CATALYST METALS LIMITED — Capital/Financing Update 2017

Jun 19, 2017

20 JUNE 2017

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ASX ANNOUNCEMENT

POTENTIAL NEW GOLD DISCOVERY AT EAGLE 1 AND FURTHER HIGH GRADES IN FOUR EAGLES GOLD PROJECT DRILLING

• Gold mineralisation intersected in new area at Four Eagles Gold Project during gravity target testing on Eagle 1 (3.0m @ 4.8g/t Au)

• Continued high grade gold intersections at Hayanmi, Boyd’s Dam and Boyd North at Four Eagles Gold Project (5.0m @ 10.9g/t Au, 3.0m @ 12.6g/t Au, 2.0m @ 17.6g/t Au, 9.0m @ 10.2g/t Au)

• Discovery Zone at Four Eagles Gold Project extended by air core drilling (3.0m @ 9.6g/t Au)

• Bulk leach assays have generally increased previous quoted gold grades

• Drilling programmes completed at Tandarra and Four Eagles with many assays still outstanding

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Catalyst Metals Limited ( Catalyst or the Company ) ( ASX: CYL ) is pleased to advise that a potential new gold discovery has been made while testing the geophysical gravity targets at the Four Eagles Gold Project. Air Core hole FE847 intersected 3.0 metres @ 4.8g/t Au from 123 metres on Gravity Target 3 which lies about 3 kilometres south west of the known mineralised area and low grade gold mineralisation was also intersected on Gravity Target 4 (Figure 2). This structure is loosely termed the Eagle 1 Structure and is virtually untested over its interpreted 10 kilometre strike length.

More assays have also been received from reported drilling programmes at Boyd’s Dam-Boyd North, Hayanmi and Discovery Prospects at the Four Eagles Gold Project and show further high grade zones of gold mineralisation. Many assays are still outstanding especially bulk leach assays of zones which contained anomalous gold values.

Catalyst retains a 50% interest in the Four Eagles Gold Project whilst Gold Exploration Victoria Pty Ltd ( GEV ) (a subsidiary of Hancock Prospecting Pty Ltd) is earning up to a 50% interest from Providence Gold and Minerals Pty Ltd by spending $4.2 million on exploration. To date, GEV has already earned a 25% interest in the Four Eagles Gold Project by spending $2.1 million and should complete the remaining expenditure during 2017.

The Four Eagles Gold Project and the Tandarra Gold Project are situated about 15 kilometres apart 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). The Company has also lodged a large exploration licence application (Drummartin EL006507) over two potential regional faults to the east of Four Eagles, north of the Fosterville Gold Mine.

REGIONAL AIR CORE DRILLING

Air core drilling was completed on 16 May 2017 with 8,899 metres of drilling completed at Boyd North, Hayanmi North, and Discovery Zones as well as reconnaissance drilling on five of the eight gravity geophysical targets.

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

Gravity Targets

A geophysical gravity survey in 2016 highlighted eight gravity targets for drill testing in 2017. Based on accessibility, five of these targets were tested with air core drilling during the March to May 2017 period and two of the targets have shown gold mineralisation (Figures 2 & 3)

Recent assay results from the testing of gravity target 3 has produced a very significant gold intersection of 3.0 metres @ 4.8g/t Au from 123 metres depth in drill hole FE847. This zone is in a totally new area with no previous drilling but may lie on the interpreted Eagle 1 Trend which had weak gold intersections about 2.5 kilometres to the north. On gravity Target 4, six (6) kilometres to the north, low grade gold mineralisation was also intersected in drill hole FE845 which contained 3.0m @ 0.46g/t Au from 96 metres and 3.0metres @ 0.61g/t Au from 114 metres.

Mr Bruce Kay, Catalyst’s Technical Director, stated, “Although these assays need to be verified by bulk leaching of the one-metre sample intervals, it is very encouraging to see gold mineralisation in a new area of the licence. The intersection is about the same distance from the Whitelaw Fault as the Bendigo Goldfield (approximately 4 kilometres) and opens up a completely new structure for drill testing. It also provides support for the gravity geophysical method as a means of targeting gold structures”

Further air core drilling will be required on these targets after the winter rains in 2017.

Discovery Zone

Air Core drilling was undertaken on the Discovery Zone for the first time in several years and has extended the high grade zone by 400 metres to the north with an intersection of 3.0 metres @ 9.6g/t Au in Hole FE811 and visible gold recorded in FE842 . This zone contained some of the highest grade intersections at the Four Eagles Gold Project but the exploration programme has focussed on Boyd’s Dam and Hayanmi where the basement depth is shallower. Limited drilling was carried out at the northern end of the Discovery Zone where air core hole FE663 contained 3.0 metres @ 59g/t Au . The Discovery Zone appears to have several parallel lines of gold mineralisation and more drilling is required to understand the gold distribution evidenced in the following intersections:

• 4.0m @ 9.6g/t Au (FE811)

• 3.7m @ 4.7g/t Au including 0.8 m @ 17.5g/t Au (FEDD001)

• 0.4m @ 8.4g/t Au and 0.75m @ 15.3g/t Au (FEDD007)

• 0.4m @ 152g/t Au (FEDD008)

• 6.0m @ 82.7g/t Au (FE328)

• 1.5m @ 1.81g/t Au (FE326)

• 3.0m @ 9.71g/t Au (FE380)

• 3.0m @ 1.4g/t Au (FE840)

• 3.0m @59.0g/t Au and 3.0m @ 7.0g/t Au (FE663)

Gold in the Discovery Zone is usually related to massive or stringer quartz zones and is a high grade underground exploration target.

RC BLADE/HAMMER DRILLING

This programme involved the drilling of angled large diameter air core holes (RC Blade/Hammer) on the Hayanmi and Boyd’s Dam gold structures to give a better understanding of the shapes of the gold mineralisation. 5,833 metres of RC drilling tested strike lengths of 700 metres on Hayanmi and about 900 metres on Boyd’s Dam and Boyd North (Figures 2a & 2b) at a traverse spacing of about 50 metres.

Some of the planned drillholes at Hayanmi were unable to be completed before the wet season commenced. Approximately 3,800 metres of RC drilling was also completed on the Tomorrow Gold

Zone at Tandarra and an announcement will be made when all assays are returned in about 4 weeks. This announcement provides updated bulk leach assay information on Boyd’s Dam and Boyd North and initial aqua regia ICPMS 25-gram sample assays on Hayanmi. Approximately 20% of assays are still awaited.

Boyd’s Dam – Boyd North Prospects

Drilling on the Boyd’s Dam and Boyd North Prospects commenced in January 2017 and was designed to test a 900 metre long strike length at Boyd’s Dam at a traverse spacing of about 50 metres using RC Blade/Hammer. RC Blade/Hammer drilling was also carried out at Boyd North to test areas highlighted in the earlier Air Core drilling programme. Drilling has now confirmed strong gold mineralisation at Boyd’s Dam but further RC drilling will be required at Boyd North where the traverse spacing is still 150 metres. The Boyd’s Dam drilling can now be used to interpret the shape of the gold mineralisation and hopefully predict the plunge components of the gold zones.

Most of the assays quoted in the previous announcement on 27 April 2017 were from 25 gram samples using aqua regia digest and AAS but now most bulk leach assays on 2 kilogram samples are available and are used in this announcement. The bulk leach assays are considered more reliable and have generally increased the tenor of the intersections. Significant intersections are shown in plan view on Figure 4 and diagrammatically on the longitudinal projection as Figure 5 and are listed below. A full list of new drill assay results is set out in Table 1 of Appendix 1:

• 6.0 m @ 50.4g/t Au including 1.0 m @ 247g/t Au from 114 metres (FERC152)

• 19.0m @ 10.5g/t Au including 1.0m @ 100.0g/t Au from 59 metres (FERC158)

• 4.0m @ 20.0g/t Au including 1.0m @ 70.6g/t Au from 110 metres (FE776)

• 9.0m @ 10.2g/t Au from 42 metres (FERC147)

• 1.0m @ 28.8g/t Au from 83 metres (FERC153)

• 5.0m @ 7.97g/t Au from 50 metres (FE782)

• 9.0m @ 8.2g/t Au from 37 metres (FERC164)

• 12.0m @ 2.7g/t Au from 107 metres and 1.0m @ 20.9g/t Au from 86 metres (FERC154)

• 13.0m @ 3.6g/t Au from 81 metres (FERC155)

• 1.0 m @ 25.5g/t Au from 91 metres and 1.0m @ 32.3g/t Au from 112 metres (FERC149)

• 2.0m @ 7.9g/t Au from 95 metres (FERC146)

• 1.0m @23.6g/t Au from 115 metres (FERC145)

• 6.0m @ 3.7g/t Au from 98 metres (FE766)

• 4.0m @ 7.1g/t Au from 95 metres and 2.0m @ 17.6g/t Au from 157 metres (FERC161)

• 15.0m @ 2.2g/t Au from 94 metres (FERC172)

• 5.0m @ 3.4g/t Au from 82 metres (FERC166)

These results show strong gold mineralisation in the core section of Boyd’s Dam and also confirm the high gold grades obtained at Boyd North with air core in 2016. The total length of the Boyd’s Dam-Boyd North structure is now about 1.8 kilometres long with sporadic high gold grades scattered over the entire length. Boyd North is still only tested at 150 metre intervals and will require RC hammer drilling to penetrate the common quartz veins that occur along the structure

Hayanmi RC Blade/Hammer Drilling

Twelve RC holes were drilled over a 400 metre strike length of the Hayanmi Trend to test the gold mineralisation down to a vertical depth of about 100 metres. Preliminary 25 gram aqua regia AAS assays have been received for 9 holes as shown in Appendix 1. Five of the holes contained intersections grading greater than 5g/t Au and only two holes contained gold values less than 1g/t Au. Significant intersections are listed below and shown in plan view on Figure 6 and in longitudinal projection on Figure 7:

• 5.0m @ 5.8g/t Au from 61 metres (FERC174)

• 3.0m @ 12.6g/t Au from 60 metres (FERC175)

• 4.0m@ 3.0g/t Au from 85 metres (FERC177)

• 9.0m @ 1.5g/t Au from 65 metres (FERC 179)

• 1.0m @ 10.0g/t Au from 92 metres (FERC180)

• 1.0m @ 7.3g/t Au from 93 metres (FERC181)

A complete interpretation of this segment of the Hayanmi Zone will be possible when all bulk leach assays have been received.

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

Location data is also included for the air core drill holes in Table 2a and 2b and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition are tabulated in Appendix 2. Maximum gold values in each hole are tabulated in Appendix 2.

For further information contact:

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

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.

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Figure 1: Whitelaw Gold Belt Tenement Holdings showing major Catalyst managed projects

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Figure 2: Gravity Geophysical Targets at Four Eagles Gold Project showing known mineralised structures (in red) and interpreted structures (in yellow). Anomalous gold mineralisation has been intersected on Gravity Targets 3 and 4.

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Figure 3a: Four Eagles Gold Project showing areas of RC Blade/Hammer and Air Core Drilling in 2017. Recent gravity target intersections are also shown

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Figure 3b: Four Eagles Gold Project showing significant intersections for Figure 3a

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Figure 4: Plan View of Boyd’s Dam – Boyd North showing 2017 Drillholes and intersections

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Figure 5: Longitudinal Projection of Boyd’s Dam- Boyd North highlighting 2017 drill intersections (in blue)

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Figure 6: Hayanmi Prospect plan view showing gold trends and recent RC drill holes. Drill intersections shown on Figure 3b

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Figure 7: Longitudinal Projection of Hayanmi Prospect showing areas of RC drilling in 2017. Drill intersections from recent drilling are highlighted in blue.

APPENDIX 1: RC BLADE/HAMMER DRILLING

Table 1a RC Drill Hole Collars

Hole	East	North	RL	Depth	Grid	Collar Declination
	(MGA)	(MGA	(AHD)	(m)	Azimuth
FERC162	245244.27	5990753.83	96.1	93.0	90	-60
FERC163	245208.25	5990754.18	96.2	153.0	90	-62
FERC164	245279.57	5990604.75	96.3	153.0	90	-60
FERC165	245232.33	5990601.56	96.2	111.0	90	-60
FERC166	245347.88	5989878.75	96.4	132.0	90	-61
FERC167	245309.75	5989879.05	96.4	156.0	90	-61
FERC168	245201.86	5990602.16	96.2	150.0	90	-60
FERC169	245267.41	5990454.30	96.4	100.0	90	-61
FERC170	245217.71	5990455.80	96.5	156.0	90	-61
FERC171	245312.77	5990305.59	96.5	154.0	0	-90
FERC172	245293.31	5990203.26	96.6	156.0	90	-61
FERC173	244620.43	5991019.51	96.2	153.0	0	-90
FERC174	244639.83	5991071.01	96.0	138.0	0	-90
FERC175	244629.10	5991170.21	95.8	144.0	0	-90
FERC176	244615.98	5991270.16	95.7	135.0	0	-90
FERC177	244685.00	5990920.00	98.0	150.0	270	-61
FERC178	244690.00	5990870.00	98.0	150.0	270	-61
FERC179	244720.00	5990870.00	98.0	150.0	270	-60
FERC180	244715.00	5990920.00	98.0	156.0	270	-61
FERC181	244685.00	5990970.00	98.0	150.0	270	-61

Table 1b Drill Re-assay Results RC Blade/Hammer using Bulk Leach Analysis

Hole ID	From	To	Interval	Au ppm
FERC139	113	114	1	7.79
FERC140	57	58	1	1.03
	60	61	1	0.53
	74	75	1	2.82
	77	78	1	0.72
	86	87	1	4.19
	133	134	1	0.5
FERC142	48	49	1	0.73
	65	66	1	3.27
	74	76	2	1.45
FERC143	72	77	5	0.65
	80	83	3	2.75
	91	92	1	0.66
	98	99	1	3.6
FERC144	47	48	1	0.4
	57	58	1	1.07
	99	102	3	0.69
	121	124	3	1.06
	127	131	4	4.16
FERC145	115	116	1	23.6
FERC146	62	63	1	0.52
	72	76	4	0.84
	79	80	1	0.53
	84	87	3	0.45
	95	97	2	7.91
Including	95	96	1	9.89
	110	113	3	0.73
FERC147	42	51	9	10.23
Including	45	50	5	17.50
	57	59	2	0.52
	91	92	1	3.04
FERC148	73	74	1	2.07
	77	78	1	1.59
	93	94	1	1.6
	101	103	2	1.42
	111	112	1	0.61
	117	118	1	6.33
	134	135	1	0.78
	139	140	1	1.55
FERC149	61	62	1	0.73
	78	79	1	0.41
	91	92	1	25.5
	112	113	1	32.3

Hole ID	From	To	Interval	Au ppm
FERC153	75	78	3	0.48
	83	84	1	28.8
	105	106	1	1.56
	107	108	1	2.2
	111	112	1	0.58
	127	128	1	13.9
FERC154	75	87	12	2.48
Including	86	87	1	20.90
	104	106	2	2.96
	107	119	12	2.74
Including	108	109	6	4.58
	122	134	12	1.35
	123	124	1	6.33
	140	145	5	0.87
FERC155	58	63	5	0.83
	72	94	22	2.31
Including	81	94	13	3.61
	100	101	1	5.78
	107	108	1	2.08
	110	112	2	1.2
FERC156	67	73	6	1.9
FERC157	64	66	2	1.07
	72	75	3	0.47
	90	91	1	0.51
	94	106	12	0.50
	119	120	1	0.78
FERC158	59	78	19	10.47
Including	65	78	13	14.70
	89	90	1	0.91
	115	121	6	1.04
FERC159	69	73	4	1.3
	77	79	2	1.01
	84	94	10	0.51
	95	98	3	0.41
FERC160	101	105	4	1.1
	121	122	1	0.61
	132	133	1	1.2
FERC161	71	75	4	0.5
	78	79	1	0.57
	83	89	6	2.12
	93	99	6	4.87
Including	95	98	3	9.20
	149	153	4	4.80
Including	149	150	1	18.50
	157	159	2	17.57

Hole ID	From	To	Interval	Au ppm
Including	157	158	1	33.80
FERC162	71	72	1	0.43
FERC163	59	60	1	0.30
FERC164	37	46	9	8.18
Including	41	45	4	13.40
	85	86	1	1.95
	90	92	2	0.8
	110	111	1	0.74
	113	114	1	0.41
FERC165	83	84	1	0.51
	92	93	1	0.43
FERC166	70	73	3	0.43
	82	90	8	2.3
	82	87	5	3.41
	97	108	11	0.68
	103	104	1	3.41

Table 1c Drill Assay Results RC Blade/Hammer using Aqua Regia 25gm Sample

Hole ID	From	To	Interval	Au ppm
FERC168	73	75	2	1.99
FERC169	72	75	3	0.30
FERC170	48	49	1	0.49
FERC172	94	109	15	2.19
	101	102	6	3.84
	120	121	1	0.79
FERC173	68	70	2	1.3
	75	76	1	0.6
FERC174	58	69	11	2.91
	63	66	3	9.08
	73	74	1	0.5
	89	92	3	0.45
	113	114	1	0.4
FERC175	53	54	1	1.16
	58	64	6	6.75
	60	63	3	12.60
	70	71	1	0.97
	90	94	4	0.57
	97	98	1	0.51
	101	102	1	0.45
	135	136	1	4.74
FERC176	73	74	1	0.7
	79	80	1	0.7
	87	88	1	0.52
	94	95	1	0.41
FERC177	76	77	1	0.59
	80	81	1	0.46
	85	89	4	3.02
FERC178	96	97	1	0.36
FERC179	65	69	4	2.81
	67	69	2	5.14
	72	74	2	0.86
	88	89	1	0.48
	107	108	1	0.51
FERC180	87	88	1	0.52
	92	95	3	4.10
	92	93	1	9.97
	124	125	1	0.43
	149	151	2	0.57
FERC181	73	74	1	0.52
	88	89	1	0.99
	93	95	2	4.63
	93	94	1	7.30

Hole ID	From	To	Interval	Au ppm
	98	99	1	0.54
	108	109	1	0.63

JORC 2012 Edition, Table 1 Checklist RC Blade/Hammer

RC Sampling Techniques and Data Criteria	Explanation
Sampling techniques	• Samples collected at cyclone at one-metre intervals with no sub- sampling. • 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 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 be unmineralised and thus not sampled for laboratory submission.
Drilling techniques	• Holes are initiated using 120mm air core blade 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 is utilised to progress the hole to design depth or where groundwater inflows compromise sample quality. • All drilling utilises three-metre reverse circulation drill rods and handled in six-metre lengths where rig format allows; truck-mounted drill rig; 400psi 900cfm compressor and booster; plus auxiliary compressor where dictated by water in-flows. • Sufficient drillhole casing is used to stabilise the foundation of the drill rig.
Drill sample recovery	• Holes were terminated where sample quality was compromised by groundwater inflow • Sample water content assessed by rig geologist as being dry/wet • Sample bags collected at the rig were weighed prior to sample splitting. Sample weight was used to assess the splitting requirements (number of riffle tiers required) to deliver a sub-sample to the desired mass constraint (>2kg and <3kg). Calico bag masses recorded by laboratory contractor • Geological control maintained at the drill site at all times, to ensure drilling and sampling was to standard.
Logging	• Chip samples geologically logged at 1m intervals for lithology, alteration, quartz veining and to a standard acceptable for subsequent interpretation for use in interpretation. • 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

RC Sampling Techniques and Data Criteria	Explanation
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 ALS Pty Ltd (Adelaide); 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)
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 (up to four x CRMs plus blanks) generally demonstrate on-par or biased-low assays. • Where zones of significant gold mineralisation have been identified by initial sample assay, residual pulps are assigned to a four-hour bottle- roll BLEG process – which is considered the definitive assay for each one-metre interval; due to the nominal 2kg aliquot mass.
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. • Drillhole sampling and geological data documented on paper logs in preparation for database entry. • There have been no adjustments to data as supplied and certified by the commercial assay laboratory.
Location of data points	• All drillhole location coordinates were measured using differential GPS to MGA94 and AHD estimated from terrain model created from publicly-available land survey data • Collar locations to within an estimated precision of 1m. • All drillholes were downhole surveyed. When available, non-magnetic drill rods were implemented to allow azimuth surveys down-the-hole. Drilling orientation established prior to collaring with clinometer and compass.
Data spacing and distribution	• RC holes drilled on sections located between existing RC and air core traverses providing 50-metre spacing along the strike of mineralisation. • The sections consist of holes spaced at a nominal 25m in orientations that provide the best geometry for interpretation • 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 have been aggregated to reflect continuously sampled zones of significant anomalism for gold.

RC Sampling Techniques and Data Criteria	Explanation
Orientation of data in relation to geological structure	• Drillhole sections were aligned approximately normal to the strike of mineralisation. Holes were generally inclined 60 degrees to the east to provide cross-strike investigation within holes and to establish continuity of sub-vertical mineralisation between holes. A number of west-azimuth holes were drilled to test for tensional vein arrays, and vertical holes to investigate the near-hinge environment at depth.
Sample security	• All samples were controlled by the responsible geologist, and stored in secured facility prior to despatch to laboratory. • Samples were transported by a specialist contractor with chain-of- custody protocols. • 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 JORC-compliant Mineral Resource and Ore Reserve estimates.

Reporting of Exploration Results Criteria	Explanation
Mineral tenement and land tenure status	• The Four Eagles Project is within EL4525 in the vicinity of Mitiamo Victoria, 50% owned by Catalyst Metals Ltd., 25% owned by Providence Gold and Minerals, and 25% owned by Gold Exploration Victoria • EL4525 is currently operable under a retention licence application lodged in December 2016 • Exploration activities were confined to free-hold farm land • As of 2015, activities are funded with Gold Exploration Victoria Ltd (GEV) through a farm-in agreement.
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.

Reporting of Exploration Results Criteria	Explanation
Drill hole Information	• All information material to the understanding of the exploration results of all last-phase drill holes are tabulated: • Appendix 1, Table 1: Collar location coordinates, downhole depths, azimuths, declinations • Appendix 1, Table 1a and Table 1b: Downhole intervals of significance, gold grade of intervals; Au-AA15 and Au-OG43 respectively
Data aggregation methods	• Data aggregation using downhole length-weighting • No top-cutting applied to assay data • Zones of significance identified as those with assays in excess of 0.4ppm Au and internal dilution of two consecutive assays or less. • Reported zones are continuous, with no sample or assay gaps. • Holes without zones of significance are tabulated detailing the greatest assay value achieved.
Relationship between mineralisation widths and intercept lengths	• The strike of mineralisation is demonstrated to be generally north- south and sub-parallel with grid. • The dip of mineralisation is expected to be both east-dipping and west-dipping as was the case in the Bendigo Goldfield. • Drillholes were oriented to provide effective geometry in the context of the eastern limb of an anticline. • The dip of mineralisation has not been definitively proven, and the true width of mineralisation has not been resolved. As such, significant mineralised intersections have been reported as downhole intervals.
Diagrams	• Figure 3 shows the plan of recent drillhole collars including previous drillholes.
Balanced reporting	• Figure 3 shows all new drilling inclusive of holes which did not encounter significant mineralisation
Other substantive exploration data	• No other exploration results that have not previously been reported, are material to this report. The assay results for the final RC drillholes at the Hayanmi prospect are pending.
Further work	• Further RC drilling will be required to follow up on recently air core drilled positions along Discovery and Eagle 1.

APPENDIX 2: AIR CORE DRILLING

Table 2a Air Core Drill Hole Collars

	East	North	RL	Depth	Grid	Collar Declination
Hole	(MGA)	(MGA	(AHD)	(m)	Azimuth
FE799	243943.34	5990622.31	96.6	120.0	0	-90
FE800	243977.48	5990621.78	96.5	139.0	0	-90
FE801	244005.14	5990621.17	96.4	135.0	0	-90
FE802	244112.14	5988953.71	97.1	165.0	0	-90
FE803	244140.86	5988956.55	97.0	153.0	0	-90
FE804	244172.28	5988953.75	96.9	144.0	0	-90
FE805	244129.22	5989054.07	97.3	150.0	0	-90
FE806	244163.70	5989050.59	97.1	141.0	0	-90
FE807	244199.13	5989050.04	97.2	139.0	0	-90
FE808	244188.72	5989199.16	97.4	156.0	270	-60
FE809	244218.13	5989202.59	97.3	141.0	270	-60
FE810	244080.04	5989193.00	97.2	141.0	90	-60
FE811	244048.76	5989200.89	97.6	159.0	0	-90
FE812	244080.15	5989206.85	97.3	132.0	0	-90
FE813	245953.40	5987598.96	97.5	122.0	0	-90
FE814	246118.53	5987598.57	97.3	138.0	0	-90
FE815	245420.01	5990050.06	96.5	60.0	270	-60
FE816	245312.96	5990050.03	96.4	101.0	90	-60
FE817	244418.64	5990919.17	96.4	56.0	90	-60
FE818	244519.64	5990920.68	96.3	122.0	270	-60
FE819	244354.31	5990828.25	96.5	144.0	270	-60
FE820	244612.49	5990836.24	96.3	126.0	270	-60
FE821	244271.69	5990826.16	96.5	133.0	0	-90
FE822	243919.04	5988525.67	97.4	170.0	0	-90
FE823	244079.61	5988528.26	97.3	168.0	0	-90
FE824	243800.00	5992780.00	95.4	85.0	0	-90
FE825	243959.99	5992800.02	95.1	60.0	0	-90
FE826	241610.74	5986800.29	98.4	159.0	0	-90
FE827	241409.38	5986800.19	98.6	141.0	0	-90
FE828	241249.37	5986800.17	98.8	168.0	0	-90
FE829	241089.27	5986799.13	98.4	144.0	0	-90
FE830	240923.15	5986799.04	98.7	138.0	0	-90
FE831	244420.00	5990925.00	96.0	138.0	90	-60
FE832	245218.45	5990856.96	96.0	37.0	90	-60
FE833	245222.00	5990865.00	96.0	37.0	90	-60
FE834	245227.00	5990865.00	96.0	40.0	90	-60
FE835	245190.92	5990856.28	96.0	100.0	90	-60
FE836	245254.15	5990974.30	95.8	153.0	90	-60

Hole	East	North	RL	Depth	Grid	Collar Declination
	(MGA)	(MGA	(AHD)	(m)	Azimuth
FE837	245223.04	5990974.70	95.9	102.0	90	-60
FE838	245191.88	5990974.12	95.8	86.0	90	-60
FE839	245162.31	5990974.56	95.8	70.0	90	-60
FE840	244181.00	5989050.00	98.0	175.0	270	-60
FE841	244020.00	5989200.00	98.0	114.0	0	-90
FE842	244014.00	5989340.00	98.0	172.0	0	-90
FE843	243480.00	5992800.00	96.0	95.0	0	-90
FE844	243640.00	5992800.00	96.0	96.0	0	-90
FE845	242138.00	5991450.00	96.0	141.0	0	-90
FE846	242298.00	5991450.00	96.0	129.0	0	-90
FE847	242630.00	5986570.00	96.0	138.0	0	-90
FE848	242790.00	5986570.00	96.0	132.0	0	-90
FE849	243110.00	5986570.00	96.0	123.0	0	-90
FE850	243250.00	5986570.00	96.0	126.0	0	-90
FE851	243320.00	5992800.00	96.0	117.0	0	-90

Table 2b Drill Assay Results Air Core Four Eagles EL4525: Hole Numbers with * have used bulk leach data.

Hole ID	From	To	Interval	Au (ppm)
FE799	75	78	3	0.08
FE800	81	84	3	0.05
FE801	57	60	3	0.10
FE802	123	126	3	0.09
FE803*	135	136	1	1.15
FE804	81	84	3	0.09
FE805	135	150	15	0.14
FE806	102	105	3	0.01
FE807	111	114	3	0.01
FE808	153	156	3	0.03
FE809				NS
FE810				NS
FE811*	139	147	8	4.04
Including	139	142	3	9.60
FE812				NS
FE813	114	117	3	0.01
FE814	87	93	6	0.01
FE815	57	60	3	0.04
FE816*	92	96	4	2.14
FE817	51	54	3	0.003

Hole ID	From	To	Interval	Au (ppm)
FE818	81	87	6	0.01
FE819	120	123	3	0.22
FE820	51	54	3	0.19
FE821	81	84	3	0.18
FE822	144	147	3	0.26
FE823	135	138	3	0.15
FE824	81	87	6	0.09
FE825	42	45	3	0.004
FE826	90	93	3	0.01
FE827	96	99	3	0.03
FE828	99	102	3	0.01
FE829	111	114	3	0.01
FE830	108	111	3	0.01
FE831	63	66	3	0.03
FE832	27	30	3	0.01
FE833	36	37	1	0.21
FE834	30	33	3	0.01
FE835	72	75	3	0.8
FE836	123	126	3	0.22
FE837	33	36	3	0.05
FE838	69	72	3	0.05
FE839	69	70	1	0.07
FE840	162	165	3	1.38
FE841				NS
FE842*	141	143	2	0.35
FE843	87	90	3	0.05
FE844	63	69	6	0.004
FE845	96	99	3	0.46
FE845	114	117	3	0.61
FE846	111	114	3	0.38
FE847	123	126	3	4.79
FE848	108	114	6	0.01
FE849	87	93	6	0.003
FE850	93	96	3	0.02
FE851	69	72	3	0.09

JORC 2012 Edition, Table 2 Checklist: Air Core Drilling

Air Core 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 be unmineralised and thus not sampled for assay laboratory submission.
Drilling techniques	• Three-inch diameter air core blade drill bit; three-metre reverse circulation drill rods; truck-mounted drill rig; 300psi 700cfm compressor. • All holes uncased • Penetration into basement to depth of bit refusal (often against quartz).
Drill sample recovery	• Sample water content assessed by rig geologist as being dry/ wet • Calico bag masses recorded by laboratory contractor • Geological control maintained at the drill site at all times, to ensure drilling and sampling standards maintained.
Logging	• Chip samples geologically logged at one-metre intervals for lithology, alteration, quartz veining and to a standard acceptable for subsequent interpretation and RC drillhole planning. • 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

Air Core Sampling Techniques and Data Criteria	Explanation
Sub-sampling techniques and sample preparation	• Samples selected (composited) by hand-grab at drill site when materials were dry or wet; duplicate samples taken approximately every 30 samples (one per drillhole). • Samples dispatched to ALS Pty Ltd (Adelaide); 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 (ie collected at the drill site) provided acceptable confidence that sampling was appropriate for the level for the intended (non-resource estimation) use of the assay data. • Where zones of significant gold mineralisation have been identified by initial sample assay, corresponding one-metre sample bags were recovered from storage and split or hand- grabbed for laboratory analysis. The analysis used employs a four-hour bottle-roll BLEG process – which is considered the definitive assay for each one-metre interval; due to the nominal 2kg aliquot mass.
Quality of assay data and laboratory tests	• Gold assay determined by ICPMS via aqua regia digestion (ALS code Au-TL43 and Au-AROR43 for over-range values). 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. • All samples returning a >10ppm value were re-assayed using an ‘ore-grade’ analytical process which provides precision up to a value of 100ppm.
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. • There was substantial RC drillhole twinning during 2015 and 2016 to verify the reliability of the air core drilling method at Four Eagles. • Drillhole sampling and geological data documented on paper logs in preparation for database entry. • There have been no adjustments to data as supplied and certified by the commercial assay laboratory.

Air Core Sampling Techniques and Data Criteria	Explanation
Location of data points	• All drillhole location coordinates were measured using differential GPS to MGA94 and AHD estimated from terrain model created from publicly-available land survey data • Collar locations to within an estimated precision of 1m. • All drillholes were downhole surveyed. When available, non- magnetic drill rods were implemented to allow azimuth surveys down-the-hole. Drilling orientation established prior to collaring with clinometer and compass.
Data spacing and distribution	• Holes were drilled on traverses located between existing traverses providing 150m spacing along the strike of mineralisation at the northern end of Hayanmi; and a step-out traverse 110m north of an existing drill section at Boyd North (containing the 1m @ 6.24ppm intersection of FE728).Traverses consist of holes spaced on undrilled or previously-drilled lines to provide a resultant spacing of 30m on both Boyd North and Hayanmi Mineralisation. • Holes on gravity targets were drilled at a spacing of 160m to accommodate the anticipated halo of arsenic around gold mineralised positions • These spacings are 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 for gold.
Orientation of data in relation to geological structure	• Drillhole traverses were aligned normal to the strike of mineralisation. Holes on Boyd North and Discovery mineralisation, and across gravity targets were vertical in orientation. Holes at Hayanmi were 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 were controlled by the responsible geologist, and stored in secured facility prior to despatch to laboratory. • Samples were 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.

Air Core 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.
Further work	• Follow up work will focus on the step-outs from recent successes in Discovery and Eagle 1.