrepiece, with tremendous land position and 10 years of acquired knowledge making Catalyst front runners for development.

• Efforts at Boyd’s Dam and Tandarra will include drilling for Resources to progress planning and permitting.

• Cash flow from operations will continue to be put into exploration in both Tasmania and Victoria.

• Henty will focus on increasing mineral inventory to support increased production.

• Henty has shown Catalyst can identify opportunities, transact and turn around operations.

• 2022 focus is building a better, more complete company, with greater aspirations:

• Fresh management team to build on Catalyst’s transformation.

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