CATALYST METALS LIMITED — Capital/Financing Update 2020

Apr 29, 2020

ASX ANNOUNCEMENT

30 APRIL 2020

==> picture [86 x 94] intentionally omitted <==

MACORNA AGREEMENTS FINALISED AND AIR CORE DRILLING TO COMMENCE

• Macorna Joint Venture initiated with Gold Exploration Victoria Pty Ltd (GEV) (a subsidiary of Hancock Prospecting)

• GEV to reimburse Catalyst $250,000 and fund next $250,000 to earn 50% interest.

• Agreement signed with Providence Gold and Minerals Pty Ltd to acquire mineral rights within EL006549

• Review of old WMC drilling data identifies a gold-arsenic anomalous trend 5 kilometres long

• Air core drilling and gravity survey scheduled to commence in June 2020 Quarter.

---

Catalyst Metals Limited ( Catalyst or the Company ) (ASX: CYL ) is pleased to advise that following the granting of a 5-year extension of exploration licence EL5521 by the Victorian Department of Jobs, Precincts and Regions, it has now satisfied the remaining Condition Precedent for the initiation of the Macorna Joint Venture with Gold Exploration Victoria Pty Ltd ( GEV ) (a wholly owned subsidiary of Hancock Prospecting Pty Ltd (HPPL). The Macorna project is situated about 30 kilometres north west of the Four Eagles Gold Project. The joint venture further strengthens the relationship with HPPL within the “designated area” of the Four Eagles Joint Venture that was agreed as an area of cooperation in the March 2015 farm-in agreement.

Separately, Catalyst and GEV have reached agreement with Providence Gold and Minerals Pty Ltd (Providence) to secure the mineral rights to a portion of EL006549 which surrounds the Macorna tenements. The agreement with Providence shares proportional exploration expenditure obligations by the joint venture partners and the granting of a 2.5% NSR royalty to Providence.

The Macorna Project lies on the northern extension of the Whitelaw-Tandarra fault corridor which appears to control high grade gold mineralisation at Four Eagles, Tandarra and Bendigo (Figure 1). Review of widely spaced reconnaissance drilling data from WMC Resources in 1999 has also identified a 5-kilometre long zone with anomalous gold and arsenic values and this will be the focus of an air core drilling program planned this quarter. As shown on Figure 1, Catalyst now manages almost the entire 90 kilometre strike length of the favourable Whitelaw Gold Belt north of Bendigo.

MACORNA PROJECT (EL5508, EL5521, EL006894, EL006549)

The Macorna Project is a greenfield area at the northern end of the Catalyst-managed tenements in the Whitelaw Gold Belt that appears to lie on the favourable regional structure that controls gold mineralisation. The little previous exploration has been carried out although has shown anomalous trends of gold arsenic geochemistry.

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

INITIATION OF JOINT VENTURE WITH GEV

In October 2019, Catalyst announced a joint venture with GEV to form a joint venture over two Catalyst tenements in the Macorna area (EL5521 and EL006894). These licences are contiguous with EL5508 which is already held within the Four Eagles Joint Venture (Figure 1). The formation of this joint venture was conditional upon the granting of a 5-year extension to EL5521 by the Victorian Department of Jobs, Precincts and Regions. Following the granting of this extension of EL5521 until 9 October 2024, the Macorna Joint Venture has been initiated. Under the terms of the joint venture, GEV will pay Catalyst $250,000 (inclusive of reimbursement for previous expenditure by Catalyst on Macorna) and spend a further $250,000 on exploration on the tenements during a two-year period to earn its 50% interest.

MINERAL RIGHTS AGREEMENT WITH PROVIDENCE GOLD & MINERALS PTY LTD

As a further consolidation of the Macorna area, the joint venture partners Catalyst and GEV have reached agreement with Providence to secure mineral rights over an approximate 120 sq km portion of EL006549 (Area A on Figure 2) to be explored in conjunction with the other Macorna tenements. Providence will continue to hold EL006549 and will be entitled to a 2.5% NSR royalty over production from Area A. The joint venture will have obligations of minimum expenditure commitments on Area A as well as other reimbursements. The agreement also includes a 16sq km area adjoining the Four Eagles Gold Project (Figure 1) that may be suitable for future project development and continues the cooperation between Catalyst, GEV and Providence that was initiated on the original Four Eagles Project.

REVIEW OF HISTORIC DRILLING DATA

During the past twelve months, Catalyst has incorporated available historic drilling data into the current Macorna database and made an assessment of the exploration potential of the tenements. There is limited drilling on the tenement area other than by Catalyst and the only historic drilling of any substance was done by WMC Resources in 1998 and 1999. WMC Resource drilled five traverses of air core holes over an 8-kilometre-long zone at very wide spacing which has shown the presence of low grade gold mineralisation in association with quartz and anomalous arsenic geochemistry. This trend is the target for air core drilling, and other structures may become targets after detailed gravity data has been acquired and interpreted.

Full location data on the Macorna historical drill holes and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition are included in Appendix 1 and the significant results have been used in summary diagrams in Figure 2. All drill holes that contained intersections of greater than 0.1g/t Au are included in Table 1b of Appendix 1 and where intersections are all less than 0.1g/t Au, maximum gold grades in each hole are presented. Arsenic geochemical values are also included in Table 1b and shown diagrammatically on Figure 2.

Although Catalyst was not involved in these historic exploration programs at the Macorna Project, and much of this drilling was done prior to the introduction of the JORC Codes of Reporting in 2004 and 2012, Catalyst has elected to update and present the information to comply with the JORC 2012 Code. Most of the significant drilling in this announcement was carried out by WMC Resources in 1998 and 1999, which is no longer listed on the ASX. Catalyst has relied on detailed technical reports lodged by WMC Resources with the Victorian Department of Jobs, Precincts and Regions as required under exploration licence tenements. Catalyst has formed the view that the exploration program was carried out thoroughly by competent technical teams using reliable sampling methodologies and can be relied upon for the purpose of reporting that information in accordance with the current JORC Code.

PROPOSED AIR CORE DRILLING AND GRAVITY SURVEY

Subject to gaining access to road verges and freehold land, the Macorna joint venture is planning to commence an air core drilling program as soon as possible. The program of approximately 4,000 metres will cover the Western Anomaly and also test for parallel trends. A detailed gravity survey is also planned and will complete the western and northern areas of Macorna which were not surveyed during an earlier program. The Western Anomaly and proposed gravity survey area are shown on Figure 2.

Mr Bruce Kay, Catalyst’s Technical Director stated “We are pleased to initiate the joint venture with GEV on the Macorna Project and also consolidate the tenement position with the Mineral Rights Agreement with Providence. This is a greenfield project and it is good to share this exploration risk with other companies whilst maintaining management and 50% equity.”

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). 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.

==> picture [455 x 582] intentionally omitted <==

Figure 1: Catalyst-managed tenements in the Whitelaw and adjacent Gold Belts showing location of the Macorna Project

==> picture [383 x 637] intentionally omitted <==

Figure 2: Macorna Project showing potential gold arsenic geochemical trends and proposed gravity survey area. For the purpose of presentation, holes designated with prefix “PYRI” in Appendix 1 have been abbreviated to “P”

APPENDIX 1 HISTORICAL MACORNA BORE DRILL HOLE DATA

Table 1a Drill hole collar data

Hole	Easting (MGA)	Northing (MGA)	RL (AHD)	Depth (m)	Azimuth (deg)	Declination (deg)	Drill **Type **	Company	Date Drilled
PYRI-1	231,912	6,015,145	84.0	100	2	-90	AC/Mud	WMC	1998
PYRI-2	232,082	6,015,150	84.0	87	2	-90	AC/Mud	WMC	1998
PYRI-3	233,922	6,015,200	84.0	96	2	-90	AC/Mud	WMC	1998
PYRI-4	234,122	6,015,210	84.0	102	2	-90	AC/Mud	WMC	1998
PYRI-5	234,312	6,015,210	84.0	78	2	-90	AC/Mud	WMC	1998
PYRI-6	234,712	6,015,220	85.0	104	2	-90	AC/Mud	WMC	1998
PYRI-7	233,722	6,015,195	84.0	113	2	-90	AC/Mud	WMC	1998
PYRI-8	233,512	6,015,190	84.0	111	2	-60	AC/Mud	WMC	1998
PYRI-9	233,112	6,015,180	84.0	104	2	-90	AC/Mud	WMC	1998
PYRI-10	232,712	6,015,165	84.0	108	2	-60	AC/Mud	WMC	1998
PYRI-11	235,112	6,015,230	85.0	106	2	-60	AC/Mud	WMC	1998
PYRI-12	235,502	6,015,250	85.0	95	2	-90	AC/Mud	WMC	1998
PYRI-13	236,712	6,015,280	85.0	90	2	-90	AC/Mud	WMC	1998
PYRI-14	237,112	6,015,290	84.0	109	2	-90	AC/Mud	WMC	1998
PYRI-15	237,512	6,015,255	84.0	97	2	-90	AC/Mud	WMC	1998
PYRI-16	237,912	6,015,305	84.0	108	2	-90	AC/Mud	WMC	1998
PYRI-17	238,357	6,015,325	84.0	109	2	-90	AC/Mud	WMC	1998
PYRI-18	238,712	6,015,335	84.0	93	2	-90	AC/Mud	WMC	1998
PYRI-19	235,912	6,015,250	85.0	107	2	-90	AC/Mud	WMC	1998
PYRI-20	225,703	6,021,107	83.0	131	358	-90	AC/Mud	WMC	1998
PYRI-21	226,503	6,021,131	83.0	117	358	-90	AC/Mud	WMC	1998
PYRI-22	226,832	6,021,157	83.0	144	358	-90	AC/Mud	WMC	1998
PYRI-23	227,037	6,021,990	83.0	60	358	-90	AC/Mud	WMC	1998
PYRI-24	226,678	6,021,142	83.0	124	358	-90	AC/Mud	WMC	1998
PYRI-25	227,256	6,022,004	83.0	115	358	-90	AC/Mud	WMC	1998
PYRI-26	227,456	6,022,016	83.0	120	358	-90	AC/Mud	WMC	1998
PYRI-27	231,312	6,021,415	82.0	131	2	-90	AC/Mud	WMC	1998
PYRI-28	231,512	6,021,415	82.0	132	2	-90	AC/Mud	WMC	1998
PYRI-29	232,112	6,021,656	82.0	132	2	-90	AC/Mud	WMC	1998
PYRI-30	232,012	6,021,651	82.0	132	2	-90	AC/Mud	WMC	1998
PYRI-31	231,912	6,021,649	82.0	137	2	-90	AC/Mud	WMC	1998
PYRI-32	232,320	6,021,656	82.0	124	2	-90	AC/Mud	WMC	1998
PYRI-33	231,732	6,021,495	82.0	88	2	-90	AC/Mud	WMC	1998
PYRI-34	240,962	6,023,650	82.0	102	2	-90	AC/Mud	WMC	1998
PYRI-35	240,712	6,023,675	82.0	88	2	-90	AC/Mud	WMC	1998
PYRI-36	238,532	6,015,330	84.0	95	2	-90	AC/Mud	WMC	1998
PYRI-37	238,132	6,015,315	84.0	107	2	-90	AC/Mud	WMC	1998
PYRI-38	236,917	6,015,285	84.0	105	2	-90	AC/Mud	WMC	1998
PYRI-39	237,312	6,015,300	84.0	106	2	-90	AC/Mud	WMC	1998
PYRI-40	237,417	6,015,250	84.0	92	2	-90	AC/Mud	WMC	1998
PYRI-41	237,717	6,015,265	84.0	99	2	-90	AC/Mud	WMC	1998

Hole	Easting (MGA)	Northing (MGA)	RL (AHD)	Depth (m)	Azimuth (deg)	Declination (deg)	Drill **Type **	Company	Date Drilled
PYRI-42	241,112	6,023,655	82.0	79	2	-90	AC/Mud	WMC	1998
PYRI-43	240,517	6,023,710	82.0	112	2	-90	AC/Mud	WMC	1998
PYRI-44	231,512	6,020,435	82.0	106	2	-90	AC/Mud	WMC	1999
PYRI-45	231,712	6,020,435	82.0	88	2	-90	AC/Mud	WMC	1999
PYRI-46	231,912	6,020,435	82.0	127	2	-90	AC/Mud	WMC	1999
PYRI-47	233,312	6,018,685	82.0	96	2	-90	AC/Mud	WMC	1999
PYRI-48	233,412	6,018,685	82.0	88	2	-90	AC/Mud	WMC	1999
PYRI-49	233,612	6,018,685	82.0	102	2	-90	AC/Mud	WMC	1999
PYRI-50	233,812	6,018,685	82.0	102	2	-90	AC/Mud	WMC	1999
PYRI-51	231,902	6,022,585	82.0	60	2	-90	AC/Mud	WMC	1999
PYRI-52	232,112	6,022,585	82.0	84	2	-90	AC/Mud	WMC	1999
PYRI-53	231,902	6,022,595	82.0	106	2	-90	AC/Mud	WMC	1999
PYRI-54	230,932	6,022,585	82.0	112	2	-90	AC/Mud	WMC	1999
PYRI-55	230,712	6,022,585	82.0	102	2	-90	AC/Mud	WMC	1999
PYRI-56	231,112	6,021,415	82.0	106	2	-90	AC/Mud	WMC	1999
PYRI-57	231,112	6,022,585	82.0	54	2	-90	AC/Mud	WMC	1999
PYRI-58	231,312	6,022,585	82.0	88	2	-90	AC/Mud	WMC	1999
PYRI-59	231,512	6,022,585	82.0	54	2	-90	AC/Mud	WMC	1999
PYRI-60	231,712	6,022,585	82.0	54	2	-90	AC/Mud	WMC	1999
PYRI-61	229,912	6,024,685	82.0	60	2	-90	AC/Mud	WMC	1999
PYRI-62	230,112	6,024,685	82.0	128	2	-90	AC/Mud	WMC	1999
PYRI-63	230,312	6,024,685	82.0	74	2	-90	AC/Mud	WMC	1999
PYRI-64	230,512	6,024,685	82.0	62	2	-90	AC/Mud	WMC	1999
PYRI-65	233,012	6,018,685	82.0	123	2	-90	AC/Mud	WMC	1999
PYRI-66	232,812	6,018,685	82.0	78	2	-90	AC/Mud	WMC	1999
PYRI-67	232,612	6,018,685	82.0	84	2	-90	AC/Mud	WMC	1999
PYRI-68	232,297	6,019,685	82.0	111	2	-90	AC/Mud	WMC	1999
PYRI-69	232,112	6,019,685	82.0	120	2	-90	AC/Mud	WMC	1999
PYRI-70	234,012	6,018,685	82.0	120	2	-90	AC/Mud	WMC	1999
PYRI-71	231,717	6,021,495	82.0	93	2	-90	AC/Mud	WMC	1999
PYRI-72	229,892	6,024,685	82.0	71	2	-90	AC/Mud	WMC	1999
PYRI-73	230,292	6,024,685	82.0	73	2	-90	AC/Mud	WMC	1999
PYRI-74	230,552	6,024,685	82.0	121	2	-90	AC/Mud	WMC	1999
PYRI-75	230,712	6,024,685	82.0	144	2	-90	AC/Mud	WMC	1999
PYRI-76	230,912	6,024,685	82.0	138	2	-90	AC/Mud	WMC	1999
PYRI-77	232,512	6,021,685	82.0	126	2	-90	AC/Mud	WMC	1999
PYRI-78	231,132	6,022,575	82.0	126	2	-90	AC/Mud	WMC	1999
PYRI-79	231,512	6,022,585	82.0	132	2	-90	AC/Mud	WMC	1999
PYRI-80	230,912	6,021,415	82.0	142	2	-90	AC/Mud	WMC	1999
PYRI-81	230,512	6,022,535	82.0	124	2	-90	AC/Mud	WMC	1999
PYRI-82	231,712	6,022,585	82.0	150	2	-90	AC/Mud	WMC	1999

Hole	Easting (MGA)	Northing (MGA)	RL (AHD)	Depth (m)	Azimuth (deg)	Declination (deg)	Drill **Type **	Company	Date Drilled
PYRI-83	231,112	6,024,685	82.0	132	2	-90	AC/Mud	WMC	1999
PYRI-84	230,312	6,026,685	82.0	108	2	-90	AC/Mud	WMC	1999
PYRI-85	230,112	6,026,685	82.0	147	2	-90	AC/Mud	WMC	1999
PYRI-86	229,512	6,026,685	82.0	132	2	-90	AC/Mud	WMC	1999
PYRI-87	233,172	6,017,635	82.0	108	2	-90	AC/Mud	WMC	1999
PYRI-88	233,312	6,017,635	82.0	96	2	-90	AC/Mud	WMC	1999
PYRI-89	233,552	6,017,645	82.0	54	2	-90	AC/Mud	WMC	1999
PYRI-90	234,022	6,017,660	82.0	108	2	-90	AC/Mud	WMC	1999
PYRI-91	234,212	6,017,665	82.0	90	2	-90	AC/Mud	WMC	1999
PYRI-92	233,812	6,017,655	82.0	55	2	-90	AC/Mud	WMC	1999

APPENDIX 1 HISTORICAL MACORNA BORE DRILL HOLE DATA

TABLE 1b: Drill assay results showing maximum gold and arsenic values in each hole

HOLE	FROM	TO	INTERVAL	Au (ppm)	As max (ppm)
PYRI-1	40	44	4.0	0.015	44
PYRI-2	0	87	87.0	<0.01	23
PYRI-3	72	76	4.0	0.023	15
PYRI-4	0	78	78.0	<0.01	15
PYRI-5	0	78	78.0	<0.01	17
PYRI-6	0	104	104.0	<0.01	20
PYRI-7	0	113	113.0	<0.01	8
PYRI-8	0	111	111.0	<0.01	9
PYRI-9	0	104	104.0	<0.01	25
PYRI-10	0	108	108.0	<0.01	11
PYRI-11	36	40	4.0	0.012	14
PYRI-12	88	92	4.0	0.011	21
PYRI-13	0	90	90.0	<0.01	19
PYRI-14	92	96	4.0	0.011	60
PYRI-15	0	97	97	<0.01	23
PYRI-16	0	108	108.0	<0.01	20
PYRI-17	0	109	109.0	<0.01	11
PYRI-18	84	88	4.0	0.011	10
PYRI-19	36	40	4.0	0.018	12
PYRI-20	0	131	131.0	<0.01	130
PYRI-21	0	117	117.0	<0.01	210
PYRI-22	0	144	144.0	<0.01	185
PYRI-23	0	60	60.0	<0.01	32
PYRI-24	0	124	124.0	<0.01	180
PYRI-25	0	115	115.0	<0.01	42
PYRI-26	0	120	120.0	<0.01	50
PYRI-27	56	60	4.0	0.016	81
PYRI-28	74	80	6.0	0.053	42
PYRI-29	74	76	2.0	0.063	35
PYRI-30	131	132	1.0	0.064	1100
PYRI-31	0	137	137.0	<0.01	55
PYRI-32	77	80	3.0	0.022	135
PYRI-33	80	82	2.0	0.058	34
PYRI-34	0	102	102.0	<0.01	18
PYRI-35	0	88	88.0	<0.01	28
PYRI-36	0	95	95.0	<0.01	45
PYRI-37	95	98	3.0	0.021	46
PYRI-38	104	105	1.0	0.059	42
PYRI-39	0	106	106.0	<0.01	62
PYRI-40	0	92	92.0	<0.01	23
PYRI-41	0	96	96.0	<0.01	36
PYRI-42	0	79	79.0	<0.01	8
PYRI-43	0	112	112.0	<0.01	12
PYRI-44	0	106	106.0	<0.01	21

HOLE	FROM	TO	INTERVAL	Au (ppm)	As max (ppm)
PYRI-45	84	88	4.0	0.022	175
PYRI-46	80	84	4.0	0.011	55
PYRI-47	72	76	4.0	0.099	46
PYRI-48	56	60	4.0	0.032	34
PYRI-49	64	68	4.0	0.098	63
PYRI-50	0	102	102.0	<0.01	88
PYRI-51	0	60	60.0	<0.01	16
PYRI-52	0	84	84.0	<0.01	28
PYRI-53	40	44	4.0	0.023	30
PYRI-54	92	96	4.0	0.015	145
PYRI-55	52	56	4.0	0.011	20
PYRI-56	92	96	4.0	0.095	125
PYRI-57	0	54	54.0	<0.01	13
PYRI-58	0	88	88.0	<0.01	32
PYRI-59	0	54	54.0	<0.01	10
PYRI-60	40	44	44.0	<0.01	10
PYRI-61	32	36	4.0	0.012	9
PYRI-62	124	128	4.0	0.099	145
PYRI-63	0	74	74.0	<0.01	12
PYRI-64	0	60	60.0	<0.01	8
PYRI-65	108	112	4.0	0.124	105
PYRI-66	0	78	78.0	<0.01	36
PYRI-67	0	84	84.0	<0.01	39
PYRI-68	44	48	4.0	0.015	50
PYRI-69	0	120	120.0	<0.01	110
PYRI-70	0	120	120.0	<0.01	36
PYRI-71	80	84	4.0	0.107	330
PYRI-72	0	71	71.0	<0.01	12
PYRI-73	0	73	73.0	<0.01	-
PYRI-74	60	121	61.0	<0.01	44
PYRI-75	76	80	4.0	0.022	36
PYRI-76	84	88	4.0	0.016	26
PYRI-77	0	126	126.0	<0.01	14
PYRI-78	92	96	4.0	0.015	23
PYRI-79	78	132	54.0	<0.01	190
PYRI-80	48	52	4.0	0.102	99
PYRI-81	36	40	4.0	0.011	51
PYRI-82	124	128	4.0	0.020	15
PYRI-83	92	96	4.0	0.013	73
PYRI-84	0	108	108.0	No assays	No assays
PYRI-85	0	147	147.0	No assays	No assays
PYRI-86	0	132	132.0	No assays	No assays
PYRI-87	88	92	4.0	0.01	8
PYRI-88	66	96	30.0	<0.01	12

HOLE	FROM	TO	INTERVAL	Au (ppm)	As max (ppm)
PYRI-89	0	54	54.0	No assays	No assays
PYRI-90	48	108	60.0	<0.01	21
PYRI-91	52	90	48.0	<0.01	9
PYRI-92	0	55	55.0	No assays	No assays

APPENDIX 1: JORC 2012 Edition, Table 1 Checklist Historical data: Macorna Bore

Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections)

Sampling Techniques and Data Criteria	Explanation
Sampling techniques	• Nature and quality of sampling.  Air core and rotary mud samples hand grabbed from cyclone bags at one metre intervals and combined to 4 metre composites..  Dry samples were riffle split from the cyclone, but wet samples were hand grabbed as a vertical slice through the bag. • Sample Assays  Air core samples were assayed for gold to 1ppb detection limit and for a selection of 12 other elements (Ag, Cu, Mo, As, Bi and others). It is not known which laboratory carried out the analyses but it is likely that WMC used its own laboratories.
Drilling techniques	• Drill type  Air core drilling – reverse circulation method using single-port blade bit. Where cover sequence was deeper and Paringa Sands were present, rotarymud drillingwas used.
Drill sample recovery	• Method of recording and assessing core and chip sample recoveries and results assessed - not known for air core programs. Sample recovery and quality was dependent on water flows. • Measures taken to maximise sample recovery and ensure representative nature of the samples - not known • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material - not known
Logging	• Cuttings geologically logged at 1m intervals for lithology, alteration, quartz veining and structural features. One-metre samples for all air core drilling as a default.
Sub-sampling techniques and sample preparation	• Air core programs – most samples were wet and were hand grabbed from cyclone bags ensuring a vertical slice. Dry samples were riffle split. • The nature and quality of the sample preparation technique is mostly unknown because of poorly detailed reports. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. - not known. • Measures taken to ensure that the sampling is representative of the insitu material collected, including for instance results for field duplicate/second- half sampling - not known • • Whether sample sizes are appropriate to the grain size of the material being sampled. – Not known but highlyvariable due to wet samples.
Quality of assay data and laboratory tests	• Gold determined by fire assay; experience has shown this method to be applicable for fine grained disseminated gold mineralisation in association with sulphides. Other elements determined by aqua regia and AAS. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias)andprecision have been established - not known
Verification of sampling and assaying	• The verification of significant intersections by either independent or alternative company personnel - not known • The use of twinned holes – none were apparent in data • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. - Data logged onto paper, transcribed and verified. Digital files were provided on disc. • Discuss any adjustment to assay data. - all gold determinations treated with equal rank
Location of data points	• Most drill hole collars located on local surveyed grid with compass used for azimuth

Sampling Techniques and Data Criteria	Explanation
Data spacing and distribution	• Holes drilled on at 200 metre spacing along traverses one to two kilometres apart. • This spacing is applicable only to reconnaissance drilling to identify regional geochemical trends. • Sample compositinghas not been applied.
Orientation of data in relation to geological structure	• Most air core traverses drilled at right angles to the strike of the regional structures. All drill holes were vertical.
Sample security	• The measures taken to ensure sample security. - Because of age of drilling, samples are unlikely to exist. It is assumed that WMC would have applied a high degree of securityduringtheprogram.
Audits or reviews	• The results of anyaudits or reviews of samplingtechniques and data. - none

Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Reporting of Exploration Results Criteria	Explanation
Mineral tenement and land tenure status	• The Macorna Bore Project lies on exploration licences EL5521, EL5508, EL006894 and the joint venture companies also have mineral rights to a portion of EL006549 owned by Providence Gold & Minerals Pty Ltd. Catalyst Metals through a wholly owned subsidiary, Kite Operations Pty Ltd and Kite Gold Pty Ltd own 50% of the rights with Gold Exploration Victoria Pty Ltd , a subsidiaryof Hancock ProspectingPtyLtd.
Exploration done by other parties	• This report mostly focusses on exploration carried out by WMC Resources Ltd on Els 3682, 3888, and 4211 in 1998 and 1999. The project was an Earn- in with Ashburton Minerals NL.
Geology	• Disseminated gold (+arsenic) mineralisation in quartz sulphide fault and breccia zones • Oxidegold mineralisationpresent in the top100 metres.
Drill hole Information	• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes:  Hole collars listed in Table 1a in Appendix 1  All holes are listed in these tables, including holes that contained no mineralisation. Hole locations are shown on Figure 2 in this announcement and colour coded accordingtogoldgrades contained.
Data aggregation methods	• Significant intersections are shown on Figure 2. • Zones of significance identified as those with assays in excess of 0.1g/t Au. • Reported zones are continuous,with no sample or assay gaps.
Relationship between mineralisation widths and intercept lengths	The geometry of the mineralisation with respect to the drill hole angle is not known at this stage. Onlydownhole lengths reported,true widths are not known.
Diagrams	Figure 2 shows drill hole locations and interpreted gold arsenic geochemiocal trends.
Balanced reporting	All intersections of gold greater than 0.1g/t Au and 100ppm As are shown in Tables 1b of Appendix 1 for all available drill holes. Where no values greater than 0.1g/t Au have been obtained, the maximum gold grade in the drillhole has been shown. Figure 2 shows all drillholes that were below these thresholds.
Other substantive exploration data	There may be other exploration results that have not been recorded in Victorian Government records because of their age or lack of adequate technical reporting.
Further work	Planning for further drilling is in progress, anticipated to start in the June Quarter of 2020