CATALYST METALS LIMITED — Capital/Financing Update 2018

Oct 17, 2018

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ASX ANNOUNCEMENT

18 OCTOBER 2018

GOLD MINERALISATION IN RAB DRILLING AT GOLDEN CAMEL PROJECT; INITIAL RESULTS FROM DRUMMARTIN PROJECT

• Scout RAB drilling survey reports best intersection of 6 metres averaging 4.2g/t gold at the Golden Camel Project

• Widespread scattered arsenic and silver anomalism confirm Golden Camel potential

• Widely-spaced air core drill holes completed across each of four targets at Drummartin Project

• • Favourable bedrock lithologies and trace geochemical results confirm prospectivity for goldbearing corridors associated with major fault structures at Drummartin

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During May and June 2018, Catalyst Metals Limited ( Catalyst or the Company ) ( ASX: CYL ) carried out the first reconnaissance programmes on the Golden Camel Project and the Drummartin Project both located east of the Whitelaw Gold Belt. Limited previous exploration has been carried out on these areas and the RAB and Air Core drilling programmes are primarily designed to test basement depth and confirm bedrock geology. Despite being a very early stage of exploration, RAB drilling intersected a shallow zone of gold mineralisation at the Golden Camel Project (6.0 metres @ 4.2g/t Au from 12 metres depth in RGB040) located in an area over three kilometres along strike from known mineralisation.

GOLDEN CAMEL PROJECT FARM-IN AGREEMENT

In July 2018 the Company entered into an agreement with a private company, Golden Camel Mining Pty Ltd, to earn a 50.1% interest in Exploration Licences EL5449 and EL5490. The expenditure of $55,000 in the first quarter of the 2019 financial year satisfies Catalyst’s obligation under Phase 1 of this agreement and has generated results providing sufficient encouragement to justify the Company embarking on Phase 2 of the Agreement. Phase 2 entitles the Company by the expenditure of $650,000 over the next four years, to earn a 50.1% interest in the two exploration licences.

The tenements cover a large area of over 25km north-south x 3km wide, totalling 85 square kilometres, located approximately 15 km east of the Fosterville gold mine (Figure 1).

Included in the Golden Camel tenement package are Mining Leases MIN5548 and MIN5570 covering the Golden Camel gold mine. In 2017, Golden Camel Mining successfully mined and processed approximately 6,000 tonnes of ore between surface and 10 metres depth from the Golden Camel mine. Historical drill results demonstrate the continuation of gold mineralisation to greater depth. Phase 2 of Catalyst’s earn-in agreement includes the option to purchase a 50.1% interest in the Mining Leases for $1 million after expenditure of $350,000 and the completion of 1,200 metres of diamond/RC precollar at the Golden Camel and Tolleen mine sites.

At the Toolleen mine site, where historic mining activities have been rehabilitated, previous drill results indicate the continuation of gold mineralisation to greater depth. A number of other prospects are identified from the results of past exploration and modest historic mining activities (Figure 2)

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

INITIAL EXPLORATION AND RESULTS

The two ELs cover a Cambrian aged rock sequence containing sediments and basic volcanics with cherts and include small historically-mined gold occurrences (Golden Camel, Toolleen, Glengarry) and gold prospects identified by previous surface sampling (Figure 2) in various host geological units. The sequence is sub-cropping to thinly covered by eluvial sediments, but the basement sediments appear only to have been lightly explored.

The initial phase of reconnaissance exploration completed by Catalyst was designed to provide orientation to geology and potential mineralisation throughout the length of the tenement block. It comprised 130 Rotary Air Blast (RAB) drill holes on 8 traverses spaced along 22 km strike length of the target stratigraphy (Figure 2). Holes were very broadly spaced, approximately 200m apart, with infill to 100m where geologically or geochemically indicated. Drill holes were mostly less than 20m in depth, and sampled in weathered bedrock.

Amongst the few anomalous gold values recorded by this widely-spaced scout drill survey, the significant drill results were recorded in RBG040 - 12-18m (6m) averaging 4.2 g/t gold, situated 8km north of the Golden Camel mine and potentially along strike from the old Glengarry workings. In addition, in RBG006 (adjacent to the old Toolleen mine) one sample recorded 0.1g/t gold (Figure 2).

However, scattered geochemically anomalous levels of arsenic, antimony and silver, more widely distributed elements commonly associated with gold mineralisation in the region, occur on almost every traverse, providing focus for future follow-up drilling.

FUTURE PROGRAM

Future programs will include follow up RAB drilling to locate gold within the prospective geochemically anomalous trends indicated by the initial scout survey; research of historic drilling records and deeper drill-testing of gold mineralisation known to exist beneath the currently discontinued mines on the tenement block, Golden Camel and Toolleen, and possibly below the Glengarry workings (Figure 2). Should targets require deeper investigation, air core or RC methods of drilling would be employed.

DRUMMARTIN PROJECT EL6507

The Drummartin EL6507 was granted to a wholly owned subsidiary of Catalyst, Kite Operations Pty Ltd, in December 2017 for a term of five years. Situated east of the Company’s Whitelaw Belt landholdings (Figure 1), the area (671 square kilometres) was selected to cover the northerly extensions (concealed beneath younger sedimentary cover) of the major Redesdale and Drummartin faults. These are thought to control the introduction of the gold mined from the Fosterville Gold Mine to the south in a structural relationship analogous to that which links the Whitelaw Fault to the Bendigo goldfield, as well as to Catalyst’s Four Eagles and Tandarra gold discoveries to the west (Figures 1 and 3). For reporting purposes, the Drummartin EL does not presently qualify as a material mining project.

The potential for undiscovered gold deposits to the west of each of these fault lines has had limited historic exploration; with the work which has been done revealing encouraging results at locations shown on Figure 3:

• At Lockington, located ~10-15 km south of the eastern part of the EL southern boundary, along the Redesdale Fault, multiple gold intersections in AC and DD up to 10 metres in width with peak gold values up to 7.76 g/t gold with arsenic (As) up to 1.03%. This mineralisation occurs in multiple north-south Au-As-Sb (antimony) corridors up to 8km long, over a 3km width across-strike, (Turner, G. 2007)

• In AC drill holes in the centre of the Drummartin EL, 0.114 g/t gold and As up to 400ppm (Burrowes, T.J. and Warren, A. 2011); and

• Adjacent to the Drummartin Fault, 7km to the south of the EL, highly anomalous As values up to 1,000 ppm and trace gold (peak 76 ppb) (Lowe, G.M. and Bergin, L.T. 2007).

References cited above:

Turner, G. 2007. Els 4552, 4553, 4554 and 4555. Annual Report on work completed to 31[st] December 2006 and lodged as Annual Technical Report to Government on work completed on the ELs

Burrowes, T.J. and Warren, A. (Oscar Mining Pty Ltd). 2011. EL 5203 Terrick East. Annual Technical Report of Exploration Activities for the period 1[st] January to 31[st] December 2010

Lowe, G.M. and Bergin, L.T. (Leviathon Resources Ltd). 2007. ELs 4845, 4846 and 4884 Milloo, Pinegrove and Lockington West. Annual Technical Report of Exploration Activities for the period 1[st] January to 31[st] December 2006.

INITIAL RECONNAISSANCE AND RESULTS

Exploration targets were generated in the western half of the Drummartin Project based on Whitelaw Belt models after review and reinterpretation of gravity data sets and open-file reports of earlier exploration activities.

Four of five targets were evaluated by single traverses of air core (AC) drill holes, totalling 27 AC holes typically to around 150 metres in depth and in total 2,870 metres of drilling. The wide spacing of these holes (300m apart) was fundamentally designed to provide initial insights into the depth of cover and bedrock geology; and in doing so to provide some incidental geochemical indications of prospective mineralised corridors. The separation of these holes is much wider than the footprints of the mineralisation that have been encountered in the Whitelaw corridor to the west (Figure 1), so it is not expected that this initial density of drilling is sufficient to discount the presence of significant gold mineralisation within these traverses.

Most of the holes drilled reached deeply-weathered bedrock at depths between 50 and 100m, confirming the feasibility of exploring this area. The following characteristics were observed:

• The weathered bedrock is consistent with that encountered throughout the region. The weathered sandstone and siltstone rock types included scattered intervals with abundant vein quartz (gravity targets 1, 2 and 4) (Figure 3) and pyrite (gravity target 2) further enhancing general prospectivity for proximal gold mineralisation, and

• Occasional weakly anomalous values of Au and As were reported, highlighted by 45 and 36 ppm As in gravity target 4.

FUTURE PROGRAM

The initial reconnaissance focussed on the western half of the Drummartin EL. Results will be further examined before targets for follow-up drilling are identified.

In the eastern half of the Drummartin Project, where existing gravity data is insufficient for confident target generation, and cover may be a little deeper than in the west, additional gravity surveys will be considered before scout drilling is attempted. This part of the EL lies to the north along strike of the Lockington gold mineralisation discussed above, and focuses on targets adjacent to the Redesdale Fault, thought to be genetically linked to the Fosterville gold deposit a little further (50km) to the south (Figure 1).

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 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). In compiling this report Mr Kay has examined the reports referenced herein and confirms his confidence in the data they contain, and that this report accurately reflects those data. 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.

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Figure 1: Golden Camel and Drummartin Tenement Location

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Figure 2: Golden Camel Reconnaissance RAB drilling and Geology

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Figure 3: Drummartin First-pass targets and Reconnaissance Air Core Drilling

APPENDIX 1: GOLDEN CAMEL RAB DRILLING

Table 1a RAB drill hole collars

Hole	Easting (MGA 55)	Northing (MGA 55)	Notional RL	Depth (m)	Collar Declination
RBG001	294128	5936731	200	9	-90
RBG002	294323	5936734	200	6	-90
RBG003	294525	5936737	200	6	-90
RBG004	294725	5936743	200	6	-90
RBG005	294945	5936745	200	6	-90
RBG006	295120	5936751	200	15	-90
RBG007	295323	5936760	200	18	-90
RBG008	295526	5936754	200	24	-90
RBG009	295724	5936762	200	6	-90
RBG010	295925	5936771	200	21	-90
RBG011	296120	5936777	200	18	-90
RBG012	296325	5936777	200	9	-90
RBG013	296529	5936779	200	4	-90
RBG014	296725	5936790	200	13	-90
RBG015	296840	5936856	200	15	-90
RBG016	297125	5936710	200	13	-90
RBG017	297326	5936784	200	9	-90
RBG018	297515	5936807	200	15	-90
RBG019	297732	5936816	200	12	-90
RBG020	297925	5936814	200	24	-90
RBG021	298047	5951872	200	12	-90
RBG022	298172	5951877	200	18	-90
RBG023	298464	5951885	200	12	-90
RBG024	298633	5951889	200	9	-90
RBG025	298833	5951892	200	9	-90
RBG026	299034	5951896	200	12	-90
RBG027	299283	5951900	200	7	-90
RBG028	299438	5951814	200	9	-90
RBG029	299646	5951646	200	15	-90
RBG030	299840	5951540	200	15	-90
RBG031	298025	5949840	200	9	-90
RBG032	298228	5949841	200	12	-90
RBG033	298431	5949847	200	9	-90
RBG034	298625	5949850	200	9	-90
RBG035	298829	5949855	200	9	-90
RBG036	299030	5949858	200	4	-90
RBG037	299207	5949865	200	6	-90
RBG038	299477	5949871	200	9	-90
RBG039	299620	5949870	200	6	-90
RBG040	299825	5949871	200	36	-90
RBG041	297130	5944909	200	9	-90
RBG042	297325	5944921	200	9	-90

Hole	Easting (MGA 55)	Northing (MGA 55)	Notional RL	Depth (m)	Collar Declination
RBG043	297525	5944920	200	15	-90
RBG044	297777	5944922	200	9	-90
RBG045	298036	5944926	200	6	-90
RBG046	298257	5944940	200	9	-90
RBG047	298376	5944942	200	6	-90
RBG048	298570	5944702	200	9	-90
RBG049	298773	5944708	200	8	-90
RBG050	298908	5944713	200	10	-90
RBG051	298826	5944457	200	10	-90
RBG052	298766	5944482	200	9	-90
RBG053	298726	5944244	200	12	-90
RBG054	298631	5944242	200	4	-90
RBG055	298649	5944453	200	9	-90
RBG056	296112	5941638	200	9	-90
RBG057	296342	5941658	200	9	-90
RBG058	296617	5941656	200	9	-90
RBG059	296775	5941661	200	9	-90
RBG060	297020	5941661	200	12	-90
RBG061	297242	5941668	200	20	-90
RBG062	297397	5941683	200	9	-90
RBG063	297632	5941695	200	12	-90
RBG064	297815	5941681	200	9	-90
RBG065	298025	5941694	200	9	-90
RBG066	299008	5941723	200	12	-90
RBG067	298809	5941716	200	9	-90
RBG068	298610	5941711	200	9	-90
RBG069	298429	5941708	200	9	-90
RBG070	296951	5940039	200	6	-90
RBG071	296745	5940003	200	6	-90
RBG072	296345	5940012	200	12	-90
RBG073	298940	5940088	200	9	-90
RBG074	298538	5940077	200	6	-90
RBG075	298117	5940070	200	6	-90
RBG076	297948	5940065	200	9	-90
RBG077	297719	5940055	200	6	-90
RBG078	297920	5929566	200	4	-90
RBG079	297682	5929518	200	6	-90
RBG080	297306	5929542	200	9	-90
RBG081	297150	5929414	200	6	-90
RBG082	296934	5929308	200	41	-90
RBG083	296718	5929212	200	18	-90
RBG084	296530	5929204	200	3	-90
RBG085	296317	5929188	200	36	-90
RBG086	296127	5929176	200	33	-90
RBG087	294280	5933185	200	6	-90

Hole	Easting (MGA 55)	Northing (MGA 55)	Notional RL	Depth (m)	Collar Declination
RBG088	294485	5933192	200	6	-90
RBG089	294685	5933198	200	6	-90
RBG090	294981	5933200	200	6	-90
RBG091	295178	5933202	200	6	-90
RBG092	295379	5933208	200	6	-90
RBG093	295575	5933215	200	18	-90
RBG094	295579	5933219	200	12	-90
RBG095	295982	5933228	200	21	-90
RBG096	295194	5933229	200	9	-90
RBG097	296436	5933238	200	12	-90
RBG098	296965	5933251	200	6	-90
RBG099	296766	5933242	200	6	-90
RBG100	296580	5933240	200	6	-90
RBG101	297014	5929343	200	36	-90
RBG102	296834	5929257	200	18	-90
RBG103	296833	5929257	200	30	-90
RBG104	296636	5929214	200	30	-90
RBG105	296428	5929197	200	36	-90
RBG106	296237	5929184	200	36	-90
RBG107	298252	5940064	200	15	-90
RBG108	298448	5940061	200	15	-90
RBG109	299406	5940092	200	16	-90
RBG110	299206	5940088	200	18	-90
RBG111	299853	5941729	200	18	-90
RBG112	299654	5941727	200	12	-90
RBG113	299324	5941717	200	3	-90
RBG114	299323	5941718	200	9	-90
RBG115	299128	5941714	200	9	-90
RBG116	297305	5941673	200	9	-90
RBG117	297105	5941666	200	18	-90
RBG118	297512	5942271	200	30	-90
RBG119	297811	5942276	200	12	-90
RBG120	297707	5942253	200	15	-90
RBG121	297610	5942268	200	26	-90
RBG122	297383	5942269	200	18	-90
RBG123	298986	5943318	200	12	-90
RBG124	298782	5943313	200	15	-90
RBG125	298676	5943315	200	9	-90
RBG126	299902	5949879	200	33	-90
RBG127	299696	5949872	200	30	-90
RBG128	299366	5951911	200	12	-90
RBG129	299140	5951900	200	15	-90
RBG130	299941	5951893	200	9	-90

Table 1b RAB Drill hole assays

Hole	From(m)	To(m)	Interval (m)	Max Au (ppm)
RBG001	3	6	3	0.011
RBG002	1.5	3	1.5	0.008
RBG003	3	6	3	0.011
RBG004	1	3	2	0.007
RBG005	1	3	2	0.002
RBG006	1	3	2	0.145
RBG007	15	18	3	0.013
RBG008	0	3	3	0.005
RBG009	0	3	3	<0.001
RBG010	6	9	3	0.011
RBG011	12	15	3	0.006
RBG012	0	3	3	0.009
RBG013	3	4	1	0.006
RBG014	6	9	3	0.032
RBG015	12	15	3	0.005
RBG016	0	3	3	0.001
RBG017	6	9	3	0.007
RBG018	12	15	3	0.014
RBG019	9	12	3	0.011
RBG020	15	18	3	0.007
RBG021	9	12	3	0.008
RBG022	15	18	3	0.009
RBG023	1.5	3	1.5	0.002
RBG024	1.5	3	1.5	0.013
RBG025	1.5	3	1.5	0.007
RBG026	1.5	3	1.5	0.007
RBG027	1.5	3	1.5	0.003
RBG028	1.5	3	1.5	0.006
RBG029	1.5	3	1.5	0.004
RBG030	12	15	3	0.015
RBG031	6	9	3	0.01
RBG032	6	9	3	0.005
RBG033	6	9	3	0.005
RBG034	1.5	3	1.5	0.006
RBG035	6	9	3	0.008
RBG036	1.5	3	1.5	0.002
RBG037	1.5	3	1.5	0.002
RBG038	1.5	3	1.5	0.004
RBG039	3	6	3	0.005
RBG040	15	18	3	7.73
RBG041	6	9	3	0.036
RBG042	1.5	3	1.5	0.003
RBG043	3	6	3	0.018

Hole	From(m)	To(m)	Interval (m)	Max Au (ppm)
RBG044	0	3	3	0.005
RBG045	1.5	3	1.5	0.025
RBG046	6	9	3	0.072
RBG047	3	6	3	0.015
RBG048	1.5	3	1.5	0.006
RBG049	1.5	3	1.5	0.013
RBG050	9	10	1	0.054
RBG051	9	10	1	0.038
RBG052	1.5	3	1.5	0.007
RBG053	1.5	3	1.5	0.008
RBG054	0	3	3	0.013
RBG055	1.2	3	1.8	0.002
RBG056	1.5	3	1.5	0.006
RBG057	1.5	3	1.5	0.009
RBG058	1.5	3	1.5	0.002
RBG059	1.5	3	1.5	0.005
RBG060	6	9	3	0.014
RBG061	1.5	3	1.5	0.02
RBG062	1.5	3	1.5	0.009
RBG063	6	9	3	0.027
RBG064	3	6	3	0.003
RBG065	1.5	3	1.5	0.007
RBG066	1.5	3	1.5	0.01
RBG067	1.5	3	1.5	0.004
RBG068	3	6	3	0.022
RBG069	6	9	3	0.009
RBG070	1.5	3	1.5	0.002
RBG071	3	6	3	0.007
RBG072	6	9	3	0.025
RBG073	1.5	3	1.5	0.003
RBG074	1.5	3	1.5	0.004
RBG075	1.5	3	1.5	0.003
RBG076	1.5	3	1.5	0.001
RBG077	1.5	3	1.5	0.003
RBG078	1.5	3	1.5	0.003
RBG079	1.5	3	1.5	0.005
RBG080	3	6	3	0.003
RBG081	3	6	3	0.031
RBG082	18	21	3	0.013
RBG083	15	18	3	0.01
RBG084	1.5	3	1.5	0.004
RBG085	27	30	3	0.034
RBG086	9	12	3	0.016
RBG087	1.5	3	1.5	0.002
RBG088	1.5	3	1.5	0.002

Hole	From(m)	To(m)	Interval (m)	Max Au (ppm)
RBG089	1.5	3	1.5	0.002
RBG090	1.5	3	1.5	0.003
RBG091	3	6	3	0.024
RBG092	1.5	3	1.5	0.022
RBG093	3	6	3	0.004
RBG094	9	12	3	0.035
RBG095	9	12	3	0.01
RBG096	1.5	3	1.5	0.006
RBG097	9	12	3	0.025
RBG098	3	6	3	0.008
RBG099	1.5	3	1.5	0.015
RBG100	1.5	3	1.5	0.01
RBG101	33	36	3	0.007
RBG102	1.5	3	1.5	0.006
RBG103	24	27	3	0.004
RBG104	3	6	3	0.008
RBG105	33	36	3	0.011
RBG106	27	30	3	0.006
RBG107	6	9	3	0.053
RBG108	6	9	3	0.004
RBG109	6	9	3	0.011
RBG110	1.5	3	1.5	0.006
RBG111	1.5	3	1.5	0.009
RBG112	1.5	3	1.5	0.008
RBG113	1.5	3	1.5	0.009
RBG114	1.5	3	1.5	0.013
RBG115	1.5	3	1.5	0.012
RBG116	1.5	3	1.5	0.02
RBG117	9	12	3	0.01
RBG118	6	9	3	0.013
RBG119	1.5	3	1.5	0.006
RBG120	1.5	3	1.5	0.016
RBG121	1.5	3	1.5	0.042
RBG122	9	12	3	0.028
RBG123	9	12	3	0.012
RBG124	3	6	3	0.015
RBG125	1.5	3	1.5	0.007
RBG126	18	21	3	0.035
RBG127	21	24	3	0.022
RBG128	1.5	3	1.5	0.005
RBG129	1.5	3	1.5	0.005
RBG130	1.5	3	1.5	0.005

APPENDIX 2: DRUMMARTIN AIR CORE DRILLING

Table 2a Air Core Drillhole Collars

Hole	Easting (MGA 55)	Northing (MGA 55)	RL	Depth (m)	Collar Declination
ACD001	263002	5987987	100	122.5	-90
ACD002	263302	5987994	100	145	-90
ACD003	263602	5988001	100	162	-90
ACD004	263901	5988008	100	162	-90
ACD005	264201	5988015	100	144	-90
ACD006	264501	5988023	100	135	-90
ACD007	264801	5988030	100	138	-90
ACD008	265101	5988037	100	96	-90
ACD009	265912	5994130	100	159	-90
ACD010	265012	5994101	100	142	-90
ACD011	265312	5994132	100	141	-90
ACD012	265609	5994134	100	168	-90
ACD016	263170	6000894	100	138	-90
ACD017	263470	6000885	100	138	-90
ACD018	263779	6000897	100	144	-90
ACD019	264070	6000920	100	138	-90
ACD022	260065	6002922	100	150	-90
ACD023	260311	6002930	100	153	-90
ACD024	260665	6002930	100	138	-90
ACD027	266145	6009142	100	156	-90

Table 2b Air core drill hole assays

Hole	From(m)	To(m)	Interval (m)	Max Au (ppm)
ACD001	120	121	1	0.019
ACD002	72	75	3	0.013
ACD003	153	156	3	0.009
ACD004	110	111	1	0.003
ACD005	102	105	3	0.034
ACD006	90	93	3	0.003
ACD007	132	135	3	0.004
ACD008		No basement sample
ACD009	102	105	3	0.003
ACD010	81	84	3	0.002
ACD011	116	117	1	0.015
ACD012	117	120	3	0.007
ACD016	105	108	3	0.011
ACD017	97	98	1	0.009
ACD018	135	138	3	0.009
ACD019	108	111	3	0.007
ACD022	113	114	1	0.158
ACD023	129	132	3	0.045
ACD024	133	134	1	0.036
ACD027	147	150	3	0.066

JORC 2012 Edition, Table 1 Checklist: RAB Drilling

RAB Sampling Techniques and Data Criteria	Explanation
Sampling techniques	• Samples collected at cyclone at three-metre intervals • Recognised alluvial and colluvial cover is not sampled; basement material samples collected in individual calico bags; chip trays collected by hand from piles and bags(uncomposited)
Drilling techniques	• 80mm AC blade drill bit; three-metre (NQ) drill rods; light vehicle-mounted drill rig; 200psi 185cfm compressor. • All holes are uncased • Penetration into basement to designed depth or extended if quartz and/or sulphides are encountered.
Drill sample recovery	• Shallow RAB drilling provides constant and adequate sample recovery due to minimal effects of groundwater in project area. • Calico bag masses recorded by commercial laboratory • Geological control is maintained at the drill site at all times, to ensure drilling and samplingstandards maintained.
Logging	• Chip samples are geologically logged at three-metre intervals for lithology, quartz veining at 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 three-metre sample segregation intervals
Sub-sampling techniques and sample preparation	• Three-metre samples were selected by cone splitter at drill site when materials were dry, moist, or wet; duplicate samples were not taken due to the reconnaissance nature of the drilling program. • Samples dispatched to a commercial laboratory (Catalyst have used ALS Pty Ltd exclusively); samples dried and pulverised in entirety, with 25g aliquot split for analysis (it was anticipated that laboratory repeat splits will 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-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 some conservative assays. • Laboratory and client certified reference materials (1 x CRMs) inserted every 20 samples;demonstrate on-par or subtle biased-low assays.
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. • Quoted significant assays and intervals have been verified by alternative company personnel. External verification is not a company polity as internal checks are considered by management as adequate. • 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	• 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 established to sub-vertical as was dictated bythe rigconfiguration.

RAB Sampling Techniques and Data Criteria	Explanation
Data spacing and distribution	• Drillholes traverses consisted of 200-metre spaced holes. Where quartz and arsenic were encountered, infill holes were drilled to 100-metre spacing. • Three-metre samples were collected at rig and assayed individually. 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 traverses are oriented approximately east-west. At the time of writing it is unclear what the strike of mineralisation is – however due to the exposure afforded at the Camel Pit, it is anticipated that mineralisaiton will be between north-south and 30 degrees east-of-north. Drillholes were vertical because of the reconnaissance nature of the holes.
Sample security	• All samples are controlled by the responsible geologist and stored at an off- site 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 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 in order 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 Golden Camel Gold Project is within EL5449 and EL5490 in the vicinity of Colbinabbin Victoria, 100% owned by Golden Camel Mining Pty Ltd • Exploration activities were dominantly along roadside reserves across the tenure,with a minor cluster of holes uponprospective free-hold farm land.
Exploration done by other parties	• Nil.
Geology	• Gold-arsenic-antimony-bearing alteration in Cambrian cherts and sandstones, in the vicinity of the major Mount William (listric detachment) Fault. • Deposit assessed as being northern and southern extensions of the Camel Pit and the historical Toolleen Pit.
Drillhole Information	• Appendix 1, Table 1a: Collar location coordinates, downhole depths, azimuths, declinations • Appendix 1, Table1b: Downhole intervals anomalous and significant intersections. Also, maximum achieved gold values per hole in lieu of anomalous values
Data aggregation methods	• 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 anticipated to be within 30 degrees of north. • The dip of mineralisation unknown. • All reported drillholes are vertical. • Due to the unknowns, the true width of mineralisation has not been resolved. As such, significant mineralised intersections have been reported as downhole intervals.
Diagrams	• Figure 2 shows theposition of keyholes inplan view.
Balanced reporting	• All drilling inclusive of holes which did not contain significant intersections are included in Table 1a and Table 1b.
Other substantive exploration data	• No other exploration results that have not previously been reported, are material to this report.
Further work	• Follow-up RAB and/or air core and/or RC drilling are planned for the drilling season commencing in October 2018. Follow-up will include locations around the significant intersection and alongstrike environs.

JORC 2012 Edition, Table 1 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 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 againstquartz 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 drilling and 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 resultingin conservative assay.
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 assay laboratory.

Air Core Sampling Techniques and Data Criteria	Explanation
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 established prior 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 along established municipal roads. 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 Drummartin Gold Project is within EL6507 in the vicinity of Gunbower Victoria, 100% owned by Kite Operations Pty Ltd • Exploration activities were confined to 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 the Fosterville deposit in the vicinity of the Drummartin and Redesdale listric faults, with potential for post- mineralisation influence/redistribution by proximal granitic intrusion. • Potential for some supergenegold enrichment inpaleo-weathering profile.
Drillhole Information	• Appendix 1, Table 2a: Collar location coordinates, downhole depths, azimuths, declinations • Appendix 1, Table 2b: Downhole intervals of mineralisation, gold grade of intervals
Data aggregation methods	• AC drillhole samples were composited to three metres by default, however the presence of quartz and/or sulphide triggers the change to one-metre sample intervals. • 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. • Maximum gold values are tabulated for holes where no significant intersections were returned.
Relationship between mineralisation widths and intercept lengths	• The strike of mineralisation is expected to be notionally north-south, where roadside traverses were notionally east-west. • The dip of mineralisation is expected to be sub-vertical and sub-parallel with bedding as was the case in the Bendigo Goldfield. • AC 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	• Figure 3 shows the regional locations of investigation – each of which containinga singular roadside traverse of air core drillholes
Balanced reporting	• All drilling inclusive of holes which did not contain significant intersections are included in Tables 2a and 2b.
Other substantive exploration data	• No other exploration results that have not previously been reported, are material to this report.
Further work	• Follow upair core drillingisplanned in the vicinityof intersectedquartz.