CATALYST METALS LIMITED — Capital/Financing Update 2021

Sep 2, 2021

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ASX ANNOUNCEMENT 3 SEPTEMBER 2021

DRUMMARTIN AIR CORE DRILLING DEMONSTRATES GOLD MINERALISATION BENEATH COVER

• Tenement gravity geophysics survey now completed, with 13 drilling targets identified

• Significant and anomalous gold results returned adjacent to recognised regional fault system, including 3m @ 6.19g/t Au, 1m @ 1.27g/t Au and 4m @ 0.59g/t Au

• Gold values received from Gravity Target 9 show gold mineralisation immediately north of the North Central Victorian Goldfields Tender Block 1

• Five gravity targets tested in the 2021 air core program, identifying follow-up drilling targets

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Catalyst Metals Limited ( Catalyst or the Company ) ( ASX: CYL ) is pleased to announce that it has completed a first pass reconnaissance air core drilling programme at its large 100% owned Drummartin Exploration Licence EL6507. St Barbara Limited (St Barbara) (ASX:SBM) is earning a 50% interest in the tenement.

As shown on Figure 1, the Drummartin exploration licence is situated on the northern extension of the Drummartin, Fosterville and Redesdale Faults which are believed to be similar in nature and parallel to the Whitelaw Fault. The Drummartin exploration licence lies immediately north of Tender Block 1, being offered to companies as part of the North Central Victorian Goldfields Land Release (NCVG (Figure 1). Two major faults at Drummartin are believed to be significant controls on the gold mineralisation at the Fosterville Mine which has produced spectacular exploration success in the past three years. Elsewhere in Victoria, Catalyst controls the entire Whitelaw Gold Belt and is continuing exploration at two greenfield discoveries (Four Eagles Gold Project and Tandarra Gold Project) north of Bendigo.

The Company has undertaken an interpretation of the regional gravity data and generated 13 initial targets for reconnaissance drilling (Figure 2). The 2021 drilling program has focused on five gravity targets (Figure 3), with holes drilled approximately 200 metres apart along east-west traverses. During the period December 2020 to June 2021, 89 air core drill holes were completed for a total of 13,213 metres.

Assays have been received for all drill holes (Appendix 1, Table 1). Results for gold show very significant gold grades in basement lithologies at Gravity Target 9 (i.e. 3m @ 6.19 g/t Au from 129 metres in DMA044, 1m @ 1.27 g/t Au from 118 metres in DMA041 and 4m @ 0.59g/t Au from 137 metres in DMA040 ; Figures 3 and 3b). This gold mineralisation was associated with highly anomalous arsenic geochemistry similar to that seen at the Lockington gold project, about 10 kilometres to the south and Fosterville, about 60 kilometres to the south on the Redesdale Fault (Figures 1 and 3). Results have highlighted several areas for follow-up and infill drilling vectoring towards areas of shallow cover (<100m). Planning is progressing with drilling scheduled to recommence in December 2021.

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

Another gravity target 11 in the west of the licence area (Figures 3 and 3a) also showed anomalous gold values with 3m @ 0.32g/t Au in DMA080 from 151 metres.

Location data for all drill holes are provided in Table 1a of Appendix 1 and maximum gold values recorded are shown in Table 1b.

Mr Bruce Kay, Catalyst’s Technical Director, stated, “The Drummartin exploration licence has had virtually no previous drilling in a large area of 671 square kilometres and it is exciting that gold mineralisation has been drilled in an initial reconnaissance program of widely spaced air core drilling.”

DRUMMARTIN JOINT VENTURE

Catalyst has entered into an earn-in and joint venture agreement (EIJVA) over the Drummartin EL006507 (Figure 1) with ASX-listed gold producer and 13.0% shareholder in Catalyst, St Barbara Limited.

As outlined in the December 2019 Quarterly Activities Report to the ASX, under the EIJVA, St Barbara will acquire a 50% participating interest in the Drummartin Project by funding exploration expenditure of $3.5 million within 4 years of the commencement date. St Barbara confirm they have funded the $1M Minimum Contribution Amount and therefore have earned the right to withdraw from the Drummartin Project.

St Barbara’s contribution of expenditure on the large virtually unexplored area of the Drummartin Project will enable Catalyst to focus resources on its more advanced projects. While participating interests remain at 50:50, St Barbara will have the right to appoint the manager of project operations. Catalyst is the operator of field activities.

Authorised for release by Bruce Kay, Technical Director.

For further information contact:

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

Competent person’s statement

The information in this report that relates to exploration results is based on information compiled by Mr Bruce Kay, a Competent Person, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Kay is a non-executive director of the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr Kay consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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Figure 1: Whitelaw Gold Belt and Redesdale Fault Tenement Holdings showing major Catalyst managed projects. The Drummartin licence is shown in green.

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Figure 2: Drummartin Exploration Licence EL6507 showing extent of the 2019 and 2020 gravity surveys regional gravity surveys and a regional structural interpretation. Blue lines show the trend of inferred regional paleochannels and yellow ellipses indicate target areas for potential drill testing (Target ID 1-13) . Background is the first vertical derivative of regional gravity data.

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Figure 3. Drummartin Exploration Licence EL6507 showing Air Core drill hole locations.
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8 AC holes completed / 1,371m
- All holes successfully intersected basement
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11 AC holes completed / 1,695m
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10 holes successfully intersected basement
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4 AC holes completed / 1,695m
- All holes successfully intersected
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Figure 3a. Drummartin Exploration Licence EL6507 (West) showing Air Core drill hole locations displaying significant gold intercept in bedrock > 0.1 g/t Au.

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11 AC holes completed / 1,455m
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2 holes successfully intersected basement
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55 AC holes completed / 8,029m
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49 holes successfully intersected basement
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Figure 3b. Drummartin Exploration Licence EL6507 (East) showing Air Core drill hole locations displaying significant gold intercepts in bedrock > 0.1 g/t Au.

APPENDIX 1: DRUMMARTIN DRILLHOLE DATA

Table 1a: Air Core Drill Hole Collars

Hole	Easting (AMG)	Northing (AMG)	Elevation	Total Depth	Dip	Azimuth (grid)	Target
DMA001	275978	6002141	100	60	-90	0	D08
DMA002	275986	6002142	100	75	-90	0	D08
DMA003	276008	6002141	100	30	-90	0	D08
DMA004	276281	6002145	100	78	-90	0	D08
DMA005	283189	5994030	100	63	-90	0	D09
DMA006	283196	5994028	100	99	-90	0	D09
DMA007	282375	5993835	100	63	-90	0	D09
DMA008	282382	5993836	100	63	-90	0	D09
DMA009	275968	6002140	100	159	-90	0	D08
DMA010	276826	6002542	100	112	-90	0	D08
DMA011	276270	6002146	100	159	-90	0	D08
DMA012	276813	6003017	100	201	-90	0	D08
DMA013	276681	6002153	100	159	-90	0	D08
DMA014	277171	6003017	100	210	-90	0	D08
DMA015	277526	6003017	98	212	-90	0	D08
DMA016	283205	5994027	98	162	-90	0	D09
DMA017	282979	5993955	98	171	-90	0	D09
DMA018	282765	5993859	98	158	-90	0	D09
DMA019	282567	5993814	98	180	-90	0	D09
DMA020	282380	5993832	98	141	-90	0	D09
DMA021	281596	5992816	98	164	-90	0	D09
DMA022	281778	5992821	98	156	-90	0	D09
DMA023	281972	5992826	98	117	-90	0	D09
DMA024	282172	5992833	98	171	-90	0	D09
DMA025	282410	5992535	98	156	-90	0	D09
DMA026	282577	5992529	98	168	-90	0	D09
DMA027	282776	5992534	98	171	-90	0	D09
DMA028	282975	5992539	98	148	-90	0	D09
DMA029	283173	5992542	98	159	-90	0	D09
DMA030	283376	5992547	98	138	-90	0	D09
DMA031	283573	5992553	98	126	-90	0	D09
DMA032	283596	5992809	98	140	-90	0	D09
DMA033	283605	5991903	98	168	-90	0	D09
DMA034	283245	5991898	98	165	-90	0	D09
DMA035	282840	5991860	98	117	-90	0	D09
DMA036	282437	5991877	98	138	-90	0	D09
DMA037	282034	5991870	98	138	-90	0	D09
DMA038	281626	5991860	98	164	-90	0	D09
DMA039	282830	5991860	98	173	-90	0	D09
DMA040	283927	5992023	98	144	-90	0	D09
DMA041	284399	5991993	98	156	-90	0	D09
DMA042	284824	5992002	98	138	-90	0	D09
DMA043	283750	5993042	98	164	-90	0	D09

Hole	Easting (AMG)	Northing (AMG)	Elevation	Total Depth	Dip	Azimuth (grid)	Target
DMA044	283934	5993046	100	144	-90	0	D09
DMA045	284136	5993051	100	153	-90	0	D09
DMA046	284810	5991998	100	151	-90	0	D09
DMA047	283535	5994940	98	158	-90	0	D09
DMA048	283327	5994935	98	180	-90	0	D09
DMA049	283127	5994931	98	171	-90	0	D09
DMA050	282932	5994926	98	157	-90	0	D09
DMA051	281526	5995180	98	120	-90	0	D09
DMA052	281527	5995168	98	171	-90	0	D09
DMA053	281546	5994798	98	156	-90	0	D09
DMA054	281525	5995593	98	151	-90	0	D09
DMA055	281696	5995694	98	159	-90	0	D09
DMA056	281900	5995698	98	147	-90	0	D09
DMA057	282100	5995700	98	137	-90	0	D09
DMA058	282299	5995706	98	150	-90	0	D09
DMA059	281595	5994000	98	162	-90	0	D09
DMA060	281781	5994005	98	144	-90	0	D09
DMA061	282004	5994014	98	141	-90	0	D09
DMA062	260026	5992985	98	162	-90	0	D12
DMA063	259869	5992975	98	196	-90	0	D12
DMA064	259669	5992972	98	166	-90	0	D12
DMA065	259460	5992966	100	162	-90	0	D12
DMA066	259263	5992963	100	150	-90	0	D12
DMA067	259042	5992956	100	168	-90	0	D12
DMA068	258853	5992950	100	153	-90	0	D12
DMA069	258661	5992942	100	145	-90	0	D12
DMA070	258443	5992943	100	144	-90	0	D12
DMA071	258278	5992930	100	128	-90	0	D12
DMA072	259838	5992980	100	171	-90	0	D12
DMA073	259985	5996669	98	168	-90	0	D11
DMA074	260166	5996674	98	165	-90	0	D11
DMA075	260366	5996680	98	157	-90	0	D11
DMA076	260605	5996684	98	194	-90	0	D11
DMA077	260763	5996690	98	165	-90	0	D11
DMA078	260966	5996697	98	174	-90	0	D11
DMA079	261168	5996705	98	180	-90	0	D11
DMA080	261373	5996710	98	168	-90	0	D11
DMA081	260189	5988169	98	162	-90	0	D13
DMA082	260284	5987914	98	174	-90	0	D13
DMA083	260481	5987921	98	168	-90	0	D13
DMA084	260689	5987927	98	159	-90	0	D13
DMA085	281219	5995700	98	143	-90	0	D09
DMA086	281204	5995698	98	122	-90	0	D09
DMA087	280967	5995692	98	104	-90	0	D09
DMA088	280760	5995688	98	180	-90	0	D09
DMA089	280334	5995678	98	149	-90	0	D09

Table 1b: Summary air core assay results using aqua regia ALS Code Au-TL43 (0.1g/t Au cut-off)

Hole	From	To	Interval (m)	Au (ppm)
DMA001	Basement not hit
DMA002	45	48	3	0.005
DMA003	Basement not hit
DMA004	69	72	3	0.001
DMA005	Basement not hit
DMA006	Basement not hit
DMA007	Basement not hit
DMA008	Basement not hit
DMA009	126	129	3	0.01
DMA010	Basement not hit
DMA011	Basement not hit
DMA012	171	174	3	0.005
DMA013	132	135	3	0.003
DMA014	135	138	3	0.012
DMA015	141	144	3	0.012
DMA016	111	114	3	0.012
DMA017	132	135	3	0.016
DMA018	132	135	3	0.019
DMA019	139	140	1	0.01
DMA020	132	135	3	0.021
DMA021	81	84	3	0.008
DMA022	135	137	2	*0.42
DMA023	Basement not hit
DMA024	129	132	3	0.017
DMA025	102	105	3	0.07
DMA026	123	126	3	0.012
DMA027	105	108	3	0.012
DMA028	97	99	2	0.006
DMA029	102	105	3	0.054
DMA030	84	87	3	0.037
DMA031	81	84	3	0.003
DMA032	99	102	3	0.012
DMA033	126	129	3	0.056
DMA034	120	123	3	0.011
DMA035	108	111	3	0.014
DMA036	93	96	3	0.014
DMA037	75	78	3	0.009
DMA038	129	132	3	0.009
DMA039	105	108	3	0.019
DMA040	137	141	4	*0.59
DMA041	118	119	1	*1.27
DMA041	135	137	2	*0.14
DMA042	Basement not hit

Hole	From	To	Interval (m)	Au (ppm)
DMA043	126	129	3	0.013
DMA044	129	132	3	6.19
(resampled)	128	131	3	**1.64
DMA044	132	135	3	0.359
DMA045	108	111	3	0.064
DMA046	Basement not hit
DMA047	126	129	3	0.005
DMA048	144	147	3	0.024
DMA049	132	135	3	0.011
DMA050	144	147	3	0.072
DMA051	Basement not hit
DMA052	132	135	3	0.014
DMA053	108	111	3	0.011
DMA054	129	132	3	0.005
DMA055	126	129	3	0.007
DMA056	129	132	3	0.005
DMA057	120	123	3	0.008
DMA058	114	117	3	0.031
DMA059	120	123	3	0.008
DMA060	93	96	3	0.013
DMA061	87	90	3	0.004
DMA062	126	129	3	0.008
DMA063	135	138	3	0.002
DMA064	126	129	3	0.03
DMA065	123	126	3	0.006
DMA066	105	108	3	0.004
DMA067	123	126	3	0.007
DMA068	114	117	3	0.003
DMA069	90	93	3	0.01
DMA070	84	87	3	0.007
DMA071	69	72	3	0.004
DMA072	132	135	3	0.008
DMA073	135	138	3	0.02
DMA074	129	132	3	0.051
DMA075	126	129	3	0.044
DMA076	147	150	3	0.004
DMA077	126	129	3	0.003
DMA078	129	132	3	0.042
DMA079	129	132	3	0.022
DMA080	151	154	3	0.317
DMA081	129	132	3	0.021
DMA082	123	126	3	0.022
DMA083	117	120	3	0.006
DMA084	135	138	3	0.004
DMA085	Basement not hit
DMA086	Basement not hit

Hole	From	To	Interval (m)	Au (ppm)
DMA087		Basement not hit
DMA088	129	132	3	0.009
DMA089	120	123	3	0.005

• denotes intervals assayed using ‘ore grade’ aqua regia method ALS code Au-OG43

• ** denotes a resampled interval assayed using 50g fire assay ALS code Au-AA26

JORC 2012 Edition, Table 1 Checklist Reporting of Exploration Results - Air Core Drilling

Air Core Sampling Techniques and Data Criteria	Explanation
Sampling Techniques	• Drill material is collected in large poly-weave bags from the cyclone at one metre intervals from above the basement contact (as determined by the site Geologist) to the end of hole. • Chip samples are collected at one metre intervals in chip trays from surface to the end of hole. • Sampling for geochemical analysis commences in the Murray Basin Cover sequence at least six (6) metres above the basement contact where three metre composite intervals are collected in individual sequentially numbered calico bags. • Assay laboratory samples are collected by hand from poly-weave bags into calico sample bags to a mass of <3kg (composited to three-metre intervals corresponding with drill rods). • Additional “bottom of hole” one metre samples are collected from the end of all holes that encounter basement. • Cover sequence is understood to potentially contain alluvial gold immediately above the basement,these cover samples are also submitted for assay.
Drilling Techniques	• Three-inch diameter AC blade drill bit, “NQ” diameter three-metre drill rods with inner tubes for vacuum/reverse cycle sample return, truck-mounted drill rig, on-board compressor (Atlas Copco 300psi/700cfm), truck-mounted booster compressor (Sullair 350 psi/1150cfm). • All holes are uncased. • Penetration into basement to depth of bit refusal againstquartz or fresh rock.
Drill Sample Recovery	• AC drilling can give variable sample recovery when high water levels are encountered, particularly in the cover sequence. • Water content of samples is assessed by the supervising Geologist as being dry/moist/wet. • The majority of samples in the cover sequence are moist/wet. • The majority of samples in basement are dry. • Calico bag masses are recorded by laboratory. • Geological control is always maintained at the drill site to ensure drilling and samplingstandards are 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. • Logging is recorded digitally on site.
Sub-sampling techniques and sample preparation	• Three-metre samples are collected (composited) by hand-grab at the drill site when materials were dry, moist, or wet; duplicate samples taken approximately every 30 samples (one per drillhole). • Samples are dispatched to a commercial laboratory (Catalyst uses ALS Pty Ltd exclusively); samples are dried and pulverised in entirety, with 25g aliquot selected for analysis (laboratory repeat splits historically demonstrate acceptable reproducibility and hence accuracy for this style of 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.

Air Core Sampling Techniques and Data Criteria	Explanation
Quality of assay data and laboratory tests	• Three-metre composite samples use aqua regia digest Au TL43 1ppb detection and 39 multielement analysis by ME-MS43 and ME-ICP43. Experience has shown this method to be applicable for fine grained gold population of the mineralisation due to the completion of digestion. There is a technical constraint in that coarse-grained gold may not completely enter solution resulting in conservative assay. • One-metre “bottom of hole” samples use four acid digest Au TL43 1ppb detection and multielement analysis via ultra-low detection level ME-MS61L, mineral identification via VNIR and SWIR spectral analysis.
Verification of sampling and assaying	• Data capture is performed by an experienced and dedicated individual. Database management is by an external contractor. • There has been no verification of significant intersections by independent personnel. • There has been no drillhole twinning to verify results. • Drillhole sampling and geological data digitally logged. • There have been no adjustments to data as provided by the assay laboratory. • Blank, duplicate, and commercially produced standard (OREAS) samples are inserted forQAQC analysis.
Location of data points	• Drillhole collars are 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 up to 5m. • All drill holes are vertical (-90 declination). No drillholes were downhole surveyed, as such holes are assumed to have maintained the collar setup orientation at depth.
Data spacing and distribution	• Due to the reconnaissance nature of this drilling, holes are drilled as traverses across target zones which have been determined by geophysical interpretation (Figure 2). • Drill traverses are singular along roadsides (D11, D12, & D13) or nominally spaced at 400m along strike (D8 & D9). • Holes along drill traverses are nominally spaced at 200m centres. • One-metre samples are composited to three metre samples for the purpose of submission to the laboratory. One-metre samples are also collected from the last metre of drilling in basement. For 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 MGA grid E-W perpendicular and oblique to dominant N-S and NW-SE interpreted structures (Figure 2).
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. • Sample number receipt information from laboratory cross-referenced and rationalised against sample number dispatch information.

Air Core Sampling Techniques and Data Criteria

Explanation

Audits or reviews

• No process or data used in developing the release of exploration results have been subject to audit or review by non-company personnel or contractors. Catalyst Metals Limited reserves this process for release of Mineral Resource and Ore Reserve estimates. • A senior representative of the Joint Venture partner (SBM) visited site on two occasions to review drilling and sampling procedures. • All exploration work and data in this release have been supervised and reviewed in-house byseniorgeologicalpersonnel.

Reporting of Exploration Results Criteria	Explanation
Mineral tenement and land tenure status	• The Drummartin Project is covered by EL6507 (100% Catalyst Metals Limited), Figure 1. St Barbara Limited is earning up to 50% interest in the project viajoint venture agreement.
Exploration done by other parties	• None in the area drilled.
Geology	• The interpreted features tested are approximately N-S trending gravity anomalies and NW-SE cross-structures indicative of potential structures known from discoveries further south to be associated with gold mineralisation, generally within the northern extension of the Bendigo and Fosterville Goldfields.
Drill hole Information	• Appendix 1 Table 1a: Hole identification number, collar location coordinates, downhole depth, declination, and target. There are 89 air core holes in total, all drill holes are vertical. • Appendix 1 Table 1b: Downhole intervals of reported gold grades. Holes with significant gold grades ≥0.1 g/t Au. Holes without significant gold grades (<0.1 g/t Au) are tabulated with their maximum gold value. Fifteen holes with no assaywere abandoned and/or did not intersect basement.
Data aggregation methods	• Air core drill hole samples are composited to three-metre intervals in the first instance. Subsequent resampling of anomalous composites is performed on a one metre sample interval. • No top-cutting is applied to assay data. • Zones of significance identified as those with assays greater than or equal to 0.1g/t Au. • Reported zones are continuous,with no sample or assay gaps.
Relationship between mineralisation widths and intercept lengths	• In the absence of definitive orientations of mineralisation within these specific areas of investigation, no relationship can be established between downhole intervals and true widths of mineralisation.
Diagrams	• Figures 3, 3a, and 3b show the general location of all air core drilling at the Drummartinjoint venture.
Balanced reporting	• All drilling, inclusive of holes which did not contain significant intersections are included in this report(Appendix 1,Table 2).
Other substantive exploration data	• No other exploration results that have not previously been reported, are material to this report.
Further work	• Significant intervals (Appendix 1, Table 2) will be followed up with additional air core,RC and/or Diamond drilling.