CATALYST METALS LIMITED — Capital/Financing Update 2019

Jun 30, 2019

1 JULY 2019

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ASX ANNOUNCEMENT

NEW HIGH-GRADE GOLD DISCOVERY AT CUNNEENS ON FOUR EAGLES GOLD PROJECT

• High grade gold mineralisation intersected at Cunneens Prospect at Four Eagles Gold Project − 5.0m @ 13.1g/t Au including 3.0m @ 21.4g/t Au

• − 1.0m @ 5.4g/t Au

• RC Blade/Hammer drilling shows high grade gold mineralisation at south end of Tomorrow Zone at Tandarra Gold Project

• 3.0m @ 44.6g/t including 1.0m @ 131g/t Au

• 6.0m @ 14.3g/t Au from within a broader zone of 24.0m @ 4.2g/t Au

• 8.0m @ 3.6g/t Au including 1.0m @ 22.1g/t Au

• 10.0m @ 2.7g/t Au including 1.0m @ 10.3g/t Au

• 5.0m @ 4.7g/t Au

• Diamond drilling continues on Tomorrow Zone

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Catalyst Metals Limited ( Catalyst or the Company ) (ASX: CYL ) is pleased to announce a new discovery of high-grade gold mineralisation at the Cunneens Prospect at the Four Eagles Gold Project with gold values up to 49.2g/t Au intersected in air core drilling. This prospect was targeted using gravity geophysics and represents an increase in size of the high-grade gold footprint at Four Eagles which is now potentially 9 kilometres long by 5 kilometres wide. The Cunneens Prospect appears to lie along the Eagle 1 structure which has a potential strike length of 7 kilometres.

The Cunneens Prospect within the Eagle 1 trend is at least 1.7 kilometres long but to date has only been drilled on three traverses. Each traverse contains intersections of at least 1g/t Au but the intersection of 3.0 metres @ 21.4g/t Au from 125 metres in FE915 shows that high grade gold is present at this new discovery. Interestingly, the Cunneens Prospect lies at the same distance from the Whitelaw Fault as does the Bendigo Goldfield which produced 22 million ounces of gold at an average grade of 15g/t Au.

At the Tandarra Joint Venture, Catalyst is also pleased to announce that drilling at the southern end of the Tomorrow Structure has intersected further high grade gold zones with more evidence of “stacking” of shallow plunging gold zones similar to those observed at both Fosterville, where the Swan Zone contains reserves and resources of 2.34 million ounces of gold at an average grade of 49.6g/t Au (See Kirkland Lake Gold ASX announcement of 22 February 2019) and Bendigo.

The Four Eagles and Tandarra Gold Projects are situated 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 nine Exploration Licences and two Retention Licences which extend for 75 kilometres along the Whitelaw and Tandarra Faults north of Bendigo and Fosterville in Victoria (Figure 1)

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

The Tandarra Gold Project comprises Retention Licence RL006660, which is owned in joint venture by Catalyst and Navarre Minerals Limited under a formal joint venture agreement.

Best intersections returned from the Tandarra Gold Project were:

• 3.0 metres @ 44.6g/t Au from 111 metres downhole in RCT233 including 1.0 metre @ 131 g/t Au

• 6.0 metres @ 14.3g/t Au from 108 metres downhole in RCT249 within a broader zone of 24.0 metres @ 4.2g/t Au

• 8.0 metres @ 3.6g/t Au including 1.0 metre @ 22.1g/t Au from 149 metres in RCT249

• 10.0 metres @ 2.7g/t Au from 79 metres down hole including 1.0 metre @ 10.3g/t Au in RCT252

• 6.0 metres @ 2.6g/t Au from 34 metres downhole in RCT248

• 5.0 metres @ 4.7g/t Au from 84 metres downhole in ACT338

These intersections have extended the potential strike length of the Tomorrow Zone to the south and have also confirmed stacked zones of mineralisation as in drillhole RCT249 which contains at least three significant gold zones.

FOUR EAGLES JOINT VENTURE (RL006422, EL5508, EL5295, EL006887, EL006859) (CATALYST 50%)

Catalyst holds a 50% interest in the Four Eagles Gold Project with the other 50% held by Gold Exploration Victoria Pty Ltd ( GEV ) (a wholly owned subsidiary of Hancock Prospecting Pty Ltd). Exploration is jointly funded by Catalyst and GEV (Figure 1).

Retention Licence (RL) 006422 flanked by the remaining ELs comprises the Four Eagles Gold Project and covers an envelope of gold mineralisation about 6 kilometres long and 2.5 kilometres wide including three prospects which have produced high grade gold mineralisation (Hayanmi, Boyd’s Dam and Pickles (formerly Discovery). This footprint may now be much larger with the intersection of high-grade gold mineralisation at Cunneens to the south-west.

AIR CORE DRILLING: CUNNEENS PROSPECT

Air core drilling at the Cunneens Prospect was completed with the drilling of 8 holes on two traverses for a total of 987 metres. The programme was designed to provide further information along the 1.7 kilometre trend which showed gold assays up to 3.1 g/t Au over narrow widths. The Cunneens Prospect was initially targeted as Target 3 from a detailed ground gravity survey (Figure 2). Of the eight holes drilled, four contained anomalous arsenic geochemistry and three holes contained significant gold values:

• 5.0m @ 13.1g/t Au including 3.0m @ 21.4g/t Au from 124 metres in FE915

• 1.0m @ 5.4g/t Au from 94 metres in FE908

• 3.0m @ 0.26g/t Au from 96 metres in FE910

As shown on Figure 3, the Cunneens Prospect is at a very early stage of exploration and considerably more air core drilling will be required to define any potential gold mineralisation.

Mr Bruce Kay, Catalyst’s Technical Director, stated, “It is exciting to get high grade gold mineralisation at such an early stage in a greenfield exploration area. Indications from gravity data and the presence of gold in air core drilling at Gravity Target 4 provide encouragement that the Eagle 1 structure may be 7 kilometres long”.

All of the 2019 assays quoted are from 25 gram samples using aqua regia digest and ICPMS and a bulk cyanide leach assay on 2 kilogram samples will be carried out on all anomalous samples to confirm the results. These two assay methods have tended to show good correlation in the past on other prospects at Four Eagles.

Full location data on the Air Core 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. Maximum gold values in each hole are tabulated in Appendix 1.

TANDARRA JOINT VENTURE GOLD PROJECT (RL006660) (CATALYST 51%)

Catalyst (through its 100%-owned subsidiary Kite Operations Pty Ltd (Kite)) earned a 51% interest in the Tandarra Gold Project by the expenditure of $3.0 million on exploration (completed in June 2018) whilst Navarre Minerals Limited retains a 49% interest. Under the terms of the joint venture agreement, exploration will continue to be managed by Catalyst and will be jointly funded by Catalyst and Navarre.

The Tandarra Gold Project is situated along the Whitelaw Fault Corridor which is considered to be a major structural control of gold mineralisation north of Bendigo. It is located about 40 kilometres north-northwest of Bendigo, west of the settlement of Dingee (Figure 1).

The 2019 Tandarra exploration campaign commenced late in the March 2019 Quarter and comprises a 10,000m Aircore (AC), Reverse Circulation (RC) and diamond drilling program including:

1. Step-out and reconnaissance AC drilling targeting the southern and northern extensions of the Macnaughtan and Tomorrow gold mineralisation trends;

2. RC drilling testing the southern and northern extensions of the Tomorrow prospect; and

3. Diamond drill testing for “stacked” quartz reef positions at depth on the Tomorrow Prospect

RC AND AIR CORE DRILLING: TOMORROW ZONE

The 2019 RC drilling programme has been completed with the drilling of 24 holes for a total of 3,615 metres. RC drilling was designed to test the northern and southern extensions of the Tomorrow Gold Zone as shown on Figures 4, 5, 6 and 7. Although the air core drilling programme was focussed on the Macnaughtans zone and regional targets, several holes complemented the RC programme on the Tomorrow Zone.

The programme has been successful in extending strike length of the Tomorrow Zone to the south by about 300 metres with significant gold intersections recorded in two holes:

• 3.0 metres @ 44.6g/t Au including 1.0 metre @ 131g/t Au from 111 metres in RCT233

• • 5.0 metres @ 4.7g/t Au from 84 metres in ACT338

The RC drilling has also confirmed multiple zones or vertical “stacking” of gold mineralisation intersected previously in diamond hole DDT018, with one hole (RCT249) intersecting four separate zones of gold:

• 1.0 metres @ 11.4g/t Au from 33 metres in RCT249

• 24.0 metres @ 4.2g/t Au including 6.0 metres @ 14.3g/t Au from 100 metres in RCT249

• 8.0 metres @ 3.6g/t Au including 1.0 metre @ 22.1g/t Au from 149 metres in RCT249

• 6.0 metres @ 2.7g/t Au including 1.0 metre @ 14.0g/t Au from 166 metres in RCT249

The potential of new shoots in the vicinity of DDT018 was also supported by other RC intersections in this area:

• 10.0 metres @ 2.7g/t Au including 1.0 metre @ 10.3g/t Au from 79 metres in RCT252

• 6.0 metres @ 2.6g/t Au from 34 metres in RCT248

• 1.0 metre @ 5.3g/t Au from 66 metres in RCT247

At the northern end of the Tomorrow Zone, drill hole RCT 246 (1.0 metre @ 14.3g/t Au from 144 metres ) may have intersected the upper projection of the deeper zone of gold mineralisation present in DDT018 (2.0 metres @ 17.4g/t Au) . This is illustrated on the longitudinal projection in Figure 6.

Other than the intersection in RCT233, all of the 2019 assays quoted above are from 25 gram samples using aqua regia digest and ICPMS. Bulk cyanide leach assay on 2 kilogram samples will be carried out on all anomalous samples to confirm the results.

Full location data on the RC Blade and air core holes are shown in Appendix 2 on Tables 2a and 2b and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition are also tabulated in Appendix 2. Previous intersections shown on Figures 4, 5, 6 and 7 have been reported under the 2004 JORC Code. Maximum gold values in each hole are tabulated in Tables 2c and 2d of Appendix 2.

AIR CORE DRILLING AT MACNAUGHTANS PROSPECT AND REGIONAL TANDARRA GRAVITY TARGETS

The AC drilling program tested the southern extension of the Macnaughtan prospect as well as testing regional gravity targets and the northern extension of the Tomorrow Trend (Figure 4). In total, 36 AC holes for 4,563m were drilled (Tables 2a & 2b). The AC drilling program was concluded to coincide with the sowing of grain crops in May 2019.

The best AC result came from the southern end of the Macnaughtan gold trend where two one-metre samples in ACT333 assayed 3.93g/t Au and 5.07g/t Au . These intersections are encouraging at this early stage of exploration and justify further air core drilling along the Macnaughtan Trend which has considerable untested potential to the north because previous drilling is sparse on traverses that are nominally 500 metres apart.

Other regional AC holes in the recently completed program produced low-level anomalous gold values (see Table 2b).

All AC results contained in this release are derived from 25 gram aqua regia assays except ACT331 which was bulk leached. Because AC samples are often wet and grab sampled at 3 metre intervals, assays should be treated cautiously until one metre re-samples and bulk cyanide leach assays on 2 kilogram samples have been completed.

Overall the 2019 AC and RC drilling programs have highlighted the gold potential of the southern extensions of the Tomorrow and Macnaughtan trends which are untested over the next one kilometre of strike length. Further AC drilling will be necessary on the 1 kilometre of strike of the Macnaughtan trend, north of ACT333.

DIAMOND DRILLING AT TOMORROW GOLD ZONE

A four hole (DDT019 to DDT022) diamond drilling program commenced at the Tomorrow prospect in mid-May 2019 with the objective of testing the potential for “stacked” zones of gold mineralisation to the north and south of DDT018 as shown on Figure 6 . Results from this diamond drilling are expected to become available in August 2019.

For further information contact:

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

JORC Reporting of Historic Navarre Exploration Results

Although Catalyst was not involved in previous exploration at the Tandarra Gold Project, it has elected to update the information to comply with the JORC 2012 Code. The results had been publicly reported by Leviathan Resources Pty Ltd (ASX code LVR) (December 2004 to January 2007), Perseverance Corporation Limited (ASX code PSV) (January 2008 to March 2011) and Navarre Minerals Limited (ASX code NML) (March 2011 to September 2014) in numerous announcements during the stated periods under the JORC 2004 Code. Catalyst has limited knowledge on how the data was collected but has had to make assumptions based on the available historic data generated by these companies.

Full location data on the Tandarra drill holes and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition were included in the Company’s ASX announcements dated 1 September 2014, quarterly report dated 31 July 2014 and 29 July 2015.

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). 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: Catalyst-managed tenements in the Whitelaw Gold Belt showing location of the Tandarra and Four Eagles Gold Projects (RL006660 and RL006422)

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Figure 2: Four Eagles Gold Project gravity survey showing the location of Cunneens Prospect (Target 3) on the Eagle 1 Structure

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Figure 3: Cunneens Prospect Plan View showing location of air core drill holes

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Figure 4: Tandarra Gold Project Plan showing interpreted gold trends and location of 2019 air core drill holes

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Figure 5: Plan View of Tomorrow and Macnaughtans Gold Zones showing location of 2019 air core and RC drill holes.

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Figure 6: Longitudinal projection of the Tomorrow Gold Zone showing recent intersections and location of 2019 air core, RC and diamond drillholes.

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Figure 7: Schematic cross-section through the Tomorrow prospect showing potential “stacking’ of gold mineralisation

APPENDIX 1: AIR CORE DRILLING DATA CUNNEENS PROSPECT

Table 1a Air Core Drill Hole Collars

Hole	Easting GDA	Northing GDA	RL	Depth	Dip	Grid Azimuth
FE908	242701	5987102	96	123	-90	90
FE909	242603	5987105	96	117	-90	90
FE910	242803	5987103	96	129	-90	90
FE911	242908	5987106	96	120	-90	90
FE912	242596	5986600	96	126	-90	90
FE913	242696	5986607	96	117	-90	90
FE914	242796	5986596	96	126	-90	90
FE915	242896	5986596	96	129	-90	90

Table 1b Drill Assay Results Air Core Drilling using Aqua Regia 25gm Sample

Hole	From	To	Interval	Au-TL43 (ppm)
FE908	94	95	1	5.38
FE909	93	96	3	0.022
FE910	96	99	3	0.263
FE911	94	95	1	0.022
FE912	108	111	3	0.037
FE913	89	90	1	0.007
FE914	102	105	3	0.036
FE915	124	129	5	13.07
including	126	128	3	21.36

JORC 2012 Edition, Table 1 Checklist: Aircore Drilling

Aircore 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 occasionally submitted for assay. • Where there is evidence for mineralisation (quartz and/or sulphides) the calico sample bagginginterval will be reduced to one-metre intervals
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.

Aircore 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	• Drillholes designed on sections between 70 and 100m spacing. Holes within sections generally 25-metre spacings. • One-metre samples were composited to three-metre samples for the purpose of submission to the laboratory (apart from instances where there is evidence for mineralisation in which case sampling assumes one-metre intervals. 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 approximately 0 degrees from the strike of mineralisation. 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 to reduce costs and timelines for reporting. Catalyst Metals Limited currently reserves thisprocess for release of Mineral Resource and Ore Reserve estimates.

Reporting of Exploration Results Criteria	Explanation
Mineral tenement and land tenure status	• The Four Eagles Project is within RL6422 in the vicinity of Mitiamo Victoria, 50% owned by Catalyst Metals Ltd and 50% owned by Gold Exploration (Victoria) Pty Ltd (GEV) • Retention Licence RL6422 was granted in March 2018 for a period of ten years. • Exploration activities were confined to freehold farmland • As of 2015, activities are funded with GEV through a farm-in agreement but are now shared equally between Catalyst Metals wholly owned subsidiary, Kite Gold Pty Ltd and GEV.
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 1a: Collar location coordinates, downhole depths, azimuths, declinations • Appendix 1, Table 1b: Downhole intervals of significance, gold grade of intervals; Au-TL43 using aqua regia leach and ICPMS.
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 vertical because dip is unknown in reconnaissance areas. • 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.
Further work	• Further Air Core drilling will be required to follow up on anomalous gold values at Cunneens Prospect.

APPENDIX 2: TANDARRA 2019 AC AND RC DRILL DATA

TABLE 2a: AC Drill Hole Collars

HOLE	EASTING GDA	NORTHING GDA	RL	DEPTH	DIP	GRID AZIMUTH	COMMENT
ACT320	246112	5980243	105.0	101.0	-90	090	Tomorrow
ACT321	246001	5980237	105.0	115.0	-90	090	Tomorrow
ACT322	245603	5980226	105.0	96.0	-90	090	Tomorrow
ACT323	245501	5980223	105.0	141.0	-90	090	Tomorrow
ACT324	245398	5980235	105.0	91.0	-90	090	Tomorrow
ACT325	246894	5971724	105.0	141.0	-90	090	Macnaughtan
ACT326	246994	5971723	105.0	124.0	-90	090	Macnaughtan
ACT327	247094	5971724	105.0	116.0	-90	090	Macnaughtan
ACT328	247194	5971724	105.0	128.0	-90	090	Macnaughtan
ACT329	246954	5971478	105.0	111.0	-90	090	Macnaughtan
ACT330	247054	5971400	105.0	126.0	-90	090	Macnaughtan
ACT331	247154	5971438	105.0	142.0	-90	090	Macnaughtan
ACT332	247304	5971438	105.0	129.0	-90	090	Macnaughtan
ACT333	247204	5971438	105.0	156.0	-90	090	Macnaughtan
ACT334	247372	5971260	105.0	141.0	-90	090	Macnaughtan
ACT335	247272	5971254	105.0	114.0	-90	090	Macnaughtan
ACT336	247172	5971254	105.0	129.0	-90	090	Macnaughtan
ACT337	247072	5971252	105.0	138.0	-90	090	Macnaughtan
ACT338	247208	5971900	105.0	126.0	-90	090	Tomorrow South
ACT339	247258	5971900	105.0	129.0	-90	090	Tomorrow South
ACT340	247288	5971900	105.0	102.0	-90	090	Tomorrow South
ACT341	247386	5971900	105.0	136.0	-90	090	Tomorrow South
ACT342	247216	5973552	105.0	102.0	-90	090	Gravity 4
ACT343	247316	5973552	105.0	117.0	-90	090	Gravity 4
ACT344	247416	5973552	105.0	141.0	-90	090	Gravity 4
ACT345	247485	5973364	105.0	133.0	-90	090	Gravity 4
ACT346	247385	5973364	105.0	141.0	-90	090	Gravity 4
ACT347	247285	5973347	105.0	123.0	-90	090	Gravity 4
ACT348	245595	5977575	105.0	135.0	-90	090	Gravity 4
ACT349	247585	5973364	105.0	144.0	-90	090	Gravity 4
ACT350							Not drilled
ACT351	247556	5973552	105.0	131.0	-90	090	Gravity 4
ACT352	247286	5978400	105.0	138.0	-90	090	Prairie
ACT353	247186	5978400	105.0	141.0	-90	090	Prairie
ACT354	247086	5978400	105.0	138.0	-90	090	Prairie
ACT355	246986	5978400	105.0	137.0	-90	090	Prairie
ACT356	246886	5978400	105.0	110.0	-90	090	Prairie

TABLE 2b: AC Drill Assay Results using 25g Aqua Regia Method

HOLE	FROM	TO	INTERVAL	Au(ppm)	COMMENTS
ACT320	-	-	-	-	Hole failed to reach basement
ACT321	-	-	-	-	Hole failed to reach basement
ACT322	84	85	1	0.00	Regional target – North Tomorrow
ACT323	107	108	1	0.04	Regional target – North Tomorrow
ACT324	66	69	3	0.00	Regional target – North Tomorrow
ACT325	111	114	3	0.00	West of Macnaughtan
ACT326	55	56	1	0.29	Macnaughtan
ACT327	44	45	1	0.28	Macnaughtan
ACT328	58	59	1	0.15	East of Macnaughtan
ACT329	81	84	3	0.03	West of Macnaughtan
ACT330	60	63	3	0.09	West of Macnaughtan
ACT331	129	132	3	0.02 - 15.6	Macnaughtan – Reported as a gold assay range.Original 3m sample assayed 15.6 g/t in a bulk leach assay. Subsequent bulk leach assays, based on one-metre sub-samples, have produced a maximum assay of 1m @ 3.1 g/t Au. Further drillingrequired.
ACT332	79	80	1	2.39	Tomorrow - Macnaughtan
ACT333	130	131	1	3.93	Macnaughtan
ACT333	137	138	1	5.07	Macnaughtan
ACT334	128	129	1	0.13	Tomorrow south
ACT335	66	69	3	0.05	Macnaughtan
ACT336	69	72	3	0.12	Macnaughtan
ACT337	107	108	1	0.01	West of Macnaughtan
ACT338	63	66	3	0.65	Tomorrow South
ACT338	84	89	5	4.73	Tomorrow South
ACT338	102	105	3	1.82	Tomorrow South
ACT338	123	126	3	0.72	Tomorrow South
ACT339	84	87	3	0.01	Tomorrow South
ACT340	69	72	3	0.01	East of Tomorrow South
ACT341	123	124	1	0.61	East of Tomorrow South
ACT341	133	134	1	0.66	East of Tomorrow South
ACT342	86	87	1	0.01	Regional target – Gravity4
ACT343	84	87	3	0.17	Regional target – Gravity4
ACT344	75	76	1	0.08	Regional target – Gravity4
ACT345	72	75	3	0.03	Regional target – Gravity4
ACT346	63	66	3	0.06	Regional target – Gravity4
ACT347	76	77	1	0.18	Regional target – Gravity4
ACT348	70	71	1	0.05	Regional target – Gravity4
ACT349	128	129	1	0.05	Regional target – Gravity4
ACT351	120	121	1	0.03	Regional target – Gravity4
ACT352	100	101	1	0.11	Prairie Zone
ACT353	123	126	3	0.10	Prairie Zone
ACT354	83	84	1	0.30	Prairie Zone
ACT355	98	99	1	0.01	Prairie Zone
ACT356	51	54	3	0.01	Prairie Zone

TABLE 2c: RC Blade/Hammer Drill Hole Collars

HOLE	EASTING GDA	NORTHING GDA	RL	DEPTH	DIP	GRID AZIMUTH
RCT229	246750	5972860	105	163	-75	092
RCT230	246775	5972765	105	175	-60	091
RCT231	246822	5972655	105	169	-61	092
RCT232	247127	5972200	105	163	-61	270
RCT233	247177	5972200	105	163	-60	269
RCT234	247277	5972200	105	165	-60	269
RCT235	247213	5972000	105	149	-60	270
RCT236	247263	5972000	105	66	-61	270
RCT237	247313	5972000	105	66	-60	270
RCT238	246625	5973600	105	163	-60	271
RCT239	246665	5973600	105	163	-60	273
RCT240	246705	5973600	105	163	-61	268
RCT241	246690	5973400	105	90	-60	268
RCT242	246730	5973400	105	133	-60	271
RCT243	246770	5973400	105	163	-60	270
RCT244	246750	5973200	105	163	-61	269
RCT245	246786	5973200	105	163	-60	258
RCT246	246830	5973200	105	163	-60	269
RCT247	247054	5972470	105	163	-60	269
RCT248	247038	5972550	105	163	-60	268
RCT249	247062	5972550	105	193	-61	269
RCT250	246997	5972575	105	163	-60	268
RCT251	246995	5972650	105	163	-60	271
RCT252	247019	5972650	105	127	-60	270

Table 2d: RC Blade/Hammer Drill Assay Results using 25g Aqua Regia Method

HOLE	FROM	TO	INTERVAL	Au(ppm)	COMMENTS
RCT229	157	158	1	0.77	West of Tomorrow
RCT230	68	69	1	0.05	West of Tomorrow
RCT231	81	82	1	0.08	West of Tomorrow
RCT232	135	136	1	1.34	Tomorrow prospect
RCT233	74	75	1	1.35	Tomorrow prospect
RCT233	80	81	1	0.78	Tomorrow prospect
RCT233	111	114	3	44.57	Tomorrow prospect
including	111	112	1	131.0
RCT234	122	123	1	1.79	East of Tomorrow
RCT234	126	127	1	0.90	East of Tomorrow
RCT234	132	133	1	0.52	East of Tomorrow
RCT234	134	135	1	0.77	East of Tomorrow
RCT234	143	144	1	1.89	East of Tomorrow
RCT234	153	154	1	1.10	East of Tomorrow

HOLE	FROM	TO	INTERVAL	Au(ppm)	COMMENTS
RCT235	58	59	1	2.10	Tomorrow south
RCT236	52	53	1	0.02	Tomorrow north
RCT237	60	61	1	0.03	Tomorrow north
RCT238	68	69	1	0.54	Tomorrow north
RCT239	97	98	1	0.21	Tomorrow north
RCT240	90	91	1	0.18	Tomorrow north
RCT241	73	74	1	0.49	Tomorrow north
RCT242	76	77	1	0.15	Tomorrow north
RCT243	58	59	1	0.41	Tomorrow north
RCT244	56	57	1	0.42	Tomorrow north
RCT245	62	63	1	0.03	Tomorrow north
RCT246	144	145	1	14.30	Tomorrow north – lower reef
RCT247	53	55	2	0.85	Tomorrow prospect
RCT247	66	67	1	5.26	Tomorrow prospect
RCT247	78	79	1	0.79	Tomorrow prospect
RCT248	34	40	6	2.63	Tomorrow prospect
RCT248	74	75	1	0.61	Tomorrow prospect
RCT248	89	90	1	1.91	Tomorrow prospect
RCT249	33	34	1	11.40	Tomorrow prospect
RCT249	37	38	1	0.71	- Stacked mineralisation
RCT249	42	43	1	0.94	- Stacked mineralisation
RCT249	75	76	1	0.92	- Stacked mineralisation
RCT249	100	124	24	4.20	- Stacked mineralisation
including	108	114	6	14.30
RCT249	140	141	1	1.34	- Stacked mineralisation
RCT249	145	146	1	0.55	- Stacked mineralisation
RCT249	149	162	13	2.41	- Stacked mineralisation
Including	149	157	8	3.62
Including	154	155	1	22.10
RCT249	166	172	6	2.70	- Stacked mineralisation
including	170	171	1	14.0
RCT249	185	186	1	0.61	- Stacked mineralisation
RCT250	50	51	1	0.16
RCT251	33	34	1	3.05	Tomorrow prospect
RCT251	81	82	1	0.70	Tomorrow prospect
RCT251	85	86	1	1.74	Tomorrow prospect
RCT251	95	96	1	0.56	Tomorrow prospect
RCT252	61	63	2	1.06	Tomorrow prospect
RCT252	71	73	2	2.47	Tomorrow prospect
RCT252	76	89	13	2.33	Tomorrow prospect
including	79	89	10	2.71
including	85	86	1	10.25
RCT252	115	116	1	0.89	Tomorrow prospect
RCT252	124	126	2	1.22	Tomorrow prospect

JORC Code 2012 Edition – Table 2, Section 1: Sampling Techniques and Data

RC Sampling Techniques and Data Criteria	Explanation
Sampling techniques	• Samples from surface collected at cyclone at one-metre intervals with no sub- sampling. • All material collected in individual numbered plastic bags; chip trays collected by hand from bags (uncomposited). • 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 potentially contain alluvial gold, and thus cover samples are occasionallysubmitted for assay.
Drilling techniques	• Holes are initiated using 120mm AC 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 was utilised to progress the hole to design depth or where groundwater inflows compromise sample quality. • All drilling utilises three or six metre RC drill rods; truck-mounted drill rig; 400psi 900cfm compressor and booster; auxiliary compressor where dictated by water in-flows. • Holes were routinely cased to basement depth with PVC.
Drill sample recovery	• Where sample volumes at cyclone were unduly affected by groundwater, holes are terminated (by inspection) where sample quality is compromised. • Sample water content assessed by rig geologist as being dry or wet. • Sample bags collected at the rig are weighed prior to sample splitting. Sample weight is used to assess the splitting requirements (number of riffles required) to deliver a sub-sample to the desired mass constraints (>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 are geologically logged at one-metre 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	• 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 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).
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 a conservative assay. • Laboratory and client certified reference materials (3 x standards) are implemented every 30thsamples.

RC Sampling Techniques and Data Criteria	Explanation
Verification of sampling and assaying	• Data management procedures are under development. Data management is performed by an experienced individual and not by several individuals. • There has been no verification of significant intersections by independent nor alternative company personnel. • Drill hole 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.
Location of data points	• All drill hole location coordinates are measured using differential 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 10mm horizontally and 20mm vertically. • All drill holes are downhole surveyed. Drilling orientation established prior to collaring with clinometer and compass.
Data spacing and distribution	• RC drill holes within the main cluster of mineralisation are drilled on 25-metre spaced sections. • The sections consist of holes spaced at a nominal 25m interval. • Drill holes in this program were designed to complement existing sections where there were information gaps or where sections required step-out holes. • 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 are aggregated to reflect continuously sampled zones of significant anomalism for gold.
Orientation of data in relation to geological structure	• Drill hole sections are aligned approximately 112 degrees clockwise from the strike of mineralisation. Holes are generally 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 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 reserve this process for release of Mineral Resource and Ore Reserve estimates.

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 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 drill hole). • 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 drill hole twinning to verify results. • Drill hole 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, drill hole location coordinates are measured using differential GPS. In general, drill hole 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. • No drill holes were downhole surveyed. Drilling orientation established prior to collaringwith clinometer and compass.
Data spacing and distribution	• Air core drilling to the south of Macnaughtan was completed on three sections spaced 180m and 280m. Spacing within sections was 100 metres. • The Air core drilling south of Tomorrow was on a 100m step-out section south of RC drill coverage. The holes on this section were spaced nominally 50m. • A 100-metre hole spacing, it is not of sufficient density to allow 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	• Drill hole sections are aligned approximately 112 degrees clockwise from the strike of mineralisation. In general, holes were vertical because of the reconnaissance nature of the drilling.
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 thisprocess for release of Mineral Resource and Ore Reserve estimates.

Section 2 Reporting of Exploration Results - RC and Air Core Drilling

Reporting of Exploration Results Criteria	Explanation
Mineral tenement and land tenure status	• The Tandarra Gold Project is located within RL006660 in the vicinity of Dingee Victoria, owned in joint venture by Navarre Minerals Ltd (49%) and operator, Catalyst Metals Ltd (51%). • The Retention Licence was approved on 2 November 2018 for a period of ten years. It replaced EL4897. • Exploration activities were confined to free-hold farmland and road-side easements.
Exploration done byotherparties	• 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 supergenegold enrichment inpaleo-weathering profile.
Drill hole Information	• Appendix 2 Tables 2a and 2c: Collar location coordinates, downhole depths, azimuths, declinations. • Appendix 2, Tables 2b and 2d: Downhole intervals of reported gold grades.

Reporting of Exploration Results Criteria	Explanation
Data aggregation methods	• AC and RC drill hole data were not composited. • AC drill hole samples are composited to three metres in the first instance. Subsequent resampling of anomalous composites is performed on a one-metre sample interval basis. • No top-cutting applied to assay data. • Zones of significance identified as those with assays in excess of 0.5g/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 demonstrated to be generally 22 degrees west of grid north. • The dip of mineralisation is expected to be sub-vertical and sub-parallel with bedding as was the case in the Bendigo Goldfield. • RC drill holes are orientated with a dip to the west to provide effective geometry in the context of the eastern limb of an anticline. • AC reconnaissance drill holes 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	• Figures 4, 5, 6 and 7 show position of key drill holes in plan and longitudinal projection. Table 2a and 2c lists all hole collarpositions.
Balanced reporting	• All drilling inclusive of holes which did not contain significant intersections are included in Tables 2b and 2d.
Other substantive exploration data	• No other exploration results that have not previously been reported, are material to this report.
Further work	• DDH drilling is continuing at Tandarra but should be completed in July 2019.